Document:

Exhibit 10.6

 

AMendment
No. 1 to STOCK ESCROW AGREEMENT

 

AMENDMENT NO. 1 (this
“Amendment”), dated as of December 18, 2020, to the Stock Escrow Agreement, dated as of December 10, 2018 (“Agreement”),
by and among SCHULTZE SPECIAL PURPOSE ACQUISITION CORP., a Delaware corporation (“Company”), SCHULTZE SPECIAL
PURPOSE ACQUISITION SPONSOR, LLC, a Delaware limited liability company (“Sponsor”), the other parties named
on Exhibit A hereto (together with the Sponsor, the “Initial Stockholders”) and CONTINENTAL STOCK TRANSFER
& TRUST COMPANY, a New York corporation (“Escrow Agent”). Capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Agreement.

 

WHEREAS, the parties
have entered into the Agreement;

 

WHEREAS, Company, Sponsor,
Clever Leaves International Inc. (“Clever Leaves”), and Clever Leaves Holdings Inc. (“Holdco”)
have entered into that certain Transaction Support Agreement, dated July 25, 2020, as amended by Amendment No. 1 to the Transaction
Support Agreement, dated November 9, 2020 (the “Transaction Support Agreement”), pursuant to which the Company
has agreed to, among other things, enter into this Amendment;

 

WHEREAS, in connection
with the (a) Transaction Support Agreement, and (b) Amended and Restated Business Combination Agreement (the “BCA”),
dated as of November 9, 2020, by and among the Company, Holdco, Novel Merger Sub Inc. and Clever Leaves, and pursuant to, and in
accordance with, Section 6.3 of the Agreement, the parties wish to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the rights and obligations contained herein, and for other good and valuable consideration, the adequacy of which
is hereby acknowledged, the parties agree as follows:

 

Section 1. Section
3.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“3.2

 

(a)
Release of Sponsor Upfront Escrow Shares and Independent Director Shares. Except as otherwise set forth herein, the
Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1. Effective immediately
prior to the consummation of the transactions contemplated by the BCA, Sponsor shall forfeit and surrender 941,156 shares, and
the Escrow Agent shall release such forfeited shares of Common Stock to the Company for cancellation. The Sponsor Upfront Escrow
Shares including the Independent Director Shares shall be held pursuant to this Section 3.2(a) and the First Level Earn-Out
Shares and the Second Level Earn-Out Shares shall be held pursuant to Section 3.2(b). The Sponsor Upfront Escrow Shares
and the Independent Director Shares shall be held for a period expiring on the earlier of (A) one (1) year following the date of
the consummation of the transactions contemplated by the BCA and (B) the date on which the closing price of the shares of Common
Stock on the Trading Market as reported by Bloomberg Financial L.P. using the AQR function equals or exceeds Twelve Dollars Fifty
Cents ($12.50) per share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any twenty
(20) trading days within any consecutive thirty (30)-trading-day period commencing after the 180th day after the consummation
of the transactions contemplated by the BCA (such period, the “Initial Stockholder Upfront Escrow Period”).
Upon expiration of the Initial Stockholder Upfront Escrow Period, the Escrow Agent shall disburse and release to the Initial Stockholders
all Sponsor Upfront Escrow Shares and Independent Director Shares held with respect to such Initial Stockholders (and any applicable
stock power), upon receipt of a written notice executed by Sponsor (with evidence a copy of such written notice shall have been
delivered to Holdco), in form reasonably acceptable to the Escrow Agent, certifying the expiration of the Initial Stockholder Upfront
Escrow Period and the number of Sponsor Upfront Escrow Shares and Independent Director Shares to be disbursed and released to each
Initial Stockholder. The Escrow Agent shall have no further duties under this Section 3.2(a) with respect to the Sponsor
Upfront Escrow Shares and the Independent Director Shares after the disbursement of the Sponsor Upfront Escrow Shares to the Initial
Stockholders.

 

     

     

    

 

(b)
Release of First Level Earn-Out Shares and the Second Level Earn-Out Shares. The Escrow Agent shall hold, disburse
and release the First Level Earn-Out Shares and the Second Level Earn-Out Shares as follows:

 

(i) The Escrow Agent
shall hold the First Level Earn-Out Shares until the closing price per share of the shares of Common Stock equals or exceeds the
First Earn-Out Target at any time prior to or on the First Target Expiration Date. The Escrow Agent shall disburse and release
to Sponsor all First Level Earn-Out Shares (and any applicable stock power), upon receipt of a written notice executed by Sponsor
(with evidence a copy of such written notice shall have been delivered to Holdco), in form reasonably acceptable to the Escrow
Agent, certifying the achievement of the First Earn-Out Target (the “First Earn-Out Target Release Notice”).
In the event that the First Earn-Out Target Release Notice is not delivered on or prior to the First Target Expiration Date, then
the Escrow Agent shall automatically disburse and release the First Level Earn-Out Shares (and any applicable stock power) to Holdco
for cancellation. The Escrow Agent shall have no further duties under this Section 3.2(b)(i) with respect to the First Level
Earn-Out Shares after the disbursement of the First Level Earn-Out Shares to Sponsor or Holdco, as the case may be.

 

(ii) Additionally,
the Escrow Agent shall hold the Second Level Earn-Out Shares until the closing price per share of the shares of Common Stock equals
or exceeds the Second Earn-Out Target at any time prior to or on the Second Target Expiration Date. The Escrow Agent shall disburse
and release to Sponsor all Second Level Earn-Out Shares (and any applicable stock power), upon receipt of written notice executed
by Sponsor (with evidence a copy of such written notice shall have been delivered to Holdco), in form reasonably acceptable to
the Escrow Agent, certifying the achievement of the Second Earn-Out Target (the “Second Earn-Out Target Release Notice”).
In the event that the Second Earn-Out Target Release Notice is not delivered on or prior to the Second Target Expiration Date,
then the Escrow Agent shall automatically disburse and release the Second Level Earn-Out Shares (and any applicable stock power)
to Holdco for cancellation. The Escrow Agent shall have no further duties under this Section 3.2(b)(ii) with respect to
the Second Level Earn-Out Shares after the disbursement of the Second Level Earn-Out Shares to Sponsor or Holdco, as the case may
be.

 

    2

     

    

 

(iii) The Earn-Out
Shares and the Earn-Out Targets shall be adjusted to reflect appropriately the effect of any stock splits, reverse splits, stock
dividends, reorganizations, reclassifications and other similar events with respect to the Holdco Common Shares, occurring on or
after the date hereof and prior to the time any such Earn-Out Shares are released to Sponsor or returned to Holdco, as the case
may be.

 

(iv) For purposes of
this Section 3.2:

 

(1) “Closing”
shall have the meaning set forth in the BCA.

 

(2) “Earn-Out
Shares” means the First Level Earn-Out Shares and the Second Level Earn-Out Shares, as the case may be.

 

(3) “Earn-Out
Targets” means the First Earn-Out Target and the Second Earn-Out Target, as the case may be.

 

(4) “First Earn-Out
Target” means that the closing price per share of Common Stock on the Trading Market as reported by Bloomberg Financial
L.P. using the AQR function equals or exceeds Twelve Dollars Fifty Cents ($12.50) for any twenty (20) trading days within any consecutive
thirty (30)-trading-day period commencing after Closing

 

(5) “First Level
Earn-Out Shares” means 570,212 Holdco Common Shares.

 

(6) “First Target
Expiration Date” means the second (2nd)

anniversary of the Closing.

 

(7) “Independent
Director Shares” means 60,000 Sponsor Upfront Escrow Shares held by members of the Board of Directors of the Company.

 

(8) “Second
Earn-Out Target” means that the closing price per share of Common Stock on the Trading Market as reported by Bloomberg
Financial L.P. using the AQR function equals or exceeds Fifteen Dollars ($15.00) for any twenty (20) trading days within any consecutive
thirty (30)-trading-day period commencing after Closing.

 

(9) “Second
Level Earn-Out Shares” means 570,211 Holdco Common Shares.

 

(10) “Second
Target Expiration Date” means the fourth (4th) anniversary of the Closing.

 

(11) “Sponsor
Upfront Escrow Shares” means 1,168,421 shares of Common Stock.

 

(12) “Trading
Market” means the stock market on which the shares of Common Stock shall be trading at the time of determination.”

 

    3

     

    

 

Section 2. A
new Section 3.3 will be inserted into the Agreement which will read as follows:

 

“3.3 Effective
as of the Closing of the transactions contemplated by the BCA, the shares of Common Stock held in escrow pursuant to the terms
of this Agreement shall become common shares of Holdco (“Holdco Common Shares”) in accordance with the terms
and conditions of the BCA. Effective as of the Closing of the transactions contemplated by the BCA and for purposes of this Agreement,
references to shares of “Common Stock” in this Agreement are hereby deemed to refer to Holdco Common Shares. Effective
as of the Closing of the transactions contemplated by the BCA, Holdco shall be deemed to be “the Company” for all purposes
of this Agreement.”

 

Section 3. Exhibit
A to the Agreement is hereby deleted and replaced with the revised Exhibit A attached to this Amendment.

 

Section
4. All other provisions of the Agreement shall remain unaffected by the terms hereof. 

 

Section
5. This Amendment shall be binding upon and inure solely to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

Section
6. The Agreement and this Amendment constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to the subject
matter hereof. Except as amended by this Amendment, the Agreement shall continue in full force and effect.

 

Section
7. This Amendment may be executed in several counterparts, each one of which shall constitute an original and may be delivered
by facsimile transmission and together shall constitute one instrument.

 

Section
8. This Amendment shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the
State of New York without giving effect to conflicts of law principle that would result in the application of the substantive laws
of another jurisdiction. Each of the parties hereby agrees that any action, proceeding, or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction shall be
exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

[Signature
Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	SCHULTZE SPECIAL PURPOSE ACQUISITION CORP.
	 	 
	 	By:  	/s/ George J. Schultze
	 	 	Name:  George J. Schultze
	 	 	Title:    Chief Executive Officer
	 	 
	 	INITIAL STOCKHOLDERS:
	 	 
	 	SCHULTZE SPECIAL PURPOSE ACQUISITION SPONSOR, LLC
	 	 
	 	By:  	Schultze Asset Management, LP
	 	 
	 	By:  	Schultze Asset Management GP, LLC
	 	 
	 	By:  	/s/ George J. Schultze
	 	 	Name:  George J. Schultze
	 	 	Title:    Managing Member
	 	 
	 	/s/ William G. LaPerch
	 	Name:  William G. LaPerch
	 	 
	 	/s/ William T. Allen
	 	Name:  William T. Allen
	 	 
	 	/s/ John J. Walker
	 	Name:  John J. Walker
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:  	/s/ Isaac J Kagan
	 	 	Name:   Isaac J Kagan
	 	 	Title: Vice President   

  

    5

     

    

 

EXHIBIT
A

 
	Name
    and Address	 	Number 
of Shares	 	Date of 
Insider Letter
	Schultze Special
    Purpose Acquisition Sponsor, LLC 
800 Westchester Avenue, Suite 632 Rye Brook, NY 10573	 	Sponsor Upfront Escrow Shares:

1,168,4211

First Level Earn-Out Shares: 570,212	 	December 10, 
2018
	 	 	Second Level Earn-Out Shares: 570,211	 	 
	William
    G. LaPerch 
c/o Schultze Special Purpose Acquisition Corp. 800 Westchester Avenue, Suite
    632 
Rye Brook, NY 10573	 	20,000	 	December 10, 
2018
	William T. Allen
    
c/o Schultze Special Purpose Acquisition Corp. 800 Westchester Avenue, Suite 632 
Rye
    Brook, NY 10573	 	20,000	 	December 10, 
2018
	John J. Walker
    
c/o Schultze Special Purpose Acquisition Corp. 800 Westchester Avenue, Suite 632 
Rye
    Brook, NY 10573	 	20,000	 	December 10, 
2018

 

 

 

		1	Includes the 60,000 shares held by William G. LaPerch,
William T. Allen and John J. Walker.

 

6Exhibit 10.17

 

Execution Version

 

COLLATERAL AGENCY ACCESSION –
ADDITIONAL OBLIGORS

 

This Collateral Agency Accession is entered
into and delivered by each of the undersigned on December 18, 2020.

 

Reference is made to the Amended and Restated
Intercreditor and Collateral Agency Agreement dated as of May 10, 2019 (the “Intercreditor and Collateral Agency Agreement”)
among Clever Leaves International Inc. (formerly Northern Swan Holdings, Inc.), as issuer, the other Obligors party thereto, GLAS
Americas LLC, as Collateral Agent, and GLAS USA LLC, as Paying Agent, as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, for all purposes thereof on the terms set forth therein, and to be bound by the terms
of said Intercreditor and Collateral Agency Agreement as fully as if the undersigned had executed and delivered said Intercreditor
and Collateral Agency Agreement as of the date thereof.

 

Capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Intercreditor and Collateral Agency Agreement. This Collateral Agency Accession
is being executed and delivered pursuant to Section 6.01(a) of the Intercreditor and Collateral Agency Agreement.

 

Joinder. Each of the undersigned
hereby agrees to become party as an Obligor under the Intercreditor and Collateral Agency Agreement for all purposes thereof on
the terms set forth therein, and to be bound by the terms of the Intercreditor and Collateral Agency Agreement as fully as if the
undersigned had executed and delivered the Intercreditor and Collateral Agency Agreement as of the date thereof.

 

The provisions of Article 7 of said Intercreditor
and Collateral Agency Agreement will apply with like effect to this Collateral Agency Accession.

 

[Signature
page follows]

 

     

     

    

 

IN WITNESS WHEREOF, each of the
undersigned has executed and delivered this Collateral Agency Accession as of the date first written above.

 

	 	Clever Leaves Holdings Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title: Director

  

	 	1255096 B.C. Ltd., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

  

	 	Clever Leaves US, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

   

     

     

    

 

Acknowledged and agreed as of the date
first written above:

 

	 	Clever Leaves International Inc., 

as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler 
	 	 	Title:

 

	 	NS US HOLDINGS, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title: 

  

	 	HERBAL BRANDS, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

  

	 	Northern swan International, Inc., 

as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

  

     

     

    

 

	 	Northern swan Management, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

  

	 	Northern swan Deutschland holdings, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

  

	 	Northern swan Portugal holdings, Inc., as an Obligor

 

	 	By:	/s/ Kyle Detwiler
	 	 	Name: Kyle Detwiler
	 	 	Title:

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