Document:

Exhibit 10.39

 

CLEVER LEAVES HOLDINGS INC.

2020 INCENTIVE AWARD PLAN

 

RESTRICTED SHARE UNIT AWARD GRANT NOTICE
AND RESTRICTED SHARE UNIT AGREEMENT

 

Clever
Leaves Holdings Inc., a corporation organized under the laws of British Columbia, Canada (the “Company”), pursuant
to its 2020 Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed
below (“Participant”) the number of Restricted Share Units set forth below (the “RSUs”).
The RSUs are subject to the terms and conditions set forth in this Restricted Share Unit Grant Notice (the “Grant Notice”),
the Restricted Share Unit Agreement attached hereto as Exhibit A (the “Agreement”), the special provisions
for the Participant’s country of residence if such Participant resides or provides services outside the United States, if
applicable, attached hereto as Exhibit B (the “Foreign Appendix”), and the Plan, each of which is incorporated
herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in the
Grant Notice and the Agreement.

 

	
        Participant:
	
        _______________________

	
        Grant
        Date:
	
        _______________________

	
        Number
        of RSUs:
	
        _______________________

	
        Vesting
        Schedule:
	
        See
        Exhibit C

 

By Participant’s
signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Foreign Appendix, if applicable, the
Agreement and the Grant Notice. Participant has reviewed the Agreement, the Foreign Appendix, if applicable, the Plan and the Grant
Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant Notice and fully
understands all provisions of the Grant Notice, the Agreement, the Foreign Appendix, if applicable, and the Plan. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan, the Grant Notice or the Agreement.

 

	CLEVER LEAVES HOLDINGS INC.	 	PARTICIPANT
	 	 	 	 	 
	By:	     	 	By:	                       
	Name:  	[__________________]	 	Name:  	 
	Title:	[__________________]	 	 	 

 

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EXHIBIT A

TO RESTRICTED SHARE UNIT AWARD GRANT
NOTICE

RESTRICTED SHARE UNIT AWARD AGREEMENT

 

Pursuant to the Grant
Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.

 

ARTICLE
I.

GENERAL

Section 1.1 Defined
Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.
For purposes of this Agreement,

 

(a) “Affiliate”
means any corporation or any other entity (including, but not limited to, partnerships and join ventures) directly or indirectly
controlled by the Company.

 

(b) “Company
Group” shall mean the Company and its Subsidiaries and Affiliates.

 

(c) “Company
Group Member” shall mean each member of the Company Group.

 

Section 1.2 Incorporation
of Terms of Plan. The RSUs and the Shares issued to Participant hereunder are subject to the terms and conditions set forth
in this Agreement, the Foreign Appendix, if applicable, and the Plan, which is incorporated herein by reference. In the event of
any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. In the event of any inconsistency between
the Plan and/or this Agreement with the Foreign Appendix, the terms of the Foreign Appendix shall control.

 

ARTICLE
II.

AWARD OF RESTRICTED SHARE UNITS

Section 2.1 Award
of RSUs. In consideration of Participant’s past and/or continued employment with or service to a Company Group Member
and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant
Date”), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions
set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 12.2 of the Plan. Each
RSU represents the right to receive one Share at the times and subject to the conditions set forth herein. However, unless and
until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery
of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.

 

Section 2.2 Vesting
of RSUs.

 

(a)
Subject to Participant’s continued employment with or service to a Company Group Member on each applicable vesting date and
subject to the terms of this Agreement, including, without limitation, Section 2.2(d), the RSUs shall vest in such amounts
and at such times as are set forth in the Grant Notice.

 

(b)
In the event Participant incurs a Termination of Service, except as may be otherwise provided by the Administrator or as set forth
in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs granted under
this Agreement that have not vested or do not vest on or prior to the date on which such Termination of Service occurs, and Participant’s
rights in any such RSUs that are not so vested shall lapse and expire.

 

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Section 2.3

 

(a) Distribution or
Payment of RSUs. Participant’s RSUs shall be distributed in Shares (either in book-entry form or otherwise) as soon as
administratively practicable following the vesting of the applicable RSU pursuant to Section 2.2, and, in any event, no
later than March 15th of the calendar year following the year in which such vesting occurred
(for the avoidance of doubt, this deadline is intended to comply with the “short-term deferral” exemption from Section
409A). Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines
that such payment or distribution will violate federal securities laws or any other Applicable Law, provided that such distribution
or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or
payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided further
that no payment or distribution shall be delayed under this Section 2.3(a) if such delay will result in a violation of Section
409A.

 

(b) If permitted by the
Company, Participant may elect, in accordance with written plans or procedures adopted by the Company from time to time, to defer
the distribution of all or any portion of the Shares that would otherwise be distributed to Participant hereunder.

 

(c) All distributions
shall be made by the Company in the form of whole Shares, and any fractional share shall be distributed in cash in an amount equal
to the value of such fractional share determined based on the Fair Market Value as of the date immediately preceding the date of
such distribution.

 

Section 2.4 Conditions
to Issuance of Certificates. The Company shall not be required to issue or deliver any certificate or certificates for any
Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the
admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration
or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange
Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or
advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator
shall, in its absolute discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such
Shares, which may be in one or more of the forms of consideration permitted under Section 2.5, and (e) the receipt of full
payment of any applicable withholding tax in accordance with Section 2.5 by the Company Group Member with respect to which
the applicable withholding obligation arises.

 

Section 2.5 Tax
Withholding. Notwithstanding any other provision of this Agreement:

 

(a)
The Company Group has the authority to deduct or withhold, or require Participant to remit to the applicable Company Group Member,
an amount sufficient to satisfy any applicable federal, state, local, provincial and foreign taxes (including the employee portion
of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated to deliver any certificate representing
Shares to the Participant or the Participant’s legal representative or enter such Shares in book entry form unless and until
the Participant or the Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all
federal, state and local taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the RSUs
or the issuance of Shares. The Company Group may withhold or Participant may make such payment in one or more of the forms specified
below:

 

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(i)
by cash or check made payable to the Company Group Member with respect to which the withholding obligation arises;

 

(ii)
by the deduction of such amount from other compensation payable to Participant;

 

(iii)
with the consent of the Administrator, by requesting that the Company withhold a net number of Shares subject to the Award having
a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company Group
based on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local, provincial
and foreign income tax and payroll tax purposes that are applicable to such taxable income;

 

(iv)
with the consent of the Administrator, by tendering to the Company vested Shares held for such period of time as may be required
by the Administrator in order to avoid adverse accounting consequences and having a then current Fair Market Value not exceeding
the amount necessary to satisfy the withholding obligation of the Company Group based on the maximum statutory withholding rates
in Participant’s applicable jurisdictions for federal, state, local, provincial and foreign income tax and payroll tax purposes
that are applicable to such taxable income;

 

(v)
through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect
to the Shares for which the Restrictions are then subject to lapse, and that the broker has been directed to pay a sufficient portion
of the net proceeds of the sale to the Company Group Member with respect to which the withholding obligation arises in satisfaction
of such withholding taxes; provided that payment of such proceeds is then made to the applicable Company Group Member at such time
as may be required by the Administrator, but in any event not later than the settlement of such sale; or

 

(vi)
in any combination of the foregoing.

 

(b)
With respect to any withholding taxes arising in connection with the Award, in the event Participant fails to provide timely payment
of all sums required pursuant to Section 2.5(a), the Company shall have the right and option, but not the obligation, to
treat such failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation
pursuant to Section 2.5(a)(ii) or Section 2.5(a)(iii) above, or any combination of the foregoing as the Company may
determine to be appropriate. The Company shall not be obligated to deliver any certificate representing Shares issuable with respect
to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall
have paid or otherwise satisfied in full the amount of all federal, state, local, provincial and foreign taxes applicable with
respect to the taxable income of Participant resulting from the grant of the Award or the issuance or vesting of RSUs hereunder
or any other taxable event with respect to the RSUs.

 

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(c)
In the event any tax withholding obligation arising in connection with the Award will be satisfied under Section 2.5(a)(v)
above, then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell
on Participant’s behalf a whole number of Shares from those Shares that are subject to the Award as the Company determines
to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such
sale to the Company Group Member with respect to which the withholding obligation arises. Participant’s acceptance of this
Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions
described in this Section 2.5(c), including the transactions described in the previous sentence, as applicable.

 

(d) In the event of any
broker-assisted sale of Shares in connection with the payment of withholding taxes as provided in Section 2.5(a)(v) or Section
2.5(c): (i) any Shares to be sold through a broker-assisted sale will be sold on the day the tax withholding obligation arises,
or as soon thereafter as practicable; (ii) such Shares may be sold as part of a block trade with other participants in the Plan
in which all participants receive an average price; (iii) Participant will be responsible for all broker’s fees and other
costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating
to any such sale; (iv) to the extent the proceeds of such sale exceed the applicable tax withholding obligation, the Company agrees
to pay such excess in cash to Participant as soon as reasonably practicable; (v) Participant acknowledges that the Company or its
designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not
be sufficient to satisfy the applicable tax withholding obligation; and (vi) in the event the proceeds of such sale are insufficient
to satisfy the applicable tax withholding obligation, Participant agrees to pay immediately upon demand to the Company Group Member
with respect to which the withholding obligation arises, an amount in cash sufficient to satisfy any remaining portion of the applicable
Company Group Member’s withholding obligation.

 

(e)
Participant is ultimately liable and responsible for, and, to the extent permitted by Applicable Law, agrees to indemnify and keep
indemnified the Company Group from, all taxes owed in connection with the Award, regardless of any action any Company Group Member
takes with respect to any tax withholding obligations that arise in connection with the Award. No Company Group Member makes any
representation or undertaking regarding the treatment of any tax withholding in connection with the awarding or vesting of the
Award or the subsequent sale of Shares. The Company Group does not commit and is under no obligation to structure the Award to
reduce or eliminate Participant’s tax liability.

 

(f) For purposes of this
Section 2.5, (i) “Applicable Law” shall include without limitation, all applicable securities, corporate, tax and other
laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars, procedures and policies,
and (ii) “withholding taxes” shall include any and all taxes and other source deductions, including but not limited
to contributions under the Canada Pension Plan, Quebec Pension Plan and premiums under the Employment Insurance Act, as
applicable, or other amounts which the Company Group Member is required by Applicable Law to withhold from any amounts paid or
credited to a Participant under the Plan.

 

Section 2.6 Rights
as Shareholder. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges
of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents
or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise
provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company
with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

 

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ARTICLE III.

OTHER PROVISIONS

 

Section 3.1 Administration.
The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and
to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator
will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable
Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with
respect to the Plan, the Grant Notice or this Agreement.

 

Section 3.2 RSUs
Not Transferable. The RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of
descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to
such Shares have lapsed. No RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements
of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition
thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.
Notwithstanding the foregoing, with the consent of the Administrator, the RSUs may be transferred to Permitted Transferees, pursuant
to any such conditions and procedures the Administrator may require.

 

Section 3.3 Adjustments.
The Administrator may accelerate the vesting of all or a portion of the RSUs in such circumstances as it, in its sole discretion,
may determine. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification
and termination in certain events as provided in this Agreement and the Plan, including Section 12.2 of the Plan.

 

Section 3.4 Notices.
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary
of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant
at Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 3.4,
either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly
given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post
office or branch post office regularly maintained by the United States Postal Service or similar foreign entity.

 

Section 3.5 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 3.6 Governing
Law. The laws of the Province of British Columbia and the federal laws of Canada applicable therein shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied
under principles of conflicts of laws.

 

Section 3.7 Conformity
to Securities Laws. Participant acknowledges that the Plan, the Grant Notice, this Agreement, and the Foreign Appendix, if
applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions
of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and
Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and the RSUs are granted, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable
Law, the Plan, the Grant Notice, this Agreement, and the Foreign Appendix, if applicable, shall be deemed amended to the extent
necessary to conform to Applicable Law.

 

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Section 3.8 Amendment,
Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise
modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except
as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely
affect the RSUs in any material way without the prior written consent of Participant.

 

Section 3.9 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section
3.2 and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.

 

Section 3.10 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section 16 of the Exchange Act, the Plan, the RSUs, the Grant Notice and this Agreement shall be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange
Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement
shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

Section 3.11 Not
a Contract of Employment. Nothing in this Agreement, the Foreign Appendix, if applicable, or in the Plan shall confer upon
Participant any right to continue to serve as an employee or other service provider of any Company Group Member or shall interfere
with or restrict in any way the rights of any Company Group Member, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly
provided otherwise in a written agreement between a Company Group Member and Participant or (ii) where such provisions are not
consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

 

Section 3.12 Entire
Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of
the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to
the subject matter hereof.

 

Section 3.13 Section
409A. This Award is not intended to constitute “nonqualified deferred compensation” within the meaning of Section
409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator
determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its
sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt
such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

 

Section 3.14 Agreement
Severable. In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement.

 

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Section 3.15 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as
creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the
rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect
to the RSUs.

 

Section 3.16 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable
Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

Section 3.17 Special
Provisions for Restricted Share Units Granted to Participants Outside the United States. If the Participant performs services
for the Company outside of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant’s
country of residence, as set forth in the Foreign Appendix.

 

(a) If the Participant
relocates to one of the countries included in the Foreign Appendix during the life of this Agreement, the special provisions for
such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary
or advisable in order to comply with applicable foreign and local law or facilitate the administration of the Plan.

 

(b) The Company reserves
the right to impose other requirements on this Agreement, the RSUs and the Shares issued upon settlement of the RSUs, to the extent
the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws or facilitate the
administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary
to accomplish the foregoing.

 

Section 3.18 Lockup.

 

(a) For purposes of this
Section 3.18: (i) “Immediate Family” means any relationship by blood, marriage, domestic partnership or adoption,
not more remote than first cousin; (ii) “Lockup Period” means the period commencing on the effective date of
the registration statement on Form S-4 relating to the Transactions (as defined in the Business Combination Agreement, by and among
the Company, Schultze Special Purpose Acquisition Corp. and other parties thereto (the “BCA”)) and ending on
the earlier of (A) the date that is one (1) year following the Closing Date (as defined in the BCA) and (B) the date on which the
closing price of the Shares on Nasdaq as reported by Bloomberg Financial L.P. using the AQR function equals or exceeds $12.50 per
share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any 20 trading days within any
consecutive 30-trading day period commencing after the 180th day after the Closing Date; (iii) “Subject Securities”
means any Subject Common Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for
Subject Common Shares owned, directly or indirectly, by the Participant, or under control or direction of the Participant or with
respect to which the Participant has beneficial ownership; and (iv) “Subject Common Shares” means common shares
of the Company or Clever Leaves International Inc., a corporation organized under the laws of British Columbia, Canada, owned,
directly or indirectly, by the Participant, or under control or direction of the Participant or with respect to which the Participant
has beneficial ownership.

 

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(b) The Participant
hereby acknowledges, covenants and agrees that, without the prior written consent of the Company, the Participant will not, during
the Lockup Period: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option
or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly,
any Subject Securities or (ii) enter into, or allow to exist, any swap or other arrangement that transfers to another, in whole
or in part, directly or indirectly, any of the economic consequences of ownership of the Subject Securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Subject Common Shares or other securities of the Company,
in cash, or otherwise. The Participant further agrees to execute such agreements as may be reasonably requested by the Company
in connection with the Transactions that are consistent with this Section 3.18 or that are necessary to give further effect thereto.

 

(c) The foregoing
provisions of Section 3.18(b) shall not apply to the following:

 

(i)       transactions
relating to Shares acquired by the Participant in open market transactions, provided that it shall be a condition to the
transfer that no filing under Section 16(a) of the Exchange Act, reporting such transfer of the Shares, shall be required or shall
be voluntarily made during the Lockup Period;

 

(ii)       transfers
of Shares as a bona fide gift, provided that the donee or donees thereof agree to be bound in writing by the restrictions
set forth herein;

 

(iii)       transfers
of Shares to any trust or other entity formed for estate planning purposes for the direct or indirect benefit of the Participant
or the Immediate Family of the Participant, provided that (A) the trustee of the trust agrees to be bound in writing
by the restrictions set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(iv)       transfers
of Shares by will or intestate succession, provided that (A) the transferee agrees to be bound in writing by the restrictions
set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(v)       transfers
of Shares pursuant to a qualified domestic order or in connection with a divorce settlement, provided the transferee
agrees to be bound in writing by the restrictions set forth herein;

 

(vi)       transfers
of Shares to another person that controls, is controlled by or is under common control or management with the Participant, if applicable,
provided that (A) the transferee or distributee agrees to be bound in writing by the restrictions set forth herein
and (B) any such transfer shall not involve a disposition for value;

 

(vii)       pledges
of Shares as security or collateral in connection with any borrowing or the incurrence of any indebtedness of the Participant,
provided that such borrowing or incurrence of indebtedness is secured by a portfolio of assets or equity interests issued
by multiple issuers, provided further that the Shares pledged remain subject to this Section 3.18; or

 

(viii)       transactions
relating to Shares as contemplated by Section 2.5(a)(iii) or Section 2.5(a)(iv).

 

* * * * *

 

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EXHIBIT B

TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

SPECIAL PROVISIONS FOR RESTRICTED SHARE
UNITS

 

GRANTED TO PARTICIPANTS OUTSIDE THE U.S.

 

This Exhibit B
includes additional terms applicable to Participants who reside or provide services to a Company Group Member in the countries
identified below. These terms and conditions are in addition to those set forth in the Agreement to which this Exhibit B
is attached and the Plan and to the extent there are any inconsistencies between these terms and conditions and those set forth
in the Agreement, these terms and conditions shall prevail. Any capitalized term used in this Exhibit B without definition
shall have the meaning ascribed to such term in the Plan or the Agreement, as applicable.

This Foreign Appendix
also includes information relating to exchange control and other issues of which the Participant should be aware with respect to
his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in
the respective countries as of September 2020. Such laws are often complex and change frequently. As a result, the Company strongly
recommends that the Participant does not rely on the information herein as the only source of information relating to the consequences
of participation in the Plan because the information may be out of date at the time the RSUs are settled or Shares acquired under
the Plan are sold.

 

In addition, the information
is general in nature and may not apply to the particular situation of the Participant, and the Company is not in a position to
assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional advice
as to how the relevant laws in his or her country may apply to his or her situation. Finally, if the Participant is a citizen or
resident of a country other than the one in which he or she is currently working, the information contained herein may not be applicable
to the Participant.

 

CANADA

 

The following provision shall be added
as Section 2.7 of the Agreement:

 

Section 2.7 Acknowledgment
of Nature of Plan and RSUs. In accepting this Agreement, the Participant acknowledges that, except as specifically required
in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a)
for employment law purposes, RSUs and Shares issued upon vesting thereof are an extraordinary item that do not constitute wages
of any kind for services of any kind rendered to the Company or to the Participant’s employer, and the grant of RSUs is outside
the scope of the Participant’s employment contract, if any;

 

(b)
neither the grant of RSUs nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer upon
the Participant any right with respect to employment or continuation of current employment and shall not be interpreted to form
an employment contract or relationship with the Company or any Company Group Member;

 

(c)
in consideration of the grant of RSUs hereunder, no claim or entitlement to compensation or damages arises from termination of
RSUs, and no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination
of the Participant’s employment by the Company or any Company Group Member (for any reason whatsoever) and the Participant
irrevocably releases the Company and the Participant’s employer from any such claim that may arise; if, notwithstanding the
foregoing, any such claim is found by a court of competent jurisdiction to have arisen, the Participant shall be deemed irrevocably
to have waived the Participant’s entitlement to pursue such claim at common law; and

 

    10

     

    

 

(d)
in the event of termination of the Participant’s employment the Participant’s rights to vest in the RSUs under the
Plan, if any, will terminate effective as of the date that the Participant is no longer actively employed and shall not include
any period of reasonable notice at common law; and

 

(e)
the Administrator has reserved the right to terminate the Plan.

 

The following provision shall be added
to Section 3.7 of the Agreement:

 

Participants residing
in Canada, or providing services to a Company Group Member in Canada, acknowledge that grants of RSUs are exempt from the obligation
under applicable securities laws to file a prospectus or other registration document qualifying the distribution of the Shares
to be distributed thereunder under any applicable securities laws and that any Shares issued under the Plan or an award may contain
required restrictive legends.

 

COLOMBIA

 

The following provision shall be added
as Section 2.7 of the Agreement:

 

2.7 Acknowledgment
of Nature of Plan and RSUs. In accepting this Agreement, the Participant acknowledges that, except as specifically required
in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a) for employment law
purposes, particularly for purposes of calculating contributions, payroll taxes, accruals, legal and extra-legal benefits, premiums
and aids, under any other plan or program that is maintained or funded by the Company or any Company Group Member, any and all
compensations or benefits, in money or in kind, that the Participant directly or indirectly earns or is deemed to be earned under
this Plan, including the RSUs and Shares issued upon settlement thereof are an extraordinary item that do not constitute salary
of any kind for services of any kind rendered to the Company or to the Participant’s employer; and

 

(b) neither the grant
of RSUs nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer upon the Participant
any right with respect to employment or continuation of current employment and shall not be interpreted to form an employment contract
or relationship with the Company or any Company Group Member.

 

GERMANY

 

		1.	Definition of Employee. The definition of Employee
shall, for the avoidance of doubt, include the legal representatives of the German group members.

 

		2.	Taxes. For the avoidance of doubt, taxes always
include German social security contributions, and in this regard, Participant’s portion.

 

    11

     

    

 

		3.	Securities Law. This offer does not require a securities
prospectus (Wertpapierprospekt) to be submitted for approval to the German Federal Financial Supervisory Authority (Bundesanstalt
für Finanzdienstleistungsaufsicht or BaFin).

 

		4.	Exchange Control Information. Cross-border payments
in excess of €12,500 must be reported monthly to the German Central Bank (Deutsche Bundesbank). If Participant uses
a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of Shares acquired under
the Plan, the bank will file the report for Participant. In addition, Participant must report any receivables, payables, or debts
in foreign currency exceeding an amount of €5,000,000 on a monthly basis. Finally, Participant must report on an annual basis
if Participant holds Shares that exceed 10% of the total voting capital of the Company.

 

		5.	Consent to Personal Data Processing and Transfer.
By acceptance of this RSU, the Participant acknowledges and consents to the collection, use, processing, recording, organization,
structuring, storage, adaption or alteration, retrieval, disclosure and transfer of personal data as described below and in accordance
with the Company privacy policy. The Company Group Members hold certain personal information, including the Participant’s
name, home address and telephone number, date of birth, social security number or other employee tax identification number, employment
history and status, salary, nationality, job title, and any equity compensation grants or Shares awarded, cancelled, purchased,
vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (“Data”).
The Company Group Members will transfer Data to any third parties assisting the Company in the implementation, administration
and management of the Plan. The Company Group Members may also make the Data available to public authorities where required under
locally applicable law. These recipients may be located in the United States, the European Economic Area, or elsewhere, which
the Participant separately and expressly consents to, accepting that outside the European Economic Area, data protection laws
may not be as protective as within. The Participant hereby authorizes the Company Group Members to collect, use, process, record,
organize, structure, store, adapt or alter, retrieve, disclose and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing participation in the Plan, including any requisite transfer of such Data as may be
required for the administration of the Plan on behalf of the Participant to a third party with whom the Participant may have elected
to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require any necessary amendments to
it or withdraw the consent herein in writing or by e-mail by contacting the Company through Participant’s local human resources
representative. However, withdrawing the consent may affect the Participant’s ability to participate in the Plan and receive
the benefits intended by this RSU. Data will only be held as long as necessary to implement, administer and manage the Participant’s
participation in the Plan and any subsequent claims or rights.

 

PORTUGAL

 

		1.	Taxes. For avoidance of doubt, there will be no social security contributions liability
for the employer on the grant of an RSU, when an RSU vests, on the settlement of an RSU or on the sale of Shares.

 

		2.	Securities Law. This offer does not require a securities prospectus to be submitted for
approval to the Portuguese Securities Market Commission (CMVM) or registration as a public share offer provided the number
of eligible Participants in Portugal is below 150.

 

    12

     

    

 

		3.	Consent to Personal Data Processing and Transfer.

 

		a)	By acceptance of this RSU, the Participant acknowledges and consents to the collection, use, processing,
recording, organization, structuring, storage, adaption or alteration, retrieval, disclosure and transfer of personal data as described
below and in accordance with the Company Group’s privacy policy. The Company Group Members hold certain personal information,
including the Participant’s name, home address and telephone number, date of birth, social security number or other employee
tax identification number, employment history and status, salary, nationality, job title, and any equity compensation grants or
Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing
and administering the Plan (“Data”).

 

		b)	Before processing the Participant’s data for the purpose of management of an equity incentive
plan, the employer will need to issue and send a notification to the Portuguese Data Protection Agency (“CNPD”). In
consequence, notification of this data processing to CNPD might be advisable.

 

		c)	The Company Group Members will transfer Data to any third parties assisting the Company Group in
the implementation, administration and management of the Plan. The Company Group Members may also make the Data available to public
authorities where required under locally applicable law. These recipients may be located in the United States, the European Economic
Area, or elsewhere, which the Participant separately and expressly consents to, accepting that outside the European Economic Area,
data protection laws may not be as protective as within. The Participant hereby authorizes the Company Group Members to collect,
use, process, record, organize, structure, store, adapt or alter, retrieve, disclose and transfer the Data, in electronic or other
form, for the purposes of implementing, administering and managing participation in the Plan, including any requisite transfer
of such Data as may be required for the administration of the Plan on behalf of the Participant to a third party with whom the
Participant may have elected to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require
any necessary amendments to it or withdraw the consent herein in writing or by e-mail contacting the Company through Participant’s
local human resources representative. However, withdrawing the consent may affect the Participant’s ability to participate
in the Plan and receive the benefits intended by the RSUs. Data will only be held as long as necessary to implement, administer
and manage the Participant’s participation in the Plan and any subsequent claims or rights.

 

		d)	When the transfer of data is made to a non-EU country, CNPD’s authorisation is required,
unless it is a country listed by EU as guaranteeing an adequate level of protection. Since data will be transferred to the US,
in judgment “Schrems II” of July 16, 2020 (in case C-311/18), the ECJ declared the Commission’s Implementing
Decision (EU) 2016/1250 of July 12, 2016 in accordance with Directive 95/46 / EC of the European Parliament and the Council on
the adequacy of the EU-US data protection shield (Privacy Shield) invalid with immediate effect, so that data transmissions to
the USA cannot therefore be based on the Privacy Shield and require other guarantees, according to Art. 44 et seq. GDPR, to create
an appropriate level of data protection.

 

    13

     

    

 

EXHIBIT C

TO RESTRICTED SHARE UNIT GRANT NOTICE

 

VESTING SCHEDULE

 

[Insert vesting schedule]

 

 

14Exhibit
10.40

 

CLEVER
LEAVES HOLDINGS INC.

2020 INCENTIVE AWARD PLAN

STOCK
OPTION GRANT NOTICE AND

STOCK
OPTION AGREEMENT

 

Clever
Leaves Holdings Inc., a corporation organized under the laws of British Columbia, Canada (the “Company”), pursuant
to its 2020 Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed
below (“Participant”) an option to purchase the number of Shares set forth below (the “Option”).
The Option is subject to the terms and conditions set forth in this Stock Option Grant Notice (the “Grant Notice”),
the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), the special provisions for
the Participant’s country of residence if such Participant resides or provides services outside the United States, if applicable,
attached hereto as Exhibit B (the “Foreign Appendix”) and the Plan, each of which is incorporated herein
by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant
Notice and the Agreement.

 

	Participant:	[
    ]
	 	 
	Grant
    Date:	[ ]
	 	 
	Exercise
    Price Per Share:	$[
    ]
	 	 
	Total
    Number of Shares Subject to Option:	[ ]
	 	 
	Expiration
    Date:	[ ]
	 	 
	Type
    of Option:	o Incentive
    Stock Option o Non-Qualified Stock Option
	 	 
	Vesting
    Schedule:	See
    Exhibit C

 

By
Participant’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and
the Grant Notice. Participant has reviewed the Agreement, the Plan and the Grant Notice in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing the Grant Notice and fully understands all provisions of the Grant Notice,
the Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Administrator upon any questions arising under the Plan, the Grant Notice or the Agreement.

 

	CLEVER
    LEAVES HOLDINGS INC.	 	PARTICIPANT
	 	 	 	 	 
	By:	 	 	By:	 
	Print
    Name:	[ ]	 	Print
    Name:	[ ]
	Title:	[ ]	 	 	 

 

    1

     

    

 

EXHIBIT
A

TO
STOCK OPTION GRANT NOTICE

 

STOCK
OPTION AGREEMENT

 

Pursuant
to the Grant Notice to which this Agreement is attached, the Company has granted to Participant an Option under the Plan to purchase
the number of Shares set forth in the Grant Notice.

 

ARTICLE
I.

GENERAL

 

1.1
Defined Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant
Notice. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)
“Affiliate” means any corporation or any other entity (including, but
not limited to, partnerships and joint ventures) directly or indirectly controlled by the Company.

 

(a)
“Cause” shall mean a Company Group Member having “Cause” to terminate Participant’s employment
or services, as such term is defined in any relevant employment or consulting agreement between Participant and a Company Group
Member; provided that, in the absence of such agreement containing such definition, a Company Group Member shall have “Cause”
to terminate Participant’s employment or services upon: (i) Participant’s dishonesty of a material nature, including
theft, fraud, or embezzlement of money or tangible or intangible assets or property of any Company Group Member or its employees
or business relations; (ii) Participant’s conviction of, or a plea of nolo contendere to, a felony or act of moral turpitude
(excluding any conviction of, or plea of nolo contendere to, any crime under Federal laws for possession or distribution of cannabis
or of any products containing cannabis resulting from Participant’s actions that are lawful under applicable state law and
are undertaken by Participant at the direction of Participant’s supervisor or manager or any officer of any Company Group
Member in the performance of Participant’s duties to any Company Group Member); (iii) material breach of Participant’s
fiduciary duties to any Company Group Member; (iv) gross negligence or willful misconduct in the performance of Participant’s
duties to any Company Group Member; (v) alcoholism or drug abuse, either of which materially impairs the ability of Participant
to perform Participant’s duties and responsibilities or is injurious to the business of the Company Group; (vi) intentionally
causing the Company Group to violate any local, state or Federal law, rule or regulation that harms or may harm the Company Group
in any material respect (excluding any crime under Federal laws for possession or distribution of cannabis or of any products
containing cannabis resulting from Participant’s actions that are lawful under applicable state law and are undertaken by
Participant at the direction of Participant’s supervisor or manager or any officer of any Company Group Member in the performance
of Participant’s duties to any Company Group Member); (vii) willful refusal to comply with any significant policy, directive
or decision of the Chief Executive Officer of the Company, any other executive(s) of the Company Group to whom Participant reports,
or the Board, or willful refusal to perform the duties reasonably assigned to Participant by the Chief Executive Officer of the
Company, any other executive(s) of the Company Group to whom Participant reports or the Board consistent with Participant’s
functions, duties and responsibilities, in each case, in any material respect, not remedied within thirty (30) days after receipt
of written notice from the Company Group; (viii) breach (other than by reason of physical or mental illness, injury, or condition)
of any other material obligation to the Company Group that is or could reasonably be expected to result in material harm to the
Company Group not remedied within thirty (30) days after receipt of written notice of such breach from the Company Group;
(ix) violation of the Company Group’s operating and or financial/accounting procedures which results in material loss to
the Company Group, as determined by the Company Group; or (x) violation of the Company Group’s confidentiality, non-compete
or non-solicit requirements (including those set forth in this Agreement) or Code of Business Conduct. Whether or not an event
giving rise to “Cause” occurs will be determined by the Board in its sole discretion.

 

(b)
“Cessation Date” shall mean the date of Participant’s Termination of Service (regardless of the reason
for such termination).

 

(c)
“Company Group” shall mean the Company and its Subsidiaries and Affiliates.

 

    2

     

    

 

(d)
“Company Group Member” shall mean each member of the Company Group.

 

(e)
“Disability” shall have the meaning ascribed to such term in any relevant employment agreement between Participant
and a Company Group Member; provided that, in the absence of such agreement containing such definition, “Disability”
shall mean the disability of Participant such as would entitle the Participant to receive disability income benefits pursuant
to the long-term disability plan of the Company Group Member then covering Participant or, if no such plan exists or is applicable
to Participant, the permanent and total disability of Participant within the meaning of Section 22(e)(3) of the Code.

 

1.2
Incorporation of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement, the Foreign
Appendix, if applicable, and the Plan, each of which is incorporated herein by reference. In the event of any inconsistency between
the Plan and this Agreement, the terms of the Plan shall control. In the event of any inconsistency between the Plan and/or this
Agreement with the Foreign Appendix, the terms of the Foreign Appendix shall control.

 

ARTICLE
II.

GRANT OF OPTION

 

2.1
Grant of Option. In consideration of Participant’s past and/or continued employment with or service to any Company
Group Member and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the
“Grant Date”), the Company has granted to Participant the Option to purchase any part or all of an aggregate
number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this
Agreement, subject to adjustment as provided in Section 12.2 of the Plan.

 

2.2
Exercise Price. The exercise price per Share of the Shares subject to the Option (the “Exercise Price”)
shall be as set forth in the Grant Notice.

 

2.3
Consideration to the Company. In consideration of the grant of the Option by the Company, Participant agrees to render
faithful and efficient services to any Company Group Member. Nothing in the Plan, the Grant Notice or this Agreement shall confer
upon Participant any right to continue in the employ or service of any Company Group Member or shall interfere with or restrict
in any way the rights of the Company Group, which rights are hereby expressly reserved, to discharge or terminate the services
of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise
in a written agreement between any Company Group Member and Participant.

 

ARTICLE
III.

PERIOD OF EXERCISABILITY

 

3.1
Commencement of Exercisability.

 

(a)
Subject to Participant’s continued employment with or service to a Company Group Member on each applicable vesting date
and subject to Sections 3.2, 3.3, 6.9 and 6.14 hereof, the Option shall become vested and exercisable
in such amounts and at such times as are set forth in the Grant Notice.

 

(b)
Subject to Section 11.4 of the Plan and unless otherwise determined by the Administrator or as set forth in a written agreement
between Participant and the Company, any portion of the Option that has not become vested and exercisable on or prior to the Cessation
Date (including, without limitation, pursuant to any employment or similar agreement by and between Participant and the Company)
shall be forfeited on the Cessation Date and shall not thereafter become vested or exercisable.

 

3.2
Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative.
Each such installment that becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall
remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. Once the Option becomes unexercisable,
it shall be forfeited immediately.

 

    3

     

    

 

3.3
Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following
events:

 

(a)
The expiration date set forth in the Grant Notice;

 

(b)
Except as the Administrator may otherwise approve, the expiration of twelve (12) months from the Cessation Date by reason of Participant’s
Termination of Service due to death or Disability;

 

(c)
Except as the Administrator may otherwise approve, immediately upon the Cessation Date by reason of Participant’s Termination
of Service by the Company Group for Cause; and

 

(d)
Except as the Administrator may otherwise approve, the expiration of three (3) months from the Cessation Date by reason of Participant’s
Termination of Service for any reason other than by the Company Group for Cause or due to death or Disability.

 

3.4
Tax Withholding. Notwithstanding any other provision of this Agreement:

 

(a)
The Company Group has the authority to deduct or withhold, or require Participant to remit to the applicable Company Group Member,
an amount sufficient to satisfy any applicable federal, state, local, provincial and foreign taxes (including the employee portion
of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement.
The Company Group may withhold or Participant may make such payment in one or more of the forms specified below:

 

(i)
by cash or check made payable to the Company Group Member with respect to which the withholding obligation arises;

 

(ii)
by the deduction of such amount from other compensation payable to Participant;

 

(iii)
with respect to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Administrator,
by requesting that the Company withhold a net number of Shares issuable upon the exercise of the Option having a then current
Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company Group based on the maximum
statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local, provincial and foreign
income tax and payroll tax purposes that are applicable to such taxable income;

 

(iv)
with respect to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Administrator,
by tendering to the Company vested Shares held for such period of time as may be required by the Administrator in order to avoid
adverse accounting consequences and having a then current Fair Market Value not exceeding the amount necessary to satisfy the
withholding obligation of the Company Group based on the maximum statutory withholding rates in Participant’s applicable
jurisdictions for federal, state, local, provincial and foreign income tax and payroll tax purposes that are applicable to such
taxable income;

 

(v)
with respect to any withholding taxes arising in connection with the exercise of the Option, through the delivery of a notice
that Participant has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable to
Participant pursuant to the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the
sale to the Company Group Member with respect to which the withholding obligation arises in satisfaction of such withholding taxes;
provided that payment of such proceeds is then made to the applicable Company Group Member at such time as may be required
by the Administrator, but in any event not later than the settlement of such sale; or

 

(vi)
in any combination of the foregoing.

 

(b)
With respect to any withholding taxes arising in connection with the Option, in the event Participant fails to provide timely
payment of all sums required pursuant to Section 3.4(a), the Company shall have the right and option, but not the obligation,
to treat such failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation
pursuant to Section 3.4(a)(ii) or Section 3.4(a)(iii) above, or any combination of the foregoing as the Company
may determine to be appropriate. The Company shall not be obligated to deliver any certificate representing Shares issuable with
respect to the exercise of the Option to, or to cause any such Shares to be held in book-entry form by, Participant or his or
her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied
in full the amount of all federal, state, local, provincial and foreign taxes applicable with respect to the taxable income of
Participant resulting from the exercise of the Option or any other taxable event related to the Option.

 

    4

     

    

 

(c)
In the event any tax withholding obligation arising in connection with the Option will be satisfied under Section 3.4(a)(iii),
then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s
behalf a whole number of Shares from those Shares then issuable upon the exercise of the Option as the Company determines to be
appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale
to the Company Group Member with respect to which the withholding obligation arises. Participant’s acceptance of this Option
constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions
described in this Section 3.4(c), including the transactions described in the previous sentence, as applicable. The Company
may refuse to issue any Shares to Participant until the foregoing tax withholding obligations are satisfied, provided that
no payment shall be delayed under this Section 3.4(c) if such delay will result in a violation of Section 409A.

 

(d)
Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action any
Company Group Member takes with respect to any tax withholding obligations that arise in connection with the Option. No Company
Group Member makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding,
vesting or exercise of the Option or the subsequent sale of Shares. The Company Group does not commit and is under no obligation
to structure the Option to reduce or eliminate Participant’s tax liability.

 

(e)
For purposes of this Section 3.4, (i) “Applicable Law” shall include without limitation, all applicable securities,
corporate, tax and other laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars,
procedures and policies, and (ii) “withholding taxes” shall include any and all taxes and other source deductions,
including but not limited to contributions under the Canada Pension Plan, Quebec Pension Plan and premiums under the Employment
Insurance Act, as applicable, or other amounts which the Company Group Member is required by Applicable Law to withhold from
any amounts paid or credited to a Participant under the Plan.

 

ARTICLE
IV.

EXERCISE OF OPTION

 

4.1
Person Eligible to Exercise. During the lifetime of Participant, only Participant may exercise the Option or any portion
thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes
unexercisable under Section 3.3 hereof, be exercised by Participant’s personal representative or by any person empowered
to do so under the deceased Participant’s will or under the then Applicable Laws of descent and distribution.

 

4.2
Partial Exercise. Subject to Section 6.2, any exercisable portion of the Option or the entire Option, if then wholly
exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable
under Section 3.3 hereof.

 

4.3
Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary
of the Company (or any third party administrator or other person designated by the Company), during regular business hours, of
all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3
hereof.

 

    5

     

    

 

(a)
An exercise notice in substantially the form attached hereto as Appendix I, stating that the Option or portion thereof
is thereby exercised, such notice complying with all applicable rules established by the Administrator;

 

(b)
The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, in
such form of consideration permitted under Section 4.4 hereof that is acceptable to the Administrator;

 

(c)
The payment of any applicable withholding tax in accordance with Section 3.4;

 

(d)
Any other written representations or documents as may be required in the Administrator’s sole discretion to effect compliance
with Applicable Law; and

 

(e)
In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other
than Participant, appropriate proof of the right of such person or persons to exercise the Option.

 

Notwithstanding
any of the foregoing, the Administrator shall have the right to specify all conditions of the manner of exercise, which conditions
may vary by country and which may be subject to change from time to time.

 

4.4
Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election
of Participant:

 

(a)
Cash or check;

 

(b)
With the consent of the Administrator, surrender of vested Shares (including, without limitation, Shares otherwise issuable upon
exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting
consequences and having a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the Option or exercised
portion thereof;

 

(c)
Through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with
respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion
of the net proceeds of the sale to the Company in satisfaction of the Exercise Price; provided that payment of such proceeds
is then made to the Company at such time as may be required by the Administrator, but in any event not later than the settlement
of such sale; or

 

(d)
Any other form of legal consideration acceptable to the Administrator.

 

4.5
Conditions to Issuance of Shares. The Company shall not be required to issue or deliver Shares purchased upon the exercise
of the Option or portion thereof prior to fulfillment of all of the following conditions: (a) the admission of such Shares to
listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification
of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other
governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the
obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such Shares, which
may be in one or more of the forms of consideration permitted under Section 4.4 hereof, and (e) the receipt of full payment
of any applicable withholding tax in accordance with Section 3.4 by the Company Group Member with respect to which the
applicable withholding obligation arises.

 

4.6
Rights as Shareholder. Neither Participant nor any person claiming under or through Participant will have any of the rights
or privileges of a shareholder of the Company in respect of any Shares purchasable upon the exercise of any part of the Option
unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on
the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery
to a brokerage account). No adjustment will be made for a dividend or other right for which the record date is prior to the date
of such issuance, recordation and delivery, except as provided in Section 12.2 of the Plan. Except as otherwise provided herein,
after such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company with respect
to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

 

    6

     

    

 

ARTICLE
V.

RESTRICTIVE COVENANTS

 

5.1
Non-Solicitation. During the Restricted Period (as defined below), Participant will not, directly or indirectly, in any
manner, other than for the benefit of the Company Group, take any of the following actions in the Territory (as defined below)
(a) call upon, Solicit, divert or take away any of the Business Associates (as defined below), or request or cause any of the
above to cancel or terminate any part of their relationship with the Company Group or refuse to enter into any business relationship
with the Company Group, or (b) Solicit, entice or attempt to persuade any other employee, agent or consultant of the Company Group
to leave the services of the Company Group for any reason or take any other action that may cause any such individual to terminate
his or her employment with, or otherwise cease his or her relationship with, the Company Group, or assist in such hiring or engagement
by another person or business entity.

 

5.2
Non-Competition. During the Restricted Period, Participant will not, directly or indirectly, in any manner, other than
for the benefit of the Company Group, take any of the following actions in the Territory: own, operate, manage, control, engage
in, participate in, invest in, permit Participant’s name to be used by, as a consultant or advisor to, render services for
(alone or in associate with any other person or entity), or otherwise assist (x) any person or entity that engages in or owns,
invests in, operates, manages or controls any venture or enterprise that is a Competitive Business or (y) any Business Associate
(other than an Investor) in connection with a Competitive Business; provided, however, that the foregoing shall not prevent or
limit Participant’s right to manage personal investments on Participant’s own personal time, including, without limitation
the right to make passive investments in the securities of any publicly held entity so long as Participant’s aggregate direct
and indirect interest does not exceed two percent (2%) of the issued and outstanding securities of any class of securities (notwithstanding
the foregoing, after the Participant’s Termination of Service, Participant’s aggregate direct and indirect interest
in such classes of securities may exceed two percent (2%) but shall not exceed five percent (5%) of such issued and outstanding
securities of any class).

 

5.3
Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)
“Business Associate” means any person (other than a member of Participant’s immediate family), firm,
corporation or other organization (i) that has made an investment in the Company Group, whether through the purchase or acquisition
of stock or indebtedness of the Company (an “Investor”), (ii) to which the Company Group provides any products
or performs any services (a “Customer”), (iii) in which the Company Group has made an investment of capital
(a “Portfolio Investment”), (iv) that provides supplies or services to the Company Group (a “Supplier”),
or (v) with which the Company Group has had any negotiations or discussions regarding the possibility of establishing a business
relationship to become an Investor, Customer or a Portfolio Investment during the twelve (12) month period preceding Participant’s
Termination of Service.

 

(b)
“Competitive Business” means an extractor, cultivator, distributor, retailer or marketer in the botanical cannabinoid
industries, or any business that otherwise competes with the business of the Company Group.

 

(c)
“Restricted Period” means the period of time during which Participant provides services to the Company and
a period of twelve (12) months immediately following Participant’s Termination of Service, except that the Restricted Period
shall be extended by the period of time that Participant is in violation of any of this Article V.

 

(d)
“Solicit” means any direct or indirect communication of any kind (regardless of who has initiated such communication),
inviting, advising, encouraging or requesting any individual, person, firm, corporation or other organization, in any manner,
to refrain from investing in, providing goods or services to, or purchasing goods or services from, or otherwise engaging in business
with the Company Group.

 

(e)
“Territory” means the countries of Australia, Brazil, Canada, Colombia, Portugal, the United States, Germany
and any other country in which the Company Group conducts, or plans to conduct, business.

 

5.4
Remedies Upon Breach. Participant understands that the restrictions contained in this Article V are necessary for
the protection of the business and goodwill of the Company Group and Participant considers them to be reasonable for such purpose.
Any breach of this Article V is likely to cause the Company Group substantial and irrevocable damage and therefore, in
the event of such breach, the Company Group, in addition to such other remedies which may be available, will be entitled to specific
performance and injunctive relief without the necessity of proving actual damages. If any one or more of the provisions contained
in this Article V shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable
law as it shall then appear.

 

    7

     

    

 

5.5
Survival and Assignment. Participant understands that Participant’s obligations under this Article V will
continue in accordance with its express terms regardless of any changes in the terms and conditions of Participant’s services
to the Company Group. Participant further understands that Participant’s obligations under this Article V will continue
following Participant’s Termination of Service regardless of the manner of such termination and will be binding upon Participant’s
heirs, executors and administrators. The Company Group will have the right to assign the provisions of this Article V to
its Affiliates, successors and assigns. Participant expressly consents to be bound by the provisions of this Article V
for the benefit of the Company Group.

 

ARTICLE
VI.

OTHER PROVISIONS

 

6.1
Administration. The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to
adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are
consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations
made by the Administrator will be final and binding upon Participant, the Company and all other interested persons. To the extent
allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination
or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

 

6.2
Whole Shares. The Option may only be exercised for whole Shares.

 

6.3
Option Not Transferable. Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred
in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the Option have
been issued, and all restrictions applicable to such Shares have lapsed. Neither the Option nor any interest or right therein
or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or
shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether
such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal
or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect,
except to the extent that such disposition is permitted by the preceding sentence. Notwithstanding the foregoing, with the consent
of the Administrator, if the Option is a Non-Qualified Stock Option, it may be transferred to Permitted Transferees pursuant to
any conditions and procedures the Administrator may require.

 

6.4
Adjustments. The Administrator may accelerate the vesting of all or a portion of the Option in such circumstances as it,
in its sole discretion, may determine. Participant acknowledges that the Option is subject to adjustment, modification and termination
in certain events as provided in this Agreement and the Plan, including Section 12.2 of the Plan.

 

6.5
Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care
of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed
to Participant at Participant’s last address reflected on the Company’s records. By a notice given pursuant to this
Section 6.5, either party may hereafter designate a different address for notices to be given to that party. Any notice
shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage
prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

 

    8

     

    

 

6.6
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

6.7
Governing Law. The laws of the Province of British Columbia and the federal laws of Canada applicable therein shall govern
the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law
that might be applied under principles of conflicts of laws.

 

6.8
Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice, this Agreement, and the Foreign
Appendix, if applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation,
the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the
Securities and Exchange Commission and state securities laws and regulations. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to Applicable
Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice, this Agreement, and the Foreign Appendix, if applicable,
shall be deemed amended to the extent necessary to conform to Applicable Law.

 

6.9
Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended
or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided
that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement
shall adversely affect the Option in any material way without the prior written consent of Participant.

 

6.10
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees,
and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth in Section 6.3 and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees,
legal representatives, successors and assigns of the parties hereto.

 

6.11
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Option, the Grant Notice and this Agreement shall be subject to any
additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment
to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by
Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

6.12
Not a Contract of Employment. Nothing in this Agreement, the Foreign Appendix, if applicable, or in the Plan shall confer
upon Participant any right to continue to serve as an employee or other service provider of any Company Group Member or shall
interfere with or restrict in any way the rights of the Company Group, which rights are hereby expressly reserved, to discharge
or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly
provided otherwise in a written agreement between a Company Group Member and Participant.

 

6.13
Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof.

 

6.14
Section 409A. This Award is not intended to constitute “nonqualified deferred compensation” within the meaning
of Section 409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time
the Administrator determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall
have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure
to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary
or appropriate for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section
409A.

 

    9

     

    

 

6.15
Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable,
such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the
remaining provisions of the Grant Notice or this Agreement.

 

6.16
Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not
be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall
have only the right to receive Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant
to the terms hereof.

 

6.17
Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

6.18
Broker-Assisted Sales. In the event of any broker-assisted sale of Shares in connection with the payment of withholding
taxes as provided in Section 3.4(a)(v) or Section 3.4(c) or the payment of the Exercise Price as provided in Section
4.4(c): (a) any Shares to be sold through a broker-assisted sale will be sold on the day the tax withholding obligation or
exercise of the Option, as applicable, occurs or arises, or as soon thereafter as practicable; (b) such Shares may be sold as
part of a block trade with other participants in the Plan in which all participants receive an average price; (c) Participant
will be responsible for all broker’s fees and other costs of sale, and Participant agrees to indemnify and hold the Company
harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the proceeds of such sale exceed
the applicable tax withholding obligation or Exercise Price, the Company agrees to pay such excess in cash to Participant as soon
as reasonably practicable; (e) Participant acknowledges that the Company or its designee is under no obligation to arrange for
such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the applicable tax
withholding obligation or Exercise Price; and (f) in the event the proceeds of such sale are insufficient to satisfy the applicable
tax withholding obligation, Participant agrees to pay immediately upon demand to the Company Group Member with respect to which
the withholding obligation arises an amount in cash sufficient to satisfy any remaining portion of the applicable Company Group
Member’s withholding obligation.

 

6.19
Incentive Stock Options. Participant acknowledges that to the extent the aggregate Fair Market Value of Shares (determined
as of the time the option with respect to the Shares is granted) with respect to which Incentive Stock Options, including this
Option (if applicable), are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for
any other reason such Incentive Stock Options do not qualify or cease to qualify for treatment as “incentive stock options”
under Section 422 of the Code, such Incentive Stock Options shall be treated as Non-Qualified Stock Options. Participant further
acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other stock options into
account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.
Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after Participant’s Termination
of Service, other than by reason of death or disability, will be taxed as a Non-Qualified Stock Option.

 

6.20
Notification of Disposition. If this Option is designated as an Incentive Stock Option, Participant shall give prompt written
notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or
transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to
Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other
property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

 

6.21
Special Provisions for Options Granted to Participants Outside the United States. If the Participant performs services
for the Company outside of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant’s
country of residence, as set forth in the Foreign Appendix.

 

(a) If the Participant
relocates to one of the countries included in the Foreign Appendix during the life of this Agreement, the special provisions for
such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary
or advisable in order to comply with applicable foreign and local law or facilitate the administration of the Plan.

 

    10

     

    

 

(b) The Company reserves
the right to impose other requirements on this Agreement, the Option and the Shares issued upon exercise of the Option, to the
extent the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws or facilitate
the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary
to accomplish the foregoing.

 

Section
6.22 Lockup.

 

(a)
For purposes of this Section 6.22: (i) “Immediate Family” means any relationship by blood, marriage, domestic
partnership or adoption, not more remote than first cousin; (ii) “Lockup Period” means the period commencing
on the effective date of the registration statement on Form S-4 relating to the Transactions (as defined in the Business Combination
Agreement, by and among the Company, Schultze Special Purpose Acquisition Corp. and other parties thereto (the “BCA”))
and ending on the earlier of (A) the date that is one (1) year following the Closing Date (as defined in the BCA) and (B) the
date on which the closing price of the Shares on Nasdaq as reported by Bloomberg Financial L.P. using the AQR function equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any 20
trading days within any consecutive 30-trading day period commencing after the 180th day after the Closing Date; (iii)
“Subject Securities” means any Subject Common Shares or any securities convertible into or exercisable or exchangeable
(directly or indirectly) for Subject Common Shares owned, directly or indirectly, by the Participant, or under control or direction
of the Participant or with respect to which the Participant has beneficial ownership; and (iv) “Subject Common Shares”
means common shares of the Company or Clever Leaves International Inc., a corporation organized under the laws of British Columbia,
Canada, owned, directly or indirectly, by the Participant, or under control or direction of the Participant or with respect to
which the Participant has beneficial ownership.

 

(b)
The Participant hereby acknowledges, covenants and agrees that, without the prior written consent of the Company, the Participant
will not, during the Lockup Period: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase;
purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of,
directly or indirectly, any Subject Securities or (ii) enter into, or allow to exist, any swap or other arrangement that transfers
to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Subject Securities,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Subject Common Shares or other
securities of the Company, in cash, or otherwise. The Participant further agrees to execute such agreements as may be reasonably
requested by the Company in connection with the Transactions that are consistent with this Section 6.22 or that are necessary
to give further effect thereto.

 

(c)
The foregoing provisions of Section 6.22(b) shall not apply to the following:

 

(i) transactions
relating to Shares acquired by the Participant in open market transactions, provided that it shall be a condition to the
transfer that no filing under Section 16(a) of the Exchange Act, reporting such transfer of the Shares, shall be required or shall
be voluntarily made during the Lockup Period;

 

(ii) transfers
of Shares as a bona fide gift, provided that the donee or donees thereof agree to be bound in writing by the restrictions
set forth herein;

 

(iii) transfers
of Shares to any trust or other entity formed for estate planning purposes for the direct or indirect benefit of the Participant
or the Immediate Family of the Participant, provided that (A) the trustee of the trust agrees to be bound in
writing by the restrictions set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(iv) transfers
of Shares by will or intestate succession, provided that (A) the transferee agrees to be bound in writing by the restrictions
set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(v) transfers
of Shares pursuant to a qualified domestic order or in connection with a divorce settlement, provided the transferee
agrees to be bound in writing by the restrictions set forth herein;

 

(vi) transfers
of Shares to another person that controls, is controlled by or is under common control or management with the Participant, if
applicable, provided that (A) the transferee or distributee agrees to be bound in writing by the restrictions
set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(vii) pledges
of Shares as security or collateral in connection with any borrowing or the incurrence of any indebtedness of the Participant,
provided that such borrowing or incurrence of indebtedness is secured by a portfolio of assets or equity interests issued
by multiple issuers, provided further that the Shares pledged remain subject to this Section 6.22; or

 

(viii) transactions
relating to Shares as contemplated by Section 3.4(a)(iii) or Section 3.4(a)(iv).

 

    11

     

    

 

APPENDIX
I

TO
STOCK OPTION AWARD AGREEMENT

 

STOCK
OPTION EXERCISE NOTICE

 

Clever
Leaves Holdings Inc.

Attention:
Corporate Secretary

____________________________

____________________________ 

____________________________

 

Pursuant
to the terms of the stock option agreement between myself and Clever Leaves Holdings Inc. (the “Company”) dated [________]
(the “Agreement”), under the Company’s 2020 Incentive Award Plan (the “Plan”), I, [Insert Name],
hereby [Circle One] partially/fully exercise the option granted under the Agreement by including herein payment in the amount
of $[_____] representing the purchase price for [______] shares. I have chosen the following form(s) of payment:

 

	[
]	1.	Cash

	[
]	2.	Personal, certified or bank check payable to Clever
Leaves Holdings Inc.

	[
]	3.	Wire transfer, or

	[
]	4.	Other (as described in the Plan (please describe))

 

____________________________________________________.

 

	 	Sincerely yours,
	 	 
	 	
	 	Name:
	 	 
	 	Address:
	 	 
	 	
	 	 
	 	

 

    12

     

    

 

EXHIBIT
B

TO
STOCK OPTION AWARD AGREEMENT

 

SPECIAL
PROVISIONS FOR OPTIONS

 

GRANTED
TO PARTICIPANTS OUTSIDE THE U.S.

 

This Exhibit B
includes additional terms applicable to Participants who reside or provide services to a Company Group Member in the countries
identified below. These terms and conditions are in addition to those set forth in the Agreement to which this Exhibit B
is attached and the Plan and to the extent there are any inconsistencies between these terms and conditions and those set forth
in the Agreement, these terms and conditions shall prevail. Any capitalized term used in this Exhibit B without definition
shall have the meaning ascribed to such term in the Plan or the Agreement, as applicable.

 

This Foreign Appendix
also includes information relating to exchange control and other issues of which the Participant should be aware with respect to
his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in
the respective countries as of September 2020. Such laws are often complex and change frequently. As a result, the Company strongly
recommends that the Participant does not rely on the information herein as the only source of information relating to the consequences
of participation in the Plan because the information may be out of date at the time the Option is exercised or Shares acquired
under the Plan are sold.

 

In addition, the information is general in nature and may not
apply to the particular situation of the Participant, and the Company is not in a position to assure the Participant of any particular
result. Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant laws in his or her
country may apply to his or her situation. Finally, if the Participant is a citizen or resident of a country other than the one
in which he or she is currently working, the information contained herein may not be applicable to the Participant.

 

CANADA
 

The
following provision shall be added as Section 2.4 of the Agreement:

 

Section
2.4 Acknowledgment of Nature of Plan and Options. In accepting this Agreement, the Participant acknowledges that, except as
specifically required in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a)
for employment law purposes, Options and Shares issued upon exercise thereof are an extraordinary item that do not constitute
wages of any kind for services of any kind rendered to the Company or to the Participant’s employer, and the grant of options
is outside the scope of the Participant’s employment contract, if any;

 

(b)
neither the grant of Options nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer
upon the Participant any right with respect to employment or continuation of current employment and shall not be interpreted to
form an employment contract or relationship with the Company or any Company Group Member;

 

(c)
in consideration of the grant of Options hereunder, no claim or entitlement to compensation or damages arises from termination
of Options, and no claim or entitlement to compensation or damages shall arise from forfeiture of the Options resulting from termination
of the Participant’s employment by the Company or any Company Group Member (for any reason whatsoever) and the Participant
irrevocably releases the Company and the Participant’s employer from any such claim that may arise; if, notwithstanding
the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, the Participant shall be deemed irrevocably
to have waived the Participant’s entitlement to pursue such claim at common law; and

 

    13

     

    

 

(d)
in the event of termination of the Participant’s employment the Participant’s rights to vest in the Options under
the Plan, if any, will terminate effective as of the date that the Participant is no longer actively employed and shall not include
any period of reasonable notice at common law; and

 

(e)
the Administrator has reserved the right to terminate the Plan.

 

The
following provision shall be added to Section 6.8 of the Agreement:

 

Participants
residing in Canada, or providing services to a Company Group Member in Canada, acknowledge that grants of Options are exempt from
the obligation under applicable securities laws to file a prospectus or other registration document qualifying the distribution
of the Shares to be distributed thereunder under any applicable securities laws and that any Shares issued under the Plan or an
award may contain required restrictive legends.

 

COLOMBIA

 

The
following provision shall be added as Section 2.4 of the Agreement:

 

2.4
Acknowledgment of Nature of Plan and Options. In accepting this Agreement, the Participant acknowledges that, except as specifically
required in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a)
for employment law purposes, particularly for purposes of calculating contributions, payroll taxes, accruals, legal and extra-legal
benefits, premiums and aids, under any other plan or program that is maintained or funded by the Company or any Company Group
Member, any and all compensations or benefits, in money or in kind, that the Participant directly or indirectly earns or is deemed
to be earned under this Plan, including the Options and Shares issued upon exercise thereof are an extraordinary item that do
not constitute salary of any kind for services of any kind rendered to the Company or to the Participant’s employer; and

 

(b)
neither the grant of Options nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer
upon the Participant any right with respect to employment or continuation of current employment and shall not be interpreted to
form an employment contract or relationship with the Company or any Company Group Member.

 

GERMANY

 

		1.	Definition
of Employee. The definition of Employee shall, for the avoidance of doubt, include the legal representatives of the German
group members.

 

		2.	Taxes.
For the avoidance of doubt, taxes always include German social security contributions, and in this regard, Participant’s
portion.

 

		3.	Securities
Law. This offer does not require a securities prospectus (Wertpapierprospekt) to be submitted for approval to the German
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin).

 

		4.	Exchange
Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the German Central Bank (Deutsche
Bundesbank). If Participant uses a German bank to transfer a cross-border payment in excess of €12,500 in connection
with the sale of Shares acquired under the Plan, the bank will file the report for Participant. In addition, Participant must
report any receivables, payables, or debts in foreign currency exceeding an amount of €5,000,000 on a monthly basis. Finally,
Participant must report on an annual basis if Participant holds Shares that exceed 10% of the total voting capital of the Company.

 

    14

     

    

 

		5.	Consent to Personal Data Processing and Transfer.
By acceptance of this Option, the Participant acknowledges and consents to the collection, use, processing, recording, organization,
structuring, storage, adaption or alteration, retrieval, disclosure and transfer of personal data as described below and in accordance
with the Company privacy policy. The Company Group Members hold certain personal information, including the Participant’s
name, home address and telephone number, date of birth, social security number or other employee tax identification number, employment
history and status, salary, nationality, job title, and any equity compensation grants or Shares awarded, cancelled, purchased,
vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (“Data”).
The Company Group Members will transfer Data to any third parties assisting the Company in the implementation, administration
and management of the Plan. The Company Group Members may also make the Data available to public authorities where required under
locally applicable law. These recipients may be located in the United States, the European Economic Area, or elsewhere, which
the Participant separately and expressly consents to, accepting that outside the European Economic Area, data protection laws
may not be as protective as within. The Participant hereby authorizes the Company Group Members to collect, use, process, record,
organize, structure, store, adapt or alter, retrieve, disclose and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing participation in the Plan, including any requisite transfer of such Data as may be
required for the administration of the Plan on behalf of the Participant to a third party with whom the Participant may have elected
to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require any necessary amendments to
it or withdraw the consent herein in writing or by e-mail contacting the Company through Participant’s local human resources
representative. However, withdrawing the consent may affect the Participant’s ability to participate in the Plan and receive
the benefits intended by this Option. Data will only be held as long as necessary to implement, administer and manage the Participant’s
participation in the Plan and any subsequent claims or rights.

 

PORTUGAL

 

		1.	Taxes. For avoidance of doubt, there will be no social security contributions liability
for the employer on the grant of an Option, when an Option vests, on the exercise of an Option or on the sale of Shares.

 

		2.	Securities Law. This offer does not require a securities prospectus to be submitted for
approval to the Portuguese Securities Market Commission (CMVM) or registration as a public share offer provided the number
of eligible Participants in Portugal is below 150.

 

		3.	Consent to Personal Data Processing and Transfer.

 

		a)	By acceptance of this Option, the Participant acknowledges
and consents to the collection, use, processing, recording, organization, structuring, storage, adaption or alteration, retrieval,
disclosure and transfer of personal data as described below and in accordance with the Company Group’s privacy policy. The
Company Group Members hold certain personal information, including the Participant’s name, home address and telephone number,
date of birth, social security number or other employee tax identification number, employment history and status, salary, nationality,
job title, and any equity compensation grants or Shares awarded, cancelled, purchased, vested, unvested or outstanding in the
Participant’s favor, for the purpose of managing and administering the Plan (“Data”).

 

		b)	Before processing the Participant’s data for the
purpose of management of an equity incentive plan, the employer will need to issue and send a notification to the Portuguese Data
Protection Agency (“CNPD”). In consequence, notification of this data processing to CNPD might be advisable.

 

		c)	The Company Group Members will transfer Data to any third
parties assisting the Company Group in the implementation, administration and management of the Plan. The Company Group Members
may also make the Data available to public authorities where required under locally applicable law. These recipients may be located
in the United States, the European Economic Area, or elsewhere, which the Participant separately and expressly consents to, accepting
that outside the European Economic Area, data protection laws may not be as protective as within. The Participant hereby authorizes
the Company Group Members to collect, use, process, record, organize, structure, store, adapt or alter, retrieve, disclose and
transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing participation in
the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan on behalf of the
Participant to a third party with whom the Participant may have elected to have payment made pursuant to the Plan. The Participant
may, at any time, review Data, require any necessary amendments to it or withdraw the consent herein in writing or by e-mail contacting
the Company through Participant’s local human resources representative. However, withdrawing the consent may affect the
Participant’s ability to participate in the Plan and receive the benefits intended by this Option. Data will only be held
as long as necessary to implement, administer and manage the Participant’s participation in the Plan and any subsequent
claims or rights.

 

		d)	When the transfer of data is made to a non-EU country,
CNPD’s authorisation is required, unless it is a country listed by EU as guaranteeing an adequate level of protection. Since
data will be transferred to the US, in judgment “Schrems II” of July 16, 2020 (in case C-311/18), the ECJ declared
the Commission’s Implementing Decision (EU) 2016/1250 of July 12, 2016 in accordance with Directive 95/46 / EC of the European
Parliament and the Council on the adequacy of the EU-US data protection shield (Privacy Shield) invalid with immediate effect,
so that data transmissions to the USA cannot therefore be based on the Privacy Shield and require other guarantees, according
to Art. 44 et seq. GDPR, to create an appropriate level of data protection.

 

    15

     

    

 

EXHIBIT C

TO STOCK OPTION GRANT NOTICE 

 

VESTING SCHEDULE

 

[Insert vesting schedule]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

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