Document:

Exhibit
10.28

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS
AND A DAY AFTER THE LATER OF (I) March 30, 2019; AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY
OF CANADA.

 

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

 

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

 

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

 

	Number
of Warrants: 28,922
	Issue
    Date: March 30, 2019 (the “Issue
    Date”)
	Certificate
    No:  201903 – 01	Expiry
    Date:  March 30, 2023 (the “Expiry
    Date”)

 

WARRANT
CERTIFICATE

 

NORTHERN
SWAN HOLDINGS, INC.

 

For
value received, Rimrock High Income Plus (Master) Fund, Ltd., 100 Innovation Drive, Suite 200, Irvine, California 92617 (the “Holder”)
is the registered holder of that number of warrants (the “Warrants”) of Northern Swan Holdings, Inc. (the “Corporation”)
as set forth above.

 

1. Definitions.

 

As
used in this Warrant certificate, unless otherwise defined or unless the context otherwise requires, the following terms have
the following respective meanings:

 

		(a)	“Business
                                         Day” means any day of the year, other than a Saturday, Sunday, legal holiday
                                         or any day on which banking institutions are closed in New York, New York;

 

		(b)	“Current
                                         Market Price” at the applicable date, means the weighted average of the sale
                                         prices per Share at which the Shares have traded on the Exchange, or, if the Shares are
                                         not listed on any Exchange, then on the over-the-counter market, for any 20 consecutive
                                         trading days selected by the Corporation commencing not later than 30 trading days and
                                         ending no later than 5 trading days before such date; provided, however, if such Shares
                                         are not traded during such 30 day period for at least 20 consecutive trading days, the
                                         simple average of the following prices established for each of 20 consecutive trading
                                         days selected by the Corporation commencing not later than 30 trading days and ending
                                         no later than 5 trading days before such date:

 

     

     

    

 

		(i)	the
                                         average of the bid and ask prices for each day on which there was no trading; and

 

		(ii)	the
                                         closing price of the Shares for each day that there was trading,

 

or
in the event that at any date the Shares are not listed on any Exchange or on the over-the-counter market, the current market
price shall be as determined by the directors or such firm of independent chartered accountants as may be selected by the directors
acting reasonably and in good faith; for these purposes, the weighted average price for any period shall be determined by dividing
the aggregate sale prices during such period by the total number of Shares sold during such period;

 

		(c)	“Equity
                                         Shares” means the Shares and any shares of any other class or series of the
                                         Corporation which may from time to time be authorized for issue if by their terms such
                                         shares confer on the holders thereof the right to participate in the distribution of
                                         assets upon the voluntary or involuntary liquidation, dissolution or winding up of the
                                         Corporation beyond a fixed sum or a fixed sum plus accrued dividends;

 

		(d)	“Exchange”
                                         means any stock exchange on which the Shares are then listed;

 

		(e)	“Exercise
                                         Price” means US$0.01 per Share, unless such price shall have been adjusted
                                         in accordance with the provisions of Section 10, in which case it shall mean the adjusted
                                         price in effect at such time; and

 

		(f)	“Shares”
                                         means the class A common shares in the capital of the Corporation, as such shares exist
                                         at the close of business on the date of execution and delivery of this Warrant certificate;
                                         provided that, in the event of a subdivision, redivision, reduction, combination, consolidation
                                         or reclassification of the capital of the Corporation or such successive subdivisions,
                                         redivisions, reductions, combinations, consolidations or reclassifications, “Shares”
                                         shall thereafter mean the shares corresponding to the Shares resulting from such subdivision,
                                         redivision, reduction, combination, consolidation or reclassification.

 

2. Warrants.
Subject to the terms hereof, each vested Warrant shall entitle the Holder to purchase one Share at the Exercise Price until
5:00 pm (Vancouver time) on the Expiry Date (the “Expiry Time”).

 

3. Vesting.
All of the Warrants shall vest and be exercisable commencing on the date that all of the outstanding principal amount of that
certain secured convertible note of the Corporation dated March 30, 2019 and registered
to Rimrock High Income Plus (Master) Fund, Ltd. (Secured Convertible Note No. 1A)
(the “Convertible Note”) has been converted into Conversion Shares (as defined in the Convertible Note) in
accordance with its terms. In the event that the Convertible Note is repaid in full or all of the principal amount thereunder
is not converted into Conversion Shares in accordance with the terms thereof, the Warrants shall be cancelled and this certificate
shall be null and void.

 

4. Transfer
of Warrants. The Warrants may not be assigned or transferred.

 

5. Warrants
Exercise Procedure. Once vested, the Warrants represented by this Warrant certificate may be exercised in whole or in part
at any time prior to the Expiry Time by surrendering the original of this Warrant certificate at the offices of the Corporation
set out in subsection 21(h) hereof together with a subscription form in the form attached as Schedule “A”
hereto duly completed and executed, such additional documents as may be contemplated thereby, and a certified cheque, bank draft
or money order in lawful money of the United States of America payable to or to the order of the Corporation in an amount equal
to the Exercise Price multiplied by the number of Shares for which subscription is being made. For certainty, no warrants may
be exercised unless and until they have vested in accordance with Section 3 hereof.

 

    	 	- 2 -	 

     

    

 

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

 

7. Partial
Exercise. The Holder may subscribe for and purchase a number of Shares less than the full number of Shares entitled to be
subscribed for and purchased hereunder. In the event that the Holder subscribes for and purchases less than the full number of
Shares entitled to be subscribed for and purchased under this Warrant certificate prior to the Expiry Time, the Holder shall be
entitled to receive and the Corporation shall issue, without charge, a new Warrant certificate to the Holder in substantially
the same form as this Warrant certificate with appropriate changes to reflect the unexercised balance of the Warrants.

 

8. Delivery
of Shares. Upon delivery of this Warrant certificate and payment as set out in Section 5 hereof, the Corporation shall cause
to be issued to the Holder the Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to
this Warrant certificate and the Holder shall become a shareholder of the Corporation in respect of such Shares with effect from
the date of such delivery and payment and shall be entitled to delivery of a certificate(s) representing the Shares and a replacement
Warrant certificate, if any, and the Corporation shall cause such certificate(s) to be mailed to the Holder at the address(es)
specified in such subscription within five Business Days of such delivery and payment.

 

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

 

10. Adjustment
of Subscription and Purchase Rights.

 

The
rights evidenced by this Warrant certificate are to purchase Shares. The Exercise Price in effect at any time is subject to adjustment
from time to time in the events and in the manner provided as follows:

 

		(a)	If
                                         and whenever at any time after the date hereof the Corporation:

 

		(i)	issues
                                         Shares or securities exchangeable for or convertible into Shares to all or substantially
                                         all the holders of the Shares as a stock dividend; or

 

		(ii)	makes
                                         a distribution on its outstanding Shares payable in Shares or securities exchangeable
                                         for or convertible into Shares; or

 

		(iii)	subdivides
                                         its outstanding Shares into a greater number of shares; or

 

		(iv)	consolidates
                                         its outstanding Shares into a smaller number of shares;

 

    	 	- 3 -	 

     

    

 

(any
of such events being called a “Share Reorganization”), then the Exercise Price will be adjusted effective immediately
after the effective date or record date for the happening of a Share Reorganization, as the case may be, at which the holders
of Shares are determined for the purpose of the Share Reorganization by multiplying the Exercise Price in effect immediately prior
to such effective date or record date by a fraction, the numerator of which is the number of Shares outstanding on such effective
date or record date before giving effect to such Share Reorganization and the denominator of which is the number of Shares outstanding
immediately after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible
into Shares are distributed, the number of Shares that would have been outstanding had all such securities been exchanged for
or converted into Shares on such effective date or record date).

 

		(b)	If
                                         and whenever at any time after the date hereof the Corporation fixes a record date for
                                         the issue of rights, options or warrants to the holders of all or substantially all of
                                         its outstanding Shares under which such holders are entitled to subscribe for or purchase
                                         Shares or securities exchangeable for or convertible into Shares, where:

 

		(i)	the
                                         right to subscribe for or purchase Shares, or the right to exchange securities for or
                                         convert securities into Shares, expires not more than 45 days after the date of such
                                         issue (the period from the record date to the date of expiry being herein in this Section
                                         10 called the “Rights Period”), and

 

		(ii)	the
                                         cost per Share during the Rights Period (inclusive of any cost of acquisition of securities
                                         exchangeable for or convertible into Shares in addition to any direct cost of Shares)
                                         (herein in this Section 10 called the “Per Share Cost”) is less than
                                         95% of the Current Market Price of the Shares on the record date,

 

(any
of such events being called a “Rights Offering”), then the Exercise Price will be adjusted effective immediately
after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the
end of the Rights Period by a fraction:

 

		(A)	the
                                         numerator of which is the aggregate of:

 

		(1)	the
                                         number of Shares outstanding as of the record date for the Rights Offering; and

 

		(2)	a
                                         number determined by dividing the product of the Per Share Cost and:

 

		(I)	where
                                         the event giving rise to the application of this subsection 10(b) was the issue of rights,
                                         options or warrants to the holders of Shares under which such holders are entitled to
                                         subscribe for or purchase additional Shares, the number of Shares so subscribed for or
                                         purchased during the Rights Period, or

 

		(II)	where
                                         the event giving rise to the application of this subsection 10(b) was the issue of rights,
                                         options or warrants to the holders of Shares under which such holders are entitled to
                                         subscribe for or purchase securities exchangeable for or convertible into Shares, the
                                         number of Shares for which those securities so subscribed for or purchased during the
                                         Rights Period could have been exchanged or into which they could have been converted
                                         during the Rights Period,

 

by
the Current Market Price of the Shares as of the record date for the Rights Offering; and

 

    	 	- 4 -	 

     

    

 

		(B)	the
                                         denominator of which is:

 

		(1)	in
                                         the case described in subparagraph 10(b)(A)(2)(I), the number of Shares outstanding,
                                         or

 

		(2)	in
                                         the case described in subparagraph 10(b)(A)(2)(II), the number of Shares that would be
                                         outstanding if all the Shares described in subparagraph 10(b)(A)(2)(II) had been issued,

 

as
at the end of the Rights Period.

 

Any
Shares owned by or held for the account of the Corporation or any subsidiary or affiliate (as defined in the Securities Act
(British Columbia)) of the Corporation will be deemed not to be outstanding for the purpose of any such computation.

 

If
by the terms of the rights, options or warrants referred to in this Section 10, there is more than one purchase, conversion or
exchange price per Share, the aggregate price of the total number of additional Shares offered for subscription or purchase, or
the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment
on the basis of:

 

		(I)	the
                                         lowest purchase, conversion or exchange price per Share, as the case may be, if such
                                         price is applicable to all Shares which are subject to the rights, options or warrants,
                                         and

 

		(II)	the
                                         average purchase, conversion or exchange price per Share, as the case may be, if the
                                         applicable price is determined by reference to the number of Shares acquired.

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this Section 10 as a result of the fixing by the Corporation
of a record date for the distribution of rights, options or warrants referred to in this Section 10, the Exercise Price will be
readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Exercise Price which
would then be in effect based upon the number of Shares actually issued and remaining issuable after such expiration, and will
be further readjusted in such manner upon expiration of any further such right.

 

If
the Holder has exercised this Warrant in accordance herewith during the period beginning immediately after the record date for
a Rights Offering and ending on the last day of the Rights Period therefor (the “Entitlement Period”), the
Holder will, in addition to the Shares to which it is otherwise entitled upon such exercise, be entitled to that number of additional
Shares equal to the result obtained when (A) the Exercise Price in effect immediately prior to the end of such Rights Offering
pursuant to this subsection is multiplied by the number of Shares received upon the exercise of this Warrant during such period,
(B) the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this subsection, and
(C) the number of Shares acquired by the Holder during the Entitlement Period in accordance with the terms hereof is subtracted
from the resulting divided product; provided that the provisions of Section 13 will be applicable to any fractional interest in
a Share to which such Holder might otherwise be entitled. Such additional Shares will be deemed to have been issued to the Holder
immediately following the end of the Rights Period and a certificate for such additional Shares will be delivered to such Holder
within ten (10) Business Days following the end of the Rights Period.

 

		(c)	If
                                         and whenever at any time after the date hereof the Corporation fixes a record date for
                                         the issue or the distribution to the holders of all or substantially all its Shares of:

 

		(i)	shares
                                         of the Corporation of any class other than Shares;

 

    	 	- 5 -	 

     

    

 

		(ii)	rights,
                                         options or warrants to acquire shares or securities exchangeable for or convertible into
                                         shares or property or other assets of the Corporation;

 

		(iii)	evidence
                                         of indebtedness; or

 

		(iv)	any
                                         property or other assets,

 

and
if such issuance or distribution does not constitute (A) a Share Reorganization, (B) a Rights Offering, or (C) the issue of rights,
options or warrants to the holders of all or substantially all of its outstanding Shares under which such holders are entitled
to subscribe for or purchase Shares or securities exchangeable for or convertible into Shares, where:

 

		(a)	the
                                         right to subscribe for or purchase Shares, or the right to exchange securities for or
                                         convert securities into Shares, expires not more than 45 days after the date of such
                                         issue, and

 

		(b)	the
                                         cost per Share during the Rights Period, inclusive of the Per Share Cost, is 95% or more
                                         than the Current Market Price of the Shares on the record date,

 

(any
of such non-excluded events being called a “Special Distribution”), the Exercise Price will be adjusted effective
immediately after such record date to a price determined by multiplying the Exercise Price in effect on such record date by a
fraction:

 

		(A)	the
                                         numerator of which is:

 

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

 

		(2)	the
                                         aggregate fair market value (as determined by action by the directors of the Corporation,
                                         subject, however, to the prior written consent of the Exchange, where required) to the
                                         holders of the Shares of such securities or property or other assets so issued or distributed
                                         in the Special Distribution; and

 

		(B)	the
                                         denominator of which is the number of Shares outstanding on such record date multiplied
                                         by the Current Market Price of the Shares on such record date.

 

Any
Shares owned by or held for the account of the Corporation or any subsidiary or affiliate (as defined in the Securities Act
(British Columbia)) of the Corporation will be deemed not to be outstanding for the purpose of any such computation.

 

		(d)	If
                                         and whenever at any time after the date hereof there is a Share Reorganization, a Rights
                                         Offering, a Special Distribution, a reclassification or redesignation of the Shares outstanding
                                         at any time or change of the Shares into other shares or into other securities (other
                                         than a Share Reorganization), or a consolidation, amalgamation, plan of arrangement or
                                         merger of the Corporation with or into any other corporation or other entity (other than
                                         a consolidation, amalgamation or merger which does not result in any reclassification
                                         or redesignation of the outstanding Shares or a change of the Shares into other shares),
                                         or a transfer of the undertaking or assets of the Corporation as an entirety or substantially
                                         as an entirety to another corporation or other entity (any of such events being called
                                         a “Capital Reorganization”), the Holder, upon exercising this Warrant
                                         after the effective date of such Capital Reorganization, will be entitled to receive
                                         in lieu of the number of Shares to which such Holder was theretofore entitled upon such
                                         exercise, the aggregate number of shares, other securities or other property which such
                                         Holder would have been entitled to receive as a result of such Capital Reorganization
                                         if, on the effective date thereof, the Holder had been the registered holder of the number
                                         of Shares to which such Holder was theretofore entitled upon exercise of this Warrant.
                                         If determined appropriate by action of the directors of the Corporation, acting reasonably,
                                         appropriate adjustments will be made as a result of any such Capital Reorganization in
                                         the application of the provisions set forth in this Section 10 with respect to the rights
                                         and interests thereafter of the Holder to the end that the provisions set forth in this
                                         Section 10 will thereafter correspondingly be made applicable as nearly as may reasonably
                                         be in relation to any shares, other securities or other property thereafter deliverable
                                         upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment
                                         to this Warrant approved by the directors of the Corporation and will for all purposes
                                         be conclusively deemed to be an appropriate adjustment.

 

    	 	- 6 -	 

     

    

 

		(e)	If
                                         at any time after the date hereof and prior to the Expiry Time any adjustment in the
                                         Exercise Price shall occur as a result of:

 

		(i)	an
                                         event referred to in subsection 10(a);

 

		(ii)	the
                                         fixing by the Corporation of a record date for an event referred to in subsection 10(b);
                                         or

 

		(iii)	the
                                         fixing by the Corporation of a record date for an event referred to in subsection 10(c)
                                         if such event constitutes the issue or distribution to the holders of all or substantially
                                         all of its outstanding Shares of (A) Equity Shares, or (B) securities exchangeable for
                                         or convertible into Equity Shares at an exchange or conversion price per Equity Share
                                         less than the Current Market Price on such record date or (C) rights, options or warrants
                                         to acquire Equity Shares at an exercise, exchange or conversion price per Equity Share
                                         less than the Current Market Price on such record date,

 

then
the number of Shares purchasable upon the subsequent exercise of this Warrant shall be simultaneously adjusted by multiplying
the number of Shares purchasable upon the exercise of this Warrant immediately prior to such adjustment by a fraction which shall
be the reciprocal of the fraction employed in the adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to (i) this subsection 10(e) as a result of a distribution of exchangeable or convertible securities other
than Equity Shares referred to in subsection 10(a), or (ii) as a result of the fixing by the Corporation of a record date for
the distribution of rights, options or warrants referred to in subsection 10(b), the number of Shares purchasable upon exercise
of this Warrant shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to
the number of Shares which would be purchasable based upon the number of Shares actually issued and remaining issuable immediately
after such expiration, and shall be further readjusted in such manner upon expiration of any further such right. To the extent
that any adjustment in subscription rights occurs pursuant to this subsection 10(e) as a result of the fixing by the Corporation
of a record date for the distribution of exchangeable or convertible securities other than Equity Shares or rights, options or
warrants referred to in subsection 10(c), the number of Shares purchasable upon exercise of this Warrant shall be readjusted immediately
after the expiration of any relevant exchange, conversion or exercise right to the number which would be purchasable pursuant
to this subsection 10(e) if the fair market value of such securities or such rights, options or warrants had been determined for
purposes of the adjustment pursuant to this subsection 10(e) on the basis of the number of Equity Shares issued and remaining
issuable immediately after such expiration, and shall be further readjusted in such manner upon expiration of any further such
right.

 

    	 	- 7 -	 

     

    

 

11. Rules
Regarding Calculation of Adjustment of Exercise Price.

 

		(a)	The
                                         adjustments provided for in Section 10 are cumulative and will, in the case of adjustments
                                         to the Exercise Price, be computed to the nearest one-hundredth of one cent and will
                                         be made successively whenever an event referred to therein occurs, subject to the following
                                         subsections of this Section 11.

 

		(b)	No
                                         adjustment in the Exercise Price is required to be made unless such adjustment would
                                         result in a change of at least 1% in the prevailing Exercise Price; provided, however,
                                         that any adjustments which, except for the provisions of this subsection, would otherwise
                                         have been required to be made, will be carried forward and taken into account in any
                                         subsequent adjustments.

 

		(c)	No
                                         adjustment in the Exercise Price will be made in respect of any event described in Section
                                         10, other than the events referred to in clauses 10(a)(iii) and (iv), if the Holder is
                                         entitled to participate in such event on the same terms, mutatis mutandis, as
                                         if the Holder had exercised this Warrant prior to or on the effective date or record
                                         date of such event.

 

		(d)	No
                                         adjustment in the Exercise Price will be made under Section 10 in respect of the issue
                                         from time to time of Shares issuable from time to time as dividends paid in the ordinary
                                         course to holders of Shares who exercise an option or election to receive substantially
                                         equivalent dividends in Shares in lieu of receiving a cash dividend, and any such issue
                                         will be deemed not to be a Share Reorganization.

 

		(e)	If
                                         at any time a dispute arises with respect to adjustments provided for in Section 10,
                                         such dispute will be conclusively determined by a firm of nationally recognized chartered
                                         professional accountants appointed by the Corporation (who may be the auditors of the
                                         Corporation) and acceptable to the Holder, and any such determination, where required,
                                         absent manifest error, will be binding upon the Corporation, the Holder and shareholders
                                         of the Corporation. The Corporation will provide such auditors or accountants with access
                                         to all necessary records of the Corporation and fees payable to such accountants or auditors
                                         will be paid by the Corporation.

 

		(f)	In
                                         case the Corporation after the date of issuance of this Warrant takes any action affecting
                                         the Shares, other than action described in Section 10, which in the opinion of the board
                                         of directors of the Corporation, acting reasonably, would materially affect the rights
                                         of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such
                                         time, by action by the directors of the Corporation but subject in all cases to any necessary
                                         regulatory approval and the approval of the Holder. Failure of the taking of action by
                                         the directors of the Corporation, acting reasonably, so as to provide for an adjustment
                                         on or prior to the effective date of any action by the Corporation affecting the Shares
                                         will be conclusive evidence that the board of directors of the Corporation has determined
                                         that it is equitable to make no adjustment in the circumstances.

 

		(g)	If
                                         the Corporation sets a record date to determine the holders of the Shares for the purpose
                                         of entitling them to receive any dividend or distribution or sets a record date to take
                                         any other action and, thereafter and before the distribution to such shareholders of
                                         any such dividend or distribution or the taking of any other action, decides not to implement
                                         its plan to pay or deliver such dividend or distribution or take such other action, then
                                         no adjustment in the Exercise Price will be required by reason of the setting of such
                                         record date.

 

    	 	- 8 -	 

     

    

 

		(h)	In
                                         the absence of a resolution of the directors of the Corporation fixing a record date
                                         for a Special Distribution or Rights Offering, the Corporation will be deemed to have
                                         fixed as the record date therefor the date on which the Special Distribution or Rights
                                         Offering is effected.

 

		(i)	As
                                         a condition precedent to the taking of any action which would require any adjustment
                                         to this Warrant, including the Exercise Price, the Corporation must take any corporate
                                         action which may be necessary in order that the Corporation have unissued and reserved
                                         in its authorized capital and may validly and legally issue as fully paid and non-assessable
                                         all the shares or other securities which the Holder is entitled to receive on the full
                                         exercise thereof in accordance with the provisions hereof.

 

		(j)	The
                                         Corporation will from time to time, immediately after the occurrence of any event which
                                         requires an adjustment or readjustment as provided in Section 10, forthwith give notice
                                         to the Holder specifying the event requiring such adjustment or readjustment and the
                                         results thereof, including the resulting Exercise Price, and, if reasonably required
                                         by the Holder, such notice and the amount of the adjustment specified therein shall be
                                         verified by an opinion of a firm of nationally recognized chartered professional accountants
                                         appointed by the Corporation (who may be the auditors of the Corporation) and acceptable
                                         to the Holder, acting reasonably.

 

		(k)	The
                                         Corporation covenants to and in favour of the Holder that so long as this Warrant remains
                                         outstanding, it will give notice to the Holder of its intention to fix a record date
                                         for any event referred to in subsections 10(a), (b) or (c) (other than the subdivision
                                         or consolidation of the Shares) which may give rise to an adjustment in the Exercise
                                         Price, and, in each case, such notice must specify the particulars of such event and
                                         the record date or the effective date for such event; provided that the Corporation is
                                         only required to specify in such notice such particulars of such event as have been fixed
                                         and determined on the date on which such notice is given. Such notice shall be given
                                         not less than 7 days prior to each such applicable record date or effective date.

 

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

 

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

 

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

 

    	 	- 9 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 10 -	 

     

    

 

15. Shareholders’
Agreement. Upon the exercise of the Warrants and as a condition to the issuance of the Shares, to the extent not previously
executed and delivered to the Corporation in connection with the issuance of the Conversion Shares under the Convertible Note,
the Holder shall execute and deliver to the Corporation: (a) an acknowledgment and assumption agreement to be bound by the Corporation’s
amended and restated shareholders’ agreement dated March 30, 2019, as amended from time to time (the “Shareholders’
Agreement”) in the form contemplated by the Shareholders’ Agreement; and (b) such other documents as may be reasonably
required by the Corporation, including any documents required to be completed by the holders of securities of the Corporation
pursuant to applicable law.

 

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

 

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

 

18. Covenants.

 

		(a)	The
                                         Corporation covenants and agrees that (i) so long as any Warrants evidenced hereby remain
                                         outstanding, it shall reserve and there shall remain unissued out of its authorized capital
                                         a sufficient number of Shares to satisfy the right of purchase provided for herein should
                                         the Holder determine to exercise its rights in respect of all the Shares available for
                                         purchase and issuance under such outstanding Warrants, and (ii) all Shares which shall
                                         be issued upon the due exercise of the right to purchase provided for herein, upon payment
                                         therefor of the amount at which such Shares may at the time be purchased pursuant to
                                         the provisions hereof, shall be issued as fully paid and non-assessable Shares in the
                                         capital of the Corporation and free of all liens, charges and encumbrances and the Holder
                                         shall not be liable to the Corporation or to its creditors in respect thereof.

 

		(b)	The
                                         Corporation shall make all requisite filings under the Securities Act (British
                                         Columbia) and the regulations thereunder.

 

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

 

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

 

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

 

    	 	- 11 -	 

     

    

 

21. General.

 

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

 

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

 

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

 

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

 

		(e)	This
                                         Warrant shall be governed by and construed in accordance with the laws of the Province
                                         of British Columbia and the federal laws of Canada applicable therein. Without prejudice
                                         to the right of the Holder to commence any proceedings with respect to this Warrant certificate
                                         in any other proper jurisdiction, the Corporation hereby attorns and submits to the non-exclusive
                                         jurisdiction of the courts of the Province of British Columbia, provided that the Holder
                                         shall be entitled to commence actions in the courts of any other jurisdiction in its
                                         discretion for the purpose of enforcing the provisions of this Warrant certificate.

 

		(f)	If
                                         any one or more of the provisions or parts thereof contained in this Warrant certificate
                                         should be or become invalid, illegal or unenforceable in any respect in any jurisdiction,
                                         the remaining provisions or parts thereof contained herein shall be and shall be conclusively
                                         deemed to be, as to such jurisdiction, severable therefrom and:

 

		(i)	the
                                         validity, legality or enforceability of such remaining provisions or parts thereof shall
                                         not in any way be affected or impaired by the severance of the provisions or parts thereof
                                         severed; and

 

		(ii)	the
                                         invalidity, illegality or unenforceability of any provision or part thereof contained
                                         in this Warrant certificate in any jurisdiction shall not affect or impair such provision
                                         or part thereof or any other provisions of this Warrant certificate in any other jurisdiction.

 

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

 

		(h)	All
                                         notices or other communications to be given to a party under this Warrant certificate
                                         shall be delivered by hand, courier, ordinary prepaid mail, facsimile or electronic mail;
                                         and, if delivered by hand, shall be deemed to have been given on the delivery date or,
                                         if such day is not a Business Day, on the first Business Day following the date of delivery,
                                         if delivered by ordinary prepaid mail shall be deemed to have been given on the fifth
                                         Business Day following the delivery date and, if sent by facsimile or electronic mail,
                                         on the date of transmission if sent before 5:00 p.m. (local time where the notice
                                         is received) on a Business Day or, if such day is not a Business Day, on the first Business
                                         Day following the date of transmission. Neither party shall mail any notice, request
                                         or other communication hereunder during any period in which applicable postal workers
                                         are on strike or if such strike is imminent and may reasonably be anticipated to affect
                                         the normal delivery of the mail.

 

    	 	- 12 -	 

     

    

 

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

 

Notices
to the Corporation shall be addressed to:

 

Northern
Swan Holdings, Inc.

489 Fifth Ave., Floor 27

New York, NY 10017

 

Attention:
Chief Executive Officer
Email:         kyle@northernswan.com

 

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

 

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

 

    	 	- 13 -	 

     

    

 

IN WITNESS WHEREOF the Corporation has caused
this Warrant certificate to be signed by its duly authorized officer on March 30 2019.

	NORTHERN SWAN HOLDINGS, INC.
	 	 	 
	By:	/s/ Kyle Detwiler	 
	 	Kyle Detwiler	 
	 	Authorized Signatory	 

 

Northern
Swan Holdings, Inc. – Warrant Certificate Signature Page

 

    	 	 	 

     

    

 

SCHEDULE
“A”

 

WARRANT
CERTIFICATE SUBSCRIPTION FORM

 

Northern
Swan Holdings, Inc.

489 Fifth Ave., Floor 27

New York, NY 10017

 

Dear Sirs/Mesdames:

 

The
undersigned hereby exercises the right to purchase and hereby subscribes for ___________ class A common shares (the “Shares”)
in the capital of Northern Swan Holdings, Inc. (the “Corporation”) referred to in the Warrant certificate attached
hereto according to the conditions thereof, and herewith makes payment of the purchase price in full for the Shares.

 

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

 

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

 

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

 

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

 

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

 

If
any Warrants represented by this Warrant certificate are not being exercised, a new Warrant certificate representing the number
of Warrants which are not exercised hereby will be issued and delivered with the Share certificate(s).

 

Northern
Swan Holdings, Inc. – Warrant Certificate Schedule “A”

 

     

     

    

 

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

 

	 	NAME:	 
	 	 	(please
    print)
	 	ADDRESS:	 
	 	 	 
	 	DELIVERY	 
	 	 	 

 

INSTRUCTIONS:

 

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

 

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

 

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

 

DATED
this _______ day of __________________________________, ___________________.

  

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

 

     

     

    

 

SCHEDULE
“B”

 

FORM
OF DECLARATION FOR REMOVAL OF U.S. LEGEND

 

		To:	Northern
                                         Swan Holdings, Inc. (the “Corporation”).

 

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

 

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

 

Northern
Swan Holdings, Inc. – Warrant Certificate Schedule “B”Exhibit
10.29

 

EXECUTION
COPY

 

AMENDED
AND RESTATED GUARANTEE

 

 

made
by
 NS US Holdings, Inc., Herbal Brands, Inc., Northern Swan International, Inc.,

Northern Swan Management, Inc.,
Northern Swan Deutschland Holdings, Inc.

and Northern Swan Portugal Holdings,
 Inc.

 

 

 

in
favour of

GLAS
AMERICAS LLC

as collateral agent

 

 

 

dated
as of

May 10, 2019

 

 

 

 

    	 		 

     

    

 

This
GUARANTEE (this “Guarantee”), dated as of May 10, 2019, is made by each of NS US Holdings, Inc., Herbal Brands,
Inc., Northern Swan International, Inc., Northern Swan Management, Inc., Northern Swan Deutschland Holdings, Inc. and Northern
Swan Portugal Holdings, Inc. (such Persons collectively, the “Guarantors” and, individually, each a “Guarantor”)
in favour of and for the benefit of GLAS AMERICAS LLC, as collateral agent for the Secured Parties (as defined below) (in such
capacity and together with any successors in such capacity, the “Agent”).

 

RECITALS

 

WHEREAS,
Northern Swan Holdings, Inc., a corporation incorporated pursuant to the laws of the Province of British Columbia (the “Issuer”),
has, as issuer, issued certain secured convertible notes in favour of each of the Noteholders (as defined below) (as each may
be amended, amended and restated, renewed, extended, supplemented, assigned, replaced or otherwise modified from time to time,
a “Note” and collectively, the “Notes”);

 

AND
WHEREAS, the Guarantors entered into a guarantee dated as of March 30, 2019 in favour of the Agent (the “Original
Guarantee”);

 

AND
WHEREAS, the Issuer and the Guarantors requested certain amendments to the Original Guarantee and the Agent and the other
Secured Parties have agreed to make such amendments subject to the terms and conditions set out in this Guarantee;

 

AND
WHEREAS, the Agent, the Issuer, the Guarantors, the other Secured Parties and GLAS USA LLC (the “Paying Agent”)
have entered into an amended and restated intercreditor and collateral agency agreement dated on or about the date hereof (as
amended, amended and restated, renewed, extended, supplemented, replaced or otherwise modified from time to time, the “Intercreditor
and Collateral Agency Agreement”) to secure and confirm the relative priority of the obligations owing to present and
future Secured Parties;

 

AND
WHEREAS, in accordance with the terms of the Notes, the Guarantors shall have executed and delivered this Guarantee in favour
of the Agent for the benefit of the Secured Parties.

 

NOW
THEREFORE, in consideration of the Noteholders agreeing to continue to extend certain credit in favour of the Issuer under
the terms of the Notes, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
each Guarantor, jointly and severally with each other Guarantor, hereby agrees as follows:

 

ARTICLE
I - DEFINITIONS

 

	1.01	Definitions

 

For
purposes of this Guarantee, capitalized terms used herein without definition shall have the meanings ascribed to them in the Notes,
and the following terms shall have the following meanings:

 

“Agent”
is defined in the Preamble hereof.

 

“Guaranteed
Obligations” is defined in Section 2.01.

 

“Guarantors” are defined in the Preamble hereof.

 

“Intercreditor
and Collateral Agency Agreement” has the meaning given to such term in the recitals hereof.

 

“Issuer”
is defined in the Preamble hereof.

 

“Note”
and “Notes” are defined in the Preamble hereof.

 

    	 	- 2 -	 

     

    

 

“Noteholders”
means each of Rimrock High Income Plus (Master) Fund, Ltd, Anson Investments Master Fund LP, Anson Opportunities Master Fund LP,
AC Anson Investments Ltd., Anson East Master Fund LP, Axios Growth Partners, LLC, NS Co-Investment LLC and Cowen Investments II
LLC and each other noteholder that becomes party to the Intercreditor and Collateral Agency Agreement as a “Noteholder”
from time to time, and “Noteholder” means any of them.

 

“Obligors”
means each of the Issuer and the Guarantors and each of their respective successors and permitted assigns and “Obligor”
means any of them.

 

“Original
Guarantee” is defined in the Preamble hereof.

 

“Paying
Agent” is defined in the Preamble hereof.

 

“Rate
of Exchange” means the noon (EST) spot rate of exchange applied in converting a particular currency into United States
Dollars published by Thomson Reuters for the day in question.

 

“Secured
Parties” means collectively, the Agent, the Noteholders and each of their respective successors and assigns and “Secured
Party” means any of them.

 

“Taxes”
means any and all present or future income, stamp or other taxes, levies, imposts, duties, deductions, charges, fees or withholdings
imposed, levied, withheld or assessed by any Governmental Authority, together with any interest, additions to tax or penalties
imposed thereon and with respect thereto.

 

	1.02	Amendment and Restatement

 

Upon
execution of this Guarantee, the Original Guarantee shall be deemed to have been amended, as of the date hereof, to the extent
necessary to give effect to this Guarantee. It is the intent of the parties hereto that this Guarantee restates in its entirety
the Original Guarantee as amended hereby.

 

ARTICLE
II - AGREEMENT TO GUARANTEE OBLIGATIONS

 

	2.01	Guarantee

 

Each
Guarantor, hereby unconditionally and irrevocably guarantees, as primary obligor and not merely as surety,

 

	 	(a)	the due and prompt payment by
    the Issuer of:

 

		(i)	all
                                         present and future indebtedness and liabilities of the Issuer to the Secured Parties
                                         under or in connection with the Notes and the other Loan Documents including, without
                                         limitation, all principal and interest thereon at the rate specified in the Notes (both
                                         before and after demand and judgment) together with all fees, charges and expenses, in
                                         each case, when and as due, whether at scheduled maturity, on the date set for prepayment,
                                         by acceleration or otherwise, and

 

		(ii)	all
                                         other monetary obligations of the Issuer to the Secured Parties under the Notes and the
                                         other Loan Documents, as and when due, including reasonable fees, costs, expenses (including,
                                         without limitation, reasonable fees and expenses of counsel incurred by the Agent or
                                         any other Secured Party in enforcing any rights under this Guarantee or any other Loan
                                         Document), contract causes of action and indemnities, whether primary, secondary, direct
                                         or indirect, absolute or contingent, fixed or otherwise (including monetary obligations
                                         incurred during any bankruptcy, insolvency, receivership or other similar proceeding,
                                         regardless of whether allowed or allowable in such proceeding); and

 

    	 	- 3 -	 

     

    

 

	 	(b)	the
    due and prompt performance of all covenants, agreements, obligations and liabilities of the Issuer under or in respect of
    the Loan Documents; 

 

all
such obligations in subsections (a) and (b) above, whether now or hereafter existing, being referred to collectively as the “Guaranteed
Obligations”. Each Guarantor further agrees that all or part of the Guaranteed Obligations may be increased, extended,
substituted, amended, renewed or otherwise modified without notice to or consent from such Guarantor and such actions shall not
affect the liability of such Guarantor hereunder.

 

	2.02	Demand

 

Liability
of a Guarantor to make payment under this Guarantee shall arise immediately upon delivery by the Agent to such Guarantor of a
written demand for payment.

 

	2.03	Interest

 

Each
Guarantor’s liability, whether as a guarantor, indemnitor, or primary obligor, bears interest from the date that the Agent
makes demand, both before and after demand, default, or judgment and until actual payment in full, at the highest interest rate
applicable to the Guaranteed Obligations, calculated and payable in accordance with the Notes. For purposes of the Interest
Act (Canada), the yearly rate of interest applicable to amounts owing under this Guarantee will be calculated on the basis
of a 365-day year. Whenever interest is to be calculated on the basis of any period of time that is less than a calendar year,
the yearly rate of interest to which the rate determined by that calculation is equivalent is the rate so determined multiplied
by the actual number of days in that calendar year and divided by that period of time.

 

	2.04	Reinstatement

 

Each
Guarantor agrees that its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time
all or part of any payment of any Guaranteed Obligation is voided, rescinded or must otherwise be returned by any Secured Party
or any other person upon the insolvency, bankruptcy or reorganization of the Issuer or any other Obligor or otherwise.

 

ARTICLE
III - GUARANTEE ABSOLUTE AND UNCONDITIONAL; WAIVERS

 

	3.01	Guarantee
    Absolute and Unconditional; No Waiver of Obligations

 

Each
Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Notes and the other
Loan Documents, regardless of any law, regulation or order of any Governmental Authority now or hereafter in effect. The obligations
of each Guarantor hereunder are independent of the obligations of any other Guarantor or any other Obligor under any Loan Document.
A separate action may be brought against each Guarantor to enforce this Guarantee, whether or not any action is brought against
the Issuer or any other Obligor or whether or not the Issuer or any other Obligor is joined in any such action. The Secured Parties
shall not be required to seek recourse against the Issuer or any other party or realize upon any security they may hold before
being entitled to payment by each Guarantor under this Guarantee. The liability of each Guarantor hereunder is irrevocable, continuing,
absolute and unconditional and the obligations of each Guarantor hereunder, to the fullest extent permitted by applicable law,
shall not be discharged or impaired or otherwise effected by, and each Guarantor hereby irrevocably waives any defences to enforcement
or liability hereunder it may have (now or in the future) by reason of:

 

		(a)	any
                                         illegality, invalidity or unenforceability of any Guaranteed Obligation, any Loan Document
                                         or any related agreement, security or instrument for any reason whatsoever;

 

		(b)	any
                                         change in, or variation of, the Guaranteed Obligations or any other obligation of any
                                         Obligor under any Loan Document including, without limitation, any increase in the Guaranteed
                                         Obligations, any change in the interest or fees payable, any renewal, extension, amendment,
                                         rescission, waiver, release, discharge, indulgence, compromise, arrangement or other
                                         variation in connection with the Guaranteed Obligations, any Loan Document or any other
                                         agreement;

 

    	 	- 4 -	 

     

    

 

		(c)	any
                                         taking, exchange, substitution, variation, release, impairment, subordination or non-perfection
                                         of any security or collateral for the Guaranteed Obligations, or any taking, release,
                                         impairment, amendment, waiver or other modification of any guarantee of the Guaranteed
                                         Obligations;

 

		(d)	any
                                         manner of sale, disposition or application of proceeds of any collateral or other assets
                                         to all or part of the Guaranteed Obligations;

 

		(e)	any
                                         loss or diminution in value of the security or collateral held for the Guaranteed Obligations,
                                         whether such loss or diminution arises from any act or omission of the Secured Parties;

 

		(f)	any
                                         default, failure or delay, willful or otherwise, in the performance of the Guaranteed
                                         Obligations;

 

		(g)	any
                                         change, restructuring or termination of the corporate structure, ownership or existence
                                         of any Obligor or any of its subsidiaries or any insolvency, bankruptcy, reorganization
                                         or other similar proceeding affecting the Issuer or its assets or any resulting restructuring,
                                         compromise, release or discharge of any Guaranteed Obligations;

 

		(h)	any
                                         failure of any Secured Party to disclose to any Guarantor or any other Obligor any information
                                         relating to the business, condition (financial or otherwise), operations, performance,
                                         properties or prospects of the Issuer or any other Obligor or any other information now
                                         or hereafter known to such Secured Party;

 

		(i)	the
                                         failure of any other person to execute or deliver this Guarantee, or any other guarantee
                                         or agreement or the release or reduction of liability of any Guarantor or other guarantor
                                         or surety with respect to the Guaranteed Obligations;

 

		(j)	the
                                         failure of any Secured Party to assert any claim or demand or to exercise or enforce
                                         any right or remedy under the provisions of any Loan Document or otherwise;

 

		(k)	any
                                         defence, set-off or counterclaim (other than a defence of payment or performance) that
                                         may at any time be available to, or be asserted by, the Issuer against any Secured Party;
                                         or

 

		(l)	any
                                         other circumstance (including, without limitation, any statute of limitations) or manner
                                         of administering the Guaranteed Obligations or any existence of or reliance on any representation
                                         by any Secured Party that might vary the risk of any Guarantor or otherwise operate as
                                         a defence available to, or a legal or equitable discharge of, the Issuer, any Obligor
                                         or any other guarantor or surety.

 

	3.02	Acknowledgements

 

		(a)	Each
                                         Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guarantee
                                         and acknowledges that this Guarantee is continuing in nature, shall guarantee any ultimate
                                         balance owing to the Secured Parties, and applies to all presently existing and future
                                         Guaranteed Obligations, until the complete, irrevocable and indefeasible payment and
                                         satisfaction in full of the Guaranteed Obligations.

 

		(b)	This
                                         Guarantee is a guarantee of payment and performance and not of collection. The Secured
                                         Parties shall not be obligated to enforce or exhaust their remedies against the Issuer
                                         or under the Notes or other Loan Documents before proceeding to enforce this Guarantee.
                                         The liability of each Guarantor to make payment under this Guarantee shall arise immediately
                                         upon delivery to it of a written demand for payment hereunder.

 

    	 	- 5 -	 

     

    

 

		(c)	This
                                         Guarantee is a direct guarantee and independent of the obligations of the Issuer to the
                                         Secured Parties. The Secured Parties may resort to the Guarantors for payment and performance
                                         of the Guaranteed Obligations whether or not the Secured Parties shall have resorted
                                         to any collateral therefor or shall have proceeded against the Issuer or any other guarantors
                                         with respect to the Guaranteed Obligations. The Secured Parties may, at their option,
                                         proceed against the Guarantors and the Issuer, jointly and severally, or against one
                                         or more Guarantors without having obtained a judgment against the Issuer.

 

		(d)	Each
                                         Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice
                                         of acceptance, presentment, demand for performance, notice of nonperformance, default,
                                         acceleration, protest or dishonour and any other notice with respect to any of the Guaranteed
                                         Obligations, the Notes, the other Loan Documents and this Guarantee and any requirement
                                         that the Secured Parties protect, secure, perfect or insure any security interest, lien
                                         or other encumbrance or any property subject thereto.

 

		(e)	Each
                                         Guarantor agrees that its guarantee hereunder shall continue to be effective or be reinstated,
                                         as the case may be, if at any time all or part of any payment of any Guaranteed Obligation
                                         is voided, rescinded or recovered or must otherwise be returned by the Secured Parties
                                         upon the insolvency, bankruptcy or reorganization of the Issuer.

 

		(f)	This
                                         Guarantee shall continue to apply to all Guaranteed Obligations owing to the Secured
                                         Parties by any amalgamated corporation resulting from the Issuer amalgamating with one
                                         or more other corporations.

 

ARTICLE
IV - POSTPONEMENT OF RIGHTS; SUBORDINATION AND ASSIGNMENT

 

	4.01	Postponement
    of Rights; Subordination and Assignment

 

		(a)	Postponement
                                         of Rights. Until such time as the Guaranteed Obligations have been paid in full,
                                         each Guarantor agrees that it shall not (i) exercise any right of set-off or assert any
                                         counterclaim against the Issuer with respect to any indebtedness or liability of the
                                         Issuer to such Guarantor; (ii) exercise any of its rights of subrogation to the Agent
                                         or the Secured Parties’ position with respect to any payments it has made hereunder;
                                         (iii) assert or enforce any claim to indemnification or reimbursement against the Issuer
                                         or any other guarantor; or (iv) assert any right of contribution against any other guarantor.

 

		(b)	Subordination.
                                         Any indebtedness of the Issuer now or hereafter held by any Guarantor is hereby
                                         subordinated in right of payment to the prior payment in full in cash of the Guaranteed
                                         Obligations. If any payment shall be paid to any Guarantor in violation of the immediately
                                         preceding sentence on account of any such indebtedness of the Issuer, such amount shall
                                         be held in trust for the benefit of the Secured Parties, segregated from other funds
                                         of such Guarantor, and promptly paid or delivered to the Agent in the same form as so
                                         received (with any necessary endorsement or assignment) to be credited against the payment
                                         of the Guaranteed Obligations, whether due or to become due, in accordance with the terms
                                         of the Loan Documents or to be held as collateral for any Guaranteed Obligations.

 

    	 	- 6 -	 

     

    

 

ARTICLE
V - REPRESENTATIONS AND WARRANTIES; COVENANTS

 

	5.01	Representations
    and Warranties

 

Each
Guarantor represents and warrants as to itself that all representations and warranties relating to it contained in the Loan Documents
are true and correct. Each Guarantor further represents and warrants that:

 

		(a)	There
                                         are no conditions precedent to the effectiveness of this Guarantee that have not been
                                         satisfied or waived.

 

		(b)	It
                                         has full corporate power and authority to enter into this Guarantee, to carry out its
                                         obligations hereunder and to consummate the transactions contemplated hereby. Its execution
                                         and delivery of this Guarantee and performance of its obligations hereunder have been
                                         duly authorized by all requisite corporate action on the part of the Guarantor. This
                                         Guarantee has been duly executed and delivered by the Guarantor, and constitutes a legal,
                                         valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance
                                         with its terms.

 

		(c)	It
                                         has, independently and without reliance upon any Secured Party and based on such documents
                                         and information as it has deemed appropriate, made its own credit analysis and decision
                                         to enter into this Guarantee and any other Loan Document to which it is or may become
                                         a party, and has established adequate procedures for continually obtaining information
                                         pertaining to, and is now and at all times will be completely familiar with, the business,
                                         condition (financial or otherwise), operations, performance, properties and prospects
                                         of the Issuer and each other Obligor.

 

	5.02	Covenants

 

Each
Guarantor covenants and agrees that it will perform and observe, and cause each of its subsidiaries to perform and observe, all
of the terms, covenants and agreements set forth in the Loan Documents that are required to be, or that the Issuer has agreed
to cause to be, performed or observed by such Guarantor or subsidiary.

 

ARTICLE
VI - MISCELLANEOUS

 

	6.01	Payment

 

Any
and all payments made by any Guarantor under or in respect of this Guarantee shall be made to the Paying Agent or such successor
paying agent appointed pursuant to the Intercreditor and Collateral Agency Agreement and disbursed in accordance therewith.

 

	6.02	Taxes

 

Any
and all payments by any Guarantor under or in respect of this Guarantee shall be made free and clear of and without deduction
or withholding for any Taxes except as required by applicable law. If any Guarantor is required by applicable law (as determined
in the good faith discretion of the applicable Guarantor) to deduct or withhold any Taxes from such payments, then, (i) the amount
payable by such Guarantor shall be increased so that after all such required deductions or withholdings are made (including deductions
or withholdings applicable to additional amounts payable under this Section), the applicable recipient receives an amount equal
to the amount it would have received had no such deduction or withholding been made, (ii) such Guarantor shall make such deductions
or withholdings and timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law, and (iii) such Guarantor shall, promptly after any such payment, deliver to the Agent the original or certified
copy of a receipt issued by such Governmental Authority evidencing such payment.

 

    	 	- 7 -	 

     

    

 

	6.03	Right of Set-Off

 

Subject
to the terms of the Intercreditor and Collateral Agency Agreement, if an Event of Default shall have occurred and be continuing,
each Secured Party and each of their respective affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, and without prior notice to any Guarantor or any other Obligor, any such notice being expressly waived
by each Guarantor, to set off and appropriate and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured
Party or any such affiliate to or for the credit or the account of any Guarantor or any other Obligor against any and all of the
obligations of such Guarantor or such Obligor now or hereafter existing under this Guarantee or any other Loan Document to such
Secured Party or its affiliates whether direct or indirect, absolute or contingent, matured or unmatured, and irrespective of
whether or not such Secured Party or affiliate shall have made any demand under this Guarantee or any other Loan Document and
although such obligations of such Guarantor or such other Obligor are owed to a branch, office or representative of such Secured
Party different from the branch, office or affiliate holding such deposit or obligated on such indebtedness. The rights of each
Secured Party and each of their respective affiliates under this Section are in addition to other rights and remedies (including
other rights of set-off) that such Secured Party or such affiliate may have. Each Secured Party agrees to notify such Guarantor,
the Paying Agent and the Agent promptly after any such set off and appropriation and application; provided that the failure to
give such notice shall not affect the validity of such set off and appropriation and application.

 

	6.04	Amendments in Writing

 

No
term or provision of this Guarantee may be waived, amended, supplemented or otherwise modified except by an agreement in writing
signed by each Guarantor and the Agent.

 

	6.05	Indemnity

 

	 	(a)	Each
    Guarantor hereby agrees to indemnify and hold harmless the Agent (and any sub-agent thereof), the Paying Agent, each other
    Secured Party and each such Person’s affiliates and the directors, officers, employees, partners, agents, trustees,
    administrators, managers, advisors and representatives of it and affiliates of any of the foregoing Persons (each such Person
    being called an “Indemnitee”) from any losses, damages, liabilities, claims and related expenses (including
    the fees and expenses of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees,
    expenses and time charges for legal counsel who are employees of any Indemnitee, incurred by any Indemnitee or asserted against
    any Indemnitee by any Person (including any Guarantor or any other Obligor) arising out of, in connection with or resulting
    from this Guarantee, any other Loan Document or any other agreement or instrument contemplated hereby, including, without
    limitation, enforcement of this Guarantee) or any failure of any of the Guaranteed Obligations to be the legal, valid, and
    binding obligations of any Guarantor enforceable against such Guarantor in accordance with their terms, whether brought by
    a third party or by such Guarantor or any other Obligor, and regardless of whether any Indemnitee is a party thereto; provided
    that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
    or related expenses (i) are determined by a court of competent jurisdiction by final and unappealable judgment to have resulted
    from the gross negligence or willful misconduct of such Indemnitee or (ii) result from a claim brought by any Guarantor or
    any other Obligor against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under
    any other Loan Document. This clause (a) shall not apply with respect to Taxes other than any Taxes that represent losses,
    claims, damages, or similar items arising from any non-Tax claim.

 

    	 	- 8 -	 

     

    

 

		(b)	To
                                         the fullest extent permitted by applicable law, each Guarantor hereby agrees not to assert,
                                         and hereby waives, any claim against any Indemnitee, on any theory of liability, for
                                         special, indirect, consequential or punitive damages (as opposed to direct or actual
                                         damages) arising out of, in connection with, or as a result of, this Guarantee, any other
                                         Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated
                                         hereby or thereby, any amounts advanced or the use of proceeds thereof. No Indemnitee
                                         shall be liable for any damages arising from the use of any information or other materials
                                         distributed by it through telecommunications, electronic or other information transmission
                                         systems in connection with this Guarantee or the other Loan Documents or the transactions
                                         contemplated hereby or thereby by unintended recipients.

 

		(c)	All
                                         amounts due under this Section shall be payable within 5 days of demand by the Agent.

 

		(d)	Without
                                         prejudice to the survival of any other agreement of any Guarantor under this Guarantee
                                         or any other Loan Documents, the agreements and obligations of each Guarantor contained
                                         in Section 2.01 (with respect to enforcement expenses), Section 2.03, Section 2.04 and
                                         this Section shall survive termination of the Loan Documents and payment in full of the
                                         Obligations and all other amounts payable under this Guarantee.

 

	6.06	Notices

 

	 	(a)	Notices
    Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (or
    by email as provided in paragraph (b) below), all notices and other communications provided for herein shall be made in writing
    and mailed by registered mail, delivered by hand or overnight courier service, or sent by facsimile as follows:

 

		(i)	To
                                         any Guarantor: at 489 Fifth Ave., Floor 27, New York, NY 10017, Attention of Kyle Detwiler
                                         (Email: kyle@northernswan.com).

 

		(ii)	To
                                         the Agent: GLAS AMERICAS LLC at 3 Second Street, Suite 206, Jersey City, NJ 07311, Attention
                                         of Corporate Trust Administration (Email: adam.berman@glas.agency; Telephone No. 201-839-2181).

 

		(iii)	To
                                         the Paying Agent: GLAS USA LLC at 3 Second Street, Suite 206, Jersey City, NJ 07311,
                                         Attention of Corporate Trust Administration (Email: adam.berman@glas.agency; Telephone
                                         No. 201-839-2181).

 

Notices
mailed by registered mail or sent by hand or overnight courier service shall be deemed to have been given when received. Notices
sent by facsimile during the recipient’s normal business hours shall be deemed to have been given when sent (and if sent
after normal business hours shall be deemed to have been given at the opening of the recipient’s business on the next business
day).

 

	 	(b)	Electronic
    Communications. Notices and other communications to the Agent hereunder may be sent by electronic communication (including
    email) in accordance with procedures approved by the Agent. The Agent or any Guarantor may, in its discretion, agree to accept
    notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
    that approval of such procedures may be limited to particular notices or communications.

 

Unless
the Agent specifies otherwise, (i) notices and other communications sent by email shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return email or other written acknowledgement); provided that if such notice, email or other communication is not sent
during the recipient’s normal business hours, such notice, email or communication shall be deemed to have been sent at the
recipient’s opening of business on the next business day.

 

    	 	- 9 -	 

     

    

 

		(c)	Change
                                         of Address, Etc. Any party hereto may change its address or facsimile number
                                         for notices and other communications hereunder by notice to the other parties hereto.

 

	6.07	Continuing Guarantee

 

This
Guarantee is a continuing guarantee and shall remain in full force and effect until the full and final payment in full of the
Guaranteed Obligations and all other amounts payable under this Guarantee.

 

	6.08	Successors and Assigns; Assignments
    Under the Notes

 

		(a)	Successors
                                         and Assigns. This Guarantee shall be binding on each Guarantor, its successors
                                         and permitted assigns, and shall inure to the benefit of and be enforceable by the Secured
                                         Parties and their respective successors and assigns.

 

		(b)	Assignment.
                                         Any Secured Party may assign or otherwise transfer all or any portion of its
                                         rights and obligations under this Guarantee or under the Notes and any security relating
                                         to the Notes to any other Person without the consent of the Guarantors, and such other
                                         Person shall thereupon become vested with all the benefits in respect thereof granted
                                         to such Secured Party herein or otherwise, in each case in accordance with the assignment
                                         provisions of the applicable Note. The Guarantors shall not have the right to assign
                                         their rights hereunder or any interest herein without the prior written consent of the
                                         Agent.

 

	6.09	Severability

 

If
any term or provision of this Guarantee is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other term or provision of this Guarantee or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

	6.10	Counterparts

 

This
Guarantee and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, and all taken together shall constitute a single
contract. This Guarantee and the other Loan Documents, and any separate letter agreements with respect to fees payable to the
Secured Parties, constitute the entire contract among the parties with respect to the subject matter hereof and supersede all
previous agreements and understandings, oral or written, with respect thereto including without limitation the Original Guarantee.
Delivery of an executed counterpart of a signature page to this Guarantee by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Guarantee.

 

	6.11	Limitation Period

 

The
Guarantors agree that this Guarantee shall, for the purposes of the Limitation Act, SBC 2012, c 13 (British Columbia),
constitute a “business agreement” as defined in section 22 of that Act. To the maximum extent permitted by law, each
Guarantor hereby agrees that the Agent and the Secured Parties may bring an action under this Guarantee notwithstanding any limitation
period applicable to such claim, and that any limitation periods applicable to this Guarantee are hereby explicitly excluded.
If the exclusion of limitation periods is not permitted under applicable law, then the applicable limitation periods are hereby
extended to the maximum extent permitted by law.

 

    	 	- 10 -	 

     

    

 

	6.12	Language

 

The
parties have required that this Guarantee and all documents and notices resulting from it be drawn up in English. Les parties
aux présents ont exigés que la présente convention ainsi que tous les documents et avis qui s’y rattachent
ou qui en découleront soit rédigés en la langue anglaise.

 

	6.13	Judgment Currency

 

		(a)	Conversion.
                                         If, for the purpose of obtaining or enforcing judgment against any party in any court
                                         in any jurisdiction, it becomes necessary to convert into a particular currency an amount
                                         due under this Guarantee or the Notes or any other Loan Document, the conversion will
                                         be made at the Rate of Exchange prevailing on the Business Day immediately preceding
                                         the date on which judgment is given.

 

		(b)	Payment
                                         of additional amounts. If, as a result of a change in the Rate of Exchange between
                                         the date of judgment and the date of actual payment, the conversion results in the Secured
                                         Parties receiving less than the amount payable to them, the Guarantors shall pay the
                                         Secured Parties any additional amount as may be necessary to ensure that the amount received
                                         is not less than the amount payable by the Guarantors on the date of judgment.

 

		(c)	Treatment
                                         of additional amounts. Any additional amount due under this section will be due
                                         as a separate debt, gives rise to a separate cause of action, and will not be affected
                                         by judgment obtained for any other amount due under this Guarantee or the Notes or any
                                         other Loan Document.

 

	6.14	The Agent

 

GLAS
AMERICAS LLC has been appointed Agent for the Secured Parties pursuant to the Intercreditor and Collateral Agency Agreement. It
is expressly understood and agreed by the parties to this Guarantee that any authority conferred upon the Agent hereunder is subject
to the terms of the delegation of authority made to the Agent under the Intercreditor and Collateral Agency Agreement, and that
the Agent has agreed to act (and any successor Agent shall act) as such hereunder only on the express conditions contained in
the Intercreditor and Collateral Agency Agreement. Any successor Agent appointed pursuant to the Intercreditor and Collateral
Agency Agreement shall be entitled to all the rights, interests and benefits of the Agent hereunder, as applicable.

 

	6.15	Conflicts; Paramountcy

 

Notwithstanding
anything herein to the contrary, the rights, remedies and benefits granted to the Agent for the benefit of the Secured Parties
pursuant to this Guarantee and the exercise of any right or remedy by the Agent or any Secured Party hereunder are subject to
the provisions of the Intercreditor and Collateral Agency Agreement. In the event of any conflict between the terms of the Intercreditor
and Collateral Agency Agreement and this Guarantee with respect to any right or remedy of the Secured Parties relating to the
Guaranteed Obligations, the terms of the Intercreditor and Collateral Agency Agreement shall govern and control. To the extent
this Guarantee provides any additional rights or remedies to the Agent that are not contained in the Intercreditor and Collateral
Agency Agreement, it shall be deemed not to be a conflict, and the Agent shall have such additional rights and remedies.

 

	6.16	Governing Law; Jurisdiction;
    Etc.

 

	 	(a)	Governing Law. This
    Guarantee and any claim, controversy, dispute or cause of action based upon, arising out of or relating to this Guarantee
    shall be governed by, and construed in accordance with, the laws of the Province of British Columbia and the federal laws
    of Canada applicable therein.

 

	 	(b)	Submission
    to Jurisdiction. Any action or proceeding arising out of or based upon this Guarantee may be brought in the courts
    of the Province of British Columbia, and each party irrevocably submits and agrees to attorn to the exclusive jurisdiction
    of such courts in any such action or proceeding. The parties irrevocably and unconditionally waive any objection to the venue
    of any action or proceeding in such courts and irrevocably waive and agree not to plead in any such court that any such action
    or proceeding brought in any such court has been brought in an inconvenient forum. Each of the parties hereto agrees that
    a final judgment in any such action or proceeding may be enforced in other jurisdictions by suit on the judgment or in any
    other manner provided by law. Nothing herein or in any other Loan Document shall affect any right that any Secured Party may
    otherwise have to bring any action or proceeding relating to this Guarantee or any other Loan Document against any Guarantor
    or any other Obligor or its properties in the courts of any jurisdiction.

 

[Signature
page follows]

 

    	 	- 11 -	 

     

    

 

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

 

Guarantors:

 

	 	NS US HOLDINGS,
    INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	
	 	 	 
	 	HERBAL BRANDS,
    INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	 
	 	 	 
	 	NORTHERN SWAN INTERNATIONAL,
    INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	 
	 	 	 
	 	NORTHERN SWAN MANAGEMENT,
    INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	 

 

Northern
Swan — Amended and Restated Guarantee

 

    	 		 

     

    

 

	 	NORTHERN
    SWAN DEUTSCHLAND HOLDINGS, INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	CEO
	 	 	 
	 	NORTHERN
    SWAN PORTUGAL HOLDINGS, INC.
	 	 	 
	 	By	/s/
    Kyle Detwiler
	 	Name:	Kyle Detwiler
	 	Title:	 

 

Northern
Swan — Amended and Restated Guarantee

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