Document:

Exhibit
10.30

 

EXECUTION
COPY

 

AMENDED
AND RESTATED PLEDGE AGREEMENT

 

made
by

 

NORTHERN
SWAN HOLDINGS, INC.

 

in
favour of

 

GLAS
AMERICAS LLC, as collateral agent

 

dated
as of

 

MAY
10, 2019

 

This
PLEDGE AGREEMENT, dated as of May 10, 2019 (as amended, amended and restated, renewed, extended, supplemented, replaced or otherwise
modified from time to time in accordance with the provisions hereof, this “Agreement”), is made by Northern
Swan Holdings, Inc., a corporation incorporated pursuant to the laws of the Province of British Columbia (the “Pledgor”),
in favour of GLAS AMERICAS LLC, as collateral agent for the Secured Parties (as defined below) (in such capacity, and together
with any successors in such capacity, the “Agent”).

 

WHEREAS,
the Pledgor, as issuer, has issued certain secured convertible notes in favour of the Noteholders (as defined below) (as each
may be amended, amended and restated, renewed, extended, supplemented, assigned, replaced or otherwise modified from time to time,
a “Note” and collectively, the “Notes”);

 

AND
WHEREAS, the Pledgor entered into a pledge agreement dated as of March 30, 2019 in favour of the Agent (the “Original
Pledge Agreement”);

 

AND
WHEREAS, the Pledgor requested certain amendments to the Original Pledge Agreement and the Agent and the other Secured Parties
have agreed to make such amendments subject to the terms and conditions set out in this Agreement;

 

AND
WHEREAS, the Agent, the Pledgor, the holders of the Notes and GLAS USA LLC (the “Paying Agent”), inter
alios, have entered into an amended and restated intercreditor and collateral agency agreement dated on or about the date
hereof (as amended, amended and restated, renewed, extended, supplemented, replaced or otherwise modified from time to time, the
“Intercreditor and Collateral Agency Agreement”) to secure and confirm the relative priority of the obligations
owing to present and future Secured Parties;

 

AND
WHEREAS, the Pledgor is the registered and beneficial owner of the Collateral (as defined below);

 

AND
WHEREAS, in accordance with the terms of the Notes, the Pledgor has agreed to pledge all of its right, title and interest
in the Collateral in favour of the Secured Parties under the terms hereof to secure the payment and performance of all of the
Secured Obligations (as defined below);

 

NOW,
THEREFORE, in consideration of the Noteholders agreeing to continue to extend certain credit in favour of the Pledgor under
the terms of the Notes, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by the Pledgor, the Pledgor hereby agrees with the Agent, for the benefit of the Secured Parties, as follows:

 

ARTICLE
1

DEFINITIONS
AND INTERPRETATION

 

Section 1.01 Definitions.

 

		(a)	Unless
                                         otherwise defined herein or in the Notes, terms used herein that are defined in the PPSA
                                         shall have the meanings assigned to them in the PPSA.

 

     

     

    

 

		(b)	In
                                         this Agreement, unless otherwise defined herein, terms with an initial capital letter
                                         shall have the meaning given to them in the Notes and the following terms shall have
                                         the following meanings:

 

“Agent”
is defined in the preamble hereof.

 

“Collateral”
is defined in Section 2.01.

 

“Equity
Interests” means, with respect to any Person (as defined below), all of the securities, investment property, units,
trust units, partnership, membership and other equity interests, participations, investment certificates, notes (or other ownership
or profit interests in) in or of such Person (collectively, “ownership interests”), all of the warrants, options
or other rights for the purchase or acquisition from such Person of ownership interests in such Person, all of the securities
convertible into or exchangeable for ownership interests in such Person or warrants, rights or options for the purchase or acquisition
from such Person of ownership interests, and all of the other ownership or profit interests in such Person (including, without
limitation, partnership, member or trust interests therein), whether voting or non-voting, and whether or not such ownership interests
are outstanding on any date of determination.

 

“Event
of Default” has the meaning given to such term in the Notes.

 

“Intercreditor
and Collateral Agency Agreement” has the meaning given to such term in the recitals hereof.

 

“Issuers”
means each of NS US Holdings, Inc. and Northern Swan International, Inc. and each of their respective successors, and “Issuer”
has a corresponding meaning.

 

“Note”
and “Notes” are defined in the preamble hereof.

 

“Noteholders”
means each of Rimrock High Income Plus (Master) Fund, Ltd, Anson Investments Master Fund LP, Anson Opportunities Master Fund LP,
AC Anson Investments Ltd., Anson East Master Fund LP, Axios Growth Partners, LLC, NS Co-Investment LLC and Cowen Investments II
LLC and each other noteholder that becomes party to the Intercreditor and Collateral Agency Agreement as a “Noteholder”
from time to time, and “Noteholder” means any of them.

 

“Original
Pledge Agreement” is defined in the preamble hereof. “Paying Agent” is defined in the preamble hereof.

 

“Person”
means any corporation, company, partnership, association, unincorporated association, entity, trust, joint venture, individual,
estate, sole proprietorship, institution, or any governmental entity.

 

“Pledged
Securities” means all of the issued and outstanding Equity Interests of each Issuer now or from time to time hereafter
held by the Pledgor, including, without limitation, the Equity Interests of each Issuer described in Schedule 1 hereto.

 

“Pledgor”
is defined in the Preamble to this Agreement.

 

“PPSA”
means the Personal Property Security Act (British Columbia) and the regulations made thereunder, each as amended from time to
time and any legislation substituted therefor and any amendments thereto, provided that, if perfection or the effect of perfection
or non-perfection or the priority of any lien created hereunder or in relation to any other Loan Document on the Collateral is
governed by the personal property security legislation or other applicable legislation with respect to personal property security
in effect in a province or jurisdiction other than British Columbia, “PPSA” means The Personal Property Security
Act or such other applicable legislation in effect from time to time in such other jurisdiction for purposes of the provisions
hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

    	 	- 2 -	 

     

    

 

“Proceeds”
means “proceeds” as such term is defined in Section 1(1) of the PPSA and, in any event, shall include, without limitation,
all dividends or other income from the Pledged Securities, collections thereon or distributions with respect thereto.

 

“Rate
of Exchange” means the noon (EST) spot rate of exchange applied in converting a particular currency into United States
Dollars published by Thomson Reuters for the day in question.

 

“Secured
Obligations” is defined in Section 3.01.

 

“Secured
Parties” means the Agent, the Noteholders and each of their respective successors and assigns and “Secured Party”
means any of them.

 

“STA”
means the Securities Transfer Act, SBC 2007, c 10 (British Columbia), as amended from time to time and any legislation substituted
therefor and any amendments thereto.

 

“Taxes”
means any and all present or future income, stamp or other taxes, levies, imposts, duties, deductions, charges, fees or withholdings
imposed, levied, withheld or assessed by any Governmental Authority, together with any interest, additions to tax or penalties
imposed thereon and with respect thereto.

 

Section
1.02 Interpretation.

 

		(a)	Unless
                                         otherwise specified herein, all references to Sections and Schedules herein are to Sections
                                         and Schedules of this Agreement.

 

		(b)	The
                                         Schedules hereto, all descriptions of the Collateral contained in the Schedules and all
                                         amendments and supplements thereto are and shall at all times be considered a part of
                                         this Agreement.

 

Section
1.03 Amendment and Restatement.

 

Upon
execution of this Agreement, the Original Pledge Agreement shall be deemed to have been amended, as of the date hereof, to the
extent necessary to give effect to this Agreement. It is the intent of the parties hereto that this Agreement restates in its
entirety the Original Pledge Agreement as amended hereby.

 

ARTICLE
2

PLEDGE

 

Section
2.01 Pledge.

 

As
general and continuing security for the payment and performance of the Secured Obligations, the Pledgor hereby grants, assigns
as security, transfers, pledges, hypothecates, mortgages, sets over and charges to the Agent, for the benefit of the Secured Parties,
and hereby grants a continuing security interest in favour of the Agent, for the benefit of the Secured Parties, in and to, all
of its right, title and interest in and to the following property, wherever located, whether now existing or hereafter from time
to time arising or acquired (collectively, the “Collateral”):

 

		(a)	the
                                         Pledged Securities, all certificates and other instruments and agreements from time to
                                         time representing or evidencing the Pledged Securities, together with all claims, rights,
                                         privileges, authority and powers of the Pledgor relating to such Equity Interests, and
                                         all income, dividends, interest, distributions, cash, instruments and other property
                                         or proceeds from time to time received, receivable or otherwise distributed in respect
                                         of or in exchange for any or all of the Pledged Securities;

 

		(b)	all
                                         additional Equity Interests of any Issuer from time to time acquired by or issued to
                                         the Pledgor and all options, warrants, rights, agreements and additional Equity Interests
                                         of whatever class or series of any such Issuer from time to time acquired by the Pledgor
                                         in any manner, together with all claims, rights, privileges, authority and powers of
                                         the Pledgor relating to such Equity Interests or under any constating or organizational
                                         document of any such Issuer, and the certificates, instruments and agreements representing
                                         such Equity Interests, from time to time acquired by the Pledgor in any manner;

 

    	 	- 3 -	 

     

    

 

		(c)	all
                                         Equity Interests issued in respect of the Equity Interests referred to in Section 2.01(a)
                                         or Section 2.01(b) upon any consolidation, amalgamation or merger of any issuer of such
                                         Equity Interests; and

 

		(d)	all
                                         proceeds and products of the foregoing, all books and records relating to the foregoing,
                                         all supporting obligations related thereto, and all accessions to, substitutions and
                                         replacements for, and profits and products of, each of the foregoing, and any and all
                                         proceeds of any insurance, indemnity, warranty or guarantee payable to the Pledgor from
                                         time to time with respect to any of the foregoing.

 

ARTICLE
3

SECURED
OBLIGATIONS

 

Section
3.01 Secured Obligations.

 

The
Collateral secures the payment and performance of all present and future indebtedness, liabilities and obligations of any and
every kind, nature and description of the Pledgor to the Secured Parties under, in connection with or with respect to the Notes,
from time to time, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing
or hereafter arising, whether the indebtedness is reduced and thereafter increased or entirely extinguished and thereafter incurred
again, whether incurred by the Pledgor alone or with another or others and whether as a principal or surety, including, without
limitation, all present and future obligations of the Pledgor arising under, in connection with or with respect to the other Loan
Documents and, for greater certainty, the payment and discharge of (i) the principal of and premium, if any, and interest on any
amounts outstanding under the Notes and the other Loan Documents, when and as due, whether at maturity, by acceleration, upon
one or more dates set for prepayment or otherwise and (ii) all other present and future obligations and liabilities including
reasonable fees, reasonable costs, reasonable lawyers’ fees and reasonable disbursements, reimbursement obligations, contract
causes of action, expenses and indemnities incurred by, or in favour of, the Secured Parties in connection with or arising pursuant
to the Notes and the other Loan Documents (all such obligations, covenants, duties, debts, liabilities, sums and expenses set
forth in this Section 3.01 being herein collectively called the “Secured Obligations”).

 

ARTICLE
4

REPRESENTATIONS
AND WARRANTIES

 

Section
4.01 Representations and Warranties.

 

The
Pledgor represents and warrants to and in favour of the Secured Parties as follows:

 

		(a)	The
                                         Pledged Securities. All information set forth in Schedule 1 relating to the Pledged
                                         Securities is accurate and complete and the Pledged Securities of each Issuer set forth
                                         in Schedule 1 represent 100% of the issued and outstanding Equity Interests of such Issuer
                                         as of the date hereof.

 

		(b)	Collateral
                                         Free and Clear. The Pledgor is the sole, direct, legal and beneficial owner of, and
                                         has good marketable title to all existing Collateral and shall be the sole, direct, legal
                                         and beneficial owner of, and have good marketable title to each item of after-acquired
                                         Collateral free and clear of any mortgages, charges, hypothecs, pledges, trusts, liens,
                                         security interests, adverse claims and other claims except for the security interests
                                         created by this Agreement.

 

    	 	- 4 -	 

     

    

 

		(c)	Existence,
                                         Power and Capacity. The Pledgor is incorporated and validly exists under the laws
                                         of its jurisdiction of incorporation, has taken all necessary action (corporate or otherwise)
                                         to authorize the entry into and performance of its obligations under this Agreement,
                                         has the corporate power and has the capacity to pledge the Collateral and to incur and
                                         perform its obligations under this Agreement.

 

		(d)	Binding
                                         Obligation. This Agreement has been duly authorized, executed and delivered by the
                                         Pledgor and constitutes a valid and legally binding obligation of the Pledgor enforceable
                                         against the Pledgor in accordance with its terms, subject to applicable bankruptcy, insolvency,
                                         reorganization, arrangement, moratorium or other similar laws affecting creditors’
                                         rights generally and subject to equitable principles (regardless of whether enforcement
                                         is sought in equity or at law).

 

		(e)	No
                                         Governmental or Regulatory Approvals. No authorization, approval, or other action
                                         by, and no notice to or filing with, any governmental authority, regulatory body or any
                                         other entity is required for the pledge by the Pledgor of the Collateral under this Agreement
                                         or for the execution and delivery of this Agreement by the Pledgor or the performance
                                         by the Pledgor of its obligations thereunder.

 

		(f)	No
                                         Violation. The execution and delivery of this Agreement by the Pledgor and the performance
                                         by the Pledgor of its obligations hereunder, will not violate any provision of any applicable
                                         law or regulation or any order, judgment, writ, award or decree of any court, arbitrator
                                         or governmental authority, domestic or foreign, applicable to the Pledgor or any of its
                                         property, or the constating or organizational documents of the Pledgor or any agreement
                                         or instrument to which the Pledgor is party or by which it or its property is bound.

 

		(g)	Pledged
                                         Securities Validly Issued. The Pledged Securities have been duly authorized and validly
                                         issued, and are fully paid and non-assessable and are not subject to any preemptive,
                                         first refusal or other similar rights or options to purchase. No Person (other than the
                                         Pledgor) has any right to acquire or cause to be issued to them any of the Collateral.
                                         All other Pledged Securities constituting Collateral will be duly authorized and validly
                                         issued, fully paid and non-assessable.

 

		(h)	Collateral
                                         Not Publicly Traded. None of the Collateral owned by the Pledgor (i) are or will
                                         be traded on a securities exchange or in securities markets, or (ii) have been or will
                                         be issued or transferred in violation of securities registration, securities disclosure
                                         or similar laws of any jurisdiction to which such issuance or transfer may be subject.

 

		(i)	Delivery
                                         of Certificated Securities. The Collateral does not include any certificated securities
                                         that the Pledgor has not delivered to the Agent. Without limiting the foregoing, all
                                         certificates, agreements or instruments representing or evidencing the Pledged Securities
                                         in existence on the date hereof have been delivered to the Agent in suitable form for
                                         transfer by delivery or accompanied by duly executed instruments of transfer or assignment
                                         in blank.

 

Section
4.02 Survival of Representations and Warranties.

 

The
foregoing representations and warranties shall be deemed to be continuously made until such time as this Agreement is terminated
and shall survive the execution and delivery of this Agreement.

 

    	 	- 5 -	 

     

    

 

ARTICLE
5

COVENANTS

 

Section
5.01 Covenants of the Pledgor.

 

The
Pledgor covenants and agrees in favour of the Secured Parties as follows:

 

	 	(a)	Title and Security
    Interest. The Pledgor shall, at its own cost and expense, defend title to the Collateral and the security interests of
    the Secured Parties therein against the claim of any Person claiming against or through the Pledgor and shall maintain and
    preserve such security interests as perfected security interests for so long as this Agreement shall remain in effect.

 

	 	(b)	No Sale or Encumbrances.
    The Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign, pledge, hypothecate, or otherwise transfer,
    grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security
    interest, option, right of first offer, right of first refusal, encumbrance or other restriction or limitation of any nature
    whatsoever on, any of the Collateral or any interest therein except as expressly provided for herein or with the prior written
    consent of the Agent.

 

	 	(c)	Further Assurances.
    The Pledgor agrees that, at any time and from time to time, at the reasonable expense of the Pledgor, the Pledgor will promptly
    execute and deliver all further instruments and documents (including, without limitation, share powers, forms of share transfer,
    control agreements, entitlement orders, proxies and instruments), obtain such agreements from third parties, and take all
    further action, that may be necessary or desirable, or that the Agent may reasonably request, to create and maintain the validity,
    perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Agent
    and the Secured Parties to exercise and enforce their rights and remedies hereunder or under any other agreement with respect
    to any Collateral.

 

	 	(d)	Control.

 

		(i)	Concurrently
                                         with the delivery of this Agreement to the Agent and from time to time on its acquisition
                                         of any additional Collateral or upon request of the Agent, the Pledgor shall (A) execute
                                         and deliver powers of attorney in blank in form and substance satisfactory to the Agent
                                         with respect to the Pledged Securities, (B) deliver security certificates representing
                                         the Pledged Securities that are now, or become in future, certificated, and (C) enter
                                         into a securities account control agreement with the Agent and any securities intermediary
                                         with whom Collateral is maintained.

 

		(ii)	Without
                                         limiting the foregoing, the Pledgor shall, upon demand by the Agent, cause all of the
                                         Pledged Securities to be transferred to the Agent, for the benefit of the Secured Parties,
                                         or its nominee, cause all certificates issued in respect of Pledged Securities to be
                                         registered in the name of the Agent, for the benefit of the Secured Parties, or the name
                                         of its nominee and delivered to the Agent and enter the transfer of the Pledged Securities
                                         by the Pledgor to the Agent, or its nominee, in the stock or share records of the applicable
                                         Issuer.

 

	 	(e)	Notice Regarding
    Change of Name or Place of Business. The Pledgor will not, without providing at least 30 days’ prior written notice
    to the Agent, change its legal name, jurisdiction of incorporation, the location of its chief executive office or its principal
    place of business or amend its constating documents to change the Province or territory in which its registered office is
    located. The Pledgor will, prior to any change described in the preceding sentence, take all actions requested by the Agent
    to maintain the perfection and priority of the Secured Parties’ security interest in the Collateral.

 

    	 	- 6 -	 

     

    

 

ARTICLE
6

DIVIDENDS,
VOTING RIGHTS AND ULC INTERESTS

 

Section
6.01 Voting Rights.

 

Unless
an Event of Default shall have occurred and be continuing, the Pledgor may, to the extent the Pledgor has such right as a holder
of the Collateral, vote and give consents, ratifications and waivers with respect thereto, except to the extent that, in the Agent’s
reasonable judgment, any such vote, consent, ratification or waiver could detract from the value thereof as Collateral or which
could be inconsistent with or result in any violation of any provision of this Agreement or the other Loan Documents.

 

Section
6.02 Dividends.

 

The
Pledgor may, unless an Event of Default shall have occurred and be continuing, receive and retain all cash dividends and other
distributions with respect to the Pledged Securities.

 

Section
6.03 Event of Default.

 

Upon
the occurrence and during the continuance of any Event of Default:

 

		(a)	All
                                         rights of the Pledgor to exercise the voting and other consensual rights it would otherwise
                                         be entitled to exercise under Section 6.01 shall immediately cease, and all such rights
                                         shall thereupon become vested in the Agent (for the benefit of the Secured Parties),
                                         which shall have the sole right to exercise such voting and other consensual rights.

 

		(b)	All
                                         rights of the Pledgor to receive distributions which it would otherwise be authorized
                                         to receive and retain under Section 6.02 shall immediately cease and all such rights
                                         shall thereupon become vested in the Agent (for the benefit of the Secured Parties),
                                         which shall have the sole right to receive and hold such distributions as Collateral.

 

		(c)	The
                                         Pledgor shall, at its sole cost and expense, from time to time execute and deliver to
                                         the Agent all such instruments as the Agent may request in order to permit the Agent
                                         to exercise the voting and other rights which it may be entitled to exercise under Section
                                         6.03(a) and to receive all distributions which it may be entitled to receive under Section
                                         6.03(b).

 

Section
6.04 Distributions Held in Trust.

 

All
Distributions which are received by the Pledgor contrary to the provisions of this Article 6 shall be received in trust for the
benefit of the Secured Parties, shall be segregated from other funds of the Pledgor and shall promptly (but in any event within
three (3) Business Days after receipt thereof by the Pledgor) be paid over to the Agent (for the benefit of the Secured Parties)
as Collateral in the same form as so received (with any necessary endorsement).

 

Section
6.05 ULC Interests

 

	 	(a)	In this Section 6.05, the following terms shall
    be defined as follows:

 

		(i)	“ULC”
                                         means an Issuer that is an unlimited company, unlimited liability corporation or unlimited
                                         liability company;

 

		(ii)	“ULC
                                         Shares” means shares or other Equity Interests in a ULC; and

 

		(iii)	“ULC
                                         Legislation”: means the Companies Act (Nova Scotia), the Business
                                         Corporations Act (Alberta), the Business Corporations Act (British Columbia),
                                         and any other present or future laws governing ULCs.

 

    	 	- 7 -	 

     

    

 

		(b)	The Pledgor acknowledges that certain of the Collateral
may now or in the future consist of ULC Shares, and that it is the intention of the Secured Parties and the Pledgor that neither
the Agent nor the other Secured Parties shall under any circumstances prior to realization thereon be deemed to be a “member”
or a “shareholder”, as applicable, of a ULC for the purposes of any ULC Laws.

  

		(c)	Notwithstanding
                                         anything to the contrary in this Agreement, the other Loan Documents or any other document
                                         delivered in connection therewith, where the Pledgor is the registered owner of ULC Shares
                                         which are Collateral, the Pledgor shall remain the sole registered owner of such ULC
                                         Shares until such time as such ULC Shares are effectively transferred into the name of
                                         the Agent, or any other Person on the books and records of the applicable ULC. The Pledgor
                                         shall be entitled to receive and retain for its own account any dividend on or other
                                         distribution, if any, with respect to such ULC Shares (except for any dividend or distribution
                                         comprised of pledged certificated securities, which shall be delivered to the Agent (for
                                         the benefit of the Secured Parties) to hold hereunder) and shall have the right to vote
                                         such ULC Shares and to control the direction, management and policies of the applicable
                                         ULC to the same extent as the Pledgor would if such ULC Shares were not pledged to the
                                         Agent for the benefit of the Secured Parties pursuant hereto.

 

		(d)	Nothing
                                         in this Agreement, the other Loan Documents or any other document delivered in connection
                                         therewith is intended to or shall make the Agent or any other Secured Party, or any other
                                         Person other than the Pledgor, a member or shareholder of a ULC for the purposes of any
                                         ULC Laws (whether listed or unlisted, registered or beneficial), until such time as notice
                                         is given to the Pledgor and further steps are taken pursuant hereto to register the Agent,
                                         a Secured Party, or such other Person specified in such notice, as the holder of the
                                         ULC Shares. To the extent any provision of this Agreement would have the effect of constituting
                                         the Agent or any other Secured Party as a member or a shareholder, as applicable, of
                                         any ULC prior to such time, such provision shall be severed from this Agreement and shall
                                         be ineffective with respect to ULC Shares which are Collateral without otherwise invalidating
                                         or rendering unenforceable this Agreement or invalidating or rendering unenforceable
                                         such provision insofar as it relates to Collateral which is not ULC Shares.

 

		(e)	Except
                                         upon the exercise of rights of the Agent to sell, transfer or otherwise dispose of ULC
                                         Shares in accordance with this Agreement, the Pledgor shall not cause or permit, or enable
                                         a ULC to cause or permit, the Agent or any other Secured Party to: (a) be registered
                                         as a shareholder or member of such ULC; (b) have any notation entered in their favour
                                         in the share register of such ULC; (c) be held out as shareholders or members of such
                                         ULC; (d) receive, directly or indirectly, any dividends, property or other distributions
                                         from such ULC by reason of the Agent or any other Secured Party holding the security
                                         interests over the ULC Shares; or (e) act as a shareholder of such ULC, or exercise any
                                         rights of a shareholder including the right to attend a meeting of shareholders of such
                                         ULC or to vote its ULC Shares.

 

    	 	- 8 -	 

     

    

 

ARTICLE
7

POWER
OF ATTORNEY

 

Section
7.01 Power of Attorney.

 

The
Pledgor hereby irrevocably constitutes and appoints the Agent and any officer or employee of the Agent as the Pledgor’s
true and lawful attorney, with full power of substitution and with full authority in the place and stead of the Pledgor and
in the name of the Pledgor or otherwise, from time to time in the Agent’s discretion to take any action and to execute
any instrument which the Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including,
without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend,
interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the
same, to transfer, endorse, negotiate and sign on behalf of the Pledgor any of the Pledged Securities, to complete the blanks
in any transfers of shares, bonds or debentures, any power of attorney or other documents delivered to it, to provide
instructions or entitlement orders to any securities intermediary which maintains any securities account in which any
Collateral is maintained, and to delegate its powers and for any delegate to sub-delegate the same (but the Agent and the
other Secured Parties shall not be obligated to and shall have no liability to the Pledgor or any third party for failure to
do so or take any action). Such appointment, being coupled with an interest, shall be irrevocable until the full and final
discharge of the security interests created by this Agreement. The Pledgor hereby ratifies all acts that such attorneys shall
lawfully do or cause to be done by virtue hereof.

 

ARTICLE
8

REMEDIES
UPON DEFAULT

 

Section
8.01 Remedies.

 

		(a)	If
                                         any Event of Default shall have occurred and be continuing, the Agent, for the benefit
                                         of the Secured Parties, may, without any other notice to or demand upon the Pledgor,
                                         assert all rights and remedies of a secured party under the PPSA or other applicable
                                         law, including, without limitation, the right to take possession of, hold, collect, sell,
                                         lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of
                                         all or any portion of the Collateral or instruct the applicable securities intermediary
                                         to sell or deliver all or any portion of the Collateral. Any notices before disposition
                                         of the Collateral or any portion thereof shall be provided in accordance with applicable
                                         law. So long as the sale of the Collateral is made in a commercially reasonable manner,
                                         the Agent may sell such Collateral on such terms and to such purchaser(s) as the Agent
                                         in its absolute discretion may choose, without assuming any credit risk and without any
                                         obligation to advertise or give notice of any kind other than that necessary under applicable
                                         law. Without precluding any other methods of sale, the sale of the Collateral or any
                                         portion thereof shall have been made in a commercially reasonable manner if conducted
                                         in conformity with reasonable commercial practices of creditors disposing of similar
                                         property, including, without limitation, on any recognized exchange dealing in such Collateral
                                         or by public or private sale. At any sale of the Collateral, if permitted by applicable
                                         law and in accordance with the Intercreditor and Collateral Agency Agreement, the Agent
                                         or any other Secured Party may be the purchaser, licensee, assignee or recipient of the
                                         Collateral or any part thereof and shall be entitled, for the purpose of bidding and
                                         making settlement or payment of the purchase price for all or any portion of the Collateral
                                         sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations
                                         as a credit on account of the purchase price of the Collateral or any part thereof payable
                                         at such sale. To the extent permitted by applicable law, the Pledgor waives all claims,
                                         damages and demands it may acquire against the Agent and the Secured Parties arising
                                         out of the exercise of any rights hereunder by any of them. At any such sale, unless
                                         prohibited by applicable law, the Agent and each Secured Party or any custodian may bid
                                         for and purchase all or any part of the Collateral so sold free from any such right or
                                         equity of redemption. None of the Agent or any other Secured Party nor any custodian
                                         shall be liable for failure to collect or realize upon any or all of the Collateral or
                                         for any delay in so doing, nor shall it be under any obligation to take any action whatsoever
                                         with regard thereto. The Pledgor agrees that it would not be commercially unreasonable
                                         for the Agent or any other Secured Party to dispose of the Collateral or any portion
                                         thereof by utilizing internet sites that provide for the auction of assets of the type
                                         included in the Collateral or that have the reasonable capability of doing so, or that
                                         match buyers and sellers of assets.

 

    	 	- 9 -	 

     

    

 

		(b)	If
                                         any Event of Default shall have occurred and be continuing, all rights of the Pledgor
                                         to (i) exercise the voting and other consensual rights it would otherwise be entitled
                                         to exercise under Section 6.01, and (ii) receive the dividends and other distributions
                                         which it would otherwise be entitled to receive and retain under Section 6.02, shall
                                         immediately cease, and all such rights shall thereupon become vested in the Agent for
                                         the benefit of the Secured Parties, which shall have the sole right to exercise such
                                         voting and other consensual rights and receive and hold such dividends and other distributions
                                         as Collateral. For greater certainty, if any Event of Default shall have occurred and
                                         be continuing, the Agent or its nominee may exercise (A) all voting, corporate and other
                                         rights pertaining to the Collateral of the Pledgor, as if the Agent was the absolute
                                         owner thereof, including, with respect to the Collateral, the giving or withholding of
                                         written consents of shareholders or members, calling special meetings of shareholders
                                         or members, and voting at any meeting of shareholders, partners or members of the relevant
                                         Issuers, and (B) to the extent not prohibited under applicable law, any and all rights
                                         of conversion, exchange and subscription and any other rights, privileges or options
                                         pertaining to the Collateral as if the Agent was the absolute owner thereof (including,
                                         without limitation, the right to exchange at its discretion any and all of the Collateral
                                         upon the merger, amalgamation, consolidation, reorganization, recapitalization or other
                                         fundamental change in the corporate, partnership or company structure of any Issuer or
                                         upon the exercise by the Pledgor or the Agent of any right, privilege or option pertaining
                                         to such Collateral with any committee, depositary, transfer agent, registrar or other
                                         designated agency upon such terms and conditions as the Agent may determine), all without
                                         liability except to account for property actually received by it; but the Agent shall
                                         have no duty to the Pledgor to exercise any such right, privilege or option and neither
                                         the Agent nor any other Secured Party shall be responsible for any failure to do so or
                                         delay in so doing. In furtherance thereof, the Pledgor hereby authorizes and instructs
                                         each Issuer of Equity Interests and each party to this Agreement hereby agrees to (x)
                                         comply with any instruction received by it from the Agent in writing that states (A)
                                         that an Event of Default has occurred and is continuing and (B) is otherwise in accordance
                                         with the terms of this Agreement, without any other or further instructions from the
                                         Pledgor, and the Pledgor agrees that each Issuer shall be fully protected in so complying,
                                         and (y) at the direction of the Agent, such Issuer shall pay any dividends, distributions
                                         or other payments with respect to any Collateral directly to the Agent for the benefit
                                         of the Secured Parties.

 

		 	(c)	If
                                         any Event of Default shall have occurred and be continuing, any cash held by the Agent
                                         or any other Secured Party as Collateral and all cash proceeds received by the Agent
                                         or any other Secured Party in respect of any sale of, collection from, or other realization
                                         upon all or any part of the Collateral shall be applied in whole or in part by such party
                                         to the payment of expenses it has incurred in connection with the foregoing or incidental
                                         to the care or safekeeping of any of the Collateral or in any way relating to the Collateral
                                         or the rights of the Agent, the Paying Agent and the Secured Parties hereunder, including
                                         reasonable legal fees, and the balance of such proceeds shall be applied or set off against
                                         all or any part of the Secured Obligations in the manner set forth in the Intercreditor
                                         and Collateral Agency Agreement. Any surplus of such cash or cash Proceeds held by the
                                         Agent or any Secured Party and remaining after payment in full of all the Secured Obligations
                                         shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive
                                         such surplus. The Pledgor shall remain liable for any deficiency if such cash and the
                                         cash proceeds of any sale or other realization of the Collateral are insufficient to
                                         pay the Secured Obligations and the fees and other charges of the Agent, the Paying Agent,
                                         any legal counsel or other party employed by the Agent, the Paying Agent or any other
                                         Secured Party to collect such deficiency. Proceeds from any realization shall be in accordance
                                         with the Intercreditor and Collateral Agency Agreement.

 

		 	(d)	If
                                         the Agent or any other Secured Party shall determine to exercise its rights to sell all
                                         or any of the Collateral under this Section 8.01, the Pledgor agrees that, upon request
                                         of such party, the Pledgor will, at its own expense, do or cause to be done all such
                                         acts and things as may be necessary to make such sale of the Collateral or any part thereof
                                         valid and binding and in compliance with applicable law.

 

    	 	- 10 -	 

     

    

 

Section
8.02 Reasonable Care.

 

The
Agent shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable care. The
Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if
the Collateral is accorded treatment substantially equal to that which the Agent accords its own property, it being understood
that the Agent shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Collateral, whether or not the Agent has or is deemed to have knowledge of
such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing
set forth in this Agreement, nor the exercise by the Agent of any of the rights and remedies hereunder, shall relieve the Pledgor
from the performance of any obligation on the Pledgor’s part to be performed or observed in respect of any of the Collateral.

 

Section
8.03 Expenses and Indemnity.

 

		(a)	The
                                         Pledgor hereby agrees to indemnify and hold harmless the Agent, each other Secured Party,
                                         and each officer, director, employee, contractor and advisor of the Agent and the Secured
                                         Parties (each such Person being called an “Indemnified Party”) from
                                         any losses, damages, liabilities, claims and related expenses (including the fees and
                                         expenses of legal counsel), incurred by the Indemnified Party or asserted against any
                                         Indemnified Party by any Person (including the Pledgor) arising out of, in connection
                                         with or resulting from this Agreement, any other Loan Document or any agreement or instrument
                                         contemplated hereby, including, without limitation, enforcement of this Agreement, or
                                         any failure of any Secured Obligations to be the legal, valid, and binding obligations
                                         of the Pledgor enforceable against the Pledgor in accordance with their terms, whether
                                         brought by a third party, the Pledgor or any other Person, and regardless of whether
                                         any Indemnified Party is a party thereto; provided that such indemnity shall not, as
                                         to any Indemnified Party, be available to the extent that such losses, claims, damages,
                                         liabilities or related expenses (i) are determined by a court of competent jurisdiction
                                         by final and non appealable judgment to have resulted from the gross negligence or wilful
                                         misconduct of such Indemnified Party, or (ii) result from a claim brought by the Pledgor
                                         or any of its affiliates against an Indemnified Party for breach in bad faith of such
                                         Indemnified Party’s obligations hereunder or under any other Loan Document.

 

		(b)	To
                                         the fullest extent permitted by applicable law, the Pledgor hereby agrees not to assert,
                                         and hereby waives, any claim against any Indemnified Party, on any theory of liability,
                                         for special, indirect, consequential, exemplary or punitive damages (as opposed to direct
                                         or actual damages) arising out of, in connection with, or as a result of, this Agreement,
                                         any other Loan Document or any agreement or instrument contemplated hereby, the transactions
                                         contemplated hereby or thereby, any amounts advanced by the Secured Parties to the Pledgor
                                         or the use of proceeds thereof. No Indemnified Party shall be liable for any damages
                                         arising from the use of any information or other materials distributed by it through
                                         telecommunications, electronic or other information transmission systems in connection
                                         with this Agreement or the other Loan Documents or the transactions contemplated hereby
                                         or thereby by unintended recipients.

 

		(c)	The
                                         Pledgor agrees to pay or reimburse the Agent and the other Secured Parties for all reasonable
                                         costs and expenses incurred in collecting the Secured Obligations or otherwise protecting,
                                         enforcing or preserving any rights or remedies under this Agreement and the other Loan
                                         Documents to which the Pledgor is a party, including the reasonable fees and other reasonable
                                         charges of counsel (including the allocated fees and expenses of internal counsel) to
                                         the Agent and the other Secured Parties.

 

		(d)	All
                                         amounts due under this Section 8.03 shall be payable promptly after demand therefor,
                                         shall constitute Secured Obligations and shall bear interest until paid at a rate per
                                         annum equal to the highest rate per annum at which interest would then be payable on
                                         any of the Secured Obligations.

 

    	 	- 11 -	 

     

    

 

	 	(e)	Without prejudice
    to the survival of any other agreement of the Pledgor under this Agreement or any other document delivered in connection herewith,
    the agreements and obligations of the Pledgor contained in this Section 8.03 shall survive termination of the Loan Documents
    and payment in full of the Secured Obligations and all other amounts payable to the Secured Parties.

 

ARTICLE
9

THE AGENT

 

GLAS
AMERICAS LLC has been appointed Agent for the Secured Parties pursuant to the Intercreditor and Collateral Agency Agreement. It
is expressly understood and agreed by the parties to this Agreement that any authority conferred upon the Agent hereunder is subject
to the terms of the delegation of authority made to the Agent under the Intercreditor and Collateral Agency Agreement, and that
the Agent has agreed to act (and any successor Agent shall act) as such hereunder only on the express conditions contained in
the Intercreditor and Collateral Agency Agreement. Any successor Agent appointed pursuant to the Intercreditor and Collateral
Agency Agreement shall be entitled to all the rights, interests and benefits of the Agent hereunder, as applicable.

 

ARTICLE
10

CONFLICTS;
PARAMOUNTCY

 

Notwithstanding
anything herein to the contrary, the liens and security interests granted to the Agent for the benefit of the Secured Parties
pursuant to this Agreement and the exercise of any right or remedy by the Agent or any Secured Party hereunder are subject to
the provisions of the Intercreditor and Collateral Agency Agreement. In the event of any conflict between the terms of the Intercreditor
and Collateral Agency Agreement and this Agreement with respect to any right or remedy of the Secured Parties relating to the
Collateral, the terms of the Intercreditor and Collateral Agency Agreement shall govern and control. To the extent this Agreement
provides any additional rights or remedies to the Agent that are not contained in the Intercreditor and Collateral Agency Agreement,
it shall be deemed not to be a conflict, and the Agent shall have such additional rights and remedies.

 

ARTICLE
11

MISCELLANEOUS

 

Section
11.01 Agent May Perform.

 

If
the Pledgor fails to perform any obligation contained in this Agreement, the Agent may itself perform, or cause performance of,
such obligation, and the expenses of the Agent incurred in connection therewith shall be payable by the Pledgor; provided that
the Agent shall not be required to perform or discharge any obligation of the Pledgor.

 

Section
11.02 Interest Act (Canada).

 

For
purposes of the Interest Act (Canada), the yearly rate of interest applicable to amounts owing under this Agreement will
be calculated on the basis of a 365-day year. Whenever interest is to be calculated on the basis of any period of time that is
less than a calendar year, the yearly rate of interest to which the rate determined by that calculation is equivalent is the rate
so determined multiplied by the actual number of days in that calendar year and divided by that period of time.

 

Section
11.03 Taxes.

 

Any
and all payments by the Pledgor under or in respect of this Agreement shall be made free and clear of and without deduction or
withholding for any Taxes except as required by applicable law. If the Pledgor is required by applicable law (as determined in
the good faith discretion of the Pledgor) to deduct or withhold any Taxes from such payments, then, (i) the amount payable by
the Pledgor shall be increased so that after all such required deductions or withholdings are made (including deductions or withholdings
applicable to additional amounts payable under this Section), the applicable recipient receives an amount equal to the amount
it would have received had no such deduction or withholding been made, (ii) the Pledgor shall make such deductions or withholdings
and timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law,
and (iii) the Pledgor shall, promptly after any such payment, deliver to the Agent the original or certified copy of a receipt
issued by such Governmental Authority evidencing such payment.

 

    	 	- 12 -	 

     

    

 

Section
11.04 Judgment Currency.

 

		(a)	Conversion.
                                         If, for the purpose of obtaining or enforcing judgment against any party in any court
                                         in any jurisdiction, it becomes necessary to convert into a particular currency an amount
                                         due under this Agreement or the Notes or any other Loan Document, the conversion will
                                         be made at the Rate of Exchange prevailing on the Business Day immediately preceding
                                         the date on which judgment is given.

 

		(b)	Payment
                                         of additional amounts. If, as a result of a change in the Rate of Exchange between
                                         the date of judgment and the date of actual payment, the conversion results in the Secured
                                         Parties receiving less than the amount payable to them, the Pledgor shall pay the Secured
                                         Parties any additional amount as may be necessary to ensure that the amount received
                                         is not less than the amount payable by the Pledgor on the date of judgment.

 

		(c)	Treatment
                                         of additional amounts. Any additional amount due under this section will constitute
                                         Secured Obligations, be due as a separate debt, give rise to a separate cause of action,
                                         and will not be affected by judgment obtained for any other amount due under this Agreement
                                         or the Notes or any other Loan Document.

 

Section
11.05 No Waiver and Cumulative Remedies.

 

The
Agent and the other Secured Parties shall not by any act (except by a written instrument under Section 11.07), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Event of Default. All
rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

 

Section
11.06 Amendments.

 

None
of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any
departure by the Pledgor therefrom shall be effective unless the same shall be in writing and signed by the Agent and the Pledgor,
and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for
the specific purpose for which made or given.

 

Section
11.07 Notices.

 

All
notices and other communications provided for in this Agreement shall be in writing and shall be given in the manner and become
effective as set forth in the Intercreditor and Collateral Agency Agreement.

 

Section
11.08 Continuing Security Interest; Successors and Assigns.

 

This
Agreement shall create a continuing security interest in the Collateral and shall (a) subject to Section 11.10, remain in full
force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon the Pledgor, its successors
and assigns, and (c) enure to the benefit of the Agent and the Secured Parties and each of their respective successors, transferees
and assigns; provided that the Pledgor may not assign or otherwise transfer any of its rights or obligations under this
Agreement without the prior written consent of the Agent. Without limiting the generality of the foregoing clause (c), any assignee
of a Secured Party’s interest in any Loan Document or other agreement or document which includes all or any of the Secured
Obligations shall, upon assignment in accordance with the assignment provisions of the applicable Note, become vested with all
the benefits granted to the applicable Secured Party herein with respect to such Secured Obligations.

 

    	 	- 13 -	 

     

    

 

Section
11.09 Attachment of Security Interest.

 

The
Pledgor acknowledges that value has been given, that the Pledgor has rights in the Collateral, and that the parties have not agreed
to postpone the time for attachment of any security interest in this Agreement. The Pledgor acknowledges that any security interest
in this Agreement shall attach to existing Collateral upon the execution of this Agreement and to each item of after-acquired
Collateral at the time that the Pledgor acquires rights in such after-acquired Collateral.

 

Section
11.10 Termination; Release.

 

On
the date on which all Secured Obligations and any other amounts owing by the Pledgor to the Secured Parties have been paid and
performed in full, the Agent and the Secured Parties will, at the request and sole expense of the Pledgor, (a) duly assign, transfer
and deliver to or at the direction of the Pledgor (without recourse and without any representation or warranty) such of the Collateral
as may then remain in the possession of the Agent or any other Secured Party, together with any monies at the time held by the
Agent or any other Secured Party hereunder, and (b) execute and deliver to the Pledgor a proper instrument or instruments acknowledging
the satisfaction and termination of this Agreement.

 

Section
11.11 Assignment.

 

The
Agent and each other Secured Party may assign or transfer any of its rights under this Agreement without the consent of the Pledgor.
The Pledgor may not assign its obligations under this Agreement without the prior written consent of the Agent.

 

Section
11.12 Severability.

 

Any
provision hereof which is invalid, illegal or unenforceable in whole or in part in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions
hereof or affecting the validity, legality or enforceability of such provision in any other jurisdiction.

 

Section
11.13 Governing Law; Jurisdiction.

 

All
matters arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the laws of the Province
of British Columbia and the laws of Canada applicable therein and the Pledgor irrevocably attorns and agrees to submit to the
non-exclusive jurisdiction of the courts of the Province of British Columbia.

 

Section
11.14 Counterparts; Electronic Delivery.

 

This
Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic format (such
as “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section
11.15 Copy of Verification Statement.

 

To
the extent permitted by law, the Pledgor hereby waives its right to receive a copy of any financing statement, financing change
statement or verification statement in connection with any registrations or filings made under the PPSA or under any similar or
corresponding legislation in any other jurisdiction.

 

Section
11.16 Copy of Agreement.

 

The
Pledgor acknowledges receipt of a fully executed copy of this Agreement.

 

Section
11.17 Entire Agreement.

 

This Agreement and the other Loan Documents,
and any separate letter agreements with respect to fees payable to the Secured Parties, constitute the entire contract among the
parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with
respect thereto including without limitation the Original Pledge Agreement.

 

[Signature
Page Follows]

 

    	 	- 14 -	 

     

    

 

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

 

	 	NORTHERN SWAN HOLDINGS, INC., as Pledgor
	 	 	 
	 	By:	/s/ Kyle
    Detwiler 
	 	 	Name: Kyle
    Detwiler
	 	 	Title: CEO
	 	 	 
	Acknowledged and agreed as of the date first above written.
	 	 	 
	 	NS US HOLDINGS,
    INC., as Issuer
	 	 	 
	 	By:	/s/ Kyle
    Detwiler 
	 	 	Name:
    Kyle Detwiler
	 	 	Title: CEO
	 	 	 
	 	NORTHERN SWAN INTERNATIONAL,
    INC., AS ISSUER
	 	 	 
	 	By:	/s/ Kyle
    Detwiler 
	 	 	Name: Kyle
    Detwiler
	 	 	Title:

 

Northern
Swan – Amended and Restated Pledge Agreement

 

     

     

    

 

SCHEDULE
1

 

PLEDGED
SECURITIES

 

PLEDGED
SECURITIES

 

	Issuer	 	Class/Type
    of Security	 	Certificate
                                         Number (if
 certificated)
	 	Number
    of Securities
	 	 	 	 	 	 	 
	NORTHERN SWAN INTERNATIONAL,
    INC.	 	Class A Voting Common Shares	 	2AC	 	1
	 	 	 	 	 	 	 
	NORTHERN SWAN INTERNATIONAL, INC.	 	Class A Voting Common Shares	 	3AC	 	1,300,000
	 	 	 	 	 	 	 
	NS US HOLDINGS, INC.	 	Common Stock	 	1	 	1Exhibit 10.31

 

 

 

 

 

 

 

 

 

 

 

NORTHERN SWAN HOLDINGS, INC.

2018 OMNIBUS INCENTIVE COMPENSATION PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	PAGE
	 	 
	Article 1. Effective Date, Objectives and Duration	1
	 	 	 
	1.1	Effective Date of the Plan	1
	1.2	Objectives of the Plan	1
	1.3	Duration of the Plan	1
	 	 	 
	Article 2. Definitions	1
	 	 	 
	2.1	“Affiliate”	1
	2.2	“Award”	1
	2.3	“Award Agreement”	2
	2.4	“Board”	2
	2.5	“Bonus Shares”	2
	2.6	“Cause”	2
	2.7	“CEO”	2
	2.8	“Change in Control”	2
	2.9	“Code”	3
	2.10	“Committee” or “Incentive Plan Committee”	3
	2.11	“Compensation Committee”	3
	2.12	“Common Stock”	3
	2.13	“Deferred Stock”	3
	2.14	“Disability” or “Disabled”	3
	2.15	“Dividend Equivalent”	3
	2.16	“Effective Date”	3
	2.17	“Eligible Person”	3
	2.18	“Exercise Price”	4
	2.19	“Fair Market Value”	4
	2.20	“Grant Date”	4
	2.21	“Grantee”	4
	2.22	“Holder”	4
	2.23	“Incentive Stock Option”	4
	2.24	“Including” or “includes”	4
	2.25	“Management Committee”	4
	2.26	“Non-Employee Director”	4
	2.27	“Option”	4
	2.28	“Other Stock-Based Award”	4
	2.29	“Performance Share” and “Performance Unit”	4
	2.30	“Period of Restriction”	4
	2.31	“Person”	4
	2.32	“Restricted Shares”	4
	2.33	“Restricted Stock Units”	5
	2.34	“SEC”	5
	2.35	“Separation from Service”	5
	2.36	“Share”	5
	2.37	“Shareholders’ Agreement”	5
	2.38	“Share Repurchase Event”	5
	2.39	“Stock Appreciation Right” or “SAR”	6
	2.40	“Subplan”	6
	2.41	“Subsidiary Corporation”	6
	2.42	“Surviving Company”	6
	2.43	“Term”	6
	2.44	“Termination of Affiliation”	6

 

    - i -

     

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	Article 3. Administration	7
	 	 	 
	3.1	Committee	7
	3.2	Powers of Committee	7
	3.3	Repricings Permitted	9
	 	 	 
	Article 4. Shares Subject to the Plan	9
	 	 	 
	4.1	Number of Shares Available for Grants	9
	4.2	Adjustments in Authorized Shares and Awards; Liquidation, Dissolution or Change of Control	10
	 	 	 
	Article 5. Eligibility and General Conditions of Awards	11
	 	 	 
	5.1	Eligibility	11
	5.2	Award Agreement	11
	5.3	Shareholders’ Agreement and Power of Attorney.	11
	5.4	General Terms and Termination of Affiliation	11
	5.5	Nontransferability of Awards	11
	5.6	Cancellation and Rescission of Awards	12
	5.7	Stand-Alone, Tandem and Substitute Awards	12
	5.8	Deferral of Award Payouts	13
	 	 	 
	Article 6. Stock Options	13
	 	 	 
	6.1	Grant of Options	13
	6.2	Award Agreement	13
	6.3	Option Exercise Price	13
	6.4	Grant of Incentive Stock Options	13
	6.5	Payment of Exercise Price	14
	 	 	 
	Article 7. Stock Appreciation Rights	15
	 	 	 
	7.1	Issuance	15
	7.2	Award Agreements	15
	7.3	SAR Exercise Price	15
	7.4	Exercise and Payment	15
	 	 	 
	Article 8. Restricted Shares	16
	 	 	 
	8.1	Grant of Restricted Shares	16
	8.2	Award Agreement	16
	8.3	Consideration for Restricted Shares	16
	8.4	Effect of Forfeiture	16
	8.5	Escrow; Legends	16
	 	 	 
	Article 9. Performance Units and Performance Shares	16
	 	 	 
	9.1	Grant of Performance Units and Performance Shares	16
	9.2	Value/Performance Goals	16
	9.3	Earning of Performance Units and Performance Shares	17
	 	 	 
	Article 10. Deferred Stock and Restricted Stock Units	17
	 	 	 
	10.1	Grant of Deferred Stock and Restricted Stock Units	17

 

    - ii -

     

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	10.2	Vesting and Delivery	17
	10.3	Voting and Dividend Equivalent Rights Attributable to Deferred Stock and Restricted Stock Units	18
	 	 	 
	Article 11. Dividend Equivalents	18
	 	 
	Article 12. Bonus Shares	18
	 	 
	Article 13. Other Stock-Based Awards	18
	 	 
	Article 14. Non-Employee Director Awards	18
	 	 
	Article 15. Amendment, Modification, and Termination	19
	 	 	 
	15.1	Amendment, Modification, and Termination	19
	15.2	Awards Previously Granted	19
	 	 	 
	Article 16. Compliance with Code Section 409A	19
	 	 	 
	16.1	Awards Subject to Code Section 409A	19
	16.2	Deferral and/or Distribution Elections	19
	16.3	Subsequent Elections	19
	16.4	Distributions Pursuant to Deferral Elections	20
	16.5	Six Month Delay	20
	16.6	Death or Disability	20
	16.7	No Acceleration of Distributions	20
	 	 	 
	Article 17. Withholding	21
	 	 	 
	17.1	Required Withholding	21
	17.2	Notification under Code Section 83(b)	21
	 	 	 
	Article 18. Additional Provisions	22
	 	 	 
	18.1	Successors	22
	18.2	Severability	22
	18.3	Requirements of Law	22
	18.4	Securities Law Compliance	22
	18.5	Transfer Restrictions; Repurchase Right	23
	18.6	No Rights as a Stockholder	23
	18.7	Nature of Payments	23
	18.8	Non-Exclusivity of Plan	24
	18.9	Governing Law	24
	18.10	Unfunded Status of Awards; Creation of Trusts	24
	18.11	Affiliation	24
	18.12	Participation	24
	18.13	Military Service	24
	18.14	Construction	24
	18.15	Headings	24
	18.16	Obligations	24
	18.17	No Right to Continue as Director	24
	18.18	Stockholder Approval	24

 

    - iii -

     

    

 

NORTHERN SWAN HOLDINGS, INC.

 

2018 OMNIBUS INCENTIVE COMPENSATION PLAN

 

Article 1.

Effective Date, Objectives and Duration

 

1.1 Effective
Date of the Plan. Northern Swan Holdings, Inc., a corporation incorporated under the laws of the province of British Columbia
(the “Company”), hereby adopts the 2018 Omnibus Incentive Compensation Plan (the “Plan”) on January 12,
2018 (the “Effective Date”), subject to approval by the Company’s stockholders. The terms of the Plan are set
forth herein, as modified by the terms of any Subplan adopted by the Company for grants made to eligible persons who are not residents
or citizens of the United States.

 

1.2 Objectives
of the Plan. The Plan is intended (a) to allow selected employees of and consultants to the Company and its Subsidiary Corporations
to acquire or increase equity ownership in the Company, thereby strengthening their commitment to the success of the Company and
stimulating their efforts on behalf of the Company, and to assist the Company and its Subsidiary Corporations in attracting new
employees, officers and consultants and retaining existing employees and consultants, (b) to provide annual cash incentive compensation
opportunities that are competitive with those of other peer corporations, (c) to optimize the profitability and growth of the Company
and its Subsidiary Corporations through incentives which are consistent with the Company’s goals, (d) to provide Grantees
with an incentive for excellence in individual performance, (e) to promote teamwork among employees, consultants and Non-Employee
Directors, and (f) to attract and retain highly qualified persons to serve as Non-Employee Directors and to promote ownership by
such Non-Employee Directors of a greater proprietary interest in the Company, thereby aligning such Non-Employee Directors’
interests more closely with the interests of the Company’s stockholders.

 

1.3 Duration
of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board of
Directors of the Company (“Board”) to amend or terminate the Plan at any time pursuant to Article 15 hereof, until
the earlier of the tenth (10th) anniversary of the Effective Date, or the date all Shares subject to the Plan shall have been purchased
or acquired and the restrictions on all Restricted Shares granted under the Plan shall have lapsed, according to the Plan’s
provisions.

 

Article 2.

Definitions

 

Whenever used in the
Plan, the following terms shall have the meanings set forth below:

 

2.1 “Affiliate”
means any corporation or other entity, including but not limited to partnerships, limited liability companies and joint ventures,
with respect to which the Company, directly or indirectly, owns as applicable (a) stock possessing more than fifty percent (50%)
of the total combined voting power of all classes of stock entitled to vote, or more than fifty percent (50%) of the total value
of all shares of all classes of stock of such corporation, or (b) an aggregate of more than fifty percent (50%) of the profits
interest or capital interest of a non-corporate entity.

 

2.2 “Award”
means Options (including non-qualified options and Incentive Stock Options), SARs, Restricted Shares, Performance Units (which
may be paid in cash), Performance Shares, Deferred Stock, Restricted Stock Units, Dividend Equivalents, Bonus Shares, or Other
Stock-Based Awards granted under the Plan.

 

    

     

    

 

2.3 “Award
Agreement” means either (a) a written agreement entered into by the Company and a Grantee setting forth the terms and
provisions applicable to an Award granted under this Plan, or (b) a written statement issued by the Company to a Grantee describing
the terms and provisions of such Award, including any amendment or modification thereof. The Committee may provide for the use
of electronic, internet or other non-paper Award Agreements and the use of electronic, internet or other non-paper means for the
acceptance thereof and actions thereunder by the Grantee.

 

2.4 “Board”
means the Board of Directors of the Company.

 

2.5 “Bonus
Shares” means Shares that are awarded to a Grantee with or without cost and without restrictions either in recognition
of past performance (whether determined by reference to another employee benefit plan of the Company or otherwise), as an inducement
to become an Eligible Person or, with the consent of the Grantee, as payment in lieu of any cash remuneration otherwise payable
to the Grantee.

 

2.6 “Cause”
means, except as otherwise defined in an Award Agreement:

 

(a) dishonesty
of a material nature, including theft, fraud, or embezzlement of money or tangible or intangible assets or property of the Company
or Affiliates or their respective employees or business relations;

 

(b) conviction
of, or a plea of nolo contendre to, a felony or act of moral turpitude (excluding any conviction of, or plea of nolo contendre
to, any crime under Federal laws for possession or distribution of cannabis or of any products containing cannabis resulting from
the Grantee’s actions that are lawful under applicable state law and are undertaken by the Grantee at the direction of the
Grantee’s supervisor or manager or any officer of the Company or Affiliate in the performance of the Grantee’s duties
to the Company or any Affiliate);

 

(c) material
breach of the Grantee’s fiduciary duties to the Company or any of its Affiliates; or

 

(d) gross
negligence in the performance of Grantee’s duties to the Company or any Affiliate:

 

provided,
however, that if the Grantee has a written employment or consulting agreement with the Company or any of its Affiliates
that includes a definition of “cause,” Cause shall have the meaning set forth in such employment or consulting agreement.

 

2.7 “CEO”
means the Chief Executive Officer of the Company.

 

2.8 “Change
in Control” means any transaction or series of related transactions that results in (a) the merger, consolidation, amalgamation,
or other form of corporate reorganization involving the Company pursuant to which the holders of the outstanding voting securities
of the Company immediately prior to such merger, consolidation, amalgamation or other similar transaction would fail to hold (in
substantially the same percentages) equity securities representing at least 50% of the voting power of the Company or the Surviving
Company immediately following such merger, consolidation, amalgamation or other transaction; (b) the sale of all or substantially
all of the assets of the Company; or (iii) the acquisition by a single Person or more than one Person acting in concert (other
than Tim Tully and Kyle Detwiler) of the Company’s outstanding securities representing more than 50% of the Company’s
voting power; unless the transaction or series of related transactions was effected (i) in connection with a bona fide equity financing
of the Company, or (ii) to continue, reincorporate or otherwise reconstitute the Company under the laws of another jurisdiction.

 

    - 2 -

     

    

 

2.9 “Code”
means the United States Internal Revenue Code of 1986, as amended from time to time. References to a particular section of the
Code include references to regulations and rulings thereunder and to successor provisions.

 

2.10 “Committee”
or “Incentive Plan Committee” has the meaning set forth in Section 3.1(a).

 

2.11 “Compensation
Committee” means the compensation committee of the Board.

 

2.12 “Common
Stock” means the common shares in the capital of the Company.

 

2.13 “Deferred
Stock” means a right, granted under Article 10, to receive Shares at the end of a specified deferral period.

 

2.14 “Disability”
or “Disabled” means, unless otherwise defined in an Award Agreement, or as otherwise determined under procedures
established by the Committee for purposes of the Plan:

 

(a) Except
as provided in (b) below, a disability within the meaning of Section 22(e)(3) of the Code; and

 

(b) In
the case of any Award that constitutes deferred compensation within the meaning of Section 409A of the Code, a disability as defined
in regulations under Code Section 409A. For purpose of Code Section 409A, a Grantee will be considered Disabled if:

 

(i) the
Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
or

 

(ii) the
Grantee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period
of not less than three (3) months under an accident and health plan covering employees of the Grantee’s employer.

 

2.15 “Dividend
Equivalent” means a right to receive payments equal to dividends or property, if and when paid or distributed, on a specified
number of Shares.

 

2.16 “Effective
Date” has the meaning set forth in Section 1.1.

 

2.17 “Eligible
Person” means any individual who is an employee (including any officer) of, a non-employee consultant to, or a Non-Employee
Director of, the Company or any Affiliate; provided, however, that solely with respect to the grant of an Incentive Stock Option,
an Eligible Person shall be any employee (including any officer) of the Company or any Subsidiary Corporation. Notwithstanding
the foregoing, an Eligible Person shall also include an individual who is expected to become an employee to, non-employee consultant
of or Non-Employee Director of the Company or any Affiliate within a reasonable period of time after the grant of an Award; provided
that any Award granted to any such individual shall be automatically terminated and cancelled without consideration if the individual
does not begin performing services for the Company or any Affiliate within twelve (12) months after the Grant Date. Solely for
purposes of Section 5.7(b), current or former employees or non-employee directors of, or consultants to, of an Acquired Entity
who receive Substitute Awards in substitution for Acquired Entity Awards shall be considered Eligible Persons under this Plan with
respect to such Substitute Awards.

 

    - 3 -

     

    

 

2.18 “Exercise
Price” means (a) with respect to an Option, the price at which a Share may be purchased by a Grantee pursuant to such
Option or (b) with respect to an SAR, the price established at the time an SAR is granted pursuant to Article 7, which is used
to determine the amount, if any, of the payment due to a Grantee upon exercise of the SAR.

 

2.19 “Fair
Market Value” of a Share means a price that is based on the opening, closing, actual, high, low, or the arithmetic mean
of selling prices of a Share reported on an established stock exchange which is the principal exchange upon which the Shares are
traded on the applicable date or the preceding trading day. Unless the Committee determines otherwise, if the Shares are traded
over the counter at the time a determination of its Fair Market Value is required to be made hereunder, Fair Market Value shall
be deemed to be equal to the arithmetic mean between the reported high and low or closing bid and asked prices of a Share on the
applicable date, or if no such trades were made that day then the most recent date on which Shares were publicly traded. In the
event Shares are not publicly traded at the time a determination of their value is required to be made hereunder, the determination
of their Fair Market Value shall be made by the Committee in such manner as it deems appropriate provided such manner is consistent
with Treasury Regulation Section 1.409A-1(b)(5)(iv)(B).

 

2.20 “Grant
Date” means the date on which an Award is granted or such later date as specified in advance by the Committee.

 

2.21 “Grantee”
means a person who has been granted an Award.

 

2.22 “Holder”
means, a Person holding any Shares pursuant to an Award made under this Plan, including the Grantee, any beneficiary of a deceased
Grantee and any Permitted Transferee (as described in Section 5.5(c)).

 

2.23 “Incentive
Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code.

 

2.24 “Including”
or “includes” means “including, without limitation,” or “includes, without limitation,”
respectively.

 

2.25 “Management
Committee” has the meaning set forth in Section 3.1(b).

 

2.26 “Non-Employee
Director” means a member of the Board who is not an employee of the Company or any Affiliate.

 

2.27 “Option”
means an option granted under Article 6 of the Plan.

 

2.28 “Other
Stock-Based Award” means a right, granted under Article 13 hereof, that relates to or is valued by reference to Shares
or other Awards relating to Shares.

 

2.29 “Performance
Share” and “Performance Unit” have the respective meanings set forth in Article 9.

 

2.30 “Period
of Restriction” means the period during which Restricted Shares are subject to forfeiture if the conditions specified
in the Award Agreement are not satisfied.

 

2.31 “Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body
or department.

 

2.32 “Restricted
Shares” means Shares, granted under Article 8, that are both subject to forfeiture and are nontransferable if the Grantee
does not satisfy the conditions specified in the Award Agreement applicable to such Shares.

 

    - 4 -

     

    

 

2.33 “Restricted
Stock Units” are rights, granted under Article 10, to receive Shares if the Grantee satisfies the conditions specified
in the Award Agreement applicable to such rights.

 

2.34 “SEC”
means the United States Securities and Exchange Commission, or any successor thereto.

 

2.35 “Separation
from Service” means, with respect to any Award that constitutes deferred compensation within the meaning of Code Section
409A, a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). For this purpose, a “separation
from service” is deemed to occur on the date that the Company and the Grantee reasonably anticipate that the level of bona
fide services the Grantee would perform for the Company and/or any Affiliates after that date (whether as an employee, Non-Employee
Director or consultant or independent contractor) would permanently decrease to a level that, based on the facts and circumstances,
would constitute a separation from service; provided that a decrease to a level that is 50% or more of the average level of bona
fide services provided over the prior 36 months shall not be a separation from service, and a decrease to a level that is 20% or
less of the average level of such bona fide services shall be a separation from service. The Committee retains the right and discretion
to specify, and may specify, whether a separation from service occurs for those individuals who were providing services to the
Company or an Affiliate immediately prior to an asset purchase transaction in which the Company or an Affiliate is the seller and
who continue to provide services to a buyer after and in connection with such asset purchase transaction; provided, such specification
is made in accordance with the requirements of Treasury Regulation Section 1.409A-1(h)(4).

 

2.36 “Share”
means a share of Common Stock, and such other securities of the Company, as may be substituted or resubstituted for Shares pursuant
to Section 4.2 hereof.

 

2.37 “Shareholders’
Agreement” means a shareholders’ agreement adopted among the Company and certain shareholders of the Company who
have executed counterpart signatures to the Shareholders’ Agreement, or such other shareholders’ agreement in force
at the time of the issuance of any Shares to a Grantee pursuant to an Award hereunder, and/or any other agreement governing the
holding of securities of the Company.

 

2.38 “Share
Repurchase Event” means the occurrence of any of the following prior to the closing of an initial public offering of
the Company’s Common Stock or the date such Common Stock becomes publicly traded:

 

(a) the
Grantee’s Termination of Affiliation;

 

(b) in
the event of the bankruptcy or insolvency of the Holder, the making by the Holder of an assignment or proposal in bankruptcy or
the filing of a bankruptcy petition against the Holder, the earlier of (i) the date of the insolvency of the Shareholder, and (ii)
the date of such act or proceeding, as applicable;

 

(c) in
the judgement of the Committee, the Holder’s status, level of ownership in the Company and/or prior conviction of a felony
or an indictable offense (excluding, in the case of any Holder that is a Grantee, any conviction of, or plea of nolo contendre
to, any crime under Federal laws for possession or distribution of cannabis or of any products containing cannabis resulting from
the actions of any Grantee that are lawful under applicable state law and are undertaken by the Grantee at the direction of the
Grantee’s supervisor or manager or any officer of the Company or Affiliate in the performance of the Grantee’s duties
to the Company or any Affiliate), (i) creates a material risk of adversely impacting the Company or any of its Affiliates or any
associate, affiliate or investment of the Company or any of its Affiliates (a “Covered Person”) from qualifying or
applying for, obtaining, maintaining or operating under any licenses or permits relating to the cannabis cultivation, sales and/or
distribution businesses, (ii) creates a material risk of subjecting any Covered Person to any violation of a legal or regulatory
requirement having the force of law (or any order, writ, judgment, injunction, decree, stipulation or determination entered by
or with any governmental authority), or (iii) would result in or be reasonably likely to result in a material adverse effect on
any Covered Person;

 

    - 5 -

     

    

 

(d) if
the Holder becomes party to an application or proceeding under any domestic relations law or law of descent and distribution, including
the Family Law Act (Ontario), the Succession Law Reform Act (Ontario), the Divorce Act (Canada), or any similar
legislation in any jurisdiction dealing with similar matters as the foregoing, as any of the foregoing may be amended or replaced
from time to time, that is commenced by the Holder, or the spouse, former spouse or dependent of the Holder, to determine the entitlement
of such spouse, former spouse or dependent to a payment in respect of the net family property of the Holder, or to support from
the Holder or his or her personal representative, notice of which shall be given in writing by the Holder to the Company within
ten (10) days of the Holder becoming a party to such an application or proceeding, and the Holder shall not have produced evidence
reasonably satisfactory to the Company, within thirty (30) days of the date on which the Holder becomes a party to such an application
or proceeding, that the claims of such spouse, former spouse or dependent to such payment or support can be settled without in
any way, directly or indirectly, affecting, encumbering or interfering with the holding or voting of Shares by the Holder;

 

(e) Disability
of the Holder;

 

(f) the
Grantee’s material breach of any confidentiality or intellectual property assignment agreement between the Grantee and the
Company or any of its Affiliates; or

 

(g) the
Holder’s death.

 

2.39 “Stock
Appreciation Right” or “SAR” means an Award granted under Article 7 of the Plan.

 

2.40 “Subplan”
means an exhibit or attachment to this Plan, which sets forth such modifications to the terms of the Plan or such additional policies
and procedures that the Committee, in its discretion, deems to be necessary or advisable for Awards granted to Eligible Persons
who are citizens of or reside in other another country or jurisdiction to comply with applicable legal requirements is such country
or jurisdiction. A separate Subplan may be established by the Committee for each other country or jurisdiction in which Awards
are expected to be granted. The terms of a Subplan may modify any provision in this Plan except that it may not provide for the
grant of an Award to any individual who is not an Eligible Person and it may not increase the number of Shares authorized for issuance
under the Plan.

 

2.41 “Subsidiary
Corporation” means a corporation other than the Company in an unbroken chain of corporations beginning with the Company
if, at the time of granting the Option, each of the corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

2.42 “Surviving
Company” means the surviving corporation in any merger, consolidation, amalgamation, or other form of corporate reorganization
or other transaction involving the Company, including the Company if the Company is the surviving corporation, or the direct or
indirect parent company of the Company or such surviving corporation following a sale of substantially all of the outstanding stock
of the Company.

 

2.43 “Term”
of any Option or SAR means the period beginning on the Grant Date of an Option or SAR and ending on the date such Option or SAR
expires, terminates or is cancelled. No Option or SAR granted under this Plan shall have a Term exceeding 10 years.

 

2.44 “Termination
of Affiliation” occurs on the first day on which an individual is for any reason ceases providing services to the Company
or any Affiliate in the capacity of an employee, Non-Employee Director or consultant or with respect to an individual who is an
employee, or Non-Employee Director of or a consultant to an Affiliate, the first day on which such entity ceases to be an Affiliate
of the Company unless such individual continues to perform services for the Company or another Affiliate. Notwithstanding the foregoing,
if an Award constitutes deferred compensation within the meaning of Code Section 409A, Termination of Affiliation with respect
to such Award shall mean the Grantee’s Separation from Service.

 

    - 6 -

     

    

 

Article 3.

Administration

 

3.1 Committee.

 

(a) Subject
to Article 14, and to Section 3.2, the Plan shall be administered by a Committee (the “Incentive Plan Committee” or
the “Committee”) appointed by the Board from time to time. Notwithstanding the foregoing, either the Board or the Compensation
Committee may at any time and in one or more instances reserve administrative powers to itself as the Committee or exercise any
of the administrative powers of the Committee. The number of members of the Committee shall from time to time be increased or decreased,
and shall be subject to such conditions, in each case if and to the extent the Board deems appropriate.

 

(b) The
Board or the Compensation Committee may appoint and delegate to another committee (“Management Committee”), or to the
CEO, any or all of the authority of the Board or the Committee, as applicable, with respect to Awards to Grantees other than Grantees
who are executive officers or Non-Employee Directors at the time any such delegated authority is exercised.

 

(c) Unless
the context requires otherwise, any references herein to “Committee” include references to the Incentive Plan Committee,
the Board or the Compensation Committee to the extent Incentive Plan Committee, the Board or the Compensation Committee, as applicable,
has assumed or exercises administrative powers itself as the Committee pursuant to subsection (a), and to the Management Committee
or the CEO to the extent either has been delegated authority pursuant to subsection (b), as applicable; provided that for purposes
of Awards to Non-Employee Directors, the “Committee” shall include only the full Board.

 

3.2 Powers
of Committee. Subject to and consistent with the provisions of the Plan (including Article 13), the Committee has full and
final authority and sole discretion as follows; provided that any such authority or discretion exercised with respect to a specific
Non-Employee Director shall be approved by the affirmative vote of a majority of the members of the Board, even if not a quorum,
but excluding the Non-Employee Director with respect to whom such authority or discretion is exercised:

 

(a) to
determine when, to whom and in what types and amounts Awards should be granted;

 

(b) to
grant Awards to Eligible Persons in any number and to determine the terms and conditions applicable to each Award (including the
number of Shares or the amount of cash or other property to which an Award will relate, any Exercise Price or purchase price, any
limitation or restriction, any schedule for or performance conditions relating to the earning of the Award or the lapse of limitations,
forfeiture restrictions, restrictions on exercisability or transferability, any performance goals including those relating to the
Company and/or an Affiliate and/or any division thereof and/or an individual, and/or vesting based on the passage of time, based
in each case on such considerations as the Committee shall determine);

 

(c) to
determine the benefit payable under any Performance Unit, Performance Share, Dividend Equivalent, Other Stock-Based Award or Cash
Incentive Award and to determine whether any performance or vesting conditions have been satisfied;

 

    - 7 -

     

    

 

(d) to
determine whether or not specific Awards shall be granted in connection with other specific Awards, and if so, whether they shall
be exercisable cumulatively with, or alternatively to, such other specific Awards and all other matters to be determined in connection
with an Award;

 

(e) to
determine the Term of any Option or SAR;

 

(f) to
determine the amount, if any, that a Grantee shall pay for Restricted Shares, whether to permit or require the payment of cash
dividends thereon to be deferred and the terms related thereto, when Restricted Shares (including Restricted Shares acquired upon
the exercise of an Option) shall be forfeited and whether such shares shall be held in escrow;

 

(g) to
determine whether, to what extent and under what circumstances an Award may be settled in, or the exercise price of an Award may
be paid in, cash, Shares, other Awards or other property, or an Award may be accelerated, vested, canceled, forfeited or surrendered
or any terms of the Award may be waived, and to accelerate the exercisability of, and to accelerate or waive any or all of the
terms and conditions applicable to, any Award or any group of Awards for any reason and at any time;

 

(h) to
determine with respect to Awards granted to Eligible Persons whether, to what extent and under what circumstances cash, Shares,
other Awards, other property and other amounts payable with respect to an Award will be deferred, either at the election of the
Grantee or automatically pursuant to the terms of the Award Agreement;

 

(i) to
offer to exchange or buy out any previously granted Award for a payment in cash, Shares, or other Award;

 

(j) to
construe and interpret the Plan and to make all determinations, including factual determinations, necessary or advisable for the
administration of the Plan;

 

(k) to
make, amend, suspend, waive and rescind rules and regulations relating to the Plan;

 

(l) to
appoint such agents as the Committee may deem necessary or advisable to administer the Plan;

 

(m) to
determine the terms and conditions of all Award Agreements applicable to Eligible Persons (which need not be identical) and, with
the consent of the Grantee, to amend any such Award Agreement at any time, among other things, to permit transfers of such Awards
to the extent permitted by the Plan; provided that the consent of the Grantee shall not be required for any amendment (i) which
does not adversely affect the rights of the Grantee, or (ii) which is necessary or advisable (as determined by the Committee) to
carry out the purpose of the Award as a result of any new applicable law or change in an existing applicable law, or (iii) to the
extent the Award Agreement specifically permits amendment without consent;

 

(n) to
cancel, with the consent of the Grantee, outstanding Awards and to grant new Awards in substitution therefor;

 

(o) to
impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently
with the grant thereof, deem appropriate, including limiting the percentage of Awards which may from time to time be exercised
by a Grantee;

 

    - 8 -

     

    

 

(p) to
make adjustments in the terms and conditions of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including
events described in Section 4.2) affecting the Company or an Affiliate or the financial statements of the Company or an Affiliate,
or in response to changes in applicable laws, regulations or accounting principles;

 

(q) to
correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, any Subplan,
the rules and regulations, and Award Agreement or any other instrument entered into or relating to an Award under the Plan; and

 

(r) to
take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions
and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration
of the Plan.

 

(s) to
adopt, modify or terminate any Subplan.

 

Any action of the Committee
with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Grantee,
any person claiming any rights under the Plan from or through any Grantee, and stockholders, except to the extent the Committee
may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the time at
which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter
be modified by the Committee. The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers
of the Company or any Affiliate the authority, subject to such terms as the Committee shall determine, to perform specified functions
under the Plan.

 

3.3 Repricings
Permitted. The Committee is expressly authorized to amend the terms of any outstanding Option or SAR to reduce the Exercise
Price of such Option or SAR or to cancel any outstanding Option or SAR in exchange for other Options or SARs with an Exercise Price
that is less than the Exercise Price of the cancelled Option or SAR without stockholder approval; provided, however, that the Exercise
Price per Share of the resulting Option or SAR shall not be less than the Fair Market Value per Share as of the date such Option
or SAR is amended or such new Option or SAR is granted. In addition, an Option or SAR may be cancelled in exchange for a cash payment
(or for Shares having with a Fair Market Value) in an amount that exceeds the excess of the Fair Market Value of the Shares underlying
such cancelled Option or SAR over the aggregate Exercise Price of such Option or SAR or for any other Award, without stockholder
approval.

 

Article 4.

Shares Subject to the Plan

 

4.1 Number
of Shares Available for Grants. Subject to adjustment as provided in Section 4.2 and except as provided in Section 5.7(b),
the maximum number of Shares hereby reserved for delivery under the Plan shall be 2,400,000, including Shares delivered pursuant
to the exercise of Incentive Stock Options granted hereunder.

 

If any Shares subject
to an Award granted hereunder (other than a Substitute Award granted pursuant to Section 5.7(b)) are forfeited or such Award otherwise
terminates without the delivery of such Shares, the Shares subject to such Award, to the extent of any such forfeiture or termination,
shall again be available for grant under the Plan. For the avoidance of doubt, however, if any Shares subject to an Award granted
hereunder are withheld or applied as payment in connection with the exercise of an Award or the withholding or payment of taxes
related thereto (“Returned Shares”), such Returned Shares will be treated as having been delivered for purposes of
determining the maximum number of Shares available for grant under the Plan and shall not again be treated as available for grant
under the Plan. Moreover, the number of Shares available for issuance under the Plan may not be increased through the Company’s
purchase of Shares on the open market with the proceeds obtained from the exercise of any Options granted hereunder. Upon settlement
of an SAR, the number of Shares underlying the portion of the SAR that is exercised will be treated as having been delivered for
purposes of determining the maximum number of Shares available for grant under the Plan and shall not again be treated as available
for grant under the Plan.

 

    - 9 -

     

    

 

Shares delivered pursuant
to the Plan may be, in whole or in part, authorized and unissued Shares, or treasury Shares, including Shares repurchased by the
Company for purposes of the Plan.

 

4.2 Adjustments
in Authorized Shares and Awards; Liquidation, Dissolution or Change of Control.

 

(a) Adjustment
in Authorized Shares and Awards. In the event that the Committee determines that any dividend or other distribution (whether
in the form of cash, Shares, or other property), recapitalization, forward or reverse stock split, subdivision, consolidation or
reduction of capital, reorganization, merger, consolidation, scheme of arrangement, split-up, spin-off or combination involving
the Company or repurchase or exchange of Shares or other securities of the Company or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event affects the Shares such that any adjustment is determined
by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the
number and type of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type
of Shares (or other securities or property) subject to outstanding Awards, (iii) the Exercise Price with respect to any Option
or SAR or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, and (iv) the number
and kind of Shares of outstanding Restricted Shares, or the Shares underlying any Award of Restricted Stock Units, Deferred Stock
or other outstanding Share-based Award. Notwithstanding the foregoing, no such adjustment shall be authorized with respect to any
Options or SARs to the extent that such adjustment would cause the Option or SAR (determined as if such Option or SAR was an Incentive
Stock Option) to violate Section 424(a) of the Code or otherwise subject any Grantee to taxation under Section 409A of the Code;
and provided further that the number of Shares subject to any Award denominated in Shares shall always be a whole number
and no fractional shares of Shares shall be issued pursuant to such an adjustment. The Fair Market Value of any fractional shares
resulting from adjustments pursuant to this Section 4.2 shall, where appropriate, be paid in cash to the Holder. The determinations
and adjustments made by the Committee pursuant to this Section 4.2 shall be conclusive and binding on all Plan participants.

 

(b) Merger,
Consolidation or Similar Corporate Transaction. In the event of a merger or consolidation of the Company with or into another
corporation or a sale of substantially all of the stock of the Company (a “Corporate Transaction”), unless an outstanding
Award is assumed by the Surviving Company or replaced with an equivalent Award granted by the Surviving Company in substitution
for such outstanding Award, the Committee shall cancel any outstanding Awards that are not vested and nonforfeitable as of the
consummation of such Corporate Transaction (unless the Committee accelerates the vesting of any such Awards) and with respect to
any vested and nonforfeitable Awards, the Committee may either (i) allow all Grantees to exercise such Awards of Options and SARs
within a reasonable period prior to the consummation of the Corporate Transaction and cancel any outstanding Options or SARs that
remain unexercised upon consummation of the Corporate Transaction, or (ii) cancel any or all of such outstanding Awards in exchange
for a payment (in cash, or in securities or other property) in an amount equal to the amount that the Grantee would have received
(net of the Exercise Price with respect to any Options or SARs) if such vested Awards were settled or distributed or such vested
Options and SARs were exercised immediately prior to the consummation of the Corporate Transaction. Notwithstanding the foregoing,
if an Option or SAR is not assumed by the Surviving Company or replaced with an equivalent Award issued by the Surviving Company
and the Exercise Price with respect to any outstanding Option or SAR exceeds the Fair Market Value of the Shares immediately prior
to the consummation of the Corporation Transaction, such Awards shall be cancelled without any payment to the Grantee.

 

    - 10 -

     

    

 

(c) Liquidation
or Dissolution of the Company. In the event of the proposed dissolution or liquidation of the Company, each Award will terminate
immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee. Additionally, the Committee
may, in the exercise of its sole discretion, cause Awards to be vested and non-forfeitable and cause any conditions on any such
Award to lapse, as to all or any part of such Award, including Shares as to which the Award would not otherwise be exercisable
or non-forfeitable and allow all Grantees to exercise such Awards of Options and SARs within a reasonable period prior to the consummation
of such proposed action. Any Awards that remain unexercised upon consummation of such proposed action shall be cancelled.

 

(d) Deferred
Compensation Awards. Notwithstanding the forgoing provisions of this Section 4.2, if an Award constitutes deferred compensation
within the meaning of Code Section 409A, no payment or settlement of such Award shall be made pursuant to Section 4.2(b) or (c),
unless the Corporate Transaction or the dissolution or liquidation of the Company, as applicable, constitutes a change in ownership
or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company as described
in Treasury Regulation Section 1.409A-3(i)(5) (a “Change of Control”).

 

Article 5.

Eligibility and General Conditions of
Awards

 

5.1 Eligibility.
The Committee may in its discretion grant Awards to any Eligible Person, whether or not he or she has previously received an Award;
provided, however, that all Awards made to Non-Employee Directors shall be determined by the Board in its sole discretion.

 

5.2 Award
Agreement. To the extent not set forth in the Plan, the terms and conditions of each Award shall be set forth in an Award Agreement.

 

5.3 Shareholders’
Agreement and Power of Attorney. No Shares shall be issued to a Grantee pursuant to any Award unless and until such Grantee
has executed and become party to the Shareholders’ Agreement and has executed a power of attorney in favor of the Company
in the form attached hereto as Schedule A.

 

5.4 General
Terms and Termination of Affiliation. The Committee may impose on any Award or the exercise or settlement thereof, at the date
of grant or, subject to the provisions of Section 15.2, thereafter, such additional terms and conditions not inconsistent with
the provisions of the Plan as the Committee shall determine, including terms requiring forfeiture, acceleration or pro-rata acceleration
of Awards in the event of a Termination of Affiliation by the Grantee. Except as may be required under British Columbia Business
Corporation Act, Awards may be granted for no consideration other than past services. Except as otherwise set forth in an Award
Agreement or as otherwise determined by the Committee pursuant to this Section 5.4, all Awards that remain subject to a risk of
forfeiture or which are not otherwise vested at the time of a Termination of Affiliation shall be forfeited to the Company and
all Options or SARs which have not been exercised shall expire three months after Termination of Affiliation.

 

5.5 Nontransferability
of Awards.

 

(a) Each
Award and each right under any Award shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible
under applicable law, by the Grantee’s guardian or legal representative or by a transferee receiving such Award pursuant
to a domestic relations order (a “QDRO”) as defined in the Code or Title I of the United States Employee Retirement
Income Security Act of 1974, as amended or pursuant to any similar domestic relations legislation in any applicable legal jurisdiction
outside of the United States.

 

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(b)
No Award (prior to the time, if applicable, Shares are delivered in respect of such Award), and no right under any Award, may
be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Grantee otherwise than by will or
by the laws of descent and distribution (or in the case of Restricted Shares, to the Company) or pursuant to a QDRO (or an order
issued pursuant to domestic relations legislation in any applicable legal jurisdiction outside of the United States), and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company or any Affiliate; provided that the designation of a beneficiary to receive benefits in the event of the Grantee’s
death shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(c)
Notwithstanding subsections (a) and (b) above, to the extent provided in the Award Agreement or approved by the Committee, Options
(other than Incentive Stock Options) and Restricted Shares, may be transferred, without consideration, to a Permitted Transferee.
For this purpose, a “Permitted Transferee” in respect of any Grantee means any member of the Immediate Family of such
Grantee, any trust of which all of the primary beneficiaries are such Grantee or members of his or her Immediate Family, or any
partnership (including limited liability companies and similar entities) of which all of the partners or members are such Grantee
or members of his or her Immediate Family; and the “Immediate Family” of a Grantee means the Grantee’s spouse,
children, stepchildren, grandchildren, parents, stepparents, siblings, grandparents, nieces and nephews. Such Option may be exercised
by such transferee in accordance with the terms of the Award Agreement. If so determined by the Committee, a Grantee may, in the
manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Grantee, and to receive
any distribution with respect to any Award upon the death of the Grantee. A transferee, beneficiary, guardian, legal representative
or other person claiming any rights under the Plan from or through any Grantee shall be subject to and consistent with the provisions
of the Plan and any applicable Award Agreement, except to the extent the Plan and Award Agreement otherwise provide with respect
to such persons, and to any additional restrictions or limitations deemed necessary or appropriate by the Committee.

 

(d)
Nothing herein shall be construed as requiring the Committee to honor a QDRO (or an order issued pursuant to domestic relations
legislation in any applicable legal jurisdiction outside of the United States) except to the extent required under applicable
law.

 

5.6 Cancellation
and Rescission of Awards. Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold,
or otherwise limit or restrict any unexercised Award at any time if the Grantee is not in compliance with all applicable provisions
of the Award Agreement and the Plan or if the Grantee has a Termination of Affiliation.

 

5.7 Stand-Alone,
Tandem and Substitute Awards.

 

(a)
Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with,
or in substitution for, any other Award granted under the Plan unless such tandem or substitution Award would subject the Grantee
to tax penalties imposed under Section 409A of the Code. If an Award is granted in substitution for another Award or any non-Plan
award or benefit, the Committee shall require the surrender of such other Award or non-Plan award or benefit in consideration
for the grant of the new Award. Awards granted in addition to or in tandem with other Awards or non-Plan awards or benefits may
be granted either at the same time as or at a different time from the grant of such other Awards or non-Plan awards or benefits;
provided, however, that if any SAR is granted in tandem with an Incentive Stock Option, such SAR and Incentive Stock Option must
have the same Grant Date, Term and the Exercise Price of the SAR may not be less than the Exercise Price of the Incentive Stock
Option.

 

    - 12 -

     

    

 

(b)
The Committee may, in its discretion and on such terms and conditions as the Committee considers appropriate in the circumstances,
grant Awards under the Plan (“Substitute Awards”) in substitution for stock and stock-based awards (“Acquired
Entity Awards”) held by current or former employees or non-employee directors of, or consultants to, another corporation
or entity who become Eligible Persons as the result of a merger or consolidation of the employing corporation or other entity
(the “Acquired Entity”) with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property
or stock of the Acquired Entity immediately prior to such merger, consolidation or acquisition in order to preserve for the Grantee
the economic value of all or a portion of such Acquired Entity Award at such price as the Committee determines necessary to achieve
preservation of economic value. The limitations of Sections 4.1 and 4.2 on the number of Shares reserved or available for grants
shall not apply to Substitute Awards granted under this Section 5.7(b).

 

5.8 Deferral
of Award Payouts. The Committee may permit a Grantee to defer, or if and to the extent specified in an Award Agreement require
the Grantee to defer, receipt of the payment of cash or the delivery of Shares that would otherwise be due by virtue of the lapse
or waiver of restrictions with respect to Restricted Stock Units, the satisfaction of any requirements or goals with respect to
Performance Units or Performance Shares, the lapse or waiver of the deferral period for Deferred Stock, or the lapse or waiver
of restrictions with respect to Other Stock-Based Awards or Cash Incentive Awards. If the Committee permits such deferrals, the
Committee shall establish rules and procedures for making such deferral elections and for the payment of such deferrals, which
shall conform in form and substance with applicable regulations promulgated under Section 409A of the Code and Article 16 to ensure
that the Grantee is not subjected to tax penalties under Section 409A of the Code with respect to such deferrals. Except as otherwise
provided in an Award Agreement, any payment or any Shares that are subject to such deferral shall be made or delivered to the
Grantee as specified in the Award Agreement or pursuant to the Grantee’s deferral election.

 

Article
6.

Stock Options

 

6.1 Grant
of Options. Subject to and consistent with the provisions of the Plan, Options may be granted to any Eligible Person in such
number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

 

6.2 Award
Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Exercise Price, the Term of the
Option, the number of Shares to which the Option pertains, the time or times at which such Option shall be exercisable and such
other provisions as the Committee shall determine.

 

6.3 Option
Exercise Price. The Exercise Price of an Option under this Plan shall be determined in the sole discretion of the Committee
but may not be less than 100% of the Fair Market Value of a Share on the Grant Date.

 

6.4 Grant
of Incentive Stock Options. At the time of the grant of any Option, the Committee may in its discretion designate that such
Option shall be made subject to additional restrictions to permit it to qualify as an Incentive Stock Option. Any Option designated
as an Incentive Stock Option:

 

(a)
shall be granted only to an employee of the Company or a Subsidiary Corporation;

 

    - 13 -

     

    

 

(b)
shall have an Exercise Price of not less than 100% of the Fair Market Value of a Share on the Grant Date, and, if granted to a
person who owns capital stock (including stock treated as owned under Section 424(d) of the Code) possessing more than 10% of
the total combined voting power of all classes of capital stock of the Company or any Subsidiary Corporation (a “More Than
10% Owner”), have an Exercise Price not less than 110% of the Fair Market Value of a Share on its Grant Date;

 

(c)
shall be for a period of not more than 10 years (five years if the Grantee is a More Than 10% Owner) from its Grant Date, and
shall be subject to earlier termination as provided herein or in the applicable Award Agreement;

 

(d)
shall not have an aggregate Fair Market Value (as of the Grant Date) of the Shares with respect to which Incentive Stock Options
(whether granted under the Plan or any other stock option plan of the Grantee’s employer or any parent or Subsidiary Corporation
(“Other Plans”)) are exercisable for the first time by such Grantee during any calendar year (“Current Grant”),
determined in accordance with the provisions of Section 422 of the Code, which exceeds $100,000 (the “$100,000 Limit”);

 

(e)
shall, if the aggregate Fair Market Value of the Shares (determined on the Grant Date) with respect to the Current Grant and all
Incentive Stock Options previously granted under the Plan and any Other Plans which are exercisable for the first time during
a calendar year (“Prior Grants”) would exceed the $100,000 Limit, be, as to the portion in excess of the $100,000
Limit, exercisable as a separate option that is not an Incentive Stock Option at such date or dates as are provided in the Current
Grant;

 

(f)
shall require the Grantee to notify the Committee of any disposition of any Shares delivered pursuant to the exercise of the Incentive
Stock Option under the circumstances described in Section 421(b) of the Code (relating to holding periods and certain disqualifying
dispositions) (“Disqualifying Disposition”) within 10 days of such a Disqualifying Disposition;

 

(g)
shall by its terms not be assignable or transferable other than by will or the laws of descent and distribution and may be exercised,
during the Grantee’s lifetime, only by the Grantee; provided, however, that the Grantee may, to the extent provided in the
Plan in any manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option
after the Grantee’s death; and

 

(h)
shall, if such Option nevertheless fails to meet the foregoing requirements, or otherwise fails to meet the requirements of Section
422 of the Code for an Incentive Stock Option, be treated for all purposes of this Plan, except as otherwise provided in subsections
(d) and (e) above, as an Option that is not an Incentive Stock Option.

 

Notwithstanding
the foregoing and Section 3.2, the Committee may, without the consent of the Grantee, at any time before the exercise of an Option
(whether or not an Incentive Stock Option), take any action necessary to prevent such Option from being treated as an Incentive
Stock Option.

 

6.5 Payment
of Exercise Price. Except as otherwise provided by the Committee in an Award Agreement, Options shall be exercised by the
delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option
is to be exercised, accompanied by full payment for the Shares made by any one or more of the following means:

 

(a)
cash, personal check or wire transfer;

 

(b)
with the approval of the Committee, delivery of Common Stock owned by the Grantee prior to exercise valued at Fair Market Value
on the date of exercise;

 

    - 14 -

     

    

 

(c)
with the approval of the Committee, Shares acquired upon the exercise of such Option valued at Fair Market Value on the date of
exercise;

 

(d)
with the approval of the Committee, Restricted Shares held by the Grantee prior to the exercise of the Option valued at the Fair
Market Value of a Share on the date of exercise; or

 

(e)
subject to applicable law (including the prohibited loan provisions of Section 402 of the United States Sarbanes Oxley Act of
2002), through the sale of the Shares acquired on exercise of the Option through a broker-dealer to whom the Grantee has submitted
an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale proceeds
sufficient to pay for such Shares, together with, if requested by the Company, the amount of federal, state, local or foreign
withholding taxes payable by Grantee by reason of such exercise.

 

The
Committee may in its discretion specify that, if any Restricted Shares (“Tendered Restricted Shares”) are used to
pay the Exercise Price, (x) all the Shares acquired on exercise of the Option shall be subject to the same restrictions as the
Tendered Restricted Shares, determined as of the date of exercise of the Option, or (y) a number of Shares acquired on exercise
of the Option equal to the number of Tendered Restricted Shares shall be subject to the same restrictions as the Tendered Restricted
Shares, determined as of the date of exercise of the Option.

 

Article
7.

Stock Appreciation Rights

 

7.1 Issuance. Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant SARs
to any Eligible Person either alone or in addition to other Awards granted under the Plan. Such SARs may, but need not, be granted
in connection with a specific Option granted under Article 6. The Committee may impose such conditions or restrictions on the
exercise of any SAR as it shall deem appropriate.

 

7.2 Award
Agreements. Each SAR grant shall be evidenced by an Award Agreement in such form as the Committee may approve and shall contain
such terms and conditions not inconsistent with other provisions of the Plan as shall be determined from time to time by the Committee.

 

7.3 SAR
Exercise Price. The Exercise Price of a SAR shall be determined by the Committee in its sole discretion; provided that the
Exercise Price shall not be less than 100% of the Fair Market Value of a Share on the date of the grant of the SAR.

 

7.4 Exercise
and Payment. Upon the exercise of an SAR, a Grantee shall be entitled to receive payment from the Company in an amount determined
by multiplying:

 

(a)
The excess of the Fair Market Value of a Share on the date of exercise over the Exercise Price; by

 

(b)
The number of Shares with respect to which the SAR is exercised.

 

SARs
shall be deemed exercised on the date written notice of exercise in a form acceptable to the Committee is received by the Secretary
of the Company. The Company shall make payment in respect of any SAR within five (5) days of the date the SAR is exercised. Any
payment by the Company in respect of a SAR may be made in cash, Shares, other property, or any combination thereof, as the Committee,
in its sole discretion, shall determine.

 

    - 15 -

     

    

 

Article
8.

Restricted Shares

 

8.1 Grant
of Restricted Shares. Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time
to time, may grant Restricted Shares to any Eligible Person in such amounts as the Committee shall determine.

 

8.2 Award
Agreement. Each grant of Restricted Shares shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction,
the number of Restricted Shares granted, and such other provisions as the Committee shall determine. The Committee may impose
such conditions and/or restrictions on any Restricted Shares granted pursuant to the Plan as it may deem advisable, including
restrictions based upon the achievement of specific performance goals, time-based restrictions on vesting following the attainment
of the performance goals, and/or restrictions under applicable securities laws; provided that such conditions and/or restrictions
may lapse, if so determined by the Committee, in the event of the Grantee’s Termination of Affiliation due to death, Disability,
or involuntary termination by the Company or an Affiliate without Cause.

 

8.3 Consideration
for Restricted Shares. The Committee shall determine the amount, if any, that a Grantee shall pay for Restricted Shares.

 

8.4 Effect
of Forfeiture. If Restricted Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such
Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company
at a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value
of a Share on the date of such forfeiture. The Company shall pay to the Grantee the deemed sale price as soon as is administratively
practical. Such Restricted Shares shall cease to be outstanding and shall no longer confer on the Grantee thereof any rights as
a stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts
the Company’s tender of payment for such Restricted Shares.

 

8.5 Escrow;
Legends. The Committee may provide that the certificates for any Restricted Shares (x) shall be held (together with a stock
power executed in blank by the Grantee) in escrow by the Secretary of the Company until such Restricted Shares become nonforfeitable
or are forfeited and/or (y) shall bear an appropriate legend restricting the transfer of such Restricted Shares under the Plan.
If any Restricted Shares become nonforfeitable, the Company shall cause certificates for such shares to be delivered without such
legend.

 

Article
9.

Performance
Units and Performance Shares

 

9.1 Grant
of Performance Units and Performance Shares. Subject to and consistent with the provisions of the Plan, Performance Units
or Performance Shares may be granted to any Eligible Person in such amounts and upon such terms, and at any time and from time
to time, as shall be determined by the Committee.

 

9.2 Value/Performance
Goals. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will
determine the number or value of Performance Units or Performance Shares that will be paid to the Grantee.

 

(a)
Performance Unit. Each Performance Unit shall have an initial value that is established by the Committee at the time of
grant.

 

(b)
Performance Share. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the
date of grant.

 

    - 16 -

     

    

 

9.3 Earning
of Performance Units and Performance Shares. After the applicable performance period has ended, the holder of Performance
Units or Performance Shares shall be entitled to payment based on the level of achievement of performance goals set by the Committee.

 

At
the discretion of the Committee, the settlement of Performance Units or Performance Shares may be in cash, Shares of equivalent
value, or in some combination thereof, as set forth in the Award Agreement.

 

If
a Grantee is promoted, demoted or transferred to a different business unit of the Company during a performance period, then, to
the extent the Committee determines that the Award, the performance goals, or the performance period are no longer appropriate,
the Committee may adjust, change, eliminate or cancel the Award, the performance goals, or the applicable performance period,
as it deems appropriate in order to make them appropriate and comparable to the initial Award, the performance goals, or the performance
period.

 

At
the discretion of the Committee, a Grantee may be entitled to receive any dividends or Dividend Equivalents declared with respect
to Shares deliverable in connection with grants of Performance Units or Performance Shares which have been earned, but not yet
delivered to the Grantee.

 

Article
10.

Deferred
Stock and Restricted Stock Units

 

10.1
Grant of Deferred Stock and Restricted Stock Units. Subject to and consistent with the provisions of the Plan, the Committee,
at any time and from time to time, may grant Deferred Stock and/or Restricted Stock Units to any Eligible Person, in such amount
and upon such terms as the Committee shall determine. Deferred Stock must conform in form and substance with applicable regulations
promulgated under Section 409A of the Code and with Article 16 to ensure that the Grantee is not subjected to tax penalties under
Section 409A of the Code with respect to such Deferred Stock.

 

10.2
Vesting and Delivery.

 

(a)
Delivery with Respect to Deferred Stock. Delivery of Shares subject to a Deferred Stock grant will occur upon expiration
of the deferral period or upon the occurrence of one or more of the distribution events described in Section 409A(a)(2) of the
Code as specified by the Committee in the Grantee’s Award Agreement for the Award of Deferred Stock. An Award of Deferred
Stock may be subject to such substantial risk of forfeiture conditions as the Committee may impose, which conditions may lapse
at such times or upon the achievement of such objectives as the Committee shall determine at the time of grant or thereafter.
Unless otherwise determined by the Committee, to the extent that the Grantee has a Termination of Affiliation while the Deferred
Stock remains subject to a substantial risk of forfeiture, such Deferred Shares shall be forfeited, unless the Committee determines
that such substantial risk of forfeiture shall lapse in the event of the Grantee’s Termination of Affiliation due to death,
Disability, or involuntary termination by the Company or an Affiliate without “cause.”

 

(b)
Delivery with Respect to Restricted Stock Units. Delivery of Shares subject to a grant of Restricted Stock Units shall
occur no later than the 15th day of the third month following the end of the taxable year of the Grantee or the fiscal
year of the Company in which the Grantee’s rights under such Restricted Stock Units are no longer subject to a substantial
risk of forfeiture as defined in final regulations under Section 409A of the Code. Unless otherwise determined by the Committee,
to the extent that the Grantee has a Termination of Affiliation while the Restricted Stock Units remains subject to a substantial
risk of forfeiture, such Restricted Stock Units shall be forfeited, unless the Committee determines that such substantial risk
of forfeiture shall lapse in the event of the Grantee’s Termination of Affiliation due to death, Disability, or involuntary
termination by the Company or an Affiliate without “cause.” 

 

    - 17 -

     

    

 

10.3
Voting and Dividend Equivalent Rights Attributable to Deferred Stock and Restricted Stock Units. A Grantee awarded Deferred
Stock or Restricted Stock Units will have no voting rights with respect to such Deferred Stock or Restricted Stock Units prior
to the delivery of Shares in settlement of such Deferred Stock and/or Restricted Stock Units. Unless otherwise determined by the
Committee in the Award Agreement, a Grantee will have the rights to receive Dividend Equivalents in respect of Deferred Stock
and/or Restricted Stock Units, which Dividend Equivalents shall be deemed reinvested in additional Shares of Deferred Stock or
Restricted Stock Units, as applicable, which shall remain subject to the same forfeiture conditions applicable to the Deferred
Stock or Restricted Stock Units to which such Dividend Equivalents relate.

 

Article
11.

Dividend
Equivalents

 

The
Committee is authorized to grant Awards of Dividend Equivalents alone or in conjunction with other Awards; provided, however,
that no Dividend Equivalents may be granted in conjunction with any grant of Options or SARs. The Committee may provide that Dividend
Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares or additional
Awards or otherwise reinvested.

 

Article
12.

Bonus Shares

 

Subject
to the terms of the Plan, the Committee may grant Bonus Shares to any Eligible Person, in such amount and upon such terms and
at any time and from time to time as shall be determined by the Committee.

 

Article
13.

Other Stock-Based Awards

 

The
Committee is authorized, subject to limitations under applicable law, to grant such other Awards that are denominated or payable
in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be
consistent with the purposes of the Plan, including Shares awarded which are not subject to any restrictions or conditions, convertible
or exchangeable debt securities or other rights convertible or exchangeable into Shares, and Awards valued by reference to the
value of securities of or the performance of specified Affiliates. Subject to and consistent with the provisions of the Plan,
the Committee shall determine the terms and conditions of such Awards. Except as provided by the Committee, Shares delivered pursuant
to a purchase right granted under this Article 13 shall be purchased for such consideration, paid for by such methods and in such
forms, including cash, Shares, outstanding Awards or other property, as the Committee shall determine.

 

Article
14.

Non-Employee
Director Awards

 

Subject
to the terms of the Plan, the Board may grant Awards to any Non-Employee Director, in such amount and upon such terms and at any
time and from time to time as shall be determined by the full Board in its sole discretion.

 

    - 18 -

     

    

 

Article
15.

Amendment,
Modification, and Termination

 

15.1 Amendment,
Modification, and Termination. Subject to Section 15.2, the Board may, at any time and from time to time, alter, amend, suspend,
discontinue or terminate the Plan in whole or in part without the approval of the Company’s stockholders, except that (a)
any amendment or alteration shall be subject to the approval of the Company’s stockholders if such stockholder approval
is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which
the Shares may then be listed or quoted, and (b) the Board may otherwise, in its discretion, determine to submit other such amendments
or alterations to stockholders for approval.

 

15.2 Awards
Previously Granted. Except as otherwise specifically permitted in the Plan or an Award Agreement, no termination, amendment,
or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the
written consent of the Grantee of such Award, unless such amendment is required for listing on a recognized stock exchange.

 

Article
16.

Compliance
with Code Section 409A

 

16.1 Awards
Subject to Code Section 409A. The provisions of this Article 16 shall apply to any Award or portion thereof that is or becomes
deferred compensation subject to Code Section 409A (a “409A Award”), notwithstanding any provision to the contrary
contained in the Plan or the Award Agreement applicable to such Award.

 

16.2 Deferral
and/or Distribution Elections. Except as otherwise permitted or required by Code Section 409A, the following rules shall apply
to any deferral and/or elections as to the form or timing of distributions (each, an “Election”) that may be permitted
or required by the Committee with respect to a 409A Award:

 

(a)
Any Election must be in writing and specify the amount being deferred, and the time and form of distribution (i.e., lump sum or
installments) as permitted by this Plan. An Election may but need not specify whether payment will be made in cash, Shares or
other property.

 

(b)
Any Election shall become irrevocable as of the deadline specified by the Committee, which shall not be later than December 31
of the year preceding the year in which services relating to the Award commence; provided, however, that if the Award qualifies
as “performance-based compensation” for purposes of Code Section 409A and is based on services performed over a period
of at least twelve (12) months, then the deadline may be no later than six (6) months prior to the end of such performance period.

 

(c)
Unless otherwise provided by the Committee, an Election shall continue in effect until a written election to revoke or change
such Election is received by the Committee, prior to the last day for making an Election for the subsequent year.

 

16.3 Subsequent
Elections. Except as otherwise permitted or required by Code Section 409A, any 409A Award which permits a subsequent Election
to further defer the distribution or change the form of distribution shall comply with the following requirements:

 

(a)
No subsequent Election may take effect until at least twelve (12) months after the date on which the subsequent Election is made;

 

(b)
Each subsequent Election related to a distribution upon separation from service, a specified time, or a change in control as defined
in Section 16.4(e) must result in a delay of the distribution for a period of not less than five (5) years from the date such
distribution would otherwise have been made; and

 

    - 19 -

     

    

 

(c)
No subsequent Election related to a distribution to be made at a specified time or pursuant to a fixed schedule shall be made
less than twelve (12) months prior to the date the first scheduled payment would otherwise be made.

 

16.4 Distributions
Pursuant to Deferral Elections. Except as otherwise permitted or required by Code Section 409A, no distribution in settlement
of a 409A Award may commence earlier than:

 

(a)
Separation from Service;

 

(b)
The date the Participant becomes Disabled (as defined in Section 2.14(b);

 

(c)
The Participant’s death;

 

(d)
A specified time (or pursuant to a fixed schedule) that is either (i) specified by the Committee upon the grant of the Award and
set forth in the Award Agreement or (ii) specified by the Grantee in an Election complying with the requirements of Section 16.2
and/or 16.3, as applicable; or

 

(e)
A change in control of the Company within the meaning of Treasury Regulation Section 1.409A-3(h)(5).

 

16.5 Six
Month Delay. Notwithstanding anything herein or in any Award Agreement or Election to the contrary, to the extent that distribution
of a 409A Award is triggered by a Grantee’s Separation from Service, if the Grantee is then a “specified employee”
(as defined in Treasury Regulation Section 1.409A-1(i)), no distribution may be made before the date which is six (6) months after
such Grantee’s Separation from Service, or, if earlier, the date of the Grantee’s death.

 

16.6 Death
or Disability. Unless the Award Agreement otherwise provides, if a Grantee dies or becomes Disabled before complete distribution
of amounts payable upon settlement of a 409A Award, such undistributed amounts, to the extent vested, shall be distributed as
provided in the Participants Election. If the Participant has made no Election with respect to distributions upon death or Disability,
all such distributions shall be paid in a lump sum within 90 days following the date of the Participant’s death or Disability.

 

16.7 No
Acceleration of Distributions. This Plan does not permit the acceleration of the time or schedule of any distribution under
a 409A Award, except as provided by Code Section 409A and/or applicable regulations or rulings issued thereunder.

 

    - 20 -

     

    

 

Article
17.

Withholding

 

17.1 Required
Withholding.

 

(a)
The Committee in its sole discretion may provide that when taxes are to be withheld in connection with the exercise of an Option
or SAR, or upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, or upon payment of any other benefit
or right under this Plan (the date on which such exercise occurs or such restrictions lapse or such payment of any other benefit
or right occurs hereinafter referred to as the “Tax Date”), the Grantee may elect to make payment for the withholding
of federal, state and local taxes, including Social Security and Medicare (“FICA”) taxes by one or a combination of
the following methods:

 

(i)
payment of an amount in cash equal to the amount to be withheld (including cash obtained through the sale of the Shares acquired
on exercise of an Option or SAR, upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, through
a broker-dealer to whom the Grantee has submitted irrevocable instructions to deliver promptly to the Company, the amount to be
withheld);

 

(ii)
delivering part or all of the amount to be withheld in the form of Common Stock valued at its Fair Market Value on the Tax Date;

 

(iii)
requesting the Company to withhold from those Shares that would otherwise be received upon exercise of the Option or SAR, upon
the lapse of restrictions on Restricted Stock, or upon the transfer of Shares, a number of Shares having a Fair Market Value on
the Tax Date equal to the amount to be withheld; or

 

(iv)
withholding from any compensation otherwise due to the Grantee.

 

The
Committee in its sole discretion may provide that the maximum amount of tax withholding upon exercise of an Option or SARs, upon
the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, to be satisfied by withholding Shares upon exercise
of such Option or SAR, upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, pursuant to clause
(iii) above shall not exceed the minimum amount of taxes, including FICA taxes, required to be withheld under federal, state and
local law. An election by Grantee under this subsection is irrevocable. Any fractional share amount and any additional withholding
not paid by the withholding or surrender of Shares must be paid in cash. If no timely election is made, the Grantee must deliver
cash to satisfy all tax withholding requirements.

 

(b)
Any Grantee who makes a Disqualifying Disposition (as defined in Section 6.4(f)) or an election under Section 83(b) of the Code
shall remit to the Company an amount sufficient to satisfy all resulting tax withholding requirements in the same manner as set
forth in subsection (a).

 

17.2 Notification
under Code Section 83(b). If the Grantee, in connection with the exercise of any Option, or the grant of Restricted Shares,
makes the election permitted under Section 83(b) of the Code to include in such Grantee’s gross income in the year of transfer
the amounts specified in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within 10 days
of filing the notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant
to regulations issued under Section 83(b) of the Code. The Committee may, in connection with the grant of an Award or at any time
thereafter, prohibit a Grantee from making the election described above.

 

    - 21 -

     

    

 

Article
18.

Additional
Provisions

 

18.1 Successors.
Subject to Section 4.2(b), all obligations of the Company under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise of all or substantially all of the business and/or assets of the Company.

 

18.2 Severability.
If any part of the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or
invalidity shall not invalidate any other part of the Plan. Any Section or part of a Section so declared to be unlawful or invalid
shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest
extent possible while remaining lawful and valid.

 

18.3 Requirements
of Law. The granting of Awards and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding
any provision of the Plan or any Award, Grantees shall not be entitled to exercise, or receive benefits under, any Award, and
the Company (and any Affiliate) shall not be obligated to deliver any Shares or deliver benefits to a Grantee, if such exercise
or delivery would constitute a violation by the Grantee or the Company of any applicable law or regulation.

 

18.4 Securities
Law Compliance.

 

(a)
If the Committee deems it necessary to comply with any applicable securities law, or the requirements of any stock exchange upon
which Shares may be listed, the Committee may impose any restriction on Awards or Shares acquired pursuant to Awards under the
Plan as it may deem advisable. In addition, if requested by the Company and any underwriter engaged by the Company, Shares acquired
pursuant to Awards may not be sold or otherwise transferred or disposed of for such period following the effective date of any
registration statement of the Company filed under the Securities Act or 1933, as amended (the “Securities Act”), or
under other applicable securities laws as the Company or such underwriter shall specify reasonably and in good faith, not to exceed
180 days in the case of the Company’s initial public offering or 90 days in the case of any other public offering. All certificates
for Shares delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders
and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the SEC, any
stock exchange upon which Shares are then listed, any applicable securities law, and the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions. If so requested by the Company, the Grantee
shall make a written representation to the Company that he or she will not sell or offer to sell any Shares unless a registration
statement shall be in effect with respect to such Shares under the Securities Act, or under any other applicable securities law
or unless he or she shall have furnished to the Company, in form and substance satisfactory to the Company, that such registration
is not required.

 

(b)
If the Committee determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate
any applicable provision of securities laws or the listing requirements of any national securities exchange or national market
system on which are listed any of the Company’s equity securities, then the Committee may postpone any such exercise, nonforfeitability
or delivery, as applicable, but the Company shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery
to comply with all such provisions at the earliest practicable date.

 

    - 22 -

     

    

 

18.5 Transfer
Restrictions; Repurchase Right. The provisions of this Section 18.5 are in addition to and do not otherwise limit or restrict
the enforceability by the Company or its shareholders of any rights of first refusal or other restrictions or limitations on transfers
or any other obligations applicable to stockholders of the Company set forth in the Company’s articles of incorporation,
charter or by-laws or in any Stockholders’ Agreement to which the Grantee may be a party.

 

(a)
Transfer Restrictions. No Grantee or Holder may sell or otherwise transfer any Shares, except in accordance with the consent
of the Board and applicable securities laws. Any purported sale or other transfer of any Shares in violation of this Plan will
not be valid and the Company will not register, nor permit any transfer agent to register any such purported sale or transfer,
nor will any voting rights attaching to or relating to such Shares be exercised by the purported transferee.

 

(b)
Repurchase Right. If a Grantee or Holder incurs a Share Repurchase Event, the Company shall have the right (but not the
obligation) to repurchase all or part of the Shares issued to such Grantee and which are then still held by a Holder at a purchase
price equal to the Fair Market Value of such Shares of Common Stock as of the date of such re-purchase (the “Repurchase
Closing Date”) unless such Share Repurchase Event is a Termination of Affiliation for Cause or upon the Grantee’s
material breach of any confidentiality or intellectual property assignment agreement between the Grantee and the Company or any
of its Affiliates, in which case the purchase price shall be the lower of the Fair Market Value as of such Repurchase Closing
Date and the amount, if any, paid by the Grantee for such Shares. Any such repurchase shall be made pursuant to a notice of repurchase
(the “Notice of Repurchase”), which shall be transmitted to the Holder not later than 180 days after the occurrence
of such Share Repurchase Event and at least ten (10) business days prior to Repurchase Closing Date, and which shall specify (i)
the Repurchase Closing Date, (ii) the number of Shares to be repurchased by the Company, (iii) the purchase price per Share as
well as the aggregate purchase price (the “Consideration”), and (iv) transmittal instructions for delivery of the
Shares of Common Stock and payment of the Consideration.

 

(c)
Termination of Restrictions. The terms and provisions of this Section 18.5 shall terminate upon the closing of the Company’s
initial public offering of the Company’s Common Stock or upon such Common Stock otherwise becoming publicly traded.

 

18.6 No
Rights as a Stockholder. No Grantee shall have any rights as a stockholder of the Company with respect to the Shares (other
than Restricted Shares) which may be deliverable upon exercise or payment of such Award until such Shares have been delivered
to him or her. Restricted Shares, whether held by a Grantee or in escrow by the Secretary of the Company, shall confer on the
Grantee all rights of a stockholder of the Company, except as otherwise provided in the Plan or Award Agreement. At the time of
a grant of Restricted Shares, the Committee may require the payment of cash dividends thereon to be deferred and, if the Committee
so determines, reinvested in additional Restricted Shares. Stock dividends and deferred cash dividends issued with respect to
Restricted Shares shall be subject to the same restrictions and other terms as apply to the Restricted Shares with respect to
which such dividends are issued. The Committee may in its discretion provide for payment of interest on deferred cash dividends.

 

18.7 Nature
of Payments. Unless otherwise specified in the Award Agreement, Awards shall be special incentive payments to the Grantee
and shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes of determining
any pension, retirement, death or other benefit under (a) any pension, retirement, profit sharing, bonus, insurance or other employee
benefit plan of the Company or any Affiliate, except as such plan shall otherwise expressly provide, or (b) any agreement between
(i) the Company or any Affiliate and (ii) the Grantee, except as such agreement shall otherwise expressly provide.

 

    - 23 -

     

    

 

18.8 Non-Exclusivity
of Plan. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements for employees
or Non-Employee Directors as it may deem desirable.

 

18.9 Governing
Law. The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the Province
of British Columbia, and the laws of Canada applicable therein.

 

18.10
Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive
and deferred compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the
Plan or any Award Agreement shall give any such Grantee any rights that are greater than those of a general creditor of the Company;
provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s
obligations under the Plan to deliver cash, Shares or other property pursuant to any Award which trusts or other arrangements
shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines.

 

18.11
Affiliation. Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company
or any Affiliate to terminate any Grantee’s employment or consulting contract at any time, nor confer upon any Grantee the
right to continue in the employ of or as an officer of or as a consultant to or Non-employee Director of the Company or any Affiliate.

 

18.12
Participation. No employee or officer shall have the right to be selected to receive an Award under this Plan or, having
been so selected, to be selected to receive a future Award.

 

18.13
Military Service. Awards shall be administered in accordance with Section 414(u) of the Code and the United States Uniformed
Services Employment and Reemployment Rights Act of 1994.

 

18.14
Construction. The following rules of construction will apply to the Plan: (a) the word “or” is disjunctive
but not necessarily exclusive, and (b) words in the singular include the plural, words in the plural include the singular, and
words in the neuter gender include the masculine and feminine genders and words in the masculine or feminine gender include the
other neuter genders.

 

18.15
Headings. The headings of articles and sections are included solely for convenience of reference, and if there is any conflict
between such headings and the text of this Plan, the text shall control.

 

18.16
Obligations. Unless otherwise specified in the Award Agreement, the obligation to deliver, pay or transfer any amount of
money or other property pursuant to Awards under this Plan shall be the sole obligation of a Grantee’s employer; provided
that the obligation to deliver or transfer any Shares pursuant to Awards under this Plan shall be the sole obligation of the Company.

 

18.17
No Right to Continue as Director. Nothing in the Plan or any Award Agreement shall confer upon any Non-Employee Director
the right to continue to serve as a director of the Company.

 

18.18
Stockholder Approval. All Awards granted on or after the Effective Date and prior to the date the Company’s stockholders
approve the Plan are expressly conditioned upon and subject to approval of the Plan by the Company’s stockholders.

 

    - 24 -

     

    

 

Schedule
A

 

Power
of Attorney

 

TO:
Northern Swan Holdings, Inc. (the “Company”)

 

Defined
terms herein shall have the meaning ascribed to them in the Company’s 2018 Omnibus Incentive Compensation Plan to which
this Schedule A is attached.

 

The
Grantee does hereby constitute and appoint the Chief Executive Officer of the Company as the true and lawful attorney for the
Grantee, and in the name, place and stead of the Grantee, to (i) vote at and to execute and deliver any and all proxies relating
to any meeting of shareholders of the Company, or any adjournments thereof, (ii) to execute on behalf of the Grantee, any resolution
or other document, agreement or other instrument in writing to be executed by the shareholders of the Company (except any amendment
to this power of attorney), with respect to an Award, and (iii) to execute and deliver all deeds, transfers, assignments and assurances
necessary to effectively transfer Shares issued pursuant to any Award under this Plan.

 

(a)
The provisions of this Power of Attorney relating to the Shares shall apply, mutatis mutandis to any shares or securities
into which the Shares may be converted, exchanged, changed, reclassified, redesignated, subdivided or consolidated, any
shares or securities which entitle the holder thereof to vote at any meeting of shareholders of the Company which may be
distributed on the Shares as a stock dividend or otherwise and any shares or securities of the Company or of any successor
Company which may be received on or in respect of the Shares on a reorganization, amalgamation, consolidation or merger,
statutory or otherwise.

 

(b)
This Power of Attorney shall be governed by and construed in accordance with the laws of the Province of Ontario. This Power of
Attorney is not intended to be a continuing power of attorney within the meaning of and governed by the Substitute Decisions
Act (Ontario), or any similar power of attorney under equivalent legislation in any of the provinces or territories of Canada
(a “CPOA”). The execution of this Power of Attorney does not terminate any CPOA granted previously and this Power
of Attorney is not terminated by the execution by the Grantee in the future of a CPOA, and the Grantee hereby agrees not to take
any action that results in the termination of this Power of Attorney prior to any termination of the Shareholders’ Agreement.
Any proxy executed and delivered pursuant hereto relating to any meeting of Shareholders or any adjournments thereof shall revoke
any proxy otherwise executed and delivered by or on behalf of the Grantee with respect to such meeting or any adjournments thereof,
regardless of the respective dates thereof.

 

(c)
Such appointment, being coupled with an interest, is irrevocable by the Grantee and shall not be revoked by the insolvency, bankruptcy,
death, incapacity, dissolution, liquidation or other termination of the existence of the Grantee and the Grantee agrees to ratify
and confirm all that the Secretary of the Company may do or cause to be done pursuant to the foregoing. In furtherance of this
Schedule A, the Shareholder shall, if requested by the Company, execute a stock transfer power in such form as may be supplied
by the Company.

 

(d)
This Power of Attorney shall terminate automatically upon the earlier of (i) the termination of the Shareholders’ Agreement
or upon closing of an initial public offering of the Company’s Common Stock or upon such Common Stock otherwise becoming
publicly traded.

 

	SIGNED,
    SEALED AND	 	 
	DELIVERED
    in the presence of:	)	 
	 	)	 
	 	)
	 
	 	)
	 
	Witness

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