Document:

Exhibit 10.5

 

THE SECURITIES REPRESENTED HEREBY AND
THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF
AVAILABLE, AND IN COMPLIANCE WITH ANY STATE SECURITIES LAWS OR (c) WITH THE PRIOR WRITTEN CONSENT OF THE CORPORATION, PURSUANT
TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

	Number of Warrants:	[---------------]	Warrant No. _________
	Date of Issuance:	[---------------]	 

 

WARRANTS TO PURCHASE COMMON SHARES OF

Q BIOMED INC.

(organized under the laws of Nevada)

 

This
is to certify that for value received pursuant to that Securities Purchase Agreement entered into on [------------] between [------------]
(the “Holder”) and Q BioMed Inc. (the "Corporation"), the Holder shall have the right to purchase
from the Corporation, at any time and from time-to-time up to 5:00 p.m. (New York time) on the five (5) year anniversary
of the issuance of this warrant (the "Expiry Time"), one fully paid and non-assessable
Common Share (as hereinafter defined) for each Warrant (individually, a "Warrant") represented hereby at a price
of US$1.50 per share (the "Exercise Price", as may be adjusted herein), upon
and subject to the following terms and conditions:

 

1.            For
the purpose of this Warrant, the term "Common Shares" means common shares in the capital of the Corporation as
constituted on the date hereof; provided that in the event of a change, subdivision, re-division, reduction, combination or consolidation
thereof or any other adjustment under clause 7 hereof, or such successive changes, subdivisions, re-divisions, reductions, combinations,
consolidations or other adjustments, then subject to the adjustments, if any, having been made in accordance with the provisions
of this Warrant Certificate, "Common Shares" shall thereafter mean the shares, other securities or other property
resulting from such change, subdivision, re-division, reduction, combination or consolidation or other adjustment.

 

2.            All
rights under any of the Warrants in respect of which the right of subscription and purchase therein not exercised shall wholly
cease and determine and such Warrants shall be wholly void and of no valid or binding effect after the Expiry Time.

 

3.            The
right to purchase the Common Shares underlying the Warrants (the “Warrant Shares”) may only be exercised by
the Holder before the Expiry Time by:

 

     

     

    

 

Page 2

  

		(1)	duly completing and executing a subscription substantially in the form attached hereto as Exhibit A,
in the manner therein indicated; and

 

		(2)	surrendering this Warrant Certificate and the duly completed and executed subscription form to
the Corporation at the principal office of the Corporation in the City of New York, together with payment of the purchase price
for the Common Shares subscribed for in the form of a wire transfer or a certified check payable to the Corporation in an amount
equal to the then applicable Exercise Price multiplied by the number of Common Shares subscribed for (“Aggregate Exercise
Price”); or

 

		(3)	subject to Section 7(c) or Section 7(d) herein, in the event the Holder desires
to exercise the Warrant through the cashless mechanism as set forth herein it shall, in lieu of making the cash payment otherwise
contemplated to be made to the Corporation upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive
upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”):

 

Net
Number = (A x B) - (A x C)

B

 

For purposes of the
foregoing formula:

 

A= the total number of shares with
respect to which this Warrant is then being exercised.

 

B= the average closing bid price
of the Common Shares for the ten (10) Trading Days immediately preceding the date of the applicable Exercise Notice (“Average
Bid Price”).

 

C= the Exercise
Price then in effect for the applicable Warrant shares at the time of such exercise.

 

4.            Upon
such delivery and payment as aforesaid, the Corporation shall cause to be issued to the Holder the number of Common Shares to be
issued and the Holder shall become a shareholder of the Corporation in respect of such Common Shares with effect from the date
of such delivery and payment and shall be entitled to delivery of a certificate or certificates evidencing such Common Shares.
The Corporation shall cause such certificate or certificates to be mailed to the Holder at the address or addresses specified in
such subscription form within five (5) business days of such delivery and payment as herein provided.

 

5.            The
holding of a Warrant shall not constitute the Holder a shareholder of the Corporation nor entitle him to any right or interest
in respect thereof except as herein expressly provided.

 

     

     

    

 

Page 3

 

6.            The
Corporation covenants and agrees that until the Expiry Time, while any of the Warrants shall be outstanding, it shall reserve and
there shall remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the right of purchase
herein provided, as such right of purchase may be adjusted pursuant to clauses 7 and 8 hereof. All Common Shares which shall be
issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Common
Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable shares
and the holders thereof shall not be liable to the Corporation or its creditors in respect thereof.

  

	7.	(a)	If and whenever at any time after the date hereof and prior to the Expiry Time the Corporation shall (i) subdivide, re-divide
or change its then outstanding Common Shares into a greater number of Common Shares, (ii) reduce, combine or consolidate
its then outstanding Common Shares into a lesser number of Common Shares, or (iii) issue Common Shares (or securities exchangeable
for or convertible into Common Shares) to the holders of all or substantially all of its then outstanding Common Shares by way
of a stock dividend or other distribution (any of such events herein called a "Common Share Reorganization"),
then the Exercise Price shall be adjusted effective immediately after the effective date of any such event in (i) or (ii) above
or the record date at which the holders of Common Shares are determined for the purpose of any such dividend or distribution in
(iii) above, as the case may be, by multiplying the Exercise Price in effect on such effective date or record date, as the
case may be, by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or
record date, as the case may be, before giving effect to such Common Share Reorganization and the denominator of which shall be
the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization including, in the
case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would
be outstanding if such securities were exchanged for or converted into Common Shares.
	 	 	 
	 	(b)	If and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation
shall distribute any class of shares or rights, options or warrants or other securities (other than those referred to in 7(a) above),
evidences of indebtedness or property (excluding cash dividends paid in the ordinary course) to holders of all or substantially
all of its then outstanding Common Shares, the Holder shall receive, in addition to the number of the Common Shares in respect
of which the right to purchase is then being exercised, the aggregate number of Common Shares or other securities or property that
the Holder would have been entitled to receive as a result of such event, as if, on the record date thereof, the Holder had been
the registered holder of the number of Common Shares to which the Holder was theretofore entitled upon the exercise of the rights
of the Holder hereunder.
	 	 	 
	 	(c)	If and whenever at any time after the date hereof and prior to the Expiry Time there is a capital
reorganization of the Corporation or a reclassification or other change in the Common Shares (other than a Common Share Reorganization)
or a consolidation or merger or amalgamation of the Corporation with or into any other corporation or other entity (other than
a consolidation, merger or amalgamation which does not result in any reclassification of the outstanding Common Shares or a change
of the Common Shares into other securities), or a transfer of all or substantially all of the Corporation's undertaking and assets
to another corporation or other entity in which the holders of Common Shares are entitled to receive shares, other securities or
other property (any of such events being called a "Capital Reorganization"), the Holder, conditioned that he has
not exercised the right of subscription and purchase under this Warrant Certificate prior to the effective date of such Capital
Reorganization, shall be entitled to receive and shall accept, upon the exercise of such right, on such date or any time thereafter,
for the same aggregate consideration in lieu of the number of Common Shares to which he was theretofore entitled to subscribe for
and purchase less the aggregate Exercise Price per Warrant, the aggregate number of shares or other securities or property which
the Holder would have been entitled to receive as a result of such Capital Reorganization as if, on the effective date thereof,
he had been the registered holder of the number of Common Shares to which he was theretofore entitled to subscribe for and purchase.

 

     

     

    

 

Page 4

 

		(d)	At any time from six months from the date hereof until the Expiry Time that the Warrant Shares
are not registered for resale with the U.S. Securities and Exchange Commission pursuant to an effective registration statement
(and provided it is done in compliance with Section 3 of this Warrant), the Holder may elect to exercise all or a portion
of the Warrant Shares represented by this Warrant by a Cashless Exercise.

 

8.            On
the occurrence of each and every such event set out in clause 7, the applicable provisions of this Warrant, including the Exercise
Price, shall, ipso facto, be deemed to be amended accordingly and the Corporation shall take all necessary action so as to comply
with such provisions as so amended.

 

9.            The
Corporation shall not be required to deliver certificates for Common Shares while the share transfer books of the Corporation are
properly closed, having regard to the provisions of clause 7 hereof, prior to any meeting of shareholders or for the payment of
dividends or for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions hereof and
the making of any subscription and payment for the Common Shares called for thereby during any such period delivery of certificates
for Common Shares may be postponed for not more than five (5) days after the date of the re-opening of said share transfer
books. Provided, however, that any such postponement of delivery of certificates shall be without prejudice to the right of the
Holder so surrendering the same and making payment during such period to receive after the share transfer books shall have been
re-opened such certificates for the Common Shares called for, as the same may be adjusted pursuant to clause 8 hereof as a result
of the completion of the event in respect of which the transfer books were closed.

 

10.            Subject
as hereinafter provided, all or any of the rights conferred upon the Holder by the terms hereof may be enforced by the Holder by
appropriate legal proceedings. No recourse under or upon any obligation, covenant or agreement contained herein shall be had against
any shareholder, director or officer of the Corporation either directly or through the Corporation, it being expressly agreed and
declared that the obligations under the Warrants are solely corporate obligations and that no personal liability whatever shall
attach to or be incurred by the shareholders, directors or officers of the Corporation or any of them in respect thereof, any and
all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and as
a consideration for the issue of the Warrants.

 

     

     

    

  

Page 5

 

11.            The
Holder may subscribe for and purchase any lesser number of Common Shares than the number of shares expressed in this Warrant Certificate.
In the case of any subscription for a lesser number of Common Shares than expressed in this Warrant Certificate, the Holder hereof
shall be entitled to receive (upon surrender of this Warrant Certificate or delivery of an affidavit of loss of this Warrant Certificate)
at no cost to the Holder a new Warrant Certificate in respect of the balance of Warrant not then exercised. Such new Warrant Certificate
shall be mailed to the Holder by the Corporation, contemporaneously with the mailing of the certificate or certificates representing
the Common Shares issued pursuant to clause 4.

 

12.            If
this Warrant Certificate becomes stolen, lost, mutilated or destroyed, the Corporation shall, on such terms as it may in its discretion
acting reasonably impose, issue and sign and direct the Corporation's transfer agent to countersign a new Warrant Certificate of
like denomination, tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed for delivery to the Holder.

 

13.            The
Corporation shall keep at its principal office (or its transfer agent): (a) a register of holders in which shall be entered
the names and addresses of the holders of the Warrants and of the number of Warrants held by them; and (b) a register of transfers
in which shall be entered the date and other particulars of each transfer of Warrants. The registers hereinbefore referred to shall
be open at all reasonable times for inspection by any Holder.

 

14.            Subject
to compliance by the Holder with any applicable resale restrictions and any other applicable laws and regulatory requirements,
the Corporation acknowledges and agrees that the Warrants evidenced hereby may be assigned or transferred by the Holder at the
Holder's option. It is the sole responsibility of the Holder to ensure that all such restrictions, laws and regulatory requirements
have been observed. Upon any assignment or transfer, the Holder shall furnish the Corporation with this Warrant Certificate and
an Assignment Form in the form of Exhibit B attached hereto and such other documents and information regarding
the transferee as the Corporation may reasonably require to register these Warrants in the name of the transferee and, upon satisfaction
of such requirements, the Corporation shall execute and deliver a new Warrant Certificate in the name of the transferee named in
such Warrant Transfer Form for the number of unexercised Warrants and this certificate shall be promptly cancelled.

 

15.            The
transferee of a Warrant Certificate shall, after the transfer form attached to the Warrant Certificate or any other form of transfer
acceptable to the Corporation, acting reasonably, is duly completed and the Warrant Certificate is lodged with the Corporation
and upon compliance with all other conditions in that regard required by this Warrant, by the New York Stock Exchange or by law,
be entitled to have his name entered on the register of holders as the owner of the Warrants represented thereby free from all
equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Warrant,
save in respect of equities of which the Corporation or the transferee is required to take notice by statute or by order of a court
of competent jurisdiction.

 

     

     

    

 

Page 6

 

16.            Warrant
Certificates may, upon compliance with the reasonable requirements of the Corporation, be exchanged for Warrant Certificates in
any other denomination representing in the aggregate the same number of Warrants. The Corporation shall sign, all Warrant Certificates
necessary to carry out the exchanges contemplated herein, provided that:

 

		(1)	Warrant Certificates may be exchanged only at the principal office of the Corporation in the City
of New York; any Warrant Certificates tendered for exchange shall be surrendered to the Corporation and cancelled; and

 

		(2)	Except as otherwise herein provided, the Corporation may charge Holders requesting an exchange
a reasonable sum for each new Warrant Certificate issued; and payment of such charges and reimbursement of the Corporation for
any and all stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange
as a condition precedent to such exchange.

 

17.            The
Corporation may deem and treat the registered holder of any Warrant Certificate as the absolute owner of the Warrants represented
thereby for all purposes, and the Corporation shall not be affected by any notice or knowledge to the contrary except where the
Corporation is required to take notice by statute or by order of a court of competent jurisdiction. A Holder shall be entitled
to the rights evidenced by such Warrant free from all equities or rights of set-off or counterclaim between the Corporation and
the original or any intermediate holder thereof and all persons may act accordingly and the receipt by any such Holder of the Common
Shares purchasable pursuant to such Warrant shall be a good discharge to the Corporation for the same and the Corporation shall
not be bound to inquire into the title of any such Holder except where the Corporation is required to take notice by statute or
by order of a court of competent jurisdiction.

 

18.            The
Holder acknowledges that appropriate legends, as follows, will be placed upon certificates representing any securities issued on
the exchange, assignment or exercise of the Warrants represented by this certificate until the hold period expires for the Warrants
so represented hereby.

 

"THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).
THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED,
(A) TO THE CORPORATION, (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE
144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY STATE SECURITIES LAWS OR (C) WITH THE PRIOR WRITTEN
CONSENT OF THE CORPORATION, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS."

 

     

     

    

 

Page 7

 

19.            This
Warrant shall be governed by the laws of the New York and the federal laws of the United States applicable herein.

 

20.            The
Warrants represented by this certificate and the common shares issuable upon exercise hereof have not been registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The Warrants represented by this
certificate may not be exercised by a U.S. person or person within the United States (or on behalf of any such person) unless registered
under the U.S. Securities Act or unless an exemption from such registration is available.

 

IN
WITNESS WHEREOF, the Corporation has caused this Warrant Certificate to be signed by its duly authorized officer.

 

DATED
this ___ day of _______ 2020.

 

		Q BIOMED INC.
	 	 
	 	 
		By:	 
	 	 	Authorized Signing Officer

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

Q BIOMED INC.

 

The
undersigned holder hereby exercises the right to purchase                   of
the shares of Common Stock (“Warrant Shares”) of Q BioMed Inc., a Nevada corporation (the “Corporation”),
evidenced by Warrant No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

 

1.            Form of
Exercise Price. Subject to Section 7(c) or Section 7(d) of the Warrant, the Holder intends that payment
of the Exercise Price shall be made as:

 

	 	 	 	a “Cash Exercise” with respect to ______________ Warrant Shares; and/or
	 	 	 	 
	 	 	 	a “Cashless Exercise” with respect to ___________ Warrant Shares.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant
hereto, the Holder hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at     [a.m.][p.m.]
on the date set forth below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was
$          .

 

2.     Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares,
the Holder shall pay the Aggregate Exercise Price in the sum of $          to
the Corporation in accordance with the terms of the Warrant.

 

3.            Delivery
of Warrant Shares and Net Number of shares of Common Stock. The Company shall deliver to Holder, or its designee or agent as
specified below, shares of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or for
its benefit, to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date: ___________

 

     

     

    

 

	Name of Registered Holder
	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Account
	Number: 	 
	 	(if shares are delivered by electronic book entry transfer)
	 
	Transaction Code
	Number:	 
	 	(if shares are delivered by electronic book entry transfer)

 

     

     

    

 

ACKNOWLEDGMENT

 

The Corporation hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares of Common Stock
in accordance with the Transfer Agent Instructions dated _________, 20__, from the Corporation and acknowledged and agreed to by
_______________.

  

	 	Q BIOMED INC.
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

  

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

TO
BE COMPLETED IF WARRANTS ARE TO BE ASSIGNED:

 

	TO:	Q BioMed Inc.
	 	[address]

 

The undersigned holder of the within Warrant
certificate hereby sells, assigns and transfers to _____________________________________ [name of Transferee], _______________
[number of Warrants] of Q BioMed Inc. (the "Corporation") registered in the name of the undersigned on
the records of the Corporation represented by the attached Warrant certificate and irrevocably appoints _____________________________,
the attorney of the undersigned to transfer the said securities on the books or register with full power of substitution.

 

DATED
this __________ day of _____________________, 20_________.

 

 

	 	 	 
	Signature Guaranteed	 	Signature of Transferor

 

Certificate of Transferee

 

The undersigned certifies as follows (check one):

 

	A	 ̈	submits herewith evidence that the transfer of Warrants to the undersigned does not require registration under the United States
Securities Act of 19933, as amended, or any applicable securities laws, it being understood that such evidence must be satisfactory
in form and substance to the Corporation.

 

	B	 ̈	The undersigned hereby certifies that the undersigned is not in the United States, is not acquiring the Warrants for the account
or benefit of a person in the United States, was not offered the Warrants in the United States and was not in the United States
when it agreed to acquire the Warrants.

 

DATED
this __________ day of ________________, 20_____.

 

	 	 
		Signature of Transferee
	 	 
	 	 
		Notarized by:

 

     

     

    

 

Instructions:

 

	a.	Signature of the Holder must be the signature of the person whose name appears on the face of the
Warrant Certificate.

 

	b.	If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney,
officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by
evidence of authority to sign satisfactory to the Corporation.

 

	c.	Warrants shall only be transferable in accordance with applicable laws and are subject to the terms
and conditions contained in the certificate to which this Warrant Transfer Form is scheduled.Exhibit 10.1

 

 

	Amendment
to Loan Documents

	

 

 

THIS AMENDMENT TO LOAN DOCUMENTS (this
“Amendment”) is made as of December 21, 2020, by and between NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
(the “Borrower”) (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

A.               
The Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s
name as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge
agreements, collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are more
fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan
Documents”) which evidence or secure some or all of the indebtedness and other obligations of the Borrower to the Bank
for one or more loans or other extensions of credit (as used herein, collectively, together with the Obligations, if and as defined
in the Loan Documents, the “Obligations”). Any initially capitalized terms used in this Amendment without definition
shall have the meanings assigned to those terms in the Loan Documents.

 

B.                
The Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment.

 

NOW, THEREFORE, in consideration of the
mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.                 
Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any
other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated
into each of the Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any
term or provision in any Loan Document, the terms and provisions of this Amendment shall control.

 

2.                 
The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this
Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii)
ratified and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event
of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists
under any Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval,
order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery
and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed
and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its
terms. The Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge
of any kind as of the date of this Amendment.

 

    -1-

Form 17A – Multistate Rev. 11/20
 

     

    

 

3.                 
The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and
pledges granted by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall
cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

 

4.                 
As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions
(if any) specified in Exhibit A.

 

5.                 
To induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its
officers, directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may
have against the Bank or any of them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and
hold the Bank and its officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability
or expense (including attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any claims arising
out of or relating to the Obligations. The Borrower further states that it has carefully read the foregoing release and indemnity,
knows the contents thereof and grants the same as its own free act and deed.

 

6.                 
This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts,
but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this
Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart. Upon written request by
the other party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly
deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed
by facsimile transmission.

 

7.                 
Notwithstanding any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the
Loan Documents, any other amendments thereto and any other information, notice, signature card, agreement or authorization related
thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record. Any
Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the
authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication
which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. The
Borrower and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents
include electronic transmittal to any electronic address provided by either party to the other party from time to time.

 

8.                 
The Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without
the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice
may be given by electronic mail).

 

    -2-

Form 17A – Multistate Rev. 11/20
 

     

    

 

9.                 
This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors,
administrators, successors and assigns.

 

10.             
This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the
laws of the State identified in and governing the Loan Documents that are being amended hereby (the “State”),
excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State
(or, to the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures
in Global and National Commerce Act). This Amendment has been delivered to and accepted by the Bank and will be deemed to be made
in the State.

 

11.             
Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full
force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed.
Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect
to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release
of any of the Bank’s rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms
the confession of judgment (if applicable) and dispute resolution, waiver of jury trial or arbitration provisions, as applicable,
contained in the Loan Documents, all of which are incorporated herein by reference.

 

12.             
The Borrower hereby irrevocably authorizes any attorney-at-law, including an attorney employed by or retained and paid
by the Bank, to appear in any court of record in or of the State of Ohio, or in any other state or territory of the United States,
at any time after the indebtedness evidenced by the Loan Documents becomes due, whether by acceleration or otherwise, to waive
the issuing and service of process and to confess a judgment against the Borrower in favor of the Bank, and/or any assignee or
holder thereof for the amount of principal and interest and expenses then appearing due from the Borrower under the Loan Documents,
together with costs of suit and thereupon to release all errors and waive all right of appeal or stays of execution in any court
of record. The Borrower hereby expressly (i) waives any conflict of interest of the attorney(s) retained by the Bank to confess
judgment against the Borrower upon the Loan Documents, and (ii) consents to the receipt by such attorney(s) of a reasonable legal
fee from the Bank for legal services rendered for confessing judgment against the Borrower upon the Loan Documents. A copy of this
Amendment, certified by the Bank, may be filed in each such proceeding in place of filing the original as a warrant of attorney.

 

    -3-

Form 17A – Multistate Rev. 11/20
 

     

    

 

WITNESS the due execution of this Amendment
as a document under seal as of the date first written above.

 

 

 

WARNING—BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT
TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND
THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED
GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

 

 

 

	 	NORTHERN TECHNOLOGIES

INTERNATIONAL CORPORATION

	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Matthew Wolsfeld	 	 
	 	Matthew Wolsfeld, Chief Financial Officer	(SEAL)	 
	 	 	 	 	 
	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 	 	 
	 	By:	/s/ Yelena Spadafora	(SEAL)	 
	 	Yelena Spadafora, Senior Vice President

 

 

 

 

 

 

    -4-

Form 17A – Multistate Rev. 11/20
 

     

    

 

EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF DECEMBER 21, 2020

 

		A.	Loan Documents. The “Loan Documents” that are the subject of this Amendment
include the following (as each of such documents has been amended, modified or otherwise supplemented previously):

 

		1.	$3,000,000.00 Amended and Restated Committed Line of Credit Note, dated January 10, 2011, executed
and delivered to the Bank by the Borrower (the “Existing Note”)

 

		2.	Working Cash®, Line of Credit, Investment Sweep Rider, dated January 10, 2011, between the
Borrower and the Bank (the “Sweep Rider”)

 

		3.	Loan Agreement, dated January 10, 2011, between the Borrower and the Bank (the “Loan Agreement”)

 

		4.	Amendment to Loan Documents, dated January 6, 2016, between the Borrower and the Bank

 

		5.	All other documents, instruments, agreements, and certificates executed and delivered in connection
with the Loan Documents listed in this Section A.

 

		B.	Amendment(s). The Loan Documents are amended as follows:

 

		1.	Restated Note. Concurrently with the execution and delivery of this Amendment, the
Borrower shall execute and deliver to the Bank an amended and restated note (the “Restated Note”) evidencing
the line of credit in the original principal amount of $3,000,000.00, in form and substance satisfactory to the Bank. Upon receipt
by the Bank of the Restated Note, the Existing Note shall be canceled; the loan evidenced by the Existing Note (the “Existing
Loan”) and all accrued and unpaid interest on the Existing Note shall thereafter be evidenced by the Restated Note; and
all references to the promissory note evidencing the Existing Loan in any documents relating thereto, howsoever named, shall thereafter
be deemed to refer to the Restated Note. Without duplication, the Restated Note shall not constitute a novation and shall in no
way extinguish the Borrower’s unconditional obligation to repay all indebtedness, including accrued and unpaid interest,
evidenced by the Existing Note.

 

		2.	The Bank hereby notifies the Borrower that, pursuant to Section 8 of the Line of Credit Investment
Sweep Rider (the “Sweep Rider”), the Bank has elected to terminate the Sweep Rider effective as of the date
of this Amendment. As a result of such termination, the Bank will no longer automatically sweep any available balance in your checking
account number 4600132128 into the investment vehicle. Further, the Line of Credit will not automatically be activated to advance
funds to your checking account, and any checks written in excess of available funds are subject to being returned. In furtherance
of the foregoing, Section 1.1.1 of the Loan Agreement is hereby deleted in its entirety.

 

    -5-

Form 17A – Multistate Rev. 11/20
 

     

    

 

		3.	Section (1) of the Financial Covenants section of the Addendum to the Loan Agreement is hereby
amended and restated in its entirety to read as follows:

 

“(1)The Borrower will maintain as of the end of
each fiscal year, a Fixed Charge Coverage Ratio of at least 1.10 to 1.00.

 

As used herein:

 

“Current Maturities” means the scheduled
payments of principal on all indebtedness for borrowed money having an original term of more than one year (including but not limited
to amortization of capital or finance lease obligations), as shown on the Borrower’s Financial Statements as of one year
prior to the date of determination.

 

“EBITDA” means net income plus
interest expense plus income tax expense plus depreciation plus amortization.

 

“Fixed Charge Coverage Ratio” means (i)
EBITDA, divided by (ii) the sum of Current Maturities plus interest expense plus cash taxes paid plus
dividends plus Unfunded Capital Expenditures.

 

“Unfunded Capital Expenditures” means
capital expenditures made from the Borrower’s funds other than funds borrowed as term debt to finance such capital expenditures.”

 

		4.	The following two provisions are hereby added to the Loan Agreement:

 

“Beneficial Owners.
If the Borrower is or was required to execute and deliver to the Bank a Certification of Beneficial Owner(s) (individually and
collectively, as updated from time to time, the “Certification of Beneficial Owners”), the Borrower hereby represents
and warrants that the information in the Certification of Beneficial Owners, as updated from time to time in accordance with this
Agreement, is true, complete and correct as of the date thereof, as of the date hereof and as of the date any such update is delivered
to the Bank. The Borrower acknowledges and agrees that the Certification of Beneficial Owners is a Loan Document.”

 

“Certification of Beneficial
Owners and Other Additional Information. The Borrower agrees that until all Obligations have been paid in full and any
commitments of the Bank to the Borrower have been terminated, the Borrower will provide: (i) such information and documentation
as may reasonably be requested by the Bank from time to time for purposes of compliance by the Bank with applicable laws (including
without limitation the USA Patriot Act and other “know your customer” and anti-money laundering rules and regulations),
and any policy or procedure implemented by the Bank to comply therewith and (ii) if the Borrower is or was required to deliver
a Certification of Beneficial Owners to the Bank, (a) confirmation of the accuracy of the information set forth in the most recent
Certification of Beneficial Owners provided to the Bank, as and when requested by the Bank; and (b) a new Certification of Beneficial
Owners in form and substance acceptable to the Bank when the individual(s) identified as a controlling party and/or a direct or
indirect individual owner on the most recent Certification of Beneficial Owners provided to the Bank have changed.”

 

    -6-

Form 17A – Multistate Rev. 11/20
 

     

    

 

		C.	Conditions to Effectiveness of Amendment. The Bank’s willingness to agree to
the amendments set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

		1.	Execution by all parties and delivery to the Bank of this Amendment, including the Restated Note.

 

		2.	Payment by the Borrower to the Bank of all fees and expenses required by the Bank in connection
with this Amendment, including without limitation those fees set forth in the Loan Fee Authorization.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-7-

Form 17A – Multistate Rev. 11/20

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