Document:

Exhibit 4.2

 

 

TRUST
INDENTURE Exhibit 4.2

 

DATED
AS OF THE 20th DAY OF NOVEMBER, 2020

 

BETWEEN

 

JUSHI
HOLDINGS INC., AS ISSUER

 

AND

 

ODYSSEY
TRUST COMPANY, AS TRUSTEE

 

PROVIDING
FOR THE ISSUE OF NOTES

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	Article 1 INTERPRETATION	1
	 	 	 
	 	1.1	Definitions	1
	 	1.2	Meaning of “Outstanding”	13
	 	1.3	Interpretation	14
	 	1.4	Headings, Etc.	14
	 	1.5	Statute Reference	14
	 	1.6	Day not a Business Day	14
	 	1.7	Applicable Law	14
	 	1.8	Monetary References	15
	 	1.9	Invalidity, Etc.	15
	 	1.10	Language	15
	 	1.11	Successors and Assigns	15
	 	1.12	Benefits of Indenture	15
	 	1.13	Accounting Terms	15
	 	 	 
	Article 2 THE NOTES	15
	 	 	 
	 	2.1	Issue and Designation of Notes; Ranking	15
	 	2.2	Issuance in Series	16
	 	2.3	Form of Notes	17
	 	2.4	Execution, Authentication and Delivery of Notes	20
	 	2.5	Registrar and Paying Agent	20
	 	2.6	Paying Agent to Hold Money in Trust	21
	 	2.7	Book Entry Only Notes	21
	 	2.8	Global Notes	22
	 	2.9	Interim Notes	24
	 	2.10	Mutilation, Loss, Theft or Destruction	24
	 	2.11	Concerning Interest	24
	 	2.12	Payments of Amounts Due on Maturity	26
	 	2.13	Legends on Notes	27
	 	2.14	Payment of Interest	28
	 	2.15	Record of Payment	29
	 	2.16	Representation Regarding Third Party Interest	29
	 	 	 
	Article 3 TERMS OF THE 2019 SENIOR SECURED NOTES	29
	 	 	 
	 	3.1	Definitions	29
	 	3.2	Designation of the 2019 Senior Secured Notes	30
	 	3.3	Aggregate Principal Amount	30
	 	3.4	Authentication	30
	 	3.5	Date of Issue and Maturity	31
	 	3.6	Interest	31
	 	3.7	Prepayment; Redemption	31
	 	3.8	Payment Seniority	34
	 	3.9	Form and Denomination of the
    2019 Senior Secure Notes	34
	 	3.10	Currency of Payment	34
	 	3.11	Appointment	34
	 	3.12	Inconsistency	35
	 	3.13	Reference to Principal, Premium,Interest,etc.	35

 

     

     

    

 

	Article 4
    REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP	35
	 	 	 	 
	 	4.1	Register of Certificated Notes	35
	 	4.2	Global Notes	36
	 	4.3	Transferee Entitled to Registration	37
	 	4.4	No Notice of Trusts	37
	 	4.5	Registers Open for Inspection	38
	 	4.6	Transfers and Exchanges of Notes	38
	 	4.7	Charges for Registration, Transfer and Exchange	42
	 	4.8	Ownership of Notes	42
	 	4.9	Cancellation and Destruction	43
	 	 	 	 
	Article 5
    REDEMPTION AND PURCHASE OF NOTES	43
	 	 	 	 
	 	5.1	Redemption of Notes	43
	 	5.2	Places of Payment	44
	 	5.3	Partial Redemption	44
	 	5.4	Notice of Redemption	45
	 	5.5	Qualified Redemption Notice	45
	 	5.6	Notes Due on Redemption Dates	46
	 	5.7	Deposit of Redemption Monies	46
	 	5.8	Failure to Surrender Notes Called for Redemption	47
	 	5.9	Cancellation of Notes Redeemed	47
	 	5.10	Purchase of Notes for Cancellation	47
	 	 	 	 
	Article 6
    COVENANTS OF THE ISSUER	48
	 	 	 	 
	 	6.1	Payment of Principal and Interest	48
	 	6.2	Keeping of Books	48
	 	6.3	Provision of Reports and Financial Statements	49
	 	6.4	Compliance with Laws and Contractual Obligations	49
	 	6.5	Restricted Payments	49
	 	6.6	Incurrence of Indebtedness	49
	 	6.7	Sale of Assets	50
	 	6.8	Repurchase at the Option of Holders – Change of Control	50
	 	6.9	Maintenance of Properties	52
	 	6.10	Organizational Existence	52
	 	6.11	Original Senior Secured Notes	52
	 	 	 	 
	Article 7
    DEFAULT AND ENFORCEMENT	52
	 	 	 	 
	 	7.1	Events of Default	52
	 	7.2	Declaration of Event of Default; Exercise of Remedies	54
	 	7.3	Trustee May File Proofs of Claim	55
	 	7.4	Trustee May Enforce Claims Without Possession of
    Notes	55
	 	7.5	Application of Monies by Trustee	56
	 	7.6	No Suits by Holders	57
	 	7.7	Unconditional Right of Holders to Receive Principal, Premium and Interest	57
	 	7.8	Restoration of Rights and Remedies	57
	 	7.9	Control by Holders	58
	 	7.10	Notice of Default and Event of Default	58
	 	7.11	Waiver of Stay or Extension Laws	58
	 	7.12	Undertaking for Costs	59
	 	7.13	Judgment Against the Issuer	59
	 	7.14	Immunity of Officers and Others	59
	 	7.15	Notice of Payment by Trustee	59
	 	7.16	Trustee May Demand Production of Notes	59
	 	7.17	Statement by Officers	60

 

    

     

    

 

	Article 8
    DISCHARGE	60
	 	 	 	 
	 	8.1	Satisfaction and Discharge	60
	 	8.2	Release of Liens	60
	 	 	 	 
	Article 9
    MEETINGS OF HOLDERS	61
	 	 	 	 
	 	9.1	Purpose, Effect and Convention of Meetings	61
	 	9.2	Notice of Meetings	61
	 	9.3	Chair	63
	 	9.4	Quorum	63
	 	9.5	Power to Adjourn	63
	 	9.6	Voting	63
	 	9.7	Poll	64
	 	9.8	Proxies	64
	 	9.9	Persons Entitled to Attend Meetings	64
	 	9.10	Powers Cumulative	65
	 	9.11	Minutes	65
	 	9.12	Instruments in Writing	65
	 	9.13	Binding Effect of Resolutions	65
	 	9.14	Evidence of Rights of Holders	66
	 	9.15	Actions by the Notes Majority	66
	 	 	 	 
	Article 10
    SUCCESSORS TO THE ISSUER AND SUBSIDIARIES	66
	 	 	 	 
	 	10.1	Merger, Consolidation, Amalgamation or Sale of Assets	66
	 	 	 	 
	Article 11
    CONCERNING THE TRUSTEE	67
	 	 	 	 
	 	11.1	No Conflict of Interest	67
	 	11.2	Replacement of Trustee	67
	 	11.3	Rights and Duties of Trustee	68
	 	11.4	Reliance Upon Declarations, Opinions,etc.	70
	 	11.5	Evidence and Authority to Trustee, Opinions,etc.	70
	 	11.6	Officers’ Certificates Evidence	71
	 	11.7	Experts, Advisers and Agents	72
	 	11.8	Trustee May Deal in Notes	72
	 	11.9	Investment of Monies Held by Trustee	72
	 	11.10	Trustee Not Ordinarily Bound	73
	 	11.11	Trustee Not Required to Give Security	73
	 	11.12	Trustee Not Bound to Act on Issuer’s Request	73
	 	11.13	Conditions Precedent to Trustee’s Obligations to Act Hereunder	74
	 	11.14	Authority to Carry on Business	74
	 	11.15	Compensation and Indemnity	74
	 	11.16	Acceptance of Trust	75
	 	11.17	Anti-Money Laundering	75
	 	11.18	Privacy	76
	 	 	 	 

 

    

     

    

 

	Article 12
    AMENDMENT, SUPPLEMENT AND WAIVER	77
	 	 	 	 
	 	12.1	Ordinary Consent	77
	 	12.2	Without Consent	77
	 	12.3	Form of Consent	78
	 	12.4	Supplemental Indentures	78
	 	 	 	 
	Article 13
    GUARANTEES	79
	 	 	 	 
	 	13.1	Guarantees and Collateral Agent	79
	 	 	 	 
	Article 14
    NOTICES	80
	 	 	 	 
	 	14.1	Notice to Issuer	80
	 	14.2	Notice to Holders	80
	 	14.3	Notice to Trustee	80
	 	14.4	Mail Service Interruption	81
	 	 	 	 
	Article 15
    MISCELLANEOUS	81
	 	 	 	 
	 	15.1	Copies of Indenture	81
	 	15.2	Force Majeure	81
	 	15.3	Waiver of Jury Trial	81
	 	 	 	 
	Article 16
    EXECUTION AND FORMAL DATE	82
	 	 	 	 
	 	16.1	Execution	82
	 	16.2	Formal Date	82
	 	 	 	 
	Appendix A
    FORM OF 2019 SENIOR SECURED NOTES	A-1
	 	 	 	 
	Appendix B
    FORM OF GuarantY	B-1
	 	 	 	 
	Appendix C
    FORM OF DECLARATION FOR REMOVAL OF LEGEND	C-1

 

     

    -1-

    

 

THIS
INDENTURE made as of the 20th day of November, 2020.

 

BETWEEN:

 

JUSHI
HOLDINGS INC., a company subsisting under the laws of the Province of British Columbia (hereinafter called the “Issuer”);

 

AND

 

ODYSSEY
TRUST COMPANY, a trust company incorporated under the laws of the Province of Alberta authorized to carry on the business
of a trust company in British Columbia and Alberta (hereinafter called the “Trustee”);

 

WITNESSETH THAT:

 

WHEREAS
the Issuer considers it desirable for its business purposes to create and issue Notes of one or more series from time to time
in the manner and subject to the terms and conditions set forth in this Indenture from time to time;

 

AND
WHEREAS the Issuer, subject to the terms hereof, may issue Notes in an unlimited aggregate principal amount and as of the
date hereof the Issuer has duly authorized the issuance of 10% Senior Secured Notes due January 15, 2023.

 

NOW
THEREFORE it is hereby covenanted, agreed and declared as set forth herein:

 

Article 1

INTERPRETATION

 

	1.1	Definitions

 

In this Indenture (including the recitals hereto)
and in the Notes, unless there is something in the subject matter or context inconsistent therewith, the expressions following shall
have the meanings hereinafter specified, and the following terms are used herein as defined in the UCC: Deposit Accounts, Inventory
and Equipment.

 

‎“2019 Senior Secured Notes”
means the 10% Senior Secured Notes due January 15, 2023 designated pursuant to Section 3.2 of this Indenture.

 

“Additional Notes” means Notes
of any series (other than the Notes issued on the initial issue date of the relevant series of Notes and any Notes issued in exchange
or in replacement (in whole or in part) for such initial Notes) issued under this Indenture in accordance with Section 2.2.

 

“Applicable Law” means any
and all laws, ordinances, constitutions, regulations, statutes, treaties, rules, codes, licenses, certificates, franchises, permits,
requirements and injunctions adopted, enacted, implemented, promulgated, issued or entered by or under the authority of any Governmental
Authority having jurisdiction over a specified Person or any of such Person’s properties or assets. Notwithstanding the foregoing,
neither “Applicable Law” nor “Applicable Laws” shall include the Controlled Substances Act of 1970 or any other
law of the United States that would be violated as a result of being a state licensed cannabis business.

 

     

    -2-

    

 

“Applicable Procedures” means,
with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository
that apply to such transfer or exchange.

 

“Applicable Securities Legislation”
means, at any time, applicable securities laws (including rules, regulations, policies, instruments and blanket orders) in each of the
provinces and territories of Canada.

 

“Asset Sale” the meaning given
to that term in Section 3.7(a)(iv).

 

“Authentication Order” has
the meaning given to that term in Section 2.4(c).

 

“Bank Indebtedness” means
the principal of, unpaid interest on, and fees, expenses, costs and other amounts due in connection with (i) indebtedness of the
Issuer to banks or commercial finance or other lending institutions regularly engaged in the business of lending money, whether or not
secured, and (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for Bank Indebtedness
or any indebtedness arising from the satisfaction of Bank Indebtedness by a Guarantor.

 

“Beneficial Holder” means
any Person who holds a beneficial interest in a Global Note as shown on the books of the Depository or ‎a Participant‎.

 

“Board of Directors” means:

 

		(a)	with respect to a corporation, the board
                                            of directors of the corporation or a duly authorized committee thereof;

 

		(b)	with respect to a partnership, the board
                                            of directors of the general partner of the partnership;

 

		(c)	with respect to any other Person, the
                                            board, committee or governing body of such Person serving a similar function.

 

“Board Resolution” means a
resolution certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted ‎by the Board of Directors
of the Issuer and to be in full force and effect on the date of such certification.

 

“Book Entry Only Notes” means
Notes of a series which, in accordance with the terms applicable to such series, are to be held only by ‎or on behalf of the Depository‎.

 

“Business Day” means a Monday,
Tuesday, Wednesday, Thursday or Friday upon which the United States Federal Reserve System is open for business, and upon which banks
in Calgary, Alberta are open for business.

 

     

    -3-

    

 

“Capital Stock” means:

 

		(d)	in the case of a corporation, corporate
                                            stock or shares of any class;‎

 

		(e)	in the case of an association or business
                                            entity other than a corporation, partnership or limited liability company, any and all shares,
                                            interests, participations, rights or ‎other equivalents (however designated) of corporate
                                            stock;‎

 

		(f)	in the case of a partnership or limited
                                            liability company, partnership or membership interests ‎‎(whether general or
                                            limited); and‎

 

		(g)	any other interest or participation that
                                            confers on a Person the right to receive a share of the profits and losses ‎of, or
                                            distributions of assets of, the issuing Person,

 

but excluding from all of the foregoing any debt
securities convertible into Capital Stock, regardless of ‎whether such debt securities include any right of participation with
Capital Stock‎.

 

“CDS” means CDS Clearing and
Depository Services Inc. and its successors.

 

“Change of Control” means
the occurrence of any one or more of the following events‎: (i) the acquisition by any person or “group” (as defined
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) of persons (other than current shareholders
and their affiliates) of more than 50% (on a fully-diluted basis) of the combined voting power of the then outstanding voting securities
of the Issuer, regardless of form or structure of acquisition, (ii) a sale of all or substantially all of the assets of the Issuer
(on a consolidated basis), or (iii) Current Directors shall cease to constitute at least a majority of the members of the Issuer’s
Board of Directors.

 

“Change of Control Offer”
has the meaning given to that term in Section 6.8(a).

 

“Change of Control Payment”
has the meaning given to that term in Section 6.8(a).

 

“Change of Control Payment Date”
has the meaning given to that term in Section 6.8(a).

 

‎‎“Collateral”
means all of the owned material assets of the Issuer and each Guarantor, in each case whether owned on the Issue Date or thereafter acquired
including, without limitation, all, contract rights, deposits, Deposit Accounts, General Intangibles, Equipment, fixtures, letter-of-credit
rights, instruments, Investment Property, documents, commercial tort claims, Intellectual Property and all other assets, wherever
located and whether now existing or owned or hereafter acquired or arising, all supporting obligations thereof, and all products and
Proceeds thereof, but excluding any Excluded Property.

 

“Collateral Agency Agreement”
means that certain Amended and Restated Collateral Agency Agreement, dated as of November 20, 2020, by and among the Issuer, the
Collateral Agent, the holders of all Related Notes and the Trustee.

 

“Collateral Agent” means Acquiom
Agency Services LLC acting on behalf of the Holders pursuant to the terms of the Collateral Agency Agreement and the Guaranty and Collateral
Security Agreement.

 

     

    -4-

    

 

“Copyrights” means all copyrights
arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including
all registrations, recordings and applications in the United States Copyright Office, and all renewals of any of the foregoing.

 

“Counsel” means a barrister
or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed by the Issuer and reasonably
acceptable to the Trustee.

 

“Current Director” means
any member of the Board of Directors of the Issuer as of the Issue Date and: (i) any Person occupying a vacant position on the
Board of Directors of the Issuer; or (ii) any successor of a Current Director , in each case whose election, or nomination for
election by the Issuer’s shareholders, was approved by at least a majority of the Current Directors then on the Board of
Directors.

 

“DBRS” means, collectively,
DBRS Limited, DBRS, Inc. and DBRS Ratings Limited or any successor ratings agency thereto.

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Default Notice” has the meaning
given to that term in Section 7.2.

 

“Definitive Note” means a
Note registered in the name of the Holder thereof, either in certificated form or represented by a direct registration system advice
or other similar evidence of the electronic registration of ownership of such Note, issued in accordance with Sections 4.2(b) and
4.6 hereof, and, in the case of a certificated Definitive Note, substantially in the form set out in the Supplemental Indenture providing
for the relevant series of Notes (or in the case of the 2019 Senior Secured Note, Appendix A hereto), except that such Note will not
bear the Global Note Legend.

 

“Depository” means CDS and
such other Person as is designated in writing by the Issuer and acceptable to the Trustee to act as depository in respect of any series
of Book Entry Only Notes.

 

“Disposition” has the meaning
given to that term in Section 6.7.

 

“Event of Default” has the
meaning given to that term in Section 7.1.

 

“Excluded Equity” means: (a) all
of the current and future equity interests of the SW Companies; (b) securities of Cresco Labs, Inc. (including any of its successors)
or securities exchanged thereof; (c) the securities of TGS National Holding, LLC and its Subsidiaries or securities exchanged thereof
and (d) securities of Organigram Holdings Inc. (including any of its successors) or securities exchanged thereof.

 

     

    -5-

    

 

“Excluded Property” means,
with respect to the Issuer and the Guarantors, (a) real property and leaseholds, accounts receivable and Inventory, (b) vehicles,
(c) those assets and equity interests as to which the Issuer reasonably determines that the costs or other consequences of obtaining
such a security interest are excessive in relation to the value of the security to be afforded thereby, (d) assets or equity interests
to which the granting or perfecting of such a security interest would violate any Applicable Law (including, without limitation, any
state or local cannabis and cannabis related laws and regulations) or contract or rights of a Person to such assets or equity interests,
but only so long as such grant or perfection would violate any such Applicable Law or contract or the rights of a Person to such assets
or equity interests, (e) the current and future SW Assets and TGS Assets, (f) any cannabis, cannabis-related, hemp or hemp-related
permits or licenses (the “Licenses”) issued by any United States of America, Canadian or other Governmental Authority,
whether federal, state, provincial, local or otherwise, in each case to the extent such License cannot be transferred pursuant to Applicable
Law, provided that: (i) if the Issuer is permitted at any time to transfer a License, such License shall be pledged by the Issuer
as Collateral pursuant to the Guaranty and Collateral Security Agreement upon the unanimous vote of all of the holders of the Related
Notes, and (ii) if the Issuer is permitted at any time to transfer a License but all the holders of the Related Notes do not unanimously
elect for the Issuer to pledge the applicable License as Collateral hereunder, the Issuer shall not be permitted to pledge the applicable
License to any other Person; (g) assets (including Proceeds and products therefrom) acquired pursuant to subsection (e) of
the definition of Permitted Indebtedness; and (h) Excluded Equity.

 

“Financial Reports” has the
meaning given to such term in Section 6.3.

 

“Global Note Legend” means
the legend set forth in Section 2.13(a), which is required to be placed on all Global Notes issued under this Indenture.

 

“Global Notes” means certificates
or other electronic registration representing the aggregate principal amount of Notes issued and outstanding and held by, ‎or on
behalf of, a Depository‎.

 

“Governmental Authority” means
any nation or government, any state or other political subdivision thereof, and any agency, branch of government, department or Person
exercising executive, legislative, judicial, regulatory or administrative function of or pertaining to government and any corporation
or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing, whether domestic or foreign.

 

“Guarantee” means, as to any
Guarantor, a guarantee of the obligations of the Issuer as more particularly described in the Guaranty and Collateral Security Agreement.

 

“Guaranty and Collateral Security Agreement”
means that amended and restated Guaranty and Collateral Security Agreement, dated as of November 20, 2020, by and among the Issuer,
certain of its Subsidiaries, the Collateral Agent and the Trustee.

 

     

    -6-

    

 

“Guarantor”
means all existing or subsequently acquired or organized direct and/or indirect wholly-owned United States of America and international
Subsidiaries of the Issuer, other than: (a) immaterial Subsidiaries, (b) Sound Wellness Holdings, Inc., and its successors,
future parent entities and current and future Subsidiaries (collectively, the “SW Companies”); (c) any Subsidiary
to the extent that the burden or cost of providing a guaranty outweighs the benefit afforded thereby as reasonably determined by the
Issuer, (d) any Subsidiary acquired by the Issuer that, at the time of the relevant acquisition, is an obligor in respect of assumed
debt to the extent assumed debt prohibits such Subsidiary from providing a guaranty but only for such time that such debt is in existence
or such prohibition is in effect, (e) any Subsidiary to the extent the provision of a guaranty by such Subsidiary would result in
material adverse tax consequences as determined by the Issuer in its reasonable discretion in consultation with its tax advisors, (f) any
Subsidiary that is prohibited by Applicable Law or contract from providing a guaranty or which would require governmental (including
regulatory) consent, approval, license or authorization to provide a guaranty but only for such time that such prohibition is in effect
or such consent, approval, license or authorization has not yet been granted, and /or (g) any direct or indirect Subsidiary of the
Issuer that is not wholly-owned by the Issuer.

 

“Holder” means the Persons
for the time being entered in the Register as registered holders of Notes or any transferees of such Persons.

 

“Holders’ Request” means
the affirmative vote of, or an instrument signed in one or more counterparts by, the Holder or Holders of more than 50% of the aggregate
principal amount of the outstanding Notes requesting the Trustee to take an action or proceeding permitted by this Indenture; provided
that in the case of any action or proceeding permitted by this Indenture in respect of any particular series of outstanding Notes, “Holders’
Request” means the affirmative vote of, or an instrument signed in one or more counterparts by, the Holder or Holders of more than
50% of the aggregate principal amount of the outstanding Notes of such series requesting the Trustee to take such action or proceeding.

 

“IFRS” means International
Financial Reporting Standards, as adopted by the International Accounting Standards Board, as in effect in Canada from time to time.

 

“Indenture” means this indenture
(including, for the avoidance of any doubt, the preamble and recitals hereto), as originally executed or as it may from time to time
be supplemented, amended, restated, or otherwise modified in accordance with the terms hereof.

 

“Intellectual Property” means
the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States,
multinational or foreign laws or otherwise, including all Copyrights, Patents and Trademarks, and all rights to sue at law or in equity
for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom, provided that Intellectual
Property shall not include any Excluded Property.

 

“Intercompany Note” means
any promissory note evidencing loans made by the Issuer or any Guarantor (or any Subsidiary of the Issuer or any Guarantor) to the Issuer
or any other Guarantor.

 

“Interest Payment Date” means,
for each series of Notes, a date specified in such series of Notes or the Supplemental Indenture providing for such series of Notes (or,
in the case of the 2019 Senior Secured Notes, as specified in Article 3) as the date on which an installment of interest on such
Notes shall become due and payable.

 

“Investment Property” means
the collective reference to all “investment property” as such term is defined in Section 9 102 of the UCC, including
all Pledged Notes and all Pledged Equity; provided that Investment Property shall not include any Excluded Property.

 

     

    -7-

    

 

“Issue Date” means the date
the Notes are originally issued pursuant to this Indenture‎.

 

“Issuer” means Jushi Holdings
Inc. and includes any successor to or of the Issuer, as permitted by the terms hereof.

 

“Issuer Order” means an order
or direction in writing signed by the President, Chief Executive Officer or Chief Financial Officer of the Issuer.

 

“Letter of Transmittal” means
the letter of transmittal sent by the Issuer to the holders of Original Senior Secured Notes in connection with the voluntary exchange
of each REDACT of principal amount of Original Senior Secured Notes for REDACT of principal amount of 2019 Senior Secured Notes subject
to the terms of this Indenture.

 

“LVTS” means the large value
electronic money transfer system operated by the Canadian Payments Association and any successor thereto.

 

“Material Adverse Effect”
means, with regard to a Person, a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of such Person.

 

“Maturity” means, when used
with respect to a Note of any series, the date on which the principal of such Note or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by acceleration, Redemption Notice, notice of option to elect repayment
or otherwise.

 

“Maturity Account” means an
account or accounts required to be established by the Issuer (and which shall be maintained by and subject to the control of the Paying
Agent) for each series of Notes issued pursuant to and in accordance with this Indenture.

 

“Notes” means the notes, debentures
or other evidence of indebtedness of the Issuer issued and authenticated hereunder, or deemed to be issued and authenticated hereunder,
and includes Global Notes and for greater certainty, the 2019 Senior Secured Notes, but for the avoidance of doubt does not include the
Original Senior Secured Notes.

 

“Notes Majority” has the meaning
given to that term in Section 7.2.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities ‎payable under the documentation governing
any indebtedness‎.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Issuer by the Chief Executive Officer or the Chief Financial Officer of the Issuer, ‎delivered
to the Trustee that meets the requirements of this Indenture‎.

 

“Opinion of Counsel” means
an opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel to or ‎an employee of the Issuer)
that meets the requirements of this Indenture‎.

 

     

    -8-

    

 

‎“Original Senior Secured Notes”
means the 10% senior secured notes due January 15, 2023 issued by the Issuer pursuant to subscription agreements entered into by
the Issuer and the other parties thereto between December 23, 2019 and July 30, 2020.

 

“Original Issue Date” means
January 1, 2020.

 

“Original U.S. Holder” means
any (1)(a) Holder that (i) is a U.S. Person, (ii) is in the United States, (iii) received an offer to acquire 2019
Senior Secured Notes while in the United States, or (iv) was in the United States at the time such Holder’s buy order was
made or such Holder executed or delivered its purchase order for the 2019 Senior Secured Notes, or (b) person who acquired 2019
Senior Secured Notes on behalf of, or for the account or benefit of, any U.S. Person or any person in the United States, in each case
that is either (2)(a) a Qualified Institutional Buyer and the original purchaser of the 2019 Senior Secured Notes and who delivered
a properly executed Qualified Institutional Buyer Certificate to the Issuer in connection with its purchase of 2019 Senior Secured Notes
from the Issuer, or (b) a U.S. Accredited Investor and the original purchaser of the 2019 Senior Secured Notes and who delivered
a properly executed U.S. Accredited Investor Certificate to the Issuer in connection with its purchase of 2019 Senior Secured Notes from
the Issuer.

 

“Participants” has the meaning
given to that term in Section 4.2(d).

 

“Patent” means (a) all
letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, (b) all
applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, and (c) all rights to obtain any reissues or extensions of the foregoing.

 

“Paying Agent” has the meaning
given to that term in Section 2.5.

 

“Permitted Indebtedness” means
any of the following without duplication:

 

(a)            debt
represented by the Related Notes; and

 

(b)            debt
to refinance all or a portion of the then outstanding Related Notes (the “Senior Secured Note Refinancing Debt”).
In the event the Issuer elects to refinance less than 100% of the then outstanding Related Notes, such Senior Secured Note Refinancing
Debt (i) may be guaranteed by the Guarantors to the same extent of the guarantees guarantying the Related Notes, (ii) may be
secured by liens on the Collateral to the same extent as the liens securing the Related Notes and guarantees, (iii) may not have
a cash interest rate that is higher than the one applicable to the Related Notes, (iv) may not have covenants that are more restrictive
with respect to the Issuer and its Subsidiaries than the covenants contained in the Related Notes and the Guaranty and Collateral Security
Agreement, in any material respect, (v) may not have any scheduled maturities (including, without limitation, amortization payments)
or put dates prior to 45 days after the Stated Maturity of the Related Notes (and any change of control, asset sale and other prepayment/redemption
provisions therein will provide that the Related Notes are to be repaid prior to such Senior Secured Note Refinancing Debt), and (vi) the
aggregate principal amount of the Senior Secured Note Refinancing Debt does not exceed in the aggregate the sum of (1) the aggregate
principal amount of Related Notes being refinanced, (2) the amount of accrued but unpaid interest due on the Related Notes being
refinanced and any reasonably determined premium, prepayment penalty or similar payment necessary to accomplish any such refinancing,
and (3) the amount of reasonable and customary fees, expenses and costs related to obtaining and closing such Senior Secured Note
Refinancing Debt); and

 

     

    -9-

    

 

(c)            debt
(including by assumption of debt) resulting from or arising in connection with: (1) the purchase or other acquisition of any equity
securities or interests of a Person, (2) the purchase or other acquisition of all or substantially all of the assets or properties
of a Person, or any division, line of business or business unit of a Person (including, without limitation, the direct purchase of one
or more licenses to operate a medical and/or adult use cannabis business), or (3) any merger or consolidation with a Person, in
each case approved by the Issuer’s Board of Directors to the extent required by Applicable Law or the governing documents of the
Issuer, and any such acquisition debt (i) may be secured by a lien on the assets and/or equity being acquired in the acquisition,
provided that to the extent such assets and/or equity do not constitute Excluded Property, the Related Notes are also secured by a lien
on such assets and equity subordinated only to the acquisition debt lien which upon repayment of such acquisition debt, the liens on
the acquired assets and/or equity securing the Related Notes will automatically become a first priority senior lien, (ii) may be
guaranteed by the Guarantors to the same extent as the guarantees on the Related Notes, (iii) may be secured by liens on the Collateral
to the same extent as the liens securing the Related Notes, (iv) may not have covenants that are more restrictive with respect to
the Issuer and its Subsidiaries than the covenants contained in the Related Notes and the Guaranty and Collateral Security Agreement
in any material respect, provided that, notwithstanding the foregoing, the entity or entities acquiring assets and/or equity pursuant
to such acquisition debt may provide to the applicable seller(s) of such assets and/or equity covenants more restrictive than the
covenants contained in the Related Notes and the Guaranty and Collateral Security Agreement, and (v) may not have any scheduled
maturities (including, without limitation, amortization payments) or put dates prior to 45 days after the Note Maturity Date of the Related
Notes (and any change of control, asset sale and/or other prepayment provisions therein (whether mandatory or optional) will provide
that the Related Notes are to be repaid prior to such indebtedness); and

 

(d)            debt
basket limited to REDACT million at any one time from the sale and leaseback of real estate owned by the Issuer or any of its Subsidiaries
prior to December 23, 2019; provided that the amount of debt incurred by the Issuer or a Subsidiary in connection with such transaction
shall be equal to the proceeds received by the Issuer or the applicable Subsidiary; and

 

(e)            debt
basket limited to REDACT million at any one time outstanding. Any liens securing such indebtedness shall only apply to the property or
assets acquired or improved with the proceeds of such indebtedness. Such property or assets (including proceeds and products therefrom)
will be Excluded Property; and

 

     

    -10-

    

 

(f)            the
secured indebtedness of the Issuer and its Subsidiaries who are Guarantors to be outstanding immediately following December 23,
2019, including, for the avoidance of doubt, all contingent and conditional secured indebtedness of the Issuer arising from or related
to any contractual or other obligation of the Issuer or any Guarantor entered into prior to the Issue Date (the “Secured
Surviving Debt”), and all other indebtedness of the Issuer to be outstanding immediately following December 23, 2019
including, for the avoidance of doubt, all contingent and conditional indebtedness of the Issuer or any Guarantor arising from or related
to any contractual or other obligation of the Issuer entered into prior to the Issue Date (“Other Surviving Debt”);
and

 

(g)            debt
incurred in connection with the restructuring of the approximately REDACT aggregate principal amount of senior secured notes issued by
a third party entity and assumed by the Issuer (the “Exchange Notes”), which may have terms and conditions different
or more favorable to the holder of Exchange Notes than the terms of the Related Notes; and

 

(h)            intercompany
debt subject to reasonable industry standards as determined by the Issuer; and

 

(i)            debt
owed to trade creditors of the Issuer or any Subsidiary incurred in the ordinary course of business (including, without limitation, debt
incurred in connection with a purchase money security interest); and

 

(j)            debt
in connection with the purchase, sale or improvement of real estate (including pursuant to a sale and leaseback transaction), provided
that the ownership or right to use or occupy such real estate was acquired by the Issuer or any of its Subsidiaries after December 23,
2019.

 

Notwithstanding anything
contained herein to the contrary, for purposes of this Indenture the Issuer and its Subsidiaries may disregard the provisions of IFRS
16 (Leases) and their respective balance sheets when determining whether a lease constitutes “debt” or “indebtedness”,
and may, in good faith, elect to treat such leases as operating expenses.

 

“Person” means an individual,
corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization or any government,
governmental department or agency or political subdivision thereof.

 

“Pledged Equity” means all
the equity interests directly or indirectly held by the Issuer or any Guarantor in any Subsidiary, together with any other equity interests,
certificates, options or rights of any nature whatsoever in respect of the equity interests of any Person that may be issued or granted
to, or held by, the Issuer or any Guarantor while this Agreement is in effect; provided that Pledged Equity shall not include any Excluded
Property (including, without limitation, any Excluded Equity).

 

“Pledged Notes” means all
promissory notes issued to or held by the Issuer or any Guarantor and all Intercompany Notes not constituting intercompany debt pursuant
to subsection (h) of the definition of Permitted Indebtedness; provided that Pledged Notes shall not include any Excluded Property
including, without limitation, promissory notes evidencing the accounts receivable of the Issuer or any Guarantor and promissory notes
issued to the Issuer or any Guarantor in connection with extensions of trade credit given by the Issuer or any Guarantor in the ordinary
course of business;

 

     

    -11-

    

 

‎“Proceeds”
means all “proceeds” as such term is defined in Section 9 102 of the UCC and, in any event, shall include all dividends
or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

 

“Qualified Institutional Buyer”
means a “qualified institutional buyer” as such term is defined in Rule 144A under the U.S. Securities Act, that is
also a U.S. Accredited Investor;

 

“Quarterly Statements” has
the meaning given to such term in Section 6.3.

 

“Record Date” has the meaning
given to such term in Section 2.11(d).

 

“Redemption Date” has the
meaning given to that term in Section 5.4.

 

“Redemption Notice” has the
meaning given to that term in Section 5.4.

 

“Redemption Price” has the
meaning given to that term in Section 5.1.

 

“Registrar” has the meaning
given to that term in Section 2.5.

 

“Regulation S” means Regulation
S under the U.S. Securities Act.

 

“Related Notes” means, collectively,
the 2019 Senior Secured Notes and the Original Senior Secured Notes.

 

“Security Documents” means
all of the security agreements, pledges, collateral assignments, ‎mortgages, deeds of hypothec, deeds of trust, trust deeds or
other instruments from time to time evidencing or ‎creating or purporting to create any security interests in favour of the Collateral
Agent for its benefit and for ‎the benefit of the Trustee and the Holders of the Notes, in all or any portion of the Collateral,
as amended, ‎modified, restated, supplemented or replaced from time to time‎, including, for greater certainty, the Guaranty
and Collateral Security Agreement.

 

“Senior Indebtedness” means:
(a) any existing indebtedness or obligation of the Issuer as of the date hereof that is designated as “senior”, “first,”
 “primary” (or any comparable term) under any indenture, instrument, or document governing any indebtedness of the Issuer,
other than the Original Senior Secured Notes; or (b) any future Permitted Indebtedness of the Issuer constituting Bank Indebtedness.

 

“Stated Maturity” means, with
respect to any installment of interest or principal on any series of indebtedness, the date on which ‎such payment of interest
or principal was scheduled to be paid in the original documentation governing such ‎indebtedness, and will not include any contingent
obligations to repay, redeem or repurchase any such interest ‎or principal prior to the date originally scheduled for the payment
thereof‎.

 

“Subsidiary” means, with respect
to any Person, a corporation or other entity of which more than fifty percent (50%) of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by such Person.‎

 

     

    -12-

    

 

“Supplemental Indenture” means
an indenture supplemental to this Indenture which may be executed, acknowledged and delivered for any of the purposes set out in Section 12.4. 

 

“SW Assets” means any and
all of the assets of the SW Companies.

 

“SW Companies” has the meaning
specified in the definition of Guarantor.

 

“Taxes” means any present
or future tax, duty, levy, impost, assessment or other government charge (including ‎penalties, interest and any other liabilities
related thereto, and for the avoidance of doubt, including any ‎withholding or deduction for or on account of Tax) imposed or levied
by or on behalf of a Taxing Authority‎.

 

“Taxing Authority” means any
government or any political subdivision, province, municipality, state or territory or possession of any government or any authority
or agency therein or thereof having power to tax.

 

“TGS Assets” means any and
all of the assets of TGS National Holdings, LLC and its Subsidiaries.

 

“Trademarks” means (a) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos
and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations
and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise,
and all common-law rights related thereto and (b) the right to obtain all renewals thereof.

 

“Trustee” means Odyssey Trust
Company in its capacity as trustee under this Indenture and its successors and permitted assigns in such capacity.

 

‎“UCC” means the Uniform
Commercial Code as in effect from time to time in the State of New York; provided, ‎however, that, at any time, if by reason of
mandatory provisions of law, any or all of the perfection or ‎priority of the security interests in any item or portion of the
Collateral is governed by the ‎Uniform Commercial Code as in effect in a jurisdiction other that the State of New York, the term
 “UCC” ‎shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of
 ‎the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such ‎provisions.‎

 

“United States” means the
United States of America, its territories and possessions, any ‎state of the United States and the District of Columbia‎.

 

“U.S. Accredited Investor”
means an “accredited investor” within the meaning of Rule ‎‎501(a) of Regulation D under the U.S. Securities
Act.

 

“U.S. Holder” means any (a) Holder
that (i) is in the United States, (ii) received an offer to acquire 2019 Senior Secured Notes while in the United States, or
(iii) was in the United States at the time such Holder’s buy order was made or such Holder executed or delivered its purchase
order for the 2019 Senior Secured Notes, or (b) person who acquired 2019 Senior Secured Notes on behalf of, or for the account or
benefit of, any person in the United States.

 

     

    -13-

    

 

“U.S. Legend” has the meaning
set forth in Section 2.3(h).

 

“U.S. Person” has the meaning
set forth in Rule 902(k) of Regulation S.

 

“U.S. Securities Act” means
the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“U.S.$”, “$”
and “US dollars” mean the lawful currency of the United States of America.

 

	1.2	Meaning of “Outstanding”

 

Every Note issued, authenticated and delivered
in accordance with this Indenture shall be deemed to be outstanding until it is cancelled or redeemed or delivered to the Trustee for
cancellation or redemption for monies or a new Note is issued in substitution for it pursuant to Section 2.10 or the payment for
redemption thereof shall have been set aside under Section 5.7, provided that:

 

		(a)	when a new Note has been issued in substitution
                                            for a Note which has been lost, stolen or destroyed, only one of such Notes shall be counted
                                            for the purpose of determining the aggregate principal amount of Notes outstanding;

 

		(b)	Notes which have been partially redeemed
                                            or purchased shall be deemed to be outstanding only to the extent of the unredeemed or unpurchased
                                            part of the principal amount thereof; and

 

		(c)	for the purposes of any provision of this
                                            Indenture entitling Holders of outstanding Notes of any series to vote, sign consents, resolutions,
                                            requisitions or other instruments or take any other action under this Indenture, or to constitute
                                            a quorum of any meeting of Holders thereof, Notes owned directly or indirectly, legally or
                                            equitably, by the Issuer or any of its Subsidiaries shall be disregarded (unless the Issuer
                                            and/or one or more of its Subsidiaries are the only Holders (or Beneficial Holders) of the
                                            outstanding aggregate principal amount of such series of Notes at the time outstanding in
                                            which case they shall not be disregarded) except that:

 

		(i)	for the purpose of determining whether
                                            the Trustee shall be protected in relying on any such vote, consent, requisition or other
                                            instrument or action, or on the Holders present or represented at any meeting of Holders,
                                            only the Notes in respect of which the Trustee has received an Officers’ Certificate
                                            confirming that the Issuer and/or one or more of its Subsidiaries are the only Holders shall
                                            be so disregarded; and

 

		(ii)	Notes so owned which have been pledged
                                            in good faith other than to the Issuer or any of its Subsidiaries shall not be so disregarded
                                            if the pledgee shall establish, to the satisfaction of the Trustee, the pledgee’s right
                                            to vote such Notes, sign consents, requisitions or other instruments or take such other actions
                                            in his discretion free from the control of the Issuer or any of its Subsidiaries.

 

     

    -14-

    

 

	1.3	Interpretation

 

In
this Indenture:

 

		(a)	words
                                            importing the singular number or masculine gender shall include the plural number or the
                                            feminine or neuter genders, and vice versa;

 

		(b)	all
                                            references to Articles and Appendices refer, unless otherwise specified, to articles of and
                                            appendices to this Indenture;

 

		(c)	all
                                            references to Sections refer, unless otherwise specified, to sections, subsections or
                                            clauses of this Indenture;

 

		(d)	words
                                            and terms denoting inclusiveness (such as “include” or “includes”
                                            or “including”), whether or not so stated, are not limited by and do not imply
                                            limitation of their context or the words or phrases which precede or succeed them; and

 

		(e)	“this
                                            Indenture”, “hereto”, “herein”, “hereby”, “hereunder”,
                                            “hereof” and similar expressions refer to this Indenture and not to any particular
                                            Article, Section, subsection, clause, subdivision or other portion hereof and include the
                                            Guarantees, as applicable, and any and every Supplemental Indenture.

 

	1.4	Headings,
                                            Etc.

 

The
division of this Indenture into Articles, Sections, subsections and paragraphs, 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.

 

	1.5	Statute
                                            Reference

 

Any
reference in this Indenture to a statute is deemed to be a reference to such statute as amended, re-enacted or replaced from time to
time.

 

	1.6	Day
                                            not a Business Day

 

In
the event that any day on or before which any action required to be taken hereunder is not a Business Day, then such action shall be
required to be taken on or before the requisite time on the first Business Day thereafter.

 

	1.7	Applicable
                                            Law

 

This
Indenture and the Notes shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable
therein and shall be treated in all respects as British Columbia contracts.

 

     

    -15-

    

 

	1.8	Monetary
                                            References

 

Whenever
any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless
otherwise expressed.

 

	1.9	Invalidity,
                                            Etc.

 

Each
provision in this Indenture or in a Note is distinct and severable and a declaration of invalidity or unenforceability of any such provision
by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof or thereof.

 

	1.10	Language

 

Les
parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent
et/ou qui en découleront soient rédigés en langue anglaise. The parties hereto have required that this Indenture
and all documents and notices related thereto be drawn up in English.

 

	1.11	Successors
                                            and Assigns

 

All
covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, as applicable, whether expressed or not.

 

	1.12	Benefits
                                            of Indenture

 

Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than (i) the parties hereto and their respective
successors or assigns hereunder, (ii) any Paying Agent, (iii) the Holders and (iv) the Trustee, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

 

	1.13	Accounting
                                            Terms

 

Each
accounting term used in the Indenture, unless otherwise defined herein, has the meaning assigned to it under IFRS applied consistently
throughout the relevant period and relevant prior periods.

 

Article 2

THE NOTES

 

	2.1	Issue
                                            and Designation of Notes; Ranking

 

The
aggregate principal amount of Notes authorized to be issued and authenticated under this Indenture is unlimited, provided, however, that
Notes may be issued under this Indenture only on and subject to the conditions and limitations in this Indenture. The indebtedness evidenced
by the Notes will be senior secured obligations of the Issuer and the Guarantors as more fully described in the Guaranty and Collateral
Security Agreement.

 

     

    -16-

    

 

	2.2	Issuance
                                            in Series

 

		(a)	Notes
                                            may be issued in one or more series from time to time pursuant to this Indenture and Supplemental
                                            Indentures delivered in accordance with the terms of this Indenture. The Notes of each series
                                            (i) will have such designation, (ii) may be subject to a limitation of the maximum
                                            principal amount authorized for issuance, (iii) will be issued in such denominations,
                                            (iv) may be purchased and payable as to principal, premium (if any) and interest at
                                            such place or places and in such currency or currencies, (v) will bear such date or
                                            dates and mature on such date or dates, (vi) will indicate the portion (if less than
                                            all of the principal amount) of such Notes to be payable on declaration of acceleration of
                                            Maturity, (vii) will bear interest at such rate or rates (which may be fixed or variable)
                                            payable on such date or dates, (viii) may contain mandatory or optional redemption or
                                            sinking fund provisions, including the period or periods within which, the price or prices
at which and the terms and conditions upon which the Notes may be redeemed or purchased at the option of the Issuer or otherwise, (ix) may
contain conversion or exchange terms, (x) will indicate the percentage of the principal amount (including any premium) at which
Notes may be issued or redeemed, (xi) will set out each office or agency at which the principal of, premium (if any) and interest
on the Notes will be payable, and the addresses of each office or agency at which the Notes may be presented for registration of transfer
or exchange, (xii) may contain covenants and events of default in addition to or in substitution for the covenants contained herein
and the Events of Default, (xiii) may contain additional legends and/or provisions relating to the transfer and exchange of Notes
in addition to those provided for herein, and (xiv) may contain such other terms and conditions, not inconsistent with the those
set forth in this Indenture, as may be set forth in a Board Resolution passed at or before the time of the issue of the Notes of such
series and such other provisions (to the extent as the Board of Directors may deem appropriate) as are contained in the Notes of such
series. The execution by the Issuer of the Notes of such series and the delivery thereof to the Trustee for authentication will be conclusive
evidence of the inclusion of the provisions authorized by this subsection.

 

 

		(b)	All
                                            Notes of any one series will be substantially identical except as to denomination and except
                                            as may otherwise be provided in or pursuant to this Indenture, an Officers’ Certificate
                                            or the Supplemental Indenture establishing such series. Not all Notes of any one series need
                                            to be issued at the same time, and, unless otherwise provided, Additional Notes or other
                                            credit instruments of any series may be issued from time to time, at the option of the Issuer
                                            without the consent of any Holder.

 

		(c)	Before
                                            the creation of any series of Notes (other than the 2019 Senior Secured Notes, which terms
                                            are provided for in Article 3), the Issuer will execute and deliver to the Trustee a
                                            Supplemental Indenture for the purpose of establishing the terms of such series of Notes
                                            and the forms and denominations in which they may be issued, together with a Board Resolution
                                            authorizing the issuance of any such Notes. The Trustee will execute and deliver such Supplemental
                                            Indentures from time to time pursuant to Section 12.4.

 

     

    -17-

    

 

		(d)	Whenever
                                            any series of Notes has been authorized, Notes in such series may from time to time be authenticated
                                            by the Issuer and delivered to the Trustee and, subject to Section 2.4, will be certified
                                            and delivered by the Trustee to or to the order of the Issuer upon receipt by the Trustee
                                            of:

 

		(i)	a
                                            Board Resolution authorizing the issuance of a specified principal amount of Notes of such
                                            series;

 

		(ii)	an
                                            Officers’ Certificate to the effect that there is no existing Event of Default or event
                                            which with the giving of notice or passage of time or both would constitute an Event of Default
                                            and the Issuer has complied with all other conditions of this Indenture in connection with
                                            the issue of such series;

 

		(iii)	an
                                            Issuer Order for the authentication and delivery of such series of Notes specifying the principal
                                            amount of the Notes to be authenticated and delivered; and

 

		(iv)	an
                                            Opinion of Counsel addressed to the Trustee to the effect that all legal requirements imposed
                                            by this Indenture, any applicable Supplemental Indenture or by law governing the Notes in
                                            connection with the issuance, authentication and delivery of such series of Notes have been
                                            complied with subject to the delivery of certain documents or instruments specified in such
                                            opinion.

 

	2.3	Form of
                                            Notes

 

		(a)	The
                                            Notes of any series and the Trustee’s certificate of authentication shall be substantially
                                            in the form set out in the Supplemental Indenture establishing such series (or in the case
                                            of the 2019 Senior Secured Notes, in the form set out in Appendix A hereto), together
                                            with such appropriate insertions, omissions, substitutions and other variations as are required
                                            or permitted by this Indenture. Notes may have notations, legends or endorsements required
                                            by law, stock exchange rule or usage, which may include one or more of the legends set
                                            forth in Section 2.3(h) or Section 2.13 hereof or in a Supplemental Indenture.
                                            Each Note shall be dated the date of its authentication. Unless otherwise set out in the
                                            Supplemental Indenture establishing a series of Notes, Notes shall be issued in denominations
                                            of REDACT and integral multiples of REDACT.

 

		(b)	The
                                            terms and provisions contained in the Notes and the Supplemental Indenture establishing each
                                            series of Notes shall constitute, and are hereby expressly made, a part of this Indenture
                                            and the Issuer and the Trustee, by their execution and delivery of this Indenture and each
                                            applicable Supplemental Indenture, expressly agree to such terms and provisions and to be
                                            bound thereby. However, to the extent any provision of any Note conflicts with the express
                                            provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

     

    -18-

    

 

		(c)	The
                                            Notes of any series may be in different denominations and forms and may contain such variations
                                            of tenor and effect, not inconsistent with the provisions of this Indenture, as are incidental
                                            to such differences of denomination and form, including variations in the provisions for
                                            the exchange of such Notes of different denominations or forms and in the provisions for
                                            the registration or transfer of such Notes.

 

		(d)	Subject
                                            to Section 2.3(a) and to any limitation as to the maximum principal amount of Notes
                                            of any particular series, any Notes may be issued as a part of any series of Notes previously
                                            issued, in which case they will bear the same designation and designating letters as those
                                            applied to such similar previous issue and will be numbered consecutively upwards in respect
                                            of such denominations of Notes in like manner and following the numbers of the Notes of such
                                            previous issue.

 

		(e)	All
                                            series of Notes which may at any time be issued under this Indenture and the certificate
                                            of the Trustee endorsed on such Notes may be in English or any other language or languages
                                            or any combination thereof, and may be in the form or forms provided in any Supplemental
                                            Indenture or in such other language or languages and in such form or forms as the Board of
                                            Directors determines at the time of first issue of any series of Notes, as approved by the
                                            Trustee, the approval of which will be conclusively evidenced by its authentication of such
                                            Notes.

 

		(f)	If
                                            any provision of any series of Notes in a language other than English is susceptible of an
                                            interpretation different from the equivalent provision of the English language, the interpretation
                                            of such provision in the English language will be determinative.

 

		(g)	Notes
                                            may be typed, engraved, printed, lithographed or reproduced in a different form, or partly
                                            in one form and partly in another, as the Issuer may determine. The execution of any such
                                            Notes by the Issuer and the authentication by the Trustee in accordance with Section 2.4
                                            of any such Notes will be conclusive evidence that such Notes are Notes authorized by this
                                            Indenture.

 

     

    -19-

    

 

		(h)	Each
                                            Note issued to, or for the account for benefit of, a U.S. Holder (other than an Original
                                            U.S. Holder that is a Qualified Institutional Buyer), and each Note issued in exchange or
                                            substitution therefor, will be evidenced by a Definitive Note that bears the U.S. Legend
                                            (as defined below). The Notes have not been and will not be registered under the U.S. Securities
                                            Act or under the securities laws of any of the states of the United States, and may not be
                                            offered, sold or otherwise disposed of by a U.S. Holder unless an exemption or exclusion
                                            from the registration requirements of the U.S. Securities Act and applicable state securities
                                            laws is available or the Notes are the subject of an effective registration statement under
                                            the U.S. Securities Act. Each Definitive Note issued for the benefit or account of a U.S.
                                            Holder (other than an Original U.S. Holder that is a Qualified Institutional Buyer), and
                                            each Definitive Note issued in exchange therefor or in substitution thereof shall bear or
                                            be deemed to bear the following legend or such variations thereof as the Issuer may prescribe
                                            from time to time (the “U.S. Legend”):

 

“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”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING
SUCH SECURITIES, AGREES, FOR THE BENEFIT OF JUSHI HOLDINGS INC. (THE “ISSUER”), THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER; (B) OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS
AND REGULATIONS, (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE
144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF
RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER MUST FIRST BE PROVIDED. DELIVERY OF THIS
CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN
CANADA.”

 

provided
that, if the Notes are being sold outside the United States in compliance with Rule 904 of Regulation S and in compliance with applicable
local securities laws and regulations, and the Issuer is a “foreign private issuer” (as such term is defined in Regulation
S) at the time the Notes are originally issued, the U.S. Legend may be removed (or the Notes may be transferred to an unrestricted CUSIP)
by the transferor providing a declaration to the Trustee and the Issuer in the form set forth in Appendix C or as the Issuer may prescribe
from time to time, or such other evidence which may include an opinion of counsel of recognized standing in form and substance reasonably
satisfactory to the Issuer; provided further, that, if any such Notes are being sold pursuant to Rule 144 under the U.S. Securities
Act, if available, or in another transaction that does not require registration under the U.S. Securities Act or applicable state securities
laws (except in compliance with Rule 904 of Regulation S and in compliance with applicable local securities laws and regulations
related thereto), the U.S. Legend may be removed (or the Notes may be transferred to an unrestricted CUSIP) by delivery to the Trustee
and the Issuer of an opinion of counsel, of recognized standing, reasonably satisfactory to the Issuer, to the effect that such U.S.
Legend is no longer required under applicable requirements of the U.S. Securities Act and applicable state securities laws.

 

     

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	2.4	Execution,
                                            Authentication and Delivery of Notes

 

		(a)	All
                                            Notes shall be signed (either manually or by electronic or facsimile signature) by any two
                                            authorized directors or officers of the Issuer, holding office at the time of signing. An
                                            electronic or facsimile signature upon a Note shall for all purposes of this Indenture be
                                            deemed to be the signature of the individual whose signature it purports to be. Notwithstanding
                                            that any individual whose signature, either manual or in facsimile or other electronic means,
                                            appears on a Note as a director or officer may no longer hold such office at the date of
                                            the Note or at the date of the authentication and delivery thereof, such Note shall be valid
                                            and binding upon the Issuer and the Holder thereof shall be entitled to the benefits of this
                                            Indenture.

 

		(b)	No
                                            Notes will be entitled to any right or benefit under this Indenture or be valid or obligatory
                                            for any purpose unless such Notes have been authenticated by manual signature by or on behalf
                                            of the Trustee substantially in the form provided for herein or in the relevant Supplemental
                                            Indenture. Such authentication upon any Notes will be conclusive evidence, and the only evidence,
                                            that such Notes have been duly authenticated, issued and delivered and that the Holder is
                                            entitled to the benefits hereof.

 

		(c)	Subject
                                            to the terms of this Indenture, the Trustee shall from time to time authenticate one or more
                                            Notes (including Global Notes) for original issue on the issue date for any series of Notes
                                            upon and in accordance with an Issuer Order (an “Authentication Order”),
                                            without the Trustee receiving any consideration therefor. Each such Authentication Order
                                            shall specify the principal amount of such Notes to be authenticated and the date on which
                                            such Notes are to be authenticated. The aggregate principal amount of Notes outstanding at
                                            any time may not exceed the aggregate principal amount specified in the Authentication Orders
                                            except as provided in Section 2.10. Except as provided in Section 6.6, there is
                                            no limit on the amount of Notes that may be issued hereunder.

 

		(d)	The
                                            certificate by or on behalf of the Trustee authenticating Notes will not be construed as
                                            a representation or warranty of the Trustee as to the validity of this Indenture or of any
                                            Notes or their issuance (except the due authentication thereof by the Trustee) or as to the
                                            performance by the Issuer of its obligations under this Indenture or any Notes and the Trustee
                                            will be in no respect liable or answerable for the use made of the proceeds of such Notes.
                                            The certificate by or on behalf of the Trustee on Notes issued under this Indenture will
                                            constitute a representation and warranty by the Trustee that such Notes have been duly authenticated
                                            by and on behalf of the Trustee pursuant to the provisions of this Indenture.

 

	2.5	Registrar
                                            and Paying Agent

 

		(a)	The
                                            Issuer shall maintain for each series of Notes an office or agency where such Notes may be
                                            presented for registration of transfer or for exchange (“Registrar”) and
                                            an office or agency where such Notes may be surrendered for payment (“Paying Agent”).
                                            The Registrar shall keep a register of such Notes and of their transfer and exchange.

 

     

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		(b)	The
                                            Issuer may appoint one or more co-registrars and one or more additional paying agents for
                                            any series of Notes in such other locations as it shall determine. The term “Registrar”
                                            includes any co-registrar and the term “Paying Agent” includes any additional
                                            paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder.
                                            The Issuer will notify the Trustee in writing of the name and address of any Registrar or
                                            Paying Agent which is not a party to this Indenture. If the Issuer does not exercise its
                                            option to appoint or maintain another entity as Registrar or Paying Agent in respect of any
                                            series of Notes, the Trustee shall act as such. The Issuer or any of its Subsidiaries may
                                            act as Paying Agent or Registrar for any series of Notes. The Issuer initially appoints the
                                            Trustee at its corporate office in Vancouver, British Columbia to act as the Registrar, transfer
                                            agent, authentication agent and Paying Agent with respect to the Notes.

 

	2.6	Paying
                                            Agent to Hold Money in Trust

 

The
Issuer shall require each Paying Agent, other than the Trustee, to agree in writing that the Paying Agent will, and the Trustee when
acting as Paying Agent agrees that it will, hold in trust, for the benefit of the Holders or the Trustee all money held by the Paying
Agent for the payment of principal, premium, if any, and interest on the Notes of the relevant series and shall notify the Trustee of
any Default by the Issuer in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee and to account for any money disbursed by it. The Issuer at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary)
shall have no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Holders all money held by it as Paying Agent; provided that upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for each series of Notes.

 

	2.7	Book
                                            Entry Only Notes

 

		(a)	Subject
                                            to Section 2.3(h) and Section 4.2(b) and the provisions of the Notes
                                            of any series or any Supplemental Indenture providing for the issuance thereof, Notes shall
                                            be issued initially as Book Entry Only Notes represented by one or more Global Notes. Each
                                            Global Note authenticated in accordance with this Indenture and any Supplemental Indenture
                                            shall be registered in the name of the Depository designated for such Global Note or a nominee
                                            thereof and deposited with such Depository or a nominee thereof or custodian therefor, and
                                            each such Global Note shall constitute a single Note for all purposes of this Indenture and
                                            the applicable Supplemental Indenture. Beneficial interests in a Global Note will not be
                                            shown on the register or the records maintained by the Depository but will be represented
                                            through book entry accounts of Participants on behalf of the Beneficial Holders of such Global
                                            Note in accordance with the rules and procedures of the Depository. None of the Issuer
                                            or the Trustee shall have any responsibility or liability for any aspects of the records
                                            relating to or payments made by any Depository on account of the beneficial interest in any
                                            Global Notes or for maintaining, reviewing or supervising any records relating to such beneficial
                                            interests therein. Except as otherwise provided in this Indenture or any Supplemental Indenture
                                            in respect of a series of Notes, Beneficial Holders of Global Notes shall not be entitled
                                            to have Notes registered in their names, shall not receive or be entitled to receive Definitive
                                            Notes and shall not be considered owners or holders thereof under this Indenture or any Supplemental
                                            Indenture. Nothing herein or in a Supplemental Indenture shall prevent the Beneficial Holders
                                            from voting Global Notes using duly executed voting instruction forms.

 

     

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		(b)	Every
                                            Note authenticated and delivered upon registration or transfer of a Global Note, or in exchange
                                            for or in lieu of a Global Note or any portion thereof, shall be authenticated and delivered
                                            in the form of, and shall be, a Global Note, unless such Note is registered in the name of
                                            a Person other than the Depository for such Global Notes or a nominee thereof.

 

	2.8	Global
                                            Notes

 

Notes
issued to a Depository in the form of Global Notes shall be subject to the following in addition to the provisions of Section 4.2,
unless and until Definitive Notes have been issued to Beneficial Holders pursuant to Section 4.2(b):

 

		(a)	the
                                            Trustee may deal with such Depository as the authorized representative of the Beneficial
                                            Holders of such Notes;

 

		(b)	the
                                            rights of the Beneficial Holders of such Notes shall be exercised only through such Depository
                                            and the rights of Beneficial Holders shall be limited to those established by Applicable
                                            Law and agreements between the Depository and the Participants and between such Participants
                                            and Beneficial Holders, and must be exercised through a Participant in accordance with the
                                            rules and procedures of the Depository;

 

		(c)	whenever
                                            this Indenture requires or permits actions to be taken based upon instructions or directions
                                            of Holders evidencing a specified percentage of the outstanding Notes of any series, the
                                            Depository shall be deemed to be counted in that percentage to the extent that it has received
                                            instructions to such effect from Beneficial Holders or Participants;

 

		(d)	such
                                            Depository will make book-entry transfers among the direct Participants of such Depository
                                            and will receive and transmit distributions of principal, premium and interest on the Notes
                                            to such direct Participants for subsequent payment to the Beneficial Holders thereof;

 

		(e)	the
                                            direct Participants of such Depository shall have no rights under this Indenture or under
                                            or with respect to any of the Notes held on their behalf by such Depository, and such Depository
                                            may be treated by the Trustee and its agents, employees, officers and directors as the absolute
                                            owner of the Notes represented by such Global Notes for all purposes whatsoever;

 

     

    -23-

    

 

		(f)	whenever
                                            a notice or other communication is required to be provided to Holders in connection with
                                            this Indenture or the Notes, the Trustee shall provide all such notices and communications
                                            to the Depository for subsequent delivery of such notices and communications to the Beneficial
                                            Holders in accordance with Applicable Securities Legislation and the procedures of the Depository;

 

		(g)	notwithstanding
                                            any other provision of this Indenture, all payments in respect of Notes issuable in the form
                                            of or represented by a Global Note shall be made to the Depository or its nominee for subsequent
                                            payment by the Depository or its nominee to the Beneficial Holders thereof. Upon payment
                                            over to the Depository, the Trustee, if acting as the Paying Agent, shall have no further
                                            liability for the money;

 

		(h)	Subject
                                            to the provisions hereof, at the Issuer’s option, Notes may, in lieu of being issued
                                            in physical form be instead issued and registered in the name of the Depository or its nominee
                                            and: (i) the deposit of such Notes may be confirmed electronically by the Trustee to
                                            a particular Participant through the Depository; and (ii) shall be identified by a specific
                                            CUSIP/ISIN as requested by the Issuer from the Depository to identify each specific series
                                            of Note. If the Issuer issues Notes in a non-certificated format, Beneficial Holders of such
                                            Notes registered and deposited with CDS shall not receive certificates in definitive form
                                            and shall not be considered owners or holders thereof under this Indenture or any Supplemental
                                            Indenture. Beneficial interests in Notes registered and deposited with CDS will be represented
                                            only through the non-certificated inventory system administered by CDS. Transfers of Notes
                                            registered and deposited with CDS between Participants shall occur in accordance with the
                                            rules and procedures of CDS.

 

		(i)	Notwithstanding
                                            anything herein to the contrary, none of the Issuer nor the Trustee nor any agent thereof
                                            shall have any responsibility or liability for: (i) the electronic records maintained
                                            by the Depository relating to any ownership interests or other interests in the Notes or
                                            the depository system maintained by the Depository, or payments made on account of any ownership
                                            interest or any other interest of any Person in any Note represented by an electronic position
                                            in the non-certificated inventory system administered by the Depository (other than the Depository
                                            or its nominee); (ii) maintaining, supervising or reviewing any records of the Depository
                                            or any Participant relating to any such interest; or (iii) any advice or representation
                                            made or given by the Depository or those contained herein that relate to the rules and
                                            regulations of the Depository or any action to be taken by the Depository on its own direction
                                            or at the direction of any Participant.

 

     

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	2.9	Interim
                                            Notes

 

Pending
the delivery of Definitive Notes of any series to the Trustee, the Issuer may issue and the Trustee authenticate in lieu thereof
(but subject to the same provisions, conditions and limitations as set forth in this Indenture) interim printed, mimeographed or
typewriter Notes in such forms and in such denominations and signed in such manner as provided herein, entitling the holders thereof
to Definitive Notes of such series when the same are ready for delivery; or the Issuer may execute and deliver to the Trustee and
the Trustee authenticate a temporary Note for the whole principal amount of Notes of such series then authorized to be issued
hereunder and thereupon the Trustee may issue its own interim certificates in such form and in such amounts, not exceeding in the
aggregate the principal amount of the temporary Note so delivered to it, as the Issuer and the Trustee may approve entitling the
holders thereof to Definitive Notes when the same are ready for delivery; and, when so issued and certified, such interim or
temporary Notes or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture equally
with Notes of such series duly issued hereunder and, pending the exchange thereof for Definitive Notes of such series, the holders
of the interim or temporary Notes or interim certificates shall be deemed without duplication to be Holders of such series and
entitled to the benefit of this Indenture to the same extent and in the same manner as though the said exchange had actually been
made. Forthwith after the Issuer shall have delivered the Definitive Notes of such series to the Trustee, the Trustee shall call in
for exchange all temporary or interim Notes of such series or certificates that shall have been issued and forthwith after such
exchange shall cancel the same. No charge shall be made by the Issuer or the Trustee to the holders of such interim or temporary
Notes or interim certificates for the exchange thereof.

 

	2.10	Mutilation,
                                            Loss, Theft or Destruction

 

In
case any of the Notes issued hereunder shall become mutilated or be lost, stolen or destroyed, the Issuer, in its discretion, may issue,
and thereupon the Trustee shall authenticate and deliver, a new Note upon surrender and cancellation of the mutilated Note, or in the
case of a lost, stolen or destroyed Note, in lieu of and in substitution for the same, and the substituted Note shall be in a form approved
by the Trustee and shall entitle the Holder thereof to the benefits of this Indenture and shall rank equally in accordance with its terms
with all other Notes of such series issued or to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted
Note shall furnish to the Issuer and to the Trustee such evidence of the loss, theft or destruction of the Note as shall be satisfactory
to them in their discretion and shall also furnish an indemnity and surety bond satisfactory to them in their discretion. The applicant
shall pay all reasonable expenses incidental to the issuance of any substituted Note.

 

	2.11	Concerning
                                            Interest

 

		(a)	All
                                            Notes of each series issued hereunder, whether originally or upon exchange or in substitution
                                            for previously issued Notes (including for certainty Notes issued under Sections 2.9
                                            and 2.10), shall bear interest (i) from and including their respective issue date, or
                                            (ii) from and including the last Interest Payment Date therefor to which interest shall
                                            have been paid or made available for payment on such outstanding Notes, whichever shall be
                                            the later, in all cases, to and excluding the next Interest Payment Date therefor.

 

		(b)	Interest
                                            on a Note of any series will cease to accrue from the Maturity of such Note (including, for
                                            certainty, if such Note was called for redemption, the Redemption Date); unless upon due
                                            presentation and surrender of such Note for payment on or after the Maturity thereof, such
                                            payment is improperly withheld or refused.

 

     

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		(c)	If
                                            the date for payment of any amount of principal, premium or interest in respect of a Note
                                            of any series is not a Business Day at the place of payment, then payment thereof will be
                                            made on the next Business Day and the Holder of such Note will not be entitled to any further
                                            interest on such principal, or to any interest on such interest, premium or other amount
                                            so payable, in respect of the period from the date for payment to such next Business Day.

 

		(d)	The
                                            Holder of any Note of any series at the close of business on any Record Date applicable to
                                            a particular series with respect to any Interest Payment Date for such series shall be entitled
                                            to receive the interest, if any, payable on such Interest Payment Date notwithstanding any
                                            transfer or exchange of such Note subsequent to such Record Date and prior to such Interest
                                            Payment Date, except if and to the extent the Issuer Defaults in the payment of the interest
                                            due on such Interest Payment Date for such series, in which case such defaulted interest
                                            shall be paid to the Holder of such Note as at the close of business on a subsequent Record
                                            Date (which shall be not less than two Business Days prior to the date of payment of such
                                            defaulted interest) established by notice given by mail by or on behalf of the Issuer to
                                            the Holders of all affected Notes not less than 15 days preceding such subsequent Record
                                            Date. The term “Record Date” as used with respect to any Interest Payment
                                            Date (except a date for payment of defaulted interest) for the Notes of any series shall
                                            mean the date specified as such in the terms of the Notes of such series established as contemplated
                                            by Section 2.2, and in respect of the 2019 Senior Secured Notes, shall have the meaning
                                            specified in Section 3.1.

 

		(e)	Wherever
                                            in this Indenture, any Supplemental Indenture or any Note there is mention, in any context,
                                            of the payment of interest, such mention is deemed to include the payment of interest on
                                            amounts in default to the extent that, in such context, such interest is, was or would be
                                            payable pursuant to this Indenture, the Supplemental Indenture or the Note, and express mention
                                            of interest on amounts in default in any of the provisions of this Indenture will not be
                                            construed as excluding such interest in those provisions of this Indenture where such express
                                            mention is not made.

 

		(f)	Unless
                                            otherwise specifically provided in this Indenture or the terms of any Note, interest on Notes
                                            of any series shall be computed on the basis of a 360-day year of twelve 30-day months. With
                                            respect to any series of Notes, whenever interest is computed on the basis of a year (the
                                            “deemed year”) which contains fewer days than the actual number of days
                                            in the calendar year of calculation, such rate of interest shall be expressed as a yearly
                                            rate for purposes of the Interest Act (Canada) by multiplying such rate of interest
                                            by the actual number of days in the calendar year of calculation and dividing it by the number
                                            of days in the deemed year.

 

     

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	2.12	Payments
                                            of Amounts Due on Maturity

 

		(a)	Subject
                                            to Section 2.12(b), the following provisions shall apply to all Notes, except as otherwise
                                            specified in a Supplemental Indenture relating to a particular series of Notes (and, in the
                                            case of the 2019 Senior Secured Notes, Article 3):

 

		(i)	in
                                            the case of fully registered Notes, the Issuer shall establish and maintain with the Paying
                                            Agent a Maturity Account for each series of Notes. On or before 11:00 a.m. (Toronto
                                            time) on the Business Day prior to the Stated Maturity date for each series of Notes outstanding
                                            from time to time under this Indenture, the Issuer shall deposit in the applicable Maturity
                                            Account by wire transfer or certified cheque an amount sufficient to pay all amounts payable
                                            in respect of the outstanding Notes of such series (less any Taxes required by law to be
                                            deducted or withheld therefrom). The Paying Agent will pay to each Holder of such Notes entitled
                                            to receive payment, the principal amount of, and premium (if any) on, such Notes, upon surrender
                                            of such Notes to the Paying Agent or at any branch of the Trustee designated for such purpose
                                            from time to time by the Issuer and the Trustee. The deposit or making available of such
                                            amounts into the applicable Maturity Account will satisfy and discharge the liability of
                                            the Issuer for such Notes to which the deposit or making available of funds relates to the
                                            extent of the amount deposited or made available (plus the amount of any Taxes deducted or
                                            withheld as aforesaid) and such Notes will thereafter not be considered as outstanding under
                                            this Indenture to such extent and such Holder will have no other right than to receive out
                                            of the money so deposited or made available the amount to which it is entitled. Failure to
                                            make a deposit or make funds available as required to be made pursuant to this Section 2.12(a)(i) will
                                            constitute Default in payment on the Notes in respect of which the deposit or making available
                                            of funds was required to have been made; and

 

		(ii)	in
                                            the case of any series of Notes issued and outstanding in the form of or represented by Global
                                            Notes, on or before 11:00 a.m. (Toronto time) on the Business Day prior to the Stated
                                            Maturity date for such Notes, the Issuer shall deliver to the Trustee, for onward payment
                                            to the Depository, in each case by electronic funds transfer, an amount sufficient to pay
                                            the amount payable in respect of such Global Notes (less any Taxes required by law to be
                                            deducted or withheld therefrom). The Issuer shall pay to the Trustee, for onward payment
                                            to the Depository, the principal amount of, and premium (if any) on, such Global Notes, against
                                            receipt of the relevant Global Notes. The delivery of such electronic funds to the Trustee
                                            for onward payment to the Depository will satisfy and discharge the liability of the Issuer
                                            for the series of Notes to which the electronic funds relates to the extent of the amount
                                            deposited or made available (plus the amount of any Taxes deducted or withheld as aforesaid)
                                            and such Notes will thereafter not be considered as outstanding under this Indenture unless
                                            such electronic funds transfer is not received. Failure to make delivery of funds available
                                            as required pursuant to this Section 2.12(a)(ii) will constitute Default in payment
                                            on the Notes of the series in respect of which the delivery or making available of funds
                                            was required to have been made.

 

     

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		(b)	Notwithstanding Section 2.12(a), all payments in excess of REDACT (or such other amount as determined
from time to time by the Canadian Payments Association or any successor thereto) shall be made by the use of the LVTS. Neither the Trustee
nor the Paying Agent shall have any obligation to disburse funds pursuant to Section 2.12(a)(i) unless it has received written
confirmation satisfactory to it that the funds have been deposited with it in sufficient amount to pay in full all amounts due and payable
on the applicable date of Maturity. The Paying Agent shall, if it accepts any funds received by it in the form of uncertified cheques,
be entitled to delay the time for release of such funds until such uncertified cheques shall be determined to have cleared the financial
institution upon which the same are drawn.

 

		2.13	Legends on Notes

 

		(a)	Each Global Note shall bear a legend in substantially the following form, subject to such modification
as required by the applicable Depository (the “Global Note Legend”):

 

“THIS NOTE IS A GLOBAL NOTE WITHIN
THE MEANING OF THIS INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT
BE TRANSFERRED TO OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THIS INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT
IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THIS INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO JUSHI HOLDINGS INC. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THIS NOTE HEREIN AND IT IS A VIOLATION
OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS NOTE.”

 

     

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		(b)	Prior to the issuance of Notes of any series, the Issuer shall notify the Trustee, in writing, concerning
which Notes are to be certificated and are to bear the legend or legends described in this Section 2.13.

 

		2.14	Payment of Interest

 

The following provisions shall apply to Notes
of each series, except as otherwise specified in a Supplemental Indenture relating to a particular series of Notes (and, in the case of
the 2019 Senior Secured Notes, Article 3):

 

		(a)	As interest becomes due on each fully registered Note (except on redemption thereof, when interest may
at the option of the Issuer be paid upon surrender of such Note), the Issuer, either directly or through the Trustee or any agent of the
Trustee, shall send or forward by prepaid ordinary mail, electronic transfer of funds or such other means as may be agreed to by the Trustee,
payment of such interest (less any Taxes required by law to be deducted or withheld therefrom) to the Holders of record on the Record
Date immediately preceding the applicable Interest Payment Date. If payment is made by cheque, such cheque shall be forwarded at least
two days prior to each Interest Payment Date and if payment is made by other means (such as electronic transfer of funds, provided the
Trustee must receive confirmation of receipt of funds prior to being able to wire funds to Holders), such payment shall be made in a manner
whereby the Holder receives credit for such payment on the Interest Payment Date. The mailing of such cheque or the making of such payment
by other means shall, to the extent of the sum represented thereby, plus the amount of any Taxes deducted or withheld as aforesaid, satisfy
and discharge all liability for interest on such Note to such extent, unless in the case of payment by cheque, such cheque is not paid
at par on presentation. In the event of non-receipt of any cheque for or other payment of interest by the Person to whom it is so sent
as aforesaid, the Issuer shall issue to such Person a replacement cheque or other payment for a like amount upon being furnished with
such evidence of non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding the foregoing,
if the Issuer is prevented by circumstances beyond its control (including, without limitation, any interruption in mail service) from making
payment of any interest due on any Note in the manner provided above, the Issuer may make payment of such interest or make such interest
available for payment in any other manner acceptable to the Trustee with the same effect as though payment had been made in the manner
provided above. If payment is made through the Trustee, by 11:00 a.m. (Toronto time) at least one Business Day prior to the related
Interest Payment Date for a Note or to the date of mailing the cheques for the interest due on such Interest Payment Date for such Note,
whichever is earlier, the Issuer shall deliver sufficient funds to the Trustee by electronic transfer or certified cheque or make such
other arrangements for the provision of funds as may be agreeable between the Trustee and the Issuer in order to effect such interest
payment hereunder.

 

     

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		(b)	So long as the Notes of any series or any portion thereof are issued in the form of or represented by
a Global Note, then all payments of interest on such Global Note shall be made by 11:00 a.m. (Toronto time) at least one Business
Day prior to the related Interest Payment Date by electronic funds transfer made payable to the Trustee for subsequent payment to the
Depository on behalf of the Beneficial Holders of the applicable interests in that Global Note, unless the Issuer and the Trustee agree.

 

		(c)	Notwithstanding Sections 2.14(a) and 2.14(b), all payments in excess of REDACT (or such other
amount as determined from time to time by the Canadian Payments Association or any successor thereto) shall be made by the use of the
LVTS. Neither the Trustee nor Paying Agent, as applicable, shall have any obligation to disburse funds in respect of any Note pursuant
to Section 2.14(a) unless it has received written confirmation satisfactory to it that the funds have been deposited with it
in sufficient amount to pay in full all amounts due and payable with respect to such Interest Payment Date for such Note. The Trustee
or Paying Agent, as applicable, shall, if it accepts any funds received by it in the form of uncertified cheques, be entitled to delay
the time for release of such funds until such uncertified cheques shall be determined to have cleared the financial institution upon which
the same are drawn.

 

		2.15	Record of Payment

 

The Trustee will maintain accounts and records
evidencing any payment, by it or any other Paying Agent on behalf of the Issuer, of principal, premium (if any) and interest in respect
of Notes of each series, which accounts and records will constitute, in the absence of manifest error, prima facie evidence of such payment.

 

		2.16	Representation Regarding Third Party Interest

 

The Issuer hereby represents to the Trustee that
any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the credit of the Issuer,
either (a) is not intended to be used by or on behalf of any third party; or (b) is intended to be used by or on behalf of a
third party, in which case the Issuer hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee’s
prescribed form or in such other form as may be reasonably satisfactory to it, as to the particulars of such third party.

 

Article 3

TERMS OF THE 2019 SENIOR SECURED NOTES

 

		3.1	Definitions

 

In this Article 3 and in the 2019 Senior
Secured Notes, the following terms have the following meanings:

 

“Additional 2019 Notes” means
any 2019 Senior Secured Notes issued under and pursuant to the terms of and subject to the conditions of this Indenture after the Issue
Date.

 

     

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“Interest Payment Date” for
the purposes of this Article 3 means March 31, June 30, September 30, and December 31 of each year that the 2019
Senior Secured Notes are outstanding and (except in respect of any Additional 2019 Notes) commencing on December 31, 2020.

 

“Interest Period” means the
period commencing on the later of (a) the Issue Date of the 2019 Senior Secured Notes and (b) the immediately preceding Interest
Payment Date on which interest has been paid, and ending on the day immediately preceding the Interest Payment Date in respect of which
interest is payable.

 

“Record Date” means the close
of business fifteen (15) Business Days preceding the relevant Interest Payment Date.

 

“Note Account” means any account
which is designated in writing to the Trustee as the Note Account from time to time.

 

“Note Maturity Date” has the
meaning given to it in Section 3.5.

 

		3.2	Designation of the 2019 Senior Secured Notes

 

In accordance with this Indenture, the Issuer
is authorized to exchange each Original Senior Secured Note tendered under a valid and duly completed and executed Letter of Transmittal
for Notes of a series designated as the “10% 2019 Senior Secured Notes due January 15, 2023”.

 

		3.3	Aggregate Principal Amount

 

The aggregate principal amount of Notes which
may be issued under this Indenture is unlimited, provided, however, that the maximum principal amount of 2019 Senior Secured Notes
initially issued hereunder on the Issue Date shall be up to REDACT. The Issuer may, from time to time, without the consent of any existing
Holders but subject to Section 6.6, create and issue Additional 2019 Notes hereunder having the same terms and conditions as the
2019 Senior Secured Notes, in all respects, except for the date of issuance, issue price and the first payment of interest thereon. Additional
2019 Notes so created and issued will be consolidated with and form a single series with the 2019 Senior Secured Notes.

 

		3.4	Authentication

 

The Trustee shall initially authenticate one or
more Global Notes for original issue on the Issue Date or otherwise to permit transfers or exchanges in accordance with Section 4.6
upon receipt by the Trustee of a duly executed Authentication Order. After the initial Issue Date, subject to Section 3.3, the Issuer
may issue, from time to time, and the Trustee shall authenticate upon receipt of an Authentication Order, Additional 2019 Notes for original
issue. Except as provided in Section 6.6, there is no limit on the amount of Additional 2019 Notes that may be issued hereunder.
Each such Authentication Order shall specify the principal amount of 2019 Senior Secured Notes to be authenticated and the date on which
such 2019 Senior Secured Notes are to be authenticated. The aggregate principal amount of 2019 Senior Secured Notes outstanding at any
time may not exceed the aggregate principal amount specified in the Authentication Orders provided in respect of original issues of 2019
Senior Secured Notes except as provided in Section 2.10. For certainty, the Trustee shall not be obligated or liable to ensure that
the Issuer is in compliance with the limitations in Section 6.6, and shall be entitled to rely on an Officers’ Certificate
from the Issuer certifying such compliance for any Additional 2019 Notes so issued.

 

     

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		3.5	Date of Issue and Maturity

 

The 2019 Senior Secured Notes will be dated December 1,
2020 and will become due and payable, together with all accrued and unpaid interest thereon, on January 15, 2023 (the “Note
Maturity Date”).

 

		3.6	Interest

 

		(a)	The 2019 Senior Secured Notes will bear interest on the unpaid principal amount thereof at a fixed rate
of ten percent (10%) per annum, beginning on the Issue Date, but excluding, the Note Maturity Date, payable on each Interest Payment Date.
The first Interest Payment Date for the 2019 Senior Secured Notes will be December 31, 2020.

 

		(b)	Interest will be payable in respect of each Interest Period on each Interest Payment Date in accordance
with Section 2.11 and Section 2.14. Interest on the 2019 Senior Secured Notes will accrue from the Issue Date or, if interest
has already been paid, from and including the last Interest Payment Date therefor to which interest has been paid or made available for
payment. Interest will be computed based on a 360-day year of twelve 30-day months and shall be payable quarterly on March 31, June 30,
September 30 and December 31.

 

		(c)	Automatically upon the occurrence and during the continuance of an Event of Default, the interest rate
accruing on the outstanding principal amount of the 2019 Senior Secured Notes shall be three (3)% more than the rate otherwise payable.

 

		3.7	Prepayment; Redemption

 

		(a)	The 2019 Senior Secured Notes may not be prepaid or redeemed by the Issuer in whole or in part, except
as follows:

 

		(i)	The Issuer may at any time and from time to time upon 3 days’ prior written notice redeem all or
any portion of the 2019 Senior Secured Notes at a Redemption Price equal to par plus accrued interest plus a premium equal
to (i) 10% of the aggregate principal amount of the 2019 Senior Secure Note being redeemed prior to the first anniversary of the
Original Issue Date, and (ii) 5% of the aggregate principal amount of the 2019 Senior Secured Note being redeemed on or after the
first anniversary of the Original Issue Date but prior to the second anniversary of the Original Issue Date. The Issuer (at its option)
may redeem all or any portion of the 2019 Senior Secured Notes at par plus accrued interest (without any premium) on or after the second
anniversary of the Original Issue Date.

 

     

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		(ii)	Prior to the twelve (12) month anniversary of the Original Issue Date, the Issuer may redeem all or any
portion of the 2019 Senior Secured Note with up to 33% of the net proceeds received by the Issuer or any of its Subsidiaries (including
the Guarantors) from any equity offerings at a Redemption Price equal to par plus accrued interest plus a premium equal to (i) 1%
of the aggregate principal amount of the 2019 Senior Secured Note being redeemed. Warrant exercises do not constitute equity offerings.

 

		(iii)	Following the twelve (12) month anniversary of the Original Issue Date, the Issuer shall repurchase the
2019 Senior Secured Notes using 33% of the net proceeds from any equity offerings by the Issuer and/or its Subsidiaries (including the
Guarantors), at a purchase price equal to par plus accrued but unpaid interest (no premiums). Warrant exercises do not constitute equity
offerings.

 

		(iv)	The Issuer shall offer to repurchase the 2019 Senior Secured Notes at par plus accrued interest with 100%
of the net cash proceeds resulting from any (i) non-ordinary course sales or other dispositions of assets consummated by the Issuer
or any Subsidiary, and/or (ii) as a result of casualty or condemnation (each of (i) and (ii), an “Asset Sale”),
subject to certain limitations including the right of the Issuer to apply solely during the two (2) year period commencing on the
Original Issue Date and terminating two (2) years thereafter (the “Reinvestment Period”), up to, in the aggregate,
$REDACT of the net cash proceeds received from one half of all Asset Sales during the Reinvestment Period to (X) restore, rebuild,
repair, construct, improve, replace or otherwise acquire assets useful in the Issuer’s or its Subsidiaries’ business, in each
case to the extent constituting a capital expenditure, and/or (Y) consummate Board of Director approved acquisitions (each of (x) and
(y) a “Permitted Reinvestment”), provided that an offer to purchase pursuant to this sub-paragraph shall only
be required to be made if resulting net cash proceeds from an Asset Sale together with all net cash proceeds received from all Asset Sales
for the twelve (12) month period (or lesser period depending on the initial date of the Reinvestment Period) preceding such Asset Sale,
resulted in aggregate net cash proceeds in excess of $REDACT (in which event 100% of such net cash proceeds shall be required to be applicable);
provided further, to the extent required by the documentation governing the Permitted Reinvestment, the Issuer may apply the net cash
proceeds thereof ratably (based on the outstanding principal amounts thereof) to such offer to repurchase the 2019 Senior Secured Notes
and any other Permitted Indebtedness requiring repayment. Notwithstanding the above (i) neither the Issuer nor any of its Subsidiaries
shall be required to use any proceeds from sales (if any) of (a) securities of Cresco Labs, Inc., and/or (b) the securities
of a company to be transferred to the Issuer pursuant to the agreement to acquire a majority interest of TGS Illinois Holdings, LLC, and
(ii) none of such securities nor the proceeds from sales thereof shall constitute Collateral and shall not be subject to any liens
relating to the 2019 Senior Secured Notes.

 

     

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		(b)	If the Issuer determines in good faith that any offer to repurchase the 2019 Senior Secured Notes, including
any offer made in accordance with Section 6.8 of the Indenture, (i) in the case of any such offer to repurchase attributable
to the Issuer or any Subsidiary would violate or conflict with any local law (e.g., financial assistance, corporate benefit, thin capitalization,
capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties
of the directors of the relevant Subsidiaries), (ii) would require the Issuer or any Subsidiary to incur a material and adverse tax
liability (including any withholding tax) if such amount were repatriated to the Issuer as a dividend or (iii) in the case of any
such offer to repurchase attributable to any joint venture, would violate any organizational document of such joint venture (or any relevant
shareholders’ or similar agreement), in each case, if the amount subject to the relevant offer to repurchase were upstreamed or
transferred to the Issuer as a distribution or dividend (any amount limited as set forth in clauses (i) through (iii) of this
paragraph, a “Restricted Amount”), the amount of the relevant offer to repurchase shall be reduced by the Restricted Amount; provided,
that (A) in the case of any Restricted Amount arising under the circumstances described in clause (i) or (ii) above, the
Issuer shall use commercially reasonable efforts to take all actions required by Applicable Law to permit the repatriation of the relevant
amounts to the Issuer and (B) if the circumstance giving rise to any Restricted Amount ceases to exist within 365 days following
the end of the event giving rise to the relevant offer to repurchase, the relevant Subsidiary shall promptly repatriate or distribute
the amount that no longer constitutes a Restricted Amount to the Issuer for application to such an offer to repurchase the Notes as required
promptly following the date on which the relevant circumstance ceases to exist; it being understood and agreed that following the expiration
of the 365-day period referenced above, the relevant Subsidiary may retain any Restricted Amount, and no such offer to repurchase shall
be required in respect thereof.

 

		(c)	All optional redemptions, prepayments and payments and all other payments resulting from required offers
to repurchase or redeem with regard to the 2019 Senior Secured Notes, including any offer made in accordance with Section 6.8 of
the Indenture, shall be paid on a pro-rata basis in respect of each holder of a Related Note based on the aggregate principal amount of
the Related Notes plus accrued and unpaid interest thereon held by such Person as at the record date, divided by the aggregate principal
amount of all Related Notes, plus accrued but unpaid interest thereon.

 

		(d)	Each Holder of a 2019 Senior Secured Note shall have the right in its sole discretion to waive its rights
to have the Issuer redeem or repurchase all or any portion of its 2019 Senior Secured Notes, except if such redemption or repurchase is
part of a full or partial refinancing of the 2019 Senior Secured Notes.

 

     

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		(e)	Unless otherwise specifically provided in this Section 3.7, the terms of Article 5 shall apply
to the redemption of any 2019 Senior Secured Notes and in the event of any inconsistency, the terms of this Section 3.7 shall prevail.

 

		3.8	Payment Seniority

 

		(a)	The 2019 Senior Secured Notes shall be: (a) subordinated in right of payment to any Senior Indebtedness;
(b) pari passu in right of payment to the Original Senior Secured Notes and any Permitted Indebtedness not constituting Senior Indebtedness
(including, without limitation, Secured Surviving Debt and Other Surviving Debt not constituting Senior Indebtedness) and: (c) senior
to all other indebtedness of the Issuer.

 

		(b)	If and to the extent that the Secured Surviving Debt transaction documents prohibit the Related Notes
from being secured by pari passu liens on the Collateral securing the Secured Surviving Debt, the Related Notes (to the extent not prohibited
by the Secured Surviving Debt transaction documents), will be secured by a senior subordinated lien on the Collateral so that upon repayment
of such Secured Surviving Debt, the senior subordinated lien on the Collateral securing the Related Notes and guarantees shall become
a senior secured lien on the Collateral (subject only to liens securing other Permitted Indebtedness).

 

		3.9	Form and Denomination of the 2019 Senior Secured Notes

 

		(a)	The 2019 Senior Secured Notes will be issued in minimum denominations of REDACT and in integral multiples
of REDACT in excess thereof.

 

		(b)	Subject to Section 4.2(b), the 2019 Senior Secured Notes will be issuable as Global Notes, substantially
in the form set out in Appendix A hereto with such changes as may be reasonably required by the Depository and any other changes
as may be approved or permitted by the Issuer, in each case which changes are not prejudicial to the Holders or Beneficial Holders of
2019 Senior Secured Notes, and with such approval in each case to be conclusively deemed to have been given by the officers of the Issuer
executing the same in accordance with Article 2.

 

		(c)	Notwithstanding any other provision of this Indenture, the 2019 Senior Secured Notes may be issued, authenticated,
delivered and held in electronic, uncertificated form.

 

		3.10	Currency of Payment

 

The principal of, and interest and premium (if
any) on, the 2019 Senior Secured Notes will be payable in United States dollars.

 

		3.11	Appointment

 

		(a)	The Trustee will be the trustee for the 2019 Senior Secured Notes, subject to Article 11.

 

     

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		(b)	The Issuer initially appoints CDS to act as Depository with respect to the 2019 Senior Secured Notes (other
than with respect to Definitive Notes issued to Original U.S. Holders that are U.S. Accredited Investors).

 

		(c)	The Issuer initially appoints the Trustee at its corporate office in Vancouver, British Columbia to act
as the Registrar, transfer agent, authentication agent and Paying Agent with respect to the 2019 Senior Secured Notes. The Issuer may
change the Registrar, transfer agent, authentication agent or Paying Agent for the 2019 Senior Secured Notes at any time and from time
to time without prior notice to the Holders of the 2019 Senior Secured Notes.

 

		3.12	Inconsistency

 

In the case of any conflict or inconsistency between
this Article 3 and any other provision of this Indenture, Article 3 shall, as to the 2019 Senior Secured Notes, govern and prevail.

 

		3.13	Reference to Principal, Premium, Interest, etc.

 

Whenever this Indenture refers to, in any context,
the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note, such reference shall
include any indemnification payments as described hereunder, if applicable.

 

Article 4

REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP

 

		4.1	Register of Certificated Notes

 

		(a)	Subject to the terms of any Supplemental Indenture, with respect to each series of Notes issuable in whole
or in part as registered Notes, the Issuer shall cause to be kept by and at the principal office of the Trustee in Vancouver, British
Columbia or by such other Registrar as the Issuer, with the approval of the Trustee, may appoint at such other place or places, if any,
as may be specified in the Notes of such series or as the Issuer may designate with the approval of the Trustee, a register in which shall
be entered the names and addresses of the Holders and particulars of the Notes held by them respectively and of all transfers of Notes.
Such registration shall be noted on the relevant Notes by the Trustee or other Registrar unless a new Note shall be issued upon such transfer.

 

		(b)	No transfer of a registered Note shall be valid unless made on such register referred to in Section 4.1(a) by
the Holder or such Holder’s executors, administrators or other legal representatives or an attorney duly appointed by an instrument
in writing in form and executed in a manner satisfactory to the Trustee or other Registrar upon surrender of the Notes together with a
duly executed form of transfer acceptable to the Trustee or other Registrar and upon compliance with such other reasonable requirements
as the Trustee or other Registrar may prescribe, and unless the name of the transferee shall have been noted on the Note by the Trustee
or other Registrar.

 

     

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		4.2	Global Notes

 

		(a)	With respect to Notes issuable as or represented by, in whole or in part, one or more Global Notes, the
Issuer shall cause to be kept by and at the principal office of the Trustee in Vancouver, British Columbia or by such other Registrar
as the Issuer, with the approval of the Trustee, may appoint at such other place or places, if any, as the Issuer may designate with the
approval of the Trustee, a register in which shall be entered the name and address of the Holder of each such Global Note (being the Depository,
or its nominee, for such Global Note) and particulars of the Global Note held by it, and of all transfers thereof. If any Notes are at
any time not Global Notes, the provisions of Section 4.1 shall govern with respect to registrations and transfers of such Notes.

 

		(b)	Notwithstanding any other provision of this Indenture, a Global Note may not be transferred by the Holder
thereof and, accordingly, subject to Section 4.6, no Definitive Notes of any series shall be issued to Beneficial Holders except
in the following circumstances or as otherwise specified in any Supplemental Indenture, a resolution of the Trustee, a Board Resolution
or an Officers’ Certificate:

 

		(i)	Definitive Notes may be issued to Beneficial Holders at any time after:

 

		(A)	the Issuer has determined that CDS (1) is unwilling or unable to continue as Depository for Global
Notes, or (2) ceases to be eligible to be a Depository, and, in each case the Issuer is unable to locate a qualified successor to
its reasonable satisfaction;

 

		(B)	the Issuer has determined, in its sole discretion, or is required by law, to terminate the book-entry
only registration system in respect of such Global Notes and has communicated such determination or requirement to the Trustee in writing,
or the book-entry system ceases to exist;

 

		(C)	the Note is to be authenticated to or for the account or benefit of a U.S. Holder (other than an Original
U.S. Holder that is a Qualified Institutional Buyer), in which case, the Definitive Note shall contain the U.S. Legend set forth in Section 2.3(h),
if applicable; or

 

		(D)	the Trustee has determined that an Event of Default has occurred and is continuing with respect to Notes
issued as Global Notes, provided that Beneficial Holders representing, in the aggregate, more than 50% of the aggregate outstanding principal
amount of the Notes of the affected series advise the Depository in writing, through the Participants, that the continuation of the book-entry
only registration system for the Notes of such series is no longer in their best interests; and

 

     

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		(ii)	Global Notes may be transferred (A) if such transfer is required by Applicable Law, as determined
by the Issuer and Counsel, or (B) by a Depository to a nominee of such Depository, or by a nominee of a Depository to such Depository,
or to another nominee of such Depository, or by a Depository or its nominee to a successor Depository or its nominee.

 

		(c)	Upon the termination of the book-entry only registration system on the occurrence of one of the conditions
specified in Section 4.2(b)(i) or upon the transfer of a Global Note to a Person other than a Depository or a nominee thereof
in accordance with Section 4.2(b)(i)(A), the Trustee shall notify all Beneficial Holders, through the Depository, of the availability
of Definitive Notes for such series. Upon surrender by the Depository of the Global Notes in respect of any series and receipt of new
registration instructions from the Depository, the Trustee shall deliver the Definitive Notes of such series to the Beneficial Holders
thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Notes will be governed
by Section 4.1 and the remaining provisions of this Article 4.

 

		(d)	It is expressly acknowledged that a transfer of beneficial ownership in a Note of any series issuable
in the form of or represented by a Global Note will be effected only (a) with respect to the interests of participants in the Depository
(“Participants”), through records maintained by the Depository or its nominee for the Global Note, and (b) with
respect to interests of Persons other than Participants, through records maintained by Participants. Beneficial Holders who are not Participants
but who desire to purchase, sell or otherwise transfer ownership of or other interest in Notes represented by a Global Note may do so
only through a Participant.

 

		4.3	Transferee Entitled to Registration

 

The transferee of a Note shall be entitled, after
the appropriate form of transfer is deposited with the Trustee or other Registrar and upon compliance with all other conditions for such
transfer required by this Indenture or by law, to be entered on the register as the owner of such Note free from all equities or rights
of set-off or counterclaim between the Issuer and the transferor or any previous Holder of such Note, save in respect of equities of which
the Issuer is required to take notice by law (including any statute or order of a court of competent jurisdiction).

 

		4.4	No Notice of Trusts

 

None of the Issuer, the Trustee and any Registrar
or Paying Agent will be bound to take notice of or see to the performance or observance of any duty owed to a third Person, whether under
a trust, express, implied, resulting or constructive, in respect of any Note by the Holder or any Person whom the Issuer or the Trustee
treats, as permitted or required by law, as the owner or the Holder of such Note, and may transfer the same on the direction of the Person
so treated as the owner or Holder of the Note, whether named as trustee or otherwise, as though that Person were the Beneficial Holder
thereof.

 

     

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		4.5	Registers Open for Inspection

 

The registers referred to in Sections 4.1
and 4.2 shall, subject to Applicable Law, at all reasonable times be open for inspection by the Issuer, the Trustee or any Holder. Every
Registrar, including the Trustee, shall from time to time when requested so to do by the Issuer or by the Trustee, in writing, furnish
the Issuer or the Trustee, as the case may be, with a list of names and addresses of Holders entered on the registers kept by them and
showing the principal amount and serial numbers of the Notes held by each such Holder, provided the Trustee shall be entitled to charge
a reasonable fee to provide such a list.

 

		4.6	Transfers and Exchanges of Notes

 

		(a)	Transfer and Exchange of Global Notes. A Global Note may be transferred in whole and not in part
only pursuant to Section 4.2(b)(ii). A beneficial interest in a Global Note may not be exchanged for a Definitive Note other than
pursuant to Section 4.2(b)(i). A Global Note may not be exchanged for another Note other than as provided in this Section 4.6(a),
however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 4.6(b) or 4.6(c), as
applicable.

 

		(b)	Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture,
Applicable Laws and the Applicable Procedures. In connection with a transfer and exchange of beneficial interest in Global Notes, the
transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or a
Beneficial Holder, in each case, given to the Depository in accordance with the Applicable Procedures directing the Depository to credit
or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or
exchanged, and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase, or (B) (1) a written order from a Participant or a Beneficial Holder, in each case,
given to the Depository in accordance with the Applicable Procedures directing the Depository to cause to be issued a Definitive Note
in an amount equal to the beneficial interest to be transferred, and (2) instructions given by the Depository to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer referred to in (B)(1) above.
Upon satisfaction of all of the requirements for transfer of beneficial interests in Global Notes contained in this Indenture and the
Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 4.6(e).

 

     

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		(c)	Transfer or Exchange of Beneficial Interests in the Global Notes for Definitive Notes. A holder
of a beneficial interest in a Global Note may exchange such beneficial interest for a Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note only upon the occurrence of any of the preceding events
in Section 4.6(b) and satisfaction of the conditions set forth in Section 4.6(b). Upon the occurrence of any such preceding
event and receipt by the Registrar of all documentation required by the Issuer or Registrar, the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 4.6(e), and the Issuer shall execute and the Trustee
shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 4.6(c) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depository and the Participant or Beneficial Holder. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. The Holder thereof will execute all documents and related items necessary or required by
the Issuer to effectuate the same.

 

		(d)	Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive
Notes and such Holder’s compliance with the provisions of this Section 4.6(d) and Applicable Securities Legislation, the
Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting
Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer
in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.

 

		(e)	Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole
and not in part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 4.9
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount
of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee
or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction
of the Trustee to reflect such increase.

 

     

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		(f)	U.S. Restrictions on Transfer and Exchange. If a Definitive Note tendered for transfer bears the
U.S. Legend set forth in Section 2.3(h), the Trustee shall not register such transfer unless the transferor has provided the Trustee
with the Definitive Note and: (A) the transfer is made to the Issuer; (B) the transfer is made outside of the United States
in a transaction meeting the requirements of Rule 904 of Regulation S, and is in compliance with applicable local laws and regulations,
and the transferor delivers to the Trustee and the Issuer a declaration substantially in the form set forth in Appendix C to this Indenture,
or in such other form as the Issuer may from time to time prescribe, together with such other evidence of the availability of an exemption
or exclusion from registration under the U.S. Securities Act (which may, without limitation, include an opinion of counsel, of recognized
standing reasonably satisfactory to the Issuer) as the Issuer may reasonably require; (C) the transfer is made pursuant to the exemption
from the registration requirements of the U.S. Securities Act provided by (i) Rule 144A thereunder, if available, or (ii) Rule 144
thereunder, if available, and in each case in accordance with any applicable state securities or “blue sky” laws; (D) the
transfer is in compliance with another exemption from registration under the U.S. Securities Act and applicable state securities laws;
or (E) the transfer is made pursuant to an effective registration statement under the U.S. Securities Act and any applicable state
securities laws; provided that, it has prior to any transfer pursuant to Sections 4.6(f)(C)(ii) or 4.6(f)(D) furnished to the
Trustee and the Issuer an opinion of counsel, of recognized standing, or other evidence in form and substance reasonably satisfactory
to the Issuer to such effect. In relation to a transfer under (C)(ii) or (D) above, unless the Issuer and the Trustee receive
an opinion of counsel, of recognized standing, or other evidence reasonably satisfactory to the Issuer in form and substance, to the effect
that the U.S. Legend set forth in subsection 2.3(h) is no longer required on the Definitive Note representing the transferred Notes,
the Definitive Note received by the transferee will continue to bear the U.S. Legend set forth in Section 2.3(h). Notes exchanged
for Definitive Notes that bear the U.S. Legend set forth in Section 2.3(h) shall bear the same U.S. Legend.

 

		(g)	General Provisions Relating to Transfers and Exchanges.

 

		(i)	To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon the Issuer’s Authentication Order in accordance with Section 2.4 or at the Registrar’s
request.

 

		(ii)	No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of
a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.9).

 

		(iii)	All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes
or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

     

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		(iv)	Neither the Issuer nor the Trustee nor any Registrar shall be required to:

 

		(A)	issue, register the transfer of or exchange any Notes during a period beginning at the opening of business
15 days before the mailing of a Redemption Notice under Section 5.1 hereof and ending at the close of business on the day of selection,
or

 

		(B)	register the transfer of or exchange any Note so selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part or unless upon due presentation thereof for redemption such Notes are not redeemed,
or

 

		(C)	register the transfer of or exchange a Note between a Record Date and the next succeeding Interest Payment
Date, or

 

		(D)	to register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change
of Control Offer or an Asset Sale offer.

 

		(v)	Subject to any restriction provided in this Indenture, the Issuer with the approval of the Trustee may
at any time close any register for the Notes of any series (other than those kept at the principal office of the Trustee in Vancouver,
British Columbia) and transfer the registration of any Notes registered thereon to another register (which may be an existing register)
and thereafter such Notes shall be deemed to be registered on such other register. Notice of such transfer shall be given to the Holders
of such Notes.

 

		(vi)	Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Registrar or
Paying Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for
the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none
of the Trustee, any Registrar or Paying Agent or the Issuer shall be affected by notice to the contrary.

 

		(vii)	The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.4.

 

		(viii)	Upon surrender for registration of transfer of any Note at the office or agency of the Issuer, the Issuer
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more replacement
Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

     

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		(ix)	At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or
denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any
Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver,
the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions
of Section 2.4 hereof.

 

		(x)	All certifications, certificates and Opinions of Counsel required to be submitted pursuant to this Section 4.6
to effect a registration of transfer or exchange may be submitted by facsimile.

 

		4.7	Charges for Registration, Transfer and Exchange

 

For each Note exchanged, registered, transferred
or discharged from registration, the Trustee or other Registrar, except as otherwise herein provided, may make a reasonable charge for
its services and in addition may charge a reasonable sum for each new Note issued (such amounts to be agreed upon from time to time by
the Trustee and the Issuer), and payment of such charges and reimbursement of the Trustee or other Registrar for any stamp taxes or governmental
or other charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration
as a condition precedent thereto. Notwithstanding the foregoing provisions, no charge shall be made to a Holder hereunder:

 

		(a)	for any exchange, registration, transfer or discharge from registration of a Note of any series applied
for within a period of two months from the date of the first delivery thereof;

 

		(b)	for any exchange of any interim or temporary Note of any series or interim certificate that has been issued
under Section 2.9 for a Definitive Note of any series;

 

		(c)	for any exchange of a Global Note of any series as contemplated in Section 4.2; or

 

		(d)	for any exchange of a Note of any series resulting from a partial redemption under Section 5.3.

 

		4.8	Ownership of Notes

 

		(a)	The Holder for the time being of any Note shall be entitled to the principal, premium, if any, and/or
interest evidenced by such Note, free from all equities or rights of set-off or counterclaim between the Issuer and the original or any
intermediate Holder thereof (except in respect of equities of which the Issuer is required to take notice by law) and all Persons may
act accordingly and the receipt of any such Holder for any such principal, premium, if any, or interest shall be a valid discharge to
the Trustee, any Registrar and to the Issuer for the same and none shall be bound to inquire into the title of any such Holder.

 

     

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		(b)	Where Notes are registered in more than one name, the principal, premium, if any, and interest from time
to time payable in respect thereof may be paid to the order of all or any of such Holders, failing written instructions from them to the
contrary, and the receipt of any one of such Holders therefor shall be a valid discharge, to the Trustee, any Registrar and to the Issuer.

 

		(c)	In the case of the death of one or more joint Holders, the principal, premium, if any, and interest from
time to time payable thereon may be paid to the order of the survivor or survivors of such Holders and to the estate of the deceased and
the receipt by such survivor or survivors and the estate of the deceased thereof shall be a valid discharge by the Trustee, any Registrar
and the Issuer.

 

		(d)	Unless otherwise required by law, the Person in whose name any Note is registered shall for all purposes
of this Indenture (except for references in this Indenture to a “Beneficial Holder”) be and be deemed to be the owner thereof
and payment of or on account of the principal of, premium, if any, and interest on such Note shall be made only to or upon the order in
writing of such Holder.

 

		(e)	Notwithstanding any other provision of this Indenture, all payments in respect of Notes issuable in the
form of or represented by a Global Note shall be made to the Depository or its nominee for subsequent payment by the Depository or its
nominee to the Beneficial Holders.

 

		4.9	Cancellation and Destruction

 

All matured Notes of any series shall forthwith
after payment of all Obligations thereunder be delivered to the Trustee or to a Person appointed by it or by the Issuer with the approval
of the Trustee and cancelled by the Trustee. All Notes of any series which are cancelled or required to be cancelled under this or any
other provision of this Indenture shall be destroyed by the Trustee and, if required by the Issuer, the Trustee shall furnish to it a
destruction certificate setting out the designating numbers of the Notes so destroyed.

 

Article 5

REDEMPTION AND PURCHASE OF NOTES

 

		5.1	Redemption of Notes

 

Subject to the provisions of the Supplemental
Indenture relating to the issue of a particular series of Notes or, in the case of the 2019 Senior Secured Notes, Article 3, Notes
of any series may be redeemed before the Stated Maturity thereof, in whole at any time or in part from time to time, at the option of
the Issuer and in accordance with and subject to the provisions set out in this Indenture and any applicable Supplemental Indenture, including
those relating to the payment of any required redemption price (“Redemption Price”).

 

     

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		5.2	Places of Payment

 

The Redemption Price will be payable upon presentation
and surrender of the Notes called for redemption at any of the places where the principal of such Notes is expressed to be payable and
at any other places specified in the Redemption Notice.

 

		5.3	Partial Redemption

 

		(a)	If less than all of the Notes of any series are to be redeemed at any time, the Trustee will select Notes
of such series for redemption as follows:

 

		(i)	if the Notes are listed on any national securities exchange, including the Canadian Securities Exchange,
in compliance with the requirements of the principal national securities exchange; or

 

		(ii)	if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee will deem
fair and appropriate; or

 

		(iii)	if the Notes are included in global form, based on a method required by CDS or a method that most nearly
approximates a pro rata selection, as the Trustee deems appropriate.

 

Subject to the foregoing and the Supplemental
Indenture relating to any series of Notes (or, in the case of the 2019 Senior Secured Notes, Article 3), Notes or portions of Notes
the Trustee selects for redemption shall be in minimum amounts of REDACT or integral multiples of REDACT.

 

		(b)	If Notes of any series are to be redeemed in part only, the Redemption Notice that relates to such Notes
will state the portion of the principal amount of such Notes that is to be redeemed. In the event that one or more of such Notes becomes
subject to redemption in part only, upon surrender of any such Notes for payment of the Redemption Price, together with interest accrued
to but excluding the applicable Redemption Date, the Issuer shall execute and the Trustee shall authenticate and deliver without charge
to the Holder thereof or upon the Holder’s order one or more new Notes of such series for the unredeemed part of the principal amount
of the Notes so surrendered or, with respect to Global Notes, the Trustee shall make notations on the Global Notes of the principal amount
thereof so redeemed. Unless the context otherwise requires, the terms “Note” or “Notes” as used in this Article 5
shall be deemed to mean or include any part of the principal amount of any Note which in accordance with the foregoing provisions has
become subject to redemption.

 

     

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		5.4	Notice of Redemption

 

Unless otherwise provided in a Supplemental Indenture
or, in the case of the 2019 Senior Secured Notes, Article 3, a notice of redemption (the “Redemption Notice”)
of any series of Notes shall be given to the Holders of the Notes so to be redeemed not less than 3 days prior to the date fixed for redemption
(the “Redemption Date”) in the manner provided in Section 14.2. Every such Redemption Notice shall specify the
aggregate principal amount of Notes called for redemption, the Redemption Date, the Redemption Price and the places of payment and shall
state that interest upon the principal amount of Notes called for redemption shall cease to be payable from and after the Redemption Date.
Redemption Notices may, at the Issuer’s discretion, be subject to one or more conditions precedent, as described under Section 5.5.
In addition, unless all the outstanding Notes of a series are to be redeemed, the Redemption Notice shall specify:

 

		(a)	the distinguishing letters and numbers of the Notes which are to be redeemed (as are registered in the
name of such Holder);

 

		(b)	if such Notes are selected by terminal digit or other similar system, such particulars as may be sufficient
to identify the Notes so selected;

 

		(c)	in the case of Global Notes, that the redemption will take place in such manner as may be agreed upon
by the Depository, the Trustee and the Issuer; and

 

		(d)	in all cases, the principal amounts of such Notes or, if any such Note is to be redeemed in part only,
the principal amount of such part.

 

Notwithstanding Section 14.2, in the event
that all Notes of a series to be redeemed are Global Notes, publication of the Redemption Notice shall not be required.

 

If Notes of any series are to be redeemed in part
only, the Redemption Notice that relates to such Notes will state the portion of the principal amount of such Notes that is to be redeemed.
In the event that one or more of such Notes becomes subject to redemption in part only, upon surrender of any such Notes for payment of
the Redemption Price, together with interest accrued to but excluding the applicable Redemption Date, the Issuer shall execute and the
Trustee shall authenticate and deliver without charge to the Holder thereof or upon the Holder’s order one or more new Notes of
such series for the unredeemed part of the principal amount of the Notes so surrendered or, with respect to Global Notes, the Trustee
shall make notations on the Global Notes of the principal amount thereof so redeemed. Unless the context otherwise requires, the terms
 “Note” or “Notes” as used in this Article 5 shall be deemed to mean or include any part of the principal
amount of any Note which in accordance with the foregoing provisions has become subject to redemption.

 

		5.5	Qualified Redemption Notice

 

In connection with any optional redemption of
Notes, any such redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent. In addition, if such
redemption notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s
sole discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the
Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied by the Redemption Date, or by the redemption date so delayed, and that such redemption provisions may be
adjusted to comply with any depositary requirements.

 

     

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		5.6	Notes Due on Redemption Dates

 

Upon a Redemption Notice having been given as
provided in Section 5.4, all the Notes so called for redemption or the principal amount to be redeemed of the Notes called for redemption,
as the case may be, shall thereupon be and become due and payable at the Redemption Price, together with accrued interest to but excluding
the Redemption Date, on the Redemption Date specified in such notice, in the same manner and with the same effect as if it were the Stated
Maturity specified in such Notes, anything therein or herein to the contrary notwithstanding. If any Redemption Date is on or after a
Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the Person in
whose name the Note is registered at the close of business on such Record Date, and no additional interest will be payable to Holders
whose Notes shall be subject to redemption by the Issuer. From and after such Redemption Date, if the monies necessary to redeem such
Notes shall have been deposited as provided in Section 5.7 and affidavits or other proof satisfactory to the Trustee as to the publication
and/or mailing of such Redemption Notices shall have been lodged with it, interest upon the Notes shall cease to accrue. If any question
shall arise as to whether any notice has been given as above provided and such deposit made, such question shall be decided by the Trustee
whose decision shall be final and binding upon all parties in interest.

 

		5.7	Deposit of Redemption Monies

 

		(a)	Except as may otherwise be provided in any Supplemental Indenture or, in the case of the 2019 Senior Secured
Notes, Article 3, upon Notes being called for redemption, the Issuer shall deposit with the Trustee, for onward payment to the Depository,
on or before 11:00 a.m. (Toronto time) on the Business Day prior to the Redemption Date specified in the Redemption Notice, such
sums of money as may be sufficient to pay the Redemption Price of the Notes so called for redemption, plus accrued and unpaid interest
thereon up to but excluding the Redemption Date, less any Taxes required by law to be deducted or withheld therefrom. The Issuer shall
also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Trustee in connection
with such redemption. Every such deposit shall be irrevocable. From the sums so deposited, the Trustee shall pay or cause to be paid,
to the Depository on behalf of the Holders of such Notes so called for redemption, upon surrender of such Notes, the principal, premium
(if any) and interest (if any) to which they are respectively entitled on redemption.

 

		(b)	Payment of funds to the Trustee upon redemption of Notes shall be made by electronic transfer or certified
cheque or pursuant to such other arrangements for the provision of funds as may be agreed between the Issuer and the Trustee in order
to effect such payment hereunder. Notwithstanding the foregoing, (i) all payments in excess of REDACT (or such other amount as determined
from time to time by the Canadian Payments Association) shall be made by the use of the LVTS; and (ii) in the event that payment
must be made to the Depository, the Issuer shall remit payment to the Trustee by LVTS. The Trustee shall have no obligation to disburse
funds pursuant to this Section 5.7 unless it has received written confirmation satisfactory to it that the funds have been deposited
with it in sufficient amount to pay in full all amounts due and payable on the applicable Redemption Date. The Trustee shall, if it accepts
any funds received by it in the form of uncertified cheques, be entitled to delay the time for release of such funds until such uncertified
cheques shall be determined to have cleared the financial institution upon which the same are drawn.

 

     

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		5.8	Failure to Surrender Notes Called for Redemption

 

In case the Holder of any Note of any series
so called for redemption shall fail on or before the Redemption Date so to surrender such Holder’s Note, or shall not within
such time specified on the Redemption Notice accept payment of the redemption monies payable, or give such receipt therefor, if any,
as the Trustee may require, such redemption monies may be set aside in trust, without interest, either in the deposit department of
the Trustee or in a chartered bank, and such setting aside shall for all purposes be deemed a payment to the Holder of the sum so
set aside and, to that extent, such Note shall thereafter not be considered as outstanding hereunder and the Holder thereof shall
have no other right except to receive payment of the Redemption Price of such Note, plus any accrued but unpaid interest thereon to
but excluding the Redemption Date, less any Taxes required by law to be deducted or withheld, out of the monies so paid and
deposited, upon surrender and delivery up of such Holder’s relevant Note. In the event that any money required to be deposited
hereunder with the Trustee or any Paying Agent on account of principal, premium, if any, or interest, if any, on Notes issued
hereunder shall remain so deposited for a period of six years from the Redemption Date, then such monies, together with any
accumulated interest thereon, shall at the end of such period be paid over or delivered over by the Trustee or such Paying Agent to
the Issuer on its demand, and thereupon the Trustee shall not be responsible to Holders of such Notes for any amounts owing to them
and subject to Applicable Law, thereafter the Holders of such Notes in respect of which such money was so repaid to the Issuer shall
have no rights in respect thereof except to obtain payment of the money due from the Issuer, subject to any limitation period
provided by the laws of British Columbia.

 

		5.9	Cancellation of Notes Redeemed

 

Subject to the provisions of Sections 5.4
and 5.10 as to Notes redeemed or purchased in part, all Notes redeemed and paid under this Article 5 shall forthwith be delivered
to the Trustee and cancelled and no Notes shall be issued in substitution for those redeemed.

 

		5.10	Purchase of Notes for Cancellation

 

		(a)	Subject to the provisions of any Supplemental Indenture relating to a particular series of Notes or, in
the case of the 2019 Senior Secured Notes, Article 3, the Issuer may, at any time and from time to time, purchase Notes of any series
in the market (which shall include purchases from or through an investment dealer or a firm holding membership on a recognized stock exchange)
or by tender or by contract, at any price; provided such acquisition does not otherwise violate the terms of this Indenture. All Notes
so purchased may, at the option of the Issuer, be delivered to the Trustee and cancelled and no Notes shall be issued in substitution
therefor.

 

     

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		(b)	If, upon an invitation for tenders, more Notes of the relevant series are tendered at the same lowest
price than the Issuer is prepared to accept, the Notes to be purchased by the Issuer shall be selected by the Trustee on a pro rata basis
or in such other manner as the Issuer directs in writing and as consented to by the exchange, if any, on which Notes of such series are
then listed which the Trustee considers appropriate, from the Notes of such series tendered by each tendering Holder thereof who tendered
at such lowest price. For this purpose the Trustee may make, and from time to time amend, regulations with respect to the manner in which
Notes of any series may be so selected, and regulations so made shall be valid and binding upon all Holders thereof, notwithstanding the
fact that as a result thereof one or more of such Notes become subject to purchase in part only. The Holder of a Note of any series of
which a part only is purchased, upon surrender of such Note for payment, shall be entitled to receive, without expense to such Holder,
one or more new Notes of such series for the unpurchased part so surrendered, and the Trustee shall authenticate and deliver such new
Note or Notes upon receipt of the Note so surrendered or, with respect to a Global Note, the Depository shall make book-entry notations
with respect to the principal amount thereof so purchased.

 

Article 6

COVENANTS OF THE ISSUER

 

As long as any Related Notes remain outstanding,
the Issuer hereby covenants and agrees with the Trustee for the benefit of the Trustee and the Holders as follows (unless and for so long
as the Issuer and/or one or more of its Subsidiaries are the only Holders (or Beneficial Holders) of the outstanding Related Notes, in
which case the following provisions of this Article 6 shall not apply):

 

		6.1	Payment of Principal and Interest

 

The Issuer shall punctually, according to the
terms hereof, pay or cause to be paid all amounts due under this Indenture.

 

		6.2	Keeping of Books

 

The
Issuer shall keep or cause to be kept, and shall cause each of its Subsidiaries (other than non-operating or immaterial Subsidiaries)
to keep or cause to be kept proper books of record and account, in which full and correct entries (in all
material respects) shall be made of all financial transactions and the property and business of the Issuer and its Subsidiaries in accordance
with IFRS.

 

     

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		6.3	Provision of Reports and Financial Statements

 

The Issuer will maintain and will cause each of
its Subsidiaries to maintain a system of accounting established and administered in accordance with sound business practices to permit
preparation of financial statements in conformity with IFRS (it being understood that monthly financial statements are not required to
have footnote disclosures and are subject to normal year-end adjustments). The Issuer will provide to the Trustee, and the Trustee shall
deliver to the Holders, the following upon written request: (a) as soon as available and in any event within sixty (60) days after
the end of each fiscal quarter of the Issuer, the unaudited consolidated and consolidating balance sheet of the Issuer and each of its
Subsidiaries as at the end of such fiscal quarter (the “Quarterly Statements”); and (b) as soon as available and
in any event within one hundred twenty (120) days after the end of each fiscal year, the consolidated balance sheet of the Issuer and
its Subsidiaries, as at the end of such year, audited by certified public accountants selected by the Issuer (together with the Quarterly
Statements, the “Financial Reports”). Notwithstanding the foregoing, at any time that the Issuer remains a “reporting
issuer” (or its equivalent) in any province or territory of Canada, all Financial Reports will be deemed to have been provided to
the Trustee and the Holders once filed on the System for Electronic Document Analysis and Retrieval (SEDAR) or any successor system thereto.

 

		6.4	Compliance with Laws and Contractual Obligations

 

The Issuer will (A) comply with and cause
each of its Subsidiaries to comply in all material respects with (i) the requirements of all Applicable Laws, rules, regulations
and orders of any Governmental Authority (including, without limitation, all laws, rules, regulations and orders relating to taxes, employer
and employee contributions, securities, ERISA, environmental protection matters and employee health and safety) as now in effect and which
may be imposed in the future in all jurisdictions in which such Person is now doing business or may hereafter be doing business, and (ii) the
obligations, covenants and conditions contained in all of the material contractual obligations of each such Person, as applicable, the
noncompliance with which could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect
on the Issuer, and (B) maintain or obtain and cause each of its Subsidiaries to maintain or obtain, all applicable licenses, qualifications
and permits now held or hereafter required to be held by such Person, for which the loss, suspension, revocation or failure to obtain
or renew, could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect on the Issuer.

 

		6.5	Restricted Payments

 

The Issuer will not, and will not cause or permit
any of its Subsidiaries, to make any cash dividend or distributions in respect of the equity interests of the Issuer or any of its Subsidiaries,
except that (i) a Subsidiary of the Issuer may declare and pay dividends on its outstanding equity interests to the Issuer or to
a Subsidiary; and (ii) a Subsidiary may declare and pay any cash dividends or distribution it is obligated to pay pursuant to any
contractual obligation of such Subsidiary existing prior to the date hereof. Notwithstanding anything to the contrary provided in this
Section 6.5 or elsewhere, nothing contained herein shall prevent the Issuer from effectuating a distribution of the capital stock
of Sound Wellness Holdings, Inc. to the stockholders of the Issuer.

 

		6.6	Incurrence of Indebtedness

 

The Issuer will not and will not permit any of
its Subsidiaries directly or indirectly to create, incur, assume, or otherwise become or remain directly or indirectly liable with respect
to any indebtedness except Permitted Indebtedness.

 

     

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		6.7	Sale of Assets

 

		(a)	The Issuer will not and will not permit any of its Subsidiaries to sell, assign, license, lease, convey,
exchange, transfer or otherwise dispose of its property (each, a “Disposition”) to any other Person, except:

 

		(i)	Dispositions of inventory and other property in the ordinary course of business;

 

		(ii)	Dispositions of obsolete or worn-out assets, no longer used or usable in its business;

 

		(iii)	Disposition of the Issuer’s and its Subsidiaries equity securities;

 

		(iv)	Disposition of real property in a sale-leaseback transaction; and

 

		(v)	Dispositions of property in connection with Permitted Indebtedness, including, without limitations, dispositions
of property subject to a lien or other encumbrance senior to the lien or other encumbrance granted to the holders of the Related Notes.

 

		6.8	Repurchase at the Option of Holders – Change of Control

 

		(a)	If a Change of Control transaction pursuant to which the Issuer receives all cash or liquid securities
occurs prior to the Maturity, the Issuer will be required to make an offer to each Holder of Notes to repurchase all or any part (equal
to REDACT or an integral multiple of REDACT of that Holder’s Notes pursuant to the offer described below (the “Change of
Control Offer”). In the Change of Control Offer, the Issuer will offer a payment (the “Change of Control Payment”)
in cash equal to 106% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any (the “Change
of Control Payment Date” which date will be no earlier than the date of such Change of Control).

 

		(b)	No later than 45 days following any Change of Control, the Issuer will mail a notice to each Holder describing
the transaction or transactions that constitute the Change of Control, offer to repurchase Notes on the Change of Control Payment Date
specified in such notice, which date will be no earlier than 30 days and no later than 90 days from the date such notice is mailed and
describe the procedures, as required by this Indenture, that Holders must follow in order to tender Notes (or portions thereof) for payment
and withdraw an election to tender Notes (or portion thereof) for payment. Notwithstanding anything to the contrary herein, a Change of
Control Offer by the Issuer, or by any third party making a Change of Control Offer in lieu of the Issuer as described below, may be made
in advance of a Change of Control, conditional upon such Change of Control if a definitive agreement is in place for the Change of Control
at the time of making the Change of Control Offer.

 

     

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		(c)	The Issuer will comply with the requirements of any Applicable Securities Legislation to the extent such
requirements are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the
provisions of any Applicable Securities Legislation conflict with the Change of Control provisions of this Indenture, or compliance with
the Change of Control provisions of this Indenture would constitute a violation of any such laws or regulations, the Issuer will comply
with the Applicable Securities Legislation and will not be deemed to have breached its obligations under the Change of Control provisions
of this Indenture by virtue of such compliance.

 

		(d)	On or before the Change of Control Payment Date, the Issuer will, to the extent lawful:

 

		(i)	accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;

 

		(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes
or portions of Notes properly tendered; and

 

		(iii)	deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer.

 

		(e)	On the Change of Control Payment Date, the Paying Agent will promptly wire transfer to each Holder of
Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to
be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided that each such new Note will be in a principal amount of REDACT or an integral multiple of REDACT in excess thereof.

 

		(f)	The Issuer will advise the Trustee and the Holders of the Notes of the results of the Change of Control
Offer on or as soon as practicable after the Change of Control Payment Date.

 

		(g)	If the Change of Control Payment Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on
such Record Date, and no other interest will be payable to Holders who tender pursuant to the Change of Control Offer.

 

		(h)	The provisions of Section 6.8 that require the Issuer to make a Change of Control Offer following
a Change of Control will be applicable whether or not any other provisions of this Indenture are applicable.

 

     

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		(i)	Notwithstanding anything to the contrary in this Section 6.8, the Issuer will not be required to
make a Change of Control Offer upon a Change of Control if:

 

		(i)	a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly
tendered and not withdrawn under the Change of Control Offer; or

 

		(ii)	a Redemption Notice has been given pursuant to Section 5.4, unless and until there is a Default in
payment of the applicable Redemption Price.

 

		6.9	Maintenance of Properties

 

The Issuer will maintain and cause its Subsidiaries
to maintain in good repair, working order and condition, all material properties used in its businesses and will make or cause to be made
all appropriate repairs, renewals and replacements thereof.

 

		6.10	Organizational Existence

 

The Issuer will, and will cause each of its Subsidiaries
(other than non-operating or immaterial Subsidiaries) to at all times preserve and keep in full force and effect its organizational existence
and all rights and franchises material to such Person’s business and leases, privileges, franchises, qualifications and rights that
are necessary in the ordinary conduct of its business.

 

		6.11	Original Senior Secured Notes

 

The Issuer shall provide to the Trustee: (1) upon
request, a register of holders of Original Senior Secured Notes containing the name and address of the each holder of an Original Senior
Secured Note and showing the principal amount and series numbers of the Original Senior Secured Notes held by each such holder; and (2) as
soon as reasonably practicable following receipt, any and all documents, notices, and other correspondence received by the Issuer from
any holder of an Original Senior Secured Note that the Issuer reasonably determines to be relevant to the performance or observance of
any duties or obligations of the Trustee under this Indenture. For the avoidance of doubt, any written notice provided to the Issuer in
relation to a Default under the Original Senior Secured Notes is relevant to the performance of the obligations of the Trustee under this
Indenture.

 

Article 7

DEFAULT AND ENFORCEMENT

 

		7.1	Events of Default

 

Unless otherwise provided in a Supplemental Indenture
relating to a particular series of Notes, an “Event of Default” means any one of the following events:

 

		(a)	Default in the due and punctual payment of the principal of, or any other amount owing in respect of (including
interest), a Note when and as the same shall become due and payable; provided that the Issuer shall be provided with a twenty (20) Business
Day cure period for nonpayment of interest, fees or amounts other than principal on the Note, after there has been given to the Issuer
by the Trustee a written notice specifying such Default and requiring it to be remedied;

 

     

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		(b)	Default in the performance or observance of any covenant or agreement of the Issuer in this Indenture
(other than a covenant or agreement a Default in the performance of which is specifically provided for elsewhere in this Section 7.1),
and the continuance of such default for a period of thirty (30) days after there has been given to the Issuer by the Trustee a written
notice specifying such Default and requiring it to be remedied, provided that, if the Issuer uses commercially reasonable efforts to cure
such Default within such thirty (30) day period but cannot cure said Default during such thirty (30) day period, the Issuer shall have
such time as is necessary to cure such default provided the Issuer maintains commercially reasonable efforts to cure such Default beyond
the initial thirty (30) day cure period;

 

		(c)	any representation or warranty made by the Issuer herein is materially incorrect in any respect on the
date such representation or warranty was made;

 

		(d)	an event of default by the Issuer under any material debt financing agreement (which, for the avoidance
of doubt, shall include the Related Notes and the Guaranty and Collateral Security Agreement, and shall exclude any intercompany debt
including, without limitation, any Intercompany Notes); provided that any Issuer default under any such agreement that is related to the
Issuer’s reasonable opinion that the counterparty to such agreement has materially breached its obligations thereunder shall not
be considered a default hereunder;

 

		(e)	the entry of a decree or order by a court having jurisdiction adjudging the Issuer as bankrupt or insolvent;
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer
under the United States Federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee,
trustee or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding-up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;

 

		(f)	the institution by the Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent
by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under the United States Federal Bankruptcy Code or any other applicable federal or state law, or the consent
by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other
similar official) of the Issuer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;

 

		(g)	the Issuer proposes in writing or makes a general assignment or an arrangement or composition with or
for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments or other relief of debtors
or a moratorium or statutory management is agreed or declared in respect of or affecting all or any material part of the indebtedness
of the Issuer; or

 

     

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		(h)	it becomes unlawful for the Issuer to perform or comply with its obligations under this Indenture or the
Related Notes.

 

For the purposes of this Article 7, where
the Event of Default refers to an Event of Default with respect to a particular series of Notes as described in this Section 7.1,
then this Article 7 shall apply mutatis mutandis to the Notes of such series and references in this Article 7 to the
 “Notes” shall be deemed to be references to Notes of such particular series, as applicable.

 

		7.2	Declaration of Event of Default; Exercise of Remedies

 

		(a)	In order to declare an Event of Default under the Related Notes, the holders of more than 50% of the aggregate
outstanding principal amount of all Related Notes (collectively, the “Notes Majority”) must, or the Trustee at the
request of such Notes Majority must, provide a properly executed written notice to the Issuer (a “Default Notice”),
which shall specify: (i) that an Event of Default is being declared; (ii) the particular Event of Default hereunder being declared;
and (iii) the actions of the Issuer underlying the Event of Default. If an Event of Default has been declared pursuant to a properly
delivered Default Notice, then and in every such case the Notes Majority or the Trustee on behalf of the Notes Majority may by delivery
of a writing: (a) declare the Related Notes to be due and payable immediately, and upon any such declaration, the Issuer shall pay
to the holders of all Related Notes the outstanding balance of principal and accrued interest under each applicable holders’ Related
Notes, and (b) direct the Collateral Agent to act on behalf of the holders of all Related Notes in exercising and enforcing all rights
and remedies available to all of such holders of Related Notes, and including, without limitation, foreclosure of any judgment lien on
any assets of the Issuer.

 

		(b)	No course of dealing between the Issuer and any Holder or the Trustee or any delay in exercising any rights
hereunder shall operate as a waiver by any Holder or the Trustee. No failure or delay by a Holder or Trustee in exercising any right,
power or privilege under this Indenture or a Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

 

     

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		7.3	Trustee May File Proofs of Claim

 

		(a)	In case of any pending receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Issuer and its debts or any other obligor upon the Notes (including
the Guarantors, if any), and their debts or the property of the Issuer or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Issuer for the payment of overdue principal (and premium, if any) or interest)
shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

		(i)	to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding; and

 

		(ii)	to collect and receive any moneys or other securities or property payable or deliverable upon the conversion
or exchange of such securities or upon any such claims and to distribute the same,

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee hereunder.

 

		(b)	Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

		7.4	Trustee May Enforce Claims Without Possession of Notes

 

All rights of action and claims under this Indenture
or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment on behalf of the Holders shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the rateable benefit of the Holders of the Notes in respect
of which such judgment has been recovered.

 

     

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		7.5	Application of Monies by Trustee

 

		(a)	Except as herein otherwise expressly provided, any money collected by the Trustee of behalf of the Holders
pursuant to this Article 7 shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Notes and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

 

		(i)	first, in payment or in reimbursement to the Trustee of its reasonable compensation, costs, charges, expenses,
borrowings, advances or other monies furnished or provided by or at the instance of the Trustee in or about the execution of its trusts
under, or otherwise in relation to, this Indenture, with interest thereon as herein provided;

 

		(ii)	second, but subject as hereinafter in this Section 7.5 provided, in payment, rateably and proportionately
to the Holders, of the principal of and premium (if any) and accrued and unpaid interest and interest on amounts in default on the Notes
which shall then be outstanding in the priority of principal first and then premium and then accrued and unpaid interest and interest
on amounts in default unless otherwise directed by a resolution of Holders constituting more than 50% of the outstanding principal amount
of the Notes and in that case in such order or priority as between principal, premium (if any) and interest as may be directed by such
resolution; and

 

		(iii)	third, in payment of the surplus, if any, of such monies to the Issuer or its assigns and/or the Guarantors,
as the case may be;

 

provided,
however, that no payment shall be made pursuant to Section 7.5(a)(ii) above in respect of the principal, premium or interest
on any Notes held, directly or indirectly, by or for the benefit of the Issuer or any Subsidiary of the Issuer (other than any Notes pledged
for value and in good faith to a Person other than the Issuer or any Subsidiary of the Issuer but only to the extent of such Person’s
interest therein), except subject to the prior payment in full of the principal, premium (if any) and interest (if any) on all Notes which
are not so held.

 

		(b)	The Trustee shall not be bound to apply or make any partial or interim payment of any monies coming into
its hands if the amount so received by it, after reserving therefrom such amount as the Trustee may think necessary to provide for the
payments mentioned in Section 7.5(a), is insufficient to make a distribution of at least 2% of the aggregate principal amount of
the outstanding Notes of each applicable series, but it may retain the money so received by it and invest or deposit the same in trust
as provided in Section 11.9 until the money or the investments representing the same, with the income derived therefrom, together
with any other monies for the time being under its control shall be sufficient for the said purpose or until it shall consider it advisable
to apply the same in the manner hereinbefore set forth. The foregoing shall, however, not apply to a final payment or distribution hereunder.

 

     

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		7.6	No Suits by Holders

 

Except to enforce payment of the principal of,
and premium (if any) or interest on any Note held or beneficially owned by the Holder (after giving effect to any applicable grace period
specified therefor in Section 7.1), no Holder shall have any right to institute any action, suit or proceeding at law or in equity
with respect to this Indenture or for the appointment of a liquidator, trustee or receiver or for a receiving order under any applicable
bankruptcy laws or to have the Issuer or any Guarantor wound up or to file or prove a claim in any liquidation or bankruptcy proceeding
or for any other remedy hereunder, unless:

 

		(a)	There is a continuing Event of Default in accordance with the terms of this Indenture; ‎

 

		(b)	the Holders or Holders of at least a majority in aggregate principal amount of outstanding Notes make
a ‎written request to the Trustee to pursue the remedy;‎

 

		(c)	the Holder or Holders offer the Trustee indemnity and funding satisfactory to the Trustee against any
costs, ‎liability or expense;‎

 

		(d)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer
 ‎of indemnity and funding; and

 

		(e)	during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding
Notes ‎do not give the Trustee a direction that is inconsistent with the request.

 

it being understood and intended that no one or
more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce
any right under this Indenture, except in the manner herein provided and for the equal and rateable benefit of all the Holders.

 

		7.7	Unconditional Right of Holders to Receive Principal, Premium and Interest

 

Notwithstanding any other provision in this Indenture,
a Holder shall have the right, which is absolute and unconditional, to receive payment, as provided herein of the principal of (and premium,
if any) and interest on the Notes held by such Holder on the applicable Maturity date and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such Holder.

 

		7.8	Restoration of Rights and Remedies

 

If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Issuer, the Guarantors (if any), the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

     

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		7.9	Control by Holders

 

Subject to Section 11.3, the Holders of more
than 50% of the principal amount of the outstanding Notes shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that:

 

		(a)	such direction shall not be in conflict with any rule of law or with this Indenture;

 

		(b)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction;

 

		(c)	nothing herein shall require the Trustee to take any action under this Indenture or any direction from
Holders which might in its reasonable judgment involve any expense or any financial or other liability unless the Trustee shall be furnished
with indemnification acceptable to it, acting reasonably, including the advance of funds sufficient in the judgment of the Trustee to
satisfy such liability, costs and expenses; and

 

		(d)	the Trustee shall have the right to not take any action which might involve it in personal liability or
be unjustly prejudicial to the Holders not consenting. For certainty, no Holder shall have any right of action whatsoever against the
Trustee as a result of the Trustee acting or refraining from acting under the terms of this Indenture in accordance with the instructions
from the Holders.

 

		7.10	Notice of Default and Event of Default

 

If the Trustee provides the Issuer with written
notice of a Default or an Event of Default or receives written notice of a Default or an Event of Default, the Trustee shall, within 30
days after it issues or receives written notice of the occurrence of such Default or Event of Default, give notice of such Default or
Event of Default to all the Holders (in the manner provided in Section 14.2) and all the holders of the Original Senior Secured Notes
(using the contact particulars provided pursuant to Section 6.11). In cases where the Trustee provides the Issuer with, or receives,
written notice of a Default, the Trustee shall inquire as to whether the Notes Majority desires to declare an Event of Default should
such Default not be cured in accordance with the terms of the Related Notes.

 

		7.11	Waiver of Stay or Extension Laws

 

The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.

 

     

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		7.12	Undertaking for Costs

 

All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant.

 

		7.13	Judgment Against the Issuer

 

The Issuer covenants and agrees with the Trustee
that, in case of any judicial or other proceedings to enforce the rights of the Holders, judgment may be rendered against it in favour
of the Holders or in favour of the Trustee, as trustee for the Holders, for any amount which may remain due in respect of the Notes of
any series and premium (if any) and the interest thereon and any other monies owing hereunder.

 

		7.14	Immunity of Officers and Others

 

The Holders, the Beneficial Holders and the
Trustee hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any
past, present or future officer, director, employee, consultant, contractor, incorporator, member, manager, partner or holder of
Capital Stock of the Issuer or of any Guarantor or affiliate or of any successor for the payment of the principal of or premium or
interest on any of the Notes or on any covenant, agreement, representation or warranty by the Issuer or any Guarantor contained
herein or in the Notes or Security Documents. Each Holder and Beneficial Holder, by accepting its interest in Notes, waives and
releases all such claims against, and liability of, such Persons. The waiver and release provided for in this Section 7.14 are
part of the consideration for issuance of the Notes.

 

		7.15	Notice of Payment by Trustee

 

Not less than 15 days’ notice shall be given
in the manner provided in Section 14.2 by the Trustee to the Holders of Notes of any series of any payment to be made under this
Article 7. Such notice shall state the time when and place where such payment is to be made and also the liability under this Indenture
to which it is to be applied. After the day so fixed, unless payment shall have been duly demanded and have been refused, the Holders
of Notes of the affected series will be entitled to interest only on the balance (if any) of the principal monies, premium (if any) and
interest due (if any) to them, respectively, on the relevant Notes, after deduction of the respective amounts payable in respect thereof
on the day so fixed.

 

		7.16	Trustee May Demand Production of Notes

 

The Trustee shall have the right to demand production
of the Notes of any series in respect of which any payment of principal, interest or premium (if any) required by this Article 7
is made and may cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its
discretion, dispense with such production and endorsement, upon such indemnity being given to it and to the Issuer as the Trustee shall
deem sufficient.

 

     

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		7.17	Statement by Officers

 

		(a)	The Issuer shall deliver to the Trustee, within 120 days after the end of each of its fiscal years, a
brief certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge
of compliance by the Issuer and its Subsidiaries with all conditions and covenants in this Indenture. For purposes of this Section 7.17(a),
such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

 

		(b)	Upon becoming aware of any Default or Event of Default, the Issuer shall promptly deliver to the Trustee
by registered or certified mail or email or by facsimile transmission an Officers’ Certificate, specifying such event, notice or
other action giving rise to such Default or Event of Default and the action that the Issuer or Subsidiary, as applicable, is taking or
proposes to take with respect thereto.

 

Article 8

DISCHARGE

 

		8.1	Satisfaction and Discharge

 

This Indenture will be discharged and will cease
to be of further effect as to all Notes issued hereunder (except as to any surviving rights of registration of transfer or exchange of
Notes expressly provided for herein), when

 

		(a)	all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced
or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the
Trustee for cancellation;

 

		(b)	no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a
Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);

 

		(c)	such deposit will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor
is bound;

 

		(d)	the Issuer or any Guarantor has paid or caused to be paid all sums payable by the Issuer under this Indenture;
and

 

		(e)	the Issuer has delivered irrevocable written instructions to the Trustee under this Indenture to apply
the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be.

 

		8.2	Release of Liens

 

The Guaranty and Collateral Security Agreement
sets forth the terms of conditions of the release of Collateral from the liens created thereby, including the release with the consent
of the Notes Majority, release upon payment in full of the Related Notes and release upon the disposition of Collateral by the Issuer
or its Subsidiaries in accordance with the terms of this Indenture and the Original Senior Secured Notes.

 

     

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Article 9

MEETINGS OF HOLDERS

 

		9.1	Purpose, Effect and Convention of Meetings

 

		(a)	Wherever in this Indenture a consent, waiver, notice, authorization or resolution of the Holders (or any
of them) is required, a meeting may be convened in accordance with this Article 9 to consider and resolve whether such consent, waiver,
notice authorization or resolution should be approved by such Holders. A consent, waiver, notice, authorization or resolution passed by
the affirmative votes of the Holders of more than 50% of the outstanding principal amount of the Notes on a poll at a meeting of Holders
duly convened for the purpose and held in accordance with the provisions of this Indenture shall constitute conclusively such consent,
waiver, notice, authorization or resolution.

 

		(b)	At any time and from time to time, the Trustee on behalf of the Issuer may and, on receipt of an Issuer
Order or a Holders’ Request and upon being indemnified and funded for the costs thereof to the reasonable satisfaction of the Trustee
by the Issuer or the Holders signing such Holders’ Request, will, convene a meeting of all Holders.

 

		(c)	If the Trustee fails to convene a meeting after being duly requested as aforesaid (and indemnified and
funded as aforesaid), the Issuer or such Holders may themselves convene such meeting and the notice calling such meeting may be signed
by such Person as the Issuer or those Holders designate, as applicable. Every such meeting will be held in Vancouver, British Columbia
or such other place as the Trustee may in any case determine or approve.

 

		9.2	Notice of Meetings

 

		(a)	Not more than 60 days’ nor less than at least 21 days’ notice of any meeting of the Holders
of Notes of any series or of all series then outstanding, as the case may be, shall be given to the Holders of Notes of such series or
of all series of Notes then outstanding, as applicable, in the manner provided in Section 14.2 and a copy of such notice shall be
sent by post to the Trustee, unless the meeting has been called by it, and to the Issuer, unless such meeting has been called by it. Such
notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the business
to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any
of the provisions of this Article 9. The accidental omission to give notice of a meeting to any Holder shall not invalidate any resolution
passed at any such meeting. A Holder may waive notice of a meeting either before or after the meeting.

 

     

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		(b)	If the business to be transacted at any meeting by resolution of Holder’s, or any action to be taken
or power exercised by instrument in writing under Section 9.12, especially affects the rights of holders of Notes of one or more
series in a manner or to an extent differing in any material way from that in or to which the rights of holders of Notes of any other
series are affected (determined as provided in Sections 9.2(c) and 9.2(d)), then:

 

		(i)	a reference to such fact, indicating each series of Notes in the opinion of the Trustee (or the Person
calling the meeting) so especially affected (hereinafter referred to as the “especially affected series”) shall be made in
the notice of such meeting, and in any such case the meeting shall be and be deemed to be and is herein referred to as a “Serial
Meeting”; and

 

		(ii)	the holders of Notes of an especially affected series shall not be bound by any action taken at a Serial
Meeting or by instrument in writing under Section 9.12 unless in addition to compliance with the other provisions of this Article 9:

 

		(A)	at such Serial Meeting: (I) there are Holders present in person or by proxy and representing more
than 50% of the principal amount of the Notes then outstanding of such series; and (II) the resolution is passed by such proportion
of Holders of the principal amount of the Notes of such
series then outstanding voted on the resolution as is required by Sections 12.1; or

 

		(B)	in the case of action taken or power exercised by instrument in writing under Section 9.12, such
instrument is signed in one or more counterparts by such proportion of Holders of the principal amount of the Notes of such series then
outstanding as is required by Sections 12.1.

 

		(c)	Subject to Section 9.2(d), the determination as to whether any business to be transacted at a meeting
of Holders, or any action to be taken or power to be exercised by instrument in writing under Section 9.12, especially affects the
rights of the Holders of one or more series in a manner or to an extent differing in any material way from that in or to which it affects
the rights of Holders of any other series (and is therefore an especially affected series) shall be determined by an Opinion of Counsel,
which shall be binding on all Holders, the Trustee and the Issuer for all purposes hereof.

 

		(d)	A proposal:

 

		(i)	to extend the Maturity of Notes of any particular series or to reduce the principal amount thereof, the
rate of interest or premium thereon;

 

		(ii)	to modify or terminate any covenant or agreement which by its terms is effective only so long as Notes
of a particular series are outstanding; or

 

     

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		(iii)	to reduce with respect to Holders of any particular series any percentage stated in this Section 9.2
or Sections 9.4 and 9.12;

 

shall be deemed to especially affect the
rights of the Holders of such series in a manner differing in a material way from that in which it affects the rights of holders of Notes
of any other series, whether or not a similar extension, reduction, modification or termination is proposed with respect to Notes of any
or all other series.

 

		9.3	Chair

 

Some individual, who need not be a Holder, nominated
in writing by the Trustee shall be chair of the meeting and if no individual is so nominated, or if the individual so nominated is not
present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Holders present in person or by proxy
shall choose some individual present to be chair.

 

		9.4	Quorum

 

Subject to this Indenture, at any meeting of the
Holders of Notes of any series or of all series then outstanding, as the case may be, a quorum shall consist of Holders present in person
or by proxy and representing more than 50% of the principal amount of the outstanding Notes of the relevant series or all series then
outstanding, as the case may be, and, if the meeting is a Serial Meeting, more than 50% of the principal amount of the Notes then outstanding
of each especially affected series. If a quorum of the Holders is not present within 30 minutes from the time fixed for holding any meeting,
the meeting, if convened by the Holders or pursuant to a Holders’ Request, shall be dissolved, but in any other case the meeting
may be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall be adjourned to the next
following Business Day thereafter) at the same time and place and no notice shall be required to be given in respect of such adjourned
meeting. Any business may be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at
the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required
quorum be present at the commencement of business.

 

		9.5	Power to Adjourn

 

The chair of any meeting at which the requisite
quorum of the Holders is present may, with the consent of the Holders of a majority in principal amount of the Notes represented thereat,
adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

		9.6	Voting

 

On a poll each Holder present in person or
represented by a duly appointed proxy shall be entitled to one vote in respect of each $1.00 principal amount of the Notes of the
relevant series of Notes of which it is the Holder. A proxyholder need not be a Holder. In the case of joint registered Holders of a
Note, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others; but in case more
than one of them be present in person or by proxy, they shall vote together in respect of the Notes of which they are joint
Holders.

 

     

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		9.7	Poll

 

A poll will be taken on every resolution submitted
for approval at a meeting of Holders, in such manner as the chair directs, and the results of such polls shall be binding on all Holders
of the relevant series. Except as otherwise provided, every resolution will be decided by a majority of the votes cast on the poll for
that resolution.

 

		9.8	Proxies

 

A Holder may be present and vote at any meeting
of Holders by an authorized representative. The Issuer (in case it convenes the meeting) or the Trustee (in any other case) for the purpose
of enabling the Holders to be present and vote at any meeting without producing their Notes, and of enabling them to be present and vote
at any such meeting by proxy and of depositing instruments appointing such proxies at some place other than the place where the meeting
is to be held, may from time to time make and vary such regulations as it shall think fit providing for and governing any or all of the
following matters:

 

		(a)	the form of the instrument appointing a proxy, which shall be in writing, and the manner in which the
same shall be executed and the production of the authority of any individual signing on behalf of a Holder;

 

		(b)	the deposit of instruments appointing proxies at such place as the Trustee, the Issuer or the Holder convening
the meeting, as the case may be, may, in the notice convening the meeting, direct and the time, if any, before the holding of the meeting
or any adjournment thereof by which the same must be deposited; and

 

		(c)	the deposit of instruments appointing proxies at some approved place or places other than the place at
which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed, faxed, cabled, telegraphed
or sent by other electronic means before the meeting to the Issuer or to the Trustee at the place where the same is to be held and for
the voting of proxies so deposited as though the instruments themselves were produced at the meeting.

 

Any regulations so made shall be binding and effective
and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only Persons
who shall be recognized at any meeting as the Holders of any Notes, or as entitled to vote or be present at the meeting in respect thereof,
shall be Holders and Persons whom Holders have by instrument in writing duly appointed as their proxies.

 

		9.9	Persons Entitled to Attend Meetings

 

The Issuer and the Trustee, by their respective
directors, officers and employees and the respective legal advisors of the Issuer, the Trustee or any Holder may attend any meeting of
the Holders, but shall have no vote as such.

 

     

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		9.10	Powers Cumulative

 

Any one or more of the powers in this Indenture
stated to be exercisable by the Holders by resolution or otherwise may be exercised from time to time and the exercise of any one or more
of such powers from time to time shall not be deemed to exhaust the rights of the Holders to exercise the same or any other such power
or powers thereafter from time to time. No powers exercisable by resolution will derogate in any way from the rights of the Issuer pursuant
to this Indenture.

 

		9.11	Minutes

 

Minutes of all resolutions and proceedings at
every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at
the expense of the Issuer, and any such minutes as aforesaid, if signed by the chair of the meeting at which such resolutions were passed
or proceedings had, or by the chair of the next succeeding meeting of the Holders, shall be prima facie evidence of the matters therein
stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made, shall
be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been duly passed
and taken.

 

		9.12	Instruments in Writing

 

Any consent, waiver, notice, authorization or
resolution of the Holders which may be given by resolution at a meeting of the Holders pursuant to this Article 9 may also be given
by the Holders of more than 50% of the principal amount of the outstanding Notes of such series by a signed instrument in one or more
counterparts, and the expression “resolution” when used in this Indenture will include instruments so signed. Notice of any
resolution passed in accordance with this Section 9.12 will be given by the Trustee to the affected Holders within 30 days of the
date on which such resolution was passed.

 

		9.13	Binding Effect of Resolutions

 

Every resolution passed in accordance with the
provisions of this Article 9 at a meeting of Holders of a particular series of Notes or of all series then outstanding, as the case
may be, shall be binding upon all the Holders of Notes or of the particular series, as the case may be, whether present at or absent from
such meeting, and every instrument in writing signed by Holders in accordance with Section 9.12 shall be binding upon all the Holders,
whether signatories thereto or not, and each and every Holder and the Trustee (subject to the provisions for its indemnity herein contained)
shall, subject to Applicable Law, be bound to give effect accordingly to every such resolution and instrument in writing. Notwithstanding
anything in this Indenture (but subject to the provisions of any indenture, deed or instrument supplemental or ancillary hereto), any
covenant or other provision in this Indenture or in any Supplemental Indenture which is expressed to be or is determined by the Trustee
(relying on the advice of Counsel) to be effective only with respect to Notes of a particular series, may be modified by the required
resolution or consent of the Holders of Notes of such series in the same manner as if the Notes of such series were the only Notes outstanding
under this Indenture.

 

     

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		9.14	Evidence of Rights of Holders

 

		(a)	Any request, direction, notice, consent or other instrument which this Indenture may require or permit
to be signed or executed by the Holders may be in any number of concurrent instruments of similar tenor signed or executed by such Holders.
Proof of the execution of any such request, direction, notice, consent or other instrument or of a writing appointing any such attorney
will be sufficient for any purpose of this Indenture if the fact and date of the execution by any Person of such request, direction, notice,
consent or other instrument or writing may be proved by the certificate of any notary public, or other officer authorized to take acknowledgements
of deeds to be recorded at the place where such certificate is made, that the Person signing such request, direction, notice, consent
or other instrument or writing acknowledged to such notary public or other officer the execution thereof, or by an affidavit of a witness
of such execution or in any other manner which the Trustee may consider adequate.

 

		(b)	Notwithstanding Section 9.14(a), the Trustee may, in its discretion, require proof of execution in
cases where it deems proof desirable and may accept such proof as it shall consider proper.

 

		9.15	Actions by the Notes Majority

 

In the event the approval of the Notes Majority
is required for any consent, waiver, notice, authorization or resolution, and the affirmative vote of the Holders calculated in accordance
with this Article 9 does not constitute the Notes Majority, the Trustee shall give notice to the holders of the Original Senior Secured
Notes (in the manner provided in Section 6.11) and determine whether the consent, waiver, notice, authorization or resolution is
approved by the Notes Majority.

 

Article 10

SUCCESSORS TO THE ISSUER AND SUBSIDIARIES

 

		10.1	Merger, Consolidation, Amalgamation or Sale of Assets

 

		(a)	The Issuer will not, and will not permit any of its Subsidiaries directly or indirectly to:

 

		(i)	enter into any transaction of merger or consolidation except, that upon not less than ten (10) Business
Days prior written notice to the Holders, any wholly owned Subsidiary of the Issuer may be merged with or into the Issuer (provided that
the Issuer is the surviving entity) or any other wholly owned Subsidiary of the Issuer; or

 

		(ii)	liquidate (provided that a Subsidiary may liquidate into the Issuer or another Subsidiary), wind-up or
dissolve itself (or suffer any liquidation or dissolution);

 

provided that both before and immediately
after giving effect to any such transaction permissible pursuant to Section 10.1(a)(i) or (ii), no Event of Default shall have
occurred and be continuing.

 

     

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Article 11

CONCERNING THE TRUSTEE

 

		11.1	No Conflict of Interest

 

The Trustee represents to the Issuer 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 Trustee as a fiduciary
hereunder but if, notwithstanding the provisions of this Section 11.1, such a material conflict of interest exists, or hereafter
arises, the validity and enforceability of this Indenture and the Notes of any series shall not be affected in any manner whatsoever by
reason only that such material conflict of interest exists or arises.

 

		11.2	Replacement of Trustee

 

		(a)	The Trustee may resign its trust and be discharged
from all further duties and liabilities hereunder by giving to the Issuer 90 days’ notice in writing or such shorter notice as the
Issuer may accept as sufficient. If at any time a material conflict of interest exists in the Trustee’s role as a fiduciary hereunder
the Trustee shall, within 90 days after ascertaining that such a material conflict of interest exists, either eliminate such material
conflict of interest with the Issuer, the affiliates and Subsidiaries of the Issuer, or any affiliates of the Issuer or the affiliates
and Subsidiaries of the Issuer, or resign in the manner and with the effect specified in this Section 11.2. The validity and enforceability
of this Indenture and of the Notes issued hereunder shall not be affected in any manner whatsoever by reason only that such a material
conflict of interest exists. In the event of the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into
liquidation or otherwise becoming incapable of acting hereunder, the Issuer shall forthwith appoint a new Trustee unless a new Trustee
has already been appointed by the Holders in accordance with the provisions hereof. Failing such appointment by the Issuer, the retiring
Trustee or any Holder may apply to a judge of the British Columbia Supreme Court, on such notice as such Judge may direct at the Issuer’s
expense, for the appointment of a new Trustee but any new Trustee so appointed by the Issuer or by the Court shall be subject to removal
as aforesaid by the Holders and the appointment of such new Trustee shall be effective only upon such new Trustee becoming bound by this
Indenture. Any new Trustee appointed under any provision of this Section 11.2 shall be a corporation authorized to carry on the business
of a trust company in one or more of the Provinces of Canada. On any new appointment the new Trustee shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named herein as Trustee.

 

     

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		(b)	Any entity into which the Trustee may be merged or, with or to which it may be consolidated, amalgamated
or sold, or any entity resulting from any merger, consolidation, sale or amalgamation to which the Trustee shall be a party, shall be
the successor Trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written
request of the successor Trustee or of the Issuer, the Trustee ceasing to act shall execute and deliver an instrument assigning and transferring
to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the retiring Trustee so ceasing to act,
and shall duly assign, transfer and deliver all property and money held by such Trustee to the successor Trustee so appointed in its place.
Should any deed, conveyance or instrument in writing from the Issuer or any Guarantor be required by any new Trustee for more fully and
certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances
and instruments in writing shall on request of said new Trustee, be made, executed, acknowledged and delivered by the Issuer or such Guarantor,
as applicable.

 

		11.3	Rights and Duties of Trustee

 

		(a)	In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture,
the Related Notes and the Security Documents, the Trustee shall act honestly and in good faith and exercise that degree of care, diligence
and skill that a reasonably prudent Trustee would exercise in comparable circumstances. Subject to the foregoing, the Trustee will be
liable for its own wilful misconduct or gross negligence. The Trustee will not be liable for any act or default on the part of any agent
employed by it or a co-Trustee, or for having permitted any agent or co-Trustee to receive and retain any money payable to the Trustee,
except as aforesaid.

 

		(b)	Nothing herein contained shall impose any obligation on the Trustee to see to or require evidence of the
registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto or thereto, including
any Security Documents.

 

		(c)	The Trustee shall not be:

 

		(i)	accountable for the use or application by the Issuer of the Notes or the proceeds thereof;

 

		(ii)	responsible to make any calculation with respect to any matter under this Indenture;

 

		(iii)	liable for any error in judgment made in good faith unless negligent in ascertaining the pertinent facts;
or

 

		(iv)	responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of
any law or regulation or any act of any Governmental Authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication
services; cyberterrorism; accidents; labor disputes; acts of civil or military authority and governmental action.

 

     

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		(d)	The Trustee shall have the right to disclose any information disclosed or released to it if, in the reasonable
opinion of the Trustee, after consultation with Counsel, it is required to disclose under any Applicable Law, court order or administrative
directions, or if, in the reasonable opinion of the Trustee, it is required to disclose to its regulatory authority. The Trustee shall
not be responsible or liable to any party for any loss or damage arising out of or in any way sustained or incurred or in any way relating
to such disclosure.

 

		(e)	The Trustee shall not be responsible for any error made or act done by it resulting from reliance upon
the signature of any Person on whose signature the Trustee is entitled to act, or refrain from acting, under a specific provision of this
Indenture.

 

		(f)	The Trustee shall have no responsibility for the preparation, filing or recording of any instrument, document
or financing statement or for the perfection or maintenance of any security interest created hereunder.

 

		(g)	The Trustee shall be entitled to treat a facsimile, pdf or e-mail communication or communication by other
similar electronic means in a form satisfactory to the Trustee from a Person purporting to be (and whom the Trustee, acting reasonably,
believes in good faith to be) an authorized representative of the Issuer or a Holder, as sufficient instructions and authority of such
party for the Trustee to act and shall have no duty to verify or confirm that Person is so authorized. The Trustee shall have no liability
for any losses, liabilities, costs or expenses incurred by it as a result of such reliance upon, or compliance with, such instructions
or directions, except to the extent any such losses, cost or expense are the direct result of gross negligence or willful misconduct on
the part of the Trustee. The Issuer and the Holders agree: (i) to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated
with the various methods of transmitting instructions to the Trustee and that there may be more secure methods of transmitting instructions
than the method(s) selected by such party; and (iii) that the security procedures (if any) to be followed in connection with
its transmission of instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 

     

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		11.4	Reliance Upon Declarations, Opinions, etc.

 

		(a)	In the exercise of its rights, duties and obligations hereunder the Trustee may, if acting in good faith
and subject to Section 11.7, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon statutory
declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement of this Indenture or required
by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such statutory declarations,
opinions, reports or certificates and determines that they comply with Section 11.5, if applicable, and with any other applicable
requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further proof in cases where it deems further
proof desirable. Without restricting the foregoing, the Trustee may rely on an Opinion of Counsel satisfactory to the Trustee notwithstanding
that it is delivered by a solicitor or firm which acts as solicitors for the Issuer.

 

		(b)	The Trustee shall have no obligation to ensure or verify compliance with any Applicable Law or regulatory
requirements on the issue or transfer of any Notes provided such issue or transfer is effected in accordance with the terms of this Indenture.
The Trustee shall be entitled to process all transfers and redemptions upon the presumption that such transfer and redemption is permissible
pursuant to all Applicable Law and regulatory requirements if such transfer and redemption is effected in accordance with the terms of
this Indenture. The Trustee shall have no obligation, other than to confer with the Issuer and its Counsel, to ensure that legends appearing
on the Notes comply with regulatory requirements or securities laws of any applicable jurisdiction.

 

		11.5	Evidence and Authority to Trustee, Opinions, etc.

 

		(a)	The Issuer shall furnish to the Trustee evidence of compliance with the conditions precedent provided
for in this Indenture relating to any action or step required or permitted to be taken by the Issuer or the Trustee under this Indenture
or as a result of any obligation imposed under this Indenture, including without limitation, the authentication and delivery of Notes
hereunder, the satisfaction and discharge of this Indenture and the taking of any other action to be taken by the Trustee at the request
of or on the application of the Issuer, forthwith if and when (a) such evidence is required by any other Section of this Indenture
to be furnished to the Trustee in accordance with the terms of this Section 11.5, or (b) the Trustee, in the exercise of its
rights and duties under this Indenture, gives the Issuer written notice requiring it to furnish such evidence in relation to any particular
action or obligation specified in such notice. Such evidence shall consist of:

 

		(i)	an Officers’ Certificate, stating that any such condition precedent has been complied with in accordance
with the terms of this Indenture;

 

		(ii)	in the case of a condition precedent the satisfaction of which is, by the terms of this Indenture, made
subject to review or examination by a solicitor, an Opinion of Counsel that such condition precedent has been complied with in accordance
with the terms of this Indenture; and

 

		(iii)	in the case of any such condition precedent the satisfaction of which is subject to review or examination
by auditors or accountants, an opinion or report of the Issuer’s Auditors whom the Trustee for such purposes hereby approves, that
such condition precedent has been complied with in accordance with the terms of this Indenture.

 

     

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		(b)	Whenever such evidence relates to a matter other than the authentication and delivery of Notes and the
satisfaction and discharge of this Indenture, and except as otherwise specifically provided herein, such evidence may consist of a report
or opinion of any solicitor, auditor, accountant, engineer or appraiser or any other appraiser or any other individual whose qualifications
give authority to a statement made by such individual, provided that if such report or opinion is furnished by a director, officer or
employee of the Issuer it shall be in the form of a statutory declaration. Such evidence shall be, so far as appropriate, in accordance
with Section 11.5(a).

 

		(c)	Each statutory declaration, certificate, opinion or report with respect to compliance with a condition
precedent provided for in this Indenture shall include (i) a statement by the individual giving the evidence that he or she has read
and is familiar with those provisions of this Indenture relating to the condition precedent in question, (ii) a brief statement of
the nature and scope of the examination or investigation upon which the statements or opinions contained in such evidence are based, (iii) a
statement that, in the belief of the individual giving such evidence, he or she has made such examination or investigation as is necessary
to enable him or her to make the statements or give the opinions contained or expressed therein, and (iv) a statement whether in
the opinion of such individual the conditions precedent in question have been complied with or satisfied.

 

		(d)	The Issuer shall furnish or cause to be furnished to the Trustee at any time if the Trustee reasonably
so requires, an Officers’ Certificate certifying that the Issuer has complied with all covenants, conditions or other requirements
contained in this Indenture, the non-compliance with which would constitute a Default or an Event of Default, or if such is not the case,
specifying the covenant, condition or other requirement which has not been complied with and giving particulars of such non-compliance.
The Issuer shall, whenever the Trustee so requires, furnish the Trustee with evidence by way of statutory declaration, opinion, report
or certificate as specified by the Trustee as to any action or step required or permitted to be taken by the Issuer or as a result of
any obligation imposed by this Indenture.

 

		11.6	Officers’ Certificates Evidence

 

Except as otherwise specifically provided or prescribed
by this Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely
upon an Officers’ Certificate.

 

     

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		11.7	Experts, Advisers and Agents

 

Subject to Sections 11.3 and 11.4, the Trustee
may:

 

		(a)	employ or retain and act and rely on the opinion or advice of or information obtained from any solicitor,
auditor, valuator, engineer, surveyor, appraiser or other expert, whether obtained by the Trustee or by the Issuer, or otherwise, and
shall not be liable for acting, or refusing to act, in good faith on any such opinion or advice and may pay proper and reasonable compensation
for all such legal and other advice or assistance as aforesaid; and

 

		(b)	employ such agents and other assistants as it may reasonably require for the proper discharge of its duties
hereunder, and may pay reasonable remuneration for all services performed for it (and shall be entitled to receive reasonable remuneration
for all services performed by it) in the discharge of the trusts hereof and compensation for all disbursements, costs and expenses made
or incurred by it in the discharge of its duties hereunder and in the management of the trusts hereof and any solicitors employed or consulted
by the Trustee may, but need not be, solicitors for the Issuer.

 

		11.8	Trustee May Deal in Notes

 

Subject to Sections 11.1 and 11.3, the Trustee
may, in its personal or other capacity, buy, sell, lend upon and deal in Notes and generally contract and enter into financial transactions
with the Issuer or otherwise, without being liable to account for any profits made thereby. However, in the event that the Trustee acquires
any conflicting interest it must eliminate such conflict within 90 days, apply to the British Columbia Supreme Court for permission to
continue as Trustee hereunder or resign.

 

		11.9	Investment of Monies Held by Trustee

 

		(a)	Any securities, documents of title or other instruments that may at any time be held by the Trustee subject
to the trusts hereof may be placed in the deposit vaults of the Trustee or of any Canadian chartered bank or deposited for safe-keeping
in the Province of British Columbia with any such bank. In respect of any moneys so held, upon receipt of a written order from a Participant
or a Beneficial Holder, the Trustee shall invest the funds in accordance with such written order in Authorized Investments (as defined
below). Any such written order from a Participant or a Beneficial Holder shall be provided to the Trustee no later than 9:00 a.m. (Toronto
time) on the day on which the investment is to be made. Any such written order from a Participant or a Beneficial Holder received by the
Trustee after 9:00 a.m. (Toronto time) or received on a non-Business Day, shall be deemed to have been given prior to 9:00 a.m. (Toronto
time) the next Business Day. For certainty, after an Event of Default, the Trustee shall only be obligated to make investments on receipt
of appropriate instructions from the Holders by way of a resolution of Holders of at least a majority in principal amount of the Notes
represented and voting at a meeting of Holders, or by a resolution in writing.

 

     

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		(b)	The Trustee shall have no liability for any loss sustained as a result of any investment selected by and
made pursuant to the instructions of the Issuer or the Holders, as applicable, as a result of any liquidation of any investment prior
to its maturity or for failure of either the Issuer or the Holders, as applicable, to give the Trustee instructions to liquidate, invest
or reinvest amounts held with it. In the absence of written instructions from either the Issuer or the Holders as to investment of funds
held by it, such funds shall be held uninvested by the Trustee without liability for interest thereon.

 

		(c)	For the purposes of this section, “Authorized Investments” means short term
                                                               interest bearing or discount debt obligations issued or guaranteed by the government of Canada or a Province or a Canadian chartered
                                                               bank (which may include an affiliate (as defined in this section) or related party of the Trustee) provided that such obligation is
                                                               rated at least R1 (middle) by DBRS or an equivalent rating service. For certainty, the Issuer and the Holders acknowledge and agree
                                                               that the Trustee has no obligation or liability
to confirm or verify that investment instructions delivered pursuant to this Section 11.9 comply with the definition of Authorized
Investments.

 

		11.10	Trustee Not Ordinarily Bound

 

Except as otherwise specifically provided herein,
the Trustee shall not, subject to Section 11.3, be bound to give notice to any Person of the execution hereof, nor to do, observe
or perform or see to the observance or performance by the Issuer of any of the obligations herein imposed upon the Issuer or of the covenants
on the part of the Issuer herein contained, nor in any way to supervise or interfere with the conduct of the Issuer’s business,
unless the Trustee shall have been required to do so in writing by the Holders of more than 50% of the principal amount of the Notes then
outstanding, and then only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims
and demands to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

 

		11.11	Trustee Not Required to Give Security

 

The Trustee shall not be required to give any
bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

 

		11.12	Trustee Not Bound to Act on Issuer’s Request

 

Except as in this Indenture otherwise specifically
provided, the Trustee shall not be bound to act in accordance with any direction or request of the Issuer until a duly authenticated copy
of the instrument or resolution containing such direction or request shall have been delivered to the Trustee, and the Trustee shall be
empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

 

     

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		11.13	Conditions Precedent to Trustee’s Obligations to Act Hereunder

 

		(a)	The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of
enforcing the rights of the Trustee and of the Holders hereunder shall be conditional upon any one or more Holders furnishing when required
by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably
satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred
thereby and any loss and damage it may suffer by reason thereof.

 

		(b)	None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers
unless indemnified as aforesaid.

 

		(c)	The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding
require the Holders of Notes of a series at whose instance it is acting to deposit with the Trustee such Notes held by them for which
Notes the Trustee shall issue receipts.

 

		(d)	Unless an action is expressly directed or required herein, the Trustee shall request instructions from
the Holders with respect to any actions or approvals which, by the terms of this Indenture, the Trustee is permitted to take or to grant
(including any such actions or approvals that are to be taken in the Trustee’s “discretion” or “opinion”,
or to its “satisfaction”, or words to similar effect), and the Trustee shall refrain from taking any such action or withholding
any such approval and shall not be under any liability whatsoever as a result thereof until it shall have received such instructions by
way of resolution from the Holders in accordance with this Indenture.

 

		11.14	Authority to Carry on Business

 

The Trustee represents to the Issuer that at the
date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in the Provinces of
British Columbia and Alberta but if, notwithstanding the provisions of this Section 11.14, it ceases to be so authorized to carry
on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner
whatsoever by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business
of a trust company in any province of Canada, either become so authorized or resign in the manner and with the effect specified in Section 11.2.

 

		11.15	Compensation and Indemnity

 

		(a)	The Issuer shall pay to the Trustee from time to time compensation for its services hereunder as agreed
separately by the Issuer and the Trustee, and shall pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in the administration or execution of its duties under this Indenture (including the reasonable
and documented 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 Trustee under this Indenture shall be finally and fully performed.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.

 

     

    -75-

    

 

		(b)	The Issuer hereby indemnifies and saves harmless the Trustee and its directors, officers, employees and
shareholders from and against any and all loss, damages, charges, expenses, claims, demands, actions or liability whatsoever which may
be brought against the Trustee or which it may suffer or incur as a result of or arising out of the performance of its duties and obligations
hereunder save only in the event of the gross negligence or wilful misconduct of the Trustee. This indemnity will survive the termination
or discharge of this Indenture and the resignation or removal of the Trustee. The Trustee shall notify the Issuer promptly of any claim
for which it may seek indemnity. The Issuer shall defend the claim and the Trustee shall cooperate in the defence. The Trustee may have
separate Counsel and the Issuer shall pay the reasonable fees and expenses of such Counsel. The Issuer need not pay for any settlement
made without its consent, which consent must not be unreasonably withheld. This indemnity shall survive the resignation or removal of
the Trustee or the discharge of this Indenture. Other than for gross negligence or intentional misconduct, any liability of the Trustee
shall be limited to direct damages which in the aggregate shall not exceed the amount of fees paid by the Issuer under this Indenture
in the twelve months immediately prior to the Trustee receiving the first notice of the claim.

 

		(c)	The Issuer need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee
through gross negligence or wilful misconduct on the part of the Trustee.

 

		11.16	Acceptance of Trust

 

The Trustee hereby accepts the trusts in this
Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the various Persons who shall from time to time be Holders, subject to
all the terms and conditions herein set forth.

 

		11.17	Anti-Money Laundering

 

The Trustee 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 Trustee, in its sole
judgment, acting reasonably, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering
or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting reasonably, determine
at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering
or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days’ prior written notice
sent to all parties hereto; provided that (A) the written notice shall describe the circumstances of such non-compliance; and (B) if
such circumstances are rectified to the Trustee’s satisfaction within such 10 day period, then such resignation shall not be effective.

 

     

    -76-

    

 

		11.18	Privacy

 

		(a)	The parties hereto acknowledge that the Trustee 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:

 

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

 

		(ii)	to help the Trustee manage its servicing relationships with such individuals;

 

		(iii)	to meet the Trustee’s legal and regulatory requirements; and

 

		(iv)	if social insurance or social security numbers are collected by the Trustee, to perform tax reporting
and to assist in verification of an individual’s identity for security purposes.

 

		(b)	Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal information
provided to it or acquired by it in the course of providing services under this Indenture for the purposes described above and, generally,
in the manner and on the terms described in its privacy code, which the Trustee shall make available on its website or upon request, including
revisions thereto. The Trustee may transfer some of that personal information to service providers in the United States for data processing
and/or storage. Further, each party agrees that it shall not provide or cause to be provided to the Trustee 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.

 

		11.19	Acceptance of Trustee as Agent

 

The Trustee hereby accepts its appointment as
agent of the holders of the Original Senior Secured Notes to act on behalf of the holders of Original Senior Secured Notes on all matters
arising from, relating to or in connection with the rights or obligations of the Notes Majority as set forth in this Indenture, the Related
Notes, the Security Documents, the Collateral Agency Agreement and all such other documents or instruments executed in connection with
the transactions contemplated by any of the foregoing.

     

    -77-

    

 

Article 12

AMENDMENT, SUPPLEMENT AND WAIVER

 

		12.1	Ordinary Consent

 

		(a)	Except as provided in Section 12.2, the Issuer and the Trustee (with the affirmative consent of the
Holders of more than 50% of the outstanding aggregate principal amount of the Notes) may amend, supplement or waive any provision in this
Indenture or the Notes in a manner that is not inconsistent with the Original Senior Secured Notes or the Security Documents or prejudicial
to the holders of Original Senior Secured Notes.

 

		(b)	Except as provided in Section 12.2, the Issuer and the Trustee (with the affirmative consent of the
Notes Majority, and, if required by the applicable agreement, the Collateral Agent) may amend, supplement or waive any provision in this
Indenture, the Related Notes or the Security Documents.

 

		12.2	Without Consent

 

Notwithstanding Section 12.1, without the
consent of any holders of the Related Notes, the Issuer, the Guarantors or the Collateral Agent, the Trustee may amend or supplement this
Indenture, the Related Notes or the Security Documents to:

 

		(a)	cure any ambiguity, defect or inconsistency;

 

		(b)	provide for uncertificated Notes in addition to or in place of certificated Notes;

 

		(c)	make any change that would provide any additional rights or benefits to the Holders of Notes and holders
of Original Senior Secured Notes or that does not materially adversely affect the legal rights under this Indenture of any Holder of Notes
or of any holder of Original Senior Secured Notes;

 

		(d)	add any additional Guarantors or to evidence the release of any Guarantor from its obligations under its
Guarantee to the extent that such release is permitted by this Indenture, the 2019 Senior Secured Notes, the Original Senior Secured Notes
or the Security Documents,

 

		(e)	comply with the provisions set out in Article 13;

 

		(f)	evidence and provide for the acceptance of appointment by a successor Trustee;

 

		(g)	provide for the issuance of Additional Notes and other credit instruments in accordance with this Indenture;

 

		(h)	to enter into additional or supplemental Security Documents or to add additional parties to the ‎Security
Documents to the extent permitted thereunder and under this Indenture; ‎

 

		(i)	allow any future Guarantor to execute a Guarantee; or

 

		(j)	to release Collateral from liens when permitted or required by this Indenture or any Security Documents
 ‎or add assets to Collateral when permitted or required by this Indenture or any Security Documents.

 

     

    -78-

    

 

		12.3	Form of Consent

 

It is not necessary for any consent under Section 12.1
to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.

 

		12.4	Supplemental Indentures

 

		(a)	Subject to the provisions of this Indenture, the Issuer and the Trustee may from time to time execute,
acknowledge and deliver Supplemental Indentures which thereafter shall form part of this Indenture, for any one or more of the following
purposes:

 

		(i)	establishing the terms of any series of Notes and the forms and denominations in which they may be issued
as provided in Article 2;

 

		(ii)	making such amendments not inconsistent with this Indenture as may be necessary or desirable with respect
to matters or questions arising hereunder, including the making of any modifications in the form of the Notes of any series which do not
affect the substance thereof and which in the opinion of the Trustee relying on an Opinion of Counsel will not be materially prejudicial
to the interests of Holders;

 

		(iii)	rectifying typographical, clerical or other manifest errors contained in this Indenture or any Supplemental
Indenture, or making any modification to this Indenture or any Supplemental Indenture which, in the opinion of Counsel, are of a formal,
minor or technical nature and that are not materially prejudicial to the interests of the Holders;

 

		(iv)	to give effect to any amendment or supplement to this Indenture or the Notes of any series made in accordance
with Sections 12.1 or 12.2;

 

		(v)	evidencing the succession, or successive successions, of others to the Issuer or any Guarantor and the
covenants of and obligations assumed by any such successor in accordance with the provisions of this Indenture; or

 

		(vi)	for any other purpose not inconsistent with the terms of this Indenture, provided that in the opinion
of the Trustee (relying on an Opinion of Counsel) the rights of neither the Holders nor the Trustee are materially prejudiced thereby.

 

		(b)	Unless this Indenture expressly requires the consent or concurrence of Holders, the consent or concurrence
of Holders shall not be required in connection with the execution, acknowledgement or delivery of a Supplemental Indenture contemplated
by this Indenture.

 

     

    -79-

    

 

		(c)	Upon receipt by the Trustee of (i) an Issuer Order accompanied by a Board Resolution authorizing
the execution of any such Supplemental Indenture, and (ii) an Officers’ Certificate stating that such amended or Supplemental
Indenture complies with this Section 12.4, the Trustee shall join with the Issuer and the Guarantors in the execution of any amended
or Supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained.

 

Article 13

GUARANTEES

 

		13.1	Guarantees and Collateral Agent

 

		(a)	Each Guarantor providing a Guarantee on the Issue Date shall execute and deliver to the Trustee the Guaranty
and Collateral Security Agreement substantially in the form attached hereto as Appendix B.

 

		(b)	By their acceptance of the Notes, the Holders hereby instruct the Trustee to designate and appoint a Collateral
Agent to serve as Collateral Agent and as the Holder’s agent under this Indenture and the Security Documents, and the Trustee and
each of the Holders by acceptance of the Notes hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under
the provisions of this Indenture, the Security
Documents and the Guaranty and Collateral Security Agreement and to exercise such powers and perform such duties as are expressly delegated
to the Collateral Agent by the terms of this Indenture, the Security Documents and the Guaranty and Collateral Security Agreement, and
consents and agrees to the terms of the Guaranty and Collateral Security Agreement and each Security Document, as the same may be in effect
or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms.

 

		(c)	By their acceptance of the Notes hereunder, the Collateral Agent is authorized and directed by the Holders
to (i) enter into the Security Documents to which it is party, whether executed on or after the Issue Date, (ii) bind the Holders
on the terms as set forth in the Security Documents and (iii) perform and observe its obligations under the Security Documents.

 

		(d)	Each Holder hereby authorizes and instructs the Trustee to execute the Collateral Agency Agreement for
and on behalf of such Holder, and acknowledges and agrees that such execution by the Trustee shall bind the Holder to the terms and conditions
set forth therein as though such Holder was a signatory thereto.

 

     

    -80-

    

 

Article 14

NOTICES

 

		14.1	Notice to Issuer

 

Any
notice to the Issuer under the provisions of this Indenture shall be valid and effective (i) if delivered to the Issuer at ‎1800
NW Corporate Blvd, Suite 200, Boca Raton, FL 33431, Attention: Legal Department (ii) if delivered by email to legal@jushico.com,
immediately upon sending the email, provided that if such email is not sent during the normal business hours of the recipient, such email
shall be deemed to have been sent at the opening of business on the next business day for the recipient, or (iii) if given
by registered letter, postage prepaid, to such office and so addressed and if mailed, five days following the mailing thereof. The Issuer
may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the
address of the Issuer for all purposes of this Indenture.

 

		14.2	Notice to Holders

 

		(a)	All notices to be given hereunder with respect to the Notes shall be deemed to be validly given to the
Holders thereof if sent by first class mail, postage prepaid, or, if agreed to by the applicable recipient, by email, by letter or circular
addressed to such Holders at their post office addresses appearing in any of the registers hereinbefore mentioned and shall be deemed
to have been effectively given five days following the day of mailing, or immediately upon sending the email, provided that if such email
is not sent during the normal business hours of the recipient, such email shall be deemed to have been sent at the opening of business
on the next business day for the recipient, as applicable. Accidental error or omission in giving notice or accidental failure to mail
notice to any Holder or the inability of the Issuer to give or mail any notice due to anything beyond the reasonable control of the Issuer
shall not invalidate any action or proceeding founded thereon.

 

		(b)	If any notice given in accordance with Section 14.2(a) would be unlikely to reach the Holders
to whom it is addressed in the ordinary course of post by reason of an interruption in mail service, whether at the place of dispatch
or receipt or both, the Issuer shall give such notice by publication at least once in a daily newspaper of general national circulation
in Canada.

 

		(c)	Any notice given to Holders by publication shall be deemed to have been given on the day on which publication
shall have been effected at least once in each of the newspapers in which publication was required.

 

		(d)	All notices with respect to any Note may be given to whichever one of the Holders thereof (if more than
one) is named first in the registers hereinbefore mentioned, and any notice so given shall be sufficient notice to all Holders of any
Persons interested in such Note.

 

		14.3	Notice to Trustee

 

Any notice to the Trustee under the
provisions of this Indenture shall be valid and effective: (i) if delivered to the Trustee at its principal office in the City
of Vancouver, British Columbia at 323 – 409 Granville Street V6C 1T2, Attention: VP, Corporate Trust‎, (ii) if
delivered by email to corptrust@odysseytrust.com, immediately upon sending the email, provided that if such email is not sent during
the normal business hours of the recipient, such email shall be deemed to have been sent at the opening of business on the next
business day for the recipient, or (iii) if given by registered letter, postage prepaid, to such office and so addressed and,
if mailed, shall be deemed to have been effectively given five days following the mailing thereof.

 

     

    -81-

    

 

		14.4	Mail Service Interruption

 

If by reason of any interruption of mail service,
actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by
mail is deemed to have been given pursuant to Section 14.3, such notice shall be valid and effective only if delivered at the appropriate
address in accordance with Section 14.3.

 

Article 15

MISCELLANEOUS

 

		15.1	Copies of Indenture

 

Any holder of a Related Note may obtain a copy
of this Indenture without charge by writing to the Issuer at 1800 NW Corporate Blvd, Suite 200, Boca Raton, FL 33431, Attention:
Investor Relations (investors@jushico.com).

 

		15.2	Force Majeure

 

Except for the payment obligations of the Issuer
contained herein, neither the Issuer nor the Trustee 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 15.2.

 

		15.3	Waiver of Jury Trial

 

EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE
HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS INDENTURE,
THE NOTES OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS INDENTURE. The scope of this waiver is intended to encompass
any and all disputes that may be filed in any court and that relate to the subject matter of this Indenture, including contract claims,
tort claims, breach of duty claims, and all other common law and statutory claims. Each party hereto acknowledges that this waiver is
a material inducement to enter into a business relationship, that such party has already relied on the waiver in entering into this Indenture,
and that such party shall continue to rely on the waiver in its related future dealings. Each party hereto further warrants and represents
that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. In the event of litigation, this Indenture may be filed as a written consent to a trial by the court
without a jury.

 

     

    -82-

    

 

Article 16

EXECUTION AND FORMAL DATE

 

		16.1	Execution

 

This Indenture may be simultaneously 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. Delivery of an executed signature page to this Indenture by any party hereto by facsimile transmission
or PDF shall be as effective as delivery of a manually executed copy of this Indenture by such party.

 

		16.2	Formal Date

 

For the purpose of convenience, this Indenture
may be referred to as bearing the formal date of November 20, 2020, irrespective of the actual date of execution hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

     

    -83-

    

 

IN
WITNESS whereof the parties hereto have executed these presents under their respective corporate seals and the hands of their
proper officers in that behalf.

 

	 	ISSUER:
	 	 
	 	JUSHI HOLDINGS INC.
	 	 
	 	Per:	/s/ Jon Barack
	 	 	Name: 	Jon Barack
	 	 	Title:	President

 

	 	TRUSTEE:
	 	 
	 	ODYSSEY TRUST COMPANY 
	 	 
	 	Per:	/s/ Dan Sander
	 	 	Name: 	Dan Sander
	 	 	Title:	VP, Corporate Trust
	 	 	 
	 	Per:	/s/ Amy Douglas
	 	 	Name:	Amy Douglas
	 	 	Title:	Director, Corporate Trust

 

     

    -A-1-

    

 

 

Appendix A

 

FORM OF
2019 SENIOR SECURED NOTES

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED
TO OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THIS INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF,
TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES
DESCRIBED IN THIS INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO JUSHI HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS
CERTIFICATE AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. [INSERT GLOBAL NOTES
LEGEND FOR ALL GLOBAL NOTES]

 

For Notes originally issued for the benefit
or account of a U.S. Holder (other than an Original U.S. Holder that is a Qualified Institutional Buyer), and each Definitive Note issued
in exchange therefor or in substitution thereof, also include the following legends:

 

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”),
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT
OF JUSHI HOLDINGS INC. (THE “ISSUER”), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER; (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S
UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH
(1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF
AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT
DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF
TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE ISSUER MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD
DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

     

    -A-2-

    

 

	 	CUSIP ●
	 	ISIN CA●
	No.●	US$●

 

JUSHI HOLDINGS INC.

 

(a corporation formed under the laws of the
Business Corporations Act (British Columbia))

 

10% SENIOR SECURED NOTES DUE JANUARY 15, 2023

 

JUSHI HOLDINGS INC. (the “Issuer”)
for value received hereby acknowledges itself indebted and, subject to the provisions of the trust indenture dated as of November 20,
2020 (the “Indenture”) between the Issuer and Odyssey Trust Company (the “Trustee”), promises to pay to the registered
holder hereof on January 15, 2023 (the “Stated Maturity”) or on such earlier date as the principal amount hereof may
become due in accordance with the provisions of this Indenture the principal sum of [●] dollars ($[●]) in lawful money of
the United States of America on presentation and surrender of this Note (the “Note”) at the main branch of the Trustee in
Vancouver, British Columbia, in accordance with the terms of this Indenture and, subject as hereinafter provided, to pay interest on the
principal amount hereof (i) from and including the date hereof, or (ii) from and including the last Interest Payment Date to
which interest shall have been paid or made available for payment hereon, whichever shall be the later, in all cases, to and excluding
the next Interest Payment Date, at the rate of 10% per annum, in like money, calculated and payable quarterly in arrears on March 31,
June 30, September 30 and December 31 in each year commencing on December 1, 2020, and the last payment (representing
interest payable from the last Interest Payment Date to, but excluding, the Maturity of this Note) to fall due on the Maturity of this
Note and, automatically upon the occurrence and during the continuance of an Event of Default (as defined in the Indenture), the interest
rate accruing on the outstanding principal amount of this Note shall be three (3)% more than the rate otherwise payable, in like money
and on the same dates.

 

Interest on this Note will be computed based on
a 360-day year of twelve 30-day months and shall be payable quarterly on March 31, June 30, September 30 and December 31.

 

If the date for payment of any amount of principal,
premium or interest is not a Business Day at the place of payment, then payment will be made on the next Business Day and the holder hereof
will not be entitled to any further interest on such principal, or to any interest on such interest, premium or other amount so payable,
in respect of the period from the date for payment to such next Business Day.

 

     

    -A-3-

    

 

Interest hereon shall be payable by cheque mailed
by prepaid ordinary mail or by electronic transfer of funds to the registered holder hereof and, subject to the provisions of this Indenture,
the mailing of such cheque or the electronic transfer of such funds shall, to the extent of the sum represented thereby (plus the amount
of any Taxes deducted or withheld), satisfy and discharge all liability for interest on this Note.

 

This Note is one of the 2019 Senior Secured Notes
of the Issuer issued under the provisions of this Indenture. Reference is hereby expressly made to this Indenture for a description of
the terms and conditions upon which this Note and other Notes of the Issuer are or are to be issued and held and the rights and remedies
of the holder of this Note and other Notes and of the Issuer and of the Trustee, all to the same effect as if the provisions of this Indenture
were herein set forth to all of which provisions the holder of this Note by acceptance hereof assents.

 

Notes will be issued in minimum denominations
of REDACT and integral multiples of REDACT in excess thereof. Upon compliance with the provisions of this Indenture, Notes of any denomination
may be exchanged for an equal aggregate principal amount of Notes in any other authorized denomination or denominations.

 

The indebtedness evidenced by this Note, and by
all other 2019 Senior Secured Notes now or hereafter certified and delivered under the Indenture, is a senior secured obligation of the
Issuer, as more particularly described in the Indenture.

 

The principal hereof may become or be declared
due and payable before the Stated Maturity in the events, in the manner, with the effect and at the times provided in the Indenture.

 

This Note may be redeemed at the option of the
Issuer on the terms and conditions set out in the Indenture at the Redemption Price therein. The right is reserved to the Issuer to purchase
Notes (including this Note) for cancellation in accordance with the provisions of the Indenture.

 

Upon the occurrence of a Change of Control, the
Holders may require the Issuer to repurchase such Holder’s Notes, in whole or in part, at a purchase price in cash equal to 106%
of the principal amount of such Notes, plus accrued and unpaid interest, if any, to the date of purchase.

 

The Issuer shall be entitled to withhold from
all payments made under this Note all amounts which are required to be withheld and remitted in respect of Taxes. Any amounts so withheld
shall be treated for purposes of this Note as having been paid to the person in respect of whom such withholding was made.

 

The Indenture contains provisions making binding
upon all Holders of Notes outstanding thereunder resolutions passed at meetings of such Holders held in accordance with such provisions
and instruments signed by the Holders of a specified majority of Notes outstanding (or certain series of Notes outstanding), which resolutions
or instruments may have the effect of amending the terms of this Note or this Indenture.

 

     

    -A-4-

    

 

This Note may only be transferred, upon compliance
with the conditions prescribed in this Indenture, in one of the registers to be kept at the principal office of the Trustee in Vancouver,
British Columbia and in such other place or places and/or by such other Registrars (if any) as the Issuer with the approval of the Trustee
may designate. No transfer of this Note shall be valid unless made on the register by the registered holder hereof or his executors or
administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory
to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe
and upon surrender of this Note for cancellation. Thereupon a new Note or Notes in the same aggregate principal amount shall be issued
to the transferee in exchange hereof.

 

This Note shall not become obligatory for any
purpose until it shall have been authenticated by the Trustee under the Indenture.

 

This Note and the Indenture are governed by, and
are to be construed and enforced in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein.

 

Capitalized words or expressions used in this
Notes shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture.

 

IN
WITNESS WHEREOF JUSHI HOLDINGS INC. has caused this Note to be signed by its authorized representatives as of [_____________],
20__.

 

	 	JUSHI HOLDINGS INC.
	 	 
	 	 
	 	Per:	 
	 	 	Name:
	 	 	Title:

 

     

    -A-5-

    

 

(FORM OF TRUSTEE’S CERTIFICATE)

 

This Note is one of the Jushi Holdings Inc. 10%
Senior Secured Notes due January 15, 2023 referred to in this Indenture within mentioned.

 

	ODYSSEY TRUST COMPANY	 
	 	 
	 	 
	Per:	 	 
	 	Name:	 
	 	Title:	 

 

(FORM OF REGISTRATION PANEL)

 

(No writing hereon except by Trustee or other registrar)

 

	Date of Registration	In Whose Name Registered	Signature of Trustee or

 Registrar
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

    -A-6-

    

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto _____________________________, whose address and social insurance number, if applicable are set forth below,
this Note (or $_________________ principal amount hereof) of JUSH HOLDINGS INC. standing in the name(s) of the undersigned in the
register maintained by the Issuer with respect to such Note and does hereby irrevocably authorize and direct the Trustee to transfer such
Note in such register, with full power of substitution in the premises.

 

	Dated: 	 

 

	Address of Transferee:  	 
	 	(Street Address, City, Province and Postal
Code)

 

	Social Insurance Number of Transferee, if applicable: 	 

 

If less than the full principal amount of the
within Note is to be transferred, indicate in the space provided the principal amount (which must be REDACT or an integral multiple of
REDACT) to be transferred.

 

In the case of a Note that contains a U.S. restrictive
legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

 

	 ̈	(A)	the transfer is being made to the Issuer;

 

	 ̈	(B)	the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of
1933, as amended (the “U.S. Securities Act”), and in compliance with any applicable local laws and regulations and
the holder has provided herewith the Declaration for Removal of Legend attached as Appendix C to the Indenture, or

 

	 ̈	(C)	the transfer is being made in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable
state securities laws and the undersigned has furnished to the Issuer and the Trustee an opinion of counsel of recognized standing or
other evidence in form and substance reasonably satisfactory to the Issuer to such effect.

 

In the case of a Note that does not contain a
U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a person in the United States, the undersigned
hereby represents, warrants and certifies that the transfer of the Note is being completed pursuant to an exemption from the registration
requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Issuer
and the Trustee an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Issuer to such effect.

 

		1.	The signature(s) to this assignment must correspond with the name(s) as written upon the face
of the Note in every particular without alteration or any change whatsoever. The signature(s) must be guaranteed by a Canadian chartered
bank of trust company or by a member of an acceptable Medallion Guarantee Program. Notarized or witnessed signatures are not acceptable
as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”.

 

     

    -A-7-

    

 

		2.	The registered holder of this Note is responsible for the payment of any documentary, stamp or other transfer
taxes that may be payable in respect of the transfer of this Note.

 

Signature of Guarantor

 

	 	 	 
	Authorized Officer	 	Signature of transferring registered holder

 

	 	 
	Name of Institution	 

 

     

     

    

 

Appendix B

 

FORM OF
GuarantY

 

(see attached)

 

AMENDED AND RESTATED GUARANTY AND COLLATERAL
SECURITY AGREEMENT

 

Amended and Restated Guaranty
and Collateral Security Agreement, dated as of November 20, 2020 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, this “Agreement”), made by Jushi Holdings, Inc., a British Columbia corporation (the
 “Company”), the other direct and/or indirect wholly-owned United States of America and international Subsidiaries of
the Company signatory hereto (together with the Company and any other Person that becomes a party hereto as provided herein, each, individually,
a “Grantor” and, collectively, “Grantors”), in favor of Acquiom Agency Services LLC, a Delaware
limited liability company, as collateral agent for the Secured Parties (the “Collateral Agent”) and Odyssey Trust Company,
a trust company incorporated under the laws of the Province of Alberta authorized to carry on the business of a trust company in British
Columbia and Alberta (the “Trustee”).

 

The Grantors and the Collateral
Agent entered into a Guaranty and Collateral Security Agreement dated as of December 23, 2019 (the “Original Guaranty and
Collateral Security Agreement”) pursuant to which the Grantors granted to the Collateral Agent a security interest in their
respective Collateral and the Guarantors provided certain guarantees of the obligations of the Company, in each case in favor of the Collateral
Agent on behalf of the holders of the Original Senior Secured Notes in exchange for such holders of the Original Senior Secured Notes
severally extending credit to the Company. The Company is affiliated with each other Grantor. The proceeds of credit extended by the holders
of Original Senior Secured Notes will be used in part to enable the Company to make valuable transfers to other Grantors in connection
with the operation of their respective businesses. The Company and the other Grantors are engaged in interrelated businesses, and each
Grantor will derive substantial direct and indirect benefit from extensions of credit under the Original Senior Secured Notes.

 

The Company and certain holders
of Original Senior Secured Notes have agreed to exchange the Original Senior Secured Notes for 2019 Senior Secured Notes and, in connection
therewith, the Notes Majority has agreed to permit the Collateral Agent to execute this Agreement on behalf of all Holders, and such execution
shall be binding on all Holders.

 

For good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Grantors, the Collateral Agent (for and on behalf of itself and the
Notes Majority) have agreed to amend and restate the Original Guaranty and Collateral Security Agreement in its entirety as follows:

 

Section 1.           Definitions.

 

1.1.            Unless
otherwise defined herein, terms defined in the Trust Indenture and used herein shall have the meanings given to them in the Trust Indenture,
and the following terms are used herein as defined in the UCC: Deposit Accounts, Inventory and Equipment.

 

     

     

    

 

1.2            When
used herein the following terms shall have the following meanings:

 

“2019 Noteholder”
means the Persons entered in the Register as the holder of a 2019 Senior Secured Note or any transferees of such Persons as of the date
in question.

 

“2019 Senior Secured
Notes” means the 10% senior secured promissory notes due January 15, 2023, issued by the Company pursuant to, and which
are governed by, the terms of the Trust Indenture.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Collateral”
means all of the owned material assets of the Company and each Guarantor, in each case whether owned on the Issue Date or thereafter acquired
including, without limitation, all, contract rights, deposits, Deposit Accounts, General Intangibles, Equipment, fixtures, letter-of-credit
rights, instruments, Investment Property, documents, commercial tort claims, Intellectual Property and all other assets, wherever
located and whether now existing or owned or hereafter acquired or arising, all supporting obligations thereof, and all products and Proceeds
thereof, but excluding any Excluded Property.

 

“Collateral Agency
Agreement” means that certain Amended and Restated Collateral Agency Agreement, dated as of November 20, 2020, by and among
the Company, the Collateral Agent, the Holders and the Trustee.

 

“Company Obligations”
means all the obligations of the Company to the Holders and the Trustee (solely for the benefit of the 2019 Noteholders), pursuant to
the Related Notes and/or the Trust Indenture.

 

“Copyrights”
means all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered
or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith,
including all registrations, recordings and applications in the United States Copyright Office, and all renewals of any of the foregoing.

 

“Event of Default”
means an Event of Default pursuant to either the 2019 Senior Secured Notes or the Original Senior Secured Notes.

 

“Excluded Equity”
means: (a) all of the current and future equity interests of the SW Companies; (b) securities of Cresco Labs, Inc. (including
any of its successors); (c) the securities of TGS National Holdings, LLC and its Subsidiaries and (d) securities of Organigram
Holdings Inc. (including any of its successors).

 

     

     

    

 

“Excluded Property”
means, with respect to a Grantor, (a) real property and leaseholds, accounts receivable and Inventory, (b) vehicles, (c) those
assets and equity interests as to which the Company reasonably determines that the costs or other consequences of obtaining such a security
interest are excessive in relation to the value of the security to be afforded thereby, (d) assets or equity interests to which the
granting or perfecting of such a security interest would violate any Applicable Law (including, without limitation, any state or local
cannabis and cannabis related laws and regulations) or contract or rights of a Person to such assets or equity interests, but only so
long as such grant or perfection would violate any such Applicable Law or contract or the rights of a Person to such assets or equity
interests, (e) the current and future SW Assets and TGS Assets, (f) any cannabis, cannabis-related, hemp or hemp-related permits
or licenses (the “Licenses”) issued by any United States of America, Canadian or off-shore governmental or quasi-governmental
agency, whether federal, state, local or otherwise, in each case to the extent such License cannot be transferred pursuant to Applicable
Law, provided that: (i) if the Company is permitted at any time to transfer a License, such License shall be pledged by the Company
as Collateral hereunder upon the unanimous vote, in writing, of all of the Secured Parties, and (ii) if the Company is permitted
at any time to transfer a License but the Secured Parties do not unanimously elect, in writing, for the Company to pledge the applicable
License as Collateral hereunder, the Company shall not be permitted to pledge the applicable License to any other Person; (g) assets
(including Proceeds and products therefrom) acquired pursuant to subsection (e) of the definition of Permitted Indebtedness; and
(h) Excluded Equity.

 

“General Intangibles”
means all “general intangibles” as such term is defined in Section 9-102 of the UCC and, in any event, including with
respect to any Grantor, all contracts, agreements, instruments and indentures in any form, and portions thereof, to which such Grantor
is a party or under which such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject,
as the same from time to time may be amended, supplemented or otherwise modified, including, without limitation, (a) all rights of
such Grantor to damages arising thereunder and (b) all rights of such Grantor to perform and to exercise all remedies thereunder,
provided that General Intangibles shall not include any Excluded Property.

 

“Grantor”
has the meaning set forth in the preamble to this Agreement, and shall include all existing or subsequently acquired or organized direct
and/or indirect wholly-owned Subsidiaries of the Company, other than: (a) immaterial Subsidiaries; (b) Sound Wellness Holdings, Inc.,
and its successors, future parent entities and current and future Subsidiaries (whether or not wholly-owned) (collectively, the “SW
Companies”); (c) any Subsidiary to the extent that the burden or cost of providing a guaranty outweighs the benefit afforded
thereby as reasonably determined by the Company; (d) any Subsidiary acquired by the Company that, at the time of the relevant acquisition,
is an obligor in respect of assumed debt to the extent assumed debt prohibits such Subsidiary from providing a guaranty but only for such
time that such debt is in existence or such prohibition is in effect; (e) any Subsidiary to the extent the provision of a guaranty
by such Subsidiary would result in material adverse tax consequences as determined by the Company in its reasonable discretion in consultation
with its tax advisors; (f) any Subsidiary that is prohibited by Applicable Law or contract from providing a guaranty or which would
require governmental (including regulatory) consent, approval, license or authorization to provide a guaranty but only for such time that
such prohibition is in effect or such consent, approval, license or authorization has not yet been granted; and/or (g) any direct
or indirect Subsidiary of the Company that is not wholly-owned by the Company.

 

“Guarantor Obligations”
means, collectively, with respect to each Guarantor, all of such Guarantor’s obligations hereunder.

 

“Guarantors” means
the collective reference to each Grantor other than the Company.

 

     

     

    

 

“Holders”
means the holders of Related Notes.

 

“Intellectual Property”
means the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United
States, multinational or foreign laws or otherwise, including all Copyrights, Patents and Trademarks, and all rights to sue at law or
in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom, provided
that Intellectual Property shall not include any Excluded Property.

 

“Intercompany Note”
means any promissory note evidencing loans made by any Grantor (or any Subsidiary of any Grantor) to any other Grantor.

 

“Investment Property”
means the collective reference to all “investment property” as such term is defined in Section 9-102 of the UCC, including
all Pledged Notes and all Pledged Equity; provided that Investment Property shall not include any Excluded Property.

 

“Issuers” means the
collective reference to each issuer of any Investment Property.

 

“Lien”
means with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or
being purchased or acquired by such Person which secures payment or performance of any obligation and shall include any mortgage, lien,
encumbrance, charge or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise.

 

“Notes Majority”
means the Holders of more than 50% of the aggregate outstanding principal amount of all Related Notes.

 

“Original Noteholder”
means the registered holder of an Original Senior Secured Note as of the date in question.

 

“Original Senior
Secured Notes” means the 10% senior secured promissory notes due January 15, 2023, issued by the Company pursuant to subscription
agreements entered into by the Company and the other parties thereto between December 23, 2019 and July 30, 2020.

 

“Paid in Full”
means with respect to the Company Obligations or Guarantor Obligations, the payment in full in cash of all such obligations, unless an
alternate form of payment is agreed to in writing by the Company, on the one hand, and the Notes Majority, Trustee (acting on behalf of
the Notes Majority), or the Collateral Agent, on the other hand.

 

“Patents”
means (a) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions
thereof, (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, and (c) all rights to obtain any reissues or extensions of the foregoing.

 

     

     

    

 

“Permitted Liens”
means: (a) the Liens on the Collateral granted in respect of the Secured Surviving Debt, (b) Liens incurred in connection with
the Permitted Indebtedness; (c) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes,
assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves
(in the good faith judgment of the management of the Company) have been established, and (d) non-consensual Liens imposed by Applicable
Law which were incurred in the ordinary course of the Company’s business, such as carriers’, warehousemen’s and mechanics’
Liens, statutory landlords’ Liens, Liens for attorneys’ fees and other similar Liens arising in the ordinary course of the
Company’s business.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

“Pledged Equity”
means all the equity interests directly or indirectly held by the Company or any Guarantor in any Subsidiary, together with any other
equity interests, certificates, options or rights of any nature whatsoever in respect of the equity interests of any Person that may be
issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that Pledged Equity shall not include any Excluded
Property (including, without limitation, the Excluded Equity).

 

“Pledged Notes”
means all promissory notes issued to or held by any Grantor and all Intercompany Notes; provided that Pledged Notes shall not include
any Excluded Property including, without limitation, promissory notes evidencing the accounts receivable of a Grantor and promissory notes
issued to any Grantor in connection with extensions of trade credit given by any Grantor in the ordinary course of business.

 

“Proceeds”
means all “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event, shall include all dividends
or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

 

“Related Notes”
means, collectively, the 2019 Senior Secured Notes and the Original Senior Secured Notes

 

“Secured Obligations”
means, collectively, Company Obligations and Guarantor Obligations.

 

“Secured Party”
or “Secured Parties” means each Holder and shall include the Trustee on behalf of the 2019 Noteholders.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Subsidiary”
or “Subsidiaries” means, with respect to any Person, a corporation or other entity of which more than fifty percent
(50%) of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person.

 

“SW Assets” means
any and all of the assets of the SW Companies.

 

“SW Companies” has
the meaning specified in the definition of Grantor.

 

     

     

    

 

“TGS Assets” means
any and all of the assets of TGS National Holdings, LLC and its Subsidiaries.

 

“Trademarks”
means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service
marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired,
all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark
Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof,
or otherwise, and all common-law rights related thereto and (b) the right to obtain all renewals thereof.

 

“Trust Indenture”
means that certain trust indenture between the Company and the Trustee dated as of November 20, 2020, providing for the issue of
the 2019 Senior Secured Notes.

 

“Trustee”
has the meaning set forth in the preamble hereto.

 

“UCC” means
the Uniform Commercial Code as in effect on the date hereof and from time to time in the State of New York, provided that if by reason
of mandatory provisions of Applicable Law, the perfection or the effect of perfection or non-perfection of the security interests in any
Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the date hereof
in any other jurisdiction, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy.

 

Section 2.            Guarantee

 

		2.1.	Guarantee.

 

(a)            Each
of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, as a primary obligor and not only a surety, guarantees
to the Collateral Agent, for the benefit of the Secured Parties and their respective successors, transferees and assigns, the prompt and
complete payment and performance by the Company when due (whether at the stated maturity, by acceleration or otherwise) of the Company
Obligations.

 

(b)            Anything
herein or in the Related Notes or Trust Indenture to the contrary notwithstanding, the maximum aggregate liability of each Guarantor hereunder
and under the Related Notes and Trust Indenture shall in no event exceed the amount which can be guaranteed by such Guarantor (after giving
effect to the right of contribution established in Section 2.2) under United States federal and state Applicable Laws relating
to the insolvency of debtors, including Applicable Laws relating to fraudulent conveyances or fraudulent transfers.

 

(c)            The
guarantee contained in this Section 2 shall remain in full force and effect until all of the Secured Obligations shall have
been Paid in Full.

 

     

     

    

 

 

2.2.            No
Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by Collateral Agent or any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of Collateral Agent
or any Secured Party against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by
Collateral Agent or any Secured Party for the payment of the Secured Obligations, nor shall any Guarantor seek or be entitled to
seek any contribution or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor
hereunder, until all of the Secured Obligations are Paid in Full. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Secured Obligations shall not have been Paid in Full, such amount shall be held by
such Guarantor in trust for Collateral Agent, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by
such Guarantor, be turned over to Collateral Agent in the exact form received by such Guarantor (duly endorsed by such Guarantor to
Collateral Agent, if required) and be applied against the Secured Obligations, whether matured or unmatured, as required by the
terms of the Related Notes and/or Trust Indenture, or, if not required by any of the foregoing, as determined in the reasonable good
faith discretion of the Collateral Agent.

 

2.3.            Amendments, etc.
with respect to the Secured Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Secured
Obligations made by Collateral Agent may be rescinded by Collateral Agent and any of the Secured Obligations continued, and the Secured
Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right
of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,
waived, surrendered or released by Collateral Agent, the Notes Majority, or the Trustee acting on behalf of the Notes Majority, and the
Related Notes, the Trust Indenture and the Company Obligations set forth therein may be amended, modified, supplemented or terminated,
in whole or in part, as the Notes Majority or the Trustee acting on behalf of the Notes Majority may deem advisable from time to time.

 

2.4.            Guarantee
Absolute and Unconditional. Each Guarantor waives, to the extent permitted by Applicable Law, any and all notice of the creation,
renewal, extension or accrual of any of the Secured Obligations and notice of or proof of reliance by Collateral Agent or any Secured
Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2;
the Secured Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon the guarantee contained in this Section 2, and all dealings between the Company and any
of the Guarantors, on the one hand, and Collateral Agent and Secured Parties, on the other hand, likewise shall be conclusively presumed
to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives, to the
extent permitted by Applicable Law, (a) diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Company or any of the Guarantors with respect to the Secured Obligations and (b) notice of the existence or creation
or non-payment of all or any of the Secured Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2
shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity or enforceability
of the Related Notes, the Trust Indenture, any of the Secured Obligations or any other collateral security therefor or guarantee or right
of offset with respect thereto at any time or from time to time held by Collateral Agent or any Secured Party or (ii) any defense,
set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Company
or any other Person against Collateral Agent or any Secured Party (all of which defenses are hereby waived to the extent permitted by
Applicable Law). When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, Collateral
Agent may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against
the Company, any other Guarantor or any other Person or against any collateral security or guarantee for the Secured Obligations or any
right of offset with respect thereto, and any failure by Collateral Agent to make any such demand, to pursue such other rights or remedies
or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security or
guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or any such
collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall
not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Collateral Agent against any
Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

     

     

    

 

2.5.            Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to Collateral Agent without set-off or counterclaim (other than
for a defense of full payment, performance or release) in United States dollars at the office of Collateral Agent as may be notified to
the Guarantors by the Collateral Agent from time to time.

 

Section 3.     Grant
of Security Interest.

 

(a)            Initial
Grant of Security Interest. Each Grantor hereby grants to Collateral Agent, for the benefit of the Secured Parties, a security interest
in all of its Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity,
by acceleration or otherwise) of the Secured Obligations.

 

(b)            
Special Subsidiary Provisions.

 

(i)            Company
acknowledges, represents and covenants that: (1) Jushi Inc, a Delaware corporation (“Jushi”) and wholly-owned
Subsidiary of the Company is the issuer of certain Secured Surviving Debt that may prevent Jushi from pledging the outstanding equity
of Franklin Bioscience – Penn, LLC (“FBSPA”) as Collateral as of the date hereof; (2) the Secured Surviving
Debt issued by Jushi may prevent FBSPA from being a Guarantor hereunder and providing any of its property as Collateral as of the date
hereof; (3) until such time as the applicable Secured Surviving Debt issued by Jushi has been fully and finally discharged, Jushi
shall not be required to pledge the outstanding equity of FBSPA as Collateral hereunder and shall not do so in support of any financing
other than the Secured Surviving Debt, and FBSPA shall neither be a Guarantor hereunder or provide any of its property as Collateral
hereunder; and (4) upon the full and final discharge of the Secured Surviving Debt issued by Jushi (subject to Applicable Law, other
existing contractual obligations (including, without limitation, those incurred pursuant to Permitted Indebtedness) and the Company’s
sole but reasonable business judgement), the Company shall use commercially reasonable efforts to cause Jushi to pledge the outstanding
equity of FBSPA as Collateral hereunder, to cause FBSPA to become a Guarantor hereunder and to cause FBSPA to provide its property as
Collateral hereunder (excluding, for the avoidance of doubt, Excluded Property) and if FBSPA does not become a Guarantor hereunder or
provide its property as Collateral hereunder, it shall not do so in support of any other financing except for Permitted Indebtedness
related to FBSPA or any of its Subsidiaries.

 

     

     

    

 

(i)            Company
acknowledges, represents and covenants that: (1) Jushi is the issuer of certain Secured Surviving Debt that may prevent FBSPA from
pledging the outstanding equity of Franklin Bioscience – NE, LLC (“FBSNE”), Franklin Bioscience – SE, LLC
(“FBSSE”) and Franklin Bioscience – SW, LLC (“FBSSW”) as Collateral as of the date hereof;
(2) the Secured Surviving Debt issued by Jushi may prevent FBSNE, FBSSE and FBSSW from being Guarantors hereunder and providing respective
property as Collateral as of the date hereof; (3) until such time as the Secured Surviving Debt issued by Jushi has been fully and
finally discharged, FBSPA shall not be required to pledge the outstanding equity of FBSNE, FBSSE or FBSSW as Collateral hereunder and
shall not do so in support of any financing other than the Secured Surviving Debt, and none of FBSNE, FBSSE or FBSSW shall be a Guarantor
hereunder or be required to provide any of their respective property as Collateral hereunder; and (4) upon the full and final discharge
of the applicable Secured Surviving Debt issued by Jushi (subject to Applicable Law, other existing contractual obligations (including,
without limitation, those incurred pursuant to Permitted Indebtedness) and FBSPA’s sole but reasonable business judgement), the
Company shall use commercially reasonable efforts to cause FBSPA to pledge the outstanding equity of FBSNE, FBSSE and FBSSW as Collateral
hereunder, to cause FBSNE, FBSSE and FBSSW to become Guarantors hereunder and to cause FBSNE, FBSSE and FBSSW to provide their respective
property as Collateral hereunder (excluding, for the avoidance of doubt, Excluded Property) and if any of FBSNE, FBSSE and FBSSW do not
become a Guarantor hereunder or provide its property as Collateral hereunder, it shall not do so in support of any other financing except
for Permitted Indebtedness related to FBSPA or any of its Subsidiaries.

 

(ii)            Company
acknowledges, represents and covenants that: (1) Jushi OH, LLC, an Ohio limited liability company (“JOH”) and
wholly-owned Subsidiary of the Company is party to a services contract (the “JOH Services Contract”) that may contractually
prohibit JOH from being a Guarantor hereunder and providing its property as Collateral as of the date hereof; (2) until such time
as the JOH Services Contract has been terminated, JOH shall not be a Guarantor hereunder or provide any of its property as Collateral
hereunder and shall not do so in support of any other financing whatsoever; and (3) upon the termination of the JOH Services Contract
(subject to Applicable Law, other existing contractual obligations (including, without limitation, those incurred pursuant to Permitted
Indebtedness) and the Company’s sole but reasonable business judgement), the Company shall use commercially reasonable efforts to
cause JOH to become a Guarantor hereunder and to cause JOH to provide its property as Collateral hereunder (excluding, for the avoidance
of doubt, Excluded Property) and if JOH does not become a Guarantor hereunder or provide its property as Collateral hereunder, it shall
not do so in support of any other financing except for Permitted Indebtedness related to JOH or any of its Subsidiaries.

 

(ii)            Company
acknowledges, represents and covenants that: (1) Production Excellence, LLC, a Nevada limited liability company (“PE”)
and wholly-owned subsidiary of the Company is party to a services contract (the “PE Services Contract”) that may contractually
prohibit PE from being a Guarantor hereunder and providing its property as Collateral as of the date hereof; (2) until such time
as the PE Services Contract has been terminated, PE shall not be a Guarantor hereunder or provide any of its property as Collateral hereunder;
nor shall PE consent to be a guarantor or pledge its property as collateral in support of any other financing; and (3) upon the termination
of the PE Services Contract (subject to Applicable Law, other existing contractual obligations (including, without limitation, those incurred
pursuant to Permitted Indebtedness) and the Company’s sole but reasonable business judgement), the Company shall use commercially
reasonable efforts to cause PE to become a Guarantor hereunder and to provide its property as Collateral hereunder (excluding, for the
avoidance of doubt, Excluded Property) and if PE does not become a Guarantor hereunder or provide its property as Collateral hereunder,
it shall not do so in support of any other financing except for Permitted Indebtedness related to PE or any of its Subsidiaries.

 

     

     

    

 

(iii)            Company
acknowledges, represents and covenants that: (1) Bear Flag Assets, LLC (“BFA”), a California limited liability
company and wholly-owned subsidiary of the Company is party to a purchase and sale contract pursuant to which BFA may be obligated to
issue Secured Surviving Debt after the date hereof; (2) the Secured Surviving Debt that may be issued by BFA after the date hereof
may prevent BFA from pledging certain property of BFA as Collateral hereunder and may prevent a Subsidiary of BFA from being a Guarantor
hereunder and pledging such Subsidiary’s property; (3) in the event BFA is required to issue the Secured Surviving Debt, until
such time as the Secured Surviving Debt has been fully and finally discharged, BFA shall not be required to pledge any property associated
with such Secured Surviving Debt as Collateral hereunder, nor shall it be required to cause the Subsidiary associated with such Secured
Surviving Debt to be a Guarantor hereunder or provide any of such Subsidiary’s property as Collateral hereunder and shall not pledge
its property, permit any of its Subsidiaries to guarantee or permit any of its Subsidiaries to pledge any of their property in support
of any financing other than such Secured Surviving Debt; and (4) upon the full and final discharge of the Secured Surviving Debt
issued by BFA (subject to Applicable Law, other existing contractual obligations and the Company’s sole but reasonable business
judgement), the Company shall use commercially reasonable efforts to cause BFA to pledge its property associated with the Secured Surviving
Debt as Collateral hereunder (excluding, for the avoidance of doubt, Excluded Property) and to cause the Subsidiary of BFA to which such
Secured Surviving Debt applies to become a Guarantor hereunder and provide such Subsidiary’s property as Collateral hereunder (excluding,
for the avoidance of doubt, Excluded Property) and if BFA does not become a Guarantor hereunder or provide its property as Collateral
hereunder, it shall not do so in support of any other financing except for Permitted Indebtedness related to BFA or any of its Subsidiaries.

 

(iii)            Company
acknowledges, represents and covenants that: (1) Jushi VA, LLC, a Virginia limited liability company (“JVA”) and
wholly-owned subsidiary of the Company has a 61.765% majority interest in the equity of Dalitso, LLC, a Virginia limited liability company
(“Dalitso”) and is a party to Dalitso’s operating agreement (“OA”) that, as of the date hereof,
contractually prohibits JVA from unilaterally becoming a Guarantor hereunder and providing its membership interest in Dalitso as Collateral
without necessary consent under the OA; (2) Company has provided a $15 million USD credit facility to Dalitso but expects that such
credit facility will need to be increased; (3) as part of any negotiations to increase such credit facility, the Company agrees to
use commercially reasonable efforts to obtain consent under the OA to permit JVA to be a Guarantor hereunder and pledge its assets, including
its direct membership interest in Dalitso, as Collateral in support of the Related Notes; and (4) upon obtaining such consent and
subject to Applicable Law and other existing contractual obligations (including, without limitation, those incurred pursuant to Permitted
Indebtedness), and provided further that subject to regulatory approvals if necessary, the Company shall use commercially reasonable efforts
to cause JVA to become a Guarantor hereunder and to provide its property as Collateral hereunder (excluding, for the avoidance of doubt,
Excluded Property) (including the pursuit of regulatory approvals if necessary) and if JVA does not become a Guarantor hereunder or provide
its property as Collateral hereunder, it shall not do so in support of any other financing except for Permitted Indebtedness related to
JVA or any of its Subsidiaries.

 

     

     

    

 

(iv)            Notwithstanding
anything to the contrary, Company’s requirement to cause the applicable Subsidiaries set forth in this Section 3(b) to
become additional Guarantors hereunder and pledge the applicable assets or equity as additional Collateral shall be subject to Applicable
Law and shall apply only to the extent that such Subsidiary’s status as a Guarantor hereunder or providing its property as additional
Collateral hereunder would not cause any Holder to be deemed an “owner”, holder of a “financial interest”, or
equivalent term set forth by Applicable Law relevant to such Subsidiary, or as otherwise interpreted in writing by the regulatory authority(ies)
applicable to such Subsidiary.

 

Section 4.     Representations
and Warranties.

 

To induce the Holders to make
their respective extensions of credit to the Company, each Grantor jointly and severally hereby represents and warrants to Collateral
Agent and the Secured Parties that:

 

4.1.            Title;
No Other Liens. The Grantors own each item of the Collateral free and clear of any and all Liens or claims of others, other than Permitted
Liens.

 

4.2.            Perfection
of Liens; Priority. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement
under the UCC, all filings and other actions necessary or desirable to perfect and protect such security interest have been duly taken,
or, upon the request of the Collateral Agent, will be taken upon the filing of financing statements listing each applicable Grantor, as
a debtor, and Collateral Agent, as secured party, in the applicable jurisdiction of such Grantor. Upon the making of such filings Collateral
Agent shall, subject to the terms and conditions set forth herein, including, without limitation, Section 5.1(e) hereof,
have a first priority perfected security interests in all of the Collateral (to the extent perfection may be achieved by such filing or
action) for the benefit of the Secured Parties, as collateral security for the performance of the Secured Obligations (subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws affecting the enforceability of creditors’ rights generally
and to general principles of equity).

 

 4.3.             Investment Property.

 

(a)            The
Pledged Equity pledged by each Grantor hereunder constitute, or after delivery of any Pledged Equity from time to time after the Issue
Date as required by this Agreement, will constitute, all the issued and outstanding equity interests of each Issuer owned by such Grantor
(excluding, for the avoidance of doubt, the Excluded Equity).

 

(b)            All
of the Pledged Equity has been duly and validly issued and is fully paid and nonassessable (to the extent applicable).

 

     

     

    

 

(c)            Each
of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance
with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity
or at law).

 

(d)            Each
Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder,
free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement
and Permitted Liens.

 

 4.4.             Intellectual Property.

 

(a)            On
the date hereof, all material, registered Intellectual Property owned by any Grantor is subsisting and unexpired, has not been abandoned,
and, to such Grantor’s knowledge, is valid and enforceable and does not infringe the intellectual property rights of any other Person.

 

(b)            To
each Grantor’s knowledge, no holding, decision or judgment has been rendered by any governmental authority directly against any
Grantor which would limit, cancel or question the validity of, or any such Grantor’s rights in, any material Intellectual Property
owned by any such Grantor in any material respect.

 

(c)            No
action or proceeding is pending against a Grantor, or, to the knowledge of such Grantor, threatened, on the date hereof (i) seeking
to limit, cancel or question the validity of any material Intellectual Property owned by such Grantor or such Grantor’s ownership
interest therein, or (ii) which would reasonably be expected to materially and adversely affect the value of any such material Intellectual
Property.

 

4.5.            Senior
Secured Notes. Each Grantor makes each of the representations and warranties made by the Company in Section 8.1 and 8.2 and (solely
with respect to the Original Senior Secured Notes, Section 8.3) of the Original Senior Secured Notes to the extent applicable to
such Grantor. Such representations and warranties are incorporated herein by this reference as if fully set forth herein.

 

Section 5.     Covenants.

 

Each Grantor covenants and
agrees with Collateral Agent that, from and after the date of this Agreement until the Secured Obligations shall have been Paid in Full:

 

 5.1.             Maintenance of Perfected Security Interest; Further Documentation.

 

(a)            Such
Grantor shall maintain the security interest created by this Agreement as a perfected security interest (subject to any qualifications
described in this Agreement) having at least the priority described in this Agreement and upon the reasonable request of Collateral Agent
(acting at the direction of the Notes Majority), or the Trustee (acting on behalf of the Notes Majority), shall defend such security interest
against the claims and demands of all Persons whomsoever.

 

     

     

    

 

(b)            Such
Grantor will furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the assets
and property of such Grantor and such other reports in connection therewith as Collateral Agent may reasonably request, all in reasonable
detail.

 

(c)            At
any time and from time to time, upon the written request of Collateral Agent, and at the sole expense of such Grantor, such Grantor will
promptly and duly execute and deliver, and have recorded (if applicable), such further instruments and documents and take such further
actions as Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and
of the rights and powers herein granted, including filing any financing or continuation statements under the UCC (or other similar laws)
in effect in any jurisdiction with respect to the security interests created hereby.

 

(d)            Each
Grantor authorizes Collateral Agent to, at any time and from time to time, file financing statements, continuation statements, and
amendments thereto that describe the Collateral, and which contain any other information required pursuant to the UCC for the
sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, and each Grantor agrees to
furnish any such information to Collateral Agent promptly upon Collateral Agent’s reasonable request. Any such financing
statement, continuation statement, or amendment may be signed (to the extent signature of a Grantor is required under Applicable
Law) by Collateral Agent on behalf of any Grantor and may be filed at any time in any jurisdiction in the United States.

 

(e)            Notwithstanding
the foregoing or anything contained herein to the contrary, if and to the extent that the Secured Surviving Debt transaction documents
prohibit the Related Notes from being secured by pari passu liens on any of the Collateral securing the Secured Surviving Debt, the Related
Notes (to the extent not prohibited by the Secured Surviving Debt transaction documents), will be secured by a senior subordinated Lien
on the Collateral so that upon repayment of such Secured Surviving Debt, the senior subordinated Lien on the Collateral securing the Related
Notes shall become a senior secured Lien on the Collateral (subject only to liens securing other Permitted Indebtedness). For the avoidance
of doubt, if any Secured Surviving Debt transaction document(s) shall prevent a Grantor from pledging any asset, equity security
or other property as Collateral for the Secured Obligations, such asset, equity security or other property shall not be considered as
Collateral for the Secured Obligations, and the applicable Grantor shall not be required to pledge such asset, equity security or other
property as Collateral for the Secured Obligations until such time as the applicable Secured Surviving Debt has been repaid.

 

5.2.            Investment
Property. If such Grantor shall become entitled to receive, or shall receive, any Investment Property, whether in addition to, in
substitution of, as a conversion of, or in exchange for, any of the Pledged Equity, or otherwise in respect thereof, such Grantor shall
accept the same as the agent of the Collateral Agent and the Secured Parties, hold the same in trust for the Collateral Agent and the
Secured Parties and, if certificated, deliver the same forthwith to the Collateral Agent in the exact form received, duly endorsed by
such Grantor to the Collateral Agent, if required for perfection under the UCC, together with an undated instrument of transfer covering
such certificate duly executed in blank by such Grantor and with, if the Collateral Agent so requests, signature guaranteed, to be held
by the Collateral Agent, subject to the terms hereof, as additional Collateral for the Secured Obligations. For the avoidance of doubt,
the provisions of this Section 5.2 shall not be applicable to the Excluded Equity.

 

     

     

    

 

 5.3.             Intellectual Property.

 

(a)            Except,
to the extent applicable, as is consistent with such Grantor’s reasonable business judgment, such Grantor (either itself or through
licensees) will use reasonable efforts to (i) maintain such material Trademark in full force free from any claim of abandonment for
non-use, (ii) pay all necessary fees and make all necessary filings, including filing any affidavits of use and applications for
renewals of registration, to maintain in force all rights under each material registered Trademark, (iii) maintain as in the past
the quality of products and services offered under such material Trademark, (iv) use such material Trademark with the appropriate
notice of registration and all other notices and legends required by Applicable Law, (v) not adopt or use any mark which is confusingly
similar or a colorable imitation of such material Trademark unless Collateral Agent, for the benefit of the Secured Parties, shall obtain
a perfected security interest in such mark pursuant to this Agreement, and (vi) not (and not permit any licensee or sublicensee thereof
to) do any act or knowingly omit to do any act whereby such material Trademark may become invalidated or impaired in any way.

 

(b)            Except,
to the extent applicable, as is consistent with such Grantor’s reasonable business judgment, such Grantor (either itself or through
licensees) will (i) pay all necessary fees and make all necessary filings to maintain in force all rights under each material Patent
owned by such Grantor, (ii) mark any product covered by each issued material Patent owned by such Grantor with the appropriate notice
of such issued Patent, in compliance with the patent laws of the United States or any other applicable jurisdiction in the world, and
(iii) not (and not permit any licensee or sublicensee thereof to) knowingly do any act, or omit to do any act, whereby any material
Patent owned by such Grantor may become forfeited, abandoned or dedicated to the public.

 

5.4.            Depositary
and Other Deposit Accounts. Each Grantor hereby authorizes the financial institutions at which such Grantor maintains a Deposit Account
to provide Collateral Agent with such information with respect to such Deposit Account as Collateral Agent may from time to time reasonably
request, and each Grantor hereby consents to such information being provided to Collateral Agent. To the extent requested by Collateral
Agent, a Grantor will cause each financial institution at which such Grantor maintains a Deposit Account or a depositary or other deposit
account to enter into a control agreement with the Collateral Agent and such Grantor.

 

5.5.            Senior
Secured Notes. Each of the Grantors covenants that it will, and, if necessary, will cause or enable the Company to fully comply with
each of the covenants and other agreements set forth in the Related Notes and the Trust Indenture applicable to such Grantor or the Company.

 

5.6            Encumbered
Collateral. Each Grantor covenants and agrees that, (a) it shall not pledge or incur or permit the incurrence of a Lien
upon any of its Collateral, except for Permitted Liens, and (b) to the extent such Grantor is prevented from pledging any
equity or other Collateral it acquires after the date hereof pursuant to a valid contractual or other encumbrance on such equity or
other Collateral, including Applicable Law, it shall make commercially reasonable efforts to obtain such approvals and consents as
may be necessary to remove such valid contractual or other encumbrances and pledge such equity as Collateral hereunder. Each Grantor
also covenants and agrees to notify Collateral Agent when such encumbrance is removed and the process the Grantor will undertake to
effectuate such pledge.

 

     

     

    

 

Section 6.     Remedial
Provisions.

 

6.1.            Collateral
Agent Powers following an Event of Default. Each Grantor hereby irrevocably makes, constitutes and appoints, at any time after the
occurrence and during the continuance of an Event of Default, the Collateral Agent as its true and lawful attorney in fact for the purpose
of enabling Collateral Agent to assert and collect on such commercial tort and other claims on behalf of each Grantor and to apply such
monies in the manner determined by the Collateral Agent. Such appointment, being coupled with an interest, is irrevocable (except upon
termination of this Agreement).

 

6.2.            Intellectual
Property Rights. For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement after the occurrence
and during the continuance of an Event of Default, each Grantor hereby grants to Collateral Agent, for the benefit of the Collateral Agent
and the Secured Parties, an irrevocable (except upon termination of this Agreement), nonexclusive license (exercisable without payment
of royalty or other compensation to such Grantor but exercisable solely upon the occurrence and during the continuance of an Event of
Default) to use, license or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same
may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to
all computer software and programs used for the compilation or printout thereof (subject to the terms of any third-party license agreements
for such software and programs).

 

 6.3.             Investment Property.

 

(a)            Unless
an Event of Default shall have occurred and be continuing and the Collateral Agent (acting at the direction of the Notes Majority, or
at the direction of the Trustee on behalf of the Notes Majority) shall have given notice to the relevant Grantor of Collateral Agent’s
intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to receive all cash
dividends and distributions paid in respect of the Pledged Equity and all payments made in respect of the Pledged Notes, to the extent
permitted in the Related Notes or the Trust Indenture, and to exercise all voting and other rights with respect to the Investment Property;
provided that no vote shall be cast or other right exercised or action taken which could impair, in any material respect, the Collateral
Agent’s security interest in the Collateral or which would be inconsistent with or result in any violation of any provision the
Related Notes or the Trust Indenture.

 

(b)            If
an Event of Default shall occur and be continuing and upon concurrent notice to such Grantor, (i) Collateral Agent shall have the
right to receive any and all cash dividends and distributions, payments or other Proceeds paid in respect of the Investment Property and
make application thereof to the Secured Obligations in accordance with Section 6.4, (ii) at Collateral Agent’s
election, any or all of the Investment Property shall be registered in the name of Collateral Agent or its nominee, (iii) Collateral
Agent or its nominee may exercise (x) all voting and other rights pertaining to such Investment Property at any meeting of holders
of the equity interests of the relevant Issuer or Issuers or otherwise (or by written consent without such a meeting) and (y) any
and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property
as if it were the absolute owner thereof (including the right to exchange at its discretion any and all of the Investment Property upon
the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other structure of any Issuer,
or upon the exercise by any Grantor or Collateral Agent of any right, privilege or option pertaining to such Investment Property, and
in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer
collateral agent, registrar or other designated agency upon such terms and conditions as Collateral Agent may determine), all without
liability except to account for property actually received by it, but Collateral Agent shall have no duty to any Grantor to exercise any
such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

 

     

     

    

 

(c)            Each
Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply with
any instruction received by it from the Collateral Agent in writing that (x) states that an Event of Default has occurred and is
continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such
Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) so long as an Event of Default
exists, unless otherwise expressly permitted hereby, pay any dividends, distributions or other payments with respect to the Investment
Property directly to the Collateral Agent.

 

6.4.            Proceeds
to be Turned Over to Collateral Agent. If an Event of Default shall occur and be continuing, at the written request of the
Collateral Agent, all Proceeds of Collateral received by any Grantor consisting of cash, checks and other cash equivalent items
shall be held by such Grantor in trust for the Collateral Agent and Secured Parties, segregated from other funds of such Grantor,
and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Agent in the exact form received by such Grantor
(duly endorsed by such Grantor to the Collateral Agent, if required) and shall be applied to the Secured Obligations as provided in Section 6.5.

 

6.5.            Code
and Other Remedies. If an Event of Default shall occur and be continuing, the Collateral Agent, on behalf of the Secured Parties,
may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other Applicable
Law, giving consideration to Applicable Law governing cannabis-related assets. Without limiting the generality of the foregoing, the Collateral
Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required
by Applicable Law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived to the extent permitted by Applicable Law), may in such circumstances forthwith collect, receive, appropriate
and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give options to purchase, or otherwise
dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or
private sale or sales, at any exchange, broker’s board or office of the Collateral Agent or any Secured Party or elsewhere upon
such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery
with assumption of any credit risk. The Collateral Agent may disclaim any warranties that might arise in connection with any such lease,
assignment, grant of option or other disposition of Collateral and have no obligation to provide any warranties at such time. The Collateral
Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such
private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor,
which right or equity is hereby waived and released to the extent permitted by Applicable Law. Such sales may be adjourned and continued
from time to time with or without notice to the extent permitted by Applicable Law. Each Grantor further agrees, at the Collateral Agent’s
request, after the occurrence and during the continuance of an Event of Default, to assemble the Collateral and make it available to the
Collateral Agent at places which the Collateral Agent shall reasonably select (at the direction of the Notes Majority, or at the direction
of the Trustee on behalf of the Notes Majority), whether at such Grantor’s premises or elsewhere. The Collateral Agent shall apply
the net proceeds of any action taken by it pursuant to this Section 6.5, after deducting all reasonable and documented out-of-pocket
costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or
in any way relating to the Collateral or the rights of the Collateral Agent and the Secured Parties hereunder, including reasonable documented
out-of-pocket attorneys’ fees and disbursements, to the payment of the Secured Obligations. To the extent permitted by Applicable
Law, each Grantor waives all claims, damages and demands it may acquire against the Collateral Agent arising out of the Collateral Agent’s
exercise of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by Applicable
Law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

 

     

     

    

 

6.6.            Disposition
of Pledged Interests. Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged
Equity, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be
compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were
a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially
unreasonable manner solely due to the private nature of such sale. The Collateral Agent shall be under no obligation to delay a sale of
any of the Pledged Equity for the period of time necessary to permit the Issuer thereof to register such securities or other interests
for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so.

 

6.7.            Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
for the Secured Obligations to be Paid in Full and the reasonable and documented out-of-pocket fees and disbursements of any attorneys
employed by the Collateral Agent or any Secured Party to collect such deficiency.

 

6.8.            Marshaling.
Neither the Collateral Agent nor any Secured Party shall be under any obligation to marshal any assets in favor of any Grantor or any
other Person or against or in payment of any or all of the Secured Obligations and, to the extent permitted by Applicable Law, each Grantor
hereby waives all rights it may have now or in the future under any Applicable Law or otherwise to compel the Collateral Agent or any
Secured Party to marshal any assets in favor of any Grantor or any other Person or against or in payment of any or all of the Secured
Obligations.

 

     

     

    

 

Section 7.     Collateral
Agent.

 

7.1.            Incorporation
of Collateral Agency Agreement by Reference. The parties hereto agree that Section 1.2 of the Collateral Agency Agreement is
hereby incorporated by reference into this Agreement.

 

7.2.            Photocopy
of this Agreement. A photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing
or recording document or instrument for filing or recording in any jurisdiction.

 

7.3.            Authority
of Collateral Agent. Each Grantor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with
respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of, after applicable notice,
if any is so required hereunder, provided to the Grantors, any option, voting right, request, judgment or other right or remedy provided
for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be governed by
the Related Notes or the Trust Indenture and by such other agreements with respect thereto as may exist from time to time among them,
but, as between the Collateral Agent and the Grantors, the Collateral Agent shall be conclusively presumed to be acting as the Collateral
Agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation,
or entitlement, to make any inquiry respecting such authority.

 

Section 8.     Miscellaneous.

 

8.1.            Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except with
the written consent of the Company and the Notes Majority; provided, however, that any amendment to this Agreement that affects
the rights, duties or obligations of the Collateral Agent hereunder shall be signed by the Collateral Agent.

 

8.2.            Notices.
All notices, requests and demands to or upon the Collateral Agent or any Grantor hereunder shall be given (unless otherwise herein expressly
provided) in writing and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid
or (c) sent by facsimile or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile
or other electronic transmission (confirmed in writing) or mailed. Each such notice, request or demand to or upon any Grantor shall be
addressed to such Grantor in care of the Company at the Company’s notice address set forth in the Trust Indenture. All notices to
the Collateral Agent shall be delivered to Acquiom Agency Services LLC, as Collateral Agent, 100 South 5th Street, Suite 2600, Minneapolis,
MN 55402, Attention: Jushi Holdings, Inc. Administrator, Email: loanagency@srsacquiom.com, with a copy (that will not constitute
notice) to: Duane Morris LLP, 222 Delaware Avenue, Suite 1600 Wilmington, DE 19801 Attention: Christopher M. Winter, Esq., Email:
cmwinter@duanemorris.com.

 

     

     

    

 

 8.3.             Enforcement Expenses.

 

(a)            Each
Grantor agrees, on a joint and several basis, to pay or reimburse on demand each Secured Party and the Collateral Agent within fifteen
(15) Business Days after written demand therefor, which demand shall set forth the calculation of such expenses in reasonable detail and
provide reasonable support therefor, all reasonable and documented out-of-pocket costs and expenses (including legal costs) incurred in
collecting against any Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights
under this Agreement, the Related Notes or the Trust Indenture (except, with respect to the Trust Indenture, to the extent a different
term for payment is set forth therein, in which case the term set forth in the Trust Indenture shall control).

 

(b)            Each
Grantor agrees to pay, and to save the Collateral Agent, Trustee and Secured Parties harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable
with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c)            The
agreements in this Section 8.3 shall survive repayment of the Secured Obligations, and termination of this Agreement.

 

8.4.            Captions.
Captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

 

8.5.            Nature
of Remedies. All Secured Obligations of each Grantor and rights of the Collateral Agent, Trustee and the Secured Parties expressed
herein, in the Related Notes or the Trust Indenture shall be in addition to and not in limitation of those provided by Applicable Law.
No failure to exercise and no delay in exercising, on the part of the Collateral Agent, any right, remedy, power or privilege hereunder,
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

8.6.            Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such
counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt
by facsimile or other electronic method of any executed signature page to this Agreement shall constitute effective delivery of such
signature page. This Agreement to the extent signed and delivered by means of a facsimile machine or other electronic transmission (including
 “pdf”) shall be treated in all manner and respects and for all purposes as an original agreement or amendment and shall be
considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

 

8.7.            Severability.
The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any
way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required
hereunder.

 

8.8.            Entire
Agreement. This Agreement, together with the Related Notes, the Trust Indenture, the Collateral Agency Agreement and all exhibits
and attachments thereto embodies the entire agreement and understanding among the parties hereto and supersedes all prior or contemporaneous
agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof.

 

     

     

    

 

8.9.            Successors;
Assigns. This Agreement shall be binding upon Grantors, the Secured Parties, the Collateral Agent and the Trustee and their respective
successors and permitted assigns, and shall inure to the benefit of Grantors, the Secured Parties, the Collateral Agent and the Trustee
and the successors and permitted assigns of the Grantors, Secured Parties, the Collateral Agent and the Trustee. No other Person shall
be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement.
No Grantor may assign or transfer any of its rights or Secured Obligations under this Agreement without the prior written consent of the
Collateral Agent.

 

8.10.            Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

8.11.            Forum
Selection; Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, SHALL,
TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAWS, BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR
IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL
OR OTHER PROPERTY MAY BE BROUGHT, AT COLLATERAL AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL
OR OTHER PROPERTY MAY BE FOUND. EACH OF EACH GRANTOR, COLLATERAL AGENT, EACH SECURED PARTY AND TRUSTEE HEREBY EXPRESSLY AND IRREVOCABLY
SUBMITS, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH OF EACH GRANTOR,
COLLATERAL AGENT, EACH SECURED PARTY AND TRUSTEE FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID,
OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH OF EACH GRANTOR, THE COLLATERAL AGENT, EACH SECURED PARTY AND TRUSTEE
HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

8.12.            Waiver
of Jury Trial. EACH GRANTOR, THE COLLATERAL AGENT, EACH SECURED PARTY AND TRUSTEE HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED
OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE
A COURT AND NOT BEFORE A JURY.

 

     

     

    

 

 

8.13.            Set-off.
Each Grantor agrees that the Collateral Agent and each Secured Party has all rights of set-off and bankers’ lien provided by Applicable
Law, and in addition thereto, each Grantor agrees that at any time any Event of Default exists, the Collateral Agent may apply to the
payment of any Secured Obligations, whether or not then due, any and all balances, credits, deposits, accounts or moneys of such Grantor
then or thereafter with Collateral Agent, other than trust, employee benefit, tax withholding and payroll accounts or other accounts or
amounts not permitted to be applied to the Secured Obligations in accordance with Applicable Law. Following any such set-off, the Collateral
Agent shall provide the Company with prompt notice thereof.

 

 8.14.             Acknowledgements. Each party hereto hereby acknowledges that:

 

(a)            it
has been advised by counsel in the negotiation, execution and delivery of this Agreement; and

 

(b)            neither
the Collateral Agent nor Trustee has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this
Agreement and the relationship between the Grantors, on the one hand, and the Collateral Agent, the Trustee and the Secured Parties, on
the other hand, in connection herewith or therewith is solely that of debtor and creditor.

 

8.15.            Additional
Grantors. Each Subsidiary that is required to become a party to this Agreement shall become a Grantor for all purposes of this Agreement
upon execution and delivery by such Subsidiary of a joinder agreement substantially in the form of Annex I hereto.

 

 8.16.             Releases.

 

(a)            At
such time as the Secured Obligations have been Paid in Full, the Collateral shall be released automatically from the Liens created hereby,
and this Agreement and all obligations (other than those expressly stated to survive such termination) of Collateral Agent and each Grantor
hereunder shall terminate automatically, all without delivery of any instrument or performance of any act by any party, and all rights
to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Collateral
Agent shall promptly deliver to the Grantors any Collateral held by the Collateral Agent hereunder, and promptly execute and deliver to
the Grantors such filings and documents (including an authorization to file UCC termination statements) as the Grantors shall reasonably
request to evidence such termination.

 

(b)            If
any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Related Notes
or the Trust Indenture, then the Collateral Agent, at the request and sole expense of such Grantor, shall promptly execute and deliver
to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such
Collateral. At the request and sole expense of the Company, a Subsidiary of the Company which is a Guarantor shall be released from its
obligations hereunder in the event that all the equity interests of such Subsidiary shall be sold, transferred or otherwise disposed of
in a transaction permitted by the Related Notes or the Trust Indenture; provided that the Company shall have delivered to the Collateral
Agent, with reasonable notice prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary
and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith,
together with a certification by the Company stating that such transaction is in compliance with the Related Notes or the Trust Indenture.

 

     

     

    

 

8.17.            Obligations
and Liens Absolute and Unconditional. Each Grantor understands and agrees that the obligations of each Grantor under this Agreement
shall be construed as a continuing, absolute and unconditional without regard to (a) the validity or enforceability of the Related
Notes, the Trust Indenture, any of the Secured Obligations or any other collateral security therefor or guaranty or right of offset with
respect thereto at any time or from time to time held by the Collateral Agent or any Secured Party, or (b) any defense, set-off or
counterclaim (other than a defense of payment, performance or release) which may at any time be available to or be asserted by any Grantor
or any other Person against the Collateral Agent or any Secured Party. When making any demand hereunder or otherwise pursuing its rights
and remedies hereunder against any Grantor, Collateral Agent may, but shall be under no obligation to, make a similar demand on or otherwise
pursue such rights and remedies as it may have against any other Grantor or any other Person or against any collateral security or guarantee
for the Secured Obligations or any right of offset with respect thereto, and any failure by Collateral Agent to make any such demand,
to pursue such other rights or remedies or to collect any payments from any other Grantor or any other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or any release of any other Grantor or any other Person or any
such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and
shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Collateral Agent against
any Grantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

8.18.            Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any
Grantor or any Issuer for liquidation or reorganization, should any Grantor or any Issuer become insolvent or make an assignment for
the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s or any
Issuer’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and
performance of the Secured Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”,
 “fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made. In the event that
any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and
deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

[Signature pages follow]

 

     

     

    

 

Each of the undersigned has
caused this Amended and Restated Guaranty and Collateral Security Agreement to be duly executed and delivered as of the date first above
written.

 

	 	GRANTORS:
	 	 
	 	JUSHI HOLDINGS
    INC.
	 	 
	 	By:	                 
	 	Name:
	 	Title:
	 	 
	 	JUSHI INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	JMGT, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	JUSHI IP, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	JREH, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

	 	BEAR FLAG ASSETS,
    LLC 
	 	 
	 	By:	            
	 	Name:
	 	Title:
	 	 
	 	TGS CC VENTURES
    LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	 	MOJAVE SUNCUP HOLDINGS,
    LLC 
	 	 
	 	By:	       
	 	Name:
	 	Title:
	 	 
	 	ACQUIOM
    AGENCY SERVICES LLC, AS COLLATERAL AGENT ON BEHALF OF THE HOLDERS
	 	 
	 	By:	 	            
	 	Name:	 
	 	Title:	 
	 	 
	 	ODYSSEY
    TRUST COMPANY, AS TRUSTEE
	 	 
	 	By:	 	 
	 	Name:	        
	 	Title:	 

 

     

    - B-1 -

    

 

ANNEX I

 

FORM OF JOINDER TO GUARANTY AND COLLATERAL
SECURITY 

AGREEMENT

 

This
JOINDER AGREEMENT, dated as of         (this “Agreement”),
is executed by the undersigned for the benefit of Acquiom Agency Services LLC, as Collateral Agent (the “Collateral Agent”)
and Odyssey Trust Company, as Trustee (the “Trustee”) in connection with that certain Amended and Restated Guaranty
and Collateral Security Agreement dated as of November 20, 2020 among the Grantors party thereto, the Collateral Agent and the Trustee
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Amended and Restated
Guaranty and Collateral Security Agreement”). Capitalized terms not otherwise defined herein are being used herein as defined
in the Amended and Restated Guaranty and Collateral Security Agreement.

 

Each person signatory hereto
(each, a “New Grantor”) is required (or the Company has elected to cause such person) to execute this Agreement pursuant
to Section 8.15 of the Amended and Restated Guaranty and Collateral Security Agreement.

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each signatory
hereby agrees as follows:

 

1.            Each
New Grantor assumes all the obligations of a Grantor under the Amended and Restated Guaranty and Collateral Security Agreement and agrees
that such New Grantor is bound as a Grantor and a Guarantor under the terms of the Amended and Restated Guaranty and Collateral Security
Agreement, as if it had been an original signatory to the Amended and Restated Guaranty and Collateral Security Agreement. In furtherance
of the foregoing, such New Grantor hereby (i) grants to the Collateral Agent, for the benefit of the Secured Parties, a security
interest in all of its Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the
stated maturity, by acceleration or otherwise) of the Secured Obligations and (ii) guarantees the prompt and complete payment and
performance by the Company when due (whether at the stated maturity, by acceleration or otherwise) of the Company Obligations.

 

2.            In
furtherance of its obligations under Section 5.1 of the Amended and Restated Guaranty and Collateral Security Agreement, each
New Grantor agrees to execute and deliver to the Collateral Agent appropriately complete UCC financing statements naming such person or
entity as debtor and the Collateral Agent as secured party, and describing its Collateral and such other documentation as the Collateral
Agent (or its successors or permitted assigns) may require to evidence, protect and perfect (subject to any qualifications in Section 5.1
of the Amended and Restated Guaranty and Collateral Security Agreement) the Liens created by the Amended and Restated Guaranty and Collateral
Security Agreement, as modified hereby.

 

3.            All
notices, requests and demands to or upon any New Grantor under the Amended and Restated Guaranty and Collateral Security Agreement shall
be effected in the manner provided for in Section 8.2 of the Amended and Restated Guaranty and Collateral Security Agreement and
each such notice, request or demand to or upon any New Grantor shall be addressed to such New Grantor in care of the Company at the Company’s
notice address set forth in the Trust Indenture.

 

     

    -2-

    

 

4.            This
Agreement shall be deemed to be part of, and a modification to, the Amended and Restated Guaranty and Collateral Security Agreement and
shall be governed by all the terms and provisions of the Amended and Restated Guaranty and Collateral Security Agreement, with respect
to the modifications intended to be made to such agreement, which terms are incorporated herein by reference, are ratified and confirmed
and shall continue in full force and effect as valid and binding agreements of each party to the Amended and Restated Guaranty and Collateral
Security Agreement enforceable against such party, in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws affecting the enforceability of creditors’ rights generally and to general principles
of equity. Each New Grantor waives notice of the Collateral Agent’s acceptance of this Agreement. Each New Grantor will deliver
an executed original of this Agreement to the Collateral Agent and Trustee.

 

[Signature Pages Follow]

 

     

    -3-

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed and delivered as of the date first written above.

 

	 	NEW GRANTORS:
	 	 
	 	[                                    ]
	 	 
	 	By:	 	                       
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Appendix C

 

FORM OF
DECLARATION FOR REMOVAL OF LEGEND

 

TO:     ODYSSEY
TRUST COMPANY as Trustee for the Notes of Jushi Holdings Inc. (the “Issuer”)

 

AND TO: THE ISSUER

 

The undersigned (A) acknowledges that the
sale of _______________________ (the “Securities”) of the Issuer, 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 “U.S. Securities Act”),
and (B) certifies that (1) the undersigned is not an “affiliate” (as that term is defined in Rule 405 under
the U.S. Securities Act) of the Issuer, except solely by virtue of being an officer or director of the Issuer; (2) 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 transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian
Securities Exchange or another “designated offshore securities market”, and neither the seller nor any person acting on its
behalf knows that the transaction has been prearranged with a buyer in the United States; (3) none of the seller, any affiliate of
the seller or any person acting on 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; (4) the sale is bona fide and not for the purpose of “washing
off” the resale restrictions imposed because the Securities are “restricted securities” (as that term is defined in
Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace such Securities with fungible
unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although
in technical compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions
of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

 

DATED this ____ day of ____________________, 20_____.

 

	 	X
	 	Signature of individual (if Seller is an individual)
	 	 
	 	X
	 	Authorized signatory (if Seller is not an individual)
	 	 
	 	 
	 	Name of Seller (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)Exhibit 4.3

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE OR JURISDICTION
SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THIS NOTE MAY REQUIRE AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, ASSIGNMENT, PLEDGE OR HYPOTHECATION OTHERWISE
COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE OR OTHER JURISDICTION SECURITIES LAWS.

 

 

 

JUSHI HOLDINGS INC.

 

SENIOR SECURED NOTE

 

JUSHI
HOLDINGS INC., a British Columbia corporation (the “Company”), for value received, hereby promises
to pay to the holder identified on the signature page hereto (the “Holder”), the principal amount shown
on the signature page hereto (the “Principal Amount”), without demand, on the Maturity Date (as hereinafter
defined), together with any accrued and unpaid interest due thereon. This Note shall bear interest at a fixed rate of ten percent (10%)
per annum, beginning on the Issue Date shown on the signature page hereto, which shall be the date upon which all of the Holder’s
funds are received by the Company (the “Issue Date”). Interest shall be computed based on a 360-day year of
twelve 30-day months and shall be payable quarterly on March 31, June 30, September 30 and December 31. The Principal
Amount, together with all accrued and unpaid interest shall be due and payable on the Maturity Date. Payment of all principal and interest
due shall be in such coin or currency of the United States of America as shall be legal tender for the payment of public and private debts
at the time of payment.

 

This
Original Senior Secured Note is a senior secured promissory note referred to in that certain Subscription Agreement that accompanied this
Note (the “Subscription Agreement”), or series of like subscription agreements, among the Company and the subscribers
named therein, pursuant to which the Company is seeking to raise an aggregate of between [●] and [●]
(or such higher amount as the Company’s board shall otherwise determine) (the “Offering”). This Note is
a senior secured obligation of the Company and certain guarantors as more fully described in the Guaranty and Collateral Security Agreement
executed by the Company and certain Guarantors

 

1.            Definitions.

 

1.1            Definitions.
The terms defined in this Section 1 whenever used in this Note shall have the respective meanings hereinafter specified, and
the following terms are used herein as defined in the UCC: Deposit Accounts, Inventory and Equipment.

 

“2019
Senior Secured Notes” means the 10% senior secured notes due January 15, 2023 issued by the Company pursuant to, and
which are governed by, the terms of the Trust Indenture.

 

     

     

    

 

 

“Affiliate”
means any Person directly or indirectly controlling, controlled by or under common control with another Person. For purposes of this definition,
the term “control” (including the terms “controlling,” “controlled by” and “under common control
with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract or otherwise.

  

“Applicable
Laws” means any and all laws, ordinances, constitutions, regulations, statutes, treaties, rules, codes, licenses, certificates,
franchises, permits, requirements and injunctions adopted, enacted, implemented, promulgated, issued or entered by or under the authority
of any Governmental Authority having jurisdiction over a specified Person or any of such Person’s properties or assets. Notwithstanding
the foregoing, neither “Applicable Law” nor “Applicable Laws” shall include the Controlled Substances Act of 1970
or any other law of the United States that would be violated as a result of being a state licensed cannabis business.

 

“Bank Indebtedness”
means the principal of, unpaid interest on, and fees, expenses, costs and other amounts due in connection with (i) indebtedness of
the Company to banks or commercial finance or other lending institutions regularly engaged in the business of lending money, whether or
not secured, and (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for Bank
Indebtedness or any indebtedness arising from the satisfaction of Bank Indebtedness by a Guarantor.

 

“Board”
shall mean the Company’s Board of Directors.

 

“Business
Day” means a Monday, Tuesday, Wednesday, Thursday or Friday upon which the United States Federal Reserve System is open
for business.

 

“Change
of Control” shall mean: (i) the acquisition by any person or “group” (as defined in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) of persons (other than current shareholders and their affiliates) of more
than 50% (on a fully-diluted basis) of the combined voting power of the then outstanding voting securities of the Company, regardless
of form or structure of acquisition, (ii) a sale of all or substantially all of the assets of the Issuer (on a consolidated basis),
or (iii) Current Directors shall cease to constitute at least a majority of the members of the Issuer’s Board.

 

“Collateral”
means all of the owned material assets of the Company and each Guarantor, in each case whether owned on the Issue Date or thereafter acquired
including, without limitation, all, contract rights, deposits, Deposit Accounts, General Intangibles, Equipment, fixtures, letter-of-credit
rights, instruments, Investment Property, documents, commercial tort claims, Intellectual Property and all other assets, wherever
located and whether now existing or owned or hereafter acquired or arising, all supporting obligations thereof, and all products and Proceeds
thereof, but excluding any Excluded Property.

 

“Collateral Agency
Agreement” means that certain Amended and Restated Collateral Agency Agreement executed on November 20, 2020, by and
among the Company, the Collateral Agent, the holders of the Related Notes and the Trustee.

 

“Collateral Agent”
means Acquiom Agency Services LLC, acting on behalf of the holders of the Related Notes, pursuant to the terms of the Subscription Agreement
and Guaranty and Collateral Security Agreement.

 

“Copyrights”
means all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered
or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith,
including all registrations, recordings and applications in the United States Copyright Office, and all renewals of any of the foregoing.

    

    2
Senior Secured Note

     

    

 

“Current Director”
means any member of the Board as of the Issue Date and any successor of a Current Director whose election, or nomination for election
by the Issuer’s shareholders, was approved by at least a majority of the Current Directors then on the Board.

 

“Default Rate”
shall have the meaning set forth in Section 2.4.

 

“Event
of Default” shall have the meaning set forth in Section 7.1.

 

“Exchange Notes”
shall have the meaning set forth in the definition of Permitted Indebtedness.

 

“Exchange Notes
Holder” shall have the meaning set forth in the definition of Permitted Indebtedness.

 

“Excluded Equity”
means: (a) all of the current and future equity interests of the SW Companies; (b) securities of Cresco Labs, Inc. (including
any of its successors); (c) the securities of TGS National Holding, LLC and its Subsidiaries and (d) securities of Organigram
Holdings Inc. (including any of its successors).

 

“Excluded Property”
means, with respect to a the Company and the Guarantors, (a) real property and leaseholds, accounts receivable and Inventory, (b) vehicles,
(c) those assets and equity interests as to which the Company shall reasonably determines that the costs or other consequences of
obtaining such a security interest are excessive in relation to the value of the security to be afforded thereby, (d) assets or equity
interests to which the granting or perfecting of such a security interest would violate any Applicable Law (including, without limitation,
any state or local cannabis and cannabis related laws and regulations) or contract or rights of a Person to such assets or equity interests,
but only so long as such grant or perfection would violate any such Applicable Law or contract or the rights of a Person to such assets
or equity interests, (e) the current and future SW Assets and TGS Assets, (f) any cannabis, cannabis-related, hemp or hemp-related
permits or licenses (the “Licenses”) issued by any United States of America, Canadian or other Governmental
Authority, whether federal, state, provincial, local or otherwise, in each case to the extent such License cannot be transferred pursuant
to Applicable Law, provided that: (i) if the Company is permitted at any time to transfer a License, such License shall be pledged
by the Company as Collateral hereunder upon the unanimous vote of all of the holders of the Related Notes, and (ii) if the Company
is permitted at any time to transfer a License but all the holders of the Related Notes do not unanimously elect for the Company to pledge
the applicable License as Collateral hereunder, the Company shall not be permitted to pledge the applicable License to any other Person;
(g) assets (including Proceeds and products therefrom) acquired pursuant to subsection (e) of the definition of Permitted Indebtedness;
and (h) Excluded Equity.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any agency, branch of government,
department or Person exercising executive, legislative, judicial, regulatory or administrative function of or pertaining to government
and any corporation or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing, whether
domestic or foreign.

 

“Guarantors”
means all existing or subsequently acquired or organized direct and/or indirect wholly-owned United States of America and international
Subsidiaries of the Company, other than: (a) immaterial Subsidiaries, (b) Sound Wellness Holdings, Inc., and its successors,
future parent entities and current and future Subsidiaries (collectively, the “SW Companies”); (c) any
Subsidiary to the extent that the burden or cost of providing a guaranty outweighs the benefit afforded thereby as reasonably determined
by the Company, (d) any Subsidiary acquired by the Company that, at the time of the relevant acquisition, is an obligor in respect
of assumed debt to the extent assumed debt prohibits such Subsidiary from providing a guaranty but only for such time that such debt is
in existence or such prohibition is in effect, (e) any Subsidiary to the extent the provision of a guaranty by such Subsidiary would
result in material adverse tax consequences as determined by the Company in its reasonable discretion in consultation with its tax advisors,
(f) any Subsidiary that is prohibited by Applicable Law or contract from providing a guaranty or which would require governmental
(including regulatory) consent, approval, license or authorization to provide a guaranty but only for such time that such prohibition
is in effect or such consent, approval, license or authorization has not yet been granted, and /or (g) any direct or indirect Subsidiary
of the Company that is not wholly-owned by the Company.

 

    3
Senior Secured Note

     

    

  

“Guaranty and
Collateral Security Agreement” means that Amended and Restated Guaranty and Collateral Security Agreement executed on November 20,
2020, by and among the Company, certain of its Subsidiaries, the Collateral Agent (on behalf of itself and the holders of the Related
Notes) and the Trustee.

 

“Holder”
or “Holders” means the Person named above or any Person who shall thereafter become a record holder of this
Note in accordance with the terms hereof.

 

“Intercompany
Note” means any promissory note evidencing loans made by the Company or any Guarantor (or any Subsidiary of the Company
or any Guarantor) to the Company or any other Guarantor.

 

“Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise, including all Copyrights, Patents and Trademarks, and all rights
to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom,
provided that Intellectual Property shall not include any Excluded Property.

 

“Investment Property”
means the collective reference to all “investment property” as such term is defined in Section 9-102 of the UCC,
including all Pledged Notes and all Pledged Equity; provided that Investment Property shall not include any Excluded Property.

 

“Issue
Date” means the issue date stated above.

 

“License”
shall have the meaning set forth in the definition of Excluded Property.

 

“Material
Adverse Effect” means, with regard to a Person, a material adverse effect on the business, assets (including intangible
assets), liabilities, financial condition, property or results of operations of such Person.

 

“Maturity
Date” shall mean the earlier to occur of an Event of Default or January 15, 2023.

 

“Note”
means this Original Senior Secured Note, as amended, modified or restated.

 

“Notes
Majority” means the holders of more than 50% of the aggregate outstanding principal amount of all Related Notes.

 

“Offering”
has the meaning set forth in the introductory paragraphs to this Note.

 

“Original
Senior Secured Note” means the 10% senior secured notes due January 15, 2023, issued by the Company pursuant
to subscription agreements entered into by the Company and the other parties thereto between December 23, 2019 and July 30,
2020.

 

“Other Surviving
Debt” shall have meaning set forth in the definition of Permitted Indebtedness.

 

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“Patents”
means (a) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions
thereof, (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, and (c) all rights to obtain any reissues or extensions of the foregoing.

  

“Permitted Indebtedness”
means any of the following without duplication:

 

(a) debt represented
by the Related Notes; and

 

(b) debt to refinance
all or a portion of or the then outstanding Related Notes (the “Senior Secured Note Refinancing Debt”). In the
event the Company elects to refinance less than 100% of the then outstanding Related Notes, such Senior Secured Note Refinancing Debt
(i) may be guaranteed by the Guarantors to the same extent of the guarantees guarantying the Related Notes, (ii) may be secured
by liens on the Collateral to the same extent as the liens securing the Related Notes and guarantees, (iii) may not have a cash interest
rate that is higher than the one applicable to the Related Notes, (iv) may not have covenants that are more restrictive with respect
to the Company and its Subsidiaries than the covenants contained in the Related Notes, in any material respect, (v) may not have
any scheduled maturities (including, without limitation, amortization payments) or put dates prior to 45 days after the stated Maturity
Date of the Related Notes (and any change of control, asset sale and other prepayment/redemption provisions therein will provide that
the Related Notes are to be repaid prior to such Senior Secured Note Refinancing Debt), and (vi) the aggregate principal amount of
the Senior Secured Note Refinancing Debt does not exceed in the aggregate the sum of (1) the aggregate principal amount of Related
Notes being refinanced, (2) the amount of accrued but unpaid interest due on the Related Notes being refinanced and any reasonably
determined premium, prepayment penalty or similar payment necessary to accomplish any such refinancing, and (3) the amount of reasonable
and customary fees, expenses and costs related to obtaining and closing such Senior Secured Note Refinancing Debt); and

 

(c) Debt (including by
assumption of debt resulting from an acquisition), to effectuate asset, stock, mergers and/or other acquisitions approved by the Company’s
Board, and any such acquisition debt (i) may be secured by a lien on the assets and/or equity being acquired in the acquisition,
provided that the Related Notes are also secured by a lien on such assets and equity subordinated only to the acquisition debt lien which
upon repayment of such acquisition debt, the liens on the acquired assets and/or stock securing the Related Notes will automatically become
a first priority senior lien, (ii) may be guaranteed by the Guarantors to the same extent as the guarantees on the Related Notes,
(iii) may be secured by liens on the Collateral to the same extent as the liens securing the Related Notes, (iv) may not have
covenants that are more restrictive with respect to the Company and its Subsidiaries than the covenants contained in the Related Notes
and the Guaranty and Collateral Security Agreement, provided that, notwithstanding the foregoing, the entity or entities acquiring assets
and/or equity pursuant to such acquisition debt may provide to the applicable seller(s) of such assets and/or equity covenants more
restrictive than the covenants contained in the Related Notes and the Guaranty and Collateral Security Agreement, and (v) may not
have any scheduled maturities (including, without limitation, amortization payments) or put dates prior to 45 days after the Maturity
Date of the Related Notes (and any change of control, asset sale and/or other prepayment provisions therein (whether mandatory or optional)
will provide that the Related Notes are to be repaid prior to such indebtedness); and

 

(d) Debt basket limited
to REDACT million at any one time from the sale and leaseback of real estate owned by the Company or any of its Subsidiaries prior to
December 23, 2019; provided that the amount of debt incurred by the Company or a Subsidiary in connection with such transaction shall
be equal to the proceeds received by the Company or the applicable Subsidiary; and

 

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(e) Debt basket limited
to REDACT million at any one time outstanding. Any liens securing such indebtedness shall only apply to the property or assets acquired
or improved with the proceeds of such indebtedness. Such property or assets (including Proceeds and products therefrom) will be Excluded
Property; and

  

(f) the secured indebtedness
of the Company and its Subsidiaries who are Guarantors to be outstanding immediately following the initial closing of the Offering as
set forth on Attachment 2 to the Subscription Agreement, including, for the avoidance of doubt, all contingent and conditional secured
indebtedness of the Company arising from or related to any contractual or other obligation of the Company or any Guarantor entered into
prior to the Issue Date (the “Secured Surviving Debt”), and all other indebtedness of the Company to be outstanding
immediately following the initial closing of the Offering, also set forth on Attachment 2, including, for the avoidance of doubt, all
contingent and conditional indebtedness of the Company or any Guarantor arising from or related to any contractual or other obligation
of the Company entered into prior to the Issue Date (“Other Surviving Debt”): and

 

(g) at the Company’s
discretion, approximately REDACT aggregate principal amount of senior secured notes issued by a 3rd party entity and assumed by the Company
(the “Exchange Notes”) pursuant to a transaction in which the Company acquires a majority interest of TGS Illinois
Holdings, LLC, which Exchange Notes may have certain terms and conditions more favorable to the holder thereof (the “Exchange
Notes Holder”) than the terms and conditions of the Related Notes;

 

(h) debt incurred in
connection with the restructuring of the Exchanges Notes, which may have terms and conditions different or more favorable to the Exchange
Notes Holder than the terms of the Related Notes; and

 

(i) intercompany debt
subject to reasonable industry standards as determined by the Company; and

 

(j) debt owed to trade
creditors of the Company or any Subsidiary incurred in the ordinary course of business (including, without limitation, debt incurred in
connection with a purchase money security interest); and

 

(k) debt in connection
with the purchase, sale or improvement of real estate (including pursuant to a sale and leaseback transaction), provided that the ownership
or right to use or occupy such real estate was acquired by the Company or any of its Subsidiaries after December 23, 2019.

 

Notwithstanding anything contained
herein to the contrary, for purposes of this Note the Company and its Subsidiaries may disregard the provisions of IFRS 16 (Leases) and
their respective balance sheets when determining whether a lease constitutes “debt” or “indebtedness”, and may,
in good faith, elect to treat such leases as operating expenses.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

“Pledged Equity”
means all the equity interests directly or indirectly held by the Company or any Guarantor in any Subsidiary, together with any other
equity interests, certificates, options or rights of any nature whatsoever in respect of the equity interests of any Person that may be
issued or granted to, or held by, the Company or any Guarantor while this Agreement is in effect; provided that Pledged Equity shall not
include any Excluded Property (including, without limitation, any Excluded Equity).

 

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“Pledged Notes”
means all promissory notes issued to or held by the Company or any Guarantor and all Intercompany Notes; provided that Pledged Notes shall
not include any Excluded Property including, without limitation, promissory notes evidencing the accounts receivable of the Company or
any Guarantor and promissory notes issued to the Company or any Guarantor in connection with extensions of trade credit given by the Company
or any Guarantor in the ordinary course of business;

  

“Principal
Amount” shall have the meaning set forth in the preamble of this Note.

 

“Proceeds”
means all “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event, shall include all dividends
or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

 

“Related
Notes” means, collectively, the 2019 Senior Secured Notes and the Original Senior Secured Notes, including this Note.

 

“Related
Person” means, with respect to any given Person, any Person that is an officer, director, shareholder, manager, member,
partner, employee, investor, personal representative, Affiliate, and the like of such Person or such Person’s Affiliates, including,
in the case of any trusts or similar Persons, the trustees and direct and indirect beneficiaries of such trusts or similar Persons.

 

“Secured Surviving
Debt” shall have meaning set forth in the definition of Permitted Indebtedness.

 

“Securities
Act” means the United States Securities Act of 1933, as amended.

 

“Senior Indebtedness”
means: (a) any existing indebtedness or obligation of the Company as of the date hereof that is designated as “senior”,
 “first,” “primary” (or any comparable term) under any indenture, instrument, or document governing any indebtedness
of the Company; or (b) any future Permitted Indebtedness of the Company constituting Bank Indebtedness.

 

“Senior Secured
Note Refinancing Debt” shall have the meaning set forth in the definition of Permitted Indebtedness.

 

“Subscription
Agreement” shall have the meaning set forth in the introductory language of this Note.

 

“Subsidiary”
means, with respect to any Person, a corporation or other entity of which more than fifty percent (50%) of the voting power of the voting
equity securities or equity interest is owned, directly or indirectly, by such Person.

 

“SW Assets”
means any and all of the assets of the SW Companies.

 

“SW Companies”
has the meaning specified in the definition of Guarantor.

 

“TGS Assets”
means any and all of the assets of TGS National Holdings, LLC and its Subsidiaries.

 

“Trademarks”
means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service
marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired,
all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark
Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof,
or otherwise, and all common-law rights related thereto and (b) the right to obtain all renewals thereof.

 

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“Trust Indenture”
means that certain trust indenture between the Company and the Trustee dated as of November 20, 2020, providing for the issue of
the 2019 Senior Secured Notes.

 

“Trustee”
means Odyssey Trust Company, a trust company incorporated under the laws
of the Province of Alberta authorized to carry on the business of a trust company in British Columbia and Alberta.

 

“UCC”
means the Uniform Commercial Code as in effect on the date hereof and from time to time in the State of New York, provided that if by
reason of mandatory provisions of Applicable Law, the perfection or the effect of perfection or non-perfection of the security interests
in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the
date hereof in any other jurisdiction, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy.

 

2.            GENERAL
PROVISIONS.

 

2.1            Loss,
Theft, Destruction of Note. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation
of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably satisfactory to
the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company will make and deliver,
in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor and unpaid principal amount dated as of the date hereof.
This Note shall be held and owned upon the express condition that the provisions of this Section 2.1 are exclusive with respect
to the replacement of a mutilated, destroyed, lost or stolen Note and shall preclude any and all other rights and remedies notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement of negotiable instruments or other securities
without their surrender.

 

2.2            Prepayment;
Redemption.

 

(a)            This
Note may not be prepaid or redeemed by the Company in whole or in part, except as follows:

 

(i)            Optional
Redemptions. (x) Initiated by the Company. The Company may at any time and from time to time upon 3 days prior written
notice may redeem all or any portion of this Note at par plus accrued interest plus a premium equal to (i) 10% of the aggregate principal
amount of this Note being redeemed prior to the first anniversary of the Issue Date, and (ii) 5% of the aggregate principal amount
of this Note being redeemed on or after the first anniversary of the Issue Date but prior to the second anniversary of the Issue Date.
The Company (at its option) may redeem all or any portion of this Note at par plus accrued interest (without any premium) on or after
the second anniversary of the Issue Date.

 

(y) Claw-backs
on Equity Sales. Prior to the twelve (12) month anniversary of the Issue Date, the Company may redeem all or any portion of this Note
with up to 33% of the net proceeds received by the Company or any of its Subsidiaries (including the Guarantors) from any equity offerings
at a redemption price equal to par plus accrued interest plus a premium equal to (i) 1% of the aggregate principal amount of this
Note being redeemed. Warrant exercises do not constitute equity offerings.

 

(ii)            Mandatory
Redemptions. (x) Claw-backs on Equity Sales. Following the twelve (12) month anniversary of the Issue Date, the Company
shall repurchase this Note using 33% of the net proceeds from any equity offerings by the Company and/or its Subsidiaries (including the
Guarantors), at a purchase price equal to par plus accrued but unpaid interest (no premiums). Warrant exercises do not constitute equity
offerings.

 

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(y) Asset
Sales. The Company shall offer to repurchase this Note at par plus accrued interest with 100% of the net cash proceeds resulting
from any (i) non-ordinary course sales or other dispositions of assets consummated by the Company or any Subsidiary, and/or
(ii) as a result of casualty or condemnation (each of (i) and (ii), an “Asset Sale”), subject to
certain limitations including the right of the Company to apply solely during the two (2) year period commencing on the Issue
Date and terminating two (2) years thereafter (the “Reinvestment Period”), up to, in the aggregate,
$30,000,000 of the net cash proceeds received from one half of all Asset Sales during the Reinvestment Period to (X) restore,
rebuild, repair, construct, improve, replace or otherwise acquire assets useful in the Company’s or its Subsidiaries’
business, in each case to the extent constituting a capital expenditure, and/or (Y) consummate Board approved acquisitions
(each of (x) and (y) a “Permitted Reinvestment”), provided that an offer to purchase pursuant to
this sub-paragraph shall only be required to be made if resulting net cash proceeds from an Asset Sale together with all net cash
proceeds received from all Asset Sales for the twelve (12) month period (or lesser period depending on the initial date of the
Reinvestment Period) preceding such Asset Sale, resulted in aggregate net cash proceeds in excess of $2,000,000 (in which event 100%
of such net cash proceeds shall be required to be applicable); provided further, to the extent required by the documentation
governing the Permitted Reinvestment, the Company may apply the net cash proceeds thereof ratably (based on the outstanding
principal amounts thereof) to such offer to repurchase this Note and any other Permitted Indebtedness requiring repayment.
Notwithstanding the above (i) neither the Company nor any of its Subsidiaries shall be required to use any proceeds from sales
(if any) of (a) securities of Cresco Labs, Inc. (including any of its successors, “CLI”), and/or
(b) the securities of a company to be transferred to the Company pursuant to the agreement to acquire a majority interest of
TGS Illinois Holdings, LLC, and (ii) none of such securities nor the proceeds from sales thereof shall constitute Collateral
and shall not be subject to any liens relating to the Related Notes.

 

(z) Change
of Control. If a Change of Control transaction pursuant to which the Company receives all cash or liquid securities occurs prior to
the Maturity Date, at the election of the Holder, the Company shall prepay this Note by paying the Holder 106% of the principal amount
of this Note plus all accrued but unpaid interest hereon.

 

(b)            If
the Company determines in good faith that any such offer to repurchase this Note (i) in the case of any such offer to repurchase
attributable to the Company or any Subsidiary would violate or conflict with any local law (e.g., financial assistance, corporate benefit,
thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary
and statutory duties of the directors of the relevant Subsidiaries), (ii) would require the Company or any Subsidiary to incur a
material and adverse tax liability (including any withholding tax) if such amount were repatriated to the Company as a dividend or (iii) in
the case of any such offer to repurchase attributable to any joint venture, would violate any organizational document of such joint venture
(or any relevant shareholders’ or similar agreement), in each case, if the amount subject to the relevant offer to repurchase were
upstreamed or transferred to the Company as a distribution or dividend (any amount limited as set forth in clauses (i) through (iii) of
this paragraph, a “Restricted Amount”), the amount of the relevant offer to repurchase shall be reduced by the Restricted
Amount; provided, that (A) in the case of any Restricted Amount arising under the circumstances described in clause (i) or
(ii) above, the Company shall use commercially reasonable efforts to take all actions required by Applicable Law to permit the repatriation
of the relevant amounts to the Company and (B) if the circumstance giving rise to any Restricted Amount ceases to exist within 365
days following the end of the event giving rise to the relevant offer to repurchase, the relevant Subsidiary shall promptly repatriate
or distribute the amount that no longer constitutes a Restricted Amount to the Company for application to such an offer to repurchase
this Note as required above promptly following the date on which the relevant circumstance ceases to exist; it being understood and agreed
that following the expiration of the 365-day period referenced above, the relevant Subsidiary may retain any Restricted Amount, and no
such offer to repurchase shall be required in respect thereof.

 

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(c)            All
optional redemptions, prepayments and payments and all other payments resulting from required offers to repurchase or redeem with regard
to this Note shall be paid on a pro-rata basis in respect of each holder of a Related Note, based on the aggregate principal amount of
the Related Notes plus accrued and unpaid interest thereon held by such Person as at the record date, divided by the aggregate principal
amount of all outstanding Related Notes, plus accrued but unpaid interest thereon.

 

(d)            Each
holder of a Related Note shall have the right in its sole discretion to waive its rights to have the Company redeem or repurchase all
or any portion of its Related Note, except if such redemption or repurchase is part of a full or partial refinancing of the Related Notes.

 

2.3            Payment
Seniority. The debt evidenced by this Note shall be: (a) subordinated in right of payment to any Senior Indebtedness;
(b) pari passu in right of payment to the other Related Notes and any Permitted Indebtedness not constituting Senior Indebtedness
(including, without limitation, Secured Surviving Debt and Other Surviving Debt not constituting Senior Indebtedness) and: (c) senior
to all other indebtedness of the Company.

 

2.4            Default
Rate of Interest. Automatically upon the occurrence and during the continuance of an Even of Default, the interest rate
accruing on the outstanding principal amount of the Note shall be three (3)% more than the rate otherwise payable under this Note (the
 “Default Rate”).

 

3.            AFFIRMATIVE
COVENANTS OF THE COMPANY

 

The Company covenants and
agrees that so long as the Related Notes or any warrants issued to the Holder (or any of its permitted transferees) in connection with
the Offering remain outstanding, the Company shall perform and comply with the covenants of this Article 3.

 

3.1            Compliance
with Laws and contractual Obligations. The Company will (A) comply with and cause each of its Subsidiaries to comply
in all material respects with (i) the requirements of all Applicable Laws, rules, regulations and orders of any Governmental Authority
(including, without limitation, all laws, rules, regulations and orders relating to taxes, employer and employee contributions, securities,
ERISA, environmental protection matters and employee health and safety) as now in effect and which may be imposed in the future in all
jurisdictions in which such Person is now doing business or may hereafter be doing business, and (ii) the obligations, covenants
and conditions contained in all of the material contractual obligations of each such Person, as applicable, the noncompliance with which
could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect on the Company, and (B) maintain
or obtain and cause each of its Subsidiaries to maintain or obtain, all applicable licenses, qualifications and permits now held or hereafter
required to be held by such Person, for which the loss, suspension, revocation or failure to obtain or renew, could reasonably be expected
to have, either individually or in the aggregate, a Material Adverse Effect on the Company.

 

3.2            Maintenance
of Properties. The Company will maintain and cause its Subsidiaries to maintain in good repair, working order and condition,
all material properties used in its businesses and will make or cause to be made all appropriate repairs, renewals and replacements thereof.

 

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3.3            Organizational
Existence. The Company will, and will cause each of its Subsidiaries (other than non-operating or immaterial
Subsidiaries) to (A) at all times preserve and keep in full force and effect its organizational existence and all rights and
franchises material to such Person’s business and leases, privileges, franchises, qualifications and rights that are necessary
in the ordinary conduct of its business, and (B) maintain complete and accurate books and records in all material respects
regarding such Person’s business, operations, meetings of directors and equity holders and all corporate, limited liability
company or partnership matters and all corporate, limited liability company or partnership matters.

  

3.4            Financial
Statements and other Reports. Company will maintain and will cause each
of its Subsidiaries to maintain a system of accounting established and administered in accordance with sound business practices to permit
preparation of financial statements in conformity with IFRS (it being understood that monthly financial statements are not required to
have footnote disclosures and are subject to normal year-end adjustments). The Company will deliver to each Holder upon written request:
(a) as soon as available and in any event within sixty (60) days after the end of each fiscal quarter of the Company, the unaudited
consolidated and consolidating balance sheet of the Company and each of its Subsidiaries as at the end of such fiscal quarter; and (b) as
soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year, the consolidated balance sheet
of the Company and its Subsidiaries, as at the end of such year, audited by certified public accountants selected by the Company.

 

4.            NEGATIVE
COVENANTS. While any of the Related Notes are outstanding:

 

4.1            Indebtedness.
The Company will not and will not permit any of its Subsidiaries directly or indirectly to create, incur, assume, or otherwise become
or remain directly or indirectly liable with respect to any indebtedness except Permitted Indebtedness.

 

4.2            Distributions.
The Company will not, and will not cause or permit any of its Subsidiaries, to make any cash dividend
or distributions in respect of the equity interests of the Company or any of its Subsidiaries, except that (i) a Subsidiary of the
Company may declare and pay dividends on its outstanding equity interests to the Company or to a Subsidiary; and (ii) a Subsidiary
may declare and pay any cash dividends or distribution it is obligated to pay pursuant to any contractual obligation of such Subsidiary
existing prior to the date of this Note. Notwithstanding anything to the contrary provided in this Section 4.2 or elsewhere,
nothing contained herein shall prevent the Company from effectuating a distribution of the capital stock of Sound Wellness Holdings, Inc.
to the stockholders of the Company.

 

4.3            Sale
of Assets. The Company will not and will not permit any of its Subsidiaries to sell, assign, license, lease, convey,
exchange, transfer or otherwise dispose of its property (each, a “Disposition”) to any other Person, except:

 

(a)            Dispositions
of inventory and other property in the ordinary course of business;

 

(b)            Dispositions
of obsolete or worn-out assets, no longer used or usable in its business;

 

(c)            Disposition
of the Company’s and its Subsidiaries equity securities;

 

(d)            Disposition
of real property in a sale-leaseback transaction; and

 

(e)            Dispositions
of property in connection with Permitted Indebtedness, including, without limitations, dispositions of property subject to a lien or other
encumbrance senior to the lien or other encumbrance granted to the holders of the Related Notes.

 

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4.4            Restriction
on Fundamental Changes. The Company will not and will not permit any of its Subsidiaries directly or indirectly to:
(A) enter into any transaction of merger or consolidation except, that upon not less than ten (10) Business Days prior written
notice to the Holders, any wholly owned Subsidiary of the Company may be merged with or into the Company (provided that the Company is
the surviving entity) or any other wholly owned Subsidiary of the Company; or (B) liquidate (provided that a Subsidiary may liquidate
into the Company), wind-up or dissolve itself (or suffer any liquidation or dissolution); provided that both before and immediately after
giving effect to any such acquisition or purchase, no Event of Default shall have occurred and be continuing.

 

5.            STATUS;
RESTRICTIONS ON TRANSFER.

 

5.1            Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency, reorganization
and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

 

5.2            Restrictions
on Transferability.

 

(a)            This
Note may be sold, transferred, exchanged, assigned, gifted, conveyed, pledged, encumbered, hypothecated or otherwise disposed of, whether
directly or indirectly, voluntarily or involuntarily, conditionally or unconditionally, by change of control, operation of law or otherwise,
with the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed); provided no transfer of all or
any portion of this Note is made to a Person engaged directly or indirectly in providing goods or services in connection with the growing,
processing, manufacturing, distributing, cultivating, producing or selling of marijuana, marijuana-infused products, hemp, hemp-infused
products and/or a substantially similar business in two (2) or more states in the United States or one (1) or more states in
the United States and one (1) or more foreign jurisdictions (a “Competitor”), in which case the approval of the
transfer shall be made in the sole discretion of the Company. For the avoidance of doubt, shareholders of a Competitor who own less than
a controlling interest in such Competitor or other passive equity holders of a Competitor will not be considered a Competitor for purposes
of this Section 5.2(a) as a result of their share or other equity ownership.

 

(b)            This
Note has not been registered under the Securities Act, or under any state securities or so-called “blue sky laws,” and may
not be offered, sold, transferred, hypothecated or otherwise assigned except (i) pursuant to a registration statement with respect
to such securities which is effective under the Act or (ii) upon receipt from counsel satisfactory to the Company of an opinion,
which opinion is satisfactory in form and substance to the Company, to the effect that such securities may be offered, sold, transferred,
hypothecated or otherwise assigned (x) pursuant to an available exemption from registration under the Act and (y) in accordance
with all applicable state securities and so-called “blue sky laws.”

 

6.            ADDITIONAL
COVENANTS. In addition to the other covenants and agreements of the Company set forth in this Note, the Company and the Holder covenant
and agree that so long as this Note shall be outstanding:

 

6.1            Payment
of Note. The Company will punctually, according to the terms hereof, pay or cause to be paid all amounts due under this.

 

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6.2            Notice
of Default. If any one or more events occur which constitute or which, with the giving of notice or the lapse of time or both,
would constitute an Event of Default or if the Holder shall demand payment or take any other action permitted upon the occurrence of any
such Event of Default, the Holder will promptly give notice to the Company, specifying the nature and status of the Event of Default or
other event or of such demand or action, as the case may be.

  

6.3            Regulatory
Matters.

 

(a)            The
Holder acknowledges that the Company and its Affiliates (i) may now or in the future conduct business in an industry that is subject
to and exists because of privileged licenses issued by governmental authorities, (ii) are now or may in the future become subject
to extensive regulation and oversight, (iii) are now or may in the future be required to adhere to strict laws and regulations regarding
vendor and other business relationships, and (iv) may now have or in the future adopt internal controls and compliance policies governing
their own activities and those of certain parties with whom they do business.

 

(b)            The
Holder acknowledges and agrees that the Company, its Affiliates, and their respective Related Persons may find it necessary, appropriate
or desirable to perform background checks, suitability reviews, investigations, inquiries and due diligence with respect to the Holder
and its Related Persons to comply with Applicable Laws and the policies of the Company, its Affiliates and their respective Related Persons.

 

(c)            Accordingly,
the Holder hereby: (i) authorizes, and agrees to exercise commercially reasonable efforts to cause the Holder’s Related Persons
to authorize, the Company and its Affiliates and their respective Related Persons to perform, or cause to be performed, such background
checks, suitability reviews, investigations, inquiries and other due diligence with respect to the Holder and the Holder’s Related
Persons (including, without limitation, regarding financial, credit, criminal, litigation, employment, investment, qualification and character
matters) as the Company may deem reasonably necessary, appropriate or desirable for the purpose of complying with Applicable Laws and
the policies of the Company and its Affiliates and their respective Related Persons or otherwise in furtherance of the business interests
of the Company; (ii) agrees to promptly provide, and agrees to exercise commercially reasonable efforts to cause the Holder’s
Related Persons to promptly provide, to the Company and its Affiliates and their respective Related Persons such information as the Company
may reasonably request for the purpose of performing the foregoing background checks, suitability reviews, investigations, inquiries and
other due diligence; (iii) if requested by the Company or any applicable regulatory authority in connection with the business of
the Company or any of its Affiliates, agrees to submit to investigation by the applicable regulatory authorities and cooperate with any
reasonable requests made by the Company or such regulatory authorities (including filing requested forms and delivering information regarding
the Holder and the Holder’s Related Persons), and agrees to exercise commercially reasonable efforts to cause the Holder’s
Related Persons to do the same; and (iv) agrees to cooperate, and agrees to exercise commercially reasonable efforts to cause the
Holder’s Related Persons to cooperate, with any reasonable requests made by the Company in connection with any of the foregoing.

 

(d)            The
Holder shall (and shall cause the Holder’s Related Persons to) act in good faith, cooperate, furnish documents and information and
take such additional actions or efforts as may be reasonably requested by the Company for the purpose of applying for, obtaining, renewing
and maintaining such licenses, approvals, permits and entitlements as the Company deem necessary or desirable for the operation of the
respective businesses of the Company and its Affiliates. Promptly upon the reasonable request of the Company, the Holder shall (and shall
cause the Holder’s Related Persons to) prepare, submit and process any license applications and other materials as the Company deems
reasonably necessary from time to time in connection with any licenses, approvals, permits or entitlements held or sought by the Company
or any of its Affiliates.

 

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(e)            To
the extent that the business or affairs of the Company or its Affiliates are the sole cause of a regulatory review or investigation of
the Holder or, if approved by the Company, any of the Holder’s Related Persons, to, all reasonable fees, costs and expenses directly
attributable thereto shall be borne or reimbursed by the Company (to the extent not borne or reimbursed by the applicable Affiliate of
the Company) upon presentation of supporting documentation of the amount and purpose of such fees and expenses reasonably acceptable to
the Company.

  

6.4            Use
of Proceeds. The Company shall use the proceeds of this Note for the repayment of existing debt of the Company and its
Affiliates plus accrued and unpaid interest and related items thereon and for general working capital purposes and such other purposes
as may be determined by the Company’s board of directors, including capital expenditures and potential strategic acquisitions.

 

7.            EVENTS
OF DEFAULT; REMEDIES.

 

7.1            Events
of Default. “Event of Default” wherever used herein means any one of the following events:

 

(a)            default
in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when and
as the same shall become due and payable; provided that the Company shall be provided with a twenty (20) Business Day cure period for
nonpayment of interest, fees or amounts other than principal on the Note, after there has been given to the Company by the Holder a written
notice specifying such default and requiring it to be remedied;

 

(b)            default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a default
in the performance of which is specifically provided for elsewhere in this Section 7.1), and the continuance of such default
for a period of thirty (30) days after there has been given to the Company by the Holder a written notice specifying such default and
requiring it to be remedied, provided that, if the Company uses commercially reasonable efforts to cure such default within such thirty
(30) day period but cannot cure said default during such thirty (30) day period, the Company shall have such time as is necessary to cure
such default provided the Company maintains commercially reasonable efforts to cure such default beyond the initial thirty (30) day cure
period;

 

(c)            any
representation or warranty made by the Company to Holder herein is materially incorrect in any respect on the date such representation
or warranty was made;

 

(d)            an
event of default by the Company under any material debt financing agreement (which, for the avoidance of doubt, shall include the Related
Notes and the Guaranty and Collateral Security Agreement, and shall exclude any intercompany debt including, without limitation, any Intercompany
Notes); provided that any Company default under any such agreement that is related to the Company’s reasonable opinion that the
counterparty to such agreement has materially breached its obligations thereunder shall not be considered a default hereunder;

 

(e)            the
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy
Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;

 

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(f)            the
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy
or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the
Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors;

 

(g)            the
Company proposes in writing or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or
any group or class thereof or files a petition for suspension of payments or other relief of debtors or a moratorium or statutory management
is agreed or declared in respect of or affecting all or any material part of the indebtedness of the Company; or

 

(h)            it
becomes unlawful for the Company to perform or comply with its obligations under the Related Notes.

 

7.2            Declaration
of Default; Exercise of Remedies. By acceptance hereof, the Holder acknowledges and agrees that this Note is one of
a series Related Notes and that in order to declare an Event of Default hereunder, the holders of Related Notes representing the Notes
Majority, or the Trustee representing the Notes Majority shall be required to provide a properly executed written notice to the Company
(a “Default Notice”), which shall specify (i) that an Event of Default is being declared; (ii) the
particular Event of Default hereunder being declared; and (iii) the actions of the Company underlying the Event of Default. If an
Event of Default has been declared pursuant to a properly delivered Default Notice, then and in every such case the Notes Majority may:
(a) declare the Related Notes to be due and payable immediately, and upon any such declaration, the Company shall pay to the holders
of all Related Notes the outstanding balance of principal and accrued interest under the applicable holder’s Related Notes, and
(b) direct the Collateral Agent to act on behalf of the holders of all Related Notes in exercising and enforcing all rights and remedies
available to all of such holders of Related Notes, including this Note, and including, without limitation, foreclosure of any judgment
lien on any assets of the Company.

 

7.3            Remedies
Not Waived. No course of dealing between the Company and the Holder or any delay in exercising any rights hereunder
shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power or privilege under this Note
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by Applicable Law.

 

8.            Representations
and warranties. The Company represents and warrants to Holder, as of the date hereof, that:

 

8.1            Organization,
Good Standing, Power and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of British Columbia, Canada and has all requisite corporate power and authority to carry on its business as now conducted.
The Company is duly qualified to transact business and is in good standing in each jurisdiction in which it is required to be qualified.

 

8.2            Authorization;
No Breach; Valid and Binding Agreement. The execution, delivery and performance of this Note by the Company and
the consummation by the Company of the transactions contemplated hereby have been duly and validly authorized by all requisite
corporate action and no other corporate proceedings on the Company’s part are necessary to authorize the execution, delivery
or performance of this Note. The execution, delivery and performance of this Note by the Company and the consummation by the Company
of the transactions contemplated hereby do not conflict with, constitute a default under or result in a breach or violation of, the
provisions of the Company’s certificate of incorporation or bylaws. This Note has been duly executed and delivered by the
Company and, assuming that this Note is a valid and binding obligation of Holder, constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar laws
affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other
equitable remedies.

 

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Senior Secured Note

     

    

  

8.3            Consents.
No consent, approval or authorization of, or declaration to or filing with, any Governmental Authority is required to be obtained by the
Company in connection with the execution, delivery or performance of this Note by the Company or the consummation of the transactions
contemplated hereby.

 

9.            MISCELLANEOUS.

 

9.1            Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor the enforceability
of the remainder hereof shall in any way be affected.

 

9.2            Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing and
either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent by facsimile
or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic transmission
(confirmed in writing) or mailed. Notices shall be addressed, if to the Company, to its then principal office, or if to the Holder, to
its address as provided in the Subscription Agreement or such other address as may be specified by the Holder in a written notice delivered
to the Company under this Section 9.2.

 

9.3            Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect
to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other jurisdiction).

 

9.4            Jurisdiction.
THE COMPANY AND THE HOLDER EACH (a) HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE STATE AND CITY OF NEW YORK FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR BASED UPON THIS NOTE;
(b) AGREE NOT TO COMMENCE ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR BASED UPON THIS NOTE EXCEPT IN THE ABOVE-NAMED COURTS;
AND (c) HEREBY WAIVE, AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY SUCH SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT SUBJECT PERSONALLY TO THE JURISDICTION OF THE ABOVE-NAMED COURTS, THAT ITS PROPERTY IS EXEMPT OR IMMUNE FROM
ATTACHMENT OR EXECUTION, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR
PROCEEDING IS IMPROPER OR THAT THIS AGREEMENT OR THE SUBJECT MATTER HEREOF MAY NOT BE ENFORCED IN OR BY SUCH COURT.

 

9.5            Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute a part of this Note.

 

9.6            Amendments.
This Note may be amended or waived only with the written consent of the Company and the Holder or, whether or not agreed to by the Holder,
with the written consent of the Company and the Notes Majority. Any amendment or waiver consented to in writing by the Company and the
Notes Majority shall be binding on all holders of the Related Notes, including this Note, even if they do not execute or agree to such
consent, amendment or waiver themselves.

 

    16
Senior Secured Note

     

    

  

9.7            No
Recourse Against Others. The obligations of the Company under this Note are solely obligations of the Company and no officer,
employee, stockholder or director of the Company shall be liable for any failure by the Company to pay amounts on this Note when due or
perform any other obligation.

 

9.8            Assignment;
Binding Effect. This Note may be assigned by the Company without the prior written consent of the Holder in the event of a
Change of Control but shall be subject to the restrictions on transfer and assignment by the Holder as set forth in Section 5.2.
This Note shall be binding upon and inure to the benefit of both parties hereto and their respective permitted successors and assigns.

 

9.9            Further
Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at
the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the
other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to
otherwise carry out the intent of the parties hereunder.

 

9.10            Tax
Treatment. The Company intends, and Holder has agreed, to (i) treat this Note as debt for all U.S. federal and applicable
state, local income and similar tax purposes, (ii) not take any tax reporting position inconsistent with such tax treatment, and
(iii) file all U.S. federal and applicable state, local income and similar tax returns and reports with respect to the Notes in a
manner consistent with such treatment. The Company shall be entitled to withhold from all payments made under this Note all amounts which
are required to be withheld and remitted in respect of taxes. Any amounts so withheld shall be treated for purposes of this Note as having
been paid to the person in respect of whom such withholding was made.

 

9.11            Collateral;
Release. The Holder acknowledges and agrees that if and to the extent that the Secured Surviving Debt transaction documents
prohibit the Related Notes from being secured by pari passu liens on the Collateral securing the Secured Surviving Debt, the Related Notes
(to the extent not prohibited by the Secured Surviving Debt transaction documents), will be secured by a senior subordinated lien on the
Collateral so that upon repayment of such Secured Surviving Debt, the senior subordinated lien on the Collateral securing the Related
Notes and guarantees shall become a senior secured lien on the Collateral (subject only to liens securing other Permitted Indebtedness).
The Guaranty and Collateral Security Agreement sets forth the terms of conditions of the release of Collateral from the liens created
thereby, including the release with the consent of the Notes Majority, release upon payment in full of the Related Notes and release upon
the disposition of Collateral by the Company or its Subsidiaries in accordance with the terms of this Note.

 

9.12            Note
Terms and Conditions. The Holder acknowledges and agrees that certain of the 2019 Senior Secured Notes, which may be held by
the Exchange Notes Holder, may have terms or conditions that are, individually or in the aggregate, more favorable to the Exchange Notes
Holder than the terms or conditions of this Note, including, without limitation, with respect to terms governing repayment.

 

    17
Senior Secured Note

     

    

 

 

9.13            APPOINTMENT
OF TRUSTEE AS AGENT. The Holder hereby appoints the Trustee as its agent to act on behalf of the Holder on all matters arising
from, relating to or in connection with the rights or obligations of the Notes Majority as set forth in the Trust Indenture, the Related
Notes, the Guaranty and Collateral Security Agreement, the Collateral Agency Agreement and all such other documents or instruments executed
in connection with the transactions contemplated by any of the foregoing.

  

9.14            AMENDED
AND RESTATED NOTE. The Holder acknowledges and agrees that, pursuant to the written consent of the Notes Majority, this Note amends
and restates in its entirety the Original Senior Secured Note issued to the Holder on [●].

 

9.15            NOTICE
OF DEVELOPMENTS. As soon as reasonably practical following receipt, the Company shall provide to the Holder any and all documents,
notices, and other correspondence received by the Company from the Trustee that the Company reasonably determines to be relevant to the
performance or observance of any duties or obligations of the Company under this Note. For the avoidance of doubt, any written notice
provided to the Company in relation to an event that is, or with the passage of time or the giving of notice or both would be, an event
of default under the 2019 Senior Secured Notes is relevant to the performance of the obligations of the Company under this Note.

 

Signatures
on the Following Page

  

    18
Senior Secured Note

     

    

  

In
Witness Whereof, the Company and the Holder have caused this Note to be signed by their duly authorized representatives on
the date hereinabove written.

 

	 	JUSHI HOLDINGS INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Issue Date:	 

 

Company Signature Page Promissory
Note

 

     

     

    

 

 

ACKNOWLEDGED AND AGREED:

 

HOLDER:

 

	 	 

(Printed Name of the Holder)

 

	 	 
	(Signature: by authorized officer if a corporation; by authorized member or manager if a limited liability company; by general partner
if a partnership; by owner of a sole proprietorship; by the trustee if a trust, by the Holder if an individual)	 

 

	 	 

(Title, if signing on behalf of an entity)

 

	 	 

(Principal Amount of Note in US Dollars)

 

Holder Signature Page Promissory
Note

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