Document:

Exhibit 4.1

 

HSCP
CN HOLDINGS ULC

 

as
Borrower

 

and

 

ACREAGE
FINANCE DELAWARE, LLC

 

as
Guarantor

 

and

 

THE
LENDERS LISTED

ON THE SIGNATURE PAGES

 

as
Lenders

 

and

 

###################

 

as
Administrative Agent

 

 

CREDIT
AGREEMENT

 

FEBRUARY
7, 2020

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	Article 1

    INTERPRETATION
	 
	Section 1.1	Defined Terms	1
	Section 1.2	Gender and Number	10
	Section 1.3	Headings, etc.	10
	Section 1.4	Currency	10
	Section 1.5	Certain Phrases, etc.	10
	Section 1.6	Non-Business Days	10
	Section 1.7	Accounting Terms	11
	Section 1.8	Rateable Portion of Advances	11
	Section 1.9	Incorporation of Schedules and Exhibits	11
	Section 1.10	Conflict	11
	Section 1.11	Certificates	11
	Section 1.12	Permitted Liens	11
	Section 1.13	References to Agreements	11
	Section 1.14	Statutes	12
	Section 1.15	Currency Equivalents Generally	12
	 	 
	Article 2

     CREDIT FACILITIES
	 
	Section 2.1	Availability	12
	Section 2.2	Commitment and Facility Limits	12
	Section 2.3	Use of Proceeds	12
	Section 2.4	Mandatory Repayments and Reductions
    of Commitments	12
	Section 2.5	Optional Prepayments; Termination and
    Reductions of Commitments	12
	Section 2.6	Payments under this Agreement	13
	Section 2.7	Application of Payments and Prepayments	13
	Section 2.8	Extension of Maturity Date	14
	Section 2.9	Fees	14
	Section 2.10	Computations of Interest and Fees	15
	 	 
	Article 3

    ADVANCES
	 
	Section 3.1	The Advances	15
	Section 3.2	Procedure for Borrowing	16
	Section 3.3	Reliance upon Borrower’s Authority	16
	Section 3.4	Interest on Advances	16
	 	 
	Article 4

    CONDITIONS OF LENDING
	 
	Section 4.1	Conditions Precedent to Effectiveness	17
	Section 4.2	Conditions Precedent to the Initial
    Advance	17
	Section 4.3	Conditions Precedent to Advances	18
	Section 4.4	Waiver of Conditions Precedent	19
	Section 4.5	Termination	20

 

    ( i )

     

    

 

	Article 5

    REPRESENTATIONS AND WARRANTIES
	 
	Section 5.1	Representations and Warranties	20
	Section 5.2	Survival of Representations and Warranties	24
	 	 
	Article 6

    COVENANTS OF THE BORROWER
	 
	Section 6.1	Affirmative Covenants	24
	Section 6.2	Negative Covenants	26
	Section 6.3	Separateness Covenants	27
	Section 6.4	Financial Covenants	28
	 	 
	Article 7

    CHANGES IN CIRCUMSTANCES
	 
	Section 7.1	Increased Costs	28
	Section 7.2	Taxes	29
	Section 7.3	Illegality	30
	 	 
	Article 8

    EVENTS OF DEFAULT
	 
	Section 8.1	Events of Default	30
	Section 8.2	Acceleration	32
	Section 8.3	Remedies Upon Default	32
	Section 8.4	Right of Set-off	32
	Section 8.5	Application of Cash Proceeds of Realization	33
	 	 
	Article 9

    THE AGENTS AND THE LENDERS
	 
	Section 9.1	Appointment and Authority	33
	Section 9.2	Rights as a Lender	33
	Section 9.3	Exculpatory Provisions	33
	Section 9.4	Reliance by Administrative Agent	34
	Section 9.5	Indemnification of Agents	35
	Section 9.6	Delegation of Duties	35
	Section 9.7	Notices	35
	Section 9.8	Replacement of Agents	35
	Section 9.9	Non-Reliance on Agents and Other Lenders	36
	Section 9.10	Collective Action of the Secured Creditors	36
	Section 9.11	Obligations	36
	Section 9.12	Holding of Security; Discharges	36
	Section 9.13	Sharing of Payments by Lenders	37
	Section 9.14	Liability of the Lenders inter se	37
	Section 9.15	Survival	37

 

    ( ii )

     

    

 

	Article 10

    MISCELLANEOUS
	 
	Section 10.1	Amendments, etc.	37
	Section 10.2	Waiver	38
	Section 10.3	Evidence of Debt	38
	Section 10.4	Notices: Effectiveness; Electronic Communication	38
	Section 10.5	Expenses; Indemnity; Damage Waiver	39
	Section 10.6	Successors and Assigns	41
	Section 10.7	Judgment Currency	41
	Section 10.8	Interest on Amounts	42
	Section 10.9	Anti-Terrorism Laws	42
	Section 10.10	Governing Law: Jurisdiction: Etc.	42
	Section 10.11	Entire Agreement	43
	Section 10.12	Waiver of Jury Trial	43
	Section 10.13	Counterparts: Integration: Effectiveness:
    Electronic Execution	43
	Section 10.14	Treatment of Certain Information: Confidentiality	44
	Section 10.15	Severability	45
	Section 10.16	Time of the Essence	45
	Section 10.17	USA PATRIOT Act	45
	Section 10.18	No Fiduciary Duty	45

 

ADDENDA

 

	Schedule “A”	Lenders and Commitments
	Exhibit 2.8	Form of Extension
    Request
	Exhibit 3.2	Form of Borrowing
    Notice
	Exhibit 6.1(b)(ii)	Form of Compliance
    Certificate
	Exhibit 10.6	Form of Assignment
    and Assumption Agreement

 

    ( iii )

     

    

 

 

CREDIT AGREEMENT

 

Credit Agreement dated
February 7, 2020 among HSCP CN Holdings ULC, as Borrower,
Acreage Finance Delaware, LLC, as Guarantor, the lenders from time to time party hereto,
as Lenders, and ##############, as Administrative Agent.

 

Article 1

INTERPRETATION

 

		Section 1.1	Defined Terms.

 

As used in this Agreement,
the following terms have the following meanings:

 

“Administrative
Agent” means ############# as administrative agent for the Lenders under
this Agreement and the other Credit Documents, and any successor administrative agent appointed pursuant to Section 9.8, and
their successors and permitted assigns.

 

“Advances”
means advances made by a Lender to the Borrower in U.S. Dollars pursuant to Article 3.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Principal Amount” means, in relation to the Borrower and any Lender at any time under the Credit Facility, the aggregate
principal amount of all outstanding Advances made by such Lender under the Credit Facility and, in relation to the Borrower and
all Lenders at any time under the Credit Facility, means the sum of the Aggregate Principal Amount under the Credit Facility made
by each Lender.

 

“Agreement”
means this credit agreement as amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to
time; and the expressions “Article” and “Section” followed by a number mean and refer to
the specified Article or Section of this Agreement.

 

“Anti-Terrorism
Laws” means any law, judgment, order, executive order, decree, ordinance, rule or regulation related to terrorism financing,
money laundering or Sanctions including Part II.1 and Part XII.2 of the Criminal Code, the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act, S.C. 2000, c. 17, and regulations promulgated pursuant to the Special Economic Measures Act,
S.C. 1992, c. 17, the United Nations Act, R.S.C. 1985, c. U-2 and the Justice for Victims of Corrupt Foreign Officials
Act, S.C. 2017, c. 21.

 

“Applicable
Law” means, (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule,
regulation, restriction or by-law (zoning or otherwise); (b) any judgment, order, writ, injunction, determination, decision, ruling,
decree or award; (c) any regulatory or stock exchange policy, practice, guideline or directive; or (d) any franchise, licence,
qualification, authorization, consent, exemption, waiver, right, permit or other approval of any Governmental Authority, binding
on or affecting the Person referred to in the context in which the term is used or binding on or affecting the Assets of such Person,
in each case whether or not having the force of law, except the Controlled Substances Act, 21 USC 801 et seq. as it applies
to marijuana (including any implementing regulations and schedules in effect at the relevant time) or any other U.S. federal law
the violation of which is predicated upon a violation of the Controlled Substances Act as it applies to marijuana.

 

     

    - 2 -

    

 

“Applicable
Premium” means, in respect of any amount of the Aggregate Principal Amount prepaid or accelerated,
in each case, whether voluntary or involuntary:

 

		(a)	prior to all Advances being outstanding for 90 days, an amount
equal to:

 

		(i)	the amount of the interest that would have been payable if all
Advances had been outstanding for 90 days, less

 

		(ii)	any interest actually paid on each amount advanced in
respect of the first 90 days during which that amount was outstanding, and

 

		(b)	following to all Advances being outstanding for 90 days, an amount
equal to $0. 

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or
an Affiliate of an entity that administers or manages a Lender.

 

“Asset”
means, with respect to any Person, any property (including real property), assets and undertakings of such Person of every kind
and wheresoever situate, whether now owned or hereafter acquired (and, for greater certainty, includes any equity or like interest
of such Person in any other Person).

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and any Person who is or becomes an assignee
in accordance with this Agreement, in substantially the form of Exhibit 10.6 or any other form approved by the Administrative Agent.

 

“Board of
Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person,
(b) in the case of any limited liability company, the board of managers of such Person, (c) in the case of any partnership, the
board of directors of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.

 

“Borrower”
means, HSCP CN Holdings ULC, an unlimited liability corporation incorporated under the laws of Alberta, and its successors and
permitted assigns.

 

“Borrowing
Notice” has the meaning ascribed thereto in Section 3.2.

 

“Business
Day” means any day of the year, other than a Saturday, Sunday or any day on which banks are closed for business in ###########.

 

“Canopy”
means Canopy Growth Corporation and each successor thereto.

 

“Canopy Option”
means Canopy’s option to acquire all of the issued and outstanding securities of the Parent in accordance with the Parent’s
constating documents as amended in connection with the plan of arrangement implemented by the Parent on June 27, 2019.

 

“Capital Lease”
means a lease that would, in accordance with GAAP, be treated as a balance sheet liability.

 

“Cash Proceeds
of Realization” means the aggregate of (a) all Proceeds of Realization in the form of cash and (b) all cash proceeds
of the sale or disposition of non-cash Proceeds of Realization, in each case expressed in U.S. Dollars.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption, making,
issuance or taking effect of any Applicable Law, (b) any change in any Applicable Law or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, or (c) compliance by any Lender with any
request, rule, regulation, guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the date of this Agreement, provided that notwithstanding anything herein
to the contrary (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
regulations, guidelines or directives thereunder or issued in connection therewith or in implementation thereof, and (ii) all
requests, rules, regulations, guidelines and directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the Canadian, United States or foreign regulatory
authorities, in each case, pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted, issued or implemented.

 

     

    - 3 -

    

 

“Change of
Control” means the occurrence of any of the following events: (a) any Person (or any successor to it continuing from
any amalgamation, merger or other reorganization) or group of Persons acting jointly or in concert (as such concept is defined
in National Instrument 62-104 - Take-over Bids and Issuer Bids) becoming the owner, directly or indirectly, beneficially or of
record, of Equity Securities representing more than 50% of the aggregate ordinary voting power represented by the outstanding share
capital of the Parent, (b) any sale, lease, exchange or other transfer (in one transaction or series of related transactions) of
all or substantially all of the Parent’s and its subsidiaries, on a consolidated basis, property and assets, (c) the Parent’s
shareholders approve any plan or proposal for the liquidation or dissolution of the Parent, or (d) the Parent ceases to own, directly
or indirectly, 100% of the Equity Securities of the Borrower and the Guarantor; provided, however, that none of the following events
shall constitute a “Change of Control”: (i) the acquisition of outstanding Equity Securities by Canopy or an affiliate
thereof pursuant to the Canopy Option, (ii) Mr. Kevin Murphy ceasing to hold Equity Securities representing more or less than 50%
of the aggregate ordinary voting power represented by the outstanding share capital of the Parent, or (iii) any event or circumstance
in which the public shareholders of the Parent immediately prior to such event or circumstance continue to, directly or indirectly,
own substantially all of the Parent’s and its subsidiaries property and assets through the ownership in a successor to, or
assignee of, the Parent under this Agreement.

 

“Closing Date”
means the date on which the First Advance is made or such other date as agreed by the parties hereto.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time.

 

“Commitment”
means, at any time, in respect of a Lender, the maximum amount of the Advances which such Lender has covenanted to make under the
Credit Facility, as set forth in Schedule A (which shall be amended and distributed to all parties by the Administrative Agent
from time to time as other Persons become Lenders or to reflect any reduction in the Commitment in accordance with the terms hereof),
and which for greater certainty shall in each case be reduced by such Lender’s rateable share of the amount of any repayments
or reductions required or made hereunder with respect to the Credit Facility.

 

“Compliance
Certificate” means a certificate of the Borrower substantially in the form of Exhibit 6.1(b)(ii), signed on its behalf
by its chief financial officer or any other officer acceptable to the Administrative Agent.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have corresponding meanings.

 

“Credit Documents”
means this Agreement, the Guarantee, the Security Agreement, the Restricted Cash Account Agreement, and all other documents to
be executed and delivered to the Administrative Agent and the Lenders, or any of them, by the Credit Parties, or any of them, from
time to time in connection with this Agreement or any other Credit Document.

 

“Credit Facility”
means the term credit facility to be made available to the Borrower under this Agreement for the purposes set out in Section 2.3.

 

“Credit Parties”
means, collectively, the Borrower and the Guarantor.

 

     

    - 4 -

    

 

“Criminal
Code” means the Criminal Code (Canada), R.S.C. 1985, c.C-46.

 

“Debt”
of any Person means (without duplication):

 

		(a)	all indebtedness of such Person for borrowed money, including borrowings of commodities, prepaid
forward sales of commodities, bankers’ acceptances, letters of credit or letters of guarantee;

 

		(b)	all indebtedness of such Person for the deferred purchase price of Assets or services, other than
for Assets and services purchased in the ordinary course of business and paid for in accordance with customary practice and not
represented by a note, bond, debenture or other evidence of Debt;

 

		(c)	all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to Assets acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such Assets);

 

		(d)	all obligations of such Person represented by a note, bond, debenture or other evidence of Debt;

 

		(e)	all obligations under Capital Leases and all obligations under synthetic leases, in each case,
in respect of which such Person is liable as lessee;

 

		(f)	all obligations with respect to any Equity Securities in the capital of the Person which, by their
terms (or by the terms of any security into which they are convertible or for which they are exchangeable), or upon the happening
of any event (i) mature or are mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (ii) are redeemable
for cash or debt at the sole option of the holder, or (iii) provide for scheduled payments of dividends in cash, in each case,
on or prior to the Maturity Date;

 

		(g)	the net amount payable by such Person under Derivatives Agreements, provided that such amount shall
only constitute Debt if such Derivatives Agreements have been closed out or terminated; and

 

		(h)	all Debt of another entity of a type described in clauses (a) through (g) which is directly or
indirectly guaranteed by such Person, which is secured by a Lien on any Assets of such Person, which such Person has agreed (contingently
or otherwise) to purchase or otherwise acquire, or in respect of which such Person has otherwise assured a creditor or other entity
against loss.

 

The Debt of any Person shall include the
Debt of any other entity (including a partnership in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or relationship with such entity, except (other than in the case
of general partner liability) to the extent that the terms of such Debt expressly provide that such Person is not liable therefor.

 

“Default”
means an event which, with the giving of notice or passage of time, or both, would constitute an Event of Default.

 

“Derivatives
Agreement” means any agreement relating to a transaction of a type commonly considered to be a derivatives or hedging
transaction or any combination of such transactions, in each case, whether relating to one or more of currencies, interest, commodities,
securities or other matters, including (a) any option, collar, floor or cap, (b) any forward contract, and (c) any rate swap,
basis swap, commodity swap, cross-currency swap or other swap or contract for differences.

 

     

    - 5 -

    

 

“Disposition”
means, with respect to any Asset of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment,
cession, transfer, exchange, conveyance, release or gift of such Asset, including by means of a sale and leaseback transaction,
or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such Asset becomes the property of
any other Person; and “Dispose” and “Disposed” have meanings correlative thereto.

 

“Drawdown
Period” means the period commending on the Closing Date and ending on the 24th
day following the Closing Date.

 

“Environmental
Laws” means all Applicable Laws and agreements with a Governmental Authority relating to public health, the protection
of the environment, the release of hazardous materials and occupational health and safety.

 

“Environmental
Liabilities” means all liabilities imposed by, under or pursuant to Environmental Laws or which relate to the existence
of contaminants on, under or about any of the properties now or previously used or occupied by any of the Credit Parties.

 

“Equity Securities”
means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated
and whether voting or non-voting) of, such Person’s capital, including any interest in a partnership, limited partnership
or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable
for or convertible into any of the foregoing.

 

“Equivalent
Amount” means, on any day with respect to any two currencies, the amount obtained in one such currency (the “first
currency”) when an amount in the other currency is converted into the first currency using the Bank of Canada’s
spot rate for the conversion of the applicable amount of the other currency into the first currency in effect as of 4:30 p.m. (Toronto
time) on such Business Day (or the immediately preceding Business Day if such day is not a Business Day) or, in the absence of
such a spot rate on such day, using such other rate as the Administrative Agent may reasonably select.

 

“Event of
Default” has the meaning specified in Section 8.1.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by
or on account of any obligation of the Borrower hereunder or under any other Credit Document, (a) Taxes imposed on or measured
by its net income, capital gains or capital, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is
located or, in the case of any Lender, in which its applicable lending office is located, or that are Other Connection Taxes, (b)
any branch profits taxes or any similar tax imposed by any jurisdiction in which the Lender is located, (c)
in the case of a Foreign Lender, any withholding tax that is attributable to such Foreign Lender’s failure or inability (other
than as a result of a Change in Law) to comply with Section 7.2(5), (d) any Taxes imposed under FATCA, and (e) any Taxes required
to be deducted or withheld under the Income Tax Act from any ‎payment under the Credit Documents as a result of: (1) the
recipient (or beneficial ‎holder of the Advances) not dealing at arm’s length (within the meaning of the Income ‎Tax
Act) with the Borrower, or (2) the recipient being a “specified non-resident ‎shareholder” of the Borrower or
not dealing at arm’s length with a “specified ‎shareholder” of the Borrower (in each case within the meaning
of the Income Tax ‎Act) (other than where the non-arm’s length relationship arises, or where the ‎recipient is
a “specified non-resident shareholder”, or does not deal at arm’s length ‎with a “specified shareholder”,
as a result of such Person having become a party to, ‎received or perfected a security interest under, or received or enforced
any rights ‎under, any Credit Document)‎. For greater certainty, for purposes of clause (c) above, a withholding tax
includes any Tax that a Foreign Lender is required to pay pursuant to Part XIII of the Income Tax Act or any successor provision
thereto.

 

“Extension
Request” means a written request from the Borrower to the Administrative Agent requesting an extension of the Maturity
Date substantially in the form attached as Exhibit 2.8.

 

     

    - 6 -

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor ‎version that
is substantively comparable),‎ any current or future regulations or official interpretations thereof, any agreements entered
into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements or implementing legislation enacted by any
jurisdiction with respect to such intergovernmental agreements.‎

 

“Fees”
means the fees payable by the Borrower under this Agreement, including the Set-Up Fee.

 

“Financial
Quarter” means a period of three consecutive months in any Financial Year ending on March 31, June 30, September 30
and December 31 of such year.

 

“Financial
Year” means, in relation to the Borrower, its financial year commencing on January 1 of each
calendar year and ending on December 31 of such year.

 

“First Advance”
has the meaning specified in Section 3.1(a).

 

“Foreign Administrative
Agent” means any Administrative Agent that is not organized under the laws of the jurisdiction in which a Borrower is
resident for tax purposes by application of the laws of that jurisdiction and that is not otherwise considered or deemed in respect
of any amount payable to it hereunder or under any Credit Document to be resident for income tax or withholding tax purposes in
the jurisdiction in which such Borrower is resident for tax purposes by application of the laws of that jurisdiction. For the purposes
of this definition, Canada and each Province and Territory thereof shall be deemed to constitute a single jurisdiction and the
United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Lender”
means any Lender that is not organized under the laws of the jurisdiction in which the Borrower is resident for tax purposes by
application of the laws of that jurisdiction and that is not otherwise considered or deemed in respect of any amount payable to
it hereunder or under any Credit Document to be resident for income tax or withholding tax purposes in the jurisdiction in which
the Borrower is resident for tax purposes by application of the laws of that jurisdiction. For the purposes of this definition,
Canada and each Province and Territory thereof shall be deemed to constitute a single jurisdiction and the United States of America,
each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business.

 

“GAAP”
means the accounting principles generally accepted in Canada and/or the United States, as may
be adopted by the Parent from time to time in accordance with applicable securities legislation.

 

“Governmental
Authority” means the government of Canada or any other nation, or of any political subdivision thereof, whether state,
provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including
any supranational bodies such as the European Union or the European Central Bank and including a Minister of the Crown, Superintendent
of Financial Institutions or other comparable authority or agency, any securities exchange and any self-regulatory organization.

 

“Guarantee”
means the guarantee dated as of the Closing Date given by the Guarantor in favour of the
Administrative Agent, in form and substance satisfactory to the Administrative Agent, as may
be amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Guarantor”
means Acreage Finance Delaware, LLC, a limited liability company incorporated under the
laws of the State of Delaware, and its successors and permitted assigns.

 

     

    - 7 -

    

 

“Impermissible
Qualification” means, relative to the financial statements or notes thereto
of the Parent or the opinion or report of any independent auditors as to such financial statements or notes thereto, any qualification
or exception to such financial statements, notes, opinion or report, as the case may be, which is of a “going concern”
or similar nature or which relates to any limited scope of examination of matters relevant to such financial statements, if such
limitation results from the refusal or failure of the Parent to grant access to necessary information or to cause such access to
be granted.

 

“Income Tax
Act” means the Income Tax Act (Canada), as amended from time to time.‎

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

“Indemnitee”
has the meaning specified in Section 10.5(2).

 

“Information”
has the meaning specified in Section 10.14(2).

 

“IP Credit
Agreement” means the credit agreement dated after the date hereof among the Guarantor, as borrower, IP Investment Company,
LLC and any other persons from time to time party thereto as lenders, as may be amended, modified, supplemented or restated from
time to time.

 

“IP Credit
Documents” means the each of the IP Credit Agreements, all guarantees and security provided in connection therewith and
all other agreements, instruments and other documents governing or relating thereto, and “IP Credit Document”
means any of them.

 

“IP Guarantor”
means Acreage IP Holdings, LLC, a limited liability company incorporated under the laws of the State
of Nevada, and its successors and permitted assigns.

 

“Lenders”
mean, collectively, the lenders set forth on the signature pages of this Agreement, any Person who may become a Lender under this
Agreement in accordance with Section 10.6, and, in the singular, any one of them.

 

“Lien”
means any mortgage, deed of trust, trust or deemed trust, lien (statutory or otherwise), pledge, assignment, hypothecation, encumbrance,
charge, security interest, deposit arrangement, royalty interest, claim, right of detention or seizure, right of distraint, easement,
or right of set off (other than a right of set off arising in the ordinary course), including the interest of a vendor or a lessor
under any conditional sale agreement, Capital Lease, title retention agreement or consignment agreement (or any financing lease
having substantially the same economic effect as any of the foregoing), and any other agreement, trust or arrangement that in substance
secures payment or performance of an obligation.

 

“Majority
Lenders” means, at any time, Lenders who, taken together, hold at least 66-2/3%
of the Aggregate Principal Amount at that time.

 

“Material
Adverse Effect” means (a) a material adverse effect on the business, operations, results of operations, Assets, the Restricted
Account Collateral, liabilities or financial condition of the Credit Parties taken as a whole, (b) a material adverse effect on
the ability of any of the Credit Parties to perform its obligations under any Credit Document to which it is a party, or (c) a
material adverse effect on the rights and remedies of the Lenders or the Administrative Agent (or any of them) under any Credit
Document.

 

“Maturity
Date” means the second anniversary of the Closing Date (or such later date as may apply pursuant to the extension provisions
in Section 2.8).

 

“Minimum Balance”
has the meaning specified in Section 6.1(j)(i)(A).

 

     

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“Obligations”
means all debts, liabilities and obligations, present or future, direct or indirect, absolute or contingent, matured or
unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by the Credit Parties, or
any of them, to the Administrative Agent and the Lenders, or any of them, under, in connection with or pursuant to the Credit
Documents, including the Aggregate Principal Amount, all accrued interest and Fees and all other amounts payable under this
Agreement (including the Applicable Premium).

 

“Original
Currency” has the meaning specified in Section 10.7(1).

 

“Other Connection
Taxes” means, with respect to the Administrative Agent, any Lender or ‎any other recipient of any payment to be
made by or on account of any obligation of the ‎Borrower hereunder, Taxes imposed as a result of a present or former connection
between ‎such recipient and the jurisdiction imposing such Tax (other than connections arising from ‎such recipient
having executed, delivered, become a party to, performed its obligations ‎under, received payments under, received or perfected
a security interest under, engaged in ‎any other transaction pursuant to or enforced any Credit Document, or sold or assigned
an ‎interest in any Credit Document).‎

 

“Other Currency”
has the meaning specified in Section 10.7(1).

 

“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Credit Document, in each case, including any interest, additions to tax or penalties
applicable thereto.

 

“Parent”
means Acreage Holdings, Inc., and its successors and permitted assigns.

 

“Pension Plan”
means a plan or arrangement maintained, sponsored or funded by any Credit Party or in respect of which any Credit Party has any
liability, contingent or otherwise, in each case, that is or is intended to be a “registered pension plan” as such
term is defined in the Income Tax Act (including any such plan that contains a “defined benefit provision” as such
term is defined in the Income Tax Act).

 

“Permitted
Liens” means, in respect of any Person, any one or more of the following:

 

		(a)	Liens for Taxes which are not due or delinquent or the validity of which is being contested at
the time by the Person in good faith by proper legal proceedings if adequate provision has been made for their payment and such
Liens are not executed on or enforced against any of the Assets of any Credit Party; and

 

		(b)	Liens in favour of the Administrative Agent and the other Secured Creditors created by the Security
Agreement.

 

“Person”
means an individual, sole proprietorship, corporation, limited liability company, trust, joint venture, association, company, partnership,
institution, public benefit corporation, investment or other fund, Governmental Authority or other entity, and pronouns have a
similarly extended meaning.

 

“Proceeds
of Realization” means all cash and non-cash proceeds derived from any sale, disposition or other realization of the Restricted
Account Collateral (a) after any notice by the Administrative Agent to the Borrower pursuant to Section 8.1 declaring all
indebtedness of the Borrower hereunder to be immediately due and payable, (b) upon any dissolution, liquidation, winding-up, reorganization,
bankruptcy, insolvency or receivership of any of the Credit Parties (or any other arrangement or marshalling of the Restricted
Account Collateral that is similar thereto) or (c) upon the enforcement of, or any action taken with respect to, any of the Credit
Documents.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees, agents and advisors of
such Person and of such Person’s Affiliates.

 

     

    - 9 -

    

 

“Restricted
Account” means the bank account of the Guarantor at ############# that is described
in the Security Agreement.

 

“Restricted
Account Collateral” means any and all Assets in respect of which the Administrative Agent or any Secured Creditor has
or will have or is intended to have a Lien pursuant to a Security Agreement.

 

“Restricted
Cash Account Agreement” mean the collateral account and set-off acknowledgement agreement
dated as of the Closing Date among the Guarantor, the Administrative Agent (for the benefit of the Secured Creditors) and #############
with respect to the Restricted Account, in form and substance satisfactory to the Administrative Agent, as may be amended,
amended and restated, supplemented or otherwise modified from time to time. 

 

“Sanctioned
Person” means any Person that is a designated target of Sanctions or is otherwise a subject of Sanctions, including as
a result of being (a) owned, held or controlled by any person which is a designated target of Sanctions, (b) located or resident
in, a national of, or organized under, the laws of any country that is subject to general or country-wide Sanctions, or (c) a “designated
person”, a “politically exposed foreign person” or “terrorist group” as described in any Sanctions.

 

“Sanctions”
means applicable economic or trade sanctions or other restrictive measures administered or enforced by a Governmental Authority
(including, in Canada, Global Affairs Canada and Public Safety Canada) or other relevant sanctions authority which governs transactions
in controlled goods or technologies or dealings with countries, entities, organizations or individuals subject to such economic
or trade sanctions or restrictive measures.

 

“Second Advance”
has the meaning specified in Section 3.1(b).

 

“Secured Creditors”
means the Administrative Agent and the Lenders.

 

“Security”
means, at any time, the Liens in favour of the Secured Creditors, or any of them, in the Restricted Account Collateral securing
their obligations under this Agreement and the other Credit Documents.

 

“Security
Agreement” means the restricted account security agreement dated as of the Closing Date granted by the Guarantor
in favour of the Administrative Agent (for the benefit of the Secured Creditors), in form and
substance satisfactory to the Administrative Agent, as amended, amended and restated, supplemented or otherwise modified
from time to time.

 

“Set-Up Fees”
has the meaning specified in Section 2.9.

 

“Solvent”
means, (a) with respect to any Person organized
under the laws of Canada or any province or territory thereof, on a particular date, that on such date, (i) such
Person is not for any reason unable to meet its obligations as they generally become due, (ii) such Person has not
ceased paying its current obligations in the ordinary course of business as they generally become due, and (iii) the
aggregate property of such Person is, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under
legal process, would be sufficient, to enable payment of all its obligations, due and accruing due, and
(b) with respect to any Person organized under the laws of a jurisdiction located within the United States on a particular
date, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of
such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as
they become absolute and matured, (iii) such Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (iv) such Person is not
engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be
computed as the amount that, in light of all the ‎facts and circumstances existing at such time, represents the amount
that can reasonably be expected ‎to become an actual or matured liability.‎

 

     

    - 10 -

    

 

“subsidiary”
means with respect to any Person (the “parent”) at any date, (a) any corporation, limited liability company,
association or other business entity of which securities or other ownership interests representing more than 50% of the voting
power of all equity interests entitled to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled
or held by the parent and/or one or more subsidiaries of the parent, (b) any partnership, (x) the sole general partner or the managing
general partner of which is the parent and/or one or more subsidiaries of the parent or (y) the only general partners of which
are the parent and/or one or more subsidiaries of the parent and (c) any other Person that is otherwise Controlled by the parent
and/or one or more subsidiaries of the parent.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Third Advance”
has the meaning specified in Section 3.1(c).

 

“U.S. Dollars”
and “U.S. $” means lawful money of the United States of America.

 

		Section 1.2	Gender and Number.

 

Any reference in the
Credit Documents to gender includes all genders and words importing the singular number only include the plural and vice versa.

 

		Section 1.3	Headings, etc.

 

The provision of a
Table of Contents, the division of this Agreement into Articles and Sections and the insertion of headings are for convenient reference
only and are not to affect the interpretation of this Agreement.

 

		Section 1.4	Currency.

 

All references in the
Credit Documents to $ or dollars, unless otherwise specifically indicated, are expressed in the currency of the United States of
America.

 

		Section 1.5	Certain Phrases, etc.

 

In any Credit Document
(i) (y) the words “including” and “includes” mean “including (or includes) without
limitation” and (z) the phrase “the aggregate of”, “the total of”, “the
sum of”, or a phrase of similar meaning means “the aggregate (or total or sum), without duplication, of”,
(ii) in the computation of periods of time from a specified date to a later specified date, unless otherwise expressly stated,
the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding”, and references to “this Agreement”, “hereof”
and “herein” and like references refer to such Credit Document and not to any particular Article, Section or
other subdivision of such Credit Document.

 

		Section 1.6	Non-Business Days.

 

Whenever any payment
to be made hereunder shall be stated to be due or any action to be taken hereunder shall be stated to be required to be taken on
a day other than a Business Day, such payment shall be made or such action shall be taken on the next succeeding Business Day and,
in the case of the payment of any amount, the extension of time shall be included for the purposes of computation of interest,
if any, thereon.

 

     

    - 11 -

    

 

		Section 1.7	Accounting Terms.

 

All accounting terms
not specifically defined in this Agreement shall be interpreted in accordance with GAAP. If there occurs a material change in GAAP,
including as a result of a conversion to International Financial Reporting Standards and, as a result, an amount required to be
determined hereunder would be materially different (as determined by the Borrower or the Administrative Agent), the Borrower and
the Administrative Agent shall negotiate in good faith to revise (if appropriate) the relevant covenants to give effect to the
intention of the parties under this Agreement as at the date hereof, and any new covenant shall be subject to approval by the Majority
Lenders. Until the successful conclusion of any such negotiation and approval by the Majority Lenders, and/or if the Borrower and
the Majority Lenders cannot agree on revisions to the covenants within thirty (30) days following the implementation of the change,
the Borrower shall thereafter make all calculations for the purpose of determining compliance with the financial covenants contained
herein both under GAAP in existence as at the date hereof and GAAP subsequently in effect and applied by the Borrower.

 

		Section 1.8	Rateable Portion of Advances.

 

References in this
Agreement to a Lender’s rateable portion of the Advances or rateable share of payments of principal, interest, Fees or any
other amount, shall mean and refer to a rateable portion or share as nearly as may be rateable in the circumstances, as determined
in good faith by the Administrative Agent. Each such determination by the Administrative Agent shall be prima facie evidence of
such rateable share.

 

		Section 1.9	Incorporation of Schedules and Exhibits.

 

The schedules and exhibits
attached to this Agreement shall form an integral part of it.

 

		Section 1.10	Conflict.

 

The provisions of this
Agreement prevail in the event of any conflict or inconsistency between its provisions and the provisions of any of the other Credit
Documents (other than the Restricted Cash Account Agreement).

 

		Section 1.11	Certificates.

 

Any certificate required
by the terms of this Agreement or any Credit Document to be given by an officer of the Borrower for and on behalf of any Credit
Party shall be given without any personal liability on the part of the officer giving the certificate.

 

		Section 1.12	Permitted Liens.

 

Any reference in this
Agreement or any of the other Credit Documents to a Permitted Lien or a Lien permitted by this Agreement is not intended to subordinate
or postpone, and shall not be interpreted as subordinating or postponing, or as any agreement to subordinate or postpone, any Lien
created by any of the Credit Documents to any Permitted Lien or any Lien permitted hereunder, it being the intention of the parties
that all Liens created pursuant to the Security shall at all times rank as first priority Liens, including in priority to Permitted
Liens or indebtedness of a Credit Party and all other Liens or other obligations whatsoever, subject only to Permitted Liens which
under Applicable Law rank in priority thereto.

 

		Section 1.13	References to Agreements.

 

Except
as otherwise provided in this Agreement, any reference in this Agreement to any agreement or document means such
agreement or document as the same may have been or may from time to time be amended, modified, extended, renewed, restated,
replaced or supplemented in accordance herewith and therewith.

 

     

    - 12 -

    

 

		Section 1.14	Statutes.

 

Except
as otherwise provided in this Agreement, any reference in this Agreement to a statute refers to such statute and all rules
and regulations made under it as the same may have been or may from time to time be amended, re-enacted or replaced.

 

		Section 1.15	Currency Equivalents Generally.

 

Any amount specified
in Article 5, Article 6 or Article 8 to be in U.S. Dollars shall also include the Equivalent Amount of such amount
in any currency other than U.S. Dollars. For purposes of determining compliance with Section 6.2 with respect to any transaction
in a currency other than U.S. Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of exchange
occurring after the time such transaction occurs but, for the avoidance of doubt, the foregoing provisions of this Section 1.15
shall otherwise apply to Section 6.2.

 

Article 2

CREDIT FACILITIES

 

		Section 2.1	Availability.

 

Each
Lender severally agrees, on the terms and conditions of this Agreement, to make Advances rateably to the Borrower in accordance
with its Commitment. Advances shall be made available pursuant to Article 3. To the
extent that less than the full amount of any Commitment is borrowed by the Borrower during the Drawdown Period, such Commitment
will be automatically reduced to the amount so borrowed.

 

		Section 2.2	Commitment and Facility Limits.

 

		(1)	The Aggregate Principal Amount owing at any time under the Credit Facility to (i) all Lenders shall
not exceed the aggregate Commitments, and (ii) each Lender shall not exceed such Lender’s Commitment.

 

		(2)	The Credit Facility does not revolve and any amount repaid or prepaid, as the case may be, under
the Credit Facility cannot be reborrowed and reduces the Commitment, rateably by the amount repaid or prepaid, as the case may
be.

 

		Section 2.3	Use of Proceeds.

 

The
Borrower shall use the proceeds of the Advances for general
corporate purposes. No proceeds of the Advances shall be used to fund the Restricted Account. 

 

		Section 2.4	Mandatory Repayments and Reductions of Commitments.

 

The Borrower shall
repay (subject to Section 8.1) the Aggregate Principal Amount, together with all accrued interest and Fees and all other amounts
payable in connection with the Credit Facility, on the Maturity Date.

 

     

    - 13 -

    

 

		Section 2.5	Optional Prepayments; Termination and Reductions of Commitments.

 

		(1)	The Borrower may, subject to the provisions of this Agreement, prepay the Aggregate Principal Amount
under the Credit Facility and the Applicable Premium, upon five Business Days’ notice
to the Administrative Agent, by delivery of a notice to the Administrative Agent stating the proposed date and aggregate
principal amount of any prepayment of the Aggregate Principal Amount. The Borrower shall, on the specified
date, pay to the Lenders the amount of the proposed prepayment (together with any accrued interest on such amount and fees then
outstanding) and the Applicable Premium. Each partial prepayment or reduction shall be in an aggregate principal amount of U.S.
$10,000,000 or an integral multiple of such amount in the case of the Aggregate Principal
Amount and Commitments. Notwithstanding
any other provision in this Agreement, in the event that all Advances have not been being outstanding
for more than 90 days, no Applicable Premium shall be payable if the Borrower provides three months’ (or longer) notice
to the Administrative Agent of such prepayment. An amount of the Restricted
Account Collateral on deposit
in the Restricted Account equal to the principal amount of each full or partial prepayment (and, for greater certainty, excluding
any accrued interest on such amount and fees then outstanding) shall be returned to the Guarantor with five
(5) Business Days of such repayment or prepayment (unless a withdrawal from the Restricted Account Collateral was the source of
the repayment or prepayment). 

 

 

		(2)	If any payment, repayment, prepayment or acceleration,
in each case whether voluntary or involuntary, of the Aggregate Principal
Amount or part thereof should occur, then the Applicable Premium shall immediately become
due and payable by the Borrower to the Lenders, in addition to all other amounts then due and owing to the Lenders. The Applicable
Premium, shall form part of the Obligations and shall be secured by the Security. The Borrower acknowledges that the Applicable
Premium represents reasonable and fair compensation for the loss that the Lenders may sustain from any such payment, repayment,
prepayment or acceleration, in each case whether voluntary or involuntary, of the Aggregate Principal Amount or part thereof prior
to the Maturity Date.

 

		Section 2.6	Payments under this Agreement.

 

		(1)	All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim,
defense, recoupment or set-off. Unless otherwise expressly provided in this Agreement, the Borrower shall (i) make any payment
required to be made by it to the Administrative Agent or a Lender by depositing the amount of the payment to the Administrative
Agent in immediately available funds not later than 10:00 a.m. (Calgary time) on the date the payment is due, and (ii) with respect
to any prepayment, provide to the Administrative Agent, upon five (5) Business Day’s notice to the Administrative Agent,
a notice of prepayment which shall be irrevocable and binding on the Borrower and shall specify (x) the date of repayment, and
(y) the amount of the Aggregate Principal Amount to be repaid.

 

		(2)	Payments made hereunder shall be made on a Business Day. Payments received by the Administrative
Agent before 10:00 a.m. (Calgary time) on a Business Day will be given value on that Business Day. All payments received by the
Administrative Agent after 10:00 a.m. (Calgary time) will be given value on the next following Business Day.

 

		(3)	The Borrower shall make each such payment under the Credit Documents in U.S. Dollars.

 

		(4)	Any amount received by the Administrative Agent for the account of the Lenders or any of them shall
be held in trust for their respective benefit until a distribution is made by the Administrative Agent to the Lenders or any of
them and shall be deemed to be payment to such Lenders in accordance with the terms of this Agreement.

 

		Section 2.7	Application of Payments and Prepayments.

 

		(1)	All optional prepayments under the Credit Facility pursuant to Section 2.5 shall be applied
by the Administrative Agent to the Aggregate Principal Amount and the other outstanding Obligations.

 

		(2)	If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all Obligations then due hereunder then such funds shall be applied (i) first, in reduction of the Borrower’s obligation
to pay any unpaid interest and any Fees which are due and owing, (ii) second, in reduction of the Borrower’s obligation to
pay any expenses, claims or losses referred to in Section 10.5,
(iii) third, in reduction of the Borrower’s obligation to pay any Applicable Premium, and (iv) fourth, in reduction of the
Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and any other
unpaid Aggregate Principal Amount which are due and owing.

 

     

    - 14 -

    

 

		Section 2.8	Extension of Maturity Date.

 

		(1)	The Borrower may, from time to time and provided there is no Default
or Event of Default which is continuing, request an extension of the Maturity Date of each Lender by sending to the Administrative
Agent, an Extension Request not less than sixty (60) days and not more than ninety (90) days prior to the then-current
Maturity Date and the Administrative Agent shall forthwith notify the Lenders of such request and each Lender shall acknowledge
receipt of such notification. No later than thirty (30) days after receipt by the Administrative Agent of an Extension Request,
the Administrative Agent shall provide a written notice to the Borrower confirming either: (i) the Lenders agree to extend
the then-current Maturity Date for an additional 364-day period; or (ii) the Lenders will not extend the then-current
Maturity Date; provided that in the event any such Lender does not so advise the Administrative Agent within such thirty (30)
day period, such Lender shall be deemed to have advised the Administrative Agent that it is not prepared to make an offer to the
Borrower to extend the Maturity Date. Within two (2) Business Days of the Administrative Agent receiving from each such Lender
its decision with respect to making an offer to the Borrower to extend the Maturity Date, the Administrative Agent shall provide
the Borrower with an offer to extend the Maturity Date (which may be subject to such terms and conditions as the Lenders may require,
in their discretion) and the Borrower shall be entitled to accept any such offer at any time up to and including the last Business
Day preceding the then-current Maturity Date by written notice to the Administrative Agent of such acceptance.

 

		(2)	If any Lender does not agree or is deemed not to agree to make an offer to the Borrower to extend
the Maturity Date pursuant to the Extension Request, the Administrative Agent shall not provide the Borrower with an offer to extend
the Maturity Date of any of the Lenders.

 

		(3)	The Borrower understands that consideration of any Extension Request constitutes an independent
credit decision which each Lender retains the absolute and unfettered discretion to make, and that no commitment in this regard
is hereby given by any Lender.

 

		(4)	Notwithstanding the foregoing, the Borrower shall not be entitled to make (a) an Extension Request
if a Default or Event of Default has occurred and is continuing, unless such Default or Event of Default is waived by all of the
Lenders; provided that any such waiver shall be effective only for the purposes of this Section 2.8; and (b) more than two
364-day Extension Requests.

 

		Section 2.9	Fees.

 

The
Borrower shall pay to the Administrative Agent the following set-up fees (collectively, the “Set-Up Fees”):

 

		(a)	an amount equal to 1.25% of the First Advance on the Closing Date;

 

		(b)	an amount equal to 0.50% of the Second Advance on the date on which the Second Advance is made;
and

 

		(c)	such fee on the Third Advance that is agreed to between the Borrower and the Administrative Agent
pursuant to Section 4.3(1)(h)(i).

 

     

    - 15 -

    

 

		Section 2.10	Computations of Interest
and Fees.

 

		(1)	All computations of interest shall be made by the Administrative Agent taking into account the
actual number of days occurring in the period for which such interest is payable and on the basis of a year of 365 days.

 

		(2)	All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365
days taking into account the actual number of days (including the first day but excluding the last day) occurring in the period
for which the fees are payable.

 

		(3)	For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement
is calculated using a rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may
be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate
based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, (y) multiplied by the
actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends,
and (z) divided by 365 (or such other period that is less than a calendar year), as the case may be, (ii) the principle of deemed
reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated
in this Agreement are intended to be nominal rates and not effective rates or yields.

 

		(4)	If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit
Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be
prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed
under the Criminal Code) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with
retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law
or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary,
as follows: firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit
Document, and thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Lender which
would constitute “interest” for purposes of Section 347 of the Criminal Code.

 

		(5)	To the extent permitted by Applicable Law, the provisions of the Judgment Interest Act (Alberta)
will not apply to the Credit Documents and are hereby expressly waived by each of the Credit Parties.

 

Article 3

ADVANCES

 

		Section 3.1	The Advances.

 

Each Lender severally
agrees, on the terms and conditions of this Agreement, to make Advances to the Borrower under
the Credit Facility from time to time on any Business Day during the Drawdown Period as follows:

 

		(a)	an Advance of $49,000,000
on the Closing Date (the “First
Advance”);

 

		(b)	an Advance in an amount up to the remaining amount of the Commitment at such time subject to compliance
with Section 6.1(j)(i)(A) (taking into account such Advance) as requested by the Borrower in writing (the “Second
Advance”); and

 

		(c)	an Advance in an amount up to the remaining amount of
the Commitment at such time subject to compliance with Section 6.1(j)(i)(A) (taking into account such Advance) as requested
by the Borrower in writing (the “Third Advance”).

 

     

    - 16 -

    

 

		Section 3.2	Procedure for Borrowing.

 

Each Advance shall
be made on three (3) Business Days’ prior written notice given not later than 9:00 a.m. (Calgary time) by the Borrower to
the Administrative Agent, in substantially the form of Exhibit 3.2 (the “Borrowing
Notice”), and shall be irrevocable and binding on the Borrower. Upon receipt by the Administrative Agent of funds from
the Lenders and fulfilment of the applicable conditions set forth in Article 4, the Administrative Agent will make such funds available
to the Borrower in accordance with Article 2.

 

		Section 3.3	Reliance upon Borrower’s Authority.

 

On or prior to the
Closing Date, the Borrower shall deliver to the Administrative Agent a writing setting forth (a) the bank account of the Borrower
to which the Administrative Agent is authorized to transfer the proceeds of the Advances requested by the Borrower pursuant to
Section 3.2, which bank account shall be reasonably satisfactory to the Administrative Agent, and (b) the names of the officers
authorized to request the Advances on behalf of the Borrower, and shall provide the Administrative Agent with a specimen signature
of each such officer. The Administrative Agent shall be entitled to rely conclusively on such officer’s authority to request
an Advance on behalf of the Borrower, the proceeds of which are to be transferred to the bank account specified by the Borrower
pursuant to the immediately preceding sentence, until the Administrative Agent receives written notice to the contrary. The Administrative
Agent shall have no duty to verify the identity of any individual representing himself as one of the officers authorized by the
Borrower to make such requests on its behalf. The Administrative Agent shall not incur any liability to the Borrower as a result
of acting upon the Borrowing Notice, which notice the Administrative Agent believes in good faith to have been given by an officer
duly authorized by the Borrower to request an Advance on its behalf or for otherwise acting in good faith under this Section 3.3,
and the crediting of such Advance to the bank account specified by the Borrower, or transmittal to such other Person’s bank
account as the Borrower shall direct, shall conclusively establish the obligation of the Borrower to repay such Advance as provided
herein.

 

		Section 3.4	Interest on Advances.

 

		(1)	The Borrower shall pay interest on the unpaid principal amount of each Advance from the date of
such Advance until the principal amount of such Advance is repaid in full, as follows:

 

		(a)	2.55% per annum on the principal amount of the First Advance;

 

		(b)	1.25% per annum on the principal amount of the Second Advance;
and

 

		(c)	a per annum interest rate to be agreed between the Borrower
and the Lenders on the principal amounts of the Third Advance pursuant to Section 4.3(1)(h)(i).

 

		(2)	Interest on each Advances shall be calculated and payable in arrears (i) on the last
Business Day of each month, and (ii) when such Advance becomes due and payable in full or is repaid.

 

		(3)	From and after the date of the occurrence of an Event of Default and for so long as such Event
of Default continues, the Aggregate Principal Amount shall bear interest or Fees at the rates otherwise applicable plus two percent
(2%) per annum.

 

     

    - 17 -

    

 

Article 4

CONDITIONS
OF LENDING

 

	Section 4.1	Conditions Precedent to Effectiveness.

 

The effectiveness of
this Agreement is subject to and conditional upon the Administrative Agent having received, in form and substance satisfactory
to the Lenders and their counsel and in sufficient quantities for each Lender, an executed copy of this Agreement.

 

	Section 4.2	Conditions Precedent to the Initial Advance.

 

The obligation of each
Lender to make its initial Advance under the Credit Facility is subject to and conditional upon the fulfilment of the following
conditions precedent at the time the initial Advance is made available:

 

		(a)	no Default or Event of Default has occurred or is continuing or would arise immediately after giving
effect to or as a result of the Advance;

 

		(b)	the Advance will not violate
any Applicable Law;

 

		(c)	the representations and warranties of the Credit Parties contained
in Article 5 and in each of the other Credit Documents are true and correct on the date of the Advance as
if such representations and warranties were made on that date;

 

		(d)	the conditions precedent in Section 4.1 have been satisfied;

 

		(e)	the Administrative Agent has received, in form and substance and dated a date satisfactory to the
Lenders and their counsel and in sufficient quantities for each Lender:

 

		(i)	an executed copy of the Credit Documents (other than this Agreement);

 

		(ii)	a certified copy of the IP Credit Documents;

 

		(iii)	(i) all documents, instruments, financing statements and notices of security shall have been properly
registered, recorded and filed in all places which, (ii) searches shall have been conducted in all jurisdictions which, and (iii)
deliveries of all consents, approvals, acknowledgements, confirmations, undertakings, subordinations, discharges, waivers, directions,
negotiable documents of title and other documents and instruments to the Administrative Agent shall have been made which, in each
case, are desirable or required to make effective the Security and to ensure the perfection and the first-ranking priority of such
Security subject only to Permitted Liens which rank by law in priority;

 

		(iv)	an executed no interest letter in favour of the Administrative Agent and the Lenders from the lenders
under the IP Credit Agreement, in respect of the Restricted Account and the Restricted Account Collateral;

 

		(v)	certified copies of (i) the charter documents and by-laws of each Credit Party, (ii) all resolutions
of the Board of Directors or shareholders, as the case may be, of each Credit Party approving the borrowing and other matters contemplated
by this Agreement and the other Credit Documents, and (iii) a list of the officers and directors authorized to sign agreements
together with their specimen signatures;

 

     

    - 18 -

    

 

		(vi)	a certificate of status, compliance or like certificate with respect to each Credit Party issued
by the appropriate Governmental Authority of the jurisdiction of its incorporation;

 

		(vii)	an opinion of counsel to each Credit Party addressed to the Lenders and the Administrative Agent
relating to the status and capacity of such Credit Party, the due authorization, execution and delivery and the validity and enforceability
of the Credit Documents to which such Credit Party is a party, and perfection of the Security granted pursuant to the Security
Agreement to which such Credit Party is a party in the jurisdiction of incorporation of such Credit Party, in the Province of Alberta
and in any other relevant jurisdiction, and such other matters as the Administrative Agent may reasonably request;

 

		(viii)	all approvals, acknowledgments and consents of all Governmental Authorities and other Persons which
are required to be obtained by any Credit Party in order to complete the transactions contemplated by this Agreement and to perform
its obligations under any Credit Document to which it is a party;

 

		(ix)	the documentation and other information that is required by the Administrative Agent and the Lenders
pursuant to Anti-Terrorism Laws and applicable “know your client” laws and regulations;

 

		(x)	such other certificates and documentation as the Administrative Agent may reasonably request;

 

		(f)	the Lenders have completed, to their satisfaction, a due diligence
review of the Credit Parties including a review of the capital structure of the Borrower and the IP Credit Documents;

 

		(g)	the Lenders are satisfied that, since December 31, 2018, there
has not been an event or circumstance which could reasonably be expected to result in a Material Adverse Effect;

 

		(h)	all fees and other amounts then payable under the Credit Documents have been paid in full; and

 

		(i)	the initial Advance is made by the Lenders prior to March 1, 2020.

 

	Section 4.3	Conditions Precedent to Advances.

 

		(1)	The obligation of each Lender to make Advances or otherwise give effect to any Borrowing Notice
is subject to fulfilment of the following conditions at the time of any Borrowing Notice or Advance, as the case may be:

 

		(a)	the conditions precedent in Section 4.1 and Section 4.2 have been satisfied;

 

		(b)	the Administrative Agent has received, in form and substance satisfactory
to the Administrative Agent, evidence that the aggregate monies in
the Restricted Account equal, after giving pro forma effect to the Advance, the Minimum Balance;

 

		(c)	no Default or Event of Default has occurred or is continuing or would arise immediately after giving
effect to or as a result of the Advance or Borrowing Notice;

 

		(d)	the Advance will not violate any Applicable Law;

 

     

    - 19 -

    

 

		(e)	the representations and warranties contained in Article 5 of this Agreement and in any other
Credit Document are true and correct on the date of the Advance or Borrowing Notice, as the case may be, as if they were made on
that date except for any representation and warranty which is stated to be made only as of a certain date (and then as of such
date), and except to the extent that on or prior to such date the Borrower has advised the Administrative Agent in writing of a
variation in any such representation or warranty, and the Majority Lenders have approved such variation in accordance with Section 10.1;

 

		(f)	there has not occurred, developed or come into effect or existence
any event, action, state, condition or major financial occurrence of national or international consequence or any Applicable Law,
or other occurrence of any nature whatsoever which materially adversely affects, or may materially adversely affect, the financial,
banking (including syndication markets) or capital markets in Canada or the United States of America; and

 

		(g)	with respect to the Second Advance:

 

		(i)	all fees and other amounts then payable under the Credit Documents
have been paid in full; and

 

		(ii)	the Administrative Agent has received, in form and substance and
dated a date satisfactory to the Lenders and their counsel and in sufficient quantities for each Lender, such other certificates
and documentation as the Administrative Agent may reasonably request;

 

		(h)	with respect to the Third Advance:

 

		(i)	the Borrower and the Lenders shall have agreed on the interest rate and fee payable in result of
such Advance, and the Borrower shall execute and deliver such documentation as is required by the Administrative Agent, acting
reasonably, to document such agreement;

 

		(ii)	all fees and other amounts then payable under the Credit Documents
have been paid in full; and

 

		(iii)	the Administrative Agent has received, in form and substance and
dated a date satisfactory to the Lenders and their counsel and in sufficient quantities for each Lender, such other certificates
and documentation as the Administrative Agent may reasonably request.

 

		(2)	Each of the giving of any Borrowing Notice by the Borrower and the acceptance by the Borrower of
any Advance shall be deemed to constitute a representation and warranty by the Borrower that, on the date of such Borrowing Notice
or Advance, as the case may be, and after giving effect to it and to the application of any proceeds from it, the statements set
forth in Section 4.2(a), Section 4.2(b) and Section 4.2(c) are true and correct.

 

	Section 4.4	Waiver of Conditions Precedent.

 

The making of an Advance
or otherwise giving effect to any Borrowing Notice, without the fulfilment of one or more conditions set forth in Section 4.1,
Section 4.2 or Section 4.3, shall not constitute a waiver of any condition and the Administrative Agent and the Lenders
reserve the right to require fulfilment of such condition in connection with any subsequent Borrowing Notice or Advance.

 

     

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Section 4.5            Termination.

 

If the conditions precedent
in Section 4.2 and, with respect to the First Advance only, Section 4.3 are not satisfied by March 1, 2020, this Agreement
will automatically terminate without any further action of the parties to this Agreement and be of no further force and effect
without liability of any party to this Agreement (or any Related Party of such party) to any other party to this Agreement, except
as expressly contemplated by this Agreement, any other Credit Document and any other written agreement that is entered into by
the parties to this Agreement (or any Affiliate of such party) in connection with this Agreement and expressly stated to survive
the termination of this Agreement.

 

Article 5

REPRESENTATIONS AND WARRANTIES

 

	Section 5.1	Representations and Warranties.

 

Each Credit Party jointly
and severally represents and warrants to the Administrative Agent and each Lender, acknowledging and confirming that the Administrative
Agent and each Lender is relying on such representations and warranties without independent inquiry in entering into this Agreement
and providing Advances that:

 

		(a)	Incorporation and Qualification. Each of the Credit Parties is a corporation duly incorporated,
organized and validly existing under the laws of its jurisdiction of incorporation. Each of the Credit Parties is qualified, licensed
or registered to carry on business under the laws applicable to it in all jurisdictions in which such qualification, licensing
or registration is necessary or where failure to be so qualified would have a Material Adverse Effect;

 

		(b)	Corporate Power. Each of the Credit Parties has all requisite corporate power and authority
to (i) own, lease and operate its properties and assets and to carry on its business as now being conducted by it, and (ii) enter
into and perform its obligations under the Credit Documents to which it is a party;

 

		(c)	Conflict With Other Instruments. The execution and delivery by each of the Credit Parties
and the performance by each of them of their respective obligations under, and compliance with the terms, conditions and provisions
of, the Credit Documents to which they are a party will not (i) conflict with or result in a breach of any of the terms or conditions
of (u) their respective constating documents or by-laws, (v) any Applicable Law, or (w) any contractual restriction binding on
or affecting them or their respective Assets, or (ii) result in, require or permit (x) the imposition of any Lien in, on or with
respect to any of their respective Assets (except in favour of the Administrative Agent and the Secured Creditors), (y) the acceleration
of the maturity of any Debt binding on or affecting any Credit Party, or (z) any third party to terminate or acquire rights under
the IP Credit Documents;

 

		(d)	Corporate Action, Governmental Approvals, etc. The execution and delivery of each of the
Credit Documents by each of the Credit Parties, in each case, to the extent a party thereto and the performance by each of the
Credit Parties of their respective obligations under the Credit Documents, in each case, to the extent a party thereto have been
duly authorized by all necessary corporate action including, without limitation, the obtaining of all necessary shareholder consents.
No authorization, consent, approval, registration, qualification, designation, declaration or filing with any Governmental Authority
or other Person, is or was necessary in connection with the execution, delivery and performance of obligations under the Credit
Documents except as are in full force and effect, unamended, at the date of this Agreement;

 

     

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		(e)	Execution and Binding Obligation. This Agreement and the other Credit Documents have been
duly executed and delivered by each of the Credit Parties, in each case, to the extent a party thereto and constitute legal, valid
and binding obligations of each such Person enforceable against them in accordance with their respective terms, subject only to
any limitation under Applicable Laws relating to (i) bankruptcy, insolvency, arrangement or creditors’ rights generally,
and (ii) the discretion that a court may exercise in the granting of equitable remedies;

 

		(f)	Authorizations, etc. Each of the Credit Parties possesses all authorizations, permits, consents,
registrations and approvals necessary to properly conduct their respective businesses and all such authorizations, permits, consents,
registrations and approvals are in good standing and in full force and effect, except where the failure to possess or maintain
in good standing and in full force and effect such authorizations, permits, consents, registrations or approvals, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

		(g)	Ownership and Use of Property. The Guarantor has good and merchantable title to all Restricted
Account Collateral free and clear of any Liens other than Permitted Liens. The Guarantor does not have any commitment or
obligation (contingent or otherwise) to grant any Liens on the Restricted Account Collateral except for Permitted Liens. No Credit
Party owns or leases any real property;

 

		(h)	Business.

 

		(i)	The Borrower: (i) is a single purpose entity created solely for
the purpose of entering into and performing its obligations under the Credit Documents and making intercompany loans to the Parent
and its subsidiaries; (ii) does not have any subsidiaries, (iii) does not hold any Equity Securities in any Person; and (iv) does
not engage and has not engaged in any business or activities unrelated to the business or activities described in (i) (other than
such business or activities that are incidental, necessary and appropriate to accomplish the foregoing);

 

		(ii)	The Guarantor: (i) is a single purpose entity
created solely for the purpose of entering into and performing its obligations under the Guarantee, the Security Agreement, the
Restricted Cash Account Agreement and the IP Credit Documents, (ii) does not have any subsidiaries; (iii) does not hold any Equity
Securities in any Person; and (iv) does not engage and has not engaged in any business or activities unrelated to the business
or activities described in (i) (other than such business or activities that are incidental, necessary and appropriate to accomplish
the foregoing).

 

		(i)	Compliance with Applicable Laws. Each of the Credit Parties,
the Parent and each of the subsidiaries of the Parent is in compliance with all Applicable Laws except where the failure to be
in compliance, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The Credit
Documents and the transactions contemplated thereby are in compliance with all applicable securities related laws, rules
and regulations applicable to each of the Credit Parties and any direct or indirect parent thereof to which any such laws, rules
and regulations would apply;

 

		(j)	Withholding and Remittance of Source Deductions. Each of the Credit Parties has withheld
from its employees, customers and other applicable payees (and timely paid to the applicable Governmental Authority) the proper
and accurate amount of all Taxes, priority claims and other amounts required to be withheld or collected and remitted in compliance
with all Applicable Laws;

 

     

    - 22 -

    

 

		(k)	No Default. No Credit Party is in violation of its constating documents, its by-laws or
any shareholders’ agreement applicable to it;

 

		(l)	No Default or Event of Default. No Default or Event of Default
has occurred and is continuing or would reasonably be expected to arise immediately after giving effect to or as a result of any
Advance or Borrowing Notice pursuant to this Agreement;

 

		(m)	No Restrictive Agreements. The Guarantor is not a party to any agreement or instrument or
subject to any restriction (including any restriction set forth in its constating documents, by-laws or any shareholders’
agreement applicable to it) which has or, to the best of its knowledge, in the future may prohibit,
restrict or impose any condition upon the ability of the Guarantor to create, incur or permit to exist any Lien upon the Restricted
Account Collateral;

 

		(n)	Pension Plans. No Credit Party has any Pension Plans;

 

		(o)	IP Credit Documents. All IP Credit Documents are
in full force and effect and, other than amendments in accordance with Section 6.2(f)(i), unamended. The Guarantor and the
IP Guarantor are not in default of the IP Credit Documents to the extent that such default would
reasonably be expected to have a Material Adverse Effect and none of the Guarantor, or to the best knowledge of the Guarantor,
the IP Guarantor or any other party to any IP Credit Document is in default of the IP
Credit Documents to the extent that such default would reasonably be expected to have a Material Adverse Effect. No event
has occurred which, with the giving of notice, lapse of time or both, would constitute a default under, or in respect of, any IP
Credit Document which would reasonably be expected to have a Material Adverse Effect. There is no dispute regarding any
IP Credit Document which would reasonably be expected to have a Material Adverse Effect;

 

		(p)	Books and Records. All books and records of each of the Credit Parties have been fully,
properly and accurately kept and completed in accordance with GAAP, where applicable, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein. The Credit Parties’ books and records and other data and information
are available to the Credit Parties in the ordinary course of their respective businesses;

 

		(q)	Tax Liability. Each of the Credit Parties has filed all tax and information returns which
are required to be filed. Each of the Credit Parties has paid all Taxes which have become due pursuant to such returns or pursuant
to any assessment received by any of them other than those in respect of which liability based on such returns or assessments is
being contested in good faith and by appropriate proceedings where adequate reserves have been established in accordance with GAAP,
and all Taxes that any Governmental Authority is currently entitled to collect in respect of such contest, if any, have been paid.
Adequate provision for payment has been made for Taxes not yet due. There are no disputes with respect to Taxes existing or pending
involving any of the Credit Parties or their respective businesses which would reasonably be expected to have a Material Adverse
Effect;

 

		(r)	Financial Statements. The historical financial statements provided to the Lenders in connection
with this Agreement and the audited consolidated financial statements of the Parent most recently delivered to the Administrative
Agent pursuant to Section 6.1(a) have been prepared in accordance with GAAP and each presents fairly and consistently:

 

		(i)	the consolidated assets, liabilities, (whether accrued, absolute, contingent or otherwise) and
financial position of the Parent as at the respective dates of the relevant statements; and

 

     

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		(ii)	the consolidated sales and earnings of the Parent during the periods covered by such statements;

 

		(s)	Debt. No Credit Party has any Debt except as permitted by Section 6.2(a). There exists
no default under the provisions of any instrument evidencing such Debt or of any agreement relating thereto which default could
reasonably be expected to have a Material Adverse Effect;

 

		(t)	Solvency. Each of the Credit Parties is Solvent;

 

		(u)	Security. The Security Agreement is effective to create in favour of the Administrative
Agent for the benefit of the Secured Creditors, legal, valid and perfected first priority Liens (subject only to Permitted Liens
which rank by law in priority), enforceable in accordance with their terms against third parties and any trustee in bankruptcy
in the Restricted Account Collateral subject thereto, except to the extent a secured creditor’s rights are affected or limited
by applicable bankruptcy, insolvency, moratorium, organization and other laws of general application limiting the enforcement of
secured creditors’ rights generally;

 

		(v)	No Litigation. There is no action, suit, arbitration or proceeding pending, taken or to
the Borrower’s knowledge, threatened, before or by any Governmental Authority or arbitrator or by or against any elected
or appointed public official or private person in Canada or elsewhere, which (i) challenges, or to the knowledge of the Borrower,
has been proposed which may challenge, the validity or propriety of the transactions contemplated under the Credit Documents or
the documents, instruments and agreements executed or delivered in connection therewith or related thereto, or (ii) would
reasonably be expected to have a Material Adverse Effect;

 

		(w)	Anti-Terrorism, Anti-Corruption Laws. None of the Credit
Parties or other Related Parties is a Sanctioned Person or is in violation of any Anti-Terrorism Law or Sanction, or deals in property
or interests in property, or otherwise engages in any transaction, prohibited by any Anti-Terrorism Law or Sanction. None of the
Advances and none of the other services and products, if any, to be provided by any of the Secured Creditors under or in connection
with this Agreement (i) will be used by, on behalf of, or for the benefit of, any Person other than any Credit Party, (ii) will
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political
party, candidate for political office, official of any public international organization, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the Corruption of
Foreign Public Officials Act (Canada), or any similar laws, rules or regulations issued, administered or enforced by any Governmental
Authority having jurisdiction over any Credit Party, or (iii) will be used in a manner that would result in a violation of any
Sanctions and/or section 462.31(1) of the Criminal Code. None of the Obligations and none
of the other amounts payable under the Credit Agreement will be paid by any of the Credit Parties with any property or proceeds
of any property that was obtained or derived directly or indirectly as a result of an act or omission anywhere that, if it had
occurred in Canada, would have constituted a designated offence (as defined in section 462.31(1) of the Criminal Code).
Each of the Credit Parties has taken measures appropriate to the circumstances (in any event as
required by Applicable Law) to ensure that each of the Credit Parties is and will continue to be in compliance with such applicable
anti-corruption laws, rules and regulations and Anti-Terrorism Laws; and

 

     

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		(x)	Disclosure. All written information supplied to
the Administrative Agent and the Lenders is true and accurate in all material respects and does not contain any untrue statement
of material fact or omit to state a material fact necessary in order to make the statements contained in such written information
not misleading in light of the circumstances under which such statements were made. There
is no fact known to the Credit Parties which would reasonably be expected to have a Material Adverse Effect and which has not
been disclosed to the Administrative Agent and the Lenders. No
event has occurred which would reasonably be expected to have a Material Adverse Effect since the
date of last financial statements delivered to the Lenders.

 

	Section 5.2	Survival of Representations and Warranties.

 

		(1)	The representations and warranties in this Agreement and in any
certificates or documents delivered to the Administrative Agent and the Lenders shall not merge in or be prejudiced by and shall
survive any Advance and shall continue in full force and effect so long as any amounts are
owing by the Borrower to the Lenders, or any of them, under this Agreement.

 

		(2)	The representations and warranties in Section 5.1 will be
deemed to be repeated by the Credit Parties on the date of delivery of any Borrowing Notice by the Borrower, the acceptance by
the Borrower of any Advance, the last day of each Financial
Quarter, and the date of delivery of each Compliance Certificate, except to the extent that on or prior to such date the
Credit Parties have advised the Administrative Agent in writing of a variation in any such representation or warranty, and the
Majority Lenders have approved such variation in accordance with Section 10.1.

 

Article 6

COVENANTS OF THE BORROWER

 

	Section 6.1	Affirmative Covenants.

 

So long as any amount
owing under this Agreement remains unpaid or any Lender has any obligation under this Agreement, and unless consent is given in
accordance with Section 10.1, the Borrower and each other Credit Party shall do the following:

 

		(a)	Prompt Payment. The Borrower will pay or cause to be paid all Obligations and other amounts
payable under the Credit Documents punctually when due;

 

		(b)	Financial Reporting.

 

		(i)	The Borrower shall cause the Parent to timely file all financial statements that must be publicly
filed or sent to its shareholders ‎pursuant to applicable securities legislation within the time prescribed by such applicable
securities ‎legislation and make such documents available on the System for Electronic Document Analysis and ‎Retrieval
(‎SEDAR) within such prescribed time period. If the Parent is not at any time subject to ‎applicable securities legislation,
the Borrower shall deliver to the Lender: (i) within 90 days after the end ‎of each Financial Year, copies of its audited
annual financial statements, and (ii) within 45 ‎days after the end of each of the first three Financial Quarters of each
Financial Year, interim financial ‎statements which shall contain such information required to be provided in quarterly reports
by a “reporting issuer” (as such term is defined in such applicable securities legislation) under the applicable ‎securities
legislation; and

 

		(ii)	The Borrower will deliver to the Administrative Agent within 90 days after the end ‎of each
Financial Year and within 45 ‎days after the end of each of the first three Financial Quarters of each Financial Year, a
duly executed and completed a Compliance Certificate substantially in the form of Exhibit 6.1(b)(ii);

 

		(c)	Additional Reporting Requirements. Deliver to the Administrative Agent (with sufficient
copies for each of the Lenders):

 

     

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		(i)	as soon as practicable, and in any event within five days after the occurrence of each Default
or Event of Default, a statement of the chief financial officer of the Borrower or any other officer acceptable to the Administrative
Agent setting forth the details of the Default or Event of Default and the action which the Credit Party proposes to take or have
taken; and

 

		(ii)	such other information respecting the condition or operations, financial or otherwise, of any Credit
Party or its business as the Administrative Agent, on behalf of the Lenders, may from time to time reasonably request;

 

		(d)	Corporate Existence. Except as otherwise permitted in this Agreement, preserve and maintain
its corporate existence;

 

		(e)	Permitted Uses. Use the proceeds of the Advances
hereunder only for the purposes permitted pursuant to Section 2.3 and in compliance with Section 5.1(w);

 

		(f)	Compliance with Applicable Laws, etc. Comply, and cause the Parent and each of the subsidiaries
of the Parent to comply, with the requirements of all Applicable Laws except where non-compliance with any such requirement of
Applicable Law would not reasonably be expected to have a Material Adverse Effect;

 

		(g)	IP Credit Documents. Perform and observe all terms and provisions of each IP Credit Document
to be performed or observed by the Guarantor if failure to do so would reasonably be expected
to have a Material Adverse Effect and maintain each IP Credit Document in full force and effect if failure to do so would
reasonably be expected to have a Material Adverse Effect;

 

		(h)	Payment of Taxes and Claims. Pay or cause to be paid, when due, (i) all Taxes imposed upon
it or upon its income, sales, capital or profit or any other Assets belonging to it before the same becomes delinquent or in default,
and (ii) all claims which, if unpaid, would by Applicable Law become a Lien upon the Assets of any of the Credit Parties, except
any such Tax or claim which is being contested in good faith and by proper proceedings and in respect of which such Credit Party
have established adequate reserves in accordance with GAAP or which are Permitted Liens;

 

		(i)	Keeping of Books. Keep (i) proper books of record and account, in which full and correct
entries shall be made in respect of the businesses in accordance with GAAP, and (ii) books and records pertaining to the Restricted
Account Collateral in such detail, form and scope as the Administrative Agent reasonably requires;

 

		(j)	Restricted Account.

 

		(i)	The Guarantor shall maintain the Restricted Account pursuant
to the Restricted Cash Account Agreement and the Security Agreement and in accordance with the following terms:

 

		(A)	at all times the minimum balance in the Restricted
Account shall be equal to no less than the Aggregate Principal Amount plus
$1,000,000 (the “Minimum Balance”);

 

     

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		(B)	except as provided
in the Restricted Cash Account Agreement, the Guarantor shall not have the right to withdraw, require delivery of, assign
or otherwise take possession of, or exercise rights in respect of, the Restricted Account or the Restricted Account Collateral
so long as any of the Obligations have not been satisfied in full or the Administrative Agent or any of the Lenders have any obligation
under this Agreement or the other Credit Documents and the Administrative Agent is irrevocably authorized and directed to apply
the Restricted Account Collateral in full or partial payment of the Obligations upon the occurrence and during the continuance
of an Event of Default; and

     

		(C)	############# shall not be required to refund or return any of the funds deposited into the Restricted
Account (to the extent required to do so hereunder or otherwise) to any party or bank account located outside of Canada and ############# will only accept Restricted Account Collateral from a wire transfer originating from a Canadian domiciled account;

 

		(ii)	If, on any day, the Minimum Balance is not credited to the Restricted Account, the Guarantor will
promptly, and in any event within five Business Days, either prepay the Obligations or deposit additional funds in the Restricted
Account, in each case, in an amount to cure the Minimum Balance deficiency;

 

		(iii)	The Guarantor shall from time to time take such actions
as may be necessary or advisable in order to preserve the rights of the Administrative Agent under the Security Agreement. Without
limiting the generality of the foregoing, the Guarantor shall execute any documents, filing
statements, agreements and instruments, and take all further action that may be required under Applicable Law, or that the Administrative
Agent may reasonably request, in order to effectuate the execution, delivery and performance by the Guarantor
of the Security Agreement and the transactions contemplated thereby and in order to grant, preserve, protect and perfect
the validity and first priority of the Liens created or intended to be created by the Security Agreement. Such Liens will be created
under the Security Agreement in form and substance reasonably satisfactory to the Administrative Agent, and the Guarantor
shall deliver, or cause to be delivered, to the Administrative Agent all such instruments and documents (including legal
opinions and lien searches) as the Administrative Agent shall reasonably request to evidence compliance with this Section 6.1(j)(iii);

 

		(k)	Anti-Terrorism Laws. Promptly provide all information with respect to the Credit Parties,
their respective directors, authorized signing officers, direct or indirect shareholders or other persons in control of the Credit
Parties, including supporting documentation and other evidence, as may be reasonably requested by the Administrative Agent or Lender,
or any prospective assignee of the Administrative Agent or Lender, in order to comply with any applicable Anti-Terrorism Laws or
such other applicable “know your client” laws and requirements, whether now or hereafter existence; and

 

		(l)	Further Assurances. At its cost and expense, upon the reasonable request of the Administrative
Agent, execute and deliver or cause to be executed and delivered to the Administrative Agent such further instruments and do and
cause to be done such further acts as may be necessary or proper in the reasonable opinion of the Administrative Agent to carry
out more effectually the provisions and purposes of the Credit Documents.

 

	Section 6.2	Negative Covenants.

 

So long as any amount
owing under this Agreement remains unpaid or any Lender has any obligation under this Agreement and, unless consent is given in
accordance with Section 10.1, the Borrower and each other Credit Party shall not:

 

		(a)	Debt. Create, incur, assume or suffer to exist any Debt except:

 

     

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		(i)	Debt of the Borrower to the Lenders under this Agreement;

 

		(ii)	Debt of the Guarantor to the lenders under the IP Credit Agreement;
and

 

		(iii)	Guarantees by the Guarantor of Debt of the Borrower permitted pursuant to this Section 6.2(a),
in each case, provided that to the extent the primary Debt is required to be subordinated, the Debt under such Guarantees is subordinated
on the same terms;

 

		(b)	Liens. Create, incur, assume or suffer to exist any Lien on the Restricted Account or the
Restricted Account Collateral except Permitted Liens;

 

		(c)	Mergers, Etc. Enter into, or permit any of the Credit Parties to enter into, any reorganization,
consolidation, amalgamation, arrangement, winding-up, merger or other similar transaction;

 

		(d)	Disposal of Assets Generally. Dispose of the Restricted Account or the Restricted Account
Collateral to any Person;

 

		(e)	Change in Business. Make any material change in the nature of its business description in
Section 5.1(h);

 

		(f)	Amendments.

 

		(i)	Make any amendments to any IP Credit Document if such amendments would be materially adverse (as
determined by the Majority Lenders, acting reasonably) to the interests of the Lenders under the Credit Documents or affect the
Restricted Account or the Restricted Account Collateral;

 

		(ii)	Amend or change any of its constating documents, except where such amendment, change or new agreement
is not materially adverse (as determined by the Majority Lenders, acting reasonably) to the interests of the Lenders under the
Credit Documents;

 

		(g)	Restrictive Agreements. Directly or indirectly enter into,
incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability
of the Guarantor to create, incur or permit to exist any Lien upon the Restricted Account Collateral; 

 

		(h)	Pension Plans. Enter into or permit any Credit Party to enter into any Pension Plan or collective
bargaining agreement; and

 

		(i)	Anti-Terrorism Laws. Pay or cause to be paid all Obligations
and other amounts payable under the Credit Documents with any property or proceeds of any property that was obtained or derived
directly or indirectly as a result of an act or omission anywhere that, if it had occurred in Canada, would have constituted a
designated offence (as defined in section 462.31(1) of the Criminal Code).

 

	Section 6.3	Separateness Covenants.

 

Each of Borrower and
the Guarantor hereby represents, warrants and covenants, as of the date hereof and continuing (except with respects to statements
expressly made as of the date hereof) until such time as the Obligations are paid in full, that it will comply with Section 6.3
of the IP Credit Agreement (as in effective on the date of this Agreement) is incorporated herein, mutatis mutandis.

 

     

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	Section 6.4	Financial Covenants.

 

So long as any amount
owing under this Agreement remains unpaid or any Lender has any obligation under this Agreement, and unless consent is given in
accordance with Section 10.1, the Borrower shall maintain, at all times, maintain the Minimum
Balance in the Restricted Account.

 

Article 7

CHANGES IN CIRCUMSTANCES

 

	Section 7.1	Increased Costs.

 

		(1)	If any Change in Law shall:

 

		(a)	impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge
or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;

 

		(b)	subject any Lender to any Tax of any kind whatsoever with respect
to this Agreement, any Advance made by it or any participation by it in any Advance,
or change the basis of taxation of payments to such Lender in respect thereof, except for Indemnified Taxes or Other Taxes covered
by Section 7.2 and the imposition, or any change in the rate, of any Excluded Tax payable by such Lender; or

 

		(c)	impose on any Lender or any applicable interbank market any other
condition, cost or expense affecting this Agreement, Advances made by such Lender or Advances
in which such Lender has a participation interest;

 

and
the result of any of the foregoing shall be to increase the cost to such Lender of making, maintaining, issuing or participating
in any Advance (or of maintaining its obligation to make, issue or participate in any such
Advance), or to reduce the amount of any sum received or receivable by such Lender hereunder
(whether of principal, interest or any other amount), then upon request of such Lender the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

		(2)	A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
or its holding company, as the case may be, as specified in Section 7.1(1), including reasonable detail of the basis of calculation
of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

		(3)	Failure or delay on the part of any Lender to demand compensation pursuant to this Section 7.1
shall not constitute a waiver of such Lender’s right to demand such compensation, except that the Borrower shall not be required
to compensate a Lender pursuant to this Section 7.1 for any increased costs incurred or reductions suffered more than nine
months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s intention to claim compensation therefore, unless the Change in Law giving rise to such increased costs
or reductions is retroactive, in which case the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof.

 

		(4)	The provisions of this Section 7.1 shall survive the termination of this Agreement and the
repayment of the Aggregate Principal Amount.

 

     

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	Section 7.2	Taxes. 

 

		(1)	If any Credit Party, the Administrative Agent or any Lender
is required by Applicable Law to deduct or pay any Indemnified Taxes (including any Other Taxes) in respect of any payment by or
on account of any obligation of any Credit Party hereunder or under any other Credit Document,
then (i) the sum payable shall be increased by such Credit Party when payable as necessary
so that after making or allowing for all required deductions and payments for Indemnified Taxes (including deductions and payments
applicable to additional sums payable under this Section 7.2), the Administrative Agent or any Lender, as the case may be,
receives an amount equal to the sum it would have received had no such deductions or payments for Indemnified Taxes been required,
(ii) such Credit Party shall make any such deductions required to be made by it under
Applicable Law and (iii) such Credit Party shall timely pay the full amount required to
be deducted to the relevant Governmental Authority in accordance with Applicable Law.

 

		(2)	Without limiting the provisions of Section 7.2(1) above, each
Credit Party shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

 

		(3)	The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error.

 

		(4)	As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a
Credit Party to a Governmental Authority, such Credit Party shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment satisfactory to the Administrative Agent.

 

		(5)	Any Foreign Lender or Foreign Administrative Agent that is entitled
to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Credit Document
shall, at the request of the Borrower, deliver to the Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by Applicable Law or reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation prescribed
by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender or the Administrative Agent, if requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower
or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender or Administrative Agent is subject to withholding or information reporting requirements.

 

		(6)	If the Administrative
Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it
has been indemnified by a Credit Party or with respect to which a Credit Party has paid additional amounts pursuant to this Section 7.2
or that, because of the payment of such Taxes or Other Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable
by it, it shall pay to such Credit Party an amount equal to such refund or reduction (but only to the extent of indemnity payments
made, or additional amounts paid, by such Credit Party under this Section 7.2 with respect to the Taxes or Other Taxes giving
rise to such refund or reduction), net of all expenses of the Administrative Agent or
such Lender, as the case may be, and without interest (other than any net after Tax interest paid by the relevant Governmental
Authority with respect to such refund). Each Credit Party, upon the request of the Administrative Agent
or such Lender, agrees to repay the amount paid over to such Credit Party (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) to the Administrative Agent or such Lender if
the Administrative Agent or such Lender is required to repay such refund or reduction to such Governmental Authority. This Section 7.2(6)
shall not be construed to require the Administrative
Agent or any Lender to make available its tax returns (or any other information relating to
its taxes that it deems confidential) to the Borrower or any other Person, to arrange its affairs in any particular manner or
to claim any available refund or reduction.

 

     

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		(7)	The provisions of this Section 7.2 shall survive the termination of this Agreement and the
repayment of the Aggregate Principal Amount.

 

	Section 7.3	Illegality.

 

If any Lender determines
that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender
or its applicable lending office to make, maintain, issue or participate in, any Advance (or to maintain any such obligation to
make, issue or participate in any Advance), or to determine or charge interest rates based upon any particular rate, then, on notice
thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender with respect to the activity
that is unlawful shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender
(with a copy to the Administrative Agent), prepay or take any necessary steps with respect to any Advance, in order to avoid the
activity that is unlawful. Upon any such prepayment, the Borrower shall also pay accrued interest on the amount so prepaid and
any applicable breakage costs and amounts as a result of prepayment to a Lender.

 

Article 8

EVENTS OF DEFAULT

 

	Section 8.1	Events of Default.

 

The occurrence of any
one or more of the following events shall constitute an event of default under this Agreement (an “Event of Default”):

 

		(a)	the Borrower fails to pay any amount of the Aggregate Principal Amount (including the Applicable
Premium) when such amount becomes due and payable;

 

		(b)	the Borrower fails to pay any interest or Fees when they become due and payable and such failure
remains unremedied for a period of three Business Days;

 

		(c)	any representation or warranty or certification made or deemed
to be made by any Credit Party or any of their respective directors or officers in any Credit Document shall prove to have been
incorrect when made or deemed to be made and, if the circumstances giving rise to the incorrect
representation or warranty are capable of modification or rectification (such that, thereafter the representation or warranty would
be correct), the representation or warranty remains uncorrected for a period of 15
days;

 

		(d)	the Borrower fails to perform, observe or comply with any of the covenants contained in Section 6.1(a),
Section 6.1(j), Section 6.2 or Section 6.3;

 

		(e)	the Borrower fails to perform, observe or comply with any of the
covenants contained in Section 6.1 and such failure remains unremedied for 15 days;

 

     

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		(f)	the Borrower fails to perform, observe or comply with any other
term, covenant or agreement contained in any Credit Document to which it is a party and such failure remains unremedied for 15
days;

 

		(g)	the Guarantor fails to perform or observe any term, covenant
or agreement contained in any IP Credit Document on its part to be performed or observed where such failure would reasonably be
expected to have a Material Adverse Effect; or there is an event of default under the IP Credit Agreement and such event of default
has resulted in the lenders under the IP Credit Agreement commencing enforcement proceedings, provided that in the case of the
exercise of the Canopy Offer (as defined in the IP Credit Agreement), it shall only be an event of default hereunder if the obligations
under the IP Credit Agreement have not been repaid in full within the 30 period after the Canopy Offer is first permitted to be
exercised; 

 

		(h)	any Credit Party repudiates its obligations under any Credit Document or any material provision
thereof, or claims any of the Credit Documents or any material provision thereof to be invalid or withdrawn in whole or in part;

 

		(i)	any one or more of the Credit Documents or any material provision thereof ceases to be, or is determined
by a court of competent jurisdiction not to be, a legal, valid and binding obligation of any Credit Party which is a party thereto,
enforceable by the Administrative Agent, the Lenders or any of them against such Credit Party;

 

		(j)	if any of the Security shall cease to be a valid and perfected first priority Lien on the Restricted
Account Collateral thereunder or any Assets intended to be Restricted Account Collateral thereunder, subject only to Permitted
Liens which rank by law in priority;

 

		(k)	any judgment or order for the payment of money in excess of U.S.
$1,000,000 is rendered against any Credit Party and either (i) enforcement proceedings have been commenced by a creditor
upon the judgment or order, or (ii) there is any period of 15 consecutive days during which a stay of enforcement of the judgment
or order, by reason of a pending appeal or otherwise, is not in effect;

 

		(l)	there is a Change of Control;

 

		(m)	any of the Credit Parties (i) becomes insolvent or generally not able to pay its debts as they
become due, (ii) admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors,
(iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation,
winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under
any Applicable Law relating to bankruptcy, insolvency, reorganization or relief of debtors including any proceeding under applicable
corporate law seeking a compromise or arrangement of, or stay of proceedings to enforce, some or all of the debts of such Person,
or (z) the entry of an order for relief or the appointment of a receiver, receiver-manager, administrator, custodian, monitor,
trustee or other similar official for it or for any substantial part of its Assets, and in the case of any such proceeding instituted
against it (but not instituted by it), either the proceeding remains undismissed or unstayed for a period of 30
days, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including
the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor,
trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or (iv) takes any corporate
action to authorize any of the above actions;

 

     

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		(n)	there has occurred an event or development that, in the sole opinion of the Majority Lenders, has
had or could reasonably be expected to have a Material Adverse Effect; or

 

		(o)	the audited consolidated financial statements of the Parent are qualified by an Impermissible Qualification.

 

	Section 8.2	Acceleration.

 

Upon the occurrence
and during the continuance of an Event of Default, the Administrative Agent shall at the request of, or may with the consent of,
the Majority Lenders, by written notice to the Borrower (i) terminate the Lenders’ obligations to make further Advances under
the Credit Facility, and (ii) (at the same time or at any time after such termination) declare all Obligations (including the Applicable
Premium) to be immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are
hereby expressly waived by the Borrower; provided that, upon the occurrence of an Event of Default under Section 8.1(m), the
Lender’s obligations to make further Advances under the Credit Facility shall automatically terminate and all Obligations
shall become immediately due and payable, with any presentment, demand, protest or notice of any kind from the Administrative Agent
or any Lender.

 

	Section 8.3	Remedies Upon Default.

 

		(1)	Upon a declaration that the Obligations are immediately due and payable pursuant to Section 8.2,
the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders, commence such legal action
or proceedings as the Majority Lenders, in their sole discretion, deem expedient, including the commencement of enforcement proceedings
under the Credit Documents, all without any additional notice, presentation, demand, protest, notice of dishonour, entering into
of possession of any property or assets, or any other action or notice, all of which are expressly waived by the Borrower.

 

		(2)	The rights and remedies of the Administrative Agent and the Lenders under the Credit Documents
are cumulative and are in addition to, and not in substitution for, any other rights or remedies. Nothing contained in the Credit
Documents with respect to the indebtedness or liability of the Borrower to the Secured Creditors, nor any act or omission of the
Secured Creditors, or any of them, with respect to the Credit Documents or the Security shall in any way prejudice or affect the
rights, remedies and powers of the Secured Creditors under the Credit Documents or the Security.

 

	Section 8.4	Right of Set-off.

 

If an Event of Default
has occurred and is continuing, each of the Lenders and each of their respective Affiliates is hereby authorized at any time and
from time to time to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of the Credit Parties against any and all of the obligations of the Credit Parties now or hereafter
existing under this Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender has made
any demand under this Agreement or any other Credit Document and although such obligations of the Credit Parties may be contingent
or unmatured. The rights of each of the Lenders and their respective Affiliates under this Section are in addition to other rights
and remedies (including other rights of set-off, consolidation of accounts and bankers’ lien) that the Lenders or their respective
Affiliates may have. Each Lender may notify the Borrower and the Administrative Agent after any such set-off and application, but
the failure to give such notice shall not affect the validity of such set-off and application. If any Affiliate of a Lender exercises
any rights under this Section 8.4, it shall share the benefit received in accordance with Section 9.13 as if the benefit
had been received by the Lender of which it is an Affiliate.

 

     

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	Section 8.5	Application of Cash Proceeds
of Realization.

 

		(1)	Subject to the claims, if any, of secured creditors of the Credit Parties whose security ranks
in priority to the Security, all Cash Proceeds of Realization shall be applied and distributed, and the claims of the Secured Creditors
shall be deemed to have the relative priorities which would result in the Cash Proceeds of Realization being applied and distributed,
as follows:

 

		(a)	first, to the payment of all costs and expenses (including fees of counsel) of the Administrative
Agent in connection with realization on the Security and enforcing the rights of the Lenders under the Credit Documents;

 

		(b)	second, except as set forth in clause (a) above, to the payment of the outstanding Obligations
owing to each Secured Creditor, rateably according to the proportion that the Obligations owing to such Secured Creditor at such
time bear to the Obligations owing to all Secured Creditors at such time;

 

		(c)	third, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive
such surplus.

 

Article 9

THE AGENTS AND THE LENDERS

 

	Section 9.1	Appointment and Authority.

 

Each of the Lenders
hereby irrevocably appoints the Administrative Agent to act on its behalf as the Administrative Agent hereunder and under the other
Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article are solely for the benefit of the Secured Creditors, and no Credit Party shall have rights
as a third party beneficiary of any of such provisions.

 

	Section 9.2	Rights as a Lender.

 

Each Person serving
as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person serving as the Administrative
Agent hereunder in its individual capacity. Each such Person and its Affiliates may accept deposits from, lend money to, own securities
of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Credit
Party or any Affiliate thereof as if such Person were not the Administrative Agent and without any duty to account to the Lenders.

 

	Section 9.3	Exculpatory Provisions.

 

		(1)	The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Credit Documents, and its duties shall be administrative in nature. Without limiting the generality of
the foregoing, the Administrative Agent shall not:

 

		(a)	be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of
Default has occurred and is continuing;

 

		(b)	have any duty to take any discretionary action or exercise any discretionary powers, except
                                                                                 discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent
                                                                                 is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as
                                                                                 shall be expressly provided for in the Credit Documents), but the Administrative
                                                                                 Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, (i) may expose the
                                                                                 Administrative Agent to liability, (ii) is contrary to any Credit Document or Applicable Law, (iii) would require the
                                                                                 Administrative Agent to become registered to do business in any jurisdiction, or (iv) would subject the Administrative Agent
                                                                                 to taxation; and

 

     

    - 34 -

    

 

		(c)	except as expressly set forth herein and in the other Credit Documents, have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

		(2)	The Administrative Agent shall not be (and none of its directors, officers, agents or employees
shall be) liable for any action taken or not taken by it (i) with the consent or at the request of the Majority Lenders (or such
other number or percentage of the Lenders as is necessary, or as the Administrative Agent believes in good faith is necessary,
under the provisions of the Credit Documents) or (ii) in the absence of its own gross negligence or wilful misconduct as determined
by a court of competent jurisdiction by final and nonappealable judgment.

 

		(3)	Except as otherwise expressly specified in this Agreement, the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default (and the Administrative
Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until the Administrative Agent has been
notified in writing by a Credit Party of such fact or has been notified in writing by a Lender that it considers that a Default
or Event of Default has occurred and is continuing, such notification to specify in detail the nature thereof), (iv) the validity,
enforceability, effectiveness or genuineness of, or the sufficiency or value of, or the perfection or priority of any lien or security
interest created or purported to be created under or in connection with, this Agreement, any other Credit Document or any other
agreement, instrument or document (and the Administrative Agent shall be entitled to assume that the same are valid, enforceable,
effective, genuine, sufficient, supported by value given, have been signed or delivered by the proper parties and are what they
purport to be), or (v) the satisfaction of any condition specified in this Agreement, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

		(4)	The Administrative Agent is not obliged to (i) take or refrain from taking any action or exercise
or refrain from exercising any right or discretion under the Credit Documents, or (ii) incur or subject itself to any cost in connection
with the Credit Documents, unless it is first specifically indemnified or furnished with security by the Secured Creditors, in
form and substance satisfactory to it (which may include further agreements of indemnity or the deposit of funds).

 

	Section 9.4	Reliance by Administrative Agent.

 

The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making, extension, renewal or increase of an Advance that by its terms must be
fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such
Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of
such Advance. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

     

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	Section 9.5	Indemnification of Agents.

 

Each Lender agrees
to indemnify the Administrative Agent and hold it harmless (to the extent not reimbursed by the Borrower), according to its rateable
share (and not jointly or jointly and severally) from and against any and all losses, claims, damages, liabilities and related
expenses, including the fees, charges and disbursements of any counsel, which may be incurred by or asserted against the Administrative
Agent in any way relating to or arising out of the Credit Documents or the transactions therein contemplated or any actions taken
or omitted to be taken by the Administrative Agent. However, no Lender shall be liable for any portion of such losses, claims,
damages, liabilities and related expenses resulting from the Administrative Agent’s gross negligence or wilful misconduct.

 

	Section 9.6	Delegation of Duties.

 

The Administrative
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent of
the Administrative Agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The provisions of this Article 9 and other provisions of this Agreement and the other Credit Documents for
the benefit of the Administrative Agent shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and any such sub-agents, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as the Administrative Agent. The Administrative Agent shall not be responsible for the
negligence or misconduct of any of its sub-agents except to the extent that a court of competent jurisdiction determines in a final
and nonappealable judgment that the Administrative Agent acted with gross negligence or wilful misconduct in the selection of such
sub-agent.

 

	Section 9.7	Notices.

 

The Administrative
Agent shall promptly deliver to each Lender any notices, reports or other communications contemplated in this Agreement which are
intended for the benefit of the Lenders.

 

	Section 9.8	Replacement of Agents.

 

		(1)	The Administrative Agent may resign at any time by giving 30 days prior notice of its resignation
to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right to appoint
a successor.

 

		(2)	If no such successor shall have been so appointed by the Majority Lenders or shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may on behalf of the Lenders, appoint a successor Administrative Agent, (i) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any Security held by
the Administrative Agent on behalf of the Secured Creditors under any of the Credit Documents, the retiring Administrative Agent
shall continue to hold such Security until such time as a successor Administrative Agent is appointed) and (ii) except for any
indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided
to be made by, to or through such Administrative Agent shall instead be made by or to each Lender directly, until such time as
the Majority Lenders appoint a successor Administrative Agent pursuant to Section 9.8(1).

 

		(3)	Upon a successor’s appointment as Administrative Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the former Administrative Agent (other than
any rights to indemnity payments owed to the former Administrative Agent), and the former Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Credit Documents. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the termination of the service of the former Administrative Agent, the provisions of this Article 9 and of
Section 10.5 shall continue in effect for the benefit of such former Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the former Administrative Agent was
acting as an Administrative Agent.

 

     

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	Section 9.9	Non-Reliance on Agents and Other Lenders.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or
any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit
Document or any related agreement or any document furnished hereunder or thereunder.

 

	Section 9.10	Collective Action of the Secured Creditors.

 

Each of the Secured
Creditors hereby acknowledges that to the extent permitted by Applicable Law, all Security and the remedies provided under the
Credit Documents to the Secured Creditors are for the benefit of the Secured Creditors collectively and acting together and not
severally and further acknowledges that its rights hereunder and under any Security are to be exercised not severally, but by the
Administrative Agent upon the decision of the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly
provided for in the Credit Documents). Accordingly, notwithstanding any of the provisions contained herein or in any Security,
each of the Secured Creditors hereby covenants and agrees that it shall not be entitled to take any action hereunder or thereunder
including, without limitation, any declaration of default hereunder or thereunder, but that any such action shall be taken only
by the Administrative Agent with the prior written agreement of the Majority Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for in the Credit Documents). Each of the Secured Creditors hereby further covenants and
agrees that upon any such written agreement being given, it shall co-operate fully with the Administrative Agent to the extent
requested by the Administrative Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where
in the sole opinion of the Administrative Agent, acting reasonably and in good faith, the exigencies of the situation warrant such
action, the Administrative Agent may without notice to or consent of the Secured Creditors take such action on behalf of the Secured
Creditors as it deems appropriate or desirable in the interest of the Secured Creditors.

 

	Section 9.11	Obligations.

 

All Obligations shall
rank pari passu with each other and any proceeds from any realization of the Restricted Account Collateral shall be applied
to the Obligations rateably in accordance with Section 8.5 (whether such Restricted Account Collateral is in the name of the
Administrative Agent or in the name of any one or more of the other Secured Creditors and without regard to any priority to which
any Secured Creditor may otherwise be entitled under Applicable Law).

 

	Section 9.12	Holding of Security; Discharges.

 

		(1)	Each Secured Creditor agrees with the other Secured Creditors that it will not, without the prior
consent of the other Secured Creditors, take or obtain any Lien on any properties or assets of the Borrower or any other Credit
Party to secure the obligations of the Borrower under the Credit Documents, except for the benefit
of all Secured Creditors or as may otherwise be required by Applicable Law.

 

     

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		(2)	If the Aggregate Principal Amount and all other amounts due and payable under the Credit Documents
to the Administrative Agent and the Lenders have been indefeasibly paid and performed in full in cash and the Commitment has been
terminated, the Lenders will release their interest in the Security.

 

	Section 9.13	Sharing of Payments by Lenders.

 

If any Lender, by exercising
any right of set-off or counterclaim or otherwise, obtains any payment or other reduction that might result in such Lender receiving
payment or other reduction of a proportion of the aggregate amount of its Aggregate Principal Amount and accrued interest thereon
or other obligations hereunder greater than its rateable share thereof as provided herein, then the Lender receiving such payment
or other reduction shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Aggregate Principal Amount and such other obligations of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders rateably in accordance with the
aggregate amount of principal of and accrued interest on their respective Aggregate Principal Amount and other amounts owing them.
The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against it rights of set-off and counterclaim and
similar rights of Lenders with respect to such participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of such participation.

 

	Section 9.14	Liability of the Lenders inter se.

 

Each of the Lenders
agrees with each of the other Lenders that, except as otherwise expressly provided in this Agreement, none of the Lenders has or
shall have any duty or obligation, or shall in any way be liable, to any of the other Lenders in respect of the Credit Documents
or any action taken or omitted to be taken in connection with them.

 

	Section 9.15	Survival.

 

The provisions of this
Article shall survive the termination of this Agreement and the repayment of the Obligations.

 

Article 10

MISCELLANEOUS

 

	Section 10.1	Amendments, etc.

 

		(1)	Subject to Section 10.1(2) and Section 10.1(3), no amendment or waiver of any provision
of any of the Credit Documents, nor consent to any departure by the Credit Parties or any other Person from such provisions, shall
be effective unless in writing and approved by the Credit Parties and the Majority Lenders. Any amendment, waiver or consent shall
be effective only in the specific instance and for the specific purpose for which it was given.

 

	(2)	Without the prior written consent of each Lender, no amendment, waiver or consent shall:

 

		(a)	increase any Lender’s Commitment;

 

		(b)	reduce or forgive the principal amount of any Aggregate Principal
Amount; waive, reduce or postpone any scheduled repayment of principal of any Aggregate
Principal Amount; or extend the scheduled final maturity of any Aggregate Principal Amount;

 

     

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		(c)	reduce the stated rate of interest on any Aggregate Principal
Amount, or any Fee; or waive, reduce or extend the time for payment of interest on any Aggregate
Principal Amount or any payment of Fees;

 

		(d)	change the definition of Majority Lenders; or change the percentage of the Commitments, or the
number or percentage of Lenders, in each case, required for the Lenders, or any of them, the Administrative Agent to take any action;

 

		(e)	amend the requirement of pro rata application of all amounts received by the Administrative
Agent in respect of the Credit Facility or the Obligations, or the requirement of pro rata sharing by the Lenders pursuant
to Section 9.13;

 

		(f)	consent to the assignment or transfer by the Borrower of any of its rights and obligations under
any Credit Document;

 

		(g)	release any of the guarantees of the Obligations provided by
the Borrower or any of the Restricted Account Collateral; or

 

		(h)	amend this Section 10.1.

 

	(3)	Only written amendments, waivers or consents signed by the Administrative Agent, in addition to
the Lenders, shall affect the rights or duties of the Administrative Agent under the Credit Documents.

 

	Section 10.2	Waiver.

 

No failure on the part
of a Lender or the Administrative Agent to exercise, and no delay in exercising, any right under any of the Credit Documents shall
operate as a waiver of such right; nor shall any single or partial exercise of any right under any of the Credit Documents preclude
any other or further exercise of such right or the exercise of any other right. The closing of this transaction shall not prejudice
any right of one party against any other party in respect of anything done or omitted under this Agreement or in respect of any
right to damages or other remedies.

 

	Section 10.3	Evidence of Debt.

 

The
indebtedness of the Borrower resulting from the Advances under the Credit Facility shall
be evidenced by the records of the Administrative Agent acting on behalf of the Lenders which shall constitute prima facie evidence
of such indebtedness.

 

	Section 10.4	Notices: Effectiveness; Electronic Communication.

 

		(1)	Except in the case of notices and other communications expressly permitted to be given by telephone,
all notices and other communications provided for herein shall be in writing and shall be sent by personal delivery or courier
service, mailed by certified or registered mail, or sent by e-mail addressed:

 

		(a)	to a Credit Party at:

 

c/o
Acreage Holdings, Inc.

366
Madison Avenue, 11th Floor

New
York, NY 10017

USA

 

	 	Attention:	Glen Leibowitz, Chief Financial Officer 

 

	 	Telephone:	(646) 491-6347
	 	E-mail:	g.leibowitz@acreageholdings.com

 

     

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		(b)	to the Administrative Agent at:

 

#################

######################

#################

 

	 	Attention:	##################

 

	 	Telephone:	############
	 	E-mail:	################

 

		(c)	and, if to a Lender, to it at its address or e-mail address specified in the Register.

 

		(2)	A notice is deemed to have been given and received (i) if sent by personal delivery or courier
service, or mailed by certified or registered mail, on the date of delivery if it is a Business Day and the delivery was made prior
to 4:00 p.m. (local time in place of receipt) and otherwise on the next Business Day or (ii) if sent by e-mail, on the date sent
if it is a Business Day prior to 4:00 p.m. (local time where the recipient is located) and otherwise on the next Business Day.

 

		(3)	Any party hereto may change its address or e-mail address for notices and other communications
hereunder by notice to the other parties hereto.

 

		Section 10.5	Expenses; Indemnity; Damage Waiver.

 

		(1)	The Borrower shall pay (i) all reasonable expenses incurred by
the Lenders and the Administrative Agent, including the fees, charges and disbursements
of counsel, in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other
Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all reasonable expenses incurred by the Lenders and the Administrative
Agent, including the reasonable fees, charges and disbursements of counsel, in connection with the enforcement or protection of
their rights in connection with this Agreement and the other Credit Documents, including their rights under this Section 10.5,
or in connection with the Advances issued hereunder, including all such expenses incurred
during any workout, restructuring or negotiations in respect of such Advances.

 

		(2)	The Borrower shall indemnify
the Administrative Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each
such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee,
incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Credit Party arising out of, in connection
with, or as a result of (a) the execution, delivery or enforcement of this Agreement, any other Credit Document or any agreement
or instrument contemplated hereby or thereby, the performance or non-performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby or thereby, (b) any Advance
or the use or proposed use of the proceeds therefrom, (c) the presence of contaminants in, on,
at, under or about, or the discharge or likely discharge of contaminants from, any of the properties now or previously used or
occupied by any of the Credit Parties, or the breach by or non-compliance with any Environmental Law by any mortgagor, owner or
lessee of such properties, or any Environmental Liability related in any way to the Credit Parties, or (d) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by a Credit Party and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses 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 Indemnitee.

 

     

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		(3)	To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under
Section 10.5(1) or Section 10.5(2) to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related
Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such
Related Party, as the case may be, such Lender’s rateable portion (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any
such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent
(or any such sub-agent) in connection with such capacity.

 

		(4)	To the fullest extent permitted by Applicable Law, no Credit Party shall assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages
(as opposed to direct damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document
or any agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby, any
Advance or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients
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 Credit Documents or the transactions contemplated hereby or thereby.

 

		(5)	Without limiting the foregoing, the Borrower shall pay to each
Lender on demand any amounts required to compensate the Lender for any loss suffered or incurred by it as a result of (i) the failure
of the Borrower to give any notice in the manner and at the times required by this Agreement, (ii) the failure of the Borrower
to effect an Advance in the manner and at the time specified in any Borrowing Notice or
to make a prepayment in the manner and at the time specified in any notice with respect thereto, or (iii) the failure of the Borrower
to make a payment or a mandatory repayment in the manner and at the time specified in this Agreement, including any loss or expense
arising from the liquidation or deployment of funds obtained by it to maintain such Advance or
from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

		(6)	All amounts due under this Section 10.5 shall be payable promptly after demand therefor. A
certificate of the Administrative Agent or a Lender setting forth the amount or amounts owing to the Administrative Agent, Lender
or a sub-agent or Related Party, as the case may be, as specified in this Section, including reasonable detail of the basis of
calculation of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error.

 

		(7)	The provisions of this Section 10.5 shall survive the termination of this Agreement and the
repayment of the Aggregate Principal Amount. To the extent required by law to give full effect to the rights of the Indemnitees
under this Section 10.5, the parties hereto agree and acknowledge that the Administrative Agent and Lender is acting as agent
for its respective Related Parties and agrees to hold and enforce such rights on behalf of such Related Parties as they may direct.
The Borrower acknowledges that neither its obligation to indemnify nor any actual indemnification by it of the Lenders, the Administrative
Agent or any other Indemnitee in respect of such Person’s losses for legal fees and expenses shall in any way affect the
confidentiality or privilege relating to any information communicated by such Person to its counsel.

 

     

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		Section 10.6	Successors and Assigns.

 

		(1)	The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender.

 

		(2)	Any Lender may at any time assign all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitments and its Aggregate Principal Amount) to (i)
any Affiliate of a Lender or an Approved Fund with respect to a Lender or (ii) any other Person with the prior written consent
of the Borrower, unless an Event of Default has occurred and is continuing (in which case no such consent is required); provided
that the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption. From and
after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement and the other Credit Documents, including any collateral security, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Article 7 and Section 10.5,
and shall continue to be liable for any breach of this Agreement by such Lender, with respect to facts and circumstances occurring
prior to the effective date of such assignment. Any payment by an assignee to an assigning Lender in connection with an assignment
or transfer shall not be or be deemed to be a repayment by the Borrower or a new Advance to
the Borrower.

 

		(3)	The Administrative Agent shall maintain at its office in ########### a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amounts (and stated interest) of the Aggregate Principal Amount to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error,
and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

		(4)	Each Borrower shall provide such certificates, acknowledgments and further assurances in respect
of this Agreement and the Credit Facility as such Lender may reasonably require in connection with any assignment pursuant to this
Section 10.6.

 

		(5)	Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under the Credit Documents to secure obligations of such Lender, but no such pledge or assignment shall release such Lender from
any of its obligations hereunder or thereunder or substitute any such pledgee or assignee for such Lender as a party hereto or
thereto.

 

		Section 10.7	Judgment Currency.

 

		(1)	If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due to
a Lender in any currency (the “Original Currency”) into another currency (the “Other Currency”),
the parties agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which,
in accordance with normal banking procedures, such Lender could purchase the Original Currency with the Other Currency on the Business
Day preceding the day on which final judgment is given or, if permitted by Applicable Law, on the day on which the judgment is
paid or satisfied.

 

     

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		(2)	The obligations of the Borrower in respect of any sum due in the Original Currency from it to the
Lender under any of the Credit Documents shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent
that on the Business Day following receipt by the Lender of any sum adjudged to be so due in the Other Currency, the Lender may,
in accordance with normal banking procedures, purchase the Original Currency with such Other Currency. If the amount of the Original
Currency so purchased is less than the sum originally due to the Lender in the Original Currency, the Borrower agrees, as a separate
obligation and notwithstanding the judgment, to indemnify the Lender, against any loss, and, if the amount of the Original Currency
so purchased exceeds the sum originally due to the Lender in the Original Currency, the Lender shall remit such excess to the Borrower.

 

		Section 10.8	Interest on Amounts.

 

Without duplication
of any amounts contemplated in Section 3.4(3) and except as may be expressly provided otherwise in this Agreement, all amounts
owed by the Borrower to the Administrative Agent and to any of the Lenders, which are not paid when due (whether at stated maturity,
on demand, by acceleration or otherwise) shall bear interest (both before and after default and judgment), from the date on which
such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal to the highest applicable rate
in Section 3.4(1) plus two percent (2%), calculated daily and compounded monthly.

 

		Section 10.9	Anti-Terrorism Laws.

 

		(1)	If, upon the written request of any Lender, the Administrative Agent has ascertained the identity
of the Borrower or any authorized signatories of the Borrower for purposes of Anti-Terrorism Laws, then the Administrative Agent:

 

		(a)	shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute
a “written agreement” in such regard between such Lender and the Administrative Agent within the meaning of the applicable
Anti-Terrorism Law; and

 

		(b)	shall provide to such Lender copies of all information obtained in such regard without any representation
or warranty as to its accuracy or completeness.

 

		(2)	Notwithstanding and except as may otherwise be agreed in writing, each of the Lenders agrees that
the Administrative Agent does not have any obligation to ascertain the identity of the Borrower or any authorized signatories of
the Borrower on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from the Borrower
or any authorized signatory in doing so.

 

		Section 10.10	Governing Law: Jurisdiction: Etc.

 

		(1)	This Agreement shall be governed by, and construed in accordance with, the laws of the Province
of Alberta and the laws of Canada applicable in that Province.

 

		(2)	The Borrower irrevocably and unconditionally submits, for itself and its Assets, to the non-exclusive
jurisdiction of the courts of the Province of Alberta, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition
or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement or in any other Credit Document shall affect any right that the Administrative
Agent or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement or any other Credit Document against any Credit Party or its Assets
in the courts of any jurisdiction.

 

     

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		(3)	The Borrower irrevocably consents to the service of any and all process in any such action or proceeding
to the Borrower at the address provided for it in Section 10.4. Nothing in this Section 10.10(3) limits the right of
the Administrative Agent or any Lender to serve process in any other manner permitted by Applicable Law.

 

		(4)	The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable
Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating
to this Agreement or any other Credit Document in any court referred to in Section 10.10(2). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

		Section 10.11	Entire Agreement

 

This Agreement together
with the other Credit Documents constitutes the whole and entire agreement between the parties and cancels and supersedes any prior
agreements, undertakings, declarations and representations, written or verbal, in respect of the subject matter of this Agreement
and the other Credit Documents, and any other written agreements that are expressly stated to survive the effectiveness of this
Agreement.

 

		Section 10.12	Waiver of Jury Trial.

 

Each party hereto hereby
irrevocably waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in any legal proceeding
directly or indirectly arising out of or relating to this Agreement or any other Credit Document or the transactions contemplated
hereby or thereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative,
agent or attorney of any other Person has represented, expressly or otherwise, that such other Person would not, in the event of
litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to
enter into this Agreement and the other Credit Documents by, among other things, the mutual waivers and certifications in this
Section.

 

		Section 10.13	Counterparts: Integration: Effectiveness: Electronic Execution.

 

		(1)	This Agreement may be executed in any number of counterparts, each of which is deemed to be an
original, and such counterparts together constitute one and the same instrument. Transmission of an executed signature page by
facsimile, email or other electronic means is as effective as a manually executed counterpart of this Agreement. This Agreement
and the other Credit Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Agreement shall become effective when it has been executed by the
Administrative Agent and when the Administrative Agent has received counterparts hereof that, when taken together, bear the signatures
of each of the other parties hereto.

 

		(2)	The words “execution,”
                                         “signed,” “signature,” and words of like import
                                         in any Assignment and Assumption shall be deemed to include electronic signatures or
                                         the keeping of records in electronic form, each of which shall be of the same legal effect,
                                         validity or enforceability as a manually executed signature or the use of a paper-based
                                         recordkeeping system, as the case may be, to the extent and as provided for in any Applicable
                                         Law, including Parts 2 and 3 of the Personal Information Protection and Electronic
                                         Documents Act (Canada), the Electronic Transactions Act (Alberta) and other
                                         similar federal or provincial laws based on the Uniform Electronic Commerce Act
                                         of the Uniform Law Conference of Canada or its Uniform Electronic Evidence Act, as the
                                         case may be.

 

     

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		Section 10.14	Treatment of Certain Information: Confidentiality.

 

		(1)	Each of the Administrative Agent and the Lenders agrees, and each of the Credit Parties agree,
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to it, its
Affiliates and its and its Affiliates’ respective partners, directors, officers, employees, managers, administrators, trustees,
agents, auditors, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to the extent
required by Applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection
with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement
or any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section 10.14 to (i) any assignee of, or any prospective assignee of, any of its rights
or obligations under this Agreement or (ii) any actual or prospective party (or its partners, directors, officers, employees, managers,
administrators, trustees, agents, advisors or other representatives) to any swap, derivative, credit-linked note or similar transaction
under which payments are to be made by reference to the Credit Parties and its obligations, this Agreement or payments hereunder,
or the advisors of the Persons referred to in (i) and (ii), (g) with the consent of the Credit Party or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative
Agent or any Lender on a non-confidential basis.

 

		(2)	For purposes of this Section, “Information” means: (a) with respect to the Administrative
Agent and each Lender, all information received in connection with this Agreement from the Credit Parties relating to the Credit
Parties or any of their respective businesses, other than any such information that is available to the Administrative Agent or
any Lender on a non-confidential basis prior to such receipt; and (b) with respect to the Credit Parties, all information contained
in this Agreement and all other Credit Documents and all information received from the Administrative Agent and the Lenders, including
the identity of Affiliates and its and its Affiliates’ respective partners, directors, officers, employees, managers, administrators,
trustees, agents, auditors, advisors and representatives. Any Person required to maintain the confidentiality of Information as
provided in this Section 10.14 shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. In addition, the Administrative Agent may disclose to any agency or organization that assigns standard identification
numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique
identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information
as such person normally makes available in the course of its business of assigning identification numbers.

 

		(3)	The Credit Parties agree to provide the Administrative Agent with the opportunity to review and
comment on any press release in respect of any matter contemplated in any Credit Document. In respect of any Credit Document or
other document to be filed on SEDAR (or on any other public filing repository), the Credit Parties agree to redact the names of
all parties other than the Administrative Agent and the names of any partners, directors, officers, employees, managers, administrators,
trustees, agents, auditors, advisors and representatives of the Administrative Agent, the other Secured Creditors and their respective
Affiliates, the foregoing obligations of the Credit Parties all subject to applicable securities laws in the relevant jurisdiction
in which the public filings are to be made.

 

     

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		Section 10.15	Severability.

 

If any court of competent
jurisdiction from which no appeal exists or is taken, determines any provision of this Agreement to be illegal, invalid or unenforceable,
that provision will be severed from this Agreement and the remaining provisions will remain in full force and effect.

 

		Section 10.16	Time of the Essence.

 

Time is of the essence
in this Agreement.

 

		Section 10.17	USA PATRIOT Act.

 

Each Lender that is
subject to the requirements of the USA PATRIOT Act hereby notifies the Borrower that, pursuant to the requirements of the
USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance
with the USA PATRIOT Act.

 

		Section 10.18	No Fiduciary Duty.

 

The Administrative
Agent, each Lender and their respective Affiliates (collectively, solely for purposes of this Section 10.18, the “Lenders”),
may have economic interests that conflict with those of a Borrower, its shareholders and its Affiliates. The Borrower agrees that
nothing in the Credit Documents will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied
duty between any Lender, on the one hand, and the Borrower, its shareholders or its Affiliates, on the other hand. The Borrower
acknowledges and agrees that (a) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies
hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower,
on the other hand, and (b) in connection therewith and with the process leading thereto, (i) no Lender has assumed an advisory
or fiduciary responsibility in favour of the Borrower, its shareholders or its Affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any
Lender has advised, is currently advising or will advise the Borrower, its shareholders or its Affiliates on other matters) or
any other obligation to the Borrower except the obligations expressly set forth in the Credit Documents and (ii) each Lender is
acting solely as principal and not as the agent or fiduciary of the Borrower, its management, shareholders, creditors or any other
person. The Borrower acknowledges and agrees that the Borrower has consulted its own legal and financial advisors to the extent
it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and
the process leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature
or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transactions or the process leading thereto.

 

[Remainder of page left intentionally
blank]

 

    

     

    

 

IN WITNESS WHEREOF the parties have
executed this Credit Agreement.

 

	 	HSCP CN HOLDINGS ULC, as Borrower
	 	 
	 	By:	/s/ Kevin Murphy
	 	 	Name: Kevin Murphy

    Title: President

 

	 	ACREAGE FINANCE DELAWARE, LLC, as Guarantor
	 	 
	 	By:	/s/ Kevin Murphy
	 	 	Name:  Kevin Murphy

    Title: Manager

 

    

     

    

 

	 	################, by its general partner, #######################,
    as Lender
	 	 
	 	By:	/s/ #############
	 	 	Name: #############

    Title: #######################

  

	 	################, by its general partner, #######################,
    as Administrative Agent
	 	 
	 	By:	/s/ #############
	 	 	Name: ############

    Title: #######################

 

    

     

    

 

 

SCHEDULE “A”

LENDERS AND COMMITMENTS

		 	 

	Lender	 	Commitment	 	 	% of Credit Facility	 
	 	 	 	 	 	 	 
	################	 	$	100,000,000	 	 	 	100	%
	###################	 	 	 	 	 	 	 	 
	#####################	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Totals	 	$	100,000,000	 	 	 	100	%

 

    

     

    

 

EXHIBIT 2.8

FORM OF EXTENSION REQUEST

 

EXTENSION REQUEST

 

[Date]

 

	TO:	################, as Administrative Agent
	 
	AND TO:	The Lenders (as defined below)

 

Dear Sirs:

 

Reference is made to the credit agreement
dated February 7, 2020 (as amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time,
the “Credit Agreement”, the terms defined therein being used herein are as therein defined) among HSCP
CN Holdings ULC, as borrower, Acreage Finance Delaware, LLC, as guarantor, the
lenders signatory thereto from time to time, as lenders (collectively, the “Lenders”) and ################,
in its capacity as administrative agent under the Credit Agreement (the “Administrative Agent”).

 

The
undersigned hereby requests, pursuant to Section 2.8 of the Credit Agreement, to extend the current Maturity Date to l
[insert date that is 364-days after the current Maturity Date].

 

	 	Yours truly,
	 	 
	 	HSCP CN HOLDINGS ULC
	 	 
	 	By:	     
	 	 	  Name:
	 	 	  Title:

 

    

     

    

 

EXHIBIT “3.2”

FORM OF BORROWING NOTICE

 

[Date]

 

################, as Administrative Agent

##################

#################

 

	Attention:	#############

 

Dear Sir:

 

The undersigned, HSCP
CN Holdings ULC (the “Borrower”), refers to the credit agreement dated February 7,
2020 (as amended, supplemented or restated from time to time, the “Credit Agreement”, the terms defined
therein being used herein as therein defined) among the Borrower, as borrower, Acreage
Finance Delaware, LLC, as guarantor, the lenders signatory thereto from time to time, as lenders (collectively, the “Lenders”)
and ################, in its capacity as administrative agent under the Credit Agreement (the “Administrative Agent”),
and gives you notice pursuant to Section 3.2 of the Credit Agreement that the Borrower requests an Advance under the Credit Agreement,
and, in that connection, sets forth below the information relating to the Borrowing (the “Proposed Borrowing”)
as required by Section 3.2 of the Credit Agreement:

 

		1.	The date of the Proposed Borrowing, being
a Business Day, is l.

 

		2.	The aggregate amount of the Proposed Borrowing
is US$l.

 

		3.	The Borrower hereby confirms that:

 

		(a)	no Default or Event of Default has occurred or is continuing or would arise immediately after giving
effect to or as a result of the Proposed Borrowing;

 

		(b)	the representations and warranties contained in Article 5 of the Credit Agreement and in any other
Credit Document are true and correct on the date hereof as if they were made on this date and will be true and correct on the date
of the Proposed Borrowing except, in each case, for those changes to the representations and warranties which have been disclosed
to and accepted by the Majority Lenders pursuant to Section 10.1 of the Credit Agreement and any representation and warranty which
is stated to be made only as of a certain date (and then as of such date); and

 

		(c)	this notice is irrevocable.

 

	 	Yours truly,
	 	 
	 	HSCP CN HOLDINGS ULC
	 	 
	 	By:	 
	 	 	  Name:
	 	 	  Title:

 

    

     

    

 

EXHIBIT “6.1(b)(ii)”

FORM OF COMPLIANCE CERTIFICATE

 

	TO:	################, as Administrative Agent
	 	 
	AND TO:	The Lenders (as defined below)
	 	 
	RE:	Compliance Certificate for the [Fiscal Quarter][Fiscal Year] ended l (the “Statement Date”)

  

The undersigned refers
to the credit agreement dated February 7, 2020 (as amended, supplemented or restated from time
to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined) among HSCP
CN Holdings ULC, as borrower (the “Borrower”), Acreage Finance Delaware,
LLC, as guarantor, the lenders signatory thereto from time to time, as lenders (collectively, the “Lenders”)
and ################, in its capacity as administrative agent under the Credit Agreement (the “Administrative Agent”).

 

I, the undersigned
[Chief Financial Officer] of the Borrower, certify, without personal liability, to the Administrative Agent and the Lenders,
that on [date] (the “Determination Date”):

 

		1.	I have read the provisions of the Credit Agreement which are relevant to this certificate and have
made such examinations or investigations as are necessary to enable me to express an informed opinion on the matters contained
in this certificate.

 

		2.	At all time during the period ended as of the Statement Date and as at the Determination Date,
the Minimum Balance has been deposited in the Restricted Account.

 

		3.	As at this date:

 

		(a)	No Default or Event of Default has occurred and is continuing;

 

		(b)	The representations and warranties contained in Article 5 of the Credit Agreement were
true and correct on the Determination Date as though made on such date, and are true and correct as though made on this
date, in each case, except for those changes to the representations and warranties which have been disclosed to and accepted by
the Majority Lenders pursuant to Section 10.1 of the Credit Agreement and any representation and warranty which is stated to be
made only as of a certain date (and then as of such date); and

 

		(c)	The financial statements delivered pursuant to Section 6.1(b) of the Credit Agreement for the period
ended as of the Statement Date (i) have been prepared in accordance with GAAP in effect on the date of such financial statements
consistently applied and the information contained therein is true and correct in all material respects, and (ii) present fairly
the results of operations and changes in the financial position of the Parent as of and to this date. There has been no material
change in the financial position of the Parent since the date of the most recent financial statements delivered pursuant to Section
6.1(b) of the Credit Agreement.

 

    

     

    

 

DATED
the l day
of l,
20l.

 

	 	HSCP CN HOLDINGS ULC
	 	 
	 	By:	 
	 	 	  Name:
	 	 	  Title:

 

    

     

    

 

 

EXHIBIT “10.6”

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name
of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, supplemented or restated from time to time, the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to
and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,
subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of
action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising
under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

 

	1.	Assignor:	___________________________
	2.	Assignee:	___________________________
	3.	Borrower:	HSCP CN Holdings ULC
	4.	Administrative Agent:	################, as the administrative agent under the Credit Agreement
	5.	Credit Agreement:	Credit Agreement dated February 7, 2020 among HSCP CN Holdings ULC, as borrower, Acreage Finance Delaware, LLC, as guarantor, the lenders from time to time party thereto, and ################, as administrative agent
	6.	Assigned Interest:	 

 

    

     

    

 

	Facility Assigned	 	Aggregate Amount
 of Commitment/
 Accommodations for
 all Lenders1	 	Amount of
 Commitment/
 Accommodations
 Assigned	 	Percentage
 Assigned of
 Commitment/
 Accommodations2
	Credit Facility	 	$	 	$	 	$

 

7.       [Trade
Date: ________________ ]3

 

Effective Date: ___________, 20 ___ [To
be inserted by Administrative Agent and which shall be the effective date of recordation of transfer in the Register therefor.]

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME
    OF ASSIGNOR]
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

	 	ASSIGNEE
	 	 
	 	[NAME
    OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

1
Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the
Effective Date.

2
Set forth, to at least 9 decimals, as a percentage of the Commitment/Accommodations of all Lenders thereunder.

3
To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade
Date.

 

    

     

    

 

ANNEX “1” to Assignment and
Assumption

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

Representations and Warranties. 

 

		1.	Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption
and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document
or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Credit Document.

 

		2.	Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions
of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iii) it has as received a copy of the Credit Agreement and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest
on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, and (iv) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that
(i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which
by the terms of the Credit Documents are required to be performed by it as a Lender.

 

		3.	Payments. From and after the Effective Date, the Administrative Agent shall make all payments
in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether
such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments
in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment
directly between themselves.

 

		4.	General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Assumption may be executed
in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature
page of this Assignment and Assumption by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery
of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and
construed in accordance with, the law governing the Credit Agreement.Exhibit 4.2

 

	
         

        ACREAGE
        HOLDINGS, INC.

         

        Special Warrant Indenture

         

 

February 10, 2020

 

     

    

    

 

TABLE OF CONTENTS

 

	1.     INTERPRETATION	2
	 	1.1   	Definitions	2
	 	1.2   	Headings	5
	 	1.3   	Gender	6
	 	1.4   	Weekends and Holidays	6
	 	1.5   	Meaning of "Outstanding"	6
	 	1.6   	Time	6
	 	1.7   	Applicable Law	6
	 	1.8   	Severability	6
	 	1.9   	Currency	6
	 	1.10	Conflicts	7
	 	1.11	Schedules	7
	 	 	 	 
	2.     ISSUE AND PURCHASE OF SPECIAL WARRANTS	7
	 	2.1 	Creation, Form and Terms of Special Warrants	7
	 	2.2 	Form of Special Warrants, Certificated Special Warrants	7
	 	2.3 	Special Warrant Certificate	7
	 	2.4 	Transferability and Ownership of Special Warrants	9
	 	2.5 	Special Warrantholders Not Shareholders	12
	 	2.6 	Signing of Special Warrants	12
	 	2.7 	Countersigning	12
	 	2.8 	Loss, Mutilation, Destruction or Theft of Special Warrants	13
	 	2.9 	Exchange of Special Warrants	13
	 	2.10	Ranking	13
	 	2.11	Purchase of Special Warrants for Cancellation	14
	 	2.12	Cancellation of Surrendered Special Warrants	14
	 	 	 	 
	3.     REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY	14
	 	3.1 	To Issue Special Warrants and Reserve Subordinate Voting Shares and Unit Warrants	14
	 	3.2 	To Execute Further Assurances	15
	 	3.3 	To Carry On Business	15
	 	3.4 	Reporting Issuer	15
	 	3.5 	No Breach of Constating Documents	15
	 	3.6 	Filing Prospectus Supplement, Registration Statement and Related Matters	16
	 	3.7 	Notices to Special Warrant Agent	16
	 	3.8 	Securities Qualification Requirements	16
	 	3.9	Maintain Listing	16
	 	3.10	Satisfy Covenants	17
	 	3.11	Performance of Covenants by Special Warrant Agent	17
	 	3.12	Special Warrant Agent's Remuneration and Expenses	17
	 	3.13	Trust for Special Warrantholder's Benefit	17
	 	3.14	Notice to Special Warrantholders of Certain Events	17
	 	3.15	Closure of Share Transfer Books	18
	 	3.16	Payment of Commissions	18
	 	 	 	 
	4.     ADJUSTMENT OF NUMBER OF UNITS	18
	 	4.1 	Adjustment of Number of Units	18
	 	4.2 	Proceedings Prior to any Action Requiring Adjustment	23
	 	4.3 	Certificate of Adjustment	23
	 	4.4   	No Action After Notice	23
	 	4.5   	Protection of Special Warrant Agent	23
	 	4.6   	Notice of Special Matters	24

 

    i

    

    

 

	5.     EXERCISE AND CANCELLATION OF SPECIAL WARRANTS	24
	 	5.1 	Notice of Automatic Exercise to Special Warrantholders	24
	 	5.2 	No Voluntary Exercise of Special Warrants	24
	 	5.3 	Automatic Exercise of Special Warrants	24
	 	5.4 	Effect of Exercise of Special Warrants	25
	 	5.5 	Partial Exercise	25
	 	5.6 	Special Warrants Void After Exercise	25
	 	5.7 	Fractions of Unit Shares or Unit Warrants	25
	 	5.8 	Accounting and Recording	26
	 	5.9 	Legending of Special Warrant Certificates and Underlying Securities	26
	 	5.10	Issuance of Unit Shares and Unit Warrants	28
	 	5.11	Securities Restrictions	29
	 	5.12	Contractual Right of Rescission	29
	 	 	 	 
	6.     MEETINGS OF SPECIAL WARRANTHOLDERS 	30
	 	6.1   	Definitions	30
	 	6.2   	Convening Meetings	30
	 	6.3   	Place of Meeting	30
	 	6.4   	Notice	30
	 	6.5   	Persons Entitled to Attend	31
	 	6.6   	Quorum	31
	 	6.7   	Chairman	31
	 	6.8   	Power to Adjourn	31
	 	6.9   	Adjourned Meeting	31
	 	6.10 	Show of Hands	31
	 	6.11 	Poll	32
	 	6.12 	Regulations	32
	 	6.13 	Powers of Special Warrantholders	33
	 	6.14 	Powers Cumulative	34
	 	6.15 	Minutes of Meetings	34
	 	6.16 	Written Resolutions	34
	 	6.17 	Binding Effect	34
	 	6.18 	Holdings by the Company or Subsidiaries of the Company Disregarded	34
	 	 	 	 
	7.     SUPPLEMENTAL INDENTURES, MERGER, SUCCESSORS	35
	 	7.1   	Provision for Supplemental Indentures for Certain Purposes	35
	 	7.2   	Company May Consolidate, etc. on Certain Terms	36
	 	7.3   	Successor Body Corporate Substituted	36
	 	 	 	 
	8.     CONCERNING THE SPECIAL WARRANT AGENT	36
	 	8.1   	Duties of Special Warrant Agent	36
	 	8.2   	Action by Special Warrant Agent	36
	 	8.3   	Certificate of the Company	37
	 	8.4   	Special Warrant Agent May Employ Experts	37
	 	8.5  	Resignation and Replacement of Special Warrant Agent	37
	 	8.6  	Indenture Legislation	38
	 	8.7  	Notice	38
	 	8.8  	Use of Proceeds	38

 

    ii

    

    

 

	 	8.9 	Documents, Monies, etc. Held by Special Warrant Agent	38
	 	8.10	No Inquiries	39
	 	8.11	Actions by Special Warrant Agent to Protect Interest	39
	 	8.12	Special Warrant Agent Not Required to Give Security	39
	 	8.13	No Conflict of Interest	39
	 	8.14	Special Warrant Agent Not Ordinarily Bound	39
	 	8.15	Special Warrant Agent May Deal in Instruments	40
	 	8.16	Recitals or Statements of Fact Made by Company	40
	 	8.17	Special Warrant Agent's Discretion Absolute	40
	 	8.18	No Representations as to Validity	40
	 	8.19	Acceptance of Agency	40
	 	8.20	Special Warrant Agent's Authority to Carry on Business	41
	 	8.21	Additional Protections of Special Warrant Agent	41
	 	8.22	Indemnification of Special Warrant Agent	41
	 	8.23	Performance of Covenants by Special Warrant Agent	42
	 	8.24	Third Party Interests	42
	 	8.25	Not Bound to Act	42
	 	 	 	 
	9.     NOTICES	43
	 	9.1  	Notice to Company, Special Warrant Agent and Agent	43
	 	9.2  	Notice to Special Warrantholders	44
	 	 	 	 
	10.   POWER OF BOARD OF DIRECTORS	44
	 	10.1	Board of Directors	44
	 	 	 	 
	11.   MISCELLANEOUS PROVISIONS	44
	 	11.1	Further Assurances	44
	 	11.2	Unenforceable Terms	45
	 	11.3	No Waiver	45
	 	11.4	Waiver by Special Warrantholders and Special Warrant Agent	45
	 	11.5	Suits by Special Warrantholders	45
	 	11.6	SEC Reporting Status	46
	 	11.7	Force Majeure	46
	 	11.8	Privacy Matters	46
	 	11.9	Enurement	47
	 	11.10	Counterparts	47
	 	11.11	Formal Date and Effective Date	47

 

    iii

    

    

 

 

SPECIAL
WARRANT INDENTURE

 

THIS SPECIAL WARRANT
INDENTURE made as of February 10, 2020.

 

BETWEEN:

 

ACREAGE
HOLDINGS, INC., a company incorporated under the laws of the Province of British Columbia

 

(the "Company")

 

OF THE FIRST PART

 

AND:

 

ODYSSEY
TRUST COMPANY, a trust company incorporated under the laws of Alberta and authorized to carry on business in the provinces
of Alberta and British Columbia

 

(the "Special Warrant Agent")

 

OF THE SECOND PART

 

WHEREAS
the Company is proposing to issue up to 10,141,987 Special Warrants in the manner herein set forth;

 

AND
WHEREAS the Company is proposing to grant the Purchaser’s Option (as defined herein);

 

AND
WHEREAS each Special Warrant shall entitle the holder thereof to acquire one Unit upon automatic exercise thereof, subject
to adjustment in certain circumstances in accordance with this Indenture, without payment of additional consideration;

 

AND
WHEREAS the Company is authorized to create and issue the Special Warrants;

 

AND
WHEREAS the Company represents to the Special Warrant Agent that all necessary resolutions of the directors of the Company
have been duly enacted, passed or confirmed and all other proceedings taken and conditions complied with to authorize the execution
and delivery of this Indenture and the execution, delivery and issue of the Special Warrants and to make the same legal, valid
and binding on the Company in accordance with the laws relating to the Company;

 

AND
WHEREAS the foregoing recitals are made as representations and statements of fact by the Company and not by the Special
Warrant Agent;

 

AND
WHEREAS the Special Warrant Agent has been appointed by the Company and has agreed to act as trustee on behalf of the
Special Warrantholders on the terms and conditions set forth herein.

 

     

     

    

 

NOW
THEREFORE, in consideration of the promises and in further consideration of the mutual covenants herein set forth
and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company hereby
appoints the Special Warrant Agent as special warrant agent to hold the rights, interests and benefits contained herein for
and on behalf of those persons who from time to time become the holders of the Special Warrants issued pursuant to this
Indenture and the parties hereto agree as follows:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In this Indenture,
unless there is something in the subject matter or context inconsistent therewith, the following words have the respective meaning
indicated below:

 

		(a)	"1933 Act" means the United States Securities Act of 1933, as amended;

 

		(b)	"1934 Act" means the United States Securities Exchange Act of 1934, as
amended;

 

		(c)	"Agent" means Canaccord Genuity Corp.;

 

		(d)	"Agency Agreement" means the agency
agreement to be entered into on the Closing Date between the Company and the Agent in relation to the Private Placement;

 

		(e)	"Applicable Legislation" means the provisions, if any, for the time being, of
any statute of any of the Designated Jurisdictions, and of the regulations under such statute, relating to warrant indentures and
to the rights, duties and obligations of warrant agents under warrant indentures, and of corporations issuing their securities
under warrant indentures, to the extent that any such provisions are in force and applicable to this Indenture;

 

		(f)	“Arrangement Agreement” means the arrangement agreement between the Company
and Canopy Growth Corporation dated April 18, 2019;

 

		(g)	"Authenticated" means (a) with respect to the issuance of a Special Warrant Certificate,
a Special Warrant Certificate which has been duly signed by the Company and authenticated by manual signature of an authorized
officer of the Special Warrant Agent, and (b) with respect to the issuance of an Uncertificated Special Warrant, an Uncertificated
Special Warrant in respect of which the Special Warrant Agent has completed all Internal Procedures such that the particulars of
such Uncertificated Special Warrant are entered in the register of holders of Special Warrants, and "Authenticate",
 "Authenticating" and "Authentication" have the appropriate correlative meanings;

 

		(h)	"Automatic Exercise Date" means, with respect to any particular Special Warrant,
the earlier of:

 

		(i)	the third business day after the Qualification Date;
and

 

		(ii)	the date that is four months and one day after the Closing
Date;

 

		(i)	"Automatic Exercise Time" means, with
respect to any particular Special Warrant, 4:00 p.m. (Toronto time) on the Automatic Exercise Date, or such other time as the
Company and the Agent may agree;

 

		(j)	"Business Day" means a day which is not a Saturday, Sunday or legal holiday in
the City of ##########, the City of Toronto, Ontario or the City of New York, New York;

 

    2

     

    

 

		(k)	"Closing" means the completion of the issuance and sale of Special Warrants by
the Company to the purchasers of Special Warrants arranged by the Agent in accordance with the Agency Agreement;

 

		(l)	"Closing Date" means February 10, 2020;

 

		(m)	"Commissions" means the securities commissions of each of the Designated Jurisdictions;

 

		(n)	“Company” means Acreage Holdings, Inc.;

 

		(o)	"Company's auditors" means the firm of chartered professional accountants duly
appointed by the shareholders of the Company and serving as the auditors of the Company at the relevant time;

 

		(p)	“CSE” means the Canadian Securities Exchange;

 

		(q)	"Current Market Price" in respect of a Subordinate Voting Share, at any date,
means the price per share equal to the volume weighted average of the trading price for the 10 consecutive Trading Days ending
five days before such date, on the CSE, or, if the Subordinate Voting Shares are not listed thereon, on any stock exchange on which
such shares are listed as may be selected for such purpose by the directors or, if such shares are not listed on any stock exchange,
then on such over-the-counter market in Canada as may be selected for such purpose by the directors, provided further that if the
Subordinate Voting Shares are not then listed on any Canadian stock exchange or traded in the over-the counter market, then the
Current Market Price shall be determined by such firm of independent chartered professional accountants as may be selected by the
directors of the Company;

 

		(r)	"Designated Jurisdictions" means each of the provinces of Canada, excluding Quebec,
Prince Edward Island and Newfoundland and Labrador (and excluding Yukon, Northwest Territories and Nunavut) and such other jurisdictions
as agreed to in writing by the Company and the Agent‎;

 

		(s)	“DRS Registration Statement” means an ownership statement under a direct registration
system;

 

		(t)	"director" means a director of the Company for the time being and, unless otherwise
specified herein, a reference to an action by the directors means an action by the directors of the Company as a board or, whenever
duly empowered, action by a committee of such board;

 

		(u)	"Indenture", "herein", "hereto", "hereunder",
 "hereof", "hereby" and similar expressions mean or refer to this special warrant indenture and
not to any particular Article, Section, paragraph, clause, subdivision or portion hereof and include any indenture, deed or instrument
supplemental or ancillary hereto, in each case, as may be amended from time to time; and the expressions "Article",
 "Section" and "paragraph" followed by a number mean and refer to the specified Article, Section
or paragraph of this Indenture;

 

    3

     

    

 

		(v)	"Internal Procedures" means in respect of the making of any one or more entries
to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance
or registration of transfer of ownership) the minimum number of the Special Warrant Agent's internal procedures customary at such
time for the entry, change or deletion made to be completed under the operating procedures followed at the time by the Special
Warrant Agent;

 

		(w)	"Private Placement" means the private placement of up to 6,085,192 Special Warrants
pursuant to the Agency Agreement;

 

		(x)	"Prospectus Supplement" means a prospectus supplement of the Company which supplements
the Company’s short form base shelf prospectus dated August 8, 2019 filed with the Commissions by the Company and qualifies
the distribution of the Units underlying the Special Warrants and the Purchaser’s Option, including for greater certainty
all Unit Shares and Unit Warrants in the Designated Jurisdictions;

 

		(y)	“Purchaser’s Option” has the meaning ascribed thereto in the Agency Agreement;

 

		(z)	"Purchase Price" means US$4.93 per Special Warrant;

 

		(aa)	"Qualification Date" means the date on which: (i) the Prospectus Supplement is
filed with and deemed effective in each of the‎ Designated Jurisdictions; and (ii) Registration Statement has been filed
with, and declared effective by, the SEC.

 

		(bb)	"Qualification Deadline" means 5:00 p.m. (Toronto time) on February 14, 2020;

 

		(cc)	“Registration Statement” means the registration statement of the Company, pursuant
to an amendment to its Form F-10 shelf registration statement, to be prepared and filed by the Company with the SEC registering
the issuance of the Unit Shares and Unit Warrants issuable upon the exercise of the Special Warrants and the Purchaser’s
Option, and the Warrant Shares issuable on the exercise of the Warrants;

 

		(dd)	"SEC" means the United States Securities and Exchange Commission;

 

		(ee)	"Special Warrant" means a special warrant of the Company created by the Company
and issued hereunder for a purchase price of US$4.93 per special warrant and entitling the holder thereof to acquire one Unit upon
the automatic exercise thereof, subject to adjustment in certain circumstances in accordance with this Indenture, without payment
of additional consideration;

 

		(ff)	"Special Warrant Agent" means Odyssey Trust Company, the Company's registrar and
transfer agent for the Special Warrants, having a principal office in ###########;

 

		(gg)	"Special Warrant Certificate" means a certificate evidencing one or more Special
Warrants issuable hereunder, substantially in the form attached hereto as Schedule "A";

 

		(hh)	"Special Warrantholder" means the registered holder from time to time of an outstanding
Special Warrant;

 

		(ii)	"Subordinate Voting Share" means a fully paid and non-assessable Class A subordinate
voting share in the capital of the Company as such capital is presently constituted;

 

    4

     

    

 

		(jj)	"Subsidiary of the Company" means a corporation of which voting securities carrying
a majority of the votes attached to all outstanding voting securities of the Company are owned, directly or indirectly, by the
Company or by one or more subsidiaries of the Company, and, as used in this definition, voting securities means securities, other
than debt securities, carrying a voting right to elect directors either under all circumstances or under some circumstances that
may have occurred and are continuing;

 

		(kk)	"Trading Day" means any day on which the facilities of the CSE are open for trading;

 

		(ll)	"Transaction Instruction" means a written order signed by the Special Warrantholder
entitled to request that one or more actions be taken, or such other form as may be reasonably acceptable to the Special Warrant
Agent, requesting one or more such actions to be taken in respect of an Uncertificated Special Warrant;

 

		(mm)	“U.S. Securities Laws” means the 1933 Act, the 1934 Act, each as amended, and
all rules and regulations promulgated thereunder and the applicable securities (“Blue Sky”) laws of the states
of the United States;

 

		(nn)	“United States” or “U.S.” means the United States of America,
its territories and possessions, and any state of the United States and the District of Columbia;

 

		(oo)	"Uncertificated Special Warrant" means any Special Warrant which is not represented
by a Special Warrant Certificate;

 

		(pp)	"Unit" means a unit of securities of the Company consisting of one Unit Share
and one Unit Warrant, issuable upon the automatic exercise of the Special Warrants;

 

		(qq)	"Unit Share" means a Subordinate Voting
Share forming part of a Unit, issuable upon the automatic exercise of the Special Warrants;

 

		(rr)	"Unit Warrant" means a Subordinate Voting Share purchase warrant of the Company
forming part of a Unit, issuable upon the automatic exercise of the Special Warrants and pursuant to the Warrant Indenture, with
each Unit Warrant exercisable by the holder thereof to acquire one Subordinate Voting Share of the Company for a period of 60 months
following the Closing Date at a price of US $4.93 per Warrant Share;

 

		(ss)	"U.S. Person" has the meaning ascribed thereto in Rule 902 K of Regulation "S"
under the 1933 Act, as amended;

 

		(tt)	“Warrant Indenture” means the warrant indenture governing the terms of the Unit
Warrants between the Company and Odyssey Trust Company in its capacity as warrant agent, dated the Closing Date; and

 

		(uu)	“Warrant Share” means a Subordinate Voting Share issued upon the exercise of
a Unit Warrant.

 

		1.2	Headings

 

The division of this
Indenture into Articles, Sections or other subdivisions, the provision of a Table of Contents and the insertion of headings are
for convenience of reference only and shall not affect the construction or interpretation of this Indenture or the Special Warrants.

 

    5

     

    

 

		1.3	Gender

 

Words importing the
singular number also include the plural and vice versa and words importing a particular gender or neuter include both genders and
neuters.

 

		1.4	Weekends and Holidays

 

If the date for the
taking of any action under this Indenture expires on a day which is not a Business Day, such action may be taken on the next succeeding
Business Day with the same force and effect as if taken within the period for the taking of such action.

 

		1.5	Meaning of "Outstanding"

 

Every
Special Warrant represented by a Special Warrant Certificate countersigned by the Special Warrant Agent or Uncertificated Special
Warrant that has been Authenticated and delivered to the holder thereof is deemed to be outstanding until it is cancelled or delivered
to the Special Warrant Agent for cancellation or until the Automatic Exercise Time. Where a new Special Warrant Certificate has
been issued pursuant to Section 2.8 to replace one which has been mutilated, lost, stolen or destroyed, the Special Warrants
represented by only one of such Special Warrant Certificates are counted for the purpose of determining the aggregate number of
Special Warrants outstanding. A Special Warrant Certificate representing a number of Special Warrants which has been partially
exercised will be deemed to be outstanding only to the extent of the unexercised portion of the Special Warrants.

 

		1.6	Time

 

Time is of the essence
hereof and of each Special Warrant Certificate.

 

		1.7	Applicable Law

 

This Indenture and
each Special Warrant Certificate are subject to and shall be construed in accordance with the laws of the Province of Ontario and
the federal laws of Canada applicable therein. Each of the parties hereto irrevocably attorn to the exclusive jurisdiction of the
courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

 

		1.8	Severability

 

Wherever possible,
each provision hereof shall be interpreted in such manner as to be effective and valid under Applicable Legislation. In the event
that any provision hereof shall be determined to be invalid, illegal or unenforceable in any respect under Applicable Legislation,
such provision will be ineffective only to the extent of such invalidity, illegality and unenforceability and the validity, legality
and enforceability of the remainder of such provision and any other provision hereof shall not be affected or impaired thereby.

 

		1.9	Currency

 

All references to currency
herein and in the Special Warrant Certificates are to United States dollars unless otherwise indicated.

 

    6

     

    

 

		1.10	Conflicts

 

In the event of any
conflict or inconsistency between the provisions of this Indenture and the Special Warrant Certificates, the provisions of this
Indenture will govern.

 

		1.11	Schedules

 

The
attached Schedule "A" is incorporated into and form part of this Indenture.

 

		2.	ISSUE AND PURCHASE OF SPECIAL WARRANTS

 

		2.1	Creation, Form and Terms of Special Warrants

 

		(a)	The Company hereby creates and authorizes for issuance up to 10,141,987 Special Warrants at a price
of US$4.93 per Special Warrant, each such Special Warrant entitling a Special Warrantholder to acquire one Unit at no additional
cost, subject to adjustment as provided under this Indenture.

 

		(b)	Subject to the provisions hereof, the Special Warrants issued under this Indenture are limited
in the aggregate to 10,141,987 Special Warrants, provided that the number of Units is subject to increase or decrease so as to
give effect to the adjustments required by Article 4.

 

		(c)	No fractional Special Warrants shall be issued or otherwise provided for hereunder.

 

		2.2	Form of Special Warrants, Certificated Special Warrants

 

The
Special Warrants may be issued in both certificated and uncertificated form. All Special Warrants issued in certificated form shall
be evidenced by a Special Warrant Certificate (including all replacements issued in accordance with this Indenture), substantially
in the form set out in Schedule "A" hereto, which shall be dated as of the Closing Date, shall bear such
distinguishing letters and numbers as the Company may, with the approval of the Special Warrant Agent, prescribe, and shall be
issuable in any denomination excluding fractions. All Special Warrants issued in uncertificated form shall be evidenced by a DRS
Registration Statement or other written notice, as determined by the Company to be the most efficient means of complying with U.S.
Securities Laws and shall be reflected in the register of the Special Warrant Agent. Notwithstanding the foregoing, all Special
Warrants issued will bear the applicable legends as set forth herein.

 

		2.3	Special Warrant Certificate

 

		(a)	‎Special Warrants shall be issued in a certificated form or in an uncertificated form, such
uncertificated form being evidenced by a DRS Registration Statement or other written notice, as determined by the Company to be
the most efficient means of complying with U.S. Securities Laws. The form of certificate representing Special Warrants shall be
substantially as set out in Schedule "A" hereto or such other form as is authorized from time to time by the Special
Warrant Agent. Each Special Warrant Certificate shall be Authenticated on behalf of the Special Warrant Agent. Each Special Warrant
Certificate shall be signed by any one duly authorized signatory of the Company; whose signature shall appear on the Special Warrant
Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed
are as valid and binding upon the Company as if it had been signed manually. Any Special Warrant Certificate which has one
signature as hereinbefore provided shall be valid and binding notwithstanding that one or more of the persons whose signature is
printed, lithographed or mechanically reproduced no longer holds office at the date of issuance of such certificate. The Special
Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Special Warrant
Agent may determine.

 

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		(b)	The Special Warrant Agent shall Authenticate Uncertificated Special Warrants (whether upon original
issuance, exchange, registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Company
shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Special Warrants
under this Indenture. Such Authentication shall be conclusive evidence that such Uncertificated Special Warrant has been duly issued
hereunder and that the holder or holders are entitled to the benefits of this Indenture. The register shall be final and conclusive
evidence as to all matters relating to Uncertificated Special Warrants with respect to which this Indenture requires the Special
Warrant Agent to maintain records or accounts. In case of differences between the register at any time and any other time, the
register at the later time shall be controlling, absent manifest error and such Uncertificated Special Warrants are binding on
the Company.

 

		(c)	No Special Warrant shall be considered issued and shall be valid or obligatory or shall entitle
the holder thereof to the benefits of this Indenture, until it has been Authenticated by the Special Warrant Agent. Authentication
by the Special Warrant Agent, including by way of entry on the register or otherwise, shall not be construed as a representation
or warranty by the Special Warrant Agent as to the validity of this Indenture or of such Special Warrant Certificates or Uncertificated
Special Warrants (except the due Authentication thereof) or as to the performance by the Company of its obligations under this
Indenture and the Special Warrant Agent shall in no respect be liable or answerable for the use made of the Special Warrants or
any of them or of the consideration thereof. Authentication by the Special Warrant Agent shall be conclusive evidence as against
the Company that the Special Warrants so Authenticated have been duly issued hereunder and that the holder thereof is entitled
to the benefits of this Indenture.

 

		(d)	No Special Warrant Certificate shall be considered issued and Authenticated or, if Authenticated,
shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by manual
signature by or on behalf of the Special Warrant Agent substantially in the form of the Special Warrant Certificate set out in
Schedule "A" hereto. Such Authentication on any such certificated Special Warrant shall be conclusive evidence that
such Special Warrant Certificate is duly Authenticated and is valid and a binding obligation of the Company and that the holder
is entitled to the benefits of this Indenture.

 

		(e)	No Uncertificated Special Warrant shall be considered issued and shall be obligatory or shall entitle
the holder thereof to the benefits of this Indenture, until it has been Authenticated by entry on the register of the particulars
of the Uncertificated Special Warrants. Such entry on the register of the particulars of an Uncertificated Special Warrant shall
be conclusive evidence that such Uncertificated Special Warrant is a valid and binding obligation of the Company and that the holder
is entitled to the benefits of this Indenture.

 

    8

     

    

 

		2.4	Transferability and Ownership of Special Warrants

 

		(a)	The Company hereby appoints the Special Warrant Agent as registrar of the Special Warrants, whether
certificated or uncertificated, which shall contain the information called for below with respect to each Special Warrant, together
with such other information as may be required by law or as the Special Warrant Agent may elect to record. All such information
shall be kept in one set of accounts and records, at the Special Warrant Agent's Calgary office set forth in Section 1.1(ff), which
the Special Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party)
as the register of the Special Warrantholders. The information to be entered for each account in the register of Special Warrants
at any time shall include (without limitation):

 

		(i)	the name and address of the Special Warrantholder, the date of Authentication thereof and the number
of Special Warrants held;

 

		(ii)	whether such Special Warrant is a certificated or uncertificated and, if certificated, the unique
number or code assigned to and imprinted thereupon and, if an uncertificated, the unique number or code assigned thereto if any;

 

		(iii)	whether such Special Warrant has been cancelled; and

 

		(iv)	a register of transfers in which all transfers of Special Warrants and the date and other particulars
of each transfer shall be entered.

 

The register shall be available
for inspection by the Company and or any Special Warrantholder during the Special Warrant Agent's regular business hours on a Business
Day and upon payment to the Special Warrant Agent of its reasonable fees. Any Special Warrantholder exercising such right of inspection
shall first provide an affidavit in form satisfactory to the Company and the Special Warrant Agent stating the name and address
of the Special Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting
of Special Warrantholders or to influence the voting of Special Warrantholders at any meeting of Special Warrantholders.

 

		(b)	Once an Uncertificated Special Warrant has been Authenticated, the information set forth in the
register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed
only to reflect exercise or proper instructions to the Special Warrant Agent from the holder as provided herein, except that the
Special Warrant Agent may act unilaterally to make purely administrative changes internal to the Special Warrant Agent and changes
to correct errors. Each person who becomes a holder of an Uncertificated Special Warrant, by his, her or its acquisition thereof
shall be deemed to have irrevocably (i) consented to the foregoing authority of the Special Warrant Agent to make such minor error
corrections and (ii) agreed to pay to the Special Warrant Agent, promptly upon written demand, the full amount of all loss and
expense (including without limitation reasonable legal fees of the Company and the Special Warrant Agent plus interest, at an appropriate
then prevailing rate of interest), sustained by the Company or the Special Warrant Agent as a proximate result of such error caused
by the holder if but only if and only to the extent that such present or former holder realized any benefit as a result of such
error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance
of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by
the Special Warrant Agent; provided, that no person who is a bona fide purchaser shall have any such obligation to the Company
or to the Special Warrant Agent.

 

    9

     

    

 

		(c)	The Special Warrant Certificates may only be transferred by the Special Warrantholder (or its legal
representatives or its attorney duly appointed), in accordance with Applicable Legislation and upon compliance with the conditions
herein, on the register kept at the office of the Special Warrant Agent pursuant to Section 2.4(a) by delivering to the Special
Warrant Agent's Calgary office a duly executed Form of Transfer attached as Appendix 1 to the Special Warrant Certificate
and complying with such other reasonable requirements as the Company and the Special Warrant Agent may prescribe and such transfer
shall be duly noted on the register by the Special Warrant Agent. In the case of Uncertificated Special Warrants, the legal or
beneficial interest in the Special Warrants may only be transferred in accordance with the procedures of the direct registration
system utilized.

 

		(d)	Notwithstanding anything contained in this Indenture, in the Special Warrant Certificate or in
any subscription agreements under which Special Warrants were issued and sold, the Special Warrant Agent, relying solely on the
Form of Transfer or such other reasonable requirements as the Company and Special Warrant Agent may prescribe pursuant to Section
2.4(b) or this Section shall not register any transfer of a Special Warrant unless the transfer is made in compliance with this
Section.

 

		(e)	The Special Warrant Agent acknowledges and understands that the Special Warrants have not been
and will not be registered under the 1933 Act or under the securities or "blue sky" laws of any state of the United States.
As a result, a Special Warrantholder may only offer, sell, or otherwise transfer such securities (A) in compliance with Regulation
S under the 1933 Act; or (B) in a transaction that does not require registration under the 1933 Act or any applicable state securities
laws and, in each case, after the seller has prior to such transfer furnished to the Company an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Company to such effect. If a Special Warrant Certificate is tendered
for transfer in violation of the foregoing, the Special Warrant Agent shall not register such transfer.

 

		(f)	The Company shall direct the Special Warrant Agent as to matters related to the applicable hold
periods and applicable securities legislation. The Special Warrant Agent shall have no obligation to ensure or verify compliance
with any Applicable Legislation or regulatory requirements on the issue, automatic exercise or transfer of any Special Warrants,
Unit Shares, Unit Warrants or other securities issuable upon the exercise of any Special Warrants. The Special Warrant Agent shall
be entitled to process all proffered transfers and exercises of Special Warrants upon the presumption that such transfers or exercises
are permissible pursuant to all Applicable Legislation and regulatory requirements and the terms of this Indenture. The Special
Warrant Agent may assume for the purposes of this Indenture that the address on the register of Special Warrantholders of any Special
Warrantholder is the Special Warrantholder's actual address and is also determinative of the Special Warrantholder's residency
and that the address of any transferee to whom any Special Warrants or any Unit Shares and Unit Warrants comprising the Units are
to be registered, as shown on the transfer document, is the transferee's actual address and is also determinative of the transferee's
residency.

 

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		(g)	Upon any transfer of Special Warrants in accordance with the provisions of this Indenture, the
Company shall covenant and agree with the Special Warrant Agent, on behalf of the transferee holder and with the transferee holder,
that the transferee holder is a permitted assignee of the transferring holder and is entitled to the benefits of the covenant of
the Company to be set forth under the heading "Contractual Right of Rescission" in the Prospectus Supplement, subject
to the restrictions and limitations hereunder. Should a holder of Special Warrants exercise any legal, statutory, contractual or
other right of withdrawal or rescission that may be available to it, the Special Warrant Agent shall not be responsible for ensuring
the Special Warrants or the exercise of Special Warrants is cancelled and a refund of the holder's funds is paid back to the holder.
In such cases, the holder shall seek a refund directly from the Company and subsequently, the Company shall instruct the Special
Warrant Agent in writing, to cancel the Special Warrants or exercise transaction and any underlying shares on the register, which
may have already been issued upon the Special Warrant exercise.

 

		(h)	A person who furnishes evidence that he is, to the reasonable satisfaction of the Special Warrant
Agent:

 

		(i)	the executor, administrator, heir or legal representative of the heirs of the estate of a deceased
Special Warrantholder;

 

		(ii)	a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an
infant, an incompetent person or a missing person; or

 

		(iii)	a liquidator or, a trustee in bankruptcy for, a Special Warrantholder,

 

may,
as hereinafter stated, by surrendering such evidence together with the Special Warrant Certificate in question to the Special Warrant
Agent (by delivery or mail as set forth in Section 9.1 hereof), and subject to such reasonable requirements as the Special
Warrant Agent may prescribe and all applicable securities legislation and requirements of regulatory authorities, become noted
upon the register of Special Warrantholders. After receiving the surrendered Special Warrant Certificate and upon the person surrendering
the Special Warrant Certificate meeting the requirements as hereinbefore set forth, the Special Warrant Agent shall forthwith give
written notice thereof together with confirmation as to the identity of the person entitled to become the holder to the Company.
Forthwith after receiving written notice from the Special Warrant Agent as aforesaid, the Company shall cause a new Special Warrant
Certificate to be issued and sent to the new holder and the Special Warrant Agent shall alter the register of Special Warrantholders
accordingly.

 

		(i)	The Company and the Special Warrant Agent shall deem and treat the registered holder of any Special
Warrant as the absolute legal and beneficial owner thereof for all purposes, free from all equities or rights of set off or counterclaim
between the Company and any previous holder of such Special Warrant, save in respect of equities of which the Company is required
to take notice by statute or by order of a court of competent jurisdiction, and neither the Company nor the Special Warrant Agent
is affected by any notice to the contrary.

 

		(j)	Subject to the provisions of this Indenture and Applicable Legislation, each Special Warrantholder
is entitled to the rights and privileges attaching to the Special Warrants, and the issue of the Units by the Company on exercise
of Special Warrants by any Special Warrantholder in accordance
with the terms and conditions herein contained discharges all responsibilities of the Company and the Special Warrant Agent with
respect to such Special Warrants and neither the Company nor the Special Warrant Agent is bound to inquire into the title of any
such registered holder.

 

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		(k)	  No charge will be levied on a presenter of a Special Warrant Certificate pursuant to this Indenture for the transfer of any Special Warrant.

 

		(l)	Notwithstanding any other provision of this Section 2.4, in connection with any transfer of Special
Warrants, the transferor and transferee shall comply with all reasonable requirements of the Special Warrant Agent as the Special
Warrant Agent may deem necessary to secure the obligations of the transferee of such Special Warrants with respect to such transfer
or the sale of such Special Warrants to the Company pursuant to Section 2.11.

 

		2.5	Special Warrantholders Not Shareholders

 

A Special Warrantholder
is not deemed or regarded as a shareholder of the Company nor is such Special Warrantholder entitled to any right or interest except
as is expressly provided in this Indenture, in the Special Warrant Certificates or if the Special Warrants are issued in uncertificated
form, as provided for under the direct registration system.

 

		2.6	Signing of Special Warrants

 

Any one director or
officer of the Company shall sign the Special Warrant Certificates either manually or by electronic signature. An electronic signature
upon any Special Warrant Certificate is, for all purposes hereof, deemed to be the signature of the person whose signature it purports
to be and to have been signed at the time such electronic signature is reproduced. If a person whose signature, either manually
or in electronic form, appears on a Special Warrant Certificate is not a director or officer of the Company at the date of this
Indenture or at the date of the countersigning and delivery of such Special Warrant Certificate, such fact does not affect in any
way the validity of the Special Warrants or the entitlement of the Special Warrantholder to the benefits of this Indenture or of
the Special Warrant Certificate.

 

		2.7	Countersigning

 

The Special
Warrant Agent shall countersign the Special Warrant Certificates and Authenticated Uncertificated Special Warrants upon the
written direction of the Company. No Special Warrant Certificate shall be issued, or if issued, is valid or exercisable or
entitles the holder thereof to the benefits of this Indenture until the Special Warrant Certificate has been countersigned by
the Special Warrant Agent or the Uncertificated Special Warrant has been Authenticated by the Special Warrant Agent, as the
case may be. The countersignature or Authentication by or on behalf of the Special Warrant Agent will be conclusive evidence
as against the Company that the Special Warrant Certificate so countersigned or Uncertificated Special Warrant so
Authenticated has been duly issued hereunder and that the holder is entitled to the benefit hereof. The countersignature by
or on behalf of the Special Warrant Agent on any Special Warrant Certificate or the Authentication of any Uncertificated
Special Warrant by or on behalf of the Special Warrant Agent is not to be construed as a representation or warranty by the
Special Warrant Agent as to the validity of this Indenture or of the Special Warrants or as to the performance by the Company
of its obligations under this Indenture and the Special Warrant Agent is in no way liable or answerable for the use made of
the Special Warrants or the proceeds from the issuance thereof, except as specified by this Indenture. The countersignature
or Authentication, as the case may be, by or on behalf of the Special Warrant Agent is, however, a representation and
warranty of the Special Warrant Agent that the Special Warrant Certificate has been duly countersigned by or on behalf of the
Special Warrant Agent pursuant to the provisions of this Indenture.

 

    12

     

    

 

		2.8	Loss, Mutilation, Destruction or Theft of Special Warrants

 

In case any of the
Special Warrant Certificates issued and countersigned hereunder is mutilated or lost, destroyed or stolen, the Company, in its
discretion, may issue and thereupon the Special Warrant Agent will countersign and deliver a new Special Warrant Certificate of
like date and tenor, and bearing the same legend, as applicable, in exchange for and in place of the one mutilated, lost, destroyed
or stolen and upon surrender and cancellation of such mutilated Special Warrant Certificate or in lieu of and in substitution for
such lost, destroyed or stolen Special Warrant Certificate and the substituted Special Warrant Certificate entitles the holder
thereof to the benefits hereof and ranks equally in accordance with its terms with all other Special Warrants issued hereunder.

 

The Special Warrantholder
applying for the issue of a new Special Warrant Certificate pursuant to this Section shall bear the cost of the issue thereof and
in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and the Special
Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Special Warrant Certificate so lost, destroyed
or stolen as is satisfactory to the Company and the Special Warrant Agent in their discretion. The Company and the Special Warrant
Agent shall also, as a condition precedent to issuing a new Special Warrant Certificate, require such applicant to furnish an indemnity
and surety bond in amount and form satisfactory to the Company and Special Warrant Agent in their sole discretion, and the applicant
shall pay the reasonable charges of the Company and the Special Warrant Agent in connection therewith.

 

		2.9	Exchange of Special Warrants

 

A
Special Warrantholder may, upon compliance with the reasonable requirements of the Special Warrant Agent (including compliance
with applicable securities laws) at any time prior to the Automatic Exercise Time, by written instruction delivered to the Special
Warrant Agent at the office of the Special Warrant Agent set forth in Section 1.1, exchange his Special Warrant Certificates
for Special Warrant Certificates evidencing Special Warrants in other denominations entitling the Special Warrantholder to acquire
in the aggregate the same number of Units to which it was entitled to acquire under the Special Warrant Certificates so surrendered,
in which case the Special Warrant Agent may make a charge sufficient to reimburse it for any government fees or charges required
to be paid and such reasonable fees as the Special Warrant Agent may determine for every Special Warrant Certificate issued upon
exchange. The Special Warrantholder surrendering such Special Warrant Certificate shall bear such fee and charge. Payment of the
charges is a condition precedent to the exchange of the Special Warrant Certificate. The Company shall sign and the Special Warrant
Agent shall countersign all Special Warrant Certificates necessary to carry out exchanges as aforesaid.

 

Special
Warrant Certificates exchanged for Special Warrant Certificates that bear the legend set forth in Section 5.9 shall bear
the same legend.

 

		2.10	Ranking

 

All Special Warrants
will have the same attributes and rank pari passu regardless of the date of actual issue.

 

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		2.11	Purchase of Special Warrants for Cancellation

 

Subject
to Applicable Legislation, the Company may, at any time or from time to time, purchase all or any of the Special Warrants in the
market, by private contract or otherwise, on such terms as the Company may determine. Any such purchase shall be made at the lowest
price or prices at which, in the opinion of the directors, such Special Warrants are then obtainable plus reasonable costs of purchase.
The Special Warrants (and if applicable, the Special Warrant Certificates representing the Special Warrants) purchased hereunder
by the Company shall immediately following purchase, be delivered to and cancelled by the Special Warrant Agent and no Special
Warrants shall be issued in substitution therefor. In the case of Uncertificated Special Warrants, the Special Warrants purchased
pursuant to this Section 2.11 shall be reflected accordingly on the register of the Special Warrants and in accordance with
procedures prescribed under the direct registration system utilized. No Special Warrants shall be issued in replacement thereof.

 

		2.12	Cancellation of Surrendered Special Warrants

 

All
Special Warrant Certificates surrendered pursuant to Article 5 shall be cancelled by the Special Warrant Agent and upon
such circumstances all such Uncertificated Special Warrants shall be deemed cancelled and so noted on the register by the Special
Warrant Agent.

 

		3.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

 

So long as any Special
Warrants remain outstanding and/or the Purchaser’s Option remains exercisable in whole or in part, the Company represents,
warrants, covenants and agrees with the Special Warrant Agent for the benefit of the Special Warrant Agent and Special Warrantholders
as follows:

 

		3.1	To Issue Special Warrants and Reserve Subordinate Voting Shares and Unit Warrants

 

		(a)	That it is duly authorized to create and issue the Special Warrants and that the Special Warrants,
when issued and, in the case of certificated Special Warrants, countersigned by the Special Warrant Agent, will be valid and enforceable
against the Company in accordance with their terms and the terms of this Indenture and that, subject to the provisions of this
Indenture, the Company shall cause the Unit Shares and Unit Warrants comprising the Units acquired pursuant to the automatic exercise
of Special Warrants and the certificates (if any) representing such securities, to be duly issued and delivered in accordance with
the terms of the Special Warrants and this Indenture without payment of additional consideration by the Special Warrantholders.

 

		(b)	That the Company has reserved, allotted and set aside for issuance out of its authorized share
structure a number of Unit Shares, and shall direct the agent for the Unit Warrants to reserve and allot a number of Unit Warrants
sufficient to enable the Company to meet its obligations to issue Units in respect of the automatic exercise of all Special Warrants
outstanding from time to time. All Unit Shares issued pursuant to the automatic exercise of the Special Warrants shall be fully
paid and non-assessable and free and clear of all encumbrances arising through or under the Company. All Unit Warrants issued pursuant
to the automatic exercise of the Special Warrants will be issued as fully paid securities and will be valid, binding and enforceable
obligations of the Company and free and clear of all encumbrances arising through or under the Company.

 

		(c)	Subject to the terms of this Indenture, the Company shall not issue Subordinate Voting Shares or
securities convertible or exercisable for or into Subordinate Voting Shares in excess of the Purchaser Approved
Share Threshold (as such term is defined pursuant to the Arrangement Agreement) without the prior written consent of the Special
Warrantholders.

 

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		(d)	That Odyssey Trust Company is the registrar and transfer agent of the Unit Shares, and is duly
authorized to countersign, register and issue certificates representing, or otherwise document or evidence ownership of, such Unit
Shares, in each case in accordance with and pursuant to the terms of this Indenture.

 

		(e)	That Odyssey Trust Company is the warrant agent of the Unit Warrants, and is duly authorized to
countersign, register and issue certificates representing, or document such other evidence of ownership of, such Unit Warrants,
in each case in accordance with and pursuant to the terms of this Indenture and the Warrant Indenture.

 

		3.2	To Execute Further Assurances

 

That it shall do, execute,
acknowledge and deliver or cause to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law
as may reasonably be required for the better accomplishing and effecting of the intentions and provisions of this Indenture.

 

		3.3	To Carry On Business

 

That subject to the
express provisions hereof, it shall carry on and conduct and shall cause to be carried on and conducted its business in the same
manner as heretofore carried on and conducted and in accordance with industry standards and good business practice, provided, however,
that the Company or any Subsidiary of the Company may cease to operate or may dispose of any business, premises, property, assets
or operation if in the opinion of the directors or officers of the Company or any Subsidiary of the Company, as the case may be,
it would be advisable and in the best interests of the Company or any Subsidiary of the Company, as the case may be, to do so,
and subject to the express provisions hereof, it shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, provided, however, that nothing herein contained shall prevent the amalgamation, consolidation,
merger, sale, winding-up or liquidation of the Company or any Subsidiary of the Company or the abandonment of any rights and franchises
of the Company or any Subsidiary of the Company if, in the opinion of the directors or officers of the Company or any Subsidiary
of the Company, as the case may be, it is advisable and in the best interest of the Company or of such Subsidiary of the Company
to do so. Without limiting the generality of the foregoing, notwithstanding anything herein to the contrary, nothing herein shall
prevent the Company from carrying out its obligations under the Arrangement Agreement.

 

		3.4	Reporting Issuer

 

That the Company is
presently a reporting issuer not in default in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, and Nova
Scotia, and will use its commercially reasonable efforts to maintain its status in such jurisdictions and in each other Designated
Jurisdiction in which the Company becomes a reporting issuer for a period of 60 months following the date hereof.

 

		3.5	No Breach of Constating Documents

 

That the issue
and sale of the Special Warrants and the issue of the Unit Shares and Unit Warrants comprising the Units do not or will not
conflict with any of the terms, conditions or provisions of the Notice of Articles, Articles or resolutions of the
shareholders or directors of the Company, or any trust indenture, loan agreement or any other agreement or instrument to
which the Company or any Subsidiary is contractually bound as of the date of this Indenture.

 

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		3.6	Filing Prospectus Supplement, Registration Statement and Related Matters

 

That the Company shall
use its use its commercially reasonable efforts to, no later than the Qualification Deadline, file the Prospectus Supplement with
the Commissions and the Registration Statement with the SEC. If the Company has not filed the Prospectus Supplement with the Commissions
and the Registration Statement with the SEC by the Qualification Deadline, the Company covenants to file such documents as soon
as possible and in any event on or before March 20, 2020.

 

		3.7	Notices to Special Warrant Agent

 

That
upon: (i) the filing of the Prospectus Supplement; and (ii) the SEC declaring the Registration Statement effective; or as contemplated
in Section 3.6, the Company shall forthwith, and in any event not later than the first Business Day thereafter:

 

		(a)	give written notice to the Special Warrant Agent and the Agent of the filing of the Prospectus
Supplement and the declaration of effectiveness of the Registration Statement and the date upon which the Special Warrants will
be automatically exercised; and

 

		(b)	provide written confirmation to the Special Warrant Agent and the Agent of any adjustment that
has been made pursuant to Article 4.

 

		3.8	Securities Qualification Requirements

 

		(a)	If any instrument is required to be filed with or any permission, order or ruling is required to
be obtained from the Commissions or any other step is required under any federal or provincial law of the Designated Jurisdictions
before any securities or property which a Special Warrantholder is entitled to receive pursuant to the automatic exercise of a
Special Warrant may properly and legally be delivered upon the automatic exercise of a Special Warrant, the Company covenants that
it shall use its reasonable best efforts to make such filing, obtain such permission, order or ruling and take all such action,
at its expense, as is required or appropriate in the circumstances.

 

		(b)	For so long as any Special Warrants remain outstanding, or the Purchaser’s Option remains
exercisable in whole or in part, the Company covenants that it will use its reasonable best efforts to ensure that the certificates
or DRS Registration Statements representing the Unit Shares and ‎Warrants which may be acquired upon automatic exercise of
the Special Warrants and exercise of the ‎Purchaser’s Option will bear no legends, such that such certificates and
DRS Registration Statements will constitute “good ‎delivery” in settlement of transactions under the rules of
the Canadian stock exchanges. ‎

 

		3.9	Maintain Listing

 

Except to the extent
that the transactions contemplated in the Arrangement Agreement are completed, the Company will, at its expense, use its reasonable
best efforts to maintain the listing of the Subordinate Voting Shares which are outstanding on the CSE for a period of 60 months
following the date hereof and ensure that the Unit Shares and Warrant Shares will be accepted for trading and listed on such exchange
as of the Automatic Exercise Time.

 

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	3.10	Satisfy Covenants

 

That the Company will
comply with all covenants and satisfy all terms and conditions on its part to be performed and satisfied under this Indenture and
advise the Agent, the Special Warrant Agent and the Special Warrantholders promptly in writing of any default under the terms of
this Indenture.

 

	3.11	Performance of Covenants by Special Warrant Agent

 

If the Company shall
fail to perform any of its covenants contained in this Indenture and the Company has not rectified such failure within ten (10)
Business Days after receiving notice of such failure by the Special Warrant Agent, the Special Warrant Agent may notify the Special
Warrantholders of such failure on the part of the Company or may itself perform any of the covenants capable of being performed
by it but, shall be under no obligation to perform said covenants or to notify the Special Warrantholders of such performance by
it. No such performance, expenditure or advance by the Special Warrant Agent shall relieve the Company of any default hereunder
or of its continuing obligations under the covenants herein contained.

 

	3.12	Special Warrant Agent's Remuneration and Expenses

 

The Company will pay
the Special Warrant Agent from time to time such reasonable remuneration for its services hereunder as may be agreed upon between
the Company and the Special Warrant Agent and will pay or reimburse the Special Warrant Agent upon its request for all reasonable
expenses and disbursements and advances properly incurred or made by the Special Warrant Agent in the administration or execution
of its duties hereby created (including the reasonable compensation and disbursements of its counsel and all other advisers and
assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Special Warrant
Agent hereunder shall be finally and fully performed, except any such expense, disbursement advance as may arise from the gross
negligence, wilful misconduct or fraud of the Special Warrant Agent. Any amount owing hereunder and remaining unpaid after 30 days
from the invoice date will bear interest at the then current rate charged by the Special Warrant Agent against unpaid invoices
and shall be payable upon demand. This Section shall survive the resignation of the Special Warrant Agent and/or the termination
of this Indenture.

 

	3.13	Trust for Special Warrantholder's Benefit

 

The covenants of the
Company to the Special Warrant Agent provided for in this Indenture shall be held in trust by the Special Warrant Agent for the
benefit of the Special Warrantholders.

 

	3.14	Notice to Special Warrantholders of Certain Events

 

The Company covenants
with the Special Warrant Agent for the benefit of the Special Warrant Agent and the Special Warrantholders that, so long as any
of the Special Warrants are outstanding, it will not:

 

		(a)	pay any dividend payable in shares of any class to the holders of its Subordinate Voting Shares
or make any other distribution to the holders of its Subordinate Voting Shares;

 

		(b)	offer to the holders of its Subordinate Voting Shares generally rights to subscribe for or to purchase
any Subordinate Voting Shares or shares of any class or any other securities, rights, warrants or options;

 

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		(c)	make any repayment of capital on, or distribution of evidences of indebtedness on, any of its assets
(excluding cash dividends) to the holders of Subordinate Voting Shares;

 

		(d)	amalgamate, consolidate or merge with any other person (including, for greater certainty, pursuant
to the arrangement contemplated by the Arrangement Agreement) or sell or lease the whole or substantially the whole of its assets
or undertaking;

 

		(e)	effect any subdivision, consolidation or reclassification of its Subordinate Voting Shares; or

 

		(f)	liquidate, dissolve or wind-up,

 

unless,
in each such case, the Company will have given notice, in the manner specified in Section 9.2, to each Special Warrantholder,
of the action proposed to be taken and the date on which (a) the books of the Company will close or a record will be taken for
such dividend, repayment, distribution, subscription rights or other rights, warrants or securities, or (b) such subdivision, consolidation,
reclassification, amalgamation, merger, sale or lease, dissolution, liquidation or winding-up will take place, as the case may
be, provided that the Company will only be required to specify in the notice those particulars of the action as will have been
fixed and determined at the date on which the notice is given. The notice will also specify the date as of which the holders of
Subordinate Voting Shares of record will participate in the dividend, repayment, distribution, subscription of rights or other
securities, rights, warrants or options, or will be entitled to exchange their Subordinate Voting Shares for securities or other
property deliverable upon such reclassification, amalgamation, subdivision, consolidation, merger, sale or lease, other disposition,
dissolution, liquidation or winding-up, as the case may be. The notice will be given, with respect to the actions described in
Sections (a), (b), (c), (d), (e) and (f) above not less than 10 days prior to the record date or the date on which the Company's
transfer books are to be closed with respect thereto.

 

	3.15	Closure of Share Transfer Books

 

The
Company further covenants and agrees that it will not during the period of any notice given under Section 9 close its share transfer
books or take any other corporate action which might deprive the Special Warrantholders of the opportunity of exercising their
Special Warrants; provided that nothing contained in this Section 3.15 will be deemed to affect the right of the Company
to do or take part in any of the things referred to in Section 3.14 or to pay cash dividends on the shares of any class or clauses
in its capital from time to time outstanding.

 

	3.16	Payment of Commissions

 

The Company will not
pay or give any commission or other remuneration within the meaning of section 3(a)(9) of the 1933 Act to any person, directly
or indirectly, for soliciting or in respect of the exercise of the Special Warrants.

 

	4.	ADJUSTMENT OF NUMBER OF UNITS

 

	4.1	Adjustment of Number of Units

 

The rights to acquire
Units in effect at any date attaching to the Special Warrants are subject to adjustment from time to time as follows:

 

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		(a)	if and whenever at any time from the date hereof and prior to the Automatic Exercise Time, the
Company:

 

		(i)	subdivides, redivides or changes its outstanding Subordinate Voting Shares into a greater number
of shares;

 

		(ii)	consolidates, reduces or combines its outstanding Subordinate Voting Shares into a smaller number
of shares; or

 

		(iii)	issues Subordinate Voting Shares or securities exchangeable or exercisable for or convertible into
Subordinate Voting Shares ("convertible securities") to the holders of all or substantially all of the outstanding
Subordinate Voting Shares by way of a stock dividend;

 

(any of the above being a "Subordinate
Voting Share Reorganization"), the number of Units issuable upon the exercise of each Special Warrant shall be adjusted
immediately after the effective date of the Subordinate Voting Share Reorganization or on the record date for the issue of Subordinate
Voting Shares or exchangeable, exercisable or convertible securities by way of stock dividend, by multiplying the number of Units
previously obtainable on the exercise of a Special Warrant by the fraction of which:

 

		(A)	the numerator is the total number of Subordinate Voting Shares outstanding immediately after the
effective or record date of the Subordinate Voting Share Reorganization, or, in the case of the issuance of exchangeable, exercisable
or convertible securities, the total number of Subordinate Voting Shares outstanding immediately after the effective or record
date of the Subordinate Voting Share Reorganization plus the total number of Subordinate Voting Shares issuable upon conversion,
exercise or exchange of such convertible securities; and

 

		(B)	the denominator is the total number of Subordinate Voting Shares outstanding immediately prior
to the applicable effective or record date of such Subordinate Voting Share Reorganization;

 

and
the Company and Special Warrant Agent, upon receipt of notice pursuant to Section 4.3, shall make such adjustment successively
whenever any event referred to in this Section 4.1(a) occurs and any such issue of Subordinate Voting Shares or convertible, exchangeable
or exercisable securities by way of a stock dividend is deemed to have occurred on the record date for the stock dividend for the
purpose of calculating the number of outstanding Subordinate Voting Shares under this Section 4.1(a). To the extent that any convertible
securities are not converted into or exchanged for Subordinate Voting Shares, prior to the expiration thereof, the number of Units
obtainable under each Special Warrant shall be readjusted to the number of Units that is then obtainable based upon the number
of Subordinate Voting Shares actually issued on conversion or exchange of such convertible securities;

 

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	 	(b)	 if and whenever at any time from the date hereof and
prior to the Automatic Exercise Time the Company shall fix a record date for the issue of rights, options or warrants to all or
substantially all of the holders of Subordinate Voting Shares under which such holders are entitled, during a period expiring
not more than 45 days after the record date for such issue ("Rights Period"), to subscribe for or acquire Subordinate
Voting Shares at a price per share to the holder of less than 95% of the Current Market Price for the Subordinate Voting Shares
on such record date (any of such events being called a "Rights Offering"), then the number of Units obtainable
upon the exercise of each Special Warrant shall be adjusted effective immediately after the end of the Rights Period to a number
determined by multiplying the number of Units obtainable upon the exercise thereof immediately prior to the end of the Rights
Period by a fraction:

 

		(i)	the numerator of which shall be the number of Subordinate Voting Shares outstanding after giving
effect to the Rights Offering and including the number of Subordinate Voting Shares actually issued or subscribed for during the
Rights Period upon exercise of the rights, warrants or options under the Rights Offering; and

 

		(ii)	the denominator of which shall be the aggregate of:

 

		(A)	the number of Subordinate Voting Shares outstanding as of the record date for the Rights Offering,
and

 

		(B)	a number determined by dividing (1) the product of the number of Subordinate Voting Shares issued
or subscribed during the Rights Period upon the exercise of the rights, warrants, or options under the Rights Offering and the
price at which such Subordinate Voting Shares are offered by (2) the Current Market Price of the Subordinate Voting Shares as of
the record date for the Rights Offering;

 

		(c)	if and whenever at any time from the date hereof and prior to the Automatic Exercise Time the Company
shall issue or distribute to all or to substantially all of the holders of the Subordinate Voting Shares:

 

		(i)	securities of the Company including rights, options or warrants to acquire shares of any class
or securities exchangeable or exercisable for, or convertible into, any such shares or property or assets and including evidence
of its indebtedness; or

 

		(ii)	any property (including cash) or other assets, and if such issuance or distribution does not constitute
a Subordinate Voting Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a "Special
Distribution"), the number of Units obtainable upon the exercise of each Special Warrant shall be adjusted effective immediately
after the record date at which the holders of affected Subordinate Voting Shares are determined for purposes of the Special Distribution
to a number determined by multiplying the number of Units obtainable upon the exercise thereof in effect on such record date by
a fraction:

 

		(A)	the numerator of which shall be the number of Subordinate Voting Shares outstanding on such record
date multiplied by the Current Market Price of the Subordinate Voting Shares on such record date; and

 

		(B)	the denominator of which shall be:

 

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		(1)	the product of the number of Subordinate Voting Shares outstanding on such record date and the
Current Market Price of the Subordinate Voting Shares on such record date, less

 

		(2)	the excess, if any, of (I) the fair market value on such record date, as determined by action by
the directors (whose determination absent manifest error shall be conclusive), to the holders of the Subordinate Voting Shares
of such securities or property or other assets so issued or distributed in the Special Distribution over (II) the fair market value
of the consideration received therefor by the Company from the holders of the Subordinate Voting Shares, as determined by action
by the directors (whose determination shall be conclusive);

 

	 	(d)	 if and whenever at any time from the date hereof and
prior to the Automatic Exercise Time, there is a reclassification of the Subordinate Voting Shares or a change or exchange in
the Subordinate Voting Shares into or for other shares or securities, or a capital reorganization of the Company other than as
described in Section 4.1(a) or the triggering of a shareholders' rights plan or a consolidation, amalgamation, arrangement or
merger of the Company with or into any other body corporate, trust, partnership or other entity (including, for greater certainty,
pursuant to the arrangement contemplated by the Arrangement Agreement), or a transfer, sale or conveyance of the property and
assets of the Company as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other
entity, any of such events being referred to as a "Capital Reorganization", every Special Warrantholder who has
not exercised its right of acquisition, as at the effective date of such Capital Reorganization is entitled to receive upon exercise
in accordance with the terms and conditions hereof and shall accept, in lieu of the number of Unit Shares and Unit Warrants obtainable
under the Special Warrants to which it was previously entitled, the kind and number of Units or other securities or property of
the Company that the Special Warrantholder would have been entitled to receive on such Capital Reorganization, if, on the record
date or the effective date thereof, as the case may be, the Special Warrantholder had been the registered holder of the number
of Units obtainable upon the exercise of Special Warrants then held, subject to adjustment thereafter in accordance with provisions
of the same, as nearly as may be possible, as those contained in this Section 4.1. The Company shall not carry into effect any
action requiring an adjustment pursuant to this Section 4.1(d) (including, for greater certainty, pursuant to the arrangement
contemplated by the Arrangement Agreement) unless all necessary steps have been taken so that the Special Warrantholders are thereafter
entitled to receive such kind and number of Units, other securities or property. The Company will not enter into a Capital Reorganization
unless its successor, or the purchasing body corporate, partnership, trust or other entity, as the case may be, prior to or contemporaneously
with any such Capital Reorganization, enters into an indenture which provides, to the extent possible, for the application of
the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Special Warrantholders to
the end that the provisions set forth in this Indenture are correspondingly made applicable, as nearly as may reasonably be, with
respect to any shares, other securities or property to which a Special Warrantholder is entitled on the exercise of his acquisition
rights thereafter. An indenture entered into by the Company pursuant to the provisions of this Section 4.1(d) is deemed a supplemental
indenture entered into pursuant to the provisions of Article 7. An indenture entered into between the Company, any successor to
the Company or any purchasing body corporate, partnership, trust or other entity and the Special Warrant Agent must provide for
adjustments which are as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which apply
to successive Capital Reorganizations;

 

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		(e)	where this Section 4.1 requires that an adjustment becomes effective immediately after a record
date or effective date, as the case may be, for an event referred to herein, the Company may defer, until the occurrence of that
event, issuing to the Special Warrantholder exercising his acquisition rights after the record date or effective date, as the case
may be and before the occurrence of that event the adjusted number of Units, other securities or property issuable upon the automatic
exercise of the Special Warrants by reason of the adjustment required by that event. If the Company relies on this Section 4.1(e)
to defer issuing an adjusted number of Units (or Unit Shares and Unit Warrants comprising such Units), other securities or property
to a Special Warrantholder, the Special Warrantholder has the right to receive any distributions made on the adjusted number of
Units, other securities or property declared in favour of holders of record on and after the date of exercise or such later date
as the Special Warrantholder would but for the provisions of this Section 4.1(e), have become the holder of record of the adjusted
number of Units, other securities or property;

 

		(f)	the adjustments provided for in this Section 4.1 are cumulative. After any adjustment pursuant
to this Section 4.1, the terms "Units", "Unit Shares" and "Unit Warrants" where used in this Indenture
is interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant
to this Section, the Special Warrantholder is entitled to receive upon the exercise of his Special Warrant, and the number of Units
obtainable in any exercise made pursuant to a Special Warrant is interpreted to mean the number of Units or other property or securities
a Special Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section
4.1, upon the full exercise of a Special Warrant;

 

		(g)	notwithstanding anything in this Article 4, no adjustment shall be made in the acquisition rights
attached to the Special Warrants if the issue of Subordinate Voting Shares is being made pursuant to any stock option or stock
purchase plan in force from time to time for directors, officers or employees of the Company;

 

		(h)	in the event of a question arising with respect to the adjustments provided for in this Section
4.1, that question shall be conclusively determined by the Company's auditors, acting in good faith, who shall have access to all
necessary records of the Company, and a determination by the Company's auditors is binding upon the Company, the Special Warrant
Agent, all Special Warrantholders and all other persons interested therein, subject to manifest error; and

 

		(i)	no adjustment in the number of Units obtainable upon automatic exercise of Special Warrants shall
be made in respect of any event described in this Section 4.1, other than the events referred in clauses (i) and (ii) of Section
(b) thereof, if the Special Warrantholders are entitled to participate in such event on the same terms, mutatis mutandis, as if
the Special Warrantholders had exercised their Special Warrants prior to or on the effective date or record date of such event.

 

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	4.2	Proceedings Prior to any Action Requiring Adjustment

 

As a condition precedent
to the taking of any action which requires an adjustment in any of the acquisition rights pursuant to the Special Warrants, including
the number of Units obtainable upon the automatic exercise thereof, the Company shall take any corporate action which may in its
opinion be necessary in order that the Company or any successor to the Company has unissued and reserved Subordinate Voting Shares
in its authorized share structure and may validly and legally issue as fully paid and non-assessable all the Unit Shares and may
validly and legally issue and deliver all Unit Warrants and any other securities or property which the Special Warrantholders are
entitled to receive on the full exercise of the Special Warrants in accordance with the provisions hereof.

 

	4.3	Certificate of Adjustment

 

The
Company shall from time to time immediately after the occurrence of any event which requires an adjustment as provided in Section
4.1, deliver a notice to the Special Warrantholders and the Special Warrant Agent specifying the nature of the event requiring
the adjustment, the amount of the adjustment necessitated thereby, and setting forth in reasonable detail the method of calculation
and the facts upon which the calculation is based. In the event of a dispute about such calculation, the certificate shall be supported
by a certificate of the Company's auditors verifying such calculation. The Special Warrant Agent shall rely, and shall be protected
in so doing, upon the certificate of the Company or the Company's auditor and any other document filed by the Company pursuant
to this Article 4 for all purposes.

 

	4.4	No Action After Notice

 

The
Company covenants with the Special Warrant Agent that it will not close its transfer books or take any other corporate action which
might deprive the holder of a Special Warrant of the opportunity of exercising the Special Warrants during the period of 14 days
after giving of the notice set forth in Section 4.3 hereof and 4.6 hereof.

 

	4.5	Protection of Special Warrant Agent

 

The Special Warrant
Agent shall not:

 

		(a)	at any time be under any duty or responsibility to a Special Warrantholder to determine whether
any facts exist which require any adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such adjustment
when made, or with respect to the method employed in making the same;

 

		(b)	be accountable with respect to the validity or value (or the kind or amount) of any shares or other
securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Special Warrant;

 

		(c)	be responsible for any failure of the Company to make any cash payment or to issue, transfer or
deliver Unit Shares or Unit Warrants comprising the Units or certificates for the Unit Shares or Unit Warrants comprising the Units
upon the surrender of any Special Warrants for the purpose of the exercise of such rights or to comply with any of the covenants
contained in this Article 4; and

 

		(d)	incur any liability or responsibility whatever or be in any way responsible for the consequence
of any breach on the part of the Company of any of the representations,warranties or covenants herein
contained or of any acts of the agents or servants of the Company.

 

    23

     

    

 

	4.6	Notice of Special Matters

 

The
Company covenants with the Special Warrant Agent that so long as any Special Warrants remain outstanding it will give notice, not
less than 14 days prior to the applicable record date, in the manner provided for in Article 9 to the Special Warrant Agent,
each Special Warrantholder and to the Agent of any event which requires an adjustment to the subscription rights attaching to any
of the Special Warrants pursuant to this Article 4. The Company covenants and agrees that such notice shall contain the particulars
of such event in reasonable detail and, if determinable, the required adjustment in the manner provided for in Article 9. The Company
further covenants and agrees that it shall promptly, as soon as the adjustment calculations are reasonably determinable, file a
certificate of an officer of the Company with the Special Warrant Agent, if so requested by the Special Warrant Agent in writing,
on which the Special Warrant Agent may act and rely, showing how such adjustment shall be computed and give notice to the Special
Warrantholders and the Agent of such adjustment computation.

 

	5.	EXERCISE AND CANCELLATION OF SPECIAL WARRANTS

 

	5.1	Notice of Automatic Exercise to Special Warrantholders

 

Upon
receipt of notice from the Company in accordance with Section 3.7, the Special Warrant Agent shall give written notice,
in the form to be provided by the Company to the Special Warrant Agent, to each holder of a Special Warrant concurrently with delivery
of the certificates (or DRS Statements or such other book-entry form, as applicable) representing the Unit Shares and Unit Warrants
comprising the Units in accordance with Section 5.3, which notice will include confirmation that no adjustment has occurred pursuant
to section 4.1, or if an adjustment has occurred, provide a certificate as set forth in section 4.3 herein.

 

	5.2	No Voluntary Exercise of Special Warrants

 

No Special Warrant
may be voluntarily exercised by the holder thereof at any time. The only exercise of the Special Warrants shall be automatic exercise
pursuant to Section 5.3

 

	5.3	Automatic Exercise of Special Warrants

 

		(a)	All Special Warrants will be automatically exercised at the Automatic Exercise Time and deemed
surrendered by the Special Warrantholders without any further action on the part of the Special Warrantholder. In that event, the
Special Warrant Agent shall, within three Business Days thereafter, deliver in uncertificated form the Unit Shares and Unit Warrants
comprising the Units issued upon automatic exercise of the Special Warrants, registered in the name of the Special Warrantholders,
to the addresses of the Special Warrantholders as specified in the register for the Special Warrants or to such address as the
Special Warrantholder may specify in writing to the Special Warrant Agent; provided, however, that all Unit Shares and Unit Warrants
comprising the Units issued to U.S. holders of Special Warrants must be represented by definitive certificates or DRS Registration
Statements.

 

    24

     

    

 

	 	(b)	 If any Units subscribed for are to be issued to a person
or persons other than the Special Warrantholder, the Special Warrantholder must pay to the Company or to the Special Warrant Agent
on his behalf an amount equal to all applicable transfer taxes or other government charges, and the Company will not be required
to issue or deliver any certificates evidencing, or provide other evidence of the issuance of any Unit Shares or Unit Warrants
unless or until that amount has been so paid or the Special Warrantholder has established to the satisfaction of the Company that
the taxes and charges have been paid or that no taxes or charges are owing.

 

	5.4	Effect of Exercise of Special Warrants

 

Upon the automatic
exercise of the Special Warrants, each Special Warrantholder is, at that time, deemed to have become the holder or holders of record
of the Unit Shares and Unit Warrants comprising the Units, in respect of which such Special Warrantholder's Special Warrants are
exercised or are automatically exercised, unless the transfer registers of the Company shall be closed by law on such date, in
which case the Units acquired shall be deemed to have been issued and such person or persons deemed to have become the holder or
holders of record of such Unit Shares and Unit Warrants comprising the Units on the date on which such transfer registers are next
reopened.

 

Notwithstanding any
provision herein to the contrary, the Company shall not be required to deliver certificates for Unit Shares and Unit Warrants comprising
the Units in any period while the Subordinate Voting Share or Unit Warrant transfer registers of the Company are closed and, in
the event of the exercise of any Special Warrant during any such period, the Unit Shares and Unit Warrants subscribed for shall
be issued and such person shall be deemed to have become the holder of record of such Unit Shares and Unit Warrants on the date
on which such Subordinate Voting Share and Unit Warrant transfer registers, respectively, are reopened.

 

	5.5	Partial Exercise

 

Any Special Warrantholder
may acquire a number of Units less than the number of Units which the holder is entitled to acquire pursuant to the surrendered
Special Warrant Certificate(s). In the event of any exercise of a number of Special Warrants less than the number which the holder
is entitled to exercise pursuant to the surrendered Special Warrant Certificates, the Special Warrantholder upon such exercise
shall, in addition to the number of Units acquired pursuant to the Special Warrants exercised, be entitled to receive, without
charge therefor, a new Special Warrant Certificate(s) bearing the same legend, if applicable, in respect of the balance of the
Special Warrants represented by the surrendered Special Warrant Certificate(s) and which were not then exercised.

 

	5.6	Special Warrants Void After Exercise

 

After the automatic
exercise of a Special Warrant as provided in this Section, the holder of a Special Warrant no longer has any rights either under
this Indenture or the Special Warrant Certificate, other than the right to receive certificates or other evidence of ownership
as provided herein representing the Unit Shares and Unit Warrants comprising the Units, and the Special Warrant is void and of
no value or effect.

 

	5.7	Fractions of Unit Shares or Unit Warrants

 

		(a)	Where a Special Warrantholder is entitled to receive, as a result of the adjustments provided for
in Section 4.1 or otherwise, on the automatic exercise of its Special Warrants a fraction of a Warrant Share or Unit Warrant, such
right may only be exercised in respect of such fraction in combination with another Special Warrant or other Special Warrants which
in the aggregate entitle the Special Warrantholder to receive a whole number of Unit Shares and Unit Warrants; and

 

    25

     

    

 

		(b)	If a Special Warrantholder is not able to, or elects not to, combine Special Warrants so as to
be entitled to acquire a whole number of Unit Shares and Unit Warrants, the Special Warrantholder may not exercise the right to
acquire a fractional Unit Share or Unit Warrant, and, as a result, has the right to acquire only that number of Unit Shares and
Unit Warrants equal to the next lowest whole number of Unit Shares and Unit Warrants and no cash will be paid in lieu of any fractional
Warrant Share or Unit Warrant.

 

	5.8	Accounting and Recording

 

The
Special Warrant Agent shall promptly notify the Company with respect to Special Warrants exercised. The Special Warrant Agent shall
record the particulars of the Special Warrants exercised which include the name or names and addresses of the persons who become
holders of Units on exercise pursuant to this Article 5 and the number of Units issued. Within three Business Days of the
exercise of each Special Warrant pursuant to Section 5.2, the Special Warrant Agent shall provide those particulars in writing
to the Company.

 

	5.9	Legending of Special Warrant Certificates and Underlying Securities

 

		(a)	The Special Warrant Certificates and Direct Registration Statements will bear a legend substantially
in the form of the following legend:

 

“THESE SECURITIES HAVE
NOT BEEN AND WILL NOT BE REGISTERED ‎UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. ‎SECURITIES
ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE ‎UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, ‎PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT (1) IN ‎COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ‎ACT, (2) PURSUANT TO
REGISTRATION UNDER THE U.S. SECURITIES ‎ACT, OR (3) PURSUANT TO AN AVAILABLE EXEMPTION FROM ‎REGISTRATION UNDER THE
U.S. SECURITIES ACT, AND, IN EACH ‎CASE, IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES ‎LAWS, AFTER THE SELLER
FURNISHES TO THE COMPANY AN ‎OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER ‎EVIDENCE OF EXEMPTION IN FORM AND
SUBSTANCE REASONABLY ‎SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING ‎TRANSACTIONS INVOLVING SUCH SECURITIES MAY
NOT BE ‎CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ‎ACT.”

 

		(b)	in the event that as of the exercise of the Special Warrants there is no effective Registration
Statement filed with the SEC covering the offer and sale of the Unit Shares, the Unit Shares shall be issued in a certificated
form or such other book-entry form as determined to be appropriate by the Company in order to comply with applicable U.S. Securities
Laws and the certificates (or such other book-entry or DRS Statements, as applicable) representing the Unit Shares (and any certificates
or such other DRS Statements issued in exchange therefor or substitution thereof), will bear a legend substantially in the form
of the following legend:

 

“THESE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE U.S. ‎SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), ‎OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. ‎THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR ‎OTHERWISE
TRANSFERRED EXCEPT (1) IN COMPLIANCE WITH ‎REGULATION S UNDER THE U.S. SECURITIES ACT, (2) PURSUANT TO ‎REGISTRATION
UNDER THE U.S.

 

    26

     

    

 

SECURITIES ACT, OR (3) PURSUANT
 ‎TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ‎U.S. SECURITIES ACT, AND, IN EACH CASE, IN COMPLIANCE WITH
 ‎ALL APPLICABLE STATE SECURITIES LAWS, AFTER THE SELLER ‎FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF ‎RECOGNIZED
STANDING OR OTHER EVIDENCE OF EXEMPTION IN ‎FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ‎COMPANY TO SUCH EFFECT.
HEDGING TRANSACTIONS INVOLVING ‎SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN ‎COMPLIANCE WITH THE U.S. SECURITIES
ACT.”

 

		(c)	in the event that as of the exercise of the Special Warrants there is no effective registration
statement filed with the SEC covering the offer and sale of the Unit Warrants, the Unit Warrants shall be issued in certificated
form or as DRS Statements, and the certificates or DRS Statements representing the Warrants (and any certificates or DRS Statements
issued in exchange therefor or substitution thereof), will bear a legend substantially in the form of the following legend:

 

‎“THESE SECURITIES
AND THE SECURITIES ISSUABLE UPON EXERCISE ‎HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT ‎OF 1933,
AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES ‎LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES
AND ‎THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE ‎OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
(1) IN ‎COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (2) ‎PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES
ACT, OR (3) ‎PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER ‎THE U.S. SECURITIES ACT, AND, IN EACH CASE,
IN COMPLIANCE WITH ALL ‎APPLICABLE STATE SECURITIES LAWS, AFTER THE SELLER FURNISHES ‎TO THE COMPANY AN OPINION OF
COUNSEL OF RECOGNIZED STANDING ‎OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE ‎REASONABLY SATISFACTORY TO THE
COMPANY TO SUCH EFFECT. ‎HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE ‎CONDUCTED UNLESS IN COMPLIANCE
WITH THE U.S. SECURITIES ACT.‎

 

THIS
WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR ‎BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. ‎PERSON
UNLESS THIS WARRANT AND THE SECURITIES ISSUABLE ‎UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER ‎THE U.S.
SECURITIES ACT AND APPLICABLE STATE SECURITIES ‎LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION ‎REQUIREMENTS IS
AVAILABLE. “UNITED STATES” AND "U.S. ‎PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. ‎SECURITIES
ACT‎.”‎

 

		(d)	In the event that as of the exercise of the Unit Warrants there is no effective registration statement
filed with the SEC covering the offer and sale of the Subordinate Voting Shares underlying the Unit Warrants, the Subordinate Voting
Shares underlying the Unit Warrants shall be issued in certificated form or as DRS Statements, and the certificates or DRS Statements
representing such Subordinate Voting Shares (and any certificates or DRS Statements issued in exchange therefor or substitution
thereof), shall bear a legend substantially in the form of the following legend:

 

    27

     

    

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR
THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (1) IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (2) PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES
ACT, OR (3) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, AND, IN EACH CASE, IN COMPLIANCE
WITH ALL APPLICABLE STATE SECURITIES LAWS, AFTER THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING
OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS
INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.

 

		(e)	All Special Warrant Certificates, all certificates issued in exchange therefor or in substitution
thereof and all DRS Registration Statements will have the following additional legends endorsed thereon:

 

"UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY SHALL NOT TRADE THE SECURITY BEFORE [FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL
DATE OF ISSUANCE OF SPECIAL WARRANT(S)."

 

"WITHOUT PRIOR WRITTEN
APPROVAL OF THE CSE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY
NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE CSE OR OTHERWISE IN CANADA OR TO
OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL DATE OF ISSUANCE OF SPECIAL WARRANT(S)."

 

	5.10	Issuance of Unit Shares and Unit Warrants

 

All certificates issued
for, or DRS Registration Statements in respect of, the Unit Shares, Unit Warrants and any Warrant Shares issuable upon exercise
of the Unit Warrants prior to the earlier of the Qualification Date and the date which is four months and one day after the original
date of issuance of Special Warrants will have the following legends endorsed thereon:

 

"UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY SHALL NOT TRADE THE SECURITY BEFORE FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL
DATE OF ISSUANCE OF SPECIAL WARRANT(S)."

 

"WITHOUT PRIOR WRITTEN
APPROVAL OF THE CSE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY
NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR

 

    28

     

    

 

THROUGH THE FACILITIES OF THE
CSE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL DATE
OF ISSUANCE OF SPECIAL WARRANT(S)."

 

In addition, all Unit
Shares and Unit Warrants issued prior to the filing of an effective ‎Registration Statement will be endorsed with the legend
required by Section 5.9(b) and all ‎Subordinate Voting Shares issuable upon exercise of the Unit Warrants issued prior to
the filing of ‎an effective registration statement covering the offer and sale of such Subordinate Voting Shares ‎will
be endorsed with the legend required by Section 5.9(c).‎

 

	5.11	Securities Restrictions

 

Notwithstanding
anything herein contained, in the event that the Special Warrants are exercised pursuant to and in accordance with the provisions
of Section 5.2 prior to the filing of the Prospectus Supplement, the certificates or DRS Registration Statements representing
the Unit Shares and Unit Warrants comprising the Units thereby issued will bear such legends as may, in the opinion of counsel
to the Company, acting reasonably, be necessary in order to avoid a violation of any applicable securities laws or to comply with
the requirements of any stock exchange on which the Subordinate Voting Shares or Unit Warrants are listed, provided that, if at
any time, in the opinion of counsel to the Company, such legends are no longer necessary in order to avoid violation of such laws,
or the holder of any such legended certificates representing the Unit Shares and Unit Warrants comprising the Units, at the holder's
expense, provides the Company and the registrar and transfer agent of the Subordinate Voting Shares with evidence satisfactory
in form and substance to the Company and the registrar and transfer agent of the Subordinate Voting Shares (which may include an
opinion of counsel satisfactory to the Company and the registrar and transfer agent of the Subordinate Voting Shares) to the effect
that such holder is entitled to sell or otherwise transfer such Unit Shares or Unit Warrants in a transaction in which such legends
are not required, such legended certificates representing Unit Shares or Unit Warrants may thereafter be surrendered to the Special
Warrant Agent in exchange for a certificate which does not bear such legend.

 

	5.12	Contractual Right of Rescission

 

The Company
covenants with the Special Warrant Agent to provide a right of rescission to each Special Warrantholder as hereinafter set
forth, which right shall be exercisable by a Special Warrantholder directly. The Company has agreed that in the event that a
holder of Special Warrants who acquires Unit Shares and Unit Warrants pursuant to the exercise of Special Warrants is or
becomes entitled under applicable Securities Laws to the remedy of rescission by reason of the short form base shelf
prospectus of the Company as supplemented by the Prospectus Supplement and any amendments thereto containing a
misrepresentation, such holder shall, subject to available defences and any limitation period under applicable securities
laws, be entitled to rescission not only of the holder’s exercise of its Special Warrants but also of the private
placement transaction pursuant to which the Special Warrants were initially acquired, and shall be entitled in connection
with such rescission to a full refund from the Company of the aggregate purchase price paid on the acquisition of the Special
Warrants. In the event such holder is a permitted assignee of the interest of the original holder of Special Warrants, such
permitted assignee shall be permitted to exercise the rights of rescission and refund granted hereunder as if such permitted
assignee was such original holder. The holder (or its permitted assignee) shall seek a refund directly from the Company and
the Special Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce the return of the
funds pursuant to this section, nor shall the Special Warrant Agent be in any other way responsible in the event that any
payment is not delivered or received pursuant to this section, and the Special Warrant Agent shall incur no liability with
respect to the delivery or non-delivery of any such funds. The provisions of this Section are a direct contractual right
extended by the Company to holders of Special Warrants and permitted assignees of such holders and are in addition to any
other right or remedy available to a holder of a purchased security under section 130(1) of the Securities Act
(Ontario) or equivalent provisions of applicable securities laws, or otherwise at law. The foregoing contractual rights of
action for rescission shall be subject to the defences described under section 130(1) of the Securities Act (Ontario)
which is incorporated herein by reference and any other defence or defences available to the Company under Applicable
Legislation.

 

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	6.	MEETINGS OF SPECIAL WARRANTHOLDERS

 

	6.1	Definitions

 

In
this Article 6 or otherwise in this Indenture:

 

		(a)	"Adjourned Meeting" means a meeting adjourned in accordance with Section 6.8;

 

		(b)	"Extraordinary Resolution" means a resolution proposed to be passed as an extraordinary
resolution at a Meeting duly convened for that purpose and held in accordance with the provisions of this Article 6, and carried
by not less than 2/3 of the votes cast on such resolution; and

 

		(c)	"Meeting" means a meeting of the Special Warrantholders.

 

	6.2	Convening Meetings

 

The
Special Warrant Agent or the Company may convene a Meeting at any time at the expense of the Company. Upon receipt of a written
requisition signed in one or more counterparts by Special Warrantholders having the right to acquire not less than 20% of the Units
which may at such time be acquired hereunder, the Special Warrant Agent or the Company shall convene a Meeting, provided that in
the case of the Special Warrant Agent, it has been indemnified and funded to its reasonable satisfaction by the Company or the
Special Warrantholders for the costs of convening and holding a Meeting. If the Special Warrant Agent or the Company fails to convene
the Meeting within 15 Business Days after being duly requisitioned to do so and indemnified and funded as aforesaid, the Special
Warrantholders having the right to acquire not less than 20% of the Units which may be acquired hereunder may themselves convene
a Meeting, the notice for which must be signed by one or more of those Special Warrantholders at such time, provided that the Special
Warrant Agent and Company receive notice of the Meeting in accordance with Section 6.4. A written requisition must state,
generally, the reason for the Meeting and business to be transacted at the Meeting.

 

	6.3	Place of Meeting

 

Every Meeting must
be held in Toronto, Ontario, #########, or at such other place that the Special Warrant Agent and Company approve.

 

	6.4	Notice

 

The
Special Warrant Agent or the Company, as the case may be, shall give written notice of each Meeting to each Special
Warrantholder, the Special Warrant Agent (unless the Meeting has been called by the Special Warrant Agent), the Agent and the
Company (unless the Meeting has been called by the Company) in the manner specified in Article 9 at least 25 days
before the date of the Meeting. The Special Warrant Agent shall give written notice of each Adjourned Meeting to each Special
Warrantholder in the manner specified in Article 9 at least 7 days before the date of the Adjourned Meeting. The notice for a
Meeting must state the time and place of the Meeting and, generally, the reason for the Meeting and the business to be
transacted at the Meeting, together with such additional information as may be required to sufficiently inform the Special
Warrantholders regarding the business to be transacted at the Meeting. The notice for an Adjourned Meeting must state the
time and place of the Adjourned Meeting but need not specify the business to be transacted at an Adjourned Meeting. The
accidental omission by the Special Warrant Agent or the Company, as the case may be, to give notice of a Meeting or an
Adjourned Meeting to a Special Warrantholder does not invalidate a resolution passed at a Meeting or Adjourned Meeting.

 

    30

     

    

 

	6.5	Persons Entitled to Attend

 

The Company and the
Agent may and the Special Warrant Agent shall, each by its authorized representatives, attend every Meeting and Adjourned Meeting
but neither the Company, the Agent nor the Special Warrant Agent has the right to vote. The legal advisors of the Company, the
Agent, the Special Warrant Agent, and any Special Warrantholders, respectively, may also attend a Meeting or Adjourned Meeting
but do not have the right to vote, unless they have the right to vote as a Special Warrantholder.

 

	6.6	Quorum

 

Subject
to the provisions of Section 6.18, a quorum for a Meeting shall consist of two or more persons present in person and owning
or representing by proxy the right to acquire, not less than 20% of the Units which may at that time be acquired hereunder.

 

	6.7	Chairman

 

The Special Warrant
Agent shall nominate a natural person as the chairman of a Meeting or Adjourned Meeting. If the person so nominated is not present
within 15 minutes after the time set for holding the Meeting or Adjourned Meeting, the Special Warrantholders and proxies for Special
Warrantholders present shall choose one of their number to be chairman. The chairman may vote any Special Warrants for which he
or she is the registered holder.

 

	6.8	Power to Adjourn

 

The
chairman of any Meeting at which a quorum of the Special Warrantholders is present may, with the consent of the Meeting, adjourn
any such meeting. Notice of such adjournment will be given in accordance with Section 6.4 with such other requirements,
if any, as the Meeting may prescribe.

 

	6.9	Adjourned Meeting

 

If
a quorum of the Special Warrantholders is not present within 30 minutes after the time fixed for holding a Meeting, the Meeting
stands adjourned to a date not less than 10 calendar days and not more than 30 calendar days later, at a place determined in accordance
with Section 6.3, and at a time specified by the chairman. The Special Warrant Agent shall promptly and in accordance with
Section 6.4 send a notice of the Adjourned Meeting to each Special Warrantholder and the Company. At an Adjourned Meeting, two
or more Special Warrantholders or persons representing Special Warrantholders by proxy constitutes a quorum for the transaction
of business for which the Meeting was convened.

 

	6.10	Show of Hands

 

Subject to a poll
and except as otherwise required herein, every question submitted to a Meeting or Adjourned Meeting, except an Extraordinary
Resolution, shall be decided, in the first instance, by the majority of votes in a show of hands. If the vote is tied, the
chairman does not have a casting vote and the motion will not be carried. On a show of hands, each Special Warrantholder
present in person or represented by proxy and entitled to vote is entitled to one vote for every Special Warrant then
outstanding of which such Special Warrantholder is the registered owner.

 

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		6.11	Poll

 

When requested by a
Special Warrantholder acting in person or by the proxy representing the Special Warrantholder, and on every Extraordinary Resolution,
the chairman of a Meeting or Adjourned Meeting shall request a poll on a question submitted to the Meeting. Except as otherwise
required herein, if a question has been put to a poll, that question shall be decided by the affirmative vote of not less than
a majority of the votes given on the poll. If the vote is tied, the motion shall not be carried. On a poll, each Special Warrantholder
or person representing a Special Warrantholder shall be entitled to one vote for every Warrant Share which he or she is entitled
to acquire upon exercise of the Special Warrants of which he is the registered holder. A declaration made by the chairman that
a resolution has been carried or lost is conclusive evidence thereof. In the case of joint registered Special Warrantholders, any
one of them present in person or represented by proxy may vote in the absence of the other or others but when more than one of
them is present in person or by proxy, they may only vote together in respect of the Special Warrants of which they are joint registered
holders.

 

		6.12	Regulations

 

Subject to the provisions
of this Indenture, the Special Warrant Agent, or the Company with the approval of the Special Warrant Agent, may from time to time
make and, thereafter, vary regulations not contrary to the provisions of this Indenture as it deems fit providing for and governing
the following:

 

		(a)	setting a record date for a Meeting for determining Special Warrantholders entitled to receive
notice of and vote at a Meeting;

 

		(b)	voting by proxy, the manner in which a proxy instrument must be executed, and the production of
the authority of any person signing an instrument of a proxy on behalf of a Special Warrantholder;

 

		(c)	lodging and the means of forwarding the instruments appointing proxies, and the time before a Meeting
or Adjourned Meeting by which an instrument appointing a proxy must be deposited;

 

		(d)	the form of the instrument of proxy; and

 

		(e)	any other matter relating to the conduct of a meeting of Special Warrantholders.

 

A regulation so made
is binding and effective and votes given in accordance with such a regulation are valid. The Special Warrant Agent may permit Special
Warrantholders to make proof of ownership in the manner the Special Warrant Agent approves.

 

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		6.13	Powers of Special Warrantholders

 

By
Extraordinary Resolution passed pursuant to this Article 6, the Special Warrantholders may:

 

		(a)	agree to any modification, abrogation, alteration, compromise, or arrangement of the rights of
the Special Warrantholders whether arising under this Indenture, or otherwise at law, including the rights of the
Special Warrant Agent in its capacity as trustee hereunder or on behalf of the Special Warrantholders against the Company, which
has been agreed to by the Company;

 

		(b)	direct and authorize the Special Warrant Agent to exercise any discretion, power, right, remedy
or authority given to it by or under this Indenture in the manner specified in such resolution or to refrain from exercising any
such discretion, power, right, remedy, or authority;

 

		(c)	direct the Special Warrant Agent to enforce any covenant or obligation on the part of the Company
contained in this Indenture or to waive any default by the Company in compliance with any provision of this Indenture either unconditionally
or upon any conditions specified in such resolution;

 

		(d)	assent to any change in or omission from the provisions contained in this Indenture or the Special
Warrant Certificates or any ancillary or supplemental instrument which is agreed to by the Company, and to authorize the Special
Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission;

 

		(e)	without limiting the generality of Sections 6.13(a) and (d), assent to an extension of time thereunder;

 

		(f)	with the consent of the Company, remove the Special Warrant Agent or its successor in office and
to appoint a new special warrant agent, registrar and trustee to take the place of the Special Warrant Agent so removed;

 

		(g)	upon the Special Warrant Agent being furnished with funding and an indemnity that is, in its discretion,
sufficient, require the Special Warrant Agent to enforce any covenant of the Company contained in this Indenture or the Special
Warrant Certificates, or to enforce any right of the Special Warrantholders in any manner specified in such Extraordinary Resolution,
or to refrain from enforcing any such covenant or right;

 

		(h)	restrain any Special Warrantholder from instituting or continuing any suit or proceeding against
the Company for the enforcement of a covenant on the part of the Company contained in this Indenture or any of the rights conferred
upon the Special Warrantholders as set out in this Indenture or the Special Warrant Certificates;

 

		(i)	direct a Special Warrantholder who, as such, has brought a suit, action or proceeding to stay or
discontinue or otherwise deal with the same upon payment of the costs, charges, and expenses reasonably and properly incurred by
such Special Warrantholder in connection therewith;

 

		(j)	waive and direct the Special Warrant Agent to waive a default by the Company in complying with
any of the provisions of this Indenture or the Special Warrant Certificate either unconditionally or upon any conditions specified
in such Extraordinary Resolution;

 

		(k)	assent to a compromise or arrangement with a creditor or creditors or a class or classes of creditors,
whether secured or otherwise, and with holders of any shares or other securities of the Company; or

 

		(l)	amend, alter, or repeal any Extraordinary Resolution previously passed pursuant to this Section
6.13.

 

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		6.14	Powers Cumulative

 

Any one or more of
the powers or any combination of the powers in this Indenture stated to be exercised by the Special Warrantholders by Extraordinary
Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination
of powers from time to time shall not be deemed to exhaust the right of the Special Warrantholder to exercise such power or combination
of powers then or thereafter from time to time.

 

		6.15	Minutes of Meetings

 

The Special Warrant
Agent shall make and maintain minutes and records of all resolutions and proceedings at a Meeting or Adjourned Meeting at the expense
of the Company and shall make available those minutes and records at the office of the Special Warrant Agent for inspection by
a Special Warrantholder or his authorized representative and the Agent at reasonable times. If signed by the chairman of the Meeting
or by the chairman of the next succeeding Meeting, such minutes shall be prima facie evidence of the matters therein stated and,
until the contrary is proved, every such Meeting in respect of which minutes shall have been made shall be deemed to have been
duly convened and held, and all the resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and
taken.

 

		6.16	Written Resolutions

 

Notwithstanding the
foregoing, a written resolution or instrument signed in one or more counterparts by the Special Warrantholders holding the right
to acquire not less than a majority of the Units which may at that time be acquired hereunder in the case of a resolution, or not
less than 2/3 of the Units which may at that time be acquired hereunder in the case of an Extraordinary Resolution, is deemed to
be the same as, and to have the same force and effect as, a resolution or Extraordinary Resolution, as the case may be, duly passed
at a Meeting or Adjourned Meeting.

 

		6.17	Binding Effect

 

A
resolution of the Special Warrantholders passed pursuant to this Article 6 is binding upon all Special Warrantholders. Upon
the passing of a Special Warrantholder's resolution at a meeting of the Special Warrantholders, or upon the signing of a written
resolution or instrument pursuant to Section 6.16 and delivery by the Company to the Special Warrant Agent of an original, certified
or notarial copy, or copies, of such resolution as executed or passed by the Special Warrantholders, the Special Warrant Agent
is entitled to and shall give effect thereto.

 

		6.18	Holdings by the Company or Subsidiaries of the Company Disregarded

 

In determining whether
Special Warrantholders holding Special Warrants evidencing the required number of Units which may be acquired pursuant to the exercise
of the Special Warrants are present at a meeting of Special Warrantholders for the purpose of determining a quorum or have concurred
in any consent, waiver, resolution, Extraordinary Resolution or other action under this Indenture, Special Warrants owned legally
or beneficially by the Company or any Subsidiary of the Company shall be disregarded.

 

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		7.	SUPPLEMENTAL INDENTURES, MERGER, SUCCESSORS

 

		7.1	Provision for Supplemental Indentures for Certain Purposes

 

From time to time the
Company (when authorized by the directors of the Company) and the Special Warrant Agent may, subject to the provisions of this
Indenture, and they will when so directed in accordance with the provisions hereof, execute and deliver by their proper officers,
deeds, indentures or instruments supplemental hereto, which thereafter form part hereof for any one or more or all of the following
purposes:

 

		(a)	adding to the provisions hereof such additional covenants, enforcement provisions, and release
provisions (if any) as in the opinion of counsel acceptable to the Company and the Special Warrant Agent are necessary or advisable,
provided the same are not, in the opinion of counsel to the Special Warrant Agent prejudicial to the interests of the Special Warrantholders;

 

		(b)	adding to the covenants of the Company in this Indenture for the protection of the Special Warrantholders;

 

		(c)	evidencing any succession (or successive successions), of other companies to the Company and the
covenants of, and obligations assumed by, such successor (or successors) in accordance with the provisions of this Indenture;

 

		(d)	setting forth any adjustments resulting from the application of the provisions of Article 4;

 

		(e)	making such provisions not inconsistent with this Indenture as may be deemed necessary or desirable
with respect to matters or questions arising hereunder, provided that such provisions are not, in the opinion of counsel to the
Special Warrant Agent, prejudicial to the interests of the Special Warrantholders;

 

		(f)	giving effect to any Extraordinary Resolution;

 

		(g)	to rectify any ambiguity, defective provision, clerical omission or mistake or manifest or other
error contained herein or in any deed or indenture supplemental or ancillary hereto provided that, in the opinion of the counsel
to the Special Warrant Agent, the interests of the Special Warrantholders are not prejudiced thereby;

 

		(h)	adding to or altering the provisions hereof in respect of the transfer of Special Warrants, making
provision for the exchange of Special Warrant Certificates of different denominations, and making any modification in the form
of the Special Warrant Certificate which does not affect the substance thereof; or

 

		(i)	for any other purpose not inconsistent with the provisions of this Indenture, provided that, in
the opinion of counsel to the Special Warrant Agent, the rights of the Special Warrantholders are in no way prejudiced thereby.

 

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		7.2	Company May Consolidate, etc. on Certain Terms

 

Nothing in this
Indenture prevents any consolidation, amalgamation, arrangement or merger of the Company with or into any other body
corporate or bodies corporate, or a conveyance or transfer of all or substantially all the properties and assets of the
Company as an entirety to any body corporate lawfully entitled to acquire and operate the same, provided, however, that the
body corporate formed by such consolidation, amalgamation, arrangement or into which such merger has been made (including,
for greater certainty, the body corporate resulting from consummation of the arrangement contemplated by the Arrangement
Agreement), or which has acquired by conveyance or transfer all or substantially all the properties and assets of the Company
as an entirety in circumstances resulting in the Special Warrantholders being entitled to receive property from or securities
of such body corporate, shall execute prior to or contemporaneously with such consolidation, amalgamation, arrangement,
merger, conveyance or transfer, an indenture supplemental hereto wherein the due and punctual performance and observance of
all the covenants and conditions of this Indenture to be performed or observed by the Company are assumed by the successor
body corporate. The Special Warrant Agent is entitled to receive and is fully protected in relying upon an opinion of counsel
that any such consolidation, amalgamation, arrangement, merger, conveyance or transfer, and a supplemental indenture executed
in connection therewith, complies with the provisions of this Section.

 

		7.3	Successor Body Corporate Substituted

 

Where
the Company, pursuant to Section 7.2 hereof, is consolidated, amalgamated, arranged or merged with or into any other body
corporate or bodies corporate or conveys or transfers all of substantially all of the properties and assets of the Company as an
entirety to another body corporate, the successor body corporate formed by such consolidation, amalgamation, arrangement or into
which the Company has been merged or which has received a conveyance or transfer as aforesaid succeeds to and is substituted for
the Company hereunder with the same effect as nearly as may be possible as if it had been named herein. Such changes may be made
in the Special Warrants as may be appropriate in view of such consolidation, amalgamation, arrangement, merger, conveyance or transfer.

 

		8.	CONCERNING THE SPECIAL WARRANT AGENT

 

		8.1	Duties of Special Warrant Agent

 

By way of supplement
to the provisions of any statute for the time being relating to trustees, and notwithstanding any other provision of this Indenture,
in the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Special Warrant
Agent shall act honestly and in good faith with a view to the best interests of the Special Warrantholders and shall exercise that
degree of care, diligence and skill that a reasonably prudent special warrant agent would exercise in comparable circumstances.
No provision of this Indenture shall be construed to relieve the Special Warrant Agent from, or require any other person to indemnify
the Special Warrant Agent against any liability for its own gross negligence, wilful misconduct or fraud under this Indenture.

 

		8.2	Action by Special Warrant Agent

 

The Special Warrant
Agent is not obligated or bound to give any notice or to do or take any act action, proceeding or thing by virtue of the powers
conferred on it hereby unless and until it shall have been required to do so by this Indenture and, in the case of a default, only
when it has received actual written notice thereof, which notice shall distinctly specify the default desired to be brought to
the attention of the Special Warrant Agent and in the absence of any such notice the Special Warrant Agent may for all purposes
of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations,
warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given
to the Special Warrant Agent to determine whether or not the Special Warrant Agent shall take action with respect to any default.

 

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		8.3	Certificate of the Company

 

In the administration
of its duties under this Indenture, the Special Warrant Agent may accept, act, and rely on, and shall be protected in accepting,
acting, and relying upon, a certificate of the Company, resolutions, opinions, orders or other documents as conclusive evidence
of the truth of any fact relating to the Company or its assets therein stated and proof of the regularity of any proceedings or
actions associated therewith, but the Special Warrant Agent may in its discretion require further evidence or information before
acting or relying on any such certificate.

 

		8.4	Special Warrant Agent May Employ Experts

 

The Special Warrant
Agent may, at the Company's expense, employ or retain such counsel, lawyers, accountants, engineers, appraisers or other experts,
advisers or agents as it may reasonably require for the purpose of determining and discharging its duties hereunder and may pay
reasonable remuneration for such services rendered to it, without taxation of costs of any counsel or lawyers, but it is not responsible
for any misconduct, mistake, negligence or error of judgment on the part of any of them. The Company shall pay or reimburse the
Special Warrant Agent for any reasonable fees, expenses and disbursements of such counsel, lawyers, accountants, engineers, appraisers
or other experts, advisers or agents retained under this Section 8.4. The Special Warrant Agent may rely upon and act upon and
shall be protected in acting and relying in good faith upon the opinion or advice of, or information obtained from, any such counsel,
lawyer, accountant, engineer, appraiser or other expert, adviser or agent, whether retained or employed by the Company or by the
Special Warrant Agent, in relation to any matter arising in the administration of the agency hereof. The Special Warrant Agent
shall not incur any liability for the acts or omissions of such counsel, lawyers, accountants, engineers, appraisers or other experts,
advisers or agents employed by the Special Warrant Agent in good faith..

 

		8.5	Resignation and Replacement of Special Warrant Agent

 

		(a)	The Special Warrant Agent may resign its trust and be discharged from all further obligations hereunder
by giving to the Company and the Special Warrantholders written notice at least 60 days, or such shorter time period if acceptable
to the Special Warrant Agent, the Company and the Special Warrantholders, before the effective date of the resignation. If the
Special Warrant Agent resigns, or becomes incapable of acting hereunder, the Company shall forthwith appoint in writing a new Special
Warrant Agent. Failing such appointment by the Company or by the Special Warrantholders by Extraordinary Resolution, the retiring
Special Warrant Agent or any Special Warrantholder may apply to a Judge of the Ontario Superior Court on such notice as such Judge
may direct, for the appointment of a new Special Warrant Agent. The Special Warrantholders may, by Extraordinary Resolution, remove
the Special Warrant Agent (including a Special Warrant Agent appointed by the Company or by a Judge as aforesaid) and appoint a
new Special Warrant Agent. On any new appointment, the new Special Warrant Agent is vested with the same powers, rights, duties
and obligations as if it had been originally named as Special Warrant Agent without any further assurance, conveyance, act or deed.
If for any reason it becomes necessary or expedient to execute any further deed or assurance, the former Special Warrant Agent
shall execute the same in favour of the new Special Warrant Agent.

 

		(b)	Upon payment by the Company to the retiring Special Warrant Agent of any and all outstanding
                                                                                                                                                fees or charges still properly owing to it, the retiring Special Warrant Agent shall undertake to transfer all requisite
                                                                                                                                                files, inventory and other records to the successor trustee upon request of the Company. Any Special Warrant Certificates
                                                                                                                                                Authenticated but not delivered by a predecessor
Special Warrant Agent may be Authenticated by the successor Special Warrant Agent in the name of the successor Special Warrant
Agent.

 

		(c)	Any company into or with which the Special Warrant Agent may be merged or consolidated or amalgamated,
or any company resulting from a merger, consolidation, arrangement or amalgamation to which the Special Warrant Agent for the time
being is a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Special Warrant
Agent shall be the successor Special Warrant Agent under this Indenture without any further act on its part or any of the parties
hereto.

 

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		8.6	Indenture Legislation

 

The Company and the
Special Warrant Agent agree that each shall at all times in relation to this Indenture and to any action to be taken hereunder,
observe and comply with and be entitled to the benefits of all Applicable Legislation. If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with any mandatory requirement of Applicable Legislation, such mandatory requirement
prevails.

 

		8.7	Notice

 

The Special Warrant
Agent is not required to give notice to third parties, including the Special Warrantholders, of the execution of this Indenture.

 

		8.8	Use of Proceeds

 

The Special Warrant
Agent is in no way responsible for the use by the Company of the proceeds of the issue or any other funds that may be realized
hereunder.

 

		8.9	Documents, Monies, etc. Held by Special Warrant Agent

 

Until released in accordance
with this Indenture, any funds received hereunder shall be kept in segregated records of the Special Warrant Agent and the Special
Warrant Agent shall place the funds in accounts of the Special Warrant Agent at one or more of the Canadian Chartered Banks listed
in Schedule 1 of the Bank Act (Canada) (“Approved Bank”). All amounts held by the Special Warrant Agent
pursuant to this Indenture shall be held by the Special Warrant Agent for the Company and the delivery of the funds to the Special
Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Special Warrant Agent
pursuant to this Agreement are at the sole risk of the Company and, without limiting the generality of the foregoing, the Special
Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made
with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit
losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Special Warrant Agent
will have acted prudently in depositing the funds at any Approved Bank, and that the Special Warrant Agent is not required to make
any further inquiries in respect of any such bank. The Special Warrant Agent may hold cash balances constituting part or all of
such monies and need not, invest the same, and the Special Warrant Agent shall not be liable to account for any profit to any parties
to this Indenture or to any other person or entity. Any written direction for the investment or release of funds shall be received
by the Special Warrant Agent by 1:00p.m. (Toronto time) on the Business Day on which such release is to be made, failing which
such direction will be handled on a commercially reasonable efforts basis and may result in funds being invested or released on
the next Business Day.

 

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		8.10	No Inquiries

 

In the exercise of
any right or duty hereunder the Special Warrant Agent, if it is acting in good faith, may act and rely, as to the truth of any
statement or the accuracy of any opinion expressed therein, on any statutory declaration, opinion, report, written requests, consents,
or orders of the Company, certificates of the Company or other evidence furnished to the Special Warrant Agent pursuant to a provision
hereof or of Applicable Legislation or pursuant to a request of the Special Warrant Agent, if such evidence complies with Applicable
Legislation and the Special Warrant Agent examines such evidence and determines that it complies with the applicable requirements
of this Indenture. The Special Warrant Agent may nevertheless, in its discretion, require further proof in cases where it deems
further proof desirable. The Special Warrant Agent is not bound to make any inquiry or investigation as to the performance by the
Company of the Company's covenants hereunder.

 

		8.11	Actions by Special Warrant Agent to Protect Interest

 

The Special Warrant
Agent shall have the power to institute and to maintain such actions and proceedings as it may consider necessary or expedient
to preserve, protect or enforce its interests and the interests of the Special Warrantholders.

 

		8.12	Special Warrant Agent Not Required to Give Security

 

The Special Warrant
Agent is not required to give any bonds or security with respect to the execution or administration of the duties and powers of
this Indenture.

 

		8.13	No Conflict of Interest

 

The
Special Warrant Agent represents to the Company that, at the date of execution and delivery by it of this Indenture, there exists
no material conflict of interest in the role of the Special Warrant Agent as a fiduciary hereunder but if, notwithstanding the
provisions of this Section 8.13, such a material conflict of interest exists, the validity and enforceability of this Indenture
and the instruments issued hereunder is not affected in any manner whatsoever by reason only that such material conflict of interest
exists or arises. The Special Warrant Agent shall, within 30 days after ascertaining that it has a material conflict of interest,
either eliminate such material conflict of interest or resign in the manner and with the effect specified in Section 8.5.

 

		8.14	Special Warrant Agent Not Ordinarily Bound

 

No provision of
this Indenture shall require the Special Warrant Agent to expend or risk its own funds or otherwise incur liability,
financial or otherwise, in the performance of any of its duties or in the exercise of any of its rights or powers unless it
is indemnified and funded to its satisfaction. The obligation of the Special Warrant Agent to commence or continue any act,
action or proceeding for the purpose of enforcing any rights of the Special Warrantholders hereunder, is conditional upon
Special Warrantholders furnishing, when required in writing so to do by the Special Warrant Agent, notice specifying the act,
action or proceeding which the Special Warrant Agent is requested to take, an indemnity reasonably satisfactory to the
Special Warrant Agent, and funds sufficient for commencing or continuing the act, action or proceeding and an indemnity
reasonably satisfactory to the Special Warrant Agent to protect and hold harmless the Special Warrant Agent and its officers,
directors, employees and agents against the costs, charges and expenses and liabilities to be incurred thereby and any loss,
damage or liability it may suffer by reason thereof. The Special Warrant Agent may, before commencing or at any time during
the continuance of any such act, action or proceeding, require the Special Warrantholders, at whose instance it is acting to
deposit with the Special Warrant Agent the Special Warrant Certificates held by them, for which Warrants the Special Warrant
Agent shall issue receipts.

 

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		8.15	Special Warrant Agent May Deal in Instruments

 

The Special Warrant
Agent may in its personal or other capacity, buy, sell, lend upon and deal in and hold securities of the Company and generally
contract and enter into financial transactions with the Company or otherwise, without being liable to account for any profits made
thereby.

 

		8.16	Recitals or Statements of Fact Made by Company

 

Except
for the representations contained in Sections 8.13 and 8.20 subject to the provisions hereof, the Special Warrant Agent
is not liable for or by reason of any of the statements of fact or recitals contained in this Indenture or in the Special Warrant
Certificates and is not required to verify the same but all such statements and recitals are and are deemed to have been made by
the Company only.

 

		8.17	Special Warrant Agent's Discretion Absolute

 

The Special Warrant
Agent, except as herein otherwise provided, has, as regards all the duties, powers, authorities and discretions vested in it, absolute
and uncontrolled discretion as to the exercise thereof, whether in relation to the manner or as to the mode and time for the exercise
thereof.

 

		8.18	No Representations as to Validity

 

The Special Warrant
Agent is not:

 

		(a)	under any responsibility in respect of the validity of this Indenture or the execution and delivery
thereof or (subject to Section 2.7 hereof) in respect of the validity or the execution of any Special Warrant Certificate;

 

		(b)	responsible for any breach by the Company of any covenant or condition contained in this Indenture
or in any Special Warrant Certificate; or

 

		(c)	by any act hereunder, deemed to make any representation or warranty as to the authorization or
reservation of any Unit Shares or Unit Warrants to be issued as provided in this Indenture or in any Special Warrant Certificate
or as to whether any shares will when issued be duly authorized or be validly issued and fully paid and non-assessable. The duty
and responsibility as to all the matters and things referred to in this Section 8.18 rests upon the Company and not upon the Special
Warrant Agent and the failure of the Company to discharge any such duty and responsibility does not in any way render the Special
Warrant Agent liable or place upon it any duty or responsibility for breach of which it would be liable.

 

		8.19	Acceptance of Agency

 

The Special Warrant
Agent hereby accepts the agency in this Indenture and agrees to perform the same upon the terms and conditions herein set forth
or referred to unless and until discharged therefrom by resignation or in some other lawful way. No trust is intended to be or
will be created hereby and the Special Warrant Agent shall owe no duties hereunder as a trustee.

 

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		8.20	Special Warrant Agent's Authority to Carry on Business

 

The
Special Warrant Agent represents to the Company that at the date hereof it is authorized to carry on the business of a trust company
in the provinces of Alberta and British Columbia. If, notwithstanding the provisions of this Section 8.20, it ceases to
be authorized to carry on such business in any of the provinces of Alberta and British Columbia, the validity and enforceability
of this Indenture and of the Special Warrants issued hereunder are not affected in any manner whatsoever by reason only of such
event, provided that the Special Warrant Agent shall, within 30 days after ceasing to be authorized to carry on business in any
of the provinces of Alberta and British Columbia, either become so authorized or resign in the manner and with the effect specified
in Section 8.5.

 

		8.21	Additional Protections of Special Warrant Agent

 

By way of supplement
to the provisions of any law for the time being relating to the Special Warrant Agent and this Indenture, it is expressly declared
and agreed as follows:

 

		(a)	the Special Warrant Agent shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture;

 

		(b)	the Special Warrant Agent shall incur no liability with respect to the delivery or non-delivery
of any certificate or certificates whether delivered by hand, mail or any other means provided that they are sent in accordance
with the provisions hereof;

 

		(c)	nothing herein contained shall impose any obligation on the Special Warrant Agent to see to or
to require evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental
hereto; and

 

		(d)	the Special Warrant Agent shall not incur any liability or responsibility whatever or be in any
way responsible for the consequence of any breach on the part of the Company of any of its covenants herein contained or of any
acts of any directors, officers, employees, agents or servants of the Company.

 

		8.22	Indemnification of Special Warrant Agent

 

Without limiting
any protection or indemnity of the Special Warrant Agent under any other provision hereof, or otherwise at law, the Company
hereby agrees to indemnify and hold harmless the Special Warrant Agent, its affiliates, and each of their officers,
directors, employees, agents, successors and assigns (the "Indemnified Parties") from and against any and
all liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements, including reasonable
legal or advisor fees and disbursements, of whatever kind and nature which may at any time be imposed on, incurred by or
asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising,
directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or
about or in relation to the execution of the Indemnified Parties’ duties, or any other services that Special Warrant
Agent may provide in connection with, or in any way relating to, this Indenture and including any action or liability brought
against or incurred by the Indemnified Parties in relation to or arising out of any breach by the Company. Notwithstanding
any other provision hereof, the Company agrees that its liability hereunder shall be absolute and unconditional regardless of
the correctness of any representations of any third parties and regardless of the correctness of any representations of any
third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become
enforceable without prior demand or any other precedent action or proceeding; provided that the Company shall not be required
to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct or fraud of the Special
Warrant Agent. This provision shall survive the resignation or removal of the Special Warrant Agent, or the termination of
this Indenture. The Special Warrant Agent shall not be under any obligation to prosecute or to defend any action or suit in
respect of the relationship which, in the opinion of its counsel, may involve it in expense or liability, unless the Company
shall, so often as required, furnish the Special Warrant Agent with satisfactory indemnity and funding against such expense
or liability.

 

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Notwithstanding any
other provision of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Special Warrant Agent
shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of
any securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated
or punitive losses or damages. This provision shall survive the resignation or removal of the Special Warrant Agent, or the termination
of this Indenture.

 

		8.23	Performance of Covenants by Special Warrant Agent

 

If
the Company fails to perform any of its covenants contained in this Indenture, then the Company will notify the Special Warrant
Agent in writing of such failure and upon receipt by the Special Warrant Agent of such notice, the Special Warrant Agent will notify
the Special Warrantholders of such failure on the part of the Company and may itself perform any of the said covenants capable
of being performed by it, but shall be under no obligation to perform said covenants or to notify the Special Warrantholders of
such performance by it. All sums expended or disbursed by the Special Warrant Agent in so doing shall be reimbursed as provided
in Section 3.12. No such performance, expenditure or disbursement by the Special Warrant Agent shall be deemed to relieve
the Company of any default hereunder or of its continuing obligations under the covenants herein contained.

 

		8.24	Third Party Interests

 

Each party to this
Indenture hereby represents to the Special Warrant Agent that any account to be opened by, or interest to held by the Special Warrant
Agent in connection with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf
of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such party hereto agrees to
complete and execute forthwith a declaration in the Special Warrant Agent's prescribed form as to the particulars of such third
party.

 

		8.25	Not Bound to Act

 

The Special Warrant
Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any
other reason whatsoever, the Special Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance
with any applicable anti-money laundering, anti-terrorist or sanctions legislation, regulation or guideline. Further, should the
Special Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being
in non-compliance with any applicable anti-money laundering, anti-terrorist or sanctions legislation, regulation or guideline,
then it shall have the right to resign on 10 days' written notice to the Company, provided (i) that the Special Warrant Agent's
written notice shall describe the circumstances of such noncompliance to the extent permitted by any applicable anti-money laundering,
anti-terrorist or sanctions legislation, regulation or guideline; and (ii) that if such circumstances are rectified to the Special
Warrant Agent's satisfaction within such 10-day period, then such resignation shall not be effective.

 

    42

     

    

 

		9.	NOTICES

 

		9.1	Notice to Company, Special Warrant Agent and Agent

 

Any notice to the Company,
Special Warrant Agent or the Agent under the provisions of this Indenture is valid and effective if in writing delivered, sent
by registered letter, postage prepaid or sent by facsimile or email:

 

		(a)	to the Company at:

 

	 	Acreage Holdings, Inc.
	 	366 Madison Avenue, 11th Floor
	 	New York, NY 10017
	 	USA
	 	  
	 	Attn:	##########################
	 	Email:	##########################
	 	 
	 	with a copy to:
	 	 
	 	DLA Piper (Canada) LLP
	 	Suite 6000, 1 First Canadian
    Place
	 	PO Box 367, 100 King St West
	 	Toronto, ON M5X 1E2
	 	 
	 	Attn:	################
	 	E-Mail:	##########################
	 	 
	 	to the Special Warrant Agent
    at:
	 	 
	 	Odyssey Trust Company
	 	Stock Exchange Tower
	 	1230-300 5th Avenue SW
	 	Calgary, AB T2P 3C4
	 	 
	 	Attn:	##############
	 	Email:	##########################

 

		(b)	to the Agent at:

 

	 	Canaccord Genuity Corp.
	 	Brookfield Place
	 	161 Bay Street, Suite 3000
	 	P.O. Box 516, Toronto, ON M5G
    2S1
	 	 
	 	Attn:	###########
	 	Email:	##################
	 	 
	 	with a copy (which shall not
    constitute notice hereunder) to:

 

    43

     

    

 

	 	Fasken Martineau DuMoulin LLP
	 	333 Bay Street, Suite 2400
	 	Toronto, ON M5H 2T6
	 	 
	 	Attn:	##############
	 	E-Mail:	##########################

 

Any notice, direction
or other instrument aforesaid will, if delivered, be deemed to have been given and received on the day it was delivered and, if
mailed, be deemed to have been received on the fifth Business Day following the date of the postmark on such notice and, if sent
by facsimile or email, be deemed to have been given and received on the day it was so sent unless it was sent:

 

		(a)	on a day which is not a business day in the place to which it was sent; or

 

		(b)	after 4:30 p.m. in the place to which it was sent,

 

in which cases it will be deemed to have
been given and received on the next day which is a business day in the place to which it was sent.

 

		9.2	Notice to Special Warrantholders

 

Any notice to the Special
Warrantholders under the provisions of this Indenture is valid and effective if delivered, sent by regular mail or sent by courier,
to each Special Warrantholder at its address appearing on the register of Special Warrants kept by the Special Warrant Agent or,
in the case of joint holders, to the first such address, and, if delivered or couriered, shall be deemed to have been given and
received on the day it was delivered and, if mailed, be deemed to have been received on the fifth Business Day following the date
of the postmark on such notice.

 

A
copy of any notice provided to the Special Warrantholders shall be concurrently provided to the Agent in the manner specified in
Section 9.1. The Company, the Special Warrant Agent or the Agent, as the case may be, may from time to time notify the other
in the manner provided in Section 9.1 of a change of address which, from the effective date of such notice and until changed by
like notice, shall be the address of the Company, the Special Warrant Agent or the Agent, as the case may be, for all purposes
of this Indenture.

 

		10.	POWER OF BOARD OF DIRECTORS

 

		10.1	Board of Directors

 

In this Indenture,
where the Company is required or empowered to exercise any acts, all such acts may be exercised by the directors of the Company,
by any duly appointed committee of the directors of the Company or by those officers of the Company authorized to exercise such
acts.

 

		11.	MISCELLANEOUS PROVISIONS

 

		11.1	Further Assurances

 

The parties covenant
and agree from time to time, as may be reasonably required by any party hereto, to execute and deliver such further and other documents
and do all matters and things which are convenient or necessary to carry out the intention of this Indenture more effectively and
completely.

 

    44

     

    

 

		11.2	Unenforceable Terms

 

If any term, covenant
or condition of this Indenture or the application thereof to any party or circumstance is invalid or unenforceable to any extent,
the remainder of this Indenture or application of such term, covenant or condition to a party or circumstance other than those
to which it is held invalid or unenforceable is not affected thereby and each remaining term, covenant or condition of this Indenture
is valid and enforceable to the fullest extent permitted by law.

 

		11.3	No Waiver

 

No consent or waiver,
express or implied, by either party to or of any breach or default by the other party in the performance by the other party of
its obligations hereunder is deemed or construed to be a consent or waiver to or of any other breach or default in the performance
of obligations hereunder by such party. Failure on the part of either party to complain of any act or failure to act of the other
party or to declare the other party in default, irrespective of how long such failure continues, does not constitute a waiver by
such party of its rights hereunder.

 

		11.4	Waiver by Special Warrantholders and Special Warrant Agent

 

Notwithstanding
Section 11.3 above, upon the happening of any default hereunder:

 

		(a)	the holders of not less than 50% of the Special Warrants plus one Special Warrant then outstanding
shall have power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the
Special Warrant Agent to waive any default hereunder and the Special Warrant Agent shall thereupon waive the default upon such
terms and conditions as shall be prescribed in such requisition; or

 

		(b)	the Special Warrant Agent shall have power to waive any default hereunder upon such terms and conditions
as the Special Warrant Agent may deem advisable, if, in the Special Warrant Agent's opinion, relying on the opinion of legal counsel,
the same shall have been cured or adequate provision made therefor; provided that no delay or omission of the Special Warrant Agent
or of the Special Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power
or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either
of the Special Warrant Agent or of the Special Warrantholders shall extend to or be taken in any manner whatsoever to affect any
subsequent default hereunder of the rights resulting therefrom.

 

		11.5	Suits by Special Warrantholders

 

		(a)	No Special Warrantholder has any right to institute any action, suit or proceeding at law or in
equity for the purpose of enforcing the execution of any trust or power hereunder or for the appointment of a liquidator or receiver
or for a receiving order under the Bankruptcy and Insolvency Act (Canada) or to have the Company wound up or to file or
prove a claim in any liquidation or bankruptcy proceedings or for any other remedy hereunder unless the Special Warrantholders
by resolution adopted by the holders of Special Warrants exercisable to acquire 66.66% or more of the Unit Shares which may be
acquired upon exercise of all outstanding Special Warrants at the relevant time have made a request to the Special Warrant Agent
and the Special Warrant Agent has been afforded reasonable opportunity to proceed or complete any action or suit for any such purpose
whether or not in its own name and the Special Warrantholders, or any of them, have furnished to the Special Warrant
Agent, when so requested by the Special Warrant Agent sufficient funds and security and indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred therein or thereby and the Special Warrant Agent has failed to act within a reasonable
time or the Special Warrant Agent has failed to actively pursue any such act or proceeding.

 

    45

     

    

 

		(b)	Subject to the provisions of this Section and otherwise in this Indenture, all or any of the rights
conferred upon a Special Warrantholder by the terms of a Special Warrant may be enforced by such Special Warrantholder by appropriate
legal proceedings without prejudice to the right which is hereby conferred upon the Special Warrant Agent to proceed in its own
name to enforce each and all of the provisions herein contained for the benefit of the Special Warrantholders from time to time.

 

		11.6	SEC Reporting Status

 

The Company confirms
that it has either (i) a class of securities registered pursuant to Section 12 of the 1934 Act; or (ii) a reporting obligation
pursuant to Section 15(d) of the 1934 Act, and has provided, the Special Warrant Agent with an Officers’ Certificate (in
a form provided by the Special Warrant Agent), if requested by the Special Warrant Agent, certifying such reporting obligation
and other information as requested by the Special Warrant Agent. The Company covenants that in the event that any such registration
or reporting obligation shall be terminated by the Company in accordance with the 1934 Act, the Company shall promptly notify the
Special Warrant Agent of such termination and such other information as the Special Warrant Agent may require at the time. The
Company acknowledges that the Special Warrant Agent is relying upon the foregoing representation and covenants in order to meet
certain SEC obligations with respect to those clients who are filing with the SEC.

 

		11.7	Force Majeure

 

Except for the payment
obligations of the Company contained herein, neither party shall be liable to the other, or held in breach of this Indenture, if
prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots,
terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including,
but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this
Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this
Section.

 

		11.8	Privacy Matters

 

The Company acknowledge
that the Special Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal
information about such parties and/or their representatives, as individuals, or about other individuals related to the subject
matter hereof, and use such information for the following purposes:

 

		(a)	to provide the services required under this Indenture and other services that may be requested
from time to time;

 

		(b)	to help the Special Warrant Agent manage its servicing relationships with such individuals;

 

		(c)	to meet the Special Warrant Agent’s legal and regulatory requirements; and

 

		(d)	if Social Insurance Numbers are collected by the Special Warrant Agent, to perform tax reporting
and to assist in verification of an individual’s identity for security purposes.

 

    46

     

    

 

The Company acknowledges
and agrees that the Special Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired
by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the
terms described in its Privacy Code, which the Special Warrant Agent shall make available on its website, https://www.odysseytrust.com/,
or upon request, including revisions thereto. The Special Warrant Agent may transfer personal information to other companies in
or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

 

Further, the Company
agrees that it shall not provide or cause to be provided to the Special Warrant Agent any personal information relating to an individual
who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to
the aforementioned uses and disclosures.

 

		11.9	Enurement

 

This Indenture enures
to the benefit of and is binding upon the parties hereto and their respective successors and assigns.

 

		11.10	Counterparts

 

This Indenture may
be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together
shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of
the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date
hereof.

 

		11.11	Formal Date and Effective Date

 

For the purpose of
convenience this Indenture is referred to as bearing the formal date of February 10, 2020, however notwithstanding such formal
date, this Indenture becomes effective as between the Company and any particular Special Warrantholder upon the date of issuance
of a Special Warrant Certificate or Uncertificated Special Warrant to such Special Warrantholder.

 

    47

     

    

 

 

	ACREAGE HOLDINGS, INC.	 
	 	 	 
	Per:	/s/ Glen Leibowitz	 
	 	Authorized Signatory	 

 

	ODYSSEY TRUST COMPANY
	 	 	 
	Per:	/s/ Dan Sander	 
	 	Authorized Signatory	 
	 	 	 
	Per:	/s/ Gloria Gherasim	 
	 	Authorized Signatory	 

 

Signature Page to Special Warrant Indenture

 

     

     

    

 

Schedule "A"

 

FORM OF SPECIAL WARRANT CERTIFICATE

 

‎“THESE SECURITIES
HAVE NOT BEEN AND WILL NOT BE REGISTERED ‎UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. ‎SECURITIES
ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE ‎UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, ‎PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT (1) IN COMPLIANCE ‎WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (2) PURSUANT TO ‎REGISTRATION
UNDER THE U.S. SECURITIES ACT, OR (3) PURSUANT TO AN ‎AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE U.S. ‎SECURITIES
ACT, AND, IN EACH CASE, IN COMPLIANCE WITH ALL ‎APPLICABLE STATE SECURITIES LAWS, AFTER THE SELLER FURNISHES TO ‎THE
COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR ‎OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY ‎SATISFACTORY
TO THE COMPANY TO SUCH EFFECT. HEDGING ‎TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED ‎UNLESS IN COMPLIANCE
WITH THE U.S. SECURITIES ACT.”‎

 

"UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY SHALL NOT TRADE THE SECURITY BEFORE FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL DATE OF
ISSUANCE OF SPECIAL WARRANT(S).

 

WITHOUT PRIOR WRITTEN APPROVAL
OF THE CSE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE CSE OR OTHERWISE IN CANADA OR TO OR FOR
THE BENEFIT OF A CANADIAN RESIDENT UNTIL FOUR MONTHS AND ONE DAY AFTER THE ORIGINAL DATE OF ISSUANCE OF SPECIAL WARRANT(S).

 

THE SPECIAL WARRANTS REPRESENTED
BY THIS CERTIFICATE WILL BE DEEMED TO BE EXERCISED IMMEDIATELY PRIOR TO THE AUTOMATIC EXERCISE TIME (AS DEFINED BELOW) AND WILL
BE VOID THEREAFTER."

 

SPECIAL WARRANT CERTIFICATE

 

ACREAGE
HOLDINGS, INC.

(incorporated under the laws of British Columbia)

 

	No. SW-«Warrant»	«Number» SPECIAL WARRANTS entitling the holder to acquire one Unit Share and one Unit Warrant for each Special Warrant, subject to adjustment as set out below

 

THIS
IS TO CERTIFY that, for value received, «Name» (the "Special Warrantholder") is the registered
holder of the number of special warrants (the "Special Warrants") stated above and is entitled to acquire in the
manner and at the time, and subject to the restrictions contained in the Indenture (as defined below) hereinafter referred to,
the number of units (the "Units") of Acreage Holdings, Inc. (the "Company") as is equal to the
number of Special Warrants represented hereby (subject to adjustment as set out in the Indenture), all without payment of any consideration
in addition to that paid for the Special Warrants represented hereby. Each Unit is comprised of one Class A subordinate voting
share (a "Unit Share") and one Class A subordinate voting share purchase warrant (a "Unit Warrant").
Each Unit Warrant will be issued pursuant to the terms of a warrant indenture dated February 10, 2020 between the Company and Odyssey
Trust Company (the "Unit Warrant Agent") in its capacity as agent for the Unit Warrants and will entitle the holder
thereof to acquire one Class A subordinate voting share of the Company (a “Warrant Share”) for a period of 60
months following the Closing Date at a price of US$5.80 per share, subject to adjustment in certain events.

 

    B-1

     

    

 

The Special Warrants
represented by this certificate are issued under and pursuant to a certain indenture (the "Indenture") made as
of February 10, 2020 between the Company and Odyssey Trust Company (the "Special Warrant Agent") (which expression
includes any successor trustee appointed under the Indenture), to which Indenture and any instruments supplemental thereto reference
is hereby made for a full description of the rights of the holders of the Special Warrants and the terms and conditions upon which
such Special Warrants are, or are to be, issued and held, all to the same effect as if the provisions of the Indenture and all
instruments supplemental thereto were herein set forth, to all of which provisions the holder of these Special Warrants by acceptance
hereof assents. All terms defined in the Indenture are used herein as so defined. In the event of any conflict or inconsistency
between the provisions of the Indenture and the provisions of this Special Warrant Certificate, except those that are necessary
by context, the provisions of the Indenture shall prevail. The Company will furnish to the holder of this Special Warrant Certificate,
upon request and without charge, a copy of the Indenture.

 

No voluntary exercise
of Special Warrants is permitted. At the Automatic Exercise Time, all Special Warrants will be automatically exercised, delivered
and surrendered by the holder without any further action on the part of the holder.

 

The Company has covenanted
to: (i) prepare and file the Prospectus Supplement qualifying the Unit Shares and Unit Warrants for issuance in the Designated
Jurisdictions upon automatic exercise of the Special Warrants; and (ii) file with, and have declared effective by the Registration
Statement registering the issuance of the Unit Shares and the Warrants upon automatic exercise of the Special Warrants; on or before
the Qualification Deadline, provided however that there is no assurance that a Prospectus Supplement will be filed prior to the
expiry of the statutory four month hold period, or that the Registration Statement will be filed or declared effective.

 

The Unit Shares and
Unit Warrants in respect of which the Special Warrants are exercised will be deemed to have been issued on the date of such exercise,
at which time each Special Warrantholder will be deemed to have become the holder of record of such Unit Shares and Unit Warrants.

 

After the Automatic
Exercise of Special Warrants, the Special Warrant Agent shall within three Business Days of such Automatic Exercise cause to be
issued the appropriate number of Unit Shares and Unit Warrants issuable in respect of such Special Warrants, not exceeding those
which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants so exercised.

 

The holder of this
Special Warrant Certificate may at any time up to the Automatic Exercise Time, upon written instruction delivered to the Special
Warrant Agent and payment of the charges provided for in the Indenture and otherwise in accordance with the provisions of the Indenture,
exchange this Special Warrant Certificate for other Special Warrant Certificates evidencing Special Warrants entitling the holder
to acquire in the aggregate the same number of Unit Shares and Unit Warrants as may be acquired under this Special Warrant Certificate.

 

The
number of Units which may be acquired by a Special Warrantholder upon exercise of Special Warrants, are also subject to and governed
by Article 4 of the Indenture with respect to the anti-dilution provisions, including provisions for the appropriate adjustment
of the class, number and price of the securities issuable hereunder upon the occurrence of certain events including any subdivision,
consolidation, or reclassification of the shares, payment of stock dividends, or amalgamation of the Company.

 

The holding of the
Special Warrants evidenced by this Special Warrant Certificate does not constitute the Special Warrantholder a shareholder of the
Company or entitle such holder to any right or interest in respect thereof except as herein and in the Indenture expressly provided.

 

The
Special Warrants may only be transferred by the Special Warrantholder (or its legal representatives or its attorney duly appointed),
in accordance with applicable laws and upon compliance with the conditions set out in the Indenture, on the register kept at the
office of the Special Warrant Agent by delivering to the Special Warrant Agent's Calgary office a duly executed Form of Transfer
attached as Appendix 1 hereto and complying with such other reasonable requirements as the Company and the Special
Warrant Agent may prescribe and such transfer shall be duly noted on the register by the Special Warrant Agent.

 

    B-2

     

    

 

The holder
understands and acknowledges that the Special Warrants have not been and will not be ‎registered under the United
States Securities Act of 1933, as amended (the "1933 Act"), or under the securities laws of any state of the
United States, and that the Special Warrants are and, unless there is an effective registration ‎statement filed with
the United States Securities and Exchange Commission covering the offer and sale of the Unit ‎Shares and the Unit
Warrants, any Unit Shares and Unit Warrants issued upon exercise of such Special Warrants ‎will be, "restricted
securities" within the meaning of Rule 144(a)(3) of the 1933 Act. The holder understands and ‎acknowledges that
the Special Warrants will bear an appropriate 1933 Act legend to the foregoing effect and will ‎remain
 “restricted securities” notwithstanding any resale within or outside the United States unless the sale is
 ‎completed in accordance with Rule 144 under the 1933 Act (“Rule 144”). The holder further
acknowledges that ‎the Special Warrants will be subject to a minimum hold period of at least one year under Rule 144;
that it has been ‎advised to obtain independent legal and professional advice on the requirements of Rule 144; and that
it has been ‎advised that resales of the Special Warrants may be made only under certain circumstances. The holder
 ‎understands that to the extent Rule 144 is not available, the holder may be unable to sell the Special Warrants
 ‎without the availability of another exemption or exclusion from such registration requirements, and in all cases
 ‎pursuant to exemptions from applicable Securities Laws of any applicable state of the United States.

 

This Special Warrant
Certificate shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein and shall be treated in all respects as an Ontario contract.

 

After the Automatic
Exercise of any of the Special Warrants represented by this Special Warrant Certificate, the Special Warrantholder shall no longer
have any rights under either the Indenture or this Special Warrant Certificate with respect to such Special Warrants, other than
the right to receive certificates or other evidence of ownership representing the Unit Shares and Unit Warrants issuable on the
exercise of those Special Warrants, and those Special Warrants shall be void and of no further value or effect.

 

The Indenture contains
provisions making binding upon all Special Warrantholders resolutions passed at meetings of such holders in accordance with such
provisions or by instruments in writing signed by the Special Warrantholders holding a specified percentage of the Special Warrants.

 

    B-3

     

    

 

IN WITNESS WHEREOF
the Company has caused this Special Warrant Certificate to be executed and the Special Warrant Agent has caused this Special Warrant
Certificate to be countersigned by its duly authorized officers as of this ___ day of __________, 2020.

 

	ACREAGE HOLDINGS, INC.	 
	 	 	 
	Per:	 	 
	 	Authorized Signatory	 

 

COUNTERSIGNED BY:

 

	ODYSSEY TRUST COMPANY
	 	 	 
	Per:	 	 
	 	Authorized Signatory	 
	 	 	 

 

    B-4

     

    

 

 

Appendix 1
to

SPECIAL WARRANT CERTIFICATE

FORM OF TRANSFER

 

TO:                 ACREAGE HOLDINGS, INC. (the
 "Company")

 

AND TO:      ODYSSEY TRUST COMPANY (the
 “Special Warrant Agent”)

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto (name) ______________________________ (the "Transferee"), of ______________________
(residential address) ________________________________________________ Special Warrants of Acreage Holdings, Inc. registered in
the name of the undersigned on the records of Odyssey Trust Company represented by the attached certificate, and irrevocably appoints
____________________ as the attorney of the undersigned to transfer the said securities on the books or register of transfer, with
full power of substitution.

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).
THESE SECURITIES MAY ONLY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES.

 

The undersigned hereby represents, warrants
and certifies that (one (only) of the following must be checked):

 

 ̈      (A)       the transfer is being made
only to the Company;

 

 ̈      (B)        the transfer is being made
in compliance with Regulation S under the U.S. Securities Act; or

 

 ̈      (C)        the transfer is being made
in a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws.

 

In the case of a transfer in accordance
with (B) and (C) above, the Company and the Special Warrant Agent and shall first have received an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Company, to such effect.

 

DATED the ______ day of _________________,
20____.

 

	
         

         

        __________________________________________

        Signature Guaranteed

        (See instructions to Special

        Warrantholders in Appendix 3)

         

         

        

        Name of Special Warrantholder:

        Address (please print):

         

         

         
	
         

         

        ___________________________________________

        (Signature of Special Warrantholder, to
        be the same

        as appears on the face of this Special
        Warrant

        Certificate)

         

        

        ___________________________________________

         

        

        ___________________________________________

         

                                                                                              

        

	 	 

 

    B-5

     

    

 

REASON FOR TRANSFER – For US Residents only
(where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions
below).

 

	 ̈ Gift	 ̈ Estate	 ̈ Private Sale	 ̈ Other (or no change in ownership)

 

 
	Date of Event (Date of gift, death or sale):	Value per Special Warrant on the date of event:

 

	 ̈  ̈ /
     ̈  ̈ /
     ̈  ̈  ̈  ̈	 	$ 
     ̈  ̈  ̈. ̈  ̈	        ̈ CAD
    OR    ̈  USD

 

Note to Special Warrantholders:

 

		(1)	In order to transfer the Special Warrants represented by this Special Warrant Certificate, this
transfer form must be delivered to the Special Warrant Agent, together with this Special Warrant Certificate and, if applicable,
an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company that the transfer is
in compliance with applicable United States and state securities laws.

 

		(2)	The signature of the holder on the transfer form must be guaranteed by a Canadian Schedule 1 chartered
bank, a major trust company in Canada, a member of the Securities Transfer Association Medallion Program (STAMP), a member of the
Stock Exchange Medallion Program (SEMP) or a member of the New York Stock Exchange Inc. Medallion Signature Program (MSP).

 

CERTAIN REQUIREMENTS RELATING TO
TRANSFERS – READ CAREFULLY

 

The signature(s) of the transferor(s)
must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement,
or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this
form must be guaranteed in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer.
Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of
the following methods (although subject to change in accordance with industry practice and standards):

 

•       Canada
and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP,
SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature
Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct
prefix covering the face value of the certificate.

 

    B-6

     

    

 

•       Canada:
A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor
must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric
signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are
members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate
of incumbency, are also required to accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee"
Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the
Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face
value of the certificate. 

 

•       Outside
North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee
to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion
Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed. 

 

OR

 

The signature(s) of the transferor(s)
must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement,
or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia
Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures.
The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR
 "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent’s then current guidelines
and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency,
will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp
affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust
or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of
the certificate. 

 

REASON
FOR TRANSFER – FOR US RESIDENTS ONLY:

 

Consistent with US IRS regulations, the
Special Warrant Agent is required to request cost basis information from US securityholders. Please indicate the reason for requesting
the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized,
but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or
the date the private sale took place).

 

    B-7

     

    

 

Appendix 2

 

INSTRUCTIONS TO SPECIAL WARRANTHOLDERS

 

TO TRANSFER:

 

If the Special Warrantholder wishes to
transfer Special Warrants, then the Special Warrantholder must complete, sign and deliver (as appropriate):

 

		(a)	the Transfer Form attached as Appendix 1 (including an opinion of counsel described in Appendix
2, if applicable); and

 

		(b)	the Special Warrant Certificates.

 

to the Special Warrant Agent indicating
the number of Special Warrants to be transferred.

 

If the Special Warrant Certificate is transferred,
the Special Warrantholder's signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank, trust
company or an investment dealer who is a member of a recognized stock exchange.

 

For the protection of the holder, it would
be prudent to use registered mail if forwarding by mail.

 

GENERAL:

 

If the Transfer Form or Exercise Form is
signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary
or representative capacity, the Special Warrant Certificate must also be accompanied by evidence of authority to sign satisfactory
to the Special Warrant Agent.

 

The name and address of the Special Warrant
Agent is:

 

Odyssey Trust Company

Stock Exchange Tower

1230 - 300 5th Avenue SW

Calgary, AB T2P 3C4

 

    B-8

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