Document:

Document

Exhibit 10.35

02/03/2022
Andres de Gortari
Sent Via Email
Re: Promotion
Dear Andres:
Charlottes Web, Inc. (Company) is pleased to extend to you this promotion to work in the full-time position of Chief Accounting Officer.
This position is exempt and reports directly to Wes Booysen - Chief Financial and Operating Officer_ Your anticipated start date will be 02/01/2022.
Compensation and Benefits 
Base Compensation: Should you decide to accept this offer. your initial annualized base salary will be $258,500.00, with installments generally payable every other Thursday, or sooner as determined by state law. Your salary may be adjusted from time to time, including through increases, in the Companys sole discretion.
This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay. Your salary is intended to compensate you the quality of your work. Your work hours may vary from week to week depending on the Companys needs.
Short-Term Incentive Plan: Your target bonus opportunity will be 60% of your actual, regular earnings during the Plan Year. Actual payments will be made at the Companys discretion based on the Companys achievement of certain business targets/initiatives and individual performance. Any annual incentive payment will generally be paid within two and a half months following the end of the Plan Year. Regular Earnings is defined as the aggregate base salary earned during the period. The Compensation Committee reserves the right to adjust or amend the short-term incentive plan at their sole discretion_
Long-Term Incentive Program: You will be eligible to participate in the Companys long-term incentive program on similar terms and conditions as other similarly situated executives. Your target equity incentive opportunity will be 75% of your base salary and the equity award will consist of 50% stock options and 50% restricted stock awards. Each award will vest on a three-year vesting 

schedule with 33% of the value of each award vesting on each anniversary date. The Compensation Committee reserves the right to adjust or amend the longterm incentive plan at their sole discretion.
Severance: If your employment with the Company is involuntarily terminated for reasons other than Cause or a breach by you of the terms and conditions of this letter (including, but not limited to, a breach of any of the representations contained herein), subject to your execution, and non-revocation, of a release of claims in a form provided by the company, you will be eligible to receive severance in the amount of six (6) months of your base salary.
The Company is an at-will employer. At-will means that an employee may resign at any time with or without advance notice to the Company and with or without cause. Likewise, the Company may terminate an employee at any time with or without advance notice and with or without cause. Except for the Chairman of the Board or the Chairman of the Boards authorized representative, no director, manager, supervisor or representative of the Company has any authority to enter into any agreement for employment for any specific period of time or to make any agreement contrary to the foregoing. Only the Chairman of the Board of the Company or the Chairman of the Boards authorized representative has the authority to make any agreement contrary to the foregoing and then only in writing. Nothing in this letter should be read to alter the at-will nature of your anticipated employment with the Company.
This letter, including the enclosed CIIAA, constitutes the entire agreement between you and the Company relating to this subject matter and supersedes all prior or contemporaneous agreements, understandings, negotiations or representations, whether oral or written, express or implied, on this subject. Except as provided herein, this letter may not be modified or amended except by the Companys Chairman of the Board or Chairman of the Boards authorized representative.
Restrictions on Employment
By signing this offer letter, you represent and warrant that you are not party to any agreement or subject to any policy applicable to you that would prevent or restrict your from engaging in activities competitive with the activities of your former employer or from directly or indirectly soliciting any employee, client or customer to leave the employ of, or transfer its business away from, your former employer. or if you are subject to such an agreement or policy, you have complied and will comply with it, and your employment with the Company does not violate any such agreement or policy. You further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to the Company without written authorization from your current or former employer. If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.
Acceptance
This promotion offer will remain open until close of business on 02/07/2022. To indicate your acceptance of the Companys offer on the terms and conditions set forth in this letter, please sign and date this letter in the space provided below and return it to me no later than that date.

We hope your continued employment with the Company will prove mutually rewarding, and we would like to extend our congratulations once more for your promotion. If you have any questions, please feel free to call me at 919-961-8690_
Sincerely,
Kenzie Matthews
Talent Acquisition Specialist
Charlottes Web, Inc.

By signing below, I acknowledge that I have been furnished with a copy of this offer and that I understand and agree to the terms set forth above. I understand that I will be an at-will employee and that nothing in this document is intended to create a contract of employment or alter the at-will nature of my employment.
Acknowledgement and Acceptance of Terms:

			
	/s/ Andres de Gortari                Andres de Gortari            6/28/2021

Signature    Print Name    Date

June 28, 2021
Andres de Gortari 
Sent Via Email
Re: Offer of Employment 
Dear Andy:
Charlotte's Web, Inc. ("Company") is pleased to extend to you this conditional offer of employment to work in the full-time position of Vice President of Finance and Accounting /Controller. This offer and your employment relationship will be subject to the terms and conditions of this letter. This offer is contingent upon completion, to the Company's satisfaction, of efforts to confirm your suitability for this position, which includes the pre-employment checks and reviews as described in this letter.
This position is exempt and reports directly to Wessel Booysen — Chief Financial Officer. Should you decide to accept this offer, we will outline a tentative start date of July 1, 2021.
Compensation and benefits
Base Compensation: Should you decide to accept this offer, your initial annualized base salary will be $225,000.00, with installments generally payable every other Thursday, or sooner as determined by state law. Your salary may be adjusted from time to time, including through increases,
Charlotte's Web is also prepared to offer a $50,000.00 equity signing bonus in the form of 50 percent restricted stock awards and 50 percent stock options.
This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay. Your salary is intended to compensate you the quality of your work. Your work hours may vary from week to week depending on the Company's needs.
For 2021, your target bonus opportunity will be 40% of base salary, with a maximum payout opportunity of 150% of base salary. Actual payments will be determined based on Company results and individual performance against applicable performance metrics to be jointly developed between you and the Company. Any annual bonus with respect to a particular calendar year will generally be paid within two and a half months following the end of the year.

Long-Term Incentive Program: You will be eligible to participate in the Company's long-term incentive program on similar terms and conditions as other similarly situated executives. Commencing in 2021, your target equity incentive opportunity will be 35% of your base salary, with the exception that this equity award will consist of 50% stock options and 50% restricted stock awards, each of which will vest of a four-year vesting scheduled with 25% of each award vesting on each anniversary date.

Flexible Vacation Policy: As an exempt employee, you will be eligible to participate in Charlotte's Web's Flexible Vacation Policy. Under this policy, you will not accrue paid vacation time, but will be awarded the flexibility to take time off from your regular work schedule, with full pay, and no effect to benefit eligibility. Paid time off under this policy is intended for vacation or other compelling reasons and is not intended for certain types of leave outlined under Exceptions in the written policy.

Benefits: You will be entitled to participate in the Company's employee benefit plans and arrangements on the same terms and conditions as other similarly situated employees. Enclosed with this offer letter, you will find a benefits enrollment packet offered by the Company and copies of summaries of the employee benefit plans in which you may be eligible to participate. Your eligibility to participate in any employee benefits plans and the terms of your participation will be governed by the governing plan documents and nothing in this letter can modify those provisions of the plans. For additional information regarding the Company's employee benefit plans, you may contact HumanResources@charlottesweb.com. 
Tax and Other Withholding: The amounts of compensation described in this letter are before taxation or other withholdings required or permitted by law. The Company reserves the right to withhold all applicable federal, state and local income, Social Security and other employment taxes, along with any other amounts of required withholding, from all amounts of compensation and other remuneration payable to you, whether as direct compensation or pursuant to any of the compensation or benefit plans in which you may participate.
Guidelines for Employment
If you accept this offer and become an employee of the Company, you will be subject to our employment policies. Included will be your acceptance of the companies NDA agreement and non-compete agreements to be signed upon employment with Charlotte's Web. In addition, the Company reserves the right to modify the compensation or benefits arrangements described in this letter or otherwise maintained by the Company, and also reserves the right to modify your position or duties to meet business needs and to use its discretion in deciding on appropriate discipline. Upon hire, you will be required to read and sign an acknowledgement of receipt of the Employee Handbook and any applicable state supplement.
The Company is an at-will employer. At-will means that an employee may resign at any time with or without advance notice to the Company and with or without cause. Likewise, the Company may terminate an employee at any time with or without advance notice and with or without cause. Except for the Chairman of the Board or the Chairman of the Board's authorized representative, no director, manager, supervisor or representative of the Company has any authority to enter into any agreement for employment for any specific period of time or to make any agreement contrary to the foregoing. Only the Chairman of the Board of the Company or the Chairman of the Board's authorized representative has the authority to make any agreement contrary to the foregoing and then only in writing. Nothing in this letter should be read to alter the at-will nature of your anticipated employment with the Company.
Offer Contingencies 
This offer is contingent upon the following:

Successful completion of background check;
Signing the Company's Employee Confidential Information And inventions Assignment
Agreement (CIIAA) [completed via Paycom Onboarding];
Verification of the information contained in your employment application, including
satisfactory results in the verification of references;
Confirmation that you are not subject to any legal restrictions on your activities (see
below); and
Accepting this offer electronically or in writing within three business day (s) of receipt of
written offer.
This offer will be withdrawn (whether or not you have already signed it) if any of the above conditions are not satisfied. Unless and until all such steps have been completed, this conditional offer of employment may be withdrawn and you should not resign your current employment, otherwise alter your employment status, or alter any personal circumstances in reliance on this conditional offer.
In addition, on your first day of employment, please be sure to bring your identification card(s) to establish your identity and eligibility for employment in the United States, e.g., unexpired passport or driver's license and social security card. If you are unable to provide such verification within three business days of the date your employment begins, this offer of employment will be withdrawn.
This letter, including the CIIAA, constitutes the entire agreement between you and the Company relating to this subject matter and supersedes all prior or contemporaneous agreements, understandings, negotiations or representations, whether oral or written, express or implied, on this subject. Except as provided herein, this letter may not be modified or amended except by the Company's Chairman of the Board or Chairman of the Board's authorized representative.
Restrictions on Employment
By signing this offer letter, you represent and warrant that you are not party to any agreement or subject to any policy applicable to you that would prevent or restrict your from engaging in activities competitive with the activities of your former employer or from directly or indirectly soliciting any employee, client or customer to leave the employ of, or transfer its business away from, your former employer, or if you are subject to such an agreement or policy, you have complied and will comply with it, and your employment with the Company does not violate any such agreement or policy. You further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to the Company without written authorization from your current or former employer. If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.
Acceptance 
This offer will remain open until close of business on June 30, 2021. To indicate your acceptance of the Company's offer on the terms and conditions set forth in this letter, please sign and date this letter in the space 

provided below and return it to me no later than that date. Upon receipt of your signed acceptance of this offer letter, I will contact you to begin your on-boarding processes.
We hope your employment with the Company will prove mutually rewarding, and we look forward to having you join us. If you have any questions, please feel free to call me.  

/s/ Eric Brown                                       
     Eric Brown
Head of Human Resources
Charlotte's Web, Inc.
			
	By signing below, I acknowledge that I have been furnished with a copy of this position change offer letter and that I understand and agree to the terms set forth above. I understand that I will be an at-will employee and that-nothing in this document is intended to create a contract of employment or alter the at-will nature of my employment.

Acknowledgement and Acceptance of Terms:
									
	/s/ Andres de Gortari	Andres de Gortari	2/3/2022

Signature    Print Name    DateDocument

Exhibit 10.36
			
	                          

	WAIVER AND FIRST AMENDMENT TO SECURED PROMISSORY NOTE
	
	among

JESSE STANLEY and the
MASTER AND A HOUND IRREVOCABLE TRUST
as Borrower
- and -
CHARLOTTE’S WEB HOLDINGS, INC.
as Lender

	
	March 22, 2022

CAN: 39949842.3

WAIVER AND FIRST AMENDMENT TO SECURED PROMISSORY NOTE 
THIS WAIVER AND FIRST AMENDMENT TO SECURED PROMISSORY NOTE dated as of March 22, 2022 (this “Agreement”) is among each of JESSE STANLEY, an individual residing in the State of Colorado (including his heirs, executors, administrators, personal representatives, successors and assigns, “Stanley”), MATTHEW LINDSEY, an individual residing in the State of Colorado, the trustee (in such capacity, including his heirs, executors, administrators, personal representatives, successors and assigns, collectively the “Trustee”) of the MASTER AND A HOUND IRREVOCABLE TRUST, a trust established under the laws of State of Colorado (the “Trust” and together with Stanley, collectively the “Borrower”) and CHARLOTTE’S WEB HOLDINGS, INC. (including its successors and assigns, the “Lender”), in connection with that certain Secured Promissory Note dated as of November 13, 2020 in the principal amount of US$1,000,000 issued by the Borrower to and in favour of the Lender (the “Secured Note”).
RECITALS
WHEREAS Lender alleges that the Obligations under the Secured Note matured on November 13, 2021 (the “Original Maturity Date”) and remain outstanding as of the date hereof and that as a result thereof the Borrower is currently in default under the provisions of the Secured Note;
AND WHEREAS Borrower denies such allegation, instead alleges its compliance with the Obligations under the Secured Note, including by way of written notice (“Notice”) of election of transfer of the Pledged Stock to satisfy the Principal Amount and any accrued and unpaid interest, and that therefore Borrower is not in default under the provisions of the Secured Note;
AND WHEREAS the Lender has agreed to provide a waiver (“Waiver”) of the alleged default, even if same is a default, and continue to extend credit to the Borrower by extending the Original Maturity Date;
AND WHEREAS in consideration of the Lender’s providing such Waiver and continuing to extend credit to the Borrower, the Borrower has agreed to provide additional security to the Lender by way of a pledge of an additional 963,378 Class A shares in the capital of Stanley Brothers USA Holdings, Inc. (the “Additional Pledged Stock”);
AND WHEREAS the Borrower and the Lender have agreed to enter into this Agreement in order to provide for the Waiver and to amend certain provisions of the Secured Note;
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained and for other valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the parties), the parties agree as follows:
ARTICLE 1
INTERPRETATION
1.1Definitions.  In this Agreement (including the Preamble and Recitals hereof), unless otherwise defined herein, all terms with initial capital letters have the meanings defined in the Secured Note (as amended by the terms of this Agreement).
1.2Interpretation not Affected by Headings, etc.  The division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof.
ARTICLE 2
WAIVER
2.1Waiver of Existing Defaults.  Effective on the Effective Date, the Lender hereby waives the alleged Event of Default resulting from the alleged violation by the Borrower of Section 5.1(a) of 
CAN: 39949842.3

the Secured Note (collectively, the “Disputed Default”).  The waiver set forth in this Section 2.1 is effective only for the instances indicated and such limited waiver shall not constitute a course of dealing between the Borrower, on the one hand, and the Lender, on the other hand.  The waiver contained in this Section 2.1 is subject to the provisions of the Secured Note relating to waivers, including, without limitation, the provisions of Section 6.1 of the Secured Note.  Except as specifically provided in this Section 2.1, nothing contained herein shall constitute a waiver of any other or subsequent Event of Default, whether of the same or different nature or a waiver of any of the Lender’s rights and remedies under the Secured Note and/or any other Documents, all of which are hereby reserved.  Pursuant to the Waiver provided herein and Section 1.6 of the Secured Note, no interest shall have been deemed to have accrued under the Secured Note from and after November 13, 2021.
2.2The parties agree that for the purpose of clarity and avoidance of doubt, notwithstanding any provision in the Secured Note or Borrower’s allegation that the Disputed Default constitutes an Event of Default, the Borrower maintains the right under Section 1.6 of the Secured Note, to elect to send timely written notice, i.e., not less than thirty (30) days prior to the Maturity Date as amended herein in Section 3.1 (a) above, of Borrower’s intent to satisfy the Principal Amount and any accrued and unpaid interest under the Secured Note by transfer of the Pledged Stock.   

ARTICLE 3
AMENDMENTS TO THE SECURED NOTE
3.1Amendments. The Secured Note is hereby amended as follows:
(a)Section 1.1 of the Secured Note is hereby amended by deleting the reference to “November 13, 2021” and replacing it with the words “November 13, 2023”.
(b)Section 2.1(f) of the Secured Note is hereby deleted and replaced by the following:
“Equity Interests” means 72,674 Class B Shares and 963,378 Class A Shares in the capital of the Corporation (provided such number of shares shall be subject along with all other shares of stock of Stanley Brothers USA Holdings, Inc. to reverse stock split). 

ARTICLE 4
SECURITY
4.1Pledge and Security Interest.  As continuing security for the payment in full of the Obligations, the Trustee hereby pledges, transfers, charges, mortgages, hypothecates, assigns, delivers and sets over to the Lender, and hereby grants to the Lender, a first priority security interest in all of the Trustee’s right, title and interest in, to and under (a) all Equity Interests, including, for the avoidance of doubt, the Additional Pledged Stock, and the certificates or other instruments representing all such Equity Interests, including, for the avoidance of doubt, the Additional Pledged Stock (collectively, the “Pledged Stock”); (b) subject to Section 3.5 of the Secured Note, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the Pledged Stock; (c) subject to Section 3.5 of the Secured Note, all rights and privileges of the Trustee with respect to the Pledged Stock; and (d) all proceeds, monies, income and benefits arising from or by virtue of, and all dividends and distributions (cash or otherwise) payable and/or distributable with respect to, all or any of the Pledged Stock and other securities and rights and interests described in this Section 4.1 or in Section 3.1 of the Secured Note (the items referred to in clauses (a) through (d) above being collectively referred to as the “Pledged Collateral”).
CAN: 39949842.3

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Lender, forever; subject, however, to the terms, covenants and conditions set forth in the Secured Note.
ARTICLE 5
REPRESENTATIONS AND WARRANTIES
5.1Representations and Warranties. The Borrower hereby represents and warrants to the Lender as follows (which representations and warranties shall survive the execution and delivery of this Agreement):
(a)all of the representations and warranties contained in the Secured Note or in any other Document are true and correct in all material respects on and as of the date hereof, except, in each case, for those that relate specifically to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date;
(b)the entering into, delivery and performance by the Borrower of this Agreement and each other Document to which it is a party: (i) have been duly authorized by all necessary corporate or trustee action on its part, (ii) do not and will not violate the Trust Agreement or any applicable law to which the Borrower is subject, and (iii) do not require the consent or approval of, registration or filing with, any other Person;
(c)this Agreement and each other Document to which the Borrower is a party has been duly executed and delivered by the Borrower and constitute legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms, subject to the availability of equitable remedies and the effect of bankruptcy, insolvency and other laws of general application limiting the enforcement of creditors’ rights generally;
(d)as of the date hereof, the unpaid amount of the outstanding Obligations is the aggregate sum of US$1,042,027; and
(e)other than possibly the Disputed Default, no other Event of Default has occurred which is continuing.
ARTICLE 6
GENERAL CONDITIONS PRECEDENT
6.1Conditions Precedent.  This Agreement shall not become effective unless the conditions precedent set forth in this Section 6.1 have been satisfied, fulfilled or otherwise met to the satisfaction of the Lender (the date on which such conditions precedent are satisfied, fulfilled or otherwise met to the satisfaction of the lender is referred to herein as the “Effective Date”):
(a)Documents. The Borrower shall have executed and delivered this Agreement to the Lender;
(b)Additional Pledged Stock and Stock Transfer Powers.  The Lender shall have received a duly executed stock transfer power with respect to the Additional Shares (undated and signed in blank) from the Borrower;
(c)Representations and Warranties. All of the representations and warranties contained herein or in any other Document shall be true and correct in all material respects on and as of the Effective Date as though made on and as of such date;
(d)No Default. Other than the Disputed Default, if same is an Event of Default, no other Event of Default shall have occurred and be continuing;
CAN: 39949842.3

(e)Registrations.  The Lender shall have effected all necessary registrations and filings, including those required or necessary under the UCC, in order to preserve, protect and perfect its security interests in the Equity Securities; and
(f)Other.  The Lender shall have received all such other certificates, documents, opinions, and information that the lender may request in its reasonable discretion as necessary to effect the purposes contemplated in this Amendment.
ARTICLE 7
MISCELLANEOUS
7.1References to Secured Note. The term “hereof”, “herein” and similar terms as used in the Secured Note, and references in the other Documents to the “Secured Note” or “Note”, as the case may be, shall mean and refer to, from and after the Effective Date, the Secured Note as modified and supplemented by this Agreement.
7.2Reaffirmation and Continued Effectiveness. This Agreement shall be deemed to be part of, and a modification to, the Secured Note and shall be governed by all the terms and provisions of the Secured Note with respect to the modifications intended to be made thereto.  Except as expressly provided in this Agreement, nothing contained herein shall be deemed to amend, waive or consent to the modification, waiver or consent of any other term, condition, covenant or agreement contained in the Secured Note or any other Document, or be deemed to be a waiver of any Event or Default under the Secured Note or any other Document, except as provided in Section 2.1 hereof.  The Borrower hereby agrees and acknowledges that, as modified and supplemented by this Agreement, all of the terms, conditions, covenants, agreements and other provisions contained in the Secured Note and the other Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect. Each party hereto shall pay its own expenses in connection with the events leading to, and this, Agreement.
7.3Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York and the federal laws of the Untied States applicable therein.
7.4Waiver of Trial By Jury.  THE BORROWER AGREES THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT OR INSTITUTED BY THE LENDER ON OR WITH RESPECT TO THIS AGREEMENT AND THE SECURED NOTE, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY.  THE BORROWER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING.  THE BORROWER ACKNOWLEDGES AND AGREES THAT THE LENDER WOULD NOT MAKE THE INVESTMENT IN, OR EXTEND LOANS TO, THE BORROWER IF THIS WAIVER OF JURY TRIAL WERE NOT PART OF THIS AGREEMENT AND THE SECURED NOTE.
7.5Submission to Jurisdiction.  Venue for any adjudication hereof shall be only in the courts of the State of New York or the federal courts in the State of New York, the jurisdiction of which courts all parties hereby consent to as the agreement of the parties, as not inconvenient and as not subject to review by any court other than such courts in New York.  The Borrower intends that the courts of the jurisdiction(s) in which it is incorporated, formed and conducts business or resides should afford full faith and credit to any judgment rendered by a court of the State of New York against the Borrower hereunder, and should hold that the New York courts have jurisdiction to enter a valid, in personam judgment against the Borrower under the Secured Note.  The Borrower agrees that service of any summons or complaint, and other process that may be served in any action, may be made by mailing via registered mail or delivering a copy of such process thereto, and the Borrower and hereby agrees that this submission to jurisdiction and consent to service of process are reasonable and made for the express benefit of the Lender.
7.6Enurement. This Agreement shall be binding upon and enure to the benefit of the parties and their respective heirs, executors, administrators, personal representatives, successors and permitted assigns.
CAN: 39949842.3

7.7Severability. The provisions of this Agreement are intended to be severable.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.
7.8Further Assurances.  Each party to this Agreement covenants and agrees that, from time to time subsequent to the date hereof, it will at the request and expense of the requesting party, execute and deliver all such documents, including, without limitation, all such additional conveyance, transfers, consents and other assurances and do all such other acts and things as any other party hereto, acting reasonably, may from time to request be executed or done in order to better evidence or perfect or effectuate any provision of this Agreement, the Secured Note or of any other Document or any of the respective obligations intended to be created hereby or thereby, including without limitation, promptly and duly execute, acknowledge and deliver all such instruments and take all such action as the Lender from time to time may reasonably request in order to perfect and protect the Liens granted or purported to be granted under the Secured Note or to enable the Lender to exercise and enforce its rights and remedies hereunder with respect to the Pledged Collateral.
7.9Currency. All dollar amounts specified herein are in United States of America Dollars unless otherwise indicated.
7.10No Novation. Nothing herein contained shall be construed as a substitution or novation of the Obligations or of any other debt, obligation, covenant or agreement contained in the Secured Note or in any other Documents, which Obligations and any such other debt, obligation, covenant or agreement shall remain in full force and effect, except to the extent that the terms thereof are modified hereby.  Nothing expressed or implied in this Agreement shall be construed as a release or other discharge of the Borrower from any Obligations or of any other debt, obligation, covenant or agreement contained in the Secured Note or in any other Documents.
7.11Filings and Registrations.  The Borrower hereby agrees, consents and authorizes the Lender, its attorneys, agents or representatives to file or register notice of this Agreement in any appropriate registration system, including, without limitation, register any necessary documents, financing statements or financing change statements naming the Trustee as debtor and the Lender as secured party, and describing the Pledged Collateral and such other documentation as the Lender (or its successors or assigns) may reasonably require to evidence, protect and perfect the Liens created by any security documents, instruments and agreements granted by the Trustee to the Lender, whether concurrently herewith or any time after the date hereof.
7.12Counterparts. This Agreement and each other Document may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by fax or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Document. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement or any other Document shall be deemed to include electronic signatures, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.  The Lender may, in its discretion, require that any such documents and signatures executed electronically or delivered by fax or other electronic transmission be confirmed by a manually-signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature executed electronically or delivered by fax or other electronic transmission.
7.13Notices:  Section 6.3 of the Secured Note is hereby amended whereby any notice shall be provided in writing and given by personal delivery or sending it by facsimile or email addressed:
CAN: 39949842.3

IN WITNESS WHEREOF the parties have caused this Agreement to be executed as of the date first set forth above.
						
		/s/ Jesse Stanley
		JESSE STANLEY

		
		/s/ Matthew Lindsey
		MATTHEW LINDSEY, as trustee of the MASTER AND A HOUND IRREVOCABLE TRUST

		MASTER AND A HOUND IRREVOCABLE TRUST

		Per: /s/ Matthew Lindsey
		Name: Matthew Lindsey
Title: Trustee

		CHARLOTTE’S WEB HOLDINGS, INC.

		Per: /s/ Wessel Booysen
		Name: Wessel Booysen
Title: Chief Financial and Operating Officer

Signature Page - Waiver and First Amendment to Secured Note

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