Document:

Exhibit 10.17

 

THIS NOTE
AND THE INDEBTEDNESS EVIDENCED HEREBY ARE AND SHALL AT ALL TIMES BE AND REMAIN SUBORDINATED IN RIGHT OF PAYMENT TO AND IN FAVOR
OF THE SENIOR NOTES, TO THE EXTENT SET FORTH IN THE SUBORDINATION AGREEMENT (AS DEFINED BELOW); AND THE HOLDER OF THIS INSTRUMENT,
BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT, DATED AS OF THE DATE HEREOF, BY
AND AMONG BORROWER, LENDER, THE COLLATERAL AGENT PARTY THERETO, AND THE SEVERAL HOLDERS OF SENIOR NOTES PARTY THERETO FROM TIME
TO TIME (THE “SUBORDINATION AGREEMENT”).

 

Secured
Note

 

FOR VALUE RECEIVED,
Herbal Brands, Inc., a Delaware corporation (“Borrower”), promises to pay Rock Cliff Capital LLC, (“Lender”),
on or before May 3, 2023, Eight Million Five Hundred Thousand Dollars ($8,500,000.00) in accordance with and subject to
the provisions of the Loan Agreement referred to below.

 

Borrower also promises
to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates set forth in the Loan
and Security Agreement, dated as of May 3, 2019 (as may be amended, supplemented or otherwise modified, the “Loan Agreement”;
the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among HERBAL BRANDS, INC.,
as Borrower and the Lender.

 

This Note is one of
the Notes issued pursuant to and entitled to the benefits of the Loan Agreement, to which reference is hereby made for a more complete
statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds as set forth
in Section 1.4 of the Loan Agreement.

 

This Note is subject
to prepayment at the option of Borrower as provided in Section 1.6(a) of the Loan Agreement, mandatory prepayment as set forth
in Section 1.6(b) of the Loan Agreement and a back-end fee as set forth in Section 1.6(c) of the Loan Agreement.

 

Upon the occurrence
and during the continuance of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued
and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with
the effect provided in the Loan Agreement.

 

The terms of this Note are subject to amendment
only in the manner provided in the Loan Agreement.

 

No reference herein
to the Loan Agreement and no provision of this Note or the Loan Agreement shall alter or impair the obligations of Borrower, which
are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, and in
the currency herein prescribed.

 

Borrower and any endorsers
of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive
diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute
of limitations as a defense to any demand hereunder (except as expressly provided in the Loan Agreement).

 

This Note is a Loan Document.

 

Borrower’s obligations
due under this Note are (i) guaranteed by Parent pursuant to the Guaranty (as defined in the Loan Agreement) (ii) secured by a
first-ranking security interest in (a) the Collateral (as defined in the Loan Agreement) in which Borrower has granted a Lien to
Lender and (b) the Collateral (as defined in the Pledge Agreement) in which Holdings has granted a Lien to Lender.

 

[Signature page follows.]

 

     

     

    

 

THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

	HERBAL BRANDS, INC.	 
	 	 	 
	By:	/s/ Kyle Detwiler	 
	Name: 	Kyle Detwiler	 
	Title:	President	 

 

[Signature Page to Note]Exhibit 10.18

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) MAY
3, 2019; AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

THE TRANSFER OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE IS SUBJECT TO THE RESTRICTIONS CONTAINED IN THE ARTICLES OF THE CORPORATION. THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND TO OTHER RIGHTS AND OBLIGATIONS SET FORTH IN A SHAREHOLDERS AGREEMENT
BETWEEN THE CORPORATION AND ITS SHAREHOLDERS, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME.

 

THIS WARRANT CERTIFICATE, AND THE WARRANTS
EVIDENCED HEREBY, SHALL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE THE EXPIRY TIME (AS HEREINAFTER DEFINED). 

 

	Number of Warrants:  193,402	Issue Date:  September 2, 2019 (the “Issue Date”)
	Certificate No: 3	Expiry Date:  May 3, 2023 (the “Expiry Date”)

 

AMENDED
AND RESTATED WARRANT CERTIFICATE

 

CLEVER LEAVES
INTERNATIONAL INC.

 

For value received, Rock Cliff Capital
LLC (the “Holder”) is the registered holder of that number of warrants (the “Warrants”)
of Clever Leaves International Inc. (the “Corporation”) as set forth above and this amended and restated warrant
certificate amends and restates the terms of the warrant certificate of the Corporation dated May 3, 2019, entitling the Holder
to acquire 193,402 Class C Preferred Shares in the capital of the Corporation at a price of USD$8.79 per share until 5:00 pm (Pacific
time) on May 3, 2021.

 

1. Warrants.
Each Warrant shall entitle the Holder to purchase one Class C Preferred Share in the capital of the Corporation (a “Share”)
as constituted on the Issue Date, at a price of USD$8.79 per Share until 5:00 pm (Pacific time) on the Expiry Date (the “Expiry
Time”).

 

2. Transfer.
The Warrants evidenced hereby (or any portion thereof) are not assignable, transferable or negotiable; provided, however, subject
to the provisions hereof, the constating documents of the Corporation, applicable securities legislation and the rules, policies,
notices and orders issued by applicable securities regulatory authorities, including any stock exchange the Shares may then be
listed and posted for trading on (the “Exchange”), the Warrants evidenced hereby (or any portion thereof) may
be assigned or transferred by the Holder to an affiliate of the Holder (within the meaning of the Business Corporations Act
(British Columbia)). Upon the transfer of any Warrants, the Corporation shall enter the name of the transferee in the Register
(as defined below) as the Holder of such transferred Warrants.

 

    

    

    

 

3. Warrants
Exercise Procedure. The Warrants represented by this Warrant certificate may be exercised in whole or in part at any time prior
to the Expiry Date by surrendering the original of this Warrant certificate at the offices of the Corporation set out in subsection 18.(g)
hereof together with a subscription form in the form attached as Schedule “A” hereto duly completed and executed,
such additional documents as may be contemplated thereby, and (a) a wire transfer, certified cheque, bank draft or money order
in lawful money of the United States payable to or to the order of the Corporation or (b) provided that the Shares (or such other
securities to be received by the Holder upon the exercise of this Warrant certificate following an adjustment in accordance with
Section 8 or pursuant to Section 9 hereof) are listed for trading on an Exchange, in lieu of cash settlement, the Holder may elect
to receive Shares (or such other securities upon adjustment in accordance with Section 8 or Section 9 hereof) equal to the value
of the Warrants (or any portion thereof if exercised in part), in which event the Corporation shall issue to the Holder the number
of Shares calculated in accordance with the following formula:

 

S = [W x (FMV-PP)]/FMV,

 

where:

 

S equals the number
of Shares to be issued to the Holder of the Warrants;

 

W equals the number
of Warrants being exercised;

 

FMV equals
the 20-day volume-weighted average price of such Shares (or such other securities to be received by the Holder upon the exercise
of this Warrant certificate following an adjustment in accordance with Section 8 or pursuant to Section 9 hereof) calculated as
at the date of exercise as reported by Bloomberg L.P.; and

 

PP equals the purchase
price of the Shares (as adjusted as at the date of exercise).

 

4. Register
of Warrant holders. The Corporation shall cause a register (the “Register”) to be kept in which shall be
entered the names and addresses of all holders of the Warrants and the number of Warrants held by each of them. The Corporation
may treat the registered holder of any certificate representing Warrants as the absolute owner of the Warrants represented thereby
for all purposes, and the Corporation shall not be affected by any notice or knowledge to the contrary except where the Corporation
is required to take notice by statute or by order of a court of competent jurisdiction.

 

5. Partial
Exercise. The Holder may subscribe for and purchase less than the full number of Shares entitled to be subscribed for and purchased
hereunder. In the event that the Holder subscribes for and purchases less than the full number of Shares entitled to be subscribed
for and purchased under this Warrant certificate prior to the Expiry Date, the Corporation shall issue a new Warrant certificate
to the Holder in substantially the same form as this Warrant certificate with appropriate changes to reflect the unexercised balance
of the Warrants.

 

6. Delivery
of Shares. Within five business days of receipt by the Corporation of this Warrant certificate in accordance with, and the
documents and payment noted in, Section 2, the Corporation will deliver a certificate(s) representing the Shares subscribed for
and purchased by the Holder hereunder, and a replacement Warrant certificate, if any.

 

7. No
Rights of Shareholders. Nothing contained in this Warrant certificate shall be construed as conferring upon the Holder any
right or interest whatsoever as a holder of Shares of the Corporation or any other right or interest except as herein expressly
provided.

 

    - 2 -

    

    

 

8. Adjustment of
Subscription and Purchase Rights. The rights evidenced by this Warrant certificate are to purchase Shares. If there
shall, prior to the exercise of any of the rights evidenced hereby, be any (a) reorganization of the authorized capital of
the Corporation by way of consolidation, merger, sub-division, amalgamation, arrangement, reclassification or otherwise; (b)
transfer, sale, lease or exchange of the undertaking or assets of the Corporation as an entirety or substantially as an
entirety to another person; (c) the payment of any stock dividends; (d) a special distribution or rights offering; (e) the
change or exchange of the Shares into or with another security; (f) any similar event or transaction not specifically
contemplated by this Section 8 as determined by the Corporation in its sole discretion or (g) any conversion of all
outstanding shares of Class C Preferred Shares into common shares of the Corporation (collectively, a
“Reorganization”), then there shall, subject to the consent of any Exchange (if required), automatically
be an adjustment, as applicable, in (i) the number of Shares of the Corporation which may be issued pursuant hereto and/or
the exercise price for the Shares, by corresponding amounts if applicable, and/or (ii) the kind and aggregate number of
Shares or other securities or property resulting from the Reorganization, so that the rights evidenced hereby shall
thereafter be as reasonably as possible equivalent to the rights originally granted hereby and such that the Holder, upon
exercise of this Warrant following the effective date of the Reorganization, shall receive the number, kind and type of
shares, securities or property the Holder would have been entitled to receive if, on the effective date thereof, the Holder
had been the registered holder of the number of Shares which the Holder was theretofore entitled to purchase or receive upon
the exercise of this Warrant certificate. In accordance with this certificate, the Corporation will make adjustments as it
considers necessary and equitable acting in good faith, subject to any approvals required by the Exchange (if applicable).
Upon each adjustment, the Corporation, at the Corporation’s expense, shall notify Holder in writing within a reasonable
time setting forth the adjustments and facts upon which such adjustment is based. If at any time a dispute arises with
respect to adjustments provide for herein, such dispute will be conclusively determined by the Canadian auditors of the
Corporation or if they are unable or unwilling to act, by such other firm of Canadian independent chartered accountants as
may be selected by the directors of the Corporation and any such determination, absent manifest error, will be binding upon
the Corporation, the Holder and shareholders of the Corporation. The Corporation will provide such auditors or accountants
with access to all necessary records of the Corporation and fees payable to such accountants or auditors will be paid by the
Corporation.

 

9. Consolidation
and Amalgamation. In the case of the Corporation entering into a transaction whereby all or substantially all of its undertaking,
property and assets would become the property of any other corporation (herein called a “successor corporation”)
whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise,
the successor corporation shall be bound by all of the provisions hereof including the due and punctual performance of all covenants
of the Corporation and forthwith following the occurrence of such event, the successor corporation resulting from such reorganization,
reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise (if not the Corporation), shall expressly
assume, by supplemental certificate satisfactory in form to the Holder, acting reasonably, and executed and delivered to the Holder,
the due and punctual performance and observance of this Warrant certificate to be performed and observed by the Corporation and
these securities and the terms set forth in this Warrant certificate will be a valid and binding obligation of the successor corporation
entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant certificate and
this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares
issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of
such transaction.

 

10. No
Fractional Shares. Upon the exercise of the Warrants evidenced hereby, the Corporation shall not be required to issue an aggregate
number of Shares that results in any fractional Shares being issued and the Holder shall be entitled to a cash payment or compensation
in lieu of a fractional Share.

 

11. Legending
of Shares. The Warrants have been, and the Shares will be, issued pursuant to an exemption (an “Exemption”)
from the registration and prospectus requirements of applicable securities law. To the extent that the Corporation relies on such
Exemption, the Shares may be subject to restrictions on resale and transferability contained in applicable securities laws.

 

The Holder hereby agrees and consents by
acceptance hereof that the certificate or certificates representing the Shares shall be impressed with a legend substantially in
the following form:

 

UNLESS PERMITTED
UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A
DAY AFTER THE LATER OF (I) MAY 3, 2019; AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

THE TRANSFER
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE RESTRICTIONS CONTAINED IN THE ARTICLES OF THE CORPORATION.
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND TO OTHER RIGHTS AND OBLIGATIONS SET
FORTH IN A SHAREHOLDERS’ AGREEMENT BETWEEN THE CORPORATION AND ITS SHAREHOLDERS, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME
TO TIME.

 

    - 3 -

    

    

 

The Warrants and the Shares issuable upon
exercise hereof have not been registered under the United States Securities Act of 1933, as amended (the “1933
Act”), or the securities laws of any state of the United States. Accordingly, the Warrants and the Shares issuable upon
exercise hereof may not be offered or sold, directly or indirectly, in the United States except pursuant to registration under
the 1933 Act and the applicable securities laws of all applicable states or available exemption therefrom. The Warrants may not
be exercised by or on behalf of a U.S. person or person in the United States unless the Warrants and the Shares issuable upon exercise
of the Warrants have been registered under the 1933 Act and the applicable securities legislation of any such state or an exemption
from such registration requirements is available. “United States” and “U.S. person” are as defined by Regulation
S under the 1933 Act. The Holder hereby agrees and consents by acceptance hereof that all certificates representing Shares acquired
upon exercise of the Warrants by, or for the account or benefit of, U.S. persons or persons in the United States shall have the
following legend:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”)
OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION,
(B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER,
IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION
UNDER THE 1933 ACT OR ANY APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE CORPORATION AN OPINION
OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE
MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON EXCHANGES IN CANADA.

 

provided, that if the Shares are being
sold under clause (B) above, the legend set forth above may be removed by providing a declaration to the Corporation and its registrar
and transfer agent in the form attached hereto as Schedule “B” or such other evidence of exemption as the Corporation
or its registrar and transfer agent may from time to time prescribe (which may include an opinion satisfactory to the Corporation
and its registrar and transfer agent), to the effect that the sale of the Shares is being made in compliance with Rule 904 of Regulation
S under the 1933 Act; provided further, that if any of the Shares are being sold pursuant to Rule 144 of the 1933 Act and in compliance
with any applicable state securities laws, the legend may be removed by delivery to the Corporation’s registrar and transfer
agent of an opinion satisfactory to the Corporation and its registrar and transfer agent to the effect that the legend is no longer
required under applicable requirements of the 1933 Act or state securities laws.

 

12. Shareholders’
Agreement. Upon exercise of the Warrants and as condition to the issuance of the Shares, the Holder shall deliver to the Corporation
an acknowledgement, substantially in the form attached hereto as Schedule “C”, whereby the Holder shall agree to be
bound by the terms and conditions of the Corporation’s shareholders’ agreement.

 

13. Change;
Waiver. Subject to the approval of the Exchange (if required), the provisions of these Warrants may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and consented to in writing by the Corporation and
the Holder.

 

    - 4 -

    

    

 

14. No
Obligation to Purchase. Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or
the Corporation to issue any Shares except those Shares in respect of which the Holder shall have exercised its right to purchase
in the manner provided hereunder.

 

15. Covenants.

 

		(a)	The Corporation covenants that (i) so long as any Shares evidenced hereby remain outstanding, it
shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Shares to satisfy the right
of purchase provided for herein should the Holder determine to exercise its rights in respect of all the Shares available for purchase
and issuance under outstanding Warrants, and (ii) all Shares (or other class of securities that may result from any Reorganization)
which shall be issued upon the due exercise of the right to purchase provided for herein, upon payment therefor of the amount at
which such Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable
securities and free of all liens, charges and encumbrances; and

 

		(b)	The Corporation shall use commercially reasonable efforts to preserve and maintain its corporate
existence.

 

		(c)	If the Corporation proposes at any time to: (i) declare any dividend or distribution upon the outstanding
Shares, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (ii) offer for subscription
or sale pro rata to the holders of the outstanding shares any additional shares of any class or series of the Corporation’s
stock (other than pursuant to contractual pre-emptive rights); (iii) effect any reclassification, exchange, combination, substitution,
reorganization or recapitalization of the outstanding Shares; (iv) effect an Consolidation and Amalgamation (as described in Section
9 hereof) or to liquidate, dissolve or wind up; or (v) effect an initial, underwritten offering and sale of its securities to the
public pursuant to an effective registration statement under the 1933 Act (the “IPO”); then, in connection with each
such event, the Corporation shall give Holder: (x) in the case of the matters referred to in (i) and (ii) above, at least
seven (7) business days prior written notice of the earlier to occur of the effective date thereof or the date on which a
record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding
Shares will be entitled thereto) or for determining rights to vote, if any, (y) in the case of the matters referred to in (iii)
and (iv) above at least seven (7) business days prior written notice of the date when the same will take place (and specifying
the date on which the holders of outstanding Shares will be entitled to exchange their Shares for the securities or other property
deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment
of this Warrant in connection with such event giving rise to the notice); and (z) with respect to the IPO, at least seven (7) business
days prior written notice of the date on which the Corporation proposes to file its registration statement in connection therewith.
Corporation will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s
accounting or reporting requirements.

 

16. Representations
and Warranties. The Corporation hereby represents and warrants with and to the Holder that the Corporation is duly authorized
and has the corporate and lawful power and authority to create and issue this Warrant certificate and the Shares issuable upon
the exercise hereof and perform its obligations hereunder and that this Warrant certificate represents a valid, legal and binding
obligation of the Corporation enforceable in accordance with its terms.

 

17. Lost
Certificate. If this Warrant certificate becomes stolen, lost, mutilated or destroyed, the Corporation may, on such terms as
it may in its discretion impose, respectively issue and countersign a new Warrant certificate of like denomination, tenor and date
as the Warrant certificate so stolen, lost, mutilated or destroyed.

 

    - 5 -

    

    

 

18. General.

 

		(a)	The headings in this certificate are for reference only and do not constitute terms of the Warrant
certificate.

 

		(b)	Whenever the singular or masculine is used in this Warrant certificate the same shall be deemed
to include the plural or the feminine or the body corporate as the context may require.

 

		(c)	This Warrant certificate shall enure to the benefit of and be binding upon the parties hereto and
their respective successors and assigns.

 

		(d)	Time shall be of the essence of this Warrant certificate.

 

		(e)	This Warrant shall be governed by and construed in accordance with the laws of the Province of
British Columbia and the federal laws of Canada applicable therein, without reference to its principles governing the choice or
conflict of laws. The Corporation and the Holder hereby irrevocably attorn and submit to the exclusive jurisdiction of the courts
of the Province of Ontario with respect to any dispute related to or arising from this Warrant certificate.

 

		(f)	All references herein to monetary amounts are references to lawful money of the United States.

 

		(g)	All notices or other communications to be given to the Holder by the Corporation under this Warrant
certificate shall be delivered by hand, courier, ordinary prepaid mail, facsimile or electronic mail; and, if delivered by hand,
shall be deemed to have been given on the delivery date, if delivered by ordinary prepaid mail shall be deemed to have been given
on the fifth day following the delivery date and, if sent by facsimile or electronic mail, on the date of transmission if sent
before 5:00 p.m. (local time where the notice is received) on a business day or, if such day is not a business day, on the
first business day following the date of transmission.

 

Notices to the Holder shall be
addressed to the address of the Holder set out in the Register.

 

Notices to the Corporation shall
be addressed to:

 

Clever Leaves International Inc.

33 Irving Place suite 9022

New York, NY 10003

 

		Attention:	Kyle Detwiler

		Email:	kyle@cleverleaves.com

 

Each of the Corporation
and the Holder may change its address for service by notice in writing to the other of them specifying its new address for service
under this Warrant certificate.

 

[THE REMAINDER OF THIS PAGE IS LEFT
INTENTIONALLY BLANK.]

 

    - 6 -

    

    

 

IN WITNESS WHEREOF the Corporation has
caused this Warrant certificate to be signed by its duly authorized officer on September 2nd, 2020.

 

	CLEVER LEAVES INTERNATIONAL INC.	 

 

	By:	/s/ Kyle Detwiler	 
	 	Authorized Signatory	 

 

Clever Leaves
– Warrant Certificate Signature Page

 

    

    

    

 

SCHEDULE
“A”

 

WARRANT
CERTIFICATE SUBSCRIPTION FORM

 

Clever Leaves International Inc.

 

33 Irving Place suite 9022

New York, NY 10003

 

Dear Sirs/Mesdames:

 

The undersigned hereby exercises the right
to purchase and hereby subscribes for ___________ Class C Preferred Shares (the “Shares”) of Clever Leaves
International Inc. (the “Corporation”) referred to in the Warrant certificate attached hereto according to the
conditions thereof as follows:

 

	
        This Subscription Form is
accompanied by a certified cheque, bank draft, or money order in the lawful money of the United States payable to or to the order
of the Corporation or by wire transfer as directed by the Corporation for the whole amount of the exercise price of the Shares.
	☐
	The Warrants are being exercised pursuant to the cashless exercise provisions set forth in Section 3 of the Warrant certificate.	☐

 

In connection with the exercise of the
Warrant certificate, the undersigned represents as follows: (Please check the ONE box applicable):

 

	
        ☐
	1.	The undersigned (a) at the time of exercise is not a U.S. person; (b)
at the time of exercise is not within the United States; (c) is not exercising any of the Warrants represented by this Warrant
certificate for the account or benefit of any U.S. person or person within the United States; and (d) did not execute or deliver
this Subscription Form in the United States.
	 	 	 
	☐	2.	The undersigned (a) was issued the Warrants directly from the Corporation;
(b) is exercising the Warrants solely for its own account or for the account of the original beneficial holder, if any, (c) each
of it and any beneficial purchaser was on the date the Warrants were acquired from the Corporation, and is on the date of exercise
of the Warrants, an “accredited investor” (as defined in Rule 501(a) of Regulation D under the 1933 Act) and (d) the
representations, warranties and covenants set forth in the written subscription agreement for the purchase of units from the Corporation
continue to be true and correct.
	 	 	 
	☐	3.	The undersigned has delivered to the Corporation a written opinion of
U.S. counsel reasonably satisfactory to the Corporation to the effect that the Shares to be delivered upon exercise hereof are
exempt from registration under the 1933 Act and the securities laws of all applicable states of the United States.

 

“1933 Act” means the
United States Securities Act of 1933, as amended. “U.S. person” and “United States”
are as defined by Regulation S under the 1933 Act.

 

Clever Leaves – Warrant Certificate Schedule “A”

 

    

    

    

 

Certificates representing Shares will not
be registered or delivered to an address in the United States unless Box 2 or Box 3 above is checked and the requirements in connection
therewith have been satisfied.

 

Certificates representing Shares issued
upon exercise of Warrants pursuant to Box 2 or Box 3 above will bear a U.S. restrictive legend.

 

If any Shares represented by this Warrant
certificate are not being exercised, a new Warrant certificate will be issued and delivered with the Share certificate(s).

 

Please issue and deliver a certificate
for the Shares being purchased as follows:

 

	NAME:	 
	 	(please print)
	ADDRESS:	 
	 	 
	DELIVERY	 
	 	 

 

INSTRUCTIONS:

 

		1.	The registered holder of a Warrant may
exercise its right to acquire Shares by completing and surrendering this Subscription Form and the ORIGINAL Warrant certificate
representing the Warrants being converted to the Corporation, together with the aggregate amount of the exercise price for the
Shares as provided for in the Warrant certificate. Certificates representing the Shares to be acquired on exercise will be sent
by prepaid first class mail to the address(es) above within five (5) business days after the receipt of all required documentation,
subject to the terms of the Warrant certificate.

 

		2.	If this Subscription Form indicates that
the Shares are to be issued to a person or persons other than the registered holder of the Warrants to be converted: (a) the signature
of the registered holder on this Subscription Form must be medallion guaranteed by an authorized officer of a chartered bank, trust
corporation or an investment dealer who is a member of a recognized stock exchange; and (b) the registered holder must pay to the
Corporation all applicable taxes and other duties.

 

		3.	If this Subscription Form is signed by
a trustee, executor, administrator, custodian, guardian, attorney, officer of a corporation or any other person acting in a fiduciary
or representative capacity, this Subscription Form must be accompanied by evidence of authority to sign satisfactory to the Corporation.

 

DATED this _______ day of __________________________________,
___________________.

 

    - 2 -

    

    

 

		)	
	Signature of Witness	)	Signature of registered holder or Signatory thereof
	[Please Note Instruction 2]	)	 
	 	)	 
		)	
	Print name of Witness	)	If applicable, print Name and Office of Signatory
	 	)	 
	 	)	
	 	)	Print Name of registered holder as on certificate
	 	)	 
	 	)	
	 	)	Street Address
	 	)	 
	 	)	
	 	)	City, Province/State and Postal/ZIP Code

 

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SCHEDULE
“B”

 

FORM
OF DECLARATION FOR REMOVAL OF U.S. LEGEND

 

		To:	Clever Leaves International Inc. (the “Corporation”).

 

The undersigned (a) acknowledges that the
sale of the securities of the Corporation to which this declaration relates is being made in reliance on Rule 904 of Regulation
S under the United States Securities Act of 1933, as amended (the “1933 Act”); and (b) certifies that
(i) the undersigned is not an “affiliate” of the Corporation (as that term is defined in Rule 405 under the 1933 Act);
(ii) the offer of such securities was not made to a person in the United States and either: (A) at the time the buy order was originated,
the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was
outside the United States; or (B) the seller nor any person acting on its behalf knows that the transaction has been prearranged
with a buyer in the United States; (iii) neither the seller nor any affiliate of the seller nor any person acting on any of
their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale
of such securities; (iv) the sale is bona fide and not for the purpose of “washing off” the resale restrictions
imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the 1933
Act); (v) the seller does not intend to replace such securities with fungible unrestricted securities of the Corporation; and (vi)
the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation
S, is part of a plan or scheme to evade the registration provisions of the 1933 Act. Terms used herein have the meanings given
to them by Regulation S under the 1933 Act.

 

Clever Leaves – Warrant Certificate Schedule “B”

 

    

    

    

 

	 	 	X
	Date	 	Authorized signatory (if Holder is not an individual)
	 	 	 
	X	 	
	Signature of individual (if Holder is an individual)	 	Name of authorized signatory (please print)
		 	 
		 	
	Name of Holder (please print)	 	Official capacity of authorized signatory
		 	(please print)

 

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SCHEDULE
“C”

 

JOINDER
TO THE SHAREHOLDERS’ AGREEMENT

 

		TO:	CLEVER LEAVES INTERNATIONAL INC.

 

		AND TO:	EACH SIGNATORY TO THE SHAREHOLDERS’ AGREEMENT

 

WHEREAS Clever Leaves International
Inc. (the “Corporation”) and its shareholders (the “Shareholders”) have entered into an amended
and restated shareholders’ agreement dated March 30, 2019, as amended from time to time (the “Shareholders’
Agreement”), to establish their rights and obligations in respect of their rights and obligations as Shareholders of
the Corporation, issued and unissued shares of the Corporation, the management and conduct of the business of the Corporation and
various other matters;

 

NOW THEREFORE, the undersigned,
having acquired certain shares of the Corporation, in consideration of the approval by the Board and/or the shareholders of the
Corporation of the issuance of such shares to the undersigned and other good and valuable consideration (receipt of which is hereby
acknowledged) hereby agrees to be a party to and bound by all of the provisions of the Shareholders’ Agreement as if the
undersigned were an original party thereto. Capitalized terms not otherwise defined herein shall have the respective meanings set
forth in the Shareholders’ Agreement.

 

[Signature page follows below.]

 

Clever Leaves – Warrant Certificate Schedule “C”

 

    

    

    

 

The undersigned has
executed this Acknowledgement this ___ day of _____________, 20____.

 

	 	[If a corporation,
insert Transferee Name]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Or

 

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

                                                                               ))

                                                                               )
	 
	Witness	))	[If an individual, insert Transferee Name]

 

 

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