Document:

Exhibit
4.6

 

EXHIBIT
A

 

Form
of Representative’s Warrant Agreement

 

THE
REGISTERED HOLDER OF THIS WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE
THIS WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) THINKEQUITY,
A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II)
A BONA FIDE OFFICER OR PARTNER OF THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR OF ANY SUCH UNDERWRITER OR
SELECTED DEALER.

 

THIS
WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

WARRANT
TO PURCHASE COMMON STOCK 

 

SIMPLICITY
ESPORTS AND GAMING COMPANY

 

Warrant
Shares: _______

Initial
Exercise Date: ______, 2020

 

THIS
WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, ThinkEquity or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after ____, 2020 (the “Initial Exercise Date”) and, in accordance with FINRA Rule
5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from SIMPLICITY ESPORTS AND GAMING COMPANY, a Delaware corporation
(the “Company”), up to ______ shares of Common Stock, par value $0.0001 per share, of the Company (the “Warrant
Shares”), as subject to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings
indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

    	Ex. A-1

    	 

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effective
Date” means the effective date of the registration statement on Form S-1 (File No. [XXX-XXXXXX]), including any related
prospectus or prospectuses, for the registration of the Company’s Units under the Securities Act, that the Company has filed
with the Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

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

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Units”
each consisting of one (1) share of Common Stock and one Warrant to purchase one (1) share of Common Stock.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as
applicable, (c) if Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other
cases, the fair market value of the Common Stock as determined by an independent appraiser selected in good faith by the Holder
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	Ex. A-2

    	 

    

 

Section
2. Exercise.

 

a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books
of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within
two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the
shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank
unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five
(5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $_______, subject to
adjustment hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may
also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be
entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until
two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii)
the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;

 

    	Ex. A-3

    	 

    

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this
Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised,
and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company
agrees not to take any position contrary to this Section 2(c). 

 

 Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

d) Mechanics
of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by its transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the
Holder prior to the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the
Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that
is two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company,
at the expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without
legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate
status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have
received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation
as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise
of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed
to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder
of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise
Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi)
prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant
Shares subject to a Notice of Exercise by the second Trading Day following the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second
Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

    	Ex. A-4

    	 

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided,
however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise
notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and
the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	Ex. A-5

    	 

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

viii.
Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the
Holder in order to exercise this Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise
this Warrant. No additional legal opinion, other information or instructions shall be required of the Holder to exercise this
Warrant. The Company shall honor exercises of this Warrant and shall deliver Shares underlying this Warrant in accordance with
the terms, conditions and time periods set forth herein.

 

    	Ex. A-6

    	 

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing
to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to
a successor holder of this Warrant. 

 

    	Ex. A-7

    	 

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any
Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common
Stock Equivalents, at an effective price per share less than the Exercise Price then in effect.

 

b)
[RESERVED]

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	Ex. A-8

    	 

    

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
(other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised
at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until
the Holder has exercised this Warrant.

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable by holders of Common Stock as a result of such Fundamental Transaction
for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein.

 

    	Ex. A-9

    	 

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed
a notice to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days
prior to the applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of
this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the securities by any person for a period
of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:

 

i.
by operation of law or by reason of reorganization of the Company;

 

ii.
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
offered;

 

iv.
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the
equity in the fund; or

 

v.
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period.

 

    	Ex. A-10

    	 

    

 

Subject
to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all
rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    	Ex. A-11

    	 

    

 

Section
5. Registration Rights.

 

	 	5.1	Demand
    Registration.

 

5.1.1
Grant of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants
and/or the underlying Warrant Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion
of the Warrant Shares underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the
Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after
receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly
thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be required to
comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to
piggyback registration rights pursuant to Section 5.2 hereof and either: (i) the Holder has elected to participate in the offering
covered by such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities
of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days after such
offering is consummated. The demand for registration may be made at any time beginning on the Initial Exercise Date and expiring
on the fifth anniversary of the Effective Date. The Company covenants and agrees to give written notice of its receipt of any
Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten (10)
days after the date of the receipt of any such Demand Notice.

 

5.1.2
Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section
5.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders
to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts
to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such
States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required to register
the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license
to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the
Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement
filed pursuant to the demand right granted under Section 5.1.1 to remain effective for a period of at least twelve (12) consecutive
months after the date that the Holders of the Registrable Securities covered by such registration statement are first given the
opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the Warrant
Shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the
Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 5.1.2, the Holder shall be entitled to a demand registration under this Section 5.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fifth anniversary of the date of the Underwriting Agreement
(as defined below) in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

    	Ex. A-12

    	 

    

 

	 	5.2	“Piggy-Back”
    Registration.

 

5.2.1
Grant of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have the right,
for a period of no more than seven (7) years from the Initial Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to
include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection
with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent
form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company,
the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Shares which may
be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate
such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration
Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder
as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking
to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders;
provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled
to pro rata inclusion with the Registrable Securities.

 

5.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1
hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders
to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the
Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each registration statement filed by the Company during the two (2) year period following the Initial Exercise Date until such
time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s
notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit
on the number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration
rights shall terminate on the second anniversary of the Initial Exercise Date.

 

	 	5.3	General
    Terms

 

5.3.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act
or Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any
of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but
only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of [___], 2020. The
Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement
pursuant to which the Underwriters have agreed to indemnify the Company.

 

    	Ex. A-13

    	 

    

 

5.3.2
Exercise of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants
prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

5.3.3
Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to
each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion
of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold
comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered
public accounting firm which has issued a report on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such registration statement (and the prospectus included
therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission
or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records
and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such
reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

5.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall
be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their
intended methods of distribution.

 

5.3.5
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to
the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling
security holders.

 

    	Ex. A-14

    	 

    

 

5.3.6
Damages. Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company
or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief
available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against
the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages
and without the necessity of posting bond or other security.

 

Section
6. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next
succeeding Trading Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	Ex. A-15

    	 

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the underwriting agreement, dated _________ __, 2020 by and between the Company
and ThinkEquity, a division of Fordham Financial Management, Inc., as representatives of the underwriters set forth therein (the
“Underwriting Agreement”).

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

    	Ex. A-16

    	 

    

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	Ex. A-17

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	SIMPLICITY
ESPORTS AND GAMING COMPANY  
	 	 	             
	 	By:	
	 	Name:	

         

	 	Title:	 

 

    	Ex. A-18

    	 

    

 

NOTICE
OF EXERCISE

 

TO:
SIMPLICITY ESPORTS AND GAMING COMPANY

_________________________

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)
Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor”
as defined in Regulation D promulgated under the Securities Act of 1933, as amended

 

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________

 

Date:
_______________________________________________________________________________

 

    	Ex. A-19

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

 

    	Ex. A-20Exhibit
10.1

  

Execution
version

 

Sixth
Amendment Agreement to a Credit Agreement dated as of 8 June

2011 (as amended and restated from time to time)

 "ANTHEM OF THE SEAS" - ex-hull no S-698

 

Dated
8 April 2020

 

 

 

 

 

 

  

		(1)	Royal
                                         Caribbean Cruises Ltd.

                                         (as the Borrower)

 

		(2)	The
                                         Lenders party to the Credit Agreement
 (as the Lenders)

 

		(3)	KfW
                                         IPEX-Bank GmbH

                                         (as Hermes Agent and Facility Agent)

 

		(4)	KfW
                                         IPEX-Bank GmbH
 (as Initial Mandated Lead Arranger)

 

		(5)	The
                                         Mandated Lead Arrangers party to the Credit Agreement

                                         (as Mandated Lead Arrangers)

 

	

         

 

    

     

    

 

Contents

 

Page

 

	1	Interpretation	2
	2	Conditions	2
	3	Deferred Tranche	3
	4	Representations	3
	5	Amendments to Credit Agreement	4
	6	Fees, Costs and Expenses	14
	7	Notices, Counterparts, Third Party Rights,
    Governing Law, Jurisdiction and Process Agent	15
	Schedule 1	The Finance Parties	16
	Schedule 2	Effective Date Confirmation	17
	Schedule 3	Conditions Precedent	18
	Schedule 4	Repayment Schedule	20
	Schedule 5	Form of Information Package	22

  

    

     

    

 

Amendment
Agreement

 

Dated
             8 April 2020

 

Between:

 

		(1)	Royal
                                         Caribbean Cruises Ltd., a corporation incorporated according to the law of the Republic
                                         of Liberia with registered office at 80 Broad Street, Monrovia, Republic of Liberia (the
                                         "Borrower"); and

 

		(2)	the
                                         financial institutions identified as Lenders in Schedule 1 (together the "Lenders"
                                         and each a "Lender"); and

 

		(3)	KfW
                                         IPEX-Bank GmbH, acting as Hermes agent through its office at the address indicated
                                         against its name in Schedule 1 (in that capacity the "Hermes Agent");
                                         and

 

		(4)	KfW
                                         IPEX-Bank GmbH, acting as facility agent through its office at the address indicated
                                         against its name in Schedule 1 (in that capacity the "Facility Agent");
                                         and

 

		(5)	KfW
                                         IPEX-Bank GmbH, acting as initial mandated lead arranger (in that capacity the "Initial
                                         Mandated Lead Arranger"); and

 

		(6)	the
                                         financial institutions identified as Mandated Lead Arrangers in Schedule 1 (together
                                         the "Mandated Lead Arrangers" and each a "Mandated Lead Arranger"),

 

amending
a credit agreement dated as of 8 June 2011 as amended and restated on 17 February 2012, further amended on 10 May 2012,
further amended on 2 April 2015, further amended on 3 February 2016 and further amended and restated on 3 July 2018 (the "Credit
Agreement") made between the Borrower, the Lenders, the Hermes Agent, the Facility Agent, the Initial Mandated Lead Arranger
and the Mandated Lead Arrangers on the terms and subject to the conditions of which each of the Lenders agreed to advance (and
have advanced) to the Borrower its respective Commitment of an aggregate amount not exceeding the Maximum Loan Amount (the "Advanced
Loan").

 

Whereas:

 

		(A)	The
                                         "Cruise Debt Holiday Principles" dated 26 March 2020 (the "Principles")
                                         which have been coordinated with Hermes set out certain key principles and parameters
                                         relating to, amongst other things, the temporary suspension of principal repayments in
                                         connection with certain qualifying loan agreements of which the Credit Agreement is one.

 

		(B)	The
                                         Borrower has, by a consent request letter dated 31 March 2020 relating to the Principles,
                                         requested that the Facility Agent on behalf of the Finance Parties amend the Credit Agreement
                                         as detailed in this Amendment Agreement.

 

		(C)	The
                                         Lenders have agreed to make available to the Borrower a US dollar loan facility up to
                                         the amount of the Deferred Tranche Maximum Loan Amount (as defined in Clause 5.1.1) for
                                         the purpose of paying the repayment instalments payable on the Repayment Dates falling
                                         during the Advanced Loan Deferral Period (as defined in Clause 3) upon the terms and
                                         conditions contained in this Amendment Agreement.

 

    Page 1

     

    

 

For
good and valuable consideration, the mutual sufficiency of which the parties hereby agree, it is agreed that:

 

		1	Interpretation

 

		1.1	In
                                         this Amendment Agreement:

 

"Deferred
Tranche Effective Date" means the date on which the Facility Agent confirms to the Borrower in writing substantially
in the form set out in Schedule 2 that all of the conditions referred to in Clause 2.1 have been satisfied, which confirmation
the Facility Agent shall be under no obligation to give if a Default or a Prepayment Event shall have occurred for which relief
is not provided pursuant to the Principles and this Amendment Agreement.

 

"Finance
Parties" means the Lenders, the Hermes Agent, the Facility Agent, the Initial Mandated Lead Arranger and the Mandated
Lead Arrangers.

 

		1.2	All
                                         words and expressions defined in the Credit Agreement shall have the same meaning when
                                         used in this Amendment Agreement unless the context otherwise requires, and sections
                                         1.2 (Use of Defined Terms) and 1.3 (Cross-References) of the Credit Agreement
                                         shall apply to the interpretation of this Amendment Agreement as if they are set out
                                         in full.

 

		1.3	The
                                         parties to this Amendment Agreement acknowledge and agree that they may execute this
                                         Amendment Agreement and any variation or amendment to the same, by electronic instrument.
                                         The parties agree that the electronic signatures appearing on the document shall have
                                         the same effect as handwritten signatures and the use of an electronic signature on this
                                         Amendment Agreement shall have the same validity and legal effect as the use of a signature
                                         affixed by hand and is made with the intention of authenticating this Amendment Agreement,
                                         and evidencing the parties' intention to be bound by the terms and conditions contained
                                         herein. For the purposes of using an electronic signature, the parties authorise each
                                         other to the lawful processing of personal data of the signers for contract performance
                                         and their legitimate interests including contract management.

 

		2	Conditions

 

		2.1	As
                                         conditions for the agreement of the Finance Parties to amend the Credit Agreement as
                                         detailed in this Amendment Agreement, the Borrower shall deliver or cause to be delivered
                                         to or to the order of the Facility Agent all of the documents and other evidence listed
                                         in Schedule 3.

 

		2.2	All
                                         documents and evidence delivered to the Facility Agent pursuant to Clause 2.1 shall:

 

		2.2.1	be
                                         in form and substance acceptable to the Facility Agent; and

 

		2.2.2	if
                                         required by the Facility Agent, be certified, notarised, legalised or attested in a manner
                                         acceptable to the Facility Agent.

 

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		3	Deferred
                                         Tranche

 

		3.1	Pursuant
                                         to the Principles, the Lenders have agreed, for each instalment of principal of the Advanced
                                         Loan due to be repaid by the Borrower between and, in each case, including:

 

		3.1.1	the
                                         later of:

 

		(a)	1
                                         April 2020; and

 

		(b)	the
                                         Deferred Tranche Effective Date; and

 

		3.1.2	31
                                         March 2021

 

(the
 "Advanced Loan Deferral Period"), to make available to the Borrower a US dollar loan facility in the aggregate
amount of such repayment instalments falling due during the Advanced Loan Deferral Period (the "Deferred Tranche").
The Deferred Tranche shall be applied in payment of such repayment instalments. The Borrower may draw an amount under the Deferred
Tranche equal to the amount of the repayment instalment due on each scheduled Repayment Date for the Advanced Loan falling during
the Advanced Loan Deferral Period. Through this arrangement the principal amount of the Advanced Loan will not be increased but
in addition to the repayment terms of, and the interest rate already applicable to, the Advanced Loan, the Credit Agreement shall
be amended in accordance with the terms and conditions set out in Clause 5 to reflect the repayment profile and interest terms
applicable to the Deferred Tranche.

 

		3.2	Each
                                         drawing under the Deferred Tranche will occur automatically on each scheduled Repayment
                                         Date for the Advanced Loan occurring during the Advanced Loan Deferral Period and shall
                                         be a notional drawing only effected by means of a book entry to finance the repayment
                                         of the repayment instalment to which it relates.

 

		3.3	The
                                         Deferred Tranche will:

 

		3.3.1	accrue
                                         interest at the Floating Rate and shall be repayable in accordance with the repayment
                                         schedule set out in Schedule 4 to this Amendment Agreement; and

 

		3.3.2	be
                                         made available to the Borrower on the terms and conditions of the Credit Agreement as
                                         amended pursuant to Clause 5 of this Amendment Agreement.

 

		4	Representations

 

		4.1	Each
                                         of the representations contained in article VI of the Credit Agreement (excluding those
                                         in section 6.10) shall be deemed repeated by the Borrower (by reference to the facts
                                         and circumstances then existing) at the date of this Amendment Agreement and at the Deferred
                                         Tranche Effective Date, by reference to the facts and circumstances then pertaining,
                                         as if references to the Loan Documents include this Amendment Agreement.

 

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		5	Amendments
                                         to Credit Agreement

 

		5.1	With
                                         effect from the Deferred Tranche Effective Date the Credit Agreement shall be read and
                                         construed as if:

 

		5.1.1	a
                                         further sentence is inserted at the end of Recital (B) as follows:

 

"The
Lenders have also (but without increasing the Maximum Loan Amount and the Commitment of each Lender) agreed to make available
to the Borrower, upon the terms and conditions contained herein, a US dollar loan facility in the amount equal to the aggregate
of the principal portion of the repayment installments of the Loan payable on the Repayment Dates (as defined below) falling during
the Advanced Loan Deferral Period (as defined below) (the "Deferred Tranche Maximum Loan Amount");";

 

		5.1.2	further
                                         sentences are inserted at the end of Recital (C) as follows:

 

"An
advance under the Deferred Tranche (as defined below) will be available for the purpose of paying the principal portion of the
repayment instalment due on each Repayment Date falling during the Advanced Loan Deferral Period. Each advance of the Deferred
Tranche will be automatic and notional only, effected by means of a book entry to finance the repayment installment then due;";

 

		5.1.3	references
                                         to "this Agreement" are references to the Credit Agreement as amended and supplemented
                                         by this Amendment Agreement;

 

		5.1.4	unless
                                         the context otherwise requires or unless otherwise stated, references to the "Loan"
                                         include the Deferred Tranche;

 

		5.1.5	references
                                         to the "Commitment Termination Date", "Final Disbursement Date" and
                                         "First Disbursement Date" are to the date applicable to the relevant part of
                                         the Loan;

 

		5.1.6	the
                                         following terms are inserted in section 1.1 (Defined Terms) in the correct places
                                         alphabetically as follows:

 

""Advanced
Loan Deferral Period" means the period between and, in each case, including (a) the later of (i) April 1, 2020 and (ii)
the Deferred Tranche Effective Date, and (b) March 31, 2021."

 

""Amendment
Agreement Number Six" means the amendment agreement dated April         , 2020
and made between the parties hereto pursuant to which this Agreement was amended."

 

""Benchmark
Successor Rate" is defined in Section 11.16."

 

""Benchmark
Successor Rate Conforming Changes" means, with respect to any proposed Benchmark Successor Rate, any conforming changes
to the definition of Screen Rate, interest period, timing and frequency of determining rates, making payments of interest, yield
protection provisions relating to the cost element of any Floating Rate Loan (including but not limited to any break costs relating
to any early repayment

 

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or
prepayment of any Floating Rate Loan), fallback (and market disruption) provisions for that Benchmark Successor Rate and other
administrative matters as may be appropriate, in the discretion of the Facility Agent in consultation with the Borrower, to reflect
the adoption of such Benchmark Successor Rate and to permit the administration thereof by the Facility Agent in a manner substantially
consistent with market practice (or, if the Facility Agent determines that adoption of any portion of such market practice is
not administratively feasible or that no market practice for the administration of such Benchmark Successor Rate exists, in such
other manner of administration as the Facility Agent determines is reasonably necessary in connection with the administration
of this Agreement)."

 

""Debt
Incurrence" means any incurrence of indebtedness for borrowed money by the Borrower, whether pursuant to a public offering
or a Rule 144A or other private placement of debt securities (including debt securities convertible into equity securities) or
an incurrence of loans under any loan or credit facility, or any issuance of bonds, other than (a) any indebtedness incurred by
the Borrower between April 1, 2020 and December 31, 2021 (or such later date as may, with the prior consent of Hermes, be agreed
between the Borrower and the Lenders) for the purpose of providing crisis and/or recovery-related funding, (b) indebtedness provided
by banks or other financial institutions under the Borrower's senior unsecured revolving credit facilities in an aggregate amount
not greater than the commitments thereunder as in effect on the Deferred Tranche Effective Date plus the amount of any existing
uncommitted incremental facilities (i.e. any unused accordion) on such facilities, (c) indebtedness owed by the Borrower or any
of its Subsidiaries to the Borrower or any of its Subsidiaries, (d) issuances of commercial paper incurred in the ordinary course
of business of the Borrower and its Subsidiaries, (e) Capitalized Lease Liabilities incurred in the ordinary course of business
of the Borrower and its Subsidiaries, (f) purchase money indebtedness incurred in the ordinary course of business of the Borrower
and its Subsidiaries, (g) indebtedness under overdraft facilities in the ordinary course of business, (h) obligations in connection
with repurchase agreements and/or securities lending arrangements and (i) vessel financings and amendments thereto (provided,
however, that a refinancing of a vessel financing shall not be included in the carve-out hereunder). There shall be a presumption
that any indebtedness incurred by the Borrower between April 1, 2020 and December 31, 2021 shall be for the purpose of providing
crisis and/or recovery-related funding unless the intended use of proceeds from such indebtedness are specifically identified
to be used for an alternative purpose. In the event there is any question as to whether funding qualifies as "crisis and/or
recovery-related", Hermes, the Facility Agent and the Borrower shall negotiate a resolution in good faith for a maximum period
of fifteen (15) Business Days."

 

""Deferral
Period" means the period from and including April 1, 2020 to and including March 31, 2021."

 

""Deferred
Tranche" means the aggregate of the advances made by the Lenders under this Agreement from time to time during the Advanced
Loan

 

    Page 5

     

    

 

Deferral
Period in an aggregate amount not to exceed the Deferred Tranche Maximum Loan Amount or as the case may be the aggregate outstanding
amount of such advances from time to time."

 

""Deferred
Tranche Effective Date" has the meaning ascribed to such term in Amendment Agreement Number Six."

 

""Deferred
Tranche Maximum Loan Amount" is defined in the preamble."

 

""Equity
Interests" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents
(however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants,
options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through
convertible securities) but excluding any debt securities convertible into such Equity Interests."

 

""Equity
Issuance" means any issuance of Equity Interests by the Borrower, whether pursuant to a public offering or a Rule 144A
or other private placement, other than (i) issuances pursuant to employee and/or director stock plans in the ordinary course and
consistent with past practice, (ii) employee and/or director compensation plans in the ordinary course and consistent with past
practice, and (iii) issuances between April 1, 2020 and December 31, 2021 (or such later date as may, with the prior consent of
Hermes, be agreed between the Borrower and the Lenders) for the purpose of providing crisis and recovery-related funding. There
shall be a presumption that equity issued by the Borrower between April 1, 2020 and December 31, 2021 shall be for the purpose
of providing crisis and recovery-related funding unless the intended use of proceeds from such issuance is specifically identified
to be used for an alternative purpose. In the event there is any question as to whether funding qualifies as "crisis and/or
recovery-related", Hermes, the Facility Agent and the Borrower shall negotiate a resolution in good faith for a maximum period
of fifteen (15) Business Days."

 

""Information
Package" means the general test scheme/information package in connection with the application for a debt holiday in the
form of Exhibit J hereto submitted or to be submitted (as the case may be) by the Borrower in order to obtain the benefit of the
measures provided for in the Principles for the purpose of this Agreement and certain of its obligations under this Agreement."

 

""Principles"
means the document titled "Cruise Debt Holiday Principles" and dated March 26, 2020 in the form of Exhibit I hereto
which sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments
of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to Hermes-covered
loan agreements such as this Agreement."

 

""Restricted
Payments" means any dividend or other distribution (whether in cash, securities or other property (other than Equity
Interests), with

 

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respect
to any Equity Interests in the Borrower, or any payment (whether in cash, securities or other property (other than Equity Interests)),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in the Borrower."

 

""Scheduled
Unavailability Date" means, where the administrator of the Screen Rate or a governmental authority having jurisdiction
over the Facility Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be
made available, or used for determining the interest rate of loans, that specific date."

 

""Screen
Rate" means the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person
that takes over the administration of such rate) for Dollars for a period equal in length to six (6) months (or for such other
period as shall be agreed by the Borrower and the Facility Agent) which appears on pages LIBOR01 or LIBOR02 of the Thomson Reuters
screen (or any replacement Thomson Reuters page which displays that rate)."

 

""Screen
Rate Replacement Event" means:

 

		(a)	if
                                         the Facility Agent determines (which determination shall be conclusive absent manifest
                                         error), or the Borrower or Required Lenders notify the Facility Agent (with, in the case
                                         of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders
                                         (as applicable) have determined, that:

 

		(i)	adequate
                                         and reasonable means do not exist for ascertaining the LIBO Rate for any requested interest
                                         period, including, without limitation, because the Screen Rate is not available or published
                                         on a current basis and such circumstances are unlikely to be temporary; or

 

		(ii)	a
                                         Scheduled Unavailability Date has occurred; or

 

		(iii)	syndicated
                                         loans currently being executed, or that include language similar to that contained in
                                         this definition, are being executed or amended (as applicable) to incorporate or adopt
                                         a new benchmark interest rate to replace the LIBO Rate; or

 

		(b)	in
                                         the opinion of the Facility Agent and the Borrower, that Screen Rate is no longer appropriate
                                         for the purposes of calculating interest under this Agreement, including, but not limited
                                         to, as a result of (A) a substantial change in the economic characteristics or method
                                         of calculation of the Screen Rate, (B) any withdrawal of the administrator's right to
                                         publish the Screen Rate or (C) any prohibition for financial institutions to use the
                                         Screen Rate.";

 

		5.1.7	the
                                         following terms in section 1.1 (Defined Terms) are deleted in total and replaced
                                         with new terms as follows:

 

    Page 7

     

    

 

""Commitment
Termination Date" means January 11, 2016 in respect of the Loan other than the Deferred Tranche and March 31, 2021 in
respect of the Deferred Tranche."

 

""Final
Maturity" means (a) twelve (12) years after the Final Disbursement Date in the case of the Loan (other than the Deferred
Tranche) and (b) three (3) years six (6) months from the first Repayment Date falling on or after April 1, 2021 in the case of
the Deferred Tranche."

 

""First
Disbursement Date" means the date on which the Loan (other than the Deferred Tranche) is advanced, or, if the Borrower
elects the Alternative Disbursement Option in accordance with Section 2.3(b), the date on which the first advance of the Loan
(other than the Deferred Tranche) is made or, in the case of the Deferred Tranche, the date on which the first advance of the
Deferred Tranche is made in accordance with Section 2.3(a)."

 

""Fixed
Rate Loan" means the Loan (other than the Deferred Tranche) bearing interest at the Fixed Rate, or that portion of the
Loan (other than the Deferred Tranche) that continues to bear interest at the Fixed Rate after the termination of any Interest
Make-Up Agreement pursuant to Section 3.3.3."

 

""LIBO
Rate" means the Screen Rate at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the
relevant interest period; provided that:

 

		(a)	subject
                                         to Section 3.3.6, if the Screen Rate is not available at the relevant time, the LIBO
                                         Rate shall be the rate per annum certified by the Facility Agent to be the average of
                                         the rates quoted by the Reference Banks as the rate at which each of the Reference Banks
                                         was (or would have been) offered deposits of Dollars by prime banks in the London interbank
                                         market in an amount approximately equal to the amount of the Loan and for a period of
                                         six months;

 

		(b)	for
                                         the purposes of determining the post-maturity rate of interest under Section 3.3.4, the
                                         LIBO Rate shall be determined by reference to deposits on an overnight or call basis
                                         or for such other period or periods as the Facility Agent may determine after consultation
                                         with the Lenders, which period shall be no longer than one month unless the Borrower
                                         otherwise agrees; and

 

		(c)	for
                                         the purposes of determining the Floating Rate in respect of the Deferred Tranche, if
                                         the LIBO Rate determined in accordance with the foregoing provisions of this definition
                                         is less than zero, such rate shall be deemed to be zero for the purposes of this Agreement."

 

""Loan"
means the aggregate of the advances made by the Lenders under this Agreement from time to time in an aggregate amount not to exceed
the aggregate of the US Dollar Maximum Loan Amount (and including for this

 

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purpose
the Deferred Tranche Maximum Loan Amount) or, as the case may be, the aggregate outstanding amount of such advances from time
to time."

 

""Loan
Documents" means this Agreement, the Amendment Agreement, Amendment Deed Number Two, Amendment Agreement Number Three,
Amendment Agreement Number Four, Amendment Agreement Number Five, Amendment Agreement Number Six, the Pledge Agreement, the Syndication
Side Letter and the Fee Letters.";

 

		5.1.8	section
                                         2.2(a) (Commitments of the Lenders; Termination and Reduction of Commitments)
                                         is deleted in total and replaced with a new section as follows:

 

"Each
Lender will make its portion of the relevant part of the Loan available to the Borrower in accordance with Section 2.3 (i) two
(2) Business Days prior to the delivery of the Purchased Vessel to the Borrower under the Construction Contract pursuant to Section
2.3(a), (ii) on the relevant Repayment Date falling during the Advanced Loan Deferral Period in the case of the Deferred Tranche,
or (iii) if the Borrower elects the Alternative Disbursement Option in accordance with Section 2.3(b), as set forth in Section
2.3(b). The commitment of each Lender described in this Section 2.2 (herein referred to as its "Commitment") shall be
the commitment of such Lender to make available to the Borrower its portion of (y) the Loan (excluding for this purpose the Deferred
Tranche) and (z) the Deferred Tranche. The Commitment referred to in paragraph (y) above is hereunder expressed as the initial
amount set forth opposite such Lender's name on its signature page attached hereto. The Commitment referred to in paragraph (z)
above is hereunder expressed as that Lender's Percentage of the amount of the Deferred Tranche as at the Deferred Tranche Effective
Date being the initial percentage set forth opposite such Lender's name on its signature page attached hereto. If any Lender becomes
a Lender pursuant to an assignment pursuant to Section 11.11.1, its Commitment shall be the aggregate of (A) the amount set forth
as such Lender's Commitment in the related Lender Assignment Agreement and (B) its Percentage of the amount of the Deferred Tranche
as at the Deferred Tranche Effective Date calculated by reference to the Percentage set forth as such Lender's Commitment in the
related Lender Assignment Agreement. In each case such amount may be reduced from time to time pursuant to Section 2.2(b) or reduced
or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.11.1.

 

Notwithstanding
the foregoing, each Lender's Commitment shall terminate (a) in the case of the Loan (other than the Deferred Tranche), on the
earlier of (i) the Commitment Termination Date if the Purchased Vessel is not delivered prior to such date and (ii) the delivery
of the Purchased Vessel and (b) in the case of the Deferred Tranche, on the last Repayment Date falling during the Advanced Loan
Deferral Period.";

 

		5.1.9	section
                                         2.2(b) (Commitments of the Lenders; Termination and Reduction of Commitments)
                                         is deleted in total and replaced with a new section as follows:

 

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"The
Borrower may, by notice to the Facility Agent, at any time (i) prior to the date that is not less than 61 days prior to the First
Disbursement Date in respect of the Loan (other than the Deferred Tranche portion of the Loan), without premium or penalty, terminate,
or from time to time reduce, the Commitments and (ii) prior to the date on which the Commitments have been terminated but less
than 61 days prior to the First Disbursement Date in respect of the Loan (other than the Deferred Tranche portion of the Loan),
and subject to Section 4.4, terminate, or from time to time reduce, the Commitments. Any such termination or reduction of the
Commitments shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective
Commitments.";

 

		5.1.10	section
                                         2.3(a) (Borrowing Procedure) is deleted in total and replaced with a new section
                                         as follows:

 

"In
the case of the Loan (other than in respect an advance under the Deferred Tranche) and unless the Borrower has elected the Alternative
Disbursement Option in accordance with Section 2.3(b), the Borrower shall deliver a Loan Request and the documents required to
be delivered pursuant to Section 5.1.1(a) to the Facility Agent on or before 11:00 a.m., London time, not less than two (2) Business
Days in advance of the date that is two (2) Business Days prior to the anticipated delivery date of the Purchased Vessel. The
aggregate amount of the Loan (excluding the Deferred Tranche) to be advanced shall not exceed the US Dollar Maximum Loan Amount.

 

Any
drawings under the Deferred Tranche shall be automatically advanced in the manner contemplated by Recital (C).";

 

		5.1.11	a
                                         new sentence is inserted at the end of section 2.3(d) (Borrowing Procedure) as
                                         follows:

 

"This
Section 2.3(d) is not applicable to the Deferred Tranche.";

 

		5.1.12	the
                                         first sentence of section 3.3.1 (Rates) is deleted in total and replaced with
                                         new sentences as follows:

 

"The
Loan (other than the Deferred Tranche) shall accrue interest from the First Disbursement Date to the date of repayment or prepayment
of the Loan (other than the Deferred Tranche) in full to the Lenders at the Fixed Rate, subject to (i) any election made by the
Borrower to elect the Floating Rate pursuant to Section 3.3.2 or (ii) any conversion of any portion of the Loan (other than the
Deferred Tranche) held by a Lender to a Floating Rate Loan upon the termination of the Interest Make-Up Agreement to which such
Lender is a party in accordance with Section 3.3.3. The Deferred Tranche shall accrue interest from the first Repayment Date to
fall during the Advanced Loan Deferral Period (or, in the case of a further advance in respect of the Deferred Tranche after the
first advance and in respect of that further advance, from the relevant Repayment Date in respect of the Loan to which that further
advance of the Deferred Tranche relates) to the date of repayment or prepayment of the Deferred Tranche in full to the Lenders
at the Floating Rate. The first advance and the second advance in

 

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respect
of the Deferred Tranche shall be consolidated at and run concurrently from the time of the making of the second advance and interest
on the advances in respect of the Deferred Tranche shall be payable on each Repayment Date.";

 

		5.1.13	a
                                         new sub-section to section 4.12 (Use of Proceeds) is inserted as follows:

 

"c.      The
Deferred Tranche shall be used for the purpose set out in Recital (C) and accordingly Sections 4.12(a) and (b) shall not apply
to the proceeds of the Deferred Tranche.";

 

		5.1.14	the
                                         first paragraph of article VI (Representations and Warranties) is deleted in total
                                         and replaced with a new paragraph as follows:

 

"To
induce the Lenders and the Facility Agent to enter into this Agreement and to make the Loan hereunder, the Borrower represents
and warrants to the Facility Agent and each Lender as set forth in this Article VI as of the

 

Effective
Date, the First Disbursement Date and the date of each additional advance or deemed advance of any portion of the Loan (including
the Deferred Tranche) after the First Disbursement Date (except as otherwise stated).";

 

		5.1.15	a
                                         new Section 7.1.1(i) (Financial Information, Reports, Notices, etc.) is inserted
                                         as follows:

 

"i.      as
soon as available and in any event within respectively five (5), ten (10) and thirty (30) days after the end of each monthly,
bi-monthly and quarterly period starting on April 1, 2020, the information set out in section (F) of the Information Package
(in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory to the Facility
Agent);";

 

		5.1.16	a
                                         new sub-section 7.2.2(g) (Indebtedness) is inserted as follows:

 

"g.      crisis
and recovery-related Indebtedness (as contemplated by the Principles) provided such Indebtedness is incurred between April 1,
2020 and December 31, 2021 or such later date as may, with the prior consent of Hermes, be agreed by all Lenders.";

 

		5.1.17	a
                                         new sentence is inserted at the end of section 8.1.4 (Default on Other Indebtedness)
                                         as follows:

 

"This
Section 8.1.4 is subject to the further proviso that any breach of financial covenants equivalent to those in Section 7.2.4 under
or in relation to any other Hermes-backed facility agreement to which the Borrower or Silversea Cruise Holdings Ltd. is a party
as borrower or guarantor shall not, during the Deferral Period, constitute an Event of Default under this Agreement provided that
no Prepayment Event has occurred under Section 9.1.13.";

 

		5.1.18	section
                                         9.1.5 (Non-Performance of Certain Covenants and Obligations) is deleted in total
                                         and replaced with a new section as follows:

 

    Page 11

     

    

 

"The
Borrower shall default in the due performance and observance of any of the covenants set forth in Sections 4.12 or 7.2.4; provided
that any default in respect of the due performance or observance of any of the covenants set forth in Section 7.2.4 during the
Deferral Period (as long as no Event of Default under Section 8.1.5 occurs and is continuing, or no Prepayment Event under Section
9.1.12 or Section 9.1.13 occurs during the Deferral Period) shall not constitute a Prepayment Event.";

 

		5.1.19	a
                                         new section 9.1.12 is inserted as follows:

 

"Section
9.1.12. Dividend or New Debt.

 

(a)       The
Borrower declares, pays or makes or agrees to pay or make, directly or indirectly, any Restricted Payment, except for (i) dividends
or other distributions with respect to its Equity Interests payable solely in additional shares of its Equity Interests or options
to purchase Equity Interests, (ii) Restricted Payments pursuant to and in accordance with stock option plans or other benefit
plans (including with respect to performance shares issued in the ordinary course of business) for present or former officers,
directors, consultants or employees of the Borrower in the ordinary course of business consistent with past practice and (iii)
the payment of cash in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exercisable for Equity Interests of the Borrower;

 

(b)       the
Borrower completes a Debt Incurrence;

 

(c)       the
Borrower completes an Equity Issuance;

 

(d)       the
Borrower makes any payment of any kind under any shareholder loan other than any payments made pursuant to that certain $2,200,000,000
Term Loan Agreement, dated as of March 23, 2020, among the Borrower and Morgan Stanley Senior Funding, Inc., JPMorgan Chase Bank,
N.A., BOFA Securities, Inc., BNP Paribas Securities Corp. and Goldman Sachs Bank USA, as joint lead arrangers and joint bookrunners
and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent,

 

or
in any case resolves to do so.";

 

		5.1.20	a
                                         new section 9.1.13 is inserted as follows:

 

"Section
9.1.13. Principles. The Borrower shall default in the due performance and observance of the Principles and if capable of
remedy such default shall continue unremedied for a period of ten (10) days after notice thereof shall have been given to the
Borrower by the Facility Agent; provided that, if the default does not otherwise constitute a Default or a Prepayment Event under
another Section of this Agreement, as amended to date, the Borrower, the Facility Agent and Hermes shall negotiate a resolution
in good faith for a maximum period of fifteen (15) days after notice thereof shall have been given to the Borrower by the Facility
Agent.";

 

    Page 12

     

    

 

 

		5.1.21	section
                                         9.2 (Mandatory Prepayment) is deleted in total and replaced with a new section
                                         as follows:

 

"If
any Prepayment Event shall occur and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice
to the Borrower (a) require the Borrower to prepay in full on the date of such notice all principal of and interest on the Loan
and all other Obligations or, in the case of a Prepayment Event under Section 9.1.10, all principal of and interest on the relevant
advance or, in the case of a Prepayment Event under Section 9.1.12 or Section 9.1.13, all principal of and interest on the Deferred
Tranche (and, in such event, the Borrower agrees to so pay the full unpaid amount of the Loan, the relevant advance or the Deferred
Tranche, as the case may be, and all accrued and unpaid interest thereon and all other Obligations in respect thereof), (b) except
in the case of a Prepayment Event under Sections 9.1.10, 9.1.12 or 9.1.13, terminate the Commitments (if not theretofore terminated)
and (c) immediately terminate the waiver of the occurrence of any Prepayment Event in respect of Section 7.2.4 contained
in Section 9.1.5, such that any breach of Section 7.2.4 in existence as at the date of the notice from the Facility Agent
referred to in paragraph (a) of this Section 9.2 or any breach occurring at any time after such notice shall constitute a Prepayment
Event with all attendant consequences.";

 

		5.1.22	a
                                         new section 11.16 is inserted as follows:

 

"Section
11.16. Modification and/or Discontinuation of Benchmarks.

 

(a)       If
a Screen Rate Replacement Event has occurred then, promptly thereafter, the Facility Agent and the Borrower will enter into negotiations
with a view to amend this Agreement to replace the LIBO Rate with an alternate benchmark rate (including any mathematical or other
adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention
for similar US dollar denominated syndicated credit facilities for such alternative benchmarks where such negotiations will take
into account the then current market standards and will be conducted with a view to reducing or eliminating, to the extent reasonably
practicable, any transfer of economic value from one party to another party (any such proposed rate, a "Benchmark Successor
Rate"), together with any proposed Benchmark Successor Rate Conforming Changes and any such amendment shall become effective
at 5:00 p.m., New York City time, on the fifth Business Day after the Facility Agent shall have posted such proposed amendment
to all Lenders and the Borrower unless, prior to such time, the Required Lenders have delivered to the Facility Agent written
notice that such Lenders does not accept such amendment. Such Benchmark Successor Rate shall be applied in a manner consistent
with market practice; provided that to the extent such market practice is not administratively feasible for the Facility Agent,
such Benchmark Successor Rate shall be applied in a manner as otherwise reasonably determined by the Facility Agent.

 

    Page 13

     

    

 

(b)       If
no Benchmark Successor Rate has been determined and either (x) the circumstances set out in paragraph (a) of the definition of
 "Screen Rate Replacement Event" in Section 1.1 exist or (y) the Scheduled Unavailability Date has occurred, the Facility
Agent will promptly so notify the Borrower and each Lender. Thereafter, (i) the obligation of the Lenders to make or maintain
the Loan shall be suspended and (ii) the Screen Rate shall no longer be utilized in determining the LIBO Rate. Upon receipt of
such notice, the Borrower may revoke any pending Loan Request.

 

(c)       Until
such time as a Benchmark Successor Rate and Benchmark Successor Rate Conforming Changes have been determined and agreed and without
prejudice to the obligation of the parties to enter into negotiations with a view to determining or agreeing a Benchmark Successor
Rate pursuant to paragraph (a) above, for any interest period starting after the Screen Rate Replacement Event, the LIBO Rate
shall be replaced by the weighted average of the rates notified to the Facility Agent by each Lender five (5) Business Days prior
to the first day of that interest period, to be that which expresses as a percentage rate per annum the cost the relevant Lender
would have of funding an amount equal to its participation in the Loan during the relevant interest period from whatever source
it may reasonably select. If such amount is less than zero, it shall be deemed to be zero.

 

(d)       Notwithstanding
anything else herein, any definition of Benchmark Successor Rate shall provide that in no event shall such Benchmark Successor
Rate be less than zero for purposes of this Agreement.

 

(e)       Section
3.3.6 shall not apply following the occurrence of a Screen Rate Replacement Event.

 

(f)       Where
paragraph (a) above applies, the Borrower shall, within three (3) Business Days of demand, reimburse the Facility Agent for the
amount of all costs and expenses (including legal fees) reasonably incurred by the Facility Agent in responding to, evaluating,
negotiating or complying with the requirements set out in that paragraph.";

 

		5.1.23	Exhibit
                                         A (Preliminary Repayment Schedule) is deleted in total and replaced with a new
                                         Exhibit A as set out in Schedule 4 to this Amendment Agreement;

 

		5.1.24	the
                                         Principles are attached as a new Exhibit I; and

 

		5.1.25	the
                                         Information Package as set out in Schedule 5 to this Amendment Agreement is attached
                                         as a new Exhibit J.

 

		5.2	All
                                         other terms and conditions of the Credit Agreement shall remain unaltered and in full
                                         force and effect.

 

		6	Fees,
                                         Costs and Expenses

 

		6.1	The
                                         Borrower shall pay to the Facility Agent and each Lender a handling fee in the amount
                                         and at the time agreed in Fee Letters.

 

    Page 14

     

    

 

		6.2	The
                                         Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of:

 

		6.2.1	the
                                         Facility Agent in connection with the preparation, execution, delivery and administration,
                                         modification and amendment of this Amendment Agreement and the other documents to be
                                         delivered hereunder; and

 

		6.2.2	the
                                         CIRR Representative and any Lender in connection with the preparation, execution, delivery
                                         and administration, modification and amendment of any Interest Make-Up Agreement and
                                         any security or other documents executed or to be executed and delivered as a consequence
                                         of the parties entering into this Amendment Agreement and any other documents to be delivered
                                         under this Amendment Agreement,

 

(including
the reasonable fees and out-of-pocket expenses of counsel to the Facility Agent and the CIRR Representative with respect to this
Amendment Agreement and those other documents as agreed with the Facility Agent and the CIRR Representative) in accordance with
the terms of section 11.3 of the Credit Agreement and as if references in that section to the Facility Agent are references to
the Facility Agent and the CIRR Representative.

 

		6.3	The
                                         Borrower agrees to pay on demand any additional imputed or calculative funding cost on
                                         the Deferred Tranche incurred by a Lender or the CIRR Representative as a consequence
                                         of the parties entering into this Amendment Agreement which shall not exceed the difference
                                         between the interest payable on the Loan (other than the Deferred Tranche) in accordance
                                         with the Credit Agreement and the interest payable on the Deferred Tranche at the Floating
                                         Rate. The Facility Agent shall furnish to the Borrower a determination of such a funding
                                         cost reflecting the respective determinations which the Facility Agent has received from
                                         the CIRR Representative and each of the Lenders, which determination will then be applicable
                                         to all Lenders. None of the Facility Agent, a Lender or the CIRR Representative is required
                                         to provide to the Facility Agent (if applicable) or the Borrower evidence of how the
                                         determination of the funding cost has been made nor that it has been suffered.

 

		7	Notices,
                                         Counterparts, Third Party Rights, Governing Law, Jurisdiction and Process Agent

 

The
provisions of sections 11.2 (Notices), 11.8 (Execution in Counterparts), 11.9 (Third Party Rights), 11.14.1
(Governing Law), 11.14.2 (Jurisdiction) and 11.14.3 (Alternative Jurisdiction) and 11.14.4 (Service of
Process) of the Credit Agreement shall apply to this Amendment Agreement as if they are set out in full and as if (a) references
to each Party are references to each party to this Amendment Agreement and (b) references to the Credit Agreement include this
Amendment Agreement.

 

    Page 15

     

    

 

Schedule
1            

 

The
Finance Parties

 

Facility
Agent

 

KfW
IPEX-Bank GmbH

Palmengartenstrasse
7-9

60325
Frankfurt am Main

Germany

 

Hermes
Agent

 

KfW
IPEX-Bank GmbH

Palmengartenstrasse
7-9

60325
Frankfurt am Main

Germany

 

Initial
Mandated Lead Arranger and Lender 

 

KfW
IPEX-Bank GmbH

 

Mandated
Lead Arranger and Lender

 

BNP
Paribas Fortis S.A./N.V.

 

DNB
Bank ASA

 

Skandinaviska
Enskilda Banken AB (publ)

 

Banco
Santander, S.A.

 

Lender

 

Citibank
Europe Plc

 

    Page 16

     

    

 

Schedule
2            

 

Effective
Date Confirmation

 

To:         Royal
Caribbean Cruises Ltd.

 

To:         KfW

 

"ANTHEM
OF THE SEAS" (ex-hull no S-698)

 

We,
KfW IPEX-Bank GmbH, refer to the sixth amendment agreement dated           April
2020 (the "Amendment Agreement") relating to a credit agreement dated as of 8 June 2011 (as previously amended,
supplemented and/or restated from time to time) (the "Credit Agreement") made between (among others) the above
named Royal Caribbean Cruises Ltd. as the Borrower, the financial institutions listed in it as the Lenders and ourselves
as the Hermes Agent and the Facility Agent in respect of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount
(as defined in the Credit Agreement).

 

We
hereby confirm that all conditions precedent referred to in Clause 2.1 of the Amendment Agreement have been satisfied. In accordance
with Clauses 1.1 and 5 of the Amendment Agreement the Deferred Tranche Effective Date is the date of this confirmation and the
amendments to the Credit Agreement are now effective.

 

Dated
          April 2020

 

 

Signed:___________________________________

 

For
and on behalf of

KfW
IPEX-Bank GmbH

(as
Facility Agent)

 

    Page 17

     

    

 

Schedule
3            

 

Conditions
Precedent

 

		1	Borrower

 

		1.1	A
                                         certificate of its Secretary or Assistant Secretary as to the incumbency and signatures
                                         of those of its officers authorised to act with respect to this Amendment Agreement and
                                         as to the truth and completeness of the attached resolutions of its Board of Directors
                                         then in full force and effect authorising the execution, delivery and performance of
                                         this Amendment Agreement, and upon which certificate the Lenders may conclusively rely
                                         until the Facility Agent shall have received a further certificate of the Secretary or
                                         Assistant Secretary of the Borrower cancelling or amending such prior certificate; and

 

		1.2	a
                                         Certificate of Good Standing issued by the relevant Liberian authorities in respect of
                                         the Borrower.

 

		2	Legal
                                         opinions

 

The
Facility Agent shall have received opinions, addressed to the Facility Agent and each Lender from:

 

		2.1	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to Liberian law; and

 

		2.2	Stephenson
                                         Harwood LLP, counsel to the Facility Agent,

 

or,
where applicable, a written approval in principle (which can be given by email) by any of the above counsel of the arrangements
contemplated by this Amendment Agreement and a confirmation that a formal legal opinion will follow promptly after the Deferred
Tranche Effective Date.

 

		3	Principles

 

		3.1	Principles
                                         Final approval of the Principles by Hermes (including deferral of the instalments
                                         of principal of the Advanced Loan due to be repaid during the Advanced Loan Deferral
                                         Period).

 

		3.2	Information
                                         Package Evidence to the satisfaction of Hermes that the Borrower has sufficient crisis-related
                                         liquidity measures in place to be able to utilise the Deferred Tranche in accordance
                                         with the Credit Agreement as amended by this Amendment Agreement as set out in the completed
                                         Information Package (the form of which is set out in Schedule 5) submitted to Hermes.

 

		3.3	Hermes
                                         Insurance Policy Evidence to the satisfaction of each Lender that the Deferred Tranche
                                         is covered under the Hermes Insurance Policy.

 

		4	Other
                                         documents and evidence

 

		4.1	Process
                                         agent Evidence that any process agent appointed pursuant to Clause 7 has accepted
                                         its appointment.

 

    Page 18

     

    

 

		4.2	Fees,
                                         costs and expenses The Fee Letter(s) and evidence that any documented costs and expenses
                                         due from the Borrower under Clause 6 of this Amendment Agreement have been paid or will
                                         be paid promptly on being demanded.

 

		5	CIRR
                                         requirements

 

		5.1	The
                                         CIRR Representative has confirmed to the Facility Agent that all relevant Lenders have
                                         signed respective amendments to their Option A Refinancing Agreements.

 

    Page 19

     

    

 

Schedule
4            

 

Repayment
Schedule

 

Exhibit
A

 

	 	Repayment
    Schedule – Loan (other than Deferred Tranche) -

      Payments 10 and 11 fall in the Deferral Period	 
	 	US
    Dollars ($)	 

 

 

	No.

  	Repayment
    Dates	Balance
	0	 	$742,101,104.98
	1	8-Oct-2015	$711,180,225.60
	2	8-Apr-2016	$680,259,346.22
	3	8-Oct-2016	$649,338,466.84
	4	8-Apr-2017	$618,417,587.46
	5	8-Oct-2017	$587,496,708.08
	6	8-Apr-2018	$556,575,828.70
	7	8-Oct-2018	$525,654,949.32
	8	8-Apr-2019	$494,734,069.94
	9	8-Oct-2019	$463,813,190.56
	10	8-Apr-2020	$432,892,311.18
	11	8-Oct-2020	$401,971,431.80
	12	8-Apr-2021	$371,050,552.42
	13	8-Oct-2021	$340,129,673.04
	14	8-Apr-2022	$309,208,793.66
	15	8-Oct-2022	$278,287,914.28
	16	8-Apr-2023	$247,367,034.90
	17	8-Oct-2023	$216,446,155.52
	18	8-Apr-2024	$185,525,276.14
	19	8-Oct-2024	$154,604,396.76
	20	8-Apr-2025	$123,683,517.38
	21	8-Oct-2025	$92,762,638.00
	22	8-Apr-2026	$61,841,758.62
	23	8-Oct-2026	$30,920,879.24
	24	8-Apr-2027	$0.00

 

    Page 20

     

    

 

	 	Repayment
    Schedule – Deferred Tranche	 
	 	US
    Dollars ($)	 

 

 

	No.

  	Repayment
    Dates	Balance
	0	 	$61,841,758.76
	1	8-Apr-2021	$54,111,538.91
	2	8-Oct-2021	$46,381,319.06
	3	8-Apr-2022	$38,651,099.21
	4	8-Oct-2022	$30,920,879.36
	5	8-Apr-2023	$23,190,659.51
	6	8-Oct-2023	$15,460,439.66
	7	8-Apr-2024	$7,730,219.81
	8	8-Oct-2024	$0.00

 

    Page 21

     

    

 

Schedule
5            

 

Form
of Information Package

 

General
test scheme / information package in connection with the Debt Holiday application

 

General:
The completion of section A)-E) is required in connection with the initial Debt Holiday application. Section F) lists the
monitoring requirements within the 12 month Debt Holiday period

 

A)
Description of the current situation of the cruise line company (descriptive)

 

[Content:
status of the fleet, impact of the corona crises on the operation, overview of booking status 2020 and 2021 (ticket price level
and occupancy in comparison to 2019 at the same time; current customer reaction (cancelation activities, new bookings, shift of
bookings, repayment of customer deposits.] 

 

B)
Overview of core financial figures: 

 

	 	Actual
    FY 2019	Estimate
    1Q2020	Debt
    Holiday Period 04/2020-03/2021
	Total
    revenues:	 	 	-----
	Net
    cruise revenues:	 	 
	EBITDA:	 	 
	Net
    income:	 	 
	EPS
    (if applicable):	 	 
	Net
    income margin:	 	 
	Total
    equity:	 	 
	Total
    assets:	 	 
	Total
    liquidity (cash):	 	 
	Total
    interest payments	 	 
	Total
    OPEX	 	 
	Total
    CAPEX 	 	 	 
	Principles
    (Hermes covered loans)	 	 	 
	Principles
    (all ECA covered loans)	 	 	 

 

    Page 22

     

    

 

C)
Core Checklist 

Notes: 

		·	It
is not required that a company uses all measures listed below. / Further measures can be added.
		·	There
is not a certain ratio (4th column) which has to be reached to enable the company to qualify for the Debt Holiday Initiative.
		·	Please
mark those positions with the note “Estimate” in the 2nd column in case the exact information is not available
yet.
		·	Finalized
measure:

		o	With
                                         regard to C2) – The measure has been irrevocable fixed/secured. / Binding Agreement
                                         is in place. 

		o	With
                                         regard to C3) – The process to introduce this cost cutting measure has already
                                         been firmly started. The liquidity effect is highly likely.

 

	No.	Criteria	Amount	Ratio
    compared to 2019	Note
	 

        1)
        Liquidity Position (latest date available)

	1a	Liquidity
    position – free cash 	 	xx%
    of net cruise revenues p.a.	 
	1b	Liquidity
    position – free undrawn RCF or Corporate Term Loan	 	xx%
        of net cruise revenues p.a.

         
	RCF
    and Corporate Term Loan to be described separately (amount, currency, maturity, repayment profile)
	1c	TOTAL
    free liquidity position	 	xx%
    of net cruise revenues p.a.	Please
    provide in addition the information about the amount of restricted cash.
	 

        2)
        Measures implemented to increase the liquidity position (since the 1st January 2020)

	2a	Draw
    down on existing RCF facilities	 	xx%
    of total RCF volume	Drawn
    between the 1.1.2020 and application.
	2b	Finalized
    additional RCF or Corporate Term Loans / fixed since 1st January 2020 	 	xx%
        increase of RCF/TL volume

        xx%
        of net cruise revenues p.a.
	RCF
    and Corporate Term Loan to be described separately (amount, currency, maturity, repayment profile)
	2c	Planned
    new RCF or Corporate Term Loans (or other debt)	 	xx%
        increase of RCF /TL volume

        xx%
        of net cruise revenues p.a.
	RCF
    and Corporate Term Loan to be described separately (amount, currency, maturity, repayment profile) / Likeliness of finalization
	2d	Finalized
    capital increase, shareholder loans or mezzanine / fixed since 1st January 2020	 	xx%
        of net cruise revenues p.a.

        xx%
        of total assets
	Measure
    to be described separately  

 

    Page 23

     

    

 

	2e	Planned
    capital increase, shareholder loans or mezzanine 	 	xx%
    of net cruise revenues p.a.	Measure
    to be described separately / Likeliness of finalization
	2f	Finalized
    other measures or other debt (e.g. Factoring a.o.) / fixed since 1st January 2020	 	xx%
    of net cruise revenues p.a.	Measure
    to be described separately  
	2g	Planned
    other measures or other debt (e.g. Factoring a.o.)	 	xx%
    of net cruise revenues p.a.	Measure
    to be described separately / Likeliness of finalization
	2h	...	 	 	 
	 	Already
    secured TOTAL increase of the liquidity position in 2020 (only finalized measures)	 	 	 
	 	Potential
    TOTAL increase of the liquidity positions in 2020 (finalized + planned measures)	 	xx%
    of net cruise revenues p.a.	 
	 

        3)
        Cost cutting measures implemented to reduce the outflow of liquidity (since the 1st January 2020)

	3a	Reduction
        of OPEX

        (finalized
        / binding start of implementation done)
	 	xx%
        of net cruise revenues p.m.

        xx%
        of originally planned OPEX
	Please
    list separately
	3b	Reduction
    of OPEX (further potential)	 	xx%
        of net cruise revenues p.m.

        xx%
        of originally planned OPEX
	Please
    list separately
	3c	Reduction
    of CAPEX (not ship building contract related / finalized / binding start of implementation done)	 	xx%
        of net cruise revenues p.a.

        xx%
        of total CAPEX which are due in 2020
	Please
    list separately
	3d	Reduction
    of CAPEX (not ship building contract related / further potential)	 	xx%
        of net cruise revenues p.a.

        xx%
        of total CAPEX which are due in 2020
	Please
    list separately / Likeliness of finalization
	3e	Reduction
    of replacement investments (finalized /binding start of implementation done)	 	xx%
        of net cruise revenues p.a.

        xx%
        of total replacement investments which are due in 2020
	Replacements
    of goods in the hotel operation (e.g. cutlery) / Please list separately
	3f
    	Reduction
    of replacement investments (further potential)	 	xx%
        of net cruise revenues p.a.

        xx%
        of total replacement investments which are due in 2020
	Replacements
    of goods in the hotel operation (e.g. cutlery)  / Please list separately / Likeliness of finalization 

 

    Page 24

     

    

 

	3g	Dividend
    cuts (total potential effect within 2020)	 	xx%
        of net cruise revenues p.a.

        xx%
        of originally planed dividends
	Please
    describe which dividends have been announced to be cut so far. 
	3h	Pay
    cuts (total amount per month) (finalized)	 	xx%
        of net cruise revenues p.m.

        xx%
        of originally plant payroll
	Please
    describe separately
	3i	...	 	 	 
	 	Already
    secured TOTAL cost cuttings within 2020 (only finalized measures)	 	xx%
    of net cruise revenues p.a.	 
	 	Potential
        TOTAL cost cuttings within 2020 (finalized + potential measures)

         
	 	xx%
    of net cruise revenues p.a.	 
	 

        4)
        Further figures

	4a	Average
    cash burn rate (per month within the shut down period / assuming all D3 measures are effective / fixed costs + necessary variable
    costs + interests + average CAPEX)	 	 	 
	4b	Amount
    of CAPEX 2020 which can not be postponed	 	 	 
	4c	Percentage
    of the net cruise revenues of the FY 2019 which would have been required to enable a cash neutral operation in 2019 (based
    on an annual average + based on the cost structure of 2019 including CAPEX and including principles). 	 	 	Indicator
    for the ramp up period
	4d	Percentage
    of the net cruise revenues of the FY 2019 which would have been required to enable a cash neutral operation in 2019 (based
    on an annual average + based on the cost structure of 2019 excluding CAPEX and excluding principles).	 	 	Indicator
    for the ramp up period
	4e	What
    layup costs do you expect on average per vessel (per month)?	 	 	Assumed:
        hot lay-up

        Including
cost positions: crew, food, port

 

    Page 25

     

    

 

	 	 	 	 	charges,
                                         fuel, hotel consumption

        How
        many crew members will remain on average on board?

 

D)
Preliminary liquidity estimation of the cruise line (including shut down period and ramp up phase): 

 

	Case	1)   
    Company’s Case	2)   
    Break-even Case A	3)   
    Break-even Case B
	Description	Company’s
    most likely case	Breakeven
    case only taking the finalized measures from section C2 and C3 into account. (excl. Debt Holiday) *	Breakeven
    case taking all finalized and planned measures from section C2 and C3 into account. (incl. Debt Holiday) *
	Complete
    shut down period (end date)	[e.g.
    End of June 2020] 	[e.g.
    End of July 2020] 	[e.g.
    End of October 2020] 
	Which
    of the planned / potential liquidity and cost cutting measures of section C2 and C3 have be considered? (Please state
    the number or describe if necessary)	[e.g.
    2c, 3b]	None	[e.g.
    2c, 2g, 3b]
	Minimum
    Liquidity Position:	...	USD
    / EUR 0	USD
    / EUR 0
	How
    much liquidity will be required over time in each case? 	...	...	...

*
Notes:

·   
Case 1) - How long will be the shut down period last from the company’s point of view?

·   
Case 2) – It shows the maximum duration of the shut down period which the company can survive, based on all already secured
liquidity and cost cutting measured.

·   
Case 3) – It shows the maximum duration of the shut down period which the company can survive, based on the assumption that
all liquidity and cost cutting measures are realized which are most realistic from the companies point of view. Not all potential
measures need to be included, only those which are most realistic from the companies point of view.

·   
It shall be assumed in all 3 cases that no new customer bookings will be done during the duration of the shut down period.

·   
The Financial Covenant “Minimum Liquidity” shall not be taken into account.

 

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At
this point in time a full liquidity model on which the table D) was based does not have to be provided. But it shall be available
within the following 12 months in case questions arise.

Please
provide the description of assumptions. It shall include but not limited to the following:

·   
Start liquidity position / start date of calculation

·   
Assumptions for canceled cruises and the percentage of outflow of customer deposits

·   
Assumptions on new bookings after the shut down period / What kind of vouchers will be offered? 

·   
Dividend, CAPEX and average monthly OPEX assumption 

·   
For Case 1) the following details shall be provided as well: Total Revenue, Net Cruise Revenue, EBITDA, EBIT, Net Profit, Interest
Expenses, Equity, Interest Bearing Debt, Total Assets

E)
Further questions

 

		1.	What
                                         support does the company expect from the local government?

		2.	How
                                         much can the operation in the offices and on board be reduced?

		3.	How
                                         flexible is the company to restart its operation?

 

F)
Debt Holiday Regular Reporting Requirements - Monitoring within the 12 month Debt Holiday (starting point: approval)

 

	No.	Rhythm	Description
	1.	monthly	Reporting
        of the liquidity position (C1a-c) and current developments in respect to the measures C2 and C3 above.

        In
        case the Net Liquidity Position does decease to 6x the average cash burn rate (C4a) the ECA can decide on its own discretion
        whether a shorter reporting rhythm shall be implemented (e.g. weekly).

        Def.
        “Net Liquidity Position” shall be the total free liquidity position (C1c) minus all planned debt repayments
        (bank loan, commercial papers, bonds) which are due within the following 6 months.

	2.	monthly	Booking
    Curve (average ticket price and occupancy including a comparison of both parameters at the same point in time in 2019)
	3.	monthly	Status
    of the fleet: Active vessels (+ occupancy level) / Vessels in layup
	4.	monthly	Confirmation
    that no dividends have been declared / paid within the current month.
	5.	bi-monthly	Other
        Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.)
        and what is their response? Do the respective documentation include cross default clauses?

        How
        do the debtors (like credit card companies) currently act? Do they withhold due payments?

	6.	bi-monthly	Liquidity
        Forecast of the following 12 months (based on secured liquidity and cost cutting measures and secured customer bookings)

        In
case the Net Liquidity Position does decease to 6x the average cash burn rate (C4a) the ECA can decide on own discretion

 

    Page 27

     

    

 

	 	 	whether
    a shorter reporting rhythm shall be implemented.
	7.	bi-monthly	Status
        of signed building contracts

        Background
        - Extract from the preamble of the debt holiday terms and conditions: The intention of the Debt Holiday Initiative is
        to provide an interim relief to the Companies in their debt service obligations under existing financings. It is the firm
        understanding of the Lenders together with the respective ECAs that Companies taking advantage of the relief shall use
        its best endeavors fulfilling their contractual obligations under their existing shipbuilding contracts with the yard,
        i.e. do not unreasonably, unduly, and without consultation delay instalments and scheduled vessel deliveries and work
        reasonably together with the yards to resolve any crisis-related construction delays. For the avoidance of doubt, all
        measures to maintain a sufficient liquidity position of the Company during recovery will be considered reasonably by ECA.

        In
        the light of this intention the ECA shall be updated about the company`s current plans to amendment any building contract
        or about any upcoming negotiations with the national yard.

	8.	quarterly	Unaudited
    financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)
	9.	quarterly	Despite
    the suspension of the official tests of the financial covenants the company shall provide the calculation of the covenants.

 

 

 

 

Herewith
the company confirms that the information above is true and accurate in all respects and based on the most recent  information
available to the company.

 

 

 

 

	-----------------------	---------------------------------------------------
	(Date)	(Signature)

 

    Page 28

     

    

 

 

The
parties to this Amendment Agreement have signed this Amendment Agreement the day and year first before written.

 

	Signed
    by	)	 
	Royal Caribbean
    Cruises Ltd.	)	 
	(as Borrower)	)	 
	acting by	)	/s/ LUCY SHTENKO
	LUCY SHTENKO	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 
	 	 	 
	Signed by	)	 
	KfW IPEX-Bank
    GmbH	)	 
	(as Lender and Initial
    Mandated	)	 
	Lead Arranger)	)	 
	acting by	)	/s/ MICHAEL BURGESS
	MICHAEL BURGESS	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 
	 	 	 
	Signed by	)	 
	BNP Paribas Fortis
    S.A./N.V.	)	/s/ VERONIQUE DE SCHEPPER
	(as Lender and Mandated
    Lead Arranger)	)	Veronique de Schepper
	acting by	)	Head of Middle Office
	 	)	Financing Solutions
    Brussels
	its duly authorised	)	 
	 	)	/s/ THI KAREN CHU
    VAN
	 	)	Thi Karen Chu Van
	 	)	Business Management
	 	)	Financing Solutions
    Brussels
	 	)	 
	 	 	 
	Signed by	)	 
	DNB Bank ASA	)	 
	(as Lender and Mandated
    Lead Arranger)	)	 
	acting by	)	/s/ MICHAEL VOLKS
	MICHAEL VOLKS	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 
	 	 	 
	Signed by	)	 
	Skandinaviska Enskilda
    	)	 
	Banken AB (publ)	)	 
	(as Lender and Mandated
    Lead Arranger)	)	 
	acting by	)	/s/ MICHELLE WING YEE
    TSUI
	MICHELLE WING YEE TSUI	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 

 

    Page 28

     

    

 

	Signed by	)	 
	Banco Santander,
    S.A.	)	/s/ ANTONIA TEKKI
	(as Lender and Mandated
    Lead Arranger)	)	Antonia Tekki
	acting by	)	 
	 	)	/s/ JUAN CARLOS GARCIA
    ROSAS
	its duly authorised	)	Juan Carlos Garcia Rosas
	 	)	 
	 	 	 
	Signed by	)	 
	Citibank Europe Plc
    (as Lender)	)	 
	acting by	)	/s/ ALEX C. TAYLOR
	 	)	Alex C. Taylor
	its duly authorised	)	Managing Director
	 	)	 
	 	 	 
	Signed by	)	 
	KfW IPEX-Bank GmbH
    (as Hermes Agent)	)	 
	acting by	)	/s/ MICHAEL BURGESS
	MICHAEL BURGESS	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 
	 	 	 
	Signed by	)	 
	KfW IPEX-Bank GmbH
    (as Facility Agent)	)	 
	acting by	)	/s/ MICHAEL BURGESS
	MICHAEL BURGESS	)	 
	its duly authorised	)	 
	ATTORNEY-IN-FACT	)	 

 

    Page 29

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