Document:

Exhibit 10.43

 

CLEVER LEAVES HOLDINGS INC.

2020 EARNOUT AWARD PLAN

STOCK OPTION GRANT NOTICE AND

STOCK OPTION AGREEMENT

 

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

 

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

 

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

 

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

 

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EXHIBIT A

TO STOCK OPTION GRANT NOTICE

 

STOCK OPTION AGREEMENT

 

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

 

ARTICLE I.

GENERAL

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II.

GRANT OF OPTION

 

2.1 Grant of Option.
In consideration of Participant’s past and/or continued employment with or service to any Company Group Member and for other
good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant Date”),
the Company has granted to Participant the Option to purchase any part or all of an aggregate number of Shares set forth in the
Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as
provided in Section 11.2 of the Plan.

 

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

 

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

 

ARTICLE III.

PERIOD OF EXERCISABILITY

 

3.1 Commencement of Exercisability.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi) in any combination
of the foregoing.

 

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

 

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

 

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

 

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

 

ARTICLE IV.

EXERCISE OF OPTION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) Cash or check;

 

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

 

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

 

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

 

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

 

4.6 Rights as Shareholder.
Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a shareholder
of the Company in respect of any Shares purchasable upon the exercise of any part of the Option unless and until certificates representing
such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer
agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). No adjustment
will be made for a dividend or other right for which the record date is prior to the date of such issuance, recordation and delivery,
except as provided in Section 11.2 of the Plan. Except as otherwise provided herein, after such issuance, recordation and delivery,
Participant will have all the rights of a shareholder of the Company with respect to such Shares, including, without limitation,
the right to receipt of dividends and distributions on such Shares.

 

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ARTICLE V.

RESTRICTIVE COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VI.

OTHER PROVISIONS

 

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

 

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

 

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

 

6.4 Adjustments.
The Administrator may accelerate the vesting of all or a portion of the Option in such circumstances as it, in its sole discretion,
may determine. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events
as provided in this Agreement and the Plan, including Section 11.2 of the Plan.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

Section 6.22 Lockup.

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

APPENDIX I

TO STOCK OPTION AWARD AGREEMENT

 

STOCK OPTION EXERCISE NOTICE

 

	Clever Leaves Holdings Inc.	 
	Attention: Corporate Secretary	 
	 	 
	 	 
	 	 

 

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

 

		[ ]	1. Cash

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

		[ ]	3. Wire transfer, or

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

 

	 	Sincerely yours,
	 	 
	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 

 

    13

     

    

 

EXHIBIT B

TO STOCK OPTION AWARD AGREEMENT

 

SPECIAL PROVISIONS FOR OPTIONS

 

GRANTED TO PARTICIPANTS OUTSIDE THE U.S.

 

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

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

 

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

 

CANADA

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

COLOMBIA

 

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

 

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

 

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

 

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

 

GERMANY

 

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

 

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

 

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

 

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

 

    15

     

    

 

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

 

PORTUGAL

 

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

 

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

 

		3.	Consent to Personal Data Processing and Transfer.

 

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

 

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

 

    16

     

    

 

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

 

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

 

    17

     

    

 

EXHIBIT C

TO STOCK OPTION GRANT NOTICE 

 

VESTING SCHEDULE

 

[Insert vesting schedule]Exhibit 10.44

 

Effective December 21, 2020

 

Non-Employee Director Compensation Policy

 

Non-employee members of the board of directors
(the “Board”) of Clever Leaves Holdings Inc. (the “Company”) shall be eligible
to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”).
The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further
action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company
(each, a “Non-Employee Director”) who may be eligible to receive such cash or equity compensation, unless
such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy
shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or
terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash
and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors
and between any subsidiary of the Company and any of its non-employee directors. No Non-Employee Director shall have any rights
hereunder, except with respect to equity awards granted pursuant to this Policy.

 

1. Cash Compensation.

 

(a) Annual Retainers. Each Non-Employee
Director shall receive an annual cash retainer of $50,000 for service on the Board.

 

(b) Additional Annual Retainers. In
addition, a Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual cash retainer
of $5,000 for such service.

 

(c) Payment of Retainers. The annual
retainers described in Sections 1(a) and 1(b) shall be paid in quarterly installments, in advance, within ten (10) days following
the beginning of each fiscal quarter. In the event a Non-Employee Director is initially elected or appointed to the Board on any
date other than the first day of a fiscal quarter (including, for the avoidance of doubt, any Non-Employee Director who is serving
on the Board as of December 18, 2020 (the “Effective Time”)), such Non-Employee Director shall receive, within
ten (10) days following the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s
“Start Date”) or, if applicable, within ten (10) days following the Effective Time, a prorated portion
of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b),
with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is
the number of days in the applicable fiscal quarter on and following the Start Date and the denominator of which is the number
of days in the applicable fiscal quarter.

 

(d) No Meeting Fees. No meeting fees
will be paid to any Non-Employee Director for attending any meetings of the Board or its committees.

 

2. Equity Compensation.
Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under
and shall be subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable
Company equity plan then maintained by the Company (such plan, as may be amended from time to time, the “Equity
Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached
exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this
Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity
Plan.

 

(a) Closing Awards. Each Non-Employee
Director who serves on the Board as of the Effective Time shall be automatically granted, on the first date of effectiveness of
the Company’s first Form S-8 registration statement with respect to the Equity Plan (the “S-8 Date”),
an award of 7,000 restricted share units. The awards described in this Section 2(a) shall be referred to as the “Closing
Awards.”

 

     

     

    

 

(b) Annual Awards. Each Non-Employee
Director who is elected to serve on the Board at any annual meeting of the Company’s stockholders (an “Annual
Meeting”) shall be automatically granted, on the date of such Annual Meeting, a restricted share unit award with
respect to a number of common shares of the Company with a grant-date value (based on the volume weighted average price of a Company
common share over the 20 consecutive trading-day period ending on the date of such Annual Meeting (or on the last preceding trading
day if the date of the Annual Meeting is not a trading day)) equal to $70,000, rounded down to the nearest whole share. The awards
described in this Section 2(b) shall be referred to as the “Annual Awards.” For the avoidance of doubt,
a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall receive only an Annual Award in connection
with such election, and shall not receive any Initial Award on the date of such Annual Meeting as well.

 

(c) Initial Awards Prior to First Annual
Meeting. Except as otherwise determined by the Board, each Non-Employee Director whose Start Date occurs after the Effective
Time and prior to the date of the first Annual Meeting shall be automatically granted, on such Non-Employee Director’s Start
Date, a restricted share unit award with respect to a number of common shares of the Company with a grant-date value (based on
the closing price per common share of the Company on the Start Date (or on the last preceding trading day if the Start Date is
not a trading day)) equal to (x) 7,000, multiplied by the Pre-Meeting Initial Award Applicable Percentage (as defined below), rounded
down to the nearest whole share. “Pre-Meeting Initial Award Applicable Percentage” shall mean a fraction,
the numerator of which is the number of days in the period beginning on the Non-Employee Director’s Start Date and ending
on June 10, 2021 and the denominator of which is 175. Notwithstanding the foregoing, if a Non-Employee Director’s Start Date
occurs following the Effective Time but prior to the S-8 Date, such Non-Employee Director’s Initial Award shall instead be
granted on the date immediately following the S-8 Date (but, for the avoidance of doubt, with the number of shares determined based
on the closing price per share of the Company on the Non-Employee Director’s Start Date (or on the last preceding trading
day), as described in this Section 2(c)).

 

(d) Initial Awards Following First Annual
Meeting. Except as otherwise determined by the Board, each Non-Employee Director whose Start Date occurs after the date of
the first Annual Meeting, on any date other than the date of an Annual Meeting, shall be automatically granted, on such Non-Employee
Director’s Start Date, a restricted share unit award with respect to a number of common shares of the Company with a grant-date
value (based on the volume weighted average price of a Company common share over the 20 consecutive trading-day period ending on
the date of such Annual Meeting (or on the last preceding trading day if the date of the Annual Meeting is not a trading day))
equal to $70,000 multiplied by the Post-Meeting Initial Award Applicable Percentage (as defined below), rounded down to the nearest
whole share. “Post-Meeting Initial Award Applicable Percentage” shall mean a fraction, the numerator
of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting that occurred immediately
preceding the Non-Employee Director’s Start Date (or, if no such Annual Meeting has occurred, the Effective Time) and ending
on the Non-Employee Director’s Start Date and the denominator of which is 365. The awards described in Section 2(c) and this
Section 2(d) shall be referred to as the “Initial Awards.” For the avoidance of doubt, no Non-Employee
Director shall be granted more than one Initial Award.

 

(e) Termination of Employment of Employee
Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently
terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive
an Initial Award pursuant to Sections 2(c) or 2(d) above, but to the extent that they are otherwise eligible, will be eligible
to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described
in Section 2(b) above.

 

(f) Vesting of Awards Granted to Non-Employee
Directors. Each Closing Award and each Initial Award granted to any Non-Employee Director whose Start Date occurs after the
Effective Time but prior to the first Annual Meeting shall vest on the day immediately preceding the date of the first Annual Meeting,
subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. Each Annual Award
and each other Initial Award shall vest on the earlier of (i) the day immediately preceding the date of the first Annual Meeting
following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing
in service on the Board through the applicable vesting date. No portion of a Closing Award, Annual Award or Initial Award that
is unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested thereafter.
All of a Non-Employee Director’s Closing Awards, Annual Awards and Initial Awards shall vest in full immediately prior to
the occurrence of a Change in Control (as defined in the Equity Plan), subject to the Non-Employee Director continuing in service
on the Board through the applicable vesting date, to the extent outstanding at such time.

 

3. Expense
Reimbursement. Each Non-Employee Director will be reimbursed for any out-of-pocket expenses reasonably incurred by him or her
in connection with services provided in such capacity.

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