Document:

Exhibit
10.5

 

PRIVATE
PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS
PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of December 22, 2020 (as it may from time to time be amended and including
all exhibits referenced herein, this “Agreement”), is entered into by and between 7GC & Co. Holdings Inc.,
a Delaware corporation (the “Company”), and 7GC & Co. Holdings LLC, a Delaware limited liability company
(the “Purchaser”).

 

WHEREAS,
the Company intends to consummate an initial public offering of the Company’s units (the “Public Offering”),
each unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”),
and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Share at an exercise price of $11.50
per Share. The Purchaser has agreed to purchase an aggregate of 6,750,000 warrants (or up to 7,350,000 warrants if the over-allotment
option in connection with the Public Offering is exercised in full) (the “Private Placement Warrants”), each
Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share.

 

NOW
THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound,
agree as follows:

 

AGREEMENT

 

Section
1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants.

 

A. Authorization
of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants
to the Purchaser.

 

B. Purchase
and Sale of the Private Placement Warrants. On the date of the consummation of the Public Offering, and concurrently with
the consummation thereof, or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Initial
Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company
6,750,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate purchase price of $6,750,000 (the “Purchase
Price”). The Purchase Price shall be paid by wire transfer of immediately available funds to the Company in accordance
with the Company’s wiring instructions at least one business day prior to the date of effectiveness of the registration
statement to be filed in connection with the Public Offering. On the Initial Closing Date, the Company, shall either, at its option,
deliver a certificate evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the
Purchaser’s name to the Purchaser, or effect such delivery in book-entry form. On the date of the consummation of the closing
of the over-allotment option in connection with the Public Offering, and concurrently with the consummation thereof, or on such
earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment
Closing Date”; together with the Initial Closing Date, the “Closing Dates” and each, a “Closing
Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to
an aggregate of 600,000 Private Placement Warrants, in the same proportion as the amount of the over-allotment option that is
exercised, at a price of $1.00 per warrant for an aggregate purchase price of up to $600,000 (if the over-allotment option in
connection with the Public Offering is exercised in full) (the “Over-allotment Purchase Price”), which shall
be paid by wire transfer of immediately available funds to the Company in accordance with the Company’s wiring instructions.
On the Over-allotment Closing Date, upon the payment by the Purchaser of the Over-allotment Purchase Price payable by it by wire
transfer of immediately available funds to the Company, the Company shall either, at its option, deliver a certificate evidencing
the Private Placement Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser,
or effect such delivery in book-entry form.

 

C. Terms
of the Private Placement Warrants.

 

(i)
The Private Placement Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a
warrant agent, in connection with the Public Offering (a “Warrant Agreement”).

 

     

     

    

 

(ii)
At or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights
to the Purchaser relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants.

  

Section
2. Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement
and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations
and warranties shall survive each Closing Date) that:

 

A. Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B. Authorization;
No Breach.

 

(i)
The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized and approved
by the Company as of each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable
in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and
this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance
with their terms.

 

(ii)
The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of, and compliance
with, the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a) conflict with or
result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any
lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation
of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration or filing, in each case, by or
to any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the
Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company
is subject, except for any filings required after the date hereof under federal or state securities laws.

 

C. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the
Placement Warrants will be duly and validly issued and the Shares issuable upon exercise of the Private Placement Warrants will
be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Placement Warrants, the Shares issuable
upon exercise of the Placement Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant
to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the Private Placement Warrants and the Shares
issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other
than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under
federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D. Valid
Issuance. The total number of shares of all classes of capital stock which the Company has authority to issue is 110,000,000
shares of common stock (which consist of 100,000,000 shares of the Company’s Class A Common Stock and 10,000,000 shares
of the Company’s Class B common stock, par value $0.0001 per share (the “Class B Common Stock”)) and 1,000,000
shares of the Company’s preferred stock, par value $0.0001, per share (the “Preferred Stock”). As of the date
hereof, the Company has issued and outstanding no shares of Class A Common Stock, 5,750,000 shares of Class B Common Stock (of
which up to 750,000 shares are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock.
All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable. 

 

    2

     

    

 

E. Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

Section
3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement
and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company
(which representations and warranties shall survive each Closing Date) that:

 

A. Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B. Authorization;
No Breach.

 

(i)
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating
to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the
Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject that would materially
impact its ability to perform its obligations hereunder.

 

C. Investment
Representations.

 

(i)
The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable
upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment
purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D of the Securities
Act of 1933, as amended (the “Securities Act”).

 

(iii)
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from
the registration requirements of the United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)
The Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act.

 

(v)
The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)
The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities. 

 

    3

     

    

 

(vii)
The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. While such Purchaser understands that
Rule 144 under the Securities Act is not available for the resale of securities initially issued by shell companies (other than
business combination related shell companies) or issuers that have been at any time previously a shell company, such Purchaser
understands that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the
securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during
the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form
8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with
the SEC reflecting its status as an entity that is not a shell company.

 

(viii)
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.

 

Section
4. Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Private
Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct
at and as of such Closing Date as though then made.

 

B. Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant
Agreement and Registration Rights Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent
and the Registration Rights Agreement, each on terms satisfactory to the Purchaser.

 

E. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

Section
5. Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement
are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct
at and as of such Closing Date as though then made.

 

B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

    4

     

    

 

C. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

D. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

E. Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

Section
6. Termination. This Agreement may be terminated at any time after March 31, 2021 upon the election by either the Company
or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section
7. Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive
each Closing Date.

 

Section
8. Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms
in the registration statement on Form S-1 the Company has filed with the Securities and Exchange Commission under the Securities
Act in connection with the Public Offering.

 

Section
9. Miscellaneous.

 

A. Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement without the prior written consent of the other party hereto, other than assignments by the Purchaser to affiliates thereof
(including, without limitation, one or more of its members).

 

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

 

C. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which needs to contain the signatures of more
than one party, but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page were an original thereof.

 

D. Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E. Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall
be construed in accordance with the internal laws of the State of New York without regard to the conflicts of laws principles
thereof.

 

F. Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

    5

     

    

 

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

 

	 	COMPANY:
	 	 
	 	7GC
    & CO. HOLDINGS INC.
	 	 	 
	 	By:	/s/ Jack
    Leeney
	 	Name: 	Jack
    Leeney
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	PURCHASER:
	 	 
	 	7GC
    & CO. HOLDINGS LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jack
Leeney
	 	Name:	Jack
    Leeney
	 	Title:	Managing
    Member

  

[Signature
Page to Private Placement Warrants Purchase Agreement]

 

 

6Exhibit
10.2

 

CLEVER LEAVES HOLDINGS INC.

 

AMENDED AND
RESTATED EMPLOYMENT

 

AGREEMENT

 

for

 

Kyle Detwiler

 

This Amended and Restated Employment Agreement
(the “Agreement”) is entered into as of December 22, 2020, by and between Clever Leaves Holdings Inc., a corporation
organized under the laws of British Columbia, Canada (the “Company”), and Kyle Detwiler (the “Executive”)
and is effective as December 18, 2020 (the “Effective Date”).

 

WHEREAS, the Executive was previously employed by NS US Holdings,
Inc. (“Holdings”) as its Chief Executive Officer pursuant to that certain Employment Agreement, dated August 17, 2017,
by and between Holdings and the Executive (the “Holdings Employment Agreement”);

 

WHEREAS, the Company has entered into a Business Combination
Agreement, dated as of July 25, 2020 (the “Business Combination Agreement”), with Schultze Special Purpose Acquisition
Corp., Novel Merger Sub Inc., and Clever Leaves International Inc., pursuant to which, upon the consummation of the transactions
contemplated therein (the “Closing”), among other things, Holdings became an indirect subsidiary of the Company;

 

WHEREAS, the Executive is currently employed by the Company,
pursuant to that certain Employment Agreement entered into in connection with the Closing, dated December 18, 2020 (the “Original
Employment Agreement”);

 

WHEREAS, the Company desires that the Executive be retained
to serve in the capacity of Chief Executive Officer of the Company; and

 

WHEREAS, the Company and the Executive desire to amend and restate
the Original Employment Agreement in its entirety to reflect certain changes agreed to after the Closing.

 

NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein, and for other valuable consideration, the Company and the Executive hereby agree as follows:

 

1. Certain
Definitions. 

 

Capitalized terms shall have the meanings set forth on Exhibit A attached hereto.

 

2. Term
of Employment.

 

The
Company shall employ the Executive and, and the Executive shall accept such employment, upon the terms and conditions set
forth in this Agreement for the period commencing on the Effective Date and ending on the earlier of (i) the second
(2nd) anniversary of the Effective Date (subject to extension as provided in the following sentence) and (ii) the
Executive’s Date of Termination as provided in Section 6 (such period, including any extension as provided below, shall
be referred to as the “Term of Employment”). This Agreement and the Term of Employment shall be automatically
extended for successive additional one-year terms, unless either party provides written notice of Non-Renewal of this
Agreement (“Notice of Non-Renewal”) at least three (3) months before the end of the then-current Term of
Employment.

 

    

     

    

 

 3. Executive’s Duties and Obligations.

 

A. Duties.
The Executive shall serve as the Company’s Chief Executive Officer. The Executive shall be responsible for all powers and
duties customarily associated with that office or position in a publicly traded company. The Executive shall report directly to
the Board and shall be subject to reasonable policies established by the Board. During the Term of Employment, the Executive will
also serve as a member of the Board to the extent so elected by the stockholders of the Company.

 

B. Location
of Employment. The Executive’s principal place of business shall be at the Company’s headquarters located in New
York, New York or such other location as may be the Company’s headquarters from time to time; provided that the Executive
may work out of any of the Company’s offices in any location.

 

C. Confidentiality,
Restrictive Covenants and Intellectual Property Agreement. The Executive acknowledges and agrees that the Executive has previously
executed and agreed to be bound by the terms of the Holdings Confidentiality, Restrictive Covenants and Intellectual Property
Agreement, dated as of August 17, 2017 (the “Confidentiality Agreement”). The Executive shall comply at all times
with the covenants and other terms and conditions of the Confidentiality Agreement and all other reasonable policies of the Company
governing the confidentiality of the Company’s proprietary information and assignment of the Company’s intellectual
property; provided, however, that the Executive acknowledges and agrees that any reference to “the Company” within
the Confidentiality Agreement shall hereafter refer to the Company and its subsidiaries or affiliates. The Executive’s obligations
under the Confidentiality Agreement shall survive the Term of Employment.

 

4.
Devotion of Time to the Company’s Business.

 

A. Full-Time
Efforts. During the Term of Employment, subject to the limitations Section 4.B, the Executive shall devote substantially all
of his business time, attention and effort to the affairs of the Company and its affiliates, excluding any periods of disability,
vacation, or sick leave to which Executive is entitled, and shall use his reasonable best efforts to perform the duties properly
assigned to him hereunder and to promote the interests of the Company.

 

B. Other
Activities. Executive may, subject to, and in accordance with, Section 10, (i) serve on corporate, civic or charitable boards
or committees, deliver lectures and fulfill speaking engagements, (ii) manage personal investments that do not give rise to a
conflict of interest through the Executive’s investment in direct competitors of the Company, (iii) invest in, participate
in and provide services to Silver Swan LLC, Silver Swan Capital, LLC and their respective affiliates so long as such investing,
participation and services do not involve investments, participation or services in the cannabis industry (other than any investments,
participation or services in the Company and its affiliates) and (iv) provide advisory services to, or acquire any interest in,
any investment fund; provided further that all such activities do not individually or in the aggregate conflict with or interfere
with the performance of his duties under this Agreement or otherwise violate Section 10.The Executive’s passive investment
in securities of a publicly-held company will not be considered to give rise to a conflict of interest if the Executive owns not
more than 5% of the outstanding securities of such publicly held company.

 

    2

     

    

 

5.
Compensation and Benefits.

 

A. Base
Salary. The Company shall pay to the Executive in accordance with its normal payroll practices (but not less frequently
than monthly) an annual salary at a rate of not less than $150,000 per annum (“Base Salary”); provided that the
Executive’s Base Salary shall be increased to $250,000 per annum at such time that other senior employees of the
Company and its subsidiaries have their base salaries restored to such levels as were paid to them prior to the COVID-19
pandemic; provided further that, for purposes of Sections 7.C and 10.B of this Agreement, as of the Effective Date,
“Base Salary” shall be deemed to be $250,000 per annum (or any greater Base Salary rate in effect on the
Executive’s Date of Termination). The Executive’s Base Salary shall be reviewed at least annually for the
purposes of determining increases, if any, based on the Executive’s performance, the performance of the Company, the
then prevailing salary scales for comparable positions, inflation and other relevant factors. Effective as of the date of any
increase in the Executive’s Base Salary, Base Salary as so increased shall be considered the new Base Salary for all
purposes of this Agreement and may not thereafter be reduced except as provided in the last sentence of this Section 5.A. Any
increase in Base Salary shall not limit or reduce any other obligation of the Company to Executive under this
Agreement.

 

B. Cash
Bonuses. With respect to each Fiscal Year during the Term of Employment, the Executive shall be eligible to receive an annual
cash bonus (“Annual Bonus”) targeted at sixty percent (60%) of the Executive’s Base Salary. The actual Annual
Bonus payable with respect to each Fiscal Year shall be based on the achievement of performance goals to be determined by the
Board. The Company will pay the Annual Bonus to the Executive no later than the 15th day of the third calendar month following
the end of such Fiscal Year.

 

C. Equity
Grant. Conditioned upon (i) the filing of a Form S-8 registration statement by the Company with respect to the 2020
Plan, the Executive will be granted 200,000 restricted share units of the Company under the 2020 Plan as soon as practicable after
such filing. Such restricted share units shall be subject to such terms and conditions, including time-based vesting equal to
50% per year upon each of the first two anniversaries of the Closing, as will be set forth in a separate Restricted Share Unit
Agreement by and between the Company and the Executive, as well as the terms and conditions of the 2020 Plan.

 

D. Benefits.
During the Term of Employment, the Executive shall be entitled to participate in all employee benefit plans, programs and
arrangements made available generally to the Company’s senior executives or to other full-time employees on
substantially the same basis that such benefits are provided to such senior executives of a similar level or to other
full-time employees (including, without limitation, profit-sharing, savings and other retirement plans or programs (e.g., a
401(k) plan), long-term cash incentive plan, program or arrangement, medical, dental, hospitalization, vision, short-term
and long-term disability and life insurance plans or programs, accidental death and dismemberment protection, travel accident
insurance, and any other fringe benefit or employee welfare benefit plans or programs that may be sponsored by the Company
from time to time, including any plans or programs that supplement the above-listed types of plans or programs, whether
funded or unfunded); provided, however, that during the Term of Employment, the Executive shall not be eligible to
participate in any generally available severance benefit plan, program or arrangement sponsored or maintained by the Company.
Nothing in this Section 3.D shall be construed to require the Company to establish or maintain any such fringe or employee
benefit plans, programs or arrangements.

 

    3

     

    

 

E. Vacations.
The Executive shall be entitled to accrue twenty (20) days of paid vacation for each twelve (12) month period during the Term
of Employment. Accrued but unused vacation days shall carry over to subsequent years until a maximum of thirty (30) days have
accrued.

 

F. Reimbursement
of Expenses. During the Term of Employment, the Executive shall be entitled to receive prompt reimbursement for all reasonable
business-or employment-related expenses incurred by the Executive upon the receipt by the Company of reasonable documentation
in accordance with standard practices, policies and procedures applicable to other senior executives of the Company.

 

G. Additional
Cash Payment. The Company shall pay to the Executive an amount equal to $46,027 in respect of certain previously forfeited
compensation in January 2021, subject to the Executive’s continued employment through the payment date.

 

6. Termination
of Employment.

 

The Term of Employment shall be automatically terminated upon the first to occur of the following:

 

A. Death.
The Executive’s employment shall terminate immediately upon the Executive’s death.

 

B. Disability.
If the Executive is Disabled, either party may terminate the Executive’s employment due to such Disability upon delivery
of written notice to the other party. The effective date of such termination of employment will be the Date of Termination set
forth in such written notice or immediately upon delivery of such written notice if no effective date is specified in the written
notice. For avoidance of doubt, if the Executive’s employment is terminated pursuant to this Section 6.B, his employment
will not constitute a termination of employment by the Company without Cause or by the Executive for Good Reason.

 

C. Termination
by the Executive Without Good Reason. The Executive may terminate his employment for any reason other than Good Reason upon
his delivery of written notice to the Company, in which case the Date of Termination will be at least thirty (30) days following
the date of such notice (as specified in such notice); provided, however, that the Company may, in its sole discretion, change
the Date of Termination to any date that occurs on or following the date of such notice and prior to the Date of Termination specified
in such notice.

 

D. Termination
by the Executive for Good Reason. The Executive may terminate his employment for Good Reason if (i) not later than ninety
(90) days after the occurrence of any act or omission that constitutes Good Reason, the Executive provides the Company with a
written notice setting forth in reasonable detail the acts or omissions that constitute Good Reason, (ii) the Company fails to
correct or cure the acts or omissions within thirty (30) days after it receives such written notice, and (iii) Executive terminates
his employment with the Company after the expiration of such cure period but not later than sixty (60) days after the expiration
of such cure period.

 

    4

     

    

 

E. Termination
by the Company Without Cause. The Company may terminate the Executive’s employment without Cause upon delivery of written
notice to the Executive at least thirty (30) days prior to his Date of Termination.

 

F. Termination
Upon Non-Renewal. The Executive’s employment shall terminate on the last day of the then-current Term of Employment
if (i) either the Company or the Executive provides the other party with a written Notice of Non-Renewal in accordance with Section
2 and (ii) the parties do not enter into a new employment agreement prior to the expiration of this Agreement or otherwise agree
to continue the employment relationship after the expiration of this Agreement on an at-will basis (“Non-Renewal”).

 

G. Termination
by the Company for Cause. Upon the occurrence of any act or omission that constitutes Cause, the Company may terminate the
Executive’s employment if:

 

		(i)	No
fewer than 30 days prior to the Date of Termination, the Company provides Executive with written notice (the “Notice of
Consideration”) of its intent to consider termination of Executive’s employment for Cause, including a reasonably
detailed description of the acts or omissions that the Board believes constitute Cause;

 

		(ii)	The
                                         Executive fails to cure the acts or omissions that constitute Cause within 30 days after
                                         receiving such Notice of Consideration; and

 

		(iii)	The
                                         Executive is provided an opportunity to appear before the Board, with or without legal
                                         representation, at Executive’s election, during the 30 day period following the
                                         Executive’s receipt of the Notice of Consideration to present arguments and evidence
                                         on his own behalf.

 

The
Executive’s termination of employment will be deemed to be a termination of employment by the Company without Cause unless
the Company establishes its full compliance with the substantive and procedural requirements of this Section 6.G prior to the
Executive’s Date of Termination. Notwithstanding the foregoing, the determination by the Board in clause (iv) above, shall
be without prejudice to the Executive’s right to dispute in arbitration pursuant to Section 16 of this Agreement the Board’s
determination that Cause for the Executive’s termination existed and the arbitrator shall determine, without any deference
to the Board’s factual determinations or deliberations, whether Cause for the Executive’s termination existed based
on all relevant facts and circumstances. Notwithstanding the foregoing provisions, the Board may, in its sole discretion, suspend
the Executive from active service and place him on paid administrative leave at any time during the period commencing on the date
the Executive receives the Notice of Consideration and ending on the date the Board make a final determination pursuant to clause
(iv) above and such suspension and administrative leave shall not constitute Good Reason for purposes of Section 6.D.

 

    5

     

    

 

7.
Compensation and Benefits Payable Upon of Termination of Employment.

 

A. Payment
of Accrued But Unpaid Compensation and Benefits. Upon the Executive’s termination of employment for any reason, the
Executive (or his estate following the Executive’s death) shall receive (i) a lump sum payment on the Date of Termination
in an amount equal to the sum of the Executive’s earned but unpaid Base Salary through his Date of Termination plus his
accrued but unused vacation days at the Executive’s Base Salary rate in effect as of his Date of Termination; plus (ii)
any other benefits or rights the Executive has accrued or earned through his Date of Termination in accordance with the terms
of the applicable fringe or employee benefit plans and programs of the Company. Except as provided in Section 7.B or C or as expressly
provided pursuant to the terms of any employee benefit plan, the Executive will not be entitled to earn or accrue any additional
compensation or benefits for any period following his Date of Termination.

 

B. Termination
of Employment Due to Death or Disability. In addition to the compensation and benefits payable under Section 7.A, if the Executive’s
employment is terminated due to his death or Disability, the Executive (or his estate following the Executive’s death) shall
receive:

 

		(i)	the
Executive’s accrued but unpaid Annual Bonus, if any, for the Fiscal Year ended prior to his Termination Date payable at
the same time such annual bonuses for such Fiscal Year are paid to other key executives of the Company;

 

		(ii)	100%
                                         of the Executive’s outstanding Equity Awards as of the Date of Termination will
                                         be fully vested and exercisable.

 

C. Termination
of Employment by the Company without Cause, by the Executive for Good Reason or Upon Non-Renewal by the Company. In
addition to the compensation and benefits payable under Section 7.A, if the Executive’s employment is terminated (i) by
the Company without Cause, (ii) by the Executive for Good Reason or (iii) upon Non-Renewal where the Company has
provided the Notice of Non-Renewal of this Agreement to the Executive in accordance with Section 2, and the Executive returns
an executed Release to the Company, which becomes final, binding and irrevocable within sixty (60) days following the
Executive’s Date of Termination in accordance with Section 8 of this Agreement, the Executive (or his estate following
the Executive’s death) shall receive:

 

		(i)	the
                                         Executive’s accrued but unpaid Annual Bonus, if any, for the Fiscal Year ended
                                         prior to his Termination Date payable at the same time annual bonuses for such Fiscal
                                         Year are paid to other key executives of the Company;

 

		(ii)	the
                                         Executive will receive the Annual Bonus, if any, payable for the Fiscal Year in which
                                         the Executive’s employment is terminated based on actual Fiscal Year performance
                                         (pro-rated for the period of employment during such Fiscal Year through the Date of Termination)
                                         payable at the same time annual bonuses for such Fiscal Year are paid to other key executives
                                         of the Company;

 

    6

     

    

 

		(iii)	if
                                         the Executive’s Date of Termination does not occur during the Post-Change of Control
                                         Period:

 

		(a)	the
Executive will receive a distribution or payment in settlement of each outstanding long-term performance-based Equity Award (including
performance shares or other long-term Equity Awards that vest based on measures of long-term performance but excluding the Annual
Bonus) for the applicable performance period in which Executive’s employment is terminated (pro-rated for the portion of
the performance period through the Date of Termination) and based on actual performance, payable when such long-term incentive
compensation would have been payable had Executive’s employment continued through the settlement date of such long-term
incentive compensation;

 

		(b)	100%
                                         of the Executive’s outstanding Equity Awards (excluding Equity Awards described
                                         in Section 7.C(iii)(a)) will be fully vested and exercisable;

 

		(c)	The
                                         Executive will receive continued payment of the Executive’s Base Salary (without
                                         regard to any reduction in Base Salary that constitutes Good Reason) in accordance with
                                         the Company’s payroll practices for twenty-four (24) months; and

 

		(d)	reimbursement
of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, his spouse and dependents under
the Company’s group health, dental and vision plans for the lesser of twenty-four (24) months or the maximum COBRA continuation
period; and

 

		(iv)	if
                                         the Executive’s Date of Termination occurs during the Post- Change of Control Period:

 

		(a)	100%
                                         of the Executive’s outstanding Equity Awards will be fully vested and exercisable;

 

		(b)	The
                                         Executive will receive a lump sum payment upon his Date of Termination in an amount equal
                                         to the Executive’s Base Salary (without regard to any reduction in Base Salary
                                         that constitutes Good Reason) for thirty-six (36) months; and

 

    7

     

    

 

		(c)	reimbursement
of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, his spouse and dependents under
the Company’s group health, dental and vision plans for the lesser of thirty-six (36) months or the maximum COBRA continuation
period.

 

Notwithstanding
anything to the contrary herein, no payment that is otherwise required to be paid to the Executive pursuant to this Section 7.C
or Section 10.B before the Release becomes final, binding and irrevocable, shall be paid to the Executive on the first normal
payroll payment date following the date his Release becomes final, binding and irrevocable and any payment delayed as a result
of this sentence shall be in a lump sum paid on such first payroll date; provided that if the Executive materially breaches this
Agreement or the Executive’s Confidential Agreement, then the Company’s continuing obligations under this Section
7.C or Section 10.B. shall cease as of the date of the breach and the Executive shall be entitled to no further payments hereunder;
provided further that, if the sixty (60) day period following the Executive’s Date of Termination ends in a calendar year
after the year in which the Executive’s Date of Termination occurs, the compensation and benefits described in Section 7.C
or 10.B. shall commence or be made no earlier than the first day of such later calendar year.

 

8. Release.

 

As a condition of receiving the compensation and benefits described in Section 7.C or 10.B, Executive must execute a general
waiver and release of any and all claims arising out of Executive’s employment with the Company or Executive’s separation
from such employment (including, without limitation, claims relating to age, disability, sex or race discrimination to the extent
permitted by law), excepting (i) claims based on breach of the Company’s obligations to pay the compensation and benefits
described in Sections 5 or 7, (ii) claims arising under the Age Discrimination in Employment Act after the date Executive signs
such release, and (iii) any right to indemnification by the Company or to coverage under directors and officers liability insurance
to which Executive is otherwise entitled in accordance with this Agreement and the Company’s articles of incorporation or
by laws or other agreement between Executive and the Company (the “Release”). Such Release shall be in a form containing
reasonable and customary terms consistent with the terms of this Agreement and the Confidentiality Agreement tendered to the Executive
by the Company within five (5) business days following the termination of the Executive’s employment by the Company without
Cause, by the Executive for Good Reason or upon Non-Renewal where the Company has provided the Notice of Non-Renewal to the Executive
in accordance with Section 2, which shall comply with any applicable legislation or judicial requirements, including, but not
limited to, the Older Workers Benefit Protection Act. The compensation and benefits described in Section 7.C and 10.B will not
be paid to the Executive if the Executive fails to execute the Release within the time frame specified in such Release, if the
Executive revokes the Release within the applicable revocation period set forth in such Release, or if the revocation period expires
more than sixty (60) days following the Executive’s Date of Termination.

 

9. Mitigation
of Damages.

 

The Executive will not be required to mitigate damages or the amount of any payment or benefit provided for
under this Agreement by seeking other employment or otherwise. The amount of any payment or benefit provided for under this Agreement
will not be reduced by any compensation or benefits earned by the Executive as the result of self-employment or employment by
another employer or otherwise.

 

    8

     

    

 

10.
Non-Competition.

 

A. The
Executive shall not, at any time during the period from the Effective Date through the date that is twelve (12) months
following the Date of Termination (the “Noncompete Period”), directly or indirectly, whether on his own or in
association with others, (a) render any services to, manage, operate, control or act in any capacity for (whether as a
principal, partner, director, officer, member, employee, consultant, advisor, independent contractor, owner, investor or
otherwise), or (b) acquire any equity interest of any type, in any Person that engages in (either directly or through any
subsidiary or affiliate thereof) extraction, cultivation, genetics formation, distribution, retail, marketing or testing
(each, an “Industry Segment”) in the botanical cannabinoid industries or any business the Company (x) has spent
significant time or resources analyzing for the purposes of assessing expansion opportunities and (y) in good faith,
reasonably expects to commit material financial or other resources to pursue within six months following the Effective Date
and through the Date of Termination (the “Restricted Business”), in each case in Australia, Brazil, Colombia,
Portugal, Germany or any other country in which the Company derived more than 10% of its aggregate consolidated revenues in
the most recent fiscal year, other than the United States and Canada in which case (x) and (y) would be applicable (each such
country, a “Geographical Jurisdiction”). Notwithstanding the foregoing, the Executive shall not be restricted
from (i) continuing to invest in, participate in and provide services to Silver Swan LLC, Silver Swan Capital, LLC and their
respective affiliates, (ii) providing services to a Person that engages in the Restricted Business if such Person is not a
competitor of the Company in the Geographical Jurisdiction and Industry Segment in which the Executive provides such services
(e.g., Participant would be permitted to provide services to a retailer of botanical cannabinoids in Colombia if (x) the
Company does not conduct operations as a retailer of botanical cannabinoids in Colombia but conducts other operations in
Colombia), (iii) providing services to a diversified Person or a Person that operates in multiple jurisdictions if the
Restricted Business of such Person in the Geographical Jurisdictions did not produce more than 10% of the aggregate
consolidated revenues of such diversified Person in the most recent fiscal year, (iv) providing services to or acquiring any
interest in an investment fund that invests in the cannabis sector; so long as such services do not involve an investment in
the Restricted Business in the Geographical Jurisdiction and Industry Segment in which the Executive provides such services,
or (v) owning less than 5% of any class of equity securities of any Person, provided that such ownership represents a passive
investment and neither the Executive nor any group of persons including the Executive in any way, either directly or
indirectly, manages or exercises control of such corporation, guarantees any of its financial obligations, otherwise takes
any part in its business, other than exercising the Executive’s rights as an equityholder, or seeks to do any of the
foregoing. As used in this Section 10, the term “Company” shall mean the Company and its subsidiaries.

 

B. In
the event the Executive’s employment is terminated by the Executive without Good Reason or upon Non-Renewal where the
Executive has provided the Notice of Non-Renewal of this Agreement to the Company in accordance with Section 2, and the
Executive returns an executed Release to the Company, which becomes final, binding and irrevocable within sixty (60) days
following the Executive’s Date of Termination in accordance with Section 8 of this Agreement, as consideration for and
conditioned upon the Executive’s compliance with Section 10.A, the Company shall pay the Executive the
Executive’s Base Salary (without regard to any reduction in Base Salary that constitutes Good Reason) in accordance
with the Company’s payroll practices for the duration of the Noncompete Period following the Date of Termination;
provided that the Company may, in its sole discretion, and at any point during the Noncompete Period upon notice to the
Executive, waive its rights under Section 10.A for any then-remaining portion of the Noncompete Period, in which case the
Executive shall not receive payments pursuant to this Section 10.B for any portion of the Noncompete Period during which
Section 10.A does not apply.

 

    9

     

    

 

11. Excess
Parachute Excise Tax.

 

Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined
that any payment, award, benefit or distribution (including any acceleration) by the Company or any entity which effectuates a
transaction described in Section 280G(b)(2)(A)(i) of the Code to or for the benefit of the Executive (whether pursuant to the
terms of this Agreement or otherwise, but determined before application of any reductions required pursuant to this Section 11)
(a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties
are incurred with respect to such excise tax by the Executive (such excise tax, together with any such interest and penalties,
are hereinafter collectively referred to as the “Excise Tax”), the Company will automatically reduce such Payments
to the extent, but only to the extent, necessary so that no portion of the remaining Payments will be subject to the Excise Tax,
unless the amount of such Payments that the Executive would retain after payment of the Excise Tax and all applicable Federal,
state and local income taxes without such reduction would exceed the amount of such Payments that the Executive would retain after
payment of all applicable Federal, state and local taxes after applying such reduction. Unless otherwise elected by the Executive,
to the extent permitted under Code Section 409A, such reduction shall first be applied to any severance payments payable to the
Executive under this Agreement, then to the accelerated vesting on any Equity Awards, starting with stock options and stock appreciation
rights reversing accelerated vesting of those options and stock appreciation rights with the smallest spread between fair market
value and exercise price first and after reversing the accelerated vesting of all stock options and stock appreciation rights,
thereafter reversing accelerated vesting of restricted stock, restricted stock units and performance shares, performance units
or other similar Equity Awards on a pro rata basis.

 

All
determinations required to be made under this Section 11, including the assumptions to be utilized in arriving at such determination,
shall be made by the Company’s independent auditors or such other certified public accounting firm of national standing
reasonably acceptable to the Executive as may be designated by the Company (the “Accounting Firm”) which shall provide
detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the receipt of notice
from the Executive that there has been a Payment, or such earlier time as is requested by either the Company or the Executive.
All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise
Tax is payable by the Executive, it shall furnish the Executive with a written opinion to such effect. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive.

 

12. Legal
Fees.

 

All reasonable legal fees and related expenses (including costs of experts, evidence and counsel) paid or incurred
by the Executive pursuant to any claim, dispute or question of interpretation relating to this Agreement shall be paid or reimbursed
by the Company if the Executive is successful on the merits pursuant to a legal judgment or arbitration. Except as provided in
this Section 12, each party shall be responsible for its own legal fees and expenses in connection with any claim or dispute relating
to this Agreement.

 

13. Liability
Insurance and Indemnification. 

 

The Company shall maintain directors’ and officers’ liability insurance for
the Executive during the Term of Employment, and for a six (6) year period following the Executive’s Date of Termination
at a level equivalent to the most favorable and protective coverage for any active officer or director of the Company.

 

    10

     

    

 

The
Company agrees to indemnify the Executive for any job-related liability to the fullest extent permitted under applicable law,
and its by-laws.

 

14. Notices.

 

All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly
given if delivered by hand, email or mailed within the continental United States by first class certified mail, return receipt
requested, postage prepaid, addressed as follows:

 

If
to the Board or the Company:

 

Clever Leaves Holdings Inc.

Attention: General Counsel

489 Fifth Avenue, 27th Floor

New
York, NY 10017

david.kastin@cleverleaves.com

 

If to the Executive:

 

To
the address on file with the records of the Company.

 

Addresses
may be changed by written notice sent to the other party at the last recorded address of that party.

 

15. Withholding.

 

The Company shall be entitled to withhold from payments due hereunder any required federal, state or local withholding or
other taxes.

 

16.
Arbitration.

 

A. If
the parties are unable to resolve any dispute or claim relating directly or indirectly to this Agreement, the Confidentiality
Agreement, or any dispute or claim between the Executive and the Company and any of its subsidiaries or any of their respective
officers, directors, agents, or employees (a “Dispute”), then either party may require the matter to be settled by
final and binding arbitration by sending written notice of such election to the other party clearly marked “Arbitration
Demand.” Thereupon such Dispute shall be arbitrated in accordance with the terms and conditions of this Section

 

Notwithstanding
the foregoing, either party may apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction,
or other equitable relief to preserve the status quo or prevent irreparable harm or to enforce the terms of the Confidentiality
Agreement.

 

B. The
Dispute shall be resolved by a single arbitrator in an arbitration administered by the American Arbitration Association (“AAA”),
in accordance with the AAA’s then current employment arbitration rules and procedures (“AAA Rules”). Judgment
upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The decision of the arbitrator
shall be final and binding on the parties, and specific performance giving effect to the decision of the arbitrator may be ordered
by any court of competent jurisdiction.

 

C. Nothing
contained herein shall operate to prevent either party from asserting counterclaim(s) in any arbitration commenced in
accordance with this Agreement, and any such party need not comply with the procedural provisions of this Section 16 in order
to assert such counterclaim(s).

 

    11

     

    

 

D. The
arbitration shall be filed with the office of the AAA located in New York, New York or such other AAA office as the parties may
agree upon (without any obligation to so agree). The arbitration shall be conducted pursuant to the AAA Rules as in effect at
the time of the arbitration hearing. In addition, the following rules and procedures shall apply to the arbitration:

 

		(i)	The
arbitrator shall have the sole authority to decide whether or not any Dispute between the parties is arbitrable and whether the
party presenting the issues to be arbitrated has satisfied the conditions precedent to such party’s right to commence arbitration
as required by this Section 16.

 

		(ii)	The
                                         decision of the arbitrator, which shall be in writing and state the findings, the facts
                                         and conclusions of law upon which the decision is based, shall be final and binding upon
                                         the parties, who shall forthwith comply after receipt thereof. Judgment upon the award
                                         rendered by the arbitrator may be entered by any competent court. Each party submits
                                         itself to the jurisdiction of any such court, but only for the entry and enforcement
                                         to judgment with respect to the decision of the arbitrator hereunder.

 

		(iii)	The
                                         arbitrator shall have the power to grant all legal and equitable remedies (including,
                                         without limitation, specific performance) and award compensatory and punitive damages
                                         if authorized by applicable law.

 

		(iv)	Except
                                         as otherwise provided in Section 12 or by law, the parties shall bear their own costs
                                         in preparing for and participating in the resolution of any Dispute pursuant to this
                                         Section 16, and the costs of the arbitrator(s) shall be equally divided between the parties.

 

		(v)	Except
                                         as provided in the last sentence of Section 16.A, the provisions of this Section 16 shall
                                         be a complete defense to any suit, action or proceeding instituted in any federal, state
                                         or local court or before any administrative tribunal with respect to any Dispute arising
                                         in connection with this Agreement. Any party commencing a lawsuit in violation of this
                                         Section 16 shall pay the costs of the other party, including, without limitation, reasonable
                                         attorney’s fees and defense costs.

 

17.
Miscellaneous.

 

A. Governing
Law. This Agreement shall be interpreted, construed, governed and enforced according to the laws of the State of New York
without regard to the application of choice of law rules.

 

B. Entire
Agreement. This Agreement, together with the Exhibits attached hereto, contains the entire agreement between the parties with
respect to the subject matter hereof and supersedes any and all other prior agreements, promises, understandings and representations
regarding the Executive’s employment, compensation, severance or other payments contingent upon the Executive’s termination
of employment, whether written or otherwise, including, without limitation, the Holdings Employment Agreement.

 

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C. Amendments.
No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing and signed by the parties
hereto.

 

D. Severability.
If one or more provisions of this Agreement are held to be invalid or unenforceable under applicable law, such provisions shall
be construed, if possible, so as to be enforceable under applicable law, or such provisions shall be excluded from this Agreement
and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

 

E. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the beneficiaries, heirs and representatives of the
Executive and the successors and assigns of the Company. The Company shall require any successor (whether direct or indirect,
by purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or substantially
all of its assets, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform this Agreement if no such
succession had taken place. Regardless of whether such agreement is executed, this Agreement shall be binding upon any successor
of the Company in accordance with the operation of law and such successor shall be deemed the Company for purposes of this Agreement.

 

F. Successors
and Assigns; Nonalienation of Benefits. Except as provided in Section 17.E in the case of the Company, or to the Executive’s
estate and heirs in the case of the death of the Executive, this Agreement is not assignable by any party. Compensation and benefits
payable to the Executive under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, prior to
actually being received by the Executive or his estate, as applicable, and any such attempt to dispose of any right to benefits
payable hereunder shall be void, and no payment to be made hereunder shall be subject to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or other charge.

 

G. Remedies
Cumulative; No Waiver. No remedy conferred upon either party by this Agreement is intended to be exclusive of any other remedy,
and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter
existing at law or in equity. No delay or omission by either party in exercising any right, remedy or power hereunder or existing
at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party
from time to time and as often as may be deemed expedient or necessary by such party in such party’s sole discretion.

 

H. Survivorship.
Notwithstanding anything in this Agreement to the contrary, all terms and provisions of this Agreement that by their nature
extend beyond the Date of Termination, including without limitation Sections 3.C, 7, 8, 10, 12, 13, 15 and 19 of this
Agreement, and the terms of the Confidentiality Agreement shall survive termination of this Agreement.

 

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I. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute one document.

 

18. No
Right of Employment.

 

Nothing contained in this Agreement will be construed as a right of the Executive to be continued
in the employment of the Company, or as a limitation of the right of the Company to discharge the Executive with or without Cause.

 

19. Section
409A of the Code.

 

The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt
from, Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be construed and interpreted
in accordance with such intent. The Executive’s termination of employment (or words to similar effect) shall not be deemed
to have occurred for purposes of this Agreement unless such termination of employment constitutes a “separation from service”
within the meaning of Code Section 409A and the regulations and other guidance promulgated thereunder.

 

Notwithstanding
any provision in this Agreement to the contrary, if the Executive is deemed on the date of the Executive’s separation from
service to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) and using the
identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Code Section
409A, then with regard to any payment or any benefit that constitutes “non-qualified deferred compensation” pursuant
to Code Section 409A and the regulations issued thereunder that is payable due to the Executive’s separation from service,
to the extent required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall not be made
or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of
the Executive’s separation from service, and (ii) the date of the Executive’s death (the “Delay Period”).
On the first day of the seventh month following the date of the Executive’s separation from service or, if earlier, on the
date of the Executive’s death, all payments delayed pursuant to this Section 19 shall be paid or reimbursed to the Executive
in a lump sum, and any remaining payments and benefits due to the Executive under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein.

 

To
the extent any reimbursement of costs and expenses (including reimbursement of COBRA premiums pursuant to Section 7.C) provided
for under this Agreement constitutes taxable income to the Executive for Federal income tax purposes, such reimbursements shall
be made as soon as practicable after the Executive provides proper documentation supporting reimbursement but in no event later
than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. With
regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section
409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii)
the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

If
under this Agreement, any amount is to be paid in two or more installments, each such installment shall be treated as a separate
payment for purposes of Section 409A.

 

20. Executive
Acknowledgement.

 

The Executive hereby acknowledges that the Executive has read and understands the provisions of this
Agreement, that the Executive has been given the opportunity for the Executive’s legal counsel to review this Agreement,
that the provisions of this Agreement are reasonable, and that the Executive has received a copy of this Agreement.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date first written above.

 

	CLEVER LEAVES HOLDINGS INC.	 
	 	 
	By:	/s/ David M. Kastin	 
	Name: 	David M. Kastin	 
	Title:	General Counsel	 
	 	 
	EXECUTIVE	 
	 	 
	/s/ Kyle Detwiler 	 
	Kyle Detwiler	 

 

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EXHIBIT
A

 

DEFINITIONS

 

		(a)	“2020
Plan” shall have the meaning set forth in Section 5.C of the Agreement.

 

		(b)	“AAA”
shall have the meaning set forth in Section 16.B of the Agreement.

 

		(c)	“AAA
Rules” shall have the meaning set forth in Section 16.B of the Agreement.

 

		(d)	“Accounting
Firm” shall have the meaning set forth in Section 11 of the Agreement.

 

		(e)	“Annual
Bonus” shall have the meaning set forth in Section 5.B of the Agreement.

 

		(f)	“Base
Salary” shall have the meaning set forth in Section 5.A of the Agreement.

 

		(g)	“Board”
means the Board of Directors of the Company.

 

		(h)	“Cause”
means one or more of the following:

 

		(i)	The
Executive’s willful and continuous failure to perform his essential duties hereunder or the lawful directives of the Board
(other than as a result of illness or injury);

 

		(ii)	The
                                         Executive’s willful misconduct or gross negligence in the performance of his duties
                                         hereunder that could reasonably be expected to materially and demonstrably impair or
                                         damage the property, goodwill, reputation, business or finances of any member of the
                                         Company Group;

 

		(iii)	The
                                         conviction of, or plea of nolo contendere by, the Executive to, a felony or a
                                         crime involving moral turpitude that could reasonably be expected to materially and demonstrably
                                         impair or damage the property, goodwill, reputation, business or finances of any member
                                         of the Company Group (excluding any conviction of, or pleas of nolo contendere to,
                                         any crime under Federal laws for possession or distribution of cannabis or any products
                                         containing cannabis resulting from the Executive’s actions that are lawful under
                                         applicable state law and are undertaken by the Executive at the direction of the Board
                                         or in the performance of his duties and responsibilities to the Company or any entity
                                         described in Section 4.B of the Agreement);

 

		(iv)	The
                                         Executive’s material breach of his obligations under the Confidentiality Agreement;

 

		(v)	The
Executive’s willful material violation of the Company policies that could reasonably be expected to materially and demonstrably
impair or damage the property, goodwill, reputation, business or finances of any member of the Company Group; or

 

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		(vi)	The
                                         Executive’s commission of any willful acts of personal dishonesty in connection
                                         with his responsibilities as an employee of the Company that could reasonably be expected
                                         to materially and demonstrably impair or damage the property, goodwill, reputation, business
                                         or finances of any member of the Company Group.

 

For
purposes of this definition, no act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without a reasonable belief that the action or omission was
in the best interests of the Company Group. Any act, or failure to act, based on authority given pursuant to a resolution duly
adopted by the Board or any committee thereof, or the advice of counsel to the Company, will be conclusively presumed to be done,
or omitted to be done, by the Executive in good faith and in the best interests of the Company Group.

 

		(i)	“Change
of Control” means the occurrence of any one of the following events.

 

		(i)	any
                                         person (or any group of persons acting in concert), other than any member of the Company
                                         Group, any trustee or other fiduciary holding securities under an employee benefit plan
                                         of any member of the Company Group, an underwriter temporarily holding securities pursuant
                                         to an offering of such securities or any corporation owned, directly or indirectly, by
                                         the stockholders of the Company in substantially the same proportions as their ownership
                                         of stock of the Company, directly or indirectly acquires beneficial ownership of securities
                                         representing more than 50% of the combined voting power of the Company’s then outstanding
                                         securities;

 

		(ii)	the
                                         consummation of a reorganization, merger, statutory share exchange, consolidation or
                                         similar corporate transaction (each, a “Business Combination”) other than
                                         a Business Combination in which all or substantially all of the individuals and entities
                                         who were the beneficial owners of the Company’s voting securities immediately prior
                                         to such Business Combination beneficially own, directly or indirectly, 50% or more of
                                         the combined voting power of the voting securities of the entity resulting from such
                                         Business Combination (including, without limitation, an entity which as a result of the
                                         Business Combination owns the Company or all or substantially all of the Company’s
                                         assets either directly or through one or more subsidiaries) in substantially the same
                                         proportions as their ownership of the Company’s voting securities immediately prior
                                         to such Business Combination; or

 

		(iii)	any
                                         person (or group of persons acting in concert) acquires all or substantially all of the
                                         assets of the Company within any twelve (12) consecutive month period.

 

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Notwithstanding
the foregoing, none of the foregoing events shall constitute a Change of Control of the Company unless such event also constitutes
a change in ownership of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v) or a change in ownership
of a substantial portion of the assets of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii).

 

		(j)	“Change
of Control Date” means any date after the date hereof on which a Change of Control occurs.

 

		(k)	“Code”
means the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder.

 

		(l)	“Company
Group” means the Company and its affiliates.

 

		(m)	“Compensation
Committee” means the compensation committee of the Board.

 

		(n)	“Confidentiality
Agreement” shall have the meaning set forth in Section 3.C of the Agreement.

 

		(o)	“Date
of Termination” means the date specified in a written notice of termination delivered pursuant to Section 6 of the Agreement,
or the Executive’s last date as an active employee of the Company before a termination of employment due to his death or
Non-Renewal.

 

		(p)	“Disabled”
or “Disability” means a mental or physical condition that renders the Executive substantially incapable of performing
his duties and obligations under this Agreement, after taking into account provisions for reasonable accommodation, as determined
by a medical doctor (such doctor to be mutually determined in good faith by the parties) for 180 days (whether or not consecutive)
within any twelve (12) consecutive month period.

 

		(q)	“Dispute”
shall have the meaning set forth in Section 16.A of the Agreement.

 

		(r)	“Equity
                                                                                                                                                               Awards” means stock options, stock appreciation rights, restricted shares, restricted share units, deferred shares,
                                                                                                                                                               performance shares or performance units or any other share-based awards granted by the Company to the Executive whether
                                                                                                                                                               pursuant to the terms of an equity incentive plan or otherwise, including the restricted share units granted to the Executive
                                                                                                                                                               pursuant to Section 5.C
of the Agreement.

 

		(s)	“Excise
Tax” shall have the meaning set forth in Section 11 of the Agreement.

 

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		(t)	“Fiscal
Year” means the fiscal year of the Company, which is the calendar year.

 

		(u)	“Geographical
Jurisdiction” shall have the meaning set forth in Section 10.A of the Agreement.

 

		(v)	“Good
Reason” means, unless the Executive has consented in writing thereto, the occurrence of any of the following:

 

		(i)	the
assignment to the Executive of any duties materially inconsistent with the Executive’s position, including any change in
status, title, authority, duties or responsibilities or any other action which results in a material diminution in such status,
title, authority, duties or responsibilities;

 

		(ii)	a
                                         material reduction in the Executive’s Base Salary without the Executive’s
                                         consent by the Company other than a reduction in Base Salary authorized in Section 5.A
                                         of the Agreement;

 

		(iii)	the
                                         relocation of the Executive’s principal office without his written consent to a
                                         location that increases the Executive’s one-way commute from his residence at the
                                         time such relocation becomes effective by more than thirty (30) minutes;

 

		(iv)	the
                                         failure of the Company to obtain the assumption in writing of the Company’s obligation
                                         to perform this Agreement by any successor to all or substantially all of the assets
                                         of the Company within fifteen (15) days after a Business Combination or a sale or other
                                         disposition of all or substantially all of the assets of the Company;

 

		(v)	any
                                         material reduction in the Company’s willingness or obligation to indemnify the
                                         Executive against liability for actions (or inaction, as the case may be) in his capacity
                                         as an officer or employee of the Company or as a director of the Company;

 

		(vi)	a
                                         material breach of this Agreement by the Company;

 

		(vii)	the
                                         requirement that the Executive report to any person other than the Board; or

 

		(viii)	the
                                         failure to nominate or elect the Executive to the Board.

 

		(w)	“Industry
Segment” shall have the meaning set forth in Section 10.A of the Agreement.

 

		(x)	“Noncompete
Period” shall have the meaning set forth in Section 10.A of the Agreement.

 

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		(y)	“Non-Renewal”
shall have the meaning set forth in Section 6.F of the Agreement.

 

		(z)	“Notice
of Non-Renewal” shall have the meaning set forth in Section 2 of the Agreement.

 

		(aa)	“Payment”
shall have the meaning set forth in Section 11 of the Agreement.

 

		(bb)	“Person”
means any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership,
limited liability partnership, joint venture, estate, trust company (including any company limited by shares, limited liability
company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise,
organization or other entity of any nature.

 

		(cc)	“Post-Change
of Control Period” means the period beginning on the Change of Control Date and ending twenty-four (24) months after the
date of the related Change of Control.

 

		(dd)	“Release”
shall have the meaning set forth in Section 8 of the Agreement.

 

		(ee)	“Restricted
Business” shall have the meaning set forth in Section 10.A of the Agreement.

 

		(ff)	“Term
                                         of Employment” shall have the meaning set forth in Section 2 of the Agreement.

 

 

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