Document:

Exhibit 10.5

 

KINDER MORGAN CANADA LIMITED
 RESTRICTED SHARE UNIT PLAN
 FOR NON-EMPLOYEE DIRECTORS

 

1.                                      Purpose of the Plan.  The Kinder Morgan Canada Limited Restricted Share Unit Plan for Non-Employee Directors (the “Plan”) is intended to promote the interests of Kinder Morgan Canada Limited (the “Company”) and its shareholders by aligning the compensation of the non-employee members of the board of directors of the Company (the “Board”) with shareholders’ interests.

 

2.                                      Administration.  The Plan shall be administered by the Board.  Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind such rules and regulations as it deems necessary for the proper administration of the Plan, and to make all other determinations necessary or advisable for its administration.  The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry it into effect.  The interpretation by the Board of the Plan shall be conclusive upon all participants.

 

3.                                      Eligible Participants.  Only directors of the Company who are not salaried employees of the Company or of an affiliate of the Company (each, a “Non-Employee Director”) are eligible to participate in the Plan.  Notwithstanding the foregoing, no director of the Company nominated by a Permitted Holder (as defined in Section 9) will be eligible to participate in the Plan.

 

4.                                      Shares Subject to the Plan.  Subject to adjustment as provided for in Section 7, the maximum number of restricted voting shares of the Company (“Restricted Voting Shares”), which may be issued or issuable under the Plan shall be 500,000, provided that the number of Restricted Voting Shares issued or issuable under all securities based compensation arrangements as defined under the rules of the Toronto Stock Exchange (“Share Compensation Arrangements”) shall not exceed 5,000,000.  Notwithstanding any other provision of this Plan or any Share Compensation Agreement, no Restricted Voting Shares shall be issued from treasury under this Plan if, together with any other Share Compensation Arrangement established or maintained by the Company, such grant of Restricted Voting Shares could result, at any time, in the aggregate number of Restricted Voting Shares (i) issued to insiders (as defined in the rules of the Toronto Stock Exchange relating to Share Compensation Arrangements), within any one-year period and (ii) issuable to insiders, at any time, exceeding the lesser of 5,000,000 or 10% of the aggregate number of issued and outstanding Restricted Voting Shares.  Any Restricted Voting Shares required to be delivered under this Plan may, at the discretion of the Board, be issued from the treasury of the Company or acquired on behalf of the Non-Employee Director through the facilities of the Toronto Stock Exchange.  Any Restricted Voting Shares acquired through the facilities of the Toronto Stock Exchange shall not, for purposes of this Section 4, be considered to have been issued under the Plan.

 

5.                                      Awards.  The compensation to be paid to Non-Employee Directors is fixed by the Board, generally annually.  That compensation is expected to include an annual retainer payable in cash.  It also may include other cash compensation (“Cash Compensation”) that may be used 

 

 

as provided in this Plan.  In lieu of receiving such Cash Compensation in cash, a Non-Employee Director may elect to receive any portion or all of such Cash Compensation in the form of Restricted Voting Share Units as provided herein.  Such election shall be evidenced by an agreement (the “Share Compensation Agreement”) between the Company and such Non-Employee Director, which agreement shall contain the terms and conditions of such award.  Such election shall be made generally at or around the first Board meeting in January of each calendar year and will be effective for the entire calendar year.  A Non-Employee Director may make a new election each calendar year.

 

The Restricted Voting Share Units to be issued to a Non-Employee Director electing to receive any portion of his or her Cash Compensation in the form of Restricted Voting Share Units may be issued subject to certain Forfeiture Restrictions (as defined below), the terms of which shall be set forth in the Share Compensation Agreement, provided that such Forfeiture Restrictions shall lapse no later than the end of the calendar year to which the Cash Compensation underlying the Restricted Voting Share Units relates.  No Restricted Voting Shares shall be required to be issued or delivered to the Non-Employee Director until the applicable Forfeiture Restrictions attached to the Restricted Voting Share Units have lapsed.

 

6.                                      Number of Restricted Voting Shares to be Issued in Settlement of Restricted Voting Share Units.  The number of Restricted Voting Share Units to be issued to a Non-Employee Director electing to receive any portion or all of his or her Cash Compensation in the form of Restricted Voting Share Units shall equal the Cash Compensation elected to be paid in the form of Restricted Voting Share Units, divided by the closing price of the Restricted Voting Shares on the Toronto Stock Exchange on the day the Cash Compensation is awarded (such price, the “Fair Market Value”), rounded up to the nearest ten Restricted Voting Share Units, unless the Non-Employee Director elects to receive 100% of his or her Cash Compensation in the form of Restricted Voting Share Units, in which case the number of Restricted Voting Share Units shall be rounded down to the nearest Restricted Voting Share Unit..  The Restricted Voting Share Units shall be issuable as specified in the Share Compensation Agreement.  A Non-Employee Director electing to receive any portion or all of his or her Cash Compensation in the form of Restricted Voting Share Units shall receive cash (the “Cash Payment”) equal to (i) the total Cash Compensation awarded to such Non-Employee Director, minus (ii) the number of Restricted Voting Share Units to be issued to such Non-Employee Director pursuant to his or her election multiplied by the Fair Market Value of a Restricted Voting Share.  For illustrative purposes only, if a Non-Employee Director elected to receive an award of Cash Compensation of $175,000 in the form of 50% Restricted Voting Share Units and 50% cash, and the Fair Market Value of a Restricted Voting Share was $20.00, the Non-Employee Director would receive 4,380 Restricted Voting Share Units ($87,500 ÷ $20.00 = 4,375 Restricted Voting Share Units, rounded up to the nearest ten Restricted Voting Share Units).  The Cash Payment would equal $87,500 ($175,000 — (4,375 x $20.00)).  For greater certainty, no Restricted Voting Shares shall be issued at a discount to Fair Market Value, as the aggregate value of the Restricted Share Units and the Cash Payments shall not exceed the Cash Compensation in any Plan year.  The Cash Payment shall be payable to the Non-Employee Director in four equal installments on the March 31, June 30, September 30 and December 31 of the calendar year in which such Cash Compensation is awarded; provided that such installments may, at the discretion of the Company, be adjusted to include any cash dividends paid by the Company on the Restricted Voting Shares during any period in which such Restricted Voting Share Units are subject to 

 

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Forfeiture Restrictions (unless previously paid to the  Non-Employee Director at or about the time the applicable cash dividends were paid by the Company).  Upon the lapsing of the applicable Forfeiture Restrictions, the Company shall deliver to the Non-Employee Director a number of Restricted Voting Shares equal to the number of Restricted Voting Share Units for which the Forfeiture Restrictions have lapsed, subject to the withholding provisions set forth in Section 10 of this Plan.

 

7.                                      Adjustment.  In the event of a merger, reorganization, consolidation, recapitalization, separation, liquidation, share dividend, share split or other change in the structure of the Company affecting the Restricted Voting Shares, such adjustment shall be made in the number of Restricted Voting Share Units outstanding and/or Restricted Voting Shares available under the Plan, as may be determined to be appropriate and equitable by the Board, in its sole discretion, to prevent dilution or enlargement of rights, provided that any such adjustment shall be subject to the approval of the Toronto Stock Exchange.

 

8.                                      Restrictions on Resale.  The Board may, in its sole discretion, impose restrictions on disposition by a Non-Employee Director and an obligation of the Non-Employee Director to forfeit and surrender the Restricted Voting Share Units to the Company under certain circumstances (“Forfeiture Restrictions”).  Such restrictions shall be set forth in the Share Compensation Agreement.

 

9.                                      Change in Control.  Upon the occurrence of a Change in Control (as defined below), the Board may take any action with respect to Restricted Voting Share Units issued but still subject to Forfeiture Restrictions that it deems appropriate, including but not limited to causing such Forfeiture Restrictions to lapse.  As used herein, the term “Change in Control” shall mean the occurrence of any of the following events:

 

(a)                                 the acquisition by any Person (other than a Permitted Holder) or group acting jointly or in concert, in a single transaction or a series of related transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership  of more than 50% of the total voting power of the Company (or the surviving or resulting entity thereof) after giving effect to such transaction;

 

(b)                                 a sale, merger or similar transaction or related series of transactions involving the Company, as a result of which the Permitted Holders do not collectively hold (either directly or indirectly) more than 50% of the voting power of the Company (or the surviving or resulting entity thereof) after giving effect to such transaction or related series of transactions; provided, however, that such sale, merger or similar transaction shall not constitute a Change in Control in the event that, following such sale, merger or similar transaction (a) the Permitted Holders continue to collectively own at least 35% of the voting power of the Company (or the surviving or resulting entity thereof), (b) no other Person or group acting jointly or in concert owns more than 35% of the voting power of the Company (or the surviving or resulting entity thereof), and (c) Steven Kean is a senior executive officer of the Company (or the surviving or resulting entity thereof);

 

(c)                                  the sale or transfer of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, in a single transaction or a series of related transactions, in any 

 

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case, other than to an entity of which more than 50% of the voting power is held (either directly or indirectly) by the Permitted Holders or by Persons who held (either directly or indirectly) more than 50% of the voting power of the Company immediately prior to such transaction (or in each case their Affiliates);

 

(d)                                 during any period of two consecutive years following the closing of the IPO, individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason other than normal retirement, death or disability to constitute at least a majority of the Board then in office; or

 

(e)                                  the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect).

 

For purposes of this Section, the following definitions shall apply:

 

“IPO” means the initial underwritten public offering of Restricted Voting Shares for cash pursuant to a prospectus offering filed by the Company.

 

“Permitted Holder” means, at any time, Kinder Morgan, Inc., or any entity that is directly or indirectly controlled by Kinder Morgan, Inc., where the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or contract.

 

“Person” means a natural person or an entity.

 

10.                               Tax Withholding. To the extent required by applicable federal, provincial, state and local law, a Non-Employee Director shall make arrangements satisfactory to the Company for the payment of any withholding tax obligations that arise in connection with the Plan.  The Company shall not be required to issue any Restricted Voting Shares under the Plan until such obligations are satisfied.

 

11.                               Effective Date.  This Plan, as amended and restated, shall be effective on May 23, 2017.

 

12.                               No Right to Continue as a Director.  Nothing contained in the Plan or any agreement hereunder will confer upon any participant in the Plan any right to continue to serve as a director of the Company or any right to receive compensation other than as fixed by the Board from time to time.

 

13.                               No Shareholder Rights Conferred.  Nothing contained in the Plan or any agreement hereunder will confer upon any participant in the Plan any rights of a common shareholder of the Company unless and until a Restricted Voting Share is validly issued to such participant in accordance with the terms hereof.

 

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14.                               Termination, Amendment and Modification of Plan.  The Board may, at any time, without the approval of the holders of Company shares entitled to vote at a shareholders meeting, suspend, discontinue or amend the Plan.  However, the Board may not amend the Plan without the approval of the holders of a majority of shareholders who vote at a shareholder meeting to:

 

(a)                                 increase the number of Restricted Voting Shares reserved for issuance pursuant to the Plan;

 

(b)                                 expand the categories of individuals who are eligible to participate in the Plan;

 

(c)                                  remove or increase the limits on the number of Restricted Voting Shares issuable to any individual holder or to insiders as described under Section 4 above; or

 

(d)                                 amend the amendment provisions of the Plan;

 

unless the change to the Plan results from the application of the customary anti-dilution provisions of the Plan. Additionally, no suspension, discontinuance or amendment may be made by the Board in respect of previously issued Share Compensation Agreements that would adversely alter or impair those Share Compensation Agreements without the consent of the affected Non-Employee Director.  For greater certainty, the exercise by the Board of any discretion provided for in the Plan will not be considered to be an amendment to the Plan or a Share Compensation Agreement.  Any amendments to the Plan are also subject to the requirements of the Toronto Stock Exchange or other applicable regulatory bodies.

 

15.                               Code Section 409A.  The Plan and all awards granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). The Plan and all awards shall be administered, interpreted, and construed in a manner consistent with Section 409A or an exemption therefrom.  Should any provision of the Plan, any award hereunder, or any other agreement or arrangement contemplated by the Plan be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Committee, and without the consent of the affected Non-Employee Director, in such manner as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A.

 

16.                               Governing Law.  The Plan shall be construed, regulated, interpreted and administered according to the laws of the Province of Alberta, and the federal laws of Canada applicable therein.

 

5Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE
HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal
    Amount:  Up to $1,000,000.00 	November 1, 2017

 

Global Partner Acquisition
Corp., a Delaware corporation (“Maker”), promises to pay to the order of Global Partner Sponsor I LLC or
its registered assigns or successors in interest or order (“Payee”), the principal sum of up to One Million
Dollars ($1,000,000.00) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note (unless the full principal and the Capital Commitment Fee (as hereinafter defined) are converted pursuant
to Section 17 below) shall be made by check or wire transfer of immediately available funds to such account as Payee may from time
to time designate by written notice in accordance with the provisions of this Note.

 

		1.	Repayment. The principal balance of this Note and the Capital Commitment Fee shall
be payable on the earliest to occur of (i) the date on which Maker consummates its initial business combination, (ii)  February
28, 2018, and (iii) the date that the winding up of Maker is effective (such date, the “Maturity Date”). The
principal balance and Capital Commitment Fee may not be prepaid without Payee’s written consent.

 

		2.	Interest. This Note shall be non-interest bearing.

 

		3.	Capital Commitment Fee. In consideration of its agreement to commit to loan Maker up to
One Million Dollars ($1,000,000.00), Maker agrees to pay to Payee a capital commitment fee in the amount of Fifty Thousand Dollars
($50,000.00)(the “Capital Commitment Fee”).

 

		4.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million
Dollars ($1,000,000.00) for costs reasonably related to Maker’s consummation of an initial business combination. The principal
of this Note may be drawn down from time to time until the date on which Maker consummates its initial business combination, upon
written request from Maker to Payee (each, a “Drawdown Request”); provided that Maker shall not request a drawdown
of more than Five Hundred Thousand Dollars ($500,000) prior to the execution of a definitive merger agreement relating to the initial
business combination. Each Drawdown Request must state the amount to be drawn down, and must be in multiples of not less than Two
Hundred Fifty Thousand Dollars ($250,000) unless agreed upon by Maker and Payee. Payee, in its sole discretion, shall fund each
Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum
amount of drawdowns collectively under this Note shall not exceed One Million Dollars ($1,000,000.00). Once an amount is drawn
down under this Note, it shall not be available for future Drawdown Requests even if prepaid. Except as set forth herein, no fees,
payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

		5.	Application of Payments. All payments received by Payee pursuant to this Note shall
be applied first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorney’s fees, then to the payment of the Capital Commitment Fee, and finally to the reduction of
the unpaid principal balance of this Note.

 

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		6.	Events of Default. The following shall constitute an event of default (“Event
of Default”):

 

(a) Failure to Make Required
Payments. Failure by Maker to pay the principal amount due pursuant to this Note or the Capital Commitment Fee within five (5)
business days of the Maturity Date.

 

(b) Voluntary Bankruptcy, etc.
The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other
similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

	 	7.	Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 6(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, the Capital Commitment Fee and all other
amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 6(b) and 6(c) hereof, the unpaid principal balance of this Note, the
Capital Commitment Fee and all other amounts payable hereunder, shall automatically and immediately become due and payable, in
all cases without any action on the part of Payee.

 

8. Priorities. Maker and Payee acknowledge that Maker is the obligor under certain other promissory notes to Payee (the “Other
Notes”). Notwithstanding anything to the contrary in the Other Notes, Maker and Payee agree that (i) if the Maturity
Date pursuant to this Note occurs by reason of the consummation of the initial business combination, Maker shall repay all amounts
due and payable under this Note in priority to the repayment of the Other Notes, (ii) if the Maturity Date pursuant to this Note
occurs for any reason other than the consummation of the initial business combination, Maker shall repay all amounts due and payable
under this Note and the Other Notes pari passu based upon the respective amounts due and payable under this Note and the
Other Notes.

 

9. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

10. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or
enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver
or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting
Maker’s liability hereunder.

 

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11.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in
writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to
the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party.  Any notice or other communication so transmitted shall be deemed to have been given on
the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by
facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

12. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO
THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

13. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

14. Trust Waiver.  Notwithstanding anything herein to the contrary, Payee hereby waives any claim in or to any distribution
of or from the trust account (the “Trust Account”) established in connection with Maker’s initial public
offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
claim against the Trust Account for any reason whatsoever; provided, however, that on the Maturity Date, Maker shall repay the
principal balance of this Note and the Capital Commitment Fee out of the proceeds released to Maker from the Trust Account.

 

15. Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of Maker and Payee.

 

16. Assignment.  No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void; provided, however, that the foregoing shall not apply to an affiliate of
Payee who agrees to be bound to the terms of this Note.

 

17. Conversion.

 

(a) At Payee’s
option, at any time prior to payment in full of the principal balance of this Note and the Capital Commitment Fee, Payee may elect
to convert all or any portion of the unpaid principal balance of this Note and/or the Capital Commitment Fee into that number of
shares of common stock (the “Conversion Shares”) equal to: (x) the portion of the principal amount
of this Note and/or Capital Commitment Fee being converted pursuant to this Section 17, divided by (y) $10.00, rounded up to the
nearest whole number of shares. The Conversion Shares, and any other equity security of Maker issued or issuable with respect to
the foregoing by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation,
consolidation or reorganization, shall be entitled to the registration rights set forth in Section 18 hereof.

 

(b) Upon any complete
or partial conversion of the principal amount of this Note and Capital Commitment Fee, (i) such principal amount and Capital Commitment
Fee shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender
and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion
Shares, (iii) Maker shall promptly deliver a new duly executed Note to Payee in the principal amount and Capital Commitment Fee
that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note,
Maker shall, at the direction of Payee, deliver to Payee (or its members or their respective affiliates) (Payee or such other persons,
the “Holders”) the Conversion Shares, which shall bear such legends as are required, in the opinion of counsel
to Maker or by any other agreement between Maker and Payee and applicable state and federal securities laws.

 

(c) The Holders shall
pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Shares upon conversion
of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Holders in connection with any such conversion.

 

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(d) The Conversion
Shares shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.

 

18. Registration Rights.

 

(a) Reference is made
to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of July 29, 2015 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 18 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b) The Holders shall
be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in Section 2.1 of the Registration
Rights Agreement.

 

(c) The Holders shall
also be entitled to include the Conversion Shares in Piggyback Registrations, which shall be subject to the same provisions as
set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that an underwriter advises
Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders shall not have
any priority for inclusion in such Piggyback Registration.

 

(d) Except as set forth
above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration
Rights Agreement.

  

[Signature Page Follows]

 

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IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	GLOBAL PARTNER ACQUISITION CORP.
	 	 
	 	By: 	/s/ Paul Zepf
	 	Name:	Paul Zepf
	 	Title:	Chief Executive Officer

 

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