Document:

Exhibit
10.4

 

STOCK
PLEDGE AGREEMENT

 

This
STOCK PLEDGE AGREEMENT, dated as of 15 April 2021 (as amended, supplemented, or otherwise modified from time to time in accordance with
the provisions hereof, this “Agreement”), made by and among Slinger Bag, Inc., a Nevada corporation (the “Pledgor”),
in favor of SB Invesco LLC (the “Secured Party”).

 

BACKGROUND:

 

A.
On the date hereof, the Secured Party has made and may make loans to the Pledger in an aggregate unpaid principal amount not exceeding
Two Million Dollars ($2,000,000) (the “Loans”), evidenced by that certain Business Loan and Security Agreement of even date
herewith (as amended, supplemented, or otherwise modified from time to time, the “Loan Agreement”) made by the Pledgor and
payable to the order of the Secured Party. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Loan Agreement.

 

B.
This Agreement is given by the Pledgor in favor of the Secured Party to secure the payment and performance of all of the Obligations.

 

C.
It is a condition to the obligations of the Secured Party to make the Loans under the Loan Agreement that the Pledgor execute and deliver
this Agreement.

 

TERMS
AND CONDITIONS:

 

NOW,
THEREFORE, in consideration of the Background above and the mutual covenants, terms, and conditions set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
Definitions.

 

(a)
Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.

 

(b)
Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However,
if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article
9.

 

(c)
For purposes of this Agreement, the following terms shall have the following meanings:

 

“Collateral”
has the meaning set forth in Section 2.

 

    	Exhibit E- Stock Pledge Agreement
	1 of 10	Execution  

     

    

 

“Event
of Default” has the meaning set forth in the Loan Agreement.

 

“Pledged
Shares” means the shares of stock described in Schedule hereto and issued by the issuers named therein, and the certificates, instruments,
and agreements representing the Pledged Shares and includes any securities or other interests, howsoever evidenced or denominated, received
by the Pledger in exchange for or as a dividend or distribution on or otherwise received in respect of the Pledged Shares.

 

“Proceeds”
means “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event, shall include, without limitation,
all dividends or other income from the Pledged Shares, collections thereon, or distributions with respect thereto.

 

“Obligations”
has the meaning set forth in the Loan Agreement.

 

“UCC”
has the meaning set forth in the Loan Agreement.

 

2.
Pledge. The Pledger hereby pledges, assigns, and grants to the Secured Party, and hereby creates a continuing first priority lien
and security interest in favor of the Secured Party in and to all of its right, title, and interest in and to the following, wherever
located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):

 

(a)
the Pledged Shares; and

 

(b)
all Proceeds and products of the foregoing, all books and records relating to the foregoing, all supporting obligations related thereto,
and all accessions to, substitutions, and replacements for, and profits and products of, each of the foregoing, and any and all Proceeds
of any insurance, indemnity, warranty, or guaranty payable to the Pledger from time to time with respect to any of the foregoing.

 

3.
Obligations. The Collateral secures the due and prompt payment and performance of Borrower’s (as defined in the Loan Agreement)
Obligations.

 

4.
Perfection of Pledge.

 

(a)
The Pledger shall, from time to time, as may be required by the Secured Party with respect to all Collateral, promptly take all actions
as may be requested by the Secured Party to perfect the security interest of the Secured Party in the Collateral, including, without
limitation, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 of the UCC, the Pledger
shall promptly take all actions as may be requested from time to time by the Secured Party so that control of such Collateral is obtained
and at all times held by the Secured Party. All of the foregoing shall be at the sole cost and expense of the Pledger.

 

    	Exhibit E- Stock Pledge Agreement
	2 of 10	Execution  

     

    

 

(b)
The Pledgor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any relevant jurisdiction any
financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction
for the filing of any financing statement or amendment relating to the Collateral, without the signature of the Pledgor where permitted
by law. The Pledgor agrees to provide all information required by the Secured Party pursuant to this Section promptly to the Secured
Party upon request.

 

5.
Representations and Warranties. The Pledgor represents and warrants as follows:

 

(a)
The Pledged Shares have been duly authorized and validly issued and are fully paid and non-assessable and subject to no options to purchase
or similar rights. All information set forth in Schedule 1 relating to the Pledged Shares is accurate and complete.

 

(b)
At the time the Collateral becomes subject to the lien and security interest created by this Agreement, the Pledgor will be the sole,
direct, legal, and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option, or right of others
except for the security interest created by this Agreement.

 

(c)
The pledge of the Collateral pursuant to this Agreement creates a valid and perfected first priority security interest in the Collateral,
securing the payment and performance when due of the Obligations.

 

(d)
The Pledgor has taken all action required on its part for control (as defined in Section 8-106 of the UCC) to have been obtained by the
Secured Party over all Collateral with respect to which such control may be obtained pursuant to the UCC. No person other than the Secured
Party has control or possession of all or any part of the Collateral. Without limiting the foregoing, all certificates, agreements, or
instruments representing or evidencing the Pledged Shares in existence on the date hereof have been delivered to the Secured Party in
suitable form for transfer by delivery or accompanied by duly executed undated instruments of transfer or assignment in blank.

 

6.
Qjyidends and Voting Rights.

 

(a)
The Secured Party agrees that unless an Event of Default shall have occurred and be continuing, the Pledgor may, to the extent the Pledgor
has such right as a holder of the Pledged Shares, vote and give consents, ratifications, and waivers with respect thereto, except to
the extent that, in the Secured Party’s reasonable judgment, any such vote, consent, ratification, or waiver would be inconsistent
with or result in any violation of any provision of the Loan Agreement or this Agreement; provided, however, that the Pledgor shall not
in any event exercise such rights in any manner which would reasonably be expected to have a Material Adverse Effect, and from time to
time, upon request from the Pledgor, the Secured Party shall deliver to the Pledgor suitable proxies so that the Pledgor may cast such
votes, consents, ratifications, and waivers.

 

    	Exhibit E- Stock Pledge Agreement
	3 of 10	Execution  

     

    

 

(b)
The Secured Party agrees that the Pledgor may, unless an Event of Default shall have occurred and be continuing, receive and retain all
cash dividends and other distributions with respect to the Pledged Shares.

 

7.
further Assurances.

 

(a)
The Pledgor shall, at its own cost and expense, defend title to the Collateral and the first priority lien and security interest of the
Secured Party therein against the claim of any person claiming against or through the Pledgor and shall maintain and preserve such perfected
first priority security interest for so long as this Agreement shall remain in effect.

 

(b)
The Pledgor agrees that at any time and from time to time, at the expense of the Pledgor, the Pledgor will promptly execute and deliver
all further instruments and documents, use reasonable efforts to obtain such agreements from third parties, and take all further action,
that may be reasonably necessary or desirable, or that the Secured Party may reasonably request, in order to create and/or maintain the
validity, perfection, or priority of and protect any security interest granted or purported to be granted hereby or to enable the Secured
Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral.

 

(c)
The Pledgor will not, without providing at least thirty (30) days’ prior written notice to the Secured Party, change its legal
name, identity, type of organization, jurisdiction of organization, corporate structure (provided that an acquisition transaction shall
not be considered a change of corporate structure), location of its chief executive office or its principal place of business, its Federal
Taxpayer Identification Number or its organizational identification number. The Pledgor will, prior to any change described in the preceding
sentence, take all actions reasonably requested by the Secured Party to maintain the perfection and priority of the Secured Party’s
security interest in the Collateral.

 

8.
Transfers and Other Liens. The Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign, or otherwise transfer,
grant any option with respect to, restrict, or grant, create, permit, or suffer to exist any mortgage, pledge, lien, security interest,
option, right of first offer, encumbrance, or other restriction or limitation of any nature whatsoever on, any of the Collateral or any
interest therein except as expressly provided for herein or with the prior written consent of the Secured Party.

 

    	Exhibit E- Stock Pledge Agreement
	4 of 10	Execution  

     

    

 

9.
Secured Party Appointed Attorney-in-Fact. The Pledgor hereby appoints the Secured Party the Pledgor’s attorney-in-fact,
with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time in the Secured
Party’s discretion to take any action and to execute any instrument which the Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to receive, endorse, and collect all instruments made payable
to the Pledgor representing any dividend, interest payment, or other distribution in respect of the Collateral or any part thereof and
to give full discharge for the same (but the Secured Party shall not be obligated to and shall have no liability to the Pledgor or any
third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable. The Pledgor
hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.

 

10.
Secured Party May Perform. If the Pledgor fails to perform any obligation contained in this Agreement, or if any representation
or warranty on the part of the Pledgor contained herein shall be breached, the Secured Party may itself perform, or cause performance
of, such obligation, or remedy such breach, and the expenses of the Secured Party incurred in connection therewith shall be payable by
the Pledgor; provided that the Secured Party shall not be required to perform or discharge any obligation of the Pledgor. Neither the
provisions of this Section 10 nor any action taken by the Secured Party pursuant to the provisions of this Section 10 shall prevent any
such failure to observe any covenant contained in this Agreement or any breach of representation or warranty from constituting an Event
of Default.

 

11.
Reasonable Care. The Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise
of reasonable care. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral
in its possession if the Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property,
it being understood that the Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not the Secured Party has or is
deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any
Collateral. Nothing set forth in this Agreement, nor the exercise by the Secured Party of any of the rights and remedies hereunder, shall
relieve the Pledgor from the performance of any obligation on the Pledgor’s part to be performed or observed in respect of any
of the Collateral.

 

    	Exhibit E- Stock Pledge Agreement
	5 of 10	Execution  

     

    

 

12.
Remedies Upon Default.

 

(a)
If any Event of Default shall have occurred and be continuing, the Secured Party may, without any other notice to or demand upon
the Pledgor, assert all rights and remedies of a secured party under the UCC or other applicable law, including, without limitation,
the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate,
or dispose of all or any portion of the Collateral. If notice prior to disposition of the Collateral or any portion thereof is
necessary under applicable law, written notice mailed to the Pledgor at its notice address as provided in its signature block
ten (10) days prior to the date of such d isposition shall constitute reasonable notice, but notice given in any other reasonable
manner shall be sufficient. So long as the sale of the Collateral is made in a commercially reasonable manner, the Secured Party
may sell such Collateral on such terms and to such purchaser(s) as the Secured Party in its absolute discretion may choose, without
assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable
law. Without precluding any other methods of sale, the sale of the Collateral or any portion thereof shall have been made in a
commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar
property. At any sale of the Collateral, if permitted by applicable law, the Secured Party may be the purchaser, licensee, assignee
or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or
payment of the purchase price for all or any portion of the Collateral sold, assigned, or licensed at such sale, to use and apply
any of the Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale.
To the extent permitted by applicable law, the Pledgor waives all claims, damages, and demands it may acquire against the Secured
Party arising out of the exercise by it of any rights hereunder. The Pledgor hereby waives and releases to the fullest extent
permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and
all rights, if any, of marshalling the Collateral and any other security for the Obligations or otherwise. At any such sale, unless
prohibited by applicable law, the Secured Party or any custodian may bid for and purchase all or any part of the Collateral so
sold free from any such right or equity of redemption. Neither the Secured Party nor any custodian shall be liable for failure
to collect or realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to
take any action whatsoever with regard thereto. The Pledgor agrees that it would not be commercially unreasonable for the Secured
Party to dispose of the Collateral or any portion thereof by utilizing internet sites that provide for the auction of assets of
the type included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets.
The Secured Party shall not be obligated to clean-up or otherwise prepare the Collateral for sale.

 

(b)
If any Event of Default shall have occurred and be continuing, all rights of the Pledgor to (i) exercise the voting and other consensual
rights it would otherwise be entitled to exercise pursuant to Section 6(a) and (ii) receive the dividends and other distributions which
it would otherwise be entitled to receive and retain pursuant to Section 6(6), shall immediately cease, and all such rights shall thereupon
become vested in the Secured Party, which shall have the sole right to exercise such voting and other consensual rights and receive and
hold such dividends and other distributions as Collateral.

 

    	Exhibit E- Stock Pledge Agreement
	6 of 10	Execution  

     

    

 

(c)
If any Event of Default shall have occurred and be continuing, any cash held by the Secured Party as Collateral and all cash Proceeds
received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral
shall be applied in whole or in part by the Secured Party to the payment of expenses incurred by the Secured Party in connection with
the foregoing or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights
of the Secured Party hereunder, including reasonable attorneys’ fees, and the balance of such proceeds shall be applied or set
off against all or any part of the Obligations in such order as the Secured Party shall elect. Any surplus of such cash or cash Proceeds
held by the Secured Party and remaining after payment in full of all the Obligations shall be paid over to the Pledgor or to whomsoever
may be lawfully entitled to receive such surplus. The Pledgor shall remain liable for any deficiency if such cash and the cash Proceeds
of any sale or other realization of the Collateral are insufficient to pay the Obligations and the fees and other charges of any attorneys
employed by the Secured Party to collect such deficiency.

 

(d)
If the Secured Party shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, the Pledgor
agrees that, upon request of the Secured Party, the Pledgor will, at its own expense, do or cause to be done all such acts and things
as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.

 

13.
No Waiver and Cumulative Remedies. The Secured Party shall not by any act (except by a written instrument pursuant to Section
15), delay, indulgence, omission, or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default
or Event of Default. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided
by law.

 

14.
SECURITY INTEREST ABSOLUTE. The Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice
of loans made, credit extended, Collateral received or delivered, or other action taken in reliance hereon and all other demands and
notices of any description. All rights of the Secured Party and liens and security interests hereunder, and all Obligations of the Pledgor
hereunder, shall be absolute and unconditional irrespective of:

 

(a)
any illegality or lack of validity or enforceability of any Secured Obligation or any related agreement or instrument;

 

(b)
any change in the time, place, or manner of payment of, or in any other term of, the Obligations, or any rescission, waiver, amendment,
or other modification of the Loan Agreement, this Agreement, or any other agreement, including any increase in the Obligations resulting
from any extension of additional credit or otherwise;

 

(c)
any taking, exchange, substitution, release, impairment, or non-perfection of any Collateral or any other collateral, or any taking,
release, impairment, amendment, waiver, or other modification of any guaranty, for all or any of the Obligations;

 

    	Exhibit E- Stock Pledge Agreement
	7 of 10	Execution  

     

    

 

(d)
any manner of sale, disposition, or application of proceeds of any Collateral or any other collateral or other assets to all or part
of the Obligations;

 

(e)
any default, failure, or delay, willful or otherwise, in the performance of the Obligations;

 

(f)
any defense, set-off, or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be asserted
by, the Pledger against the Secured Party; or

 

(g)
any other circumstance (including, without limitation, any statute of limitations) or manner of administering the Loans or any existence
of or reliance on any representation by the Secured Party that might vary the risk of the Pledger or otherwise operate as a defense available
to, or a legal or equitable discharge of, the Pledger or any other granter, guarantor, or surety.

 

15.
[Intentionally omitted.]

 

16.
[Intentionally omitted.]

 

17.
Continuing Security Interest: Further Actions. This Agreement shall create a continuing first priority lien and security
interest in the Collateral and shall (a) subject to Section 18, remain in full force and effect until payment and performance in full
of the Obligations, (b) be binding upon the Pledger, its successors and assigns, and (c) inure to the benefit of the Secured Party and
its successors, transferees and assigns; provided that the Pledger may not assign or otherwise transfer any of its rights or obligations
under this Agreement without the prior written consent of the Secured Party. Without limiting the generality of the foregoing clause
(c), any assignee of the Secured Party’s interest in any agreement or document which includes all or any of the Obligations shall,
upon assignment in accordance with Section 12(j) of the Loan Agreement, become vested with all the benefits granted to the Secured Party
herein with respect to such Obligations.

 

18.
Termination; Release. On the date on which all Loans and other Obligations have been paid and performed in full, the Secured Party
will, at the request and sole expense of the Pledger, (a) duly assign, transfer, and deliver to or at the direction of the Pledger (without
recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party,
together with any monies at the time held by the Secured Party hereunder, and (b) execute and deliver to the Pledger a proper instrument
or instruments acknowledging the satisfaction and termination of this Agreement.

 

Signature
page follows.

 

    	Exhibit E- Stock Pledge Agreement
	8 of 10	Execution  

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	SLINGER BAG, INC., as Pledgor
	 	 	 
	 	By	 
	 	 	 
	 	Name:	Mike Ballardie 
	 
  	 	 
	 	Title:	CEO
	 	 	 
	 	Address for Notices:
	 	2709 North Rolling Road
	 	Suite 138
	 	Windsor Mill, MD 21244

 

	 	SB Invesco LLC, as Secured Party
	 	 	 
	 	By	   
	 	 	 
	 	Name:	D’avid L. Chessler
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Address for Notices:
	 	50 Central Avenue
	 	Suite 800
	 	Sarasota, FL 34236

 

    	Exhibit E- Stock Pledge Agreement
	9 of 10	Execution  

     

    

 

SCHEDULE
1

 

PLEDGED
SHARES

 

	Entity	 	Stock
    Certificate Number or Agreement pursuant to which the relevant entity was contributed to the Slinger Bag Group	 	Percent
    Owned by the Slinger Bag Group
	 	 	 	 	 
	Slinger
    Bag Americas Inc.	 	Assignment
    and Conveyance Agreement dated September 16, 2019 from Zehava Tepler to Slinger Bag Inc.	 	100
	 	 	 	 	 
	Slinger
    Bag Canada Inc.	 	Share
                                            Purchase Agreement dated October 31, 2019

    from
    2490585 Ontario Inc, to Slinger Bag Americas Inc.
	 	100
	 	 	 	 	 
	Slinger
    Bag Ltd.	 	Share
    Transfer Agreement dated November 14, 2019 from Zehava Tepler to Slinger Bag Americas Inc.	 	100
	 	 	 	 	 
	Slinger
    Bag International (UK) Limited	 	Stock
                                            Certificate No.

    2
	 	100

 

    	Exhibit E- Stock Pledge Agreement
	10 of 10	ExecutionExhibit
10.5

 

INTERCREDITOR
AGREEMENT

 

This
lntercreditor Agreement is made as of 15 April 2021 by and among SB Invesco LLC, a Wyoming limited liability company having offices
at 50 Central Avenue, Suite 800, Sarasota, FL 34236 (the “Lender”), 2672237 Ontario Limited, an Ontario limited company
having offices at 535 Millway Avenue, Unit 3, Concord, Ontario L4K 3V4, Midcity Capital Ltd., an Ontario limited company having
offices at 504 Russell Hill Road, Toronto, Ontario M5P 2S9, Canada and Yonah Kalfa, an individual resident of the State of Israel,
having an address at 9 Raban Gamliel St., Raanana, 434024 Israel (each a “Junior Loans Creditor” and collectively
the “Junior Loans Creditors”), and Slinger Bag Inc., a Nevada corporation having offices at 2709 North Rolling Road,
Suite 138, Windsor Mill, MD 21244 (“Parent”), Slinger Bag Americas Inc., a Delaware corporation having offices at
2709 North Rolling Road, Suite 138, Windsor Mill, MD 21244 (“Slinger Bag Americas”), Slinger Bag Canada, Inc., a Canadian
company having offices at 2709 North Rolling Road, Suite 138, Windsor Mill, MD 21244 (“SBC”), Slinger Bag International
(UK) Limited, a United Kingdom of Great Britain and Northern Ireland limited company having offices at Annecy Court Ferry Works,
Summer Road, Thames Ditton, Surrey, England, KT7 0QJ (“SB UK”) and Slinger Bag Ltd., an Israeli company having offices
at 2709 North Rolling Road, Suite 138, Windsor Mill, MD 21244 (“SBL;” Slinger Bag Americas, SBC, SB UK, SBL and the
Parent are referred to collectively, jointly and severally, as the “Borrower”).

 

BACKGROUND:

 

A.
Reference is made to the Business Loan and Security Agreement dated as of even date herewith (as amended, modified, supplemented,
or restated and in effect from time to time, the “First Lien Credit Agreement”) by and among the Borrower and the
Lender, pursuant to which the Lender has agreed to extend credit to the Borrower on the terms and subject to the conditions specified
in the First Lien Credit Agreement. All of the Borrower’s obligations under the First Lien Credit Agreement and the other
First Lien Loan Documents (as defined below) are secured by liens on and security interests in substantially all of the now existing
and hereafter acquired personal property assets of the Borrower granted to the Lender (the “Collateral”).

 

B.
Reference is also made to those Loan Agreements set forth on Exhibit A hereto (as amended, modified, supplemented, or restated
and in effect from time to time, the “Junior Loan Agreements”) by and among the Borrower and the Junior Loans Creditors,
pursuant to which such lenders have agreed to extend unsecured credit to the Borrower on the terms and subject to the conditions
specified in the Junior Loan Agreements.

 

C.
Pursuant to the terms of the First Lien Credit Agreement, the Junior Loans Creditors and the Borrower are required to enter into
this Agreement (as defined below) with the Lender.

 

NOW,
THEREFORE, in consideration of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

    	Exhibit F - lntercreditor Agreement	Page 1 of 20	 

    	 

    

 

	1.	Definitions
    and Interpretation.

 

1.1
Definitions. The following terms shall have the following meanings in this Agreement. All other terms not defined herein
shall have the meanings ascribed to them in the First Lien Credit Agreement.

 

“Agreement”
means this lntercreditor Agreement, as amended, restated, renewed, extended, supplemented, or otherwise modified from time to
time.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time, or any similar federal or state law for the
relief of debtors.

 

“Collateral”
has the meaning set forth in the Background.

 

“Distribution”
means, with respect to any indebtedness, obligation, or security, including the Junior Loan Obligations (a) any payment or distribution
by any Person of cash, securities, or other property, by set-off or otherwise, on account of such indebtedness, obligation, or
security, or (b) any redemption, purchase, or other acquisition of such indebtedness, obligation, or security by any Person.

 

“First
Lien Credit Agreement” has the meaning set forth in the Recitals.

 

“First
Lien Event of Default” means any Event of Default described in any First Lien Loan Document.

 

“First
Lien Loan Documents” means the First Lien Credit Agreement and all Loan Documents (as defined in the First Lien Credit Agreement)
and, after any refinancing of the First Lien Obligations under the First Lien Loan Documents, the applicable refinancing documents.

 

“First
Lien Obligations” means all obligations, liabilities, and indebtedness of every nature of the Borrower from time to time
owed to the Lender under the First Lien Loan Documents, including, without limitation, the Obligations (as defined in the First
Lien Credit Agreement), any debtor-in-possession financing furnished by the Lender after the commencement of an Insolvency Proceeding,
together with (a) any amendments, modifications, renewals, or extensions thereof, and (b) any interest, fees, and other charges
accruing thereon or due or to become due with respect thereto after the commencement of any Insolvency Proceeding, without regard
to whether or not such interest, fees, and other charges constitute an allowed claim. First Lien Obligations shall be considered
to be outstanding whenever any commitment under any First Lien Loan Document is outstanding.

 

“Insolvency
Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution, or assignment
for the benefit of creditors, for each of the foregoing events whether under the Bankruptcy Code or any similar federal, state,
or foreign bankruptcy, insolvency, reorganization, receivership, or similar law.

 

    	Exhibit F - lntercreditor Agreement	Page 2 of 20	 

    	 

    

 

“Junior
Loan Agreements” has the meaning set forth in the Recitals.

 

“Junior
Loans Creditor” has the meaning set forth in the Preamble as well as collectively with each other holder from time to time
of the Junior Loan Obligations.

 

“Junior
Loan Event of Default” means any Event of Default as such term is defined in any of the Junior Loan Documents.

 

“Junior
Loan Documents” means the Junior Loan Agreements and all agreements, documents, and instruments entered into in connection
therewith.

 

“Junior
Loan Obligations” means all of the obligations of the Borrower to any Junior Loans Creditor, whether now existing or hereafter
arising and evidenced by or incurred pursuant to the Junior Loan Documents.

 

“Lender”
means, collectively, the Lender and each other holder from time to time of the First Lien Obligations.

 

“Lender’
Rights and Remedies” has the meaning set forth in Section 9.7.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment (as security), deposit arrangement, encumbrance, lien (statutory or other),
charge, or other security interest, or any preference, priority, or other security agreement or preferential arrangement of any
kind or nature whatsoever having substantially the same economic effect as any of the foregoing (including any conditional sale
or other title retention agreement and any capital lease).

 

“Paid
in Full” means that, with respect to the First Lien Obligations (a) all of the First Lien Obligations have been paid,
performed, or discharged in full (with all First Lien Obligations consisting of monetary or payment obligations having been
paid in full in cash); (b) no Person has any further right to obtain any loans, letters of credit, or other extensions of
credit under the First Lien Loan Documents; and (c) any and all letters of credit or similar instruments issued under such
documents have been cancelled and returned (or backed by stand-by guarantees or cash collateralized) in accordance with the
terms of such documents.

 

“Person”
means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership,
unincorporated organization, governmental authority, or other entity.

 

“Related
Parties” means, with respect to any Person, such Person’s affiliates and the directors, officers, employees, partners,
agents, trustees, administrators, managers, advisors, and representatives of it and its affiliates.

 

“UCC”
means the Uniform Commercial Code as in effect in the state of Wyoming from time to time.

 

    	Exhibit F - lntercreditor Agreement	Page 3 of 20	 

    	 

    

 

1.2 Terms Generally.

 

(a)
All terms defined in the UCC, unless otherwise defined herein, shall have the meanings set forth therein.

 

(b)
The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words “include,”
“includes,” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise:

 

(i)
any definition of or reference to any agreement, instrument, or other document herein shall be construed as referring to such
agreement, instrument, or other document as from time to time amended, restated, supplemented, modified, renewed, replaced, or
extended;

 

(ii)
any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns;

 

(iii)
the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof;

 

(iv)
any references to sections, subsections, clauses, or paragraphs shall be references to sections, subsections, clauses, and paragraphs
in this Agreement;

 

(v)
the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”;
and

 

(vi)
the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.

 

    	Exhibit F - lntercreditor Agreement	Page 4 of 20	 

    	 

    

 

	2.	Lien
    Priorities and Security Interests.

 

2.1
Seniority of Liens Securing First Lien Obligations. Until the First Lien Obligations have been Paid in Full, any
Junior Loans Creditor’s security interest in and Lien on the Collateral to secure the Junior Loan Obligations, attached
or perfected in contravention of this Agreement or otherwise, shall be and hereby are subordinate for all purposes and in all
respects to the Lender’s security interests in and Liens on the Collateral to secure the First Lien Obligations, regardless
of the order or time of attachment, or the order, time, or manner of perfection, or the order or time of filing or recordation
of any document or instrument, or other method of perfecting a Lien. The Lien priorities set forth in the immediately preceding
sentence shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement,
replacement, or refinancing of any of the First Lien Obligations or the Junior Loan Obligations, by any failure to perfect the
Lender’s security interest in the Collateral, the subordination of the Lender’s Lien on the Collateral, the avoidance
or invalidation of the Lender’s Lien, or by any other action or inaction which any First Lien Creditor may take or fail
to take with respect to the Collateral.

 

2.2
Prohibition on Contesting Liens. This Agreement is intended solely to govern the respective Lien priorities as between
the Lender and the Junior Loans Creditors and shall not impose on the Lender or the Junior Loans Creditors any obligations in
respect of the disposition of proceeds of foreclosure of any Collateral which would conflict with any order or decree of any court
or other governmental authority or any applicable law. Each Junior Loans Creditor agrees that it will not at any time contest
the validity, perfection, priority, or enforceability of the First Lien Obligations, the First Lien Loan Documents, or the liens
and security interests of the Lender in the Collateral securing the First Lien Obligations.

 

2.3
Agreement to Execute Releases. Notwithstanding anything to the contrary contained in any agreement between any Junior Loan
Creditor and the Borrower, until the First Lien Obligations have been Paid in Full, only the Lender shall have the right to restrict
or permit, or approve or disapprove, the sale, transfer, release, or other disposition of the Collateral or take any action with
respect to the Collateral without any consultation with or the consent of any Junior Loan Creditor. In the event that the Lender
releases or agrees to release any of its Liens or security interests in any portion of the Collateral in connection with the sale
or other disposition thereof, or any of the Collateral is sold or retained pursuant to a foreclosure or similar action, the Junior
Loans Creditors shall promptly consent to such sale or other disposition and promptly execute and deliver to the Lender such consent
to such sale or other disposition, termination statements, and releases as the Lender shall reasonably request to effect the release
of any interest, including Liens and security interests of the Junior Loans Creditors, attached or perfected in contravention
of this Agreement or otherwise, in such Collateral. In the event of any sale, transfer, or other disposition (including a casualty
loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall
be applied in accordance with the terms of the First Lien Loan Documents until such time as the First Lien Obligations have been
Paid in Full.

 

    	Exhibit F - lntercreditor Agreement	Page 5 of 20	 

    	 

    

 

	3.	Enforcement.

 

3.1
Exercise of Remedies. Until the First Lien Obligations have been Paid in Full, the Lender shall have the exclusive right
to manage, perform, and enforce (or not enforce) the terms of the First Lien Loan Documents with respect to the Collateral, to
exercise and enforce all privileges and rights thereunder in such order and manner as it may determine in its sole discretion,
including, without limitation, the exclusive right to take or retake control or possession of any Collateral and to make determinations
regarding the release, disposition, or restrictions with respect to the Collateral, without any consultation with or the consent
of any Junior Loan Creditor. In that regard, no Junior Loan Creditor shall, without the prior written consent of the Lender (i)
exercise or seek to exercise any rights or remedies (including setoff) with respect to any Collateral in respect of any Junior
Loan Obligations, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure),
(ii) contest, protest, or object to any foreclosure proceeding or action brought with respect to the Collateral by the Lender
in respect of the First Lien Obligations, or any other exercise by any such party of any rights and remedies relating to the Collateral
under the First Lien Loan Documents or otherwise in respect of the First Lien Obligations, or (iii) object to the forbearance
by the Lender from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating
to the Collateral in respect of First Lien Obligations. Notwithstanding the foregoing, the Junior Loans Creditors may, subject
to Section 8.2 of this Agreement, file and defend proofs of claim against the Borrower in any Insolvency Proceeding involving
the Borrower. The Lender shall not have any liability to any Junior Loan Creditor in respect of any Junior Loan Creditor’s
failure to obtain repayment in full of the Junior Loan Obligations.

 

3.2
Waiver of Rights as Unsecured Creditors. Until the First Lien Obligations have been Paid in Full, the Junior Loans Creditors
hereby waive all rights and remedies as unsecured creditors against the Borrower. Until the First Lien Obligations have been Paid
in Full, no Junior Loans Creditor shall accept or receive any of the required payments of principal, premium, interest, fees,
and other amounts due under the Junior Loan Documents. In the event any Junior Loans Creditor becomes a judgment lien creditor
in respect of the Collateral, in contravention of this Agreement or otherwise, such judgment lien shall be subordinated to the
Liens securing the First Lien Obligations on the same basis as the other Liens securing the Junior Loan Obligations are so subordinated
to such Liens securing the First Lien Obligations under this Agreement.

 

	4.	Payments.

 

4.1
Application of Collateral Proceeds. If a First Lien Event of Default shall have occurred and be continuing, so long as
the First Lien Obligations have not been Paid in Full and whether or not any Insolvency Proceeding has been commenced by or against
the Borrower, the Collateral and any proceeds received in connection with the sale or other disposition of, or collection on,
the Collateral upon the exercise of remedies shall be applied by the Lender to the First Lien Obligations in such order as specified
in the First Lien Loan Documents until the First Lien Obligations shall have been Paid in Full. When the First Lien Obligations
have been Paid in Full, the Lender shall deliver to the Junior Loans Creditors any Collateral or proceeds thereof held by it in
the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be
applied by the Junior Loans Creditors to the Junior Loan Obligations in such order as specified in the relevant Junior Loan Document.

 

    	Exhibit F - lntercreditor Agreement	Page 6 of 20	 

    	 

    

 

4.2
Payments Over. Unless and until the First Lien Obligations shall have been Paid in Full and whether or not any Insolvency
Proceeding has been commenced by or against the Borrower, the Collateral and any proceeds thereof received by the Junior Loans
Creditors, in contravention of this Agreement or otherwise, shall be segregated and held in trust for the benefit of, and immediately
paid over to, the Lender for the benefit of the Lender in the same form as received, with any necessary endorsements, or as a
court of competent jurisdiction may otherwise direct. The Lender is hereby authorized to make any such endorsements as agent for
each of the Junior Loans Creditors and any other Junior Loan Creditor. This authorization is coupled with an interest and is irrevocable.

 

	5.	Modifications
    and Amendments.

 

5.1
Modifications to First Lien Loan Documents. The Lender may at any time and from time to time without the consent of or
notice to the Junior Loans Creditors, without incurring liability to any Junior Loans Creditor, and without impairing or releasing
the obligations of the Junior Loans Creditors under this Agreement, change the manner or place of payment, or extend the time
of payment of, or renew or alter any of the terms of the First Lien Obligations (including any increase in the amount thereof),
or amend in any manner any First Lien Loan Document.

 

5.2
Modifications to Junior Loan Documents. Until the First Lien Obligations have been Paid in Full, and notwithstanding anything
to the contrary contained in the Junior Loan Documents, the Borrower and the Junior Loans Creditors shall not, without the prior
written consent of the Lender, agree to any amendment, modification, or supplement to the Junior Loan Documents if such amendment,
modification, or supplement would add or change any terms in a manner materially adverse to the Borrower or the Lender (including,
for the avoidance of doubt, any addition of any Junior Loan Event of Default not existing on the date hereof would be materially
adverse to the Borrower and the Lender), or shorten the final maturity of the Junior Loan Obligations, or require any payment
to be made sooner than originally scheduled or increase the interest rate applicable thereto.

 

	6.	Waiver
    of Certain Rights over Collateral by Junior Loans Creditors.

 

6.1
Marshalling. The Junior Loans Creditors hereby waive any rights they may have under applicable law to assert the doctrine
of marshalling or to otherwise require the Lender to marshal any property of the Borrower for the benefit of the Junior Loan Creditors.

 

    	Exhibit F - lntercreditor Agreement	Page 7 of 20	 

    	 

    

 

6.2
Rights Relating to Lender’s Actions Regarding the Collateral. The Junior Loans Creditors hereby waive, to the extent
permitted by applicable law, any rights which they or each of them may have to enjoin or otherwise obtain a judicial or administrative
order preventing the Lender from taking, or refraining from taking, any action with respect to all or any part of the Collateral.
Without limitation of the foregoing, the Junior Loans Creditors hereby agree (a) that no Junior Loans Creditor has the right to
direct or object to the manner in which the Lender applies the proceeds of the Collateral resulting from the exercise by the Lender
of rights and remedies under the First Lien Loan Documents and (b) that the Lender has not assumed any obligation to act as the
agent for the Junior Loans Creditors with respect to the Collateral. The Lender shall have the exclusive right to enforce rights
and exercise remedies with respect to the Collateral until the First Lien Obligations have been Paid in Full. In exercising rights
and remedies with respect to the Collateral, the Lender may enforce the provisions of the First Lien Loan Documents and exercise
remedies thereunder, all in such order and in such manner as it may determine in its sole discretion. Such exercise and enforcement
shall include, without limitation, the rights to sell or otherwise dispose of Collateral, to incur expenses in connection with
such sale or disposition and to exercise all the rights and remedies of a secured lender under the UCC. In conducting any public
or private sale under the UCC, the Lender shall give the Junior Loans Creditors written notice of such sale; provided, however,
that 10 (ten) days’ notice shall be deemed to be commercially reasonable notice.

 

6.3
Preservation of Rights. The Lender shall have no duty to protect or preserve any rights pertaining to any of the Collateral
in its possession and the Lender shall not have any liability to the Junior Loans Creditors for any claims and liabilities at
any time arising with respect to the Collateral in its possession.

 

6.4
Bail e for Perfection. The Junior Loans Creditors, and each of them, acknowledges and agrees that to the extent that it
(or its agent) retains physical possession or control of any of any Collateral, it (or its agent) shall hold such Collateral on
behalf of the Lender so that for purposes of perfecting any Lien in any Collateral it acts and holds such Collateral on behalf
of the Lender. Nothing in this Section 6.4 shall affect the relative priorities in and to the Collateral, all of which shall be
governed by Section 2.1 of this Agreement.

 

	7.	Representations
    and Warranties.

 

7.1
Junior Loans Creditors’ Representations and Warranties . The Junior Loans Creditors hereby represent and warrant
to the Lender that as of the date hereof:

 

(a)
the Junior Loans Creditors have the power and authority to enter into, execute, deliver, and carry out the terms of this Agreement,
all of which have been duly authorized by all proper and necessary action;

 

(b)
the execution of this Agreement by the Junior Loans Creditors will not violate or conflict with the organizational documents of
the Junior Loans Creditors, the Junior Loan Documents, or any law, regulation, or order, or require any consent or approval that
has not been obtained; and

 

    	Exhibit F - lntercreditor Agreement	Page 8 of 20	 

    	 

    

 

(c)
this Agreement is the legal, valid, and binding obligation of the Junior Loans Creditors, enforceable against the Junior Loans
Creditors in accordance with its terms under the laws of each locality in which a Junior Loans Creditor resides, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally and by equitable principles. Specifically, courts or tribunals in each Junior
Loans Creditor’s location will recognize and enforce:

 

(i)
the choice of Wyoming law as the governing law of this Agreement;

 

(ii)
the choice of Wyoming state courts or a federal court sitting in the District of Wyoming as the venue to adjudicate disputes arising
out of or in connection with this Agreement; and

 

(iii)
any judgment rendered by the courts referenced immediately above without reconsidering the merits of the case.

 

7.2
Lender Representations and Warranties. The Lender hereby represents and warrants to the Junior Loans Creditors that as
of the date hereof:

 

(a)
the Lender has the power and authority to enter into, execute, deliver, and carry out the terms of this Agreement, all of which
have been duly authorized by all proper and necessary action;

 

(b)
the execution of this Agreement by the Lender will not violate or conflict with the organizational documents of the Lender, the
First Lien Loan Documents, or any law, regulation, or order or require any consent or approval that has not been obtained; and

 

(c)
this Agreement is the legal, valid, and binding obligation of the Lender, enforceable against it in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the enforcement of creditors’ rights generally and by equitable principles.

 

	8.	Insolvency
    Proceedings.

 

8.1
Subordination Agreement. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement”
under Section 510(a) ofthe Bankruptcy Code, shall be effective before, during, and after the commencement of an Insolvency Proceeding.
All references in this Agreement to the Borrower shall include the Borrower as a debtor-in- possession and any receiver or trustee
for the Borrower in any Insolvency Proceeding.

 

    	Exhibit F - lntercreditor Agreement	Page 9 of 20	 

    	 

    

 

8.2
Liquidation. Dissolution. Bankruptcy. In the event of any Insolvency Proceeding involving the Borrower:

 

(a)
All First Lien Obligations shall first be Paid in Full and all commitments to lend under the First Lien Credit Agreement shall
be terminated before any Distribution, whether in cash, securities, or other property, shall be made to the Junior Loans Creditors
on account of any Junior Loan Obligations.

 

(b)
Any Distribution, whether in cash, securities, or other property which would otherwise, but for the terms hereof, be payable or
deliverable in respect of the Junior Loan Obligations shall be delivered to the Lender and applied in accordance with the terms
of the First Lien Loan Documents. Each Junior Loans Creditor irrevocably authorizes, empowers, and directs any debtor, debtor-in-possession,
receiver, trustee, liquidator, custodian, conservator, or other Person having authority, to pay or otherwise deliver all such
Distributions to the Lender as set forth above. The Junior Loans Creditors also irrevocably authorize and empower the Lender,
in the name of the Junior Loans Creditors, to demand, sue for, collect, and receive any and all such Distributions.

 

(c)
The Junior Loans Creditors agree not to initiate, prosecute, or participate in any claim, action, or other proceeding challenging
the enforceability, validity, perfection, or priority of any portion of the First Lien Obligations or any Liens and security interests
securing any portion of the First Lien Obligations.

 

(d)
The Junior Loans Creditors agree that the Lender may consent to the use of cash collateral or provide debtor-in-possession financing
to the Borrower on such terms and conditions and in such amounts as the Lender, in its sole discretion, may decide and, in connection
therewith, the Borrower may grant to the Lender liens and security interests upon all of the property of the Borrower, which liens
and security interests (i) shall secure payment of all First Lien Obligations owing to the Lender (whether such First Lien Obligations
arose prior to the commencement of any Insolvency Proceeding or at any time thereafter) and all other financing provided by the
Lender during such Insolvency Proceeding and (ii) shall be superior in priority to the Liens in favor of the Junior Loans Creditors
on the property of the Borrower. Each Junior Loans Creditor agrees that it will not object to or oppose any such cash collateral
usage or debtor-in-possession financing or any sale or other disposition of any property securing all of any part of the First
Lien Obligations free and clear of security interests, liens, or other claims of any Junior Loans Creditor under Section 363 of
the Bankruptcy Code or any other provision of the Bankruptcy Code, if the Lender have consented to such sale or disposition. Each
Junior Loans Creditor agrees not to assert any right it may have to “adequate protection” of its interest in any Collateral
in any Insolvency Proceeding and agrees that it will not seek to have the automatic stay lifted with respect to any Collateral
without the prior written consent of the Lender; provided that, the Lender will not object to any request by the Junior Loans
Creditors for adequate protection replacement liens on all prepetition and postpetition property of the Borrower upon which the
Lender is also granted adequate protection replacement liens, with such liens in favor of the Junior Loans Creditors being subject
in all respects to this Agreement; provided, further that, other than such replacement liens the Junior Loans Creditors will not
seek any other form of adequate protection. Each Junior Loans Creditor waives any claim it may now or hereafter have against any
First Lien Creditor arising out of the election of any First Lien Creditor of the application of Section 1111(b)(2) of the Bankruptcy
Code or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the
Collateral in any Insolvency Proceeding. Each Junior Loans Creditor agrees that it will not provide, or offer to provide, any
debtor-in-possession financing to the Borrower without the prior written consent of the Lender.

 

    	Exhibit F - lntercreditor Agreement	Page 10 of 20	 

    	 

    

 

(e)
The Junior Loans Creditors agree to execute, verify, deliver, and file any proofs of claim in respect of the Junior Loan Obligations
reasonably requested by the Lender in connection with any such Insolvency Proceeding and hereby irrevocably authorize the Lender
to file such proofs of claim upon the failure of any Junior Loans Creditor to do so prior to three (3) Business Days before the
expiration of the time to file any such proof of claim; provided, however, that the Lender shall not be permitted to vote such
claim and all voting rights with respect thereto shall be retained by the Junior Loans Creditors. Each Junior Loans Creditor agrees
not to vote for any plan of reorganization that does not provide for the prior payment in full of the First Lien Obligations or
otherwise vote its claims or interests in any Insolvency Proceeding (including voting for, or supporting, confirmation of any
plans of reorganization) in a manner that would be inconsistent with the Junior Loans Creditors’ covenants and agreements
contained herein. For the avoidance of doubt, the Lender shall have no affirmative obligation to file any such proof of claim
on behalf of the Junior Loans Creditors.

 

(f)
The First Lien Obligations shall continue to be treated as First Lien Obligations and the provisions of this Agreement shall continue
to govern the relative rights and priorities of the Lender and the Junior Loan Creditors even if all or part of the First Lien
Obligations or the Liens or security interests securing the First Lien Obligations are subordinated, set aside, avoided, invalidated,
or disallowed in connection with any such Insolvency Proceeding. This Agreement shall be reinstated if at any time any payment
of any of the First Lien Obligations is rescinded or must otherwise be returned by any holder of First Lien Obligations or any
representative of such holder.

 

    	Exhibit F - lntercreditor Agreement	Page 11 of 20	 

    	 

    

 

(g)
Each of the Borrower, the Lender, and each Junior Loans Creditor acknowledges and agrees with respect to the Collateral that (i)
the grants of Liens on the Collateral pursuant to the First Lien Loan Documents and the Junior Loan Documents constitute separate
and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the First Lien
Obligations and the Junior Loan Obligations are fundamentally different from one another and must be separately classified in
any plan of reorganization proposed or adopted in an Insolvency Proceeding of the Borrower. To further effectuate the intent of
the parties as provided in the immediately preceding sentence, if it is determined by a court of competent jurisdiction that the
claims of the Lender and the Junior Loan Creditors in respect of any Collateral, constitute only one secured claim (rather than
separate classes of senior and junior secured claims), then the Lender shall be entitled to receive, in addition to amounts distributed
to them from, or in respect of, the Collateral in respect of principal, prepetition interest and other claims, all amounts owing
in respect of postpetition interest, fees, costs, and other charges, irrespective of whether a claim for such amounts is allowed
or allowable in such liquidation or Insolvency Proceeding, before any Distribution from, or in respect of, any such Collateral
is made in respect of the claims held by any Junior Loan Creditor. Each Junior Loans Creditor hereby acknowledges and agrees to
turn over to the Lender amounts otherwise received or receivable by it to the extent necessary to effectuate the intent of the
preceding sentence, regardless of whether such turnover has the effect of reducing the claim or recovery of any Junior Loans Creditor.

 

	9.	Miscellaneous.

 

9.1
In the event of any conflict, inconsistency or ambiguity between any term, covenant, or condition of this Agreement and the and
any term, covenant, or condition of the Junior Loan Documents, the term, covenant, or condition which best assures the payment
and performance of the Obligations or enlarges the security interest of the Lender in and to the Collateral, shall prevail.

 

9.2
Continuing Subordination: Termination of Agreement. This is a continuing agreement of subordination and the Lender
may continue, at any time and without notice to the Junior Loans Creditors, to extend credit or other financial accommodations
and loan monies to, or for the benefit of, the Borrower on the faith hereof. This Agreement shall remain in full force and effect
until the First Lien Obligations have been Paid in Full, after which this Agreement shall terminate without further action on
the part of the parties hereto.

 

9.3
Amendments: Modifications. This Agreement constitutes the entire agreement and understanding of the parties relating to
the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether oral or written,
relating to the subject matter hereof. Any modification or waiver of any provision of this Agreement, or any consent to any departure
by any party from the terms hereof, shall not be effective in any event unless the same is in writing and signed by the Lender
and the Junior Loans Creditors, and then such modification, waiver, or consent shall be effective only in the specific instance
and for the specific purpose given. Any notice to or demand on any party hereto in any event not specifically required hereunder
shall not entitle the party receiving such notice or demand to any other or further notice or demand in the same, similar, or
other circumstances unless specifically required hereunder.

 

    	Exhibit F - lntercreditor Agreement	Page 12 of 20	 

    	 

    

 

9.4
No Subrogation. The Junior Loans Creditors shall not be subrogated to the rights of the Lender with respect to receipt
of Distributions on account of the Junior Loan Obligations unless and until all of the First Lien Obligations have been Paid in
Full. For the purposes of such subrogation, no Distributions made to the holders of the First Lien Obligations to which any Junior
Loan Creditor would be entitled except for this Agreement, and no payments made pursuant to the provisions of this Agreement to
the Lender by such Junior Loan Creditor shall, as among the Borrower, its creditors, and such Junior Loan Creditor, be deemed
to be a payment by the Borrower to or on account of the Junior Loan Obligations. The Junior Loans Creditors, agrees that in the
event that all or any part of a payment made with respect to the First Lien Obligations is recovered from the holders of the First
Lien Obligations in an Insolvency Proceeding or otherwise, any Distribution received by the Junior Loans Creditors with respect
to the Junior Loan Obligations at any time after the date of the payment that is so recovered, whether pursuant to the right of
subrogation provided for in this Agreement or otherwise, shall be deemed to have been received by the Junior Loans Creditors in
trust as property of the holders of the First Lien Obligations and the Junior Loans Creditors shall forthwith deliver the same
to the Lender for application to the First Lien Obligations, until the First Lien Obligations have been Paid in Full.

 

9.5
No impairment. No right of the Lender to enforce the provisions hereof shall at any time in any way be prejudiced or impaired
by any act taken in good faith, or failure to act, which failure to act is in good faith, by the Lender or by any non-compliance
by the Borrower with the terms and provisions and covenants herein. The Junior Loans Creditors and the Borrower agree not to take
any action to avoid or to seek to avoid the observance and performance of the terms and conditions hereof and shall at all times
in good faith carry out all such terms and conditions.

 

9.6
Successors and Assigns. This Agreement shall inure to the benefit of, and shall be binding upon, the respective successors
and assigns of the Lender,/ and the Junior Loan Creditors, and the Borrower. The Lender may, from time to time, without notice
to the Junior Loans Creditors, assign or transfer any or all of the First Lien Obligations or any interest therein to any Person
and, notwithstanding any such assignment or transfer, or any subsequent assignment or transfer, the First Lien Obligations shall,
subject to the terms hereof, be and remain First Lien Obligations for purposes of this Agreement, and every permitted assignee
or transferee of any of the First Lien Obligations or of any interest therein shall, to the extent of the interest of such permitted
assignee or transferee in the First Lien Obligations, be entitled to rely upon and be the third party beneficiary of the subordination
provided under this Agreement and shall be entitled to enforce the terms and provisions hereof to the same extent as if such assignee
or transferee were initially a party hereto. The Junior Loans Creditors further acknowledges that this Agreement will inure to
the benefit of any third Person who refinances or succeeds to or replaces any or all of the First Lien Obligations, whether such
successor financing or replacement occurs by transfer, assignment, or repayment, without the necessity of any further writing;
provided, however, the Junior Loans Creditors agrees, upon the request of such third Person, to execute and deliver an agreement
with such Person containing terms substantially identical to those contained herein (subject to changing names of parties, documents,
and addresses, as appropriate).

 

    	Exhibit F - lntercreditor Agreement	Page 13 of 20	 

    	 

    

 

9.7
Lender’ Rights and Remedies. The rights, remedies, powers, and privileges of the Lender hereunder (hereinafter, the
“Lender’ Rights and Remedies”) shall be cumulative and not exclusive of any rights or remedies which it would
otherwise have. No delay or omission by any First Lien Creditor in exercising or enforcing any of the Lender’ Rights and
Remedies shall operate as, or constitute, a waiver thereof. No waiver by any First Lien Creditor of any of the Lender’ Rights
and Remedies or of any ‘default or remedy under any other agreement with the Borrower or any Junior Loan Creditor shall
operate as a waiver of any other default hereunder or thereunder. No exercise of the Lender’ Rights and Remedies and no
other agreement or transaction, of whatever nature, entered into between any First Lien Creditor and the Junior Loan Creditors
and/or between any First Lien Creditor and the Borrower at any time shall preclude any other or further exercise of the Lender’
Rights and Remedies. No waiver by any First Lien Senior Creditor of any of the Lender’ Rights and Remedies on any one occasion
shall be deemed a continuing waiver. All of the Lender’ Rights and Remedies and all of the Lender’ rights, remedies,
powers, and privileges under any other agreement with the Junior Loan Creditors and/or the Borrower shall be cumulative, and not
alternative or exclusive, and may be exercised by the Lender at such time or times and in such order of preference as the Lender
in their sole discretion may determine.

 

9.8 Notices: Service of Process.

 

 (a) All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth in the Preamble above or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a Business Day during normal business hours where such notice is to be received), or the first Business Day following such delivery (if delivered other than on a Business Day during normal business hours where such notice is to be received) or (b) on the second Business Day following the date of mailing by reputable courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. Any party hereto may from time to time change its address for notices under this Section by giving at least ten (10) days’ prior written notice of such changed address or facsimile number to the other party hereto.

 

    	Exhibit F - lntercreditor Agreement	Page 14 of 20	 

    	 

    

 

(b)
Each party hereto may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

(c)
Each of the parties hereto hereby consents to service of process by registered mail, Federal Express or similar courier at the
address listed in the Preamble above, it being agreed that service in such manner shall constitute, to the extent permitted by
law, in every respect effective and valid service upon such party or its respective successors or permitted assigns in connection
with any such action or proceeding; provided, however, that nothing in this Section 9 shall affect the right of any such parties
or their respective successors and permitted assigns to serve legal process in any other manner permitted by applicable law. The
Borrower and the Junior Loans Creditors hereby irrevocably appoint Slinger Bag Americas as its agent for receiving service of
process and covenants and agrees that service of process in any such legal action or proceeding may be made upon it at the office
of such agent at [INSERT ADDRESS] (or at such other United States address Borrower provides in accordance with Section 9).

 

(d)
Any party hereto may change its address or facsimile number for notices and other communications hereunder upon three (3) Business
Days’ notice to the other parties hereto.

 

9.9
Further Assurances. Each party to this Agreement will promptly execute and deliver such further instruments and agreements
and do such further acts and things as may be reasonably requested in writing by any other party hereto that may be necessary
or desirable in order to effect fully the purposes of this Agreement.

 

9.10
Headings. The section headings used in this Agreement are for convenience only and shall not affect the interpretation
of any of the provisions hereof.

 

9.11
Counterparts: Integration: Effectiveness: Electronic Execution. This Agreement and any amendments, waivers, consents, or
supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all taken together shall constitute a single contract. This Agreement constitutes the entire
contract among the parties with respect to the subject matter hereof and supersedes all previous agreements and understandings,
oral or written, with respect thereto. This Agreement shall become effective when it shall have been executed by the Lender,/
and the Junior Loans Creditors, and the Borrower and when the Lender shall have received counterparts hereof that together bear
the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page to this Agreement
by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

9.12
Severability. In the event that any provision of this Agreement is deemed to be invalid, illegal, or unenforceable by reason
of the operation of any law or by reason of the interpretation placed thereon by any court or governmental authority, the validity,
legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby,
and the affected provision shall be modified to the minimum extent permitted by law so as to most fully achieve the intention
of this Agreement.

 

    	Exhibit F - lntercreditor Agreement	Page 15 of 20	 

    	 

    

 

9.13
Specific Performance. The Lender may demand specific performance of this Agreement. The Junior Loan Creditors and the Borrower
each hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted
to bar the remedy of specific performance in any action which may be brought by any First Lien Creditor.

 

9.14
Expenses. In the event that the Lender undertake any action that is reasonably necessary in order to enforce the provisions
of this Agreement (whether or not suit is commenced), the Borrower shall pay all reasonable costs and expenses incurred by the
Lender in connection therewith, including, without limitation, reasonable attorneys’ fees. Borrower agrees and acknowledges
that any such costs and expenses are “Lender Expenses” as defined in the First Lien Credit Agreement.

 

9.15 Governing Law: Jurisdiction: Etc.

 

(a)
This Agreement and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon,
arising out of, or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in
accordance with, the laws of the State of Wyoming.

 

(b)
The Junior Loans Creditors and the Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation,
or proceeding of any kind whatsoever, whether in law or equity, or whether in contract or tort or otherwise, against the Lender
, or any of their respective Related Parties in any way relating to this Agreement or the transactions contemplated hereby, in
any forum other than the courts of the State of Wyoming sitting in Cheyenne County and of the United States District Court of
the District of Wyoming, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally
submits to the exclusive jurisdiction of such courts and agrees that any such action, litigation, or proceeding may be brought
in any such Wyoming state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties
hereto agrees that a final judgment in any such action, litigation, or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing herein shall affect any right that the Lender
may otherwise have to bring any action or proceeding relating to this Agreement against the Junior Loans Creditors or the Borrower
or its/their respective properties in the courts of any jurisdiction.

 

(c)
The Junior Loans Creditors and the Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable
law, any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court referred
to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)
Each party hereto irrevocably consents to the service of process in the manner provided for notices in Section 9.08and agrees
that nothing herein will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

 

9.16 Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY. EACH PARTY HERETO (A) CERTIFIES THAT NO AGENT,
ATTORNEY, REPRESENTATIVE, OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT SEEK
TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

Signature
page follows.

 

    	Exhibit F - lntercreditor Agreement	Page 16 of 20	 

    	 

    

 

IN
WITNESS WHEREOF, the Lender has executed this Agreement as of the date first above written.

 

	 	LENDER:
	 	 	 
	 	SB
    INVESCO LLC
	 	 	 
	 	 	 
	 	By:	Chessler
    Holdings, LLC 
	 	Its:	Manager
	 	 	 
	 	 
	 	By:	David
    Chessler
	 	Its:	Chief
    Executive Officer

 

    	Exhibit F - lntercreditor Agreement	Page 17 of 20	 

    	 

    

 

IN
WITNESS WHEREOF, the Borrower parties hereto have executed this Agreement as of the date first above written.

 

	 	BORROWER:
	 	 
	 	SLINGER
    BAG, INC.
	 	 	 
	 	 
	 	By:	Mike
    Ballardie
	 	Its:	Chief
    Executive Officer 
	 	 	 
	 	SLINGER
    BAG AMERICAS INC.
	 	 
	 	 
	 	By:	Mike
    Ballardie
	 	Its:	Chief
    Executive Officer 
	 	 	 
	 	SLINGER
    BAG CANADA INC.
	 	 
	 	 
	 	By:	Mike
    Ballardie
	 	Its:	Chief
    Executive Officer 
	 	 	 
	 	SLINGER
    BAG (UK) LTD.
	 	 
	 	 
	 	By:	Mike
    Ballardie
	 	Its:	Chief
    Executive Officer 
	 	 	 
	 	SLINGER
    BAG LTD.
	 	 
	 	 
	 	By:	Mike
    Ballardie
	 	Its:	Chief
    Executive Officer

 

    	Exhibit F - lntercreditor Agreement	Page 18 of 20	 

    	 

    

 

IN
WITNESS WHEREOF, the Junior Loans Creditors hereto have executed this Agreement as of the date first above written.

 

	 	JUNIOR
    LOANS CREDITORS: 
	 	 	 
	 	2672237
    ONTARIO LIMITED
	 	 	 
	 	 
	 	By:	Elisha
    Kalfa
	 	Its:	Authorized
    Signatory

 

	 	Midcity
    Capital Ltd.
	 	 
	 	By	     

	 	Name:
    Title:	Authorised
    signatory
	 	 	 
	 	Yonah Kalfa, INDIVIDUALLY
	 	 

 

    	Exhibit F - lntercreditor Agreement	Page 19 of 20	 

    	 

    

 

EXHIBIT
A

 

	1.	2672237
    Ontario Limited Loan Agreements

 

(a)
The loan agreement between the Borrower and Assig nor1 dated June 1, 2019 whereby the Assignor loaned the principal
sum of $1,700,000 at the interest rate of 9.5%;

 

(b)
The loan agreement between the Borrower and the Assignor dated October 7, 2019 whereby the Assignor loaned the principal sum of
$500,000 at the interest rate of 9.5%;

 

(c)
The loan agreement between the Borrower and the Assignor dated December 2, 2019 whereby the Assignor loaned the principal sum
of $500,000 at the interest rate of 9.5%;

 

(d)
The loan agreement between the Borrower and the Assignor dated December 11, 2019 whereby the Assignor loaned the principal sum
of $700,000 at the interest rate of 9.5%;

 

(e)
The loan agreement between the Borrower and the Assignor dated January 8, 2020 whereby the Assignor loaned the principal sum of
$200,000 at the interest rate of 9.5%;

 

(f)
The loan agreement between the Borrower and the Assignor dated February 28, 2020 whereby the Assignor loaned the principal sum
of $200,000 at the interest rate of 9.5%;

 

(g)
The loan agreement between the Borrower and the Assignor dated May 12, 2020 whereby the Assignor loaned the principal sum of $1,000,000
at the interest rate of 9.5%;

 

(h)
The loan agreement between the Borrower and the Assignor dated July 3, 2020 whereby the Assignor loaned the principal sum of $500,000
at the interest rate of 9.5%;

 

(i)
The loan agreement between the Borrower and the Assignor dated July 3, 2020 whereby the Assignor loaned the principal sum of $120,000
at the interest rate of 9.5%;

 

(j)
The loan agreement between the Borrower and the Assignor dated August 10, 2020 whereby the Assignor loaned the principal sum of
$250,000 at the interest rate of 9.5%;

 

(k)
The loan agreement between the Borrower and the Assignor dated September 15, 2020 whereby the Assignor loaned the principal sum
of $250,000 at the interest rate of 9.5%; and

 

(I)
The loan agreement between the Borrower and the Assignor dated November 24, 2020 whereby the Assignor loaned the principal sum
of $300,000 at the interest rate of 9.5%.

 

	2.	Midcity
    Capital Ltd. Loan Agreement - 2.25% Promissory Note from Slinger Bag Inc. dated December 24, 2021 in the amount of $1,000,000,
    as extend by the extension agreement dated February 2, 2021.

 

	3.	Yonah
    Kalfa Loan Agreement - The loan agreement between Slinger Bag Inc. and Yonah Kalfa dated March 25, 2021in the amount of $1,000,000.

 

 

1
Borrower means either Slinger Bag Inc. or Slinger Bag Americas Inc. (as the case may be) and Assignor means 2490585 Ontario
Inc.

 

    	Exhibit F - lntercreditor Agreement	Page 20 of 20

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