Document:

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

CONVERSION AGREEMENT

 

THIS CONVERSION AGREEMENT
(the “Agreement”), dated as of September 25, 2013 is made by and between World Surveillance Group Inc.,
a Delaware corporation (“Company”), and Glenn D. Estrella, the President and Chief Executive Officer of the
Company (“Employee” and, together with the Company, the “Parties”, or each individually,
a “Party”).

 

WHEREAS,
the Company owes Employee salary in arrears in an amount in excess of $100,000 from pay periods prior to the date hereof
(the “Accrued Salary”); and

 

WHEREAS, the Company
and the Employee wish to convert $100,000 of the Accrued Salary (the “Conversion
Salary”) into an option to purchase shares of common stock, par value $0.00001
per share, of the Company (the “Common Stock”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge the parties agree as follows:

 

1.          Conversion
Salary. The Company and Employee hereby agree that the Conversion Salary shall convert into an option to purchase 7,692,308
shares of Common Stock (the “Option Shares”) with an exercise price equal to $0.013 per share and a term of
seven years (the “Option” and together with the Option Shares, the “Securities”), which Option
shall be substantially in the form of Exhibit A attached hereto.

 

2.          Option
Agreement. Within ten (10) business days of the date of this Agreement, the Company shall deliver to Employee an Option Agreement
representing the Option Shares. Following such issuance, the Employee shall have no right to receive from the Company the Conversion
Salary.

 

3.          Representations
and Warranties and Covenants. Each Party hereby represents, warrants and covenants to the other Party, on behalf of itself
and no other Party, as follows:

 

a. No Registration.
The Employee understands that none of the Securities have been, nor will be, registered under the Securities Act of 1933, as amended
(the “Securities Act”) by reason of a specific exemption from the registration provisions of the Securities
Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy
of such Employee’s representations as expressed herein or otherwise made pursuant hereto.

 

    	 

    	 

    

 

b. Investment Intent.
The Employee is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with the view to,
or for resale in connection with, any distribution thereof, and such Employee has no present
intention of selling, granting any participation in, or otherwise distributing the same. The Employee further represents that it
does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant participation
to such person or entity or to any third person or entity with respect to the Securities.

 

c. Investment Experience.
The Employee, either alone or together with its representatives, has substantial experience in evaluating and investing in private
placement transactions of securities in companies similar to the Company and acknowledges that the Employee can protect its own
interests. The Employee has such knowledge and experience in financial and business matters so that such Employee is capable of
evaluating the merits and risks of its investment in the Company.

 

d. Speculative Nature
of Investment. Such Employee understands and acknowledges that the Company has a limited financial and operating history and
that an investment in the Company is highly speculative and involves substantial risks. Such
Employee can bear the economic risk of such Employee’s investment and is able, without impairing
such Employee’s financial condition, to hold the Securities for an indefinite period of time and to suffer a complete
loss of such Employee’s investment.

 

e. Accredited Investor.
The Employee is an “accredited investor’ within the meaning of Regulation D, Rule 501(a), promulgated by the Securities
and Exchange Commission under the Securities Act.

 

f. Rule 144.
The Employee acknowledges that the Option Shares must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Employee is aware of the provisions of Rule 144 promulgated under
the Securities Act which permit limited resale of shares subject to the satisfaction of certain conditions. The Employee acknowledges
that, in the event all of the requirements of Rule 144 are not met, registration under the Securities Act or an exemption from
registration will be required for any disposition of the Option Shares.

 

g. Authorization.
Each Party represents for itself and no other Party that:

 

i.
It has all requisite power and authority to execute and deliver this Agreement, and to carry out and perform its obligations under
the terms hereof. All action on the part of such Party necessary for the authorization, execution, delivery and performance of
this Agreement, and the performance of all of such Party’s obligations herein, has been taken.

 

ii.
This Agreement, when executed and delivered by it, will constitute the valid and legally binding obligation of such Party, enforceable
in accordance with its terms except: (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies or by general principles of equity.

 

    	2

    	 

    

 

iii. No consent, approval,
authorization, order, filing, registration or qualification of or with any court, governmental authority or third person is required
to be obtained by it in connection with the execution and delivery of this Agreement by such Party or the performance of such Party’s
obligations hereunder.

 

j.
Brokers or Finders. Each Party represents for itself and no other Party that it has not engaged any brokers, finders
or agents, and that the other Party has not, and will not, incur, directly or indirectly, as a result of any action taken by it,
any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this
Agreement and the transactions related hereto.

 

k.
Tax Advisors.
Each Party represents for itself and no other Party that it has reviewed with its own tax advisors the U.S. federal, state, local
and foreign tax consequences of this investment and the transactions contemplated by this Agreement. With respect to such matters,
it has relied solely on its advisors and not on any statements or representations of the other Party hereto or any of such other
Party’s agents, written or oral.

 

l.
Legends. 
The Employee understands and agrees that the Option Shares shall bear a legend in substantially the form as follows (in addition
to any legend required by any other applicable agreement or under applicable state securities laws):

 

“THE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY
NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE
SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY
AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

4.          Governing
Law; Entire Agreement; Counterparts. The interpretation of this Agreement shall be governed by the internal laws of the State
of Delaware, without regards to the principles of conflicts of laws thereof. This Agreement, together with the exhibits hereto,
contains the entire agreement of the Parties with respect to the subject matter hereof and supercedes all prior agreements and
understandings, oral or written, with respect to such matters, and there are no representations, covenants, or other agreements
except as stated or referred to herein. Neither this Agreement nor any of the provisions herein shall be modified, waived, discharged,
or terminated except by an instrument in writing signed by the Party against whom any modification, waiver, discharge, or termination
is sought. This Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each
of such counterparts shall, for all purposes, constitute one agreement binding on all the Parties, notwithstanding that all Parties
are not signatories to the same counterpart.

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed by their respective officers thereonto duly authorized as of the day
and year first above written.

                                                  

                                          

	 	WORLD SURVEILLANCE GROUP INC.
	 	 	 
	 	 	 
	 	By	: /s/ Barbara M. Johnson
	 	 	Name: Barbara M. Johnson
	 	 	Title: Vice President and General Counsel
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	/s/ Glenn D. Estrella
	 	Glenn D. Estrella

	 	 
	 	Address:	1608 Sheridan Drive
	 	 	Wall Township, NJ 07753

 

    	4

    	 

    

 

Exhibit A

 

    	5Letter of Offer dated August 30th, 2013 

 

Lakeland Protective Real Estate Inc.

59 Bury Court

Brantford, ON

N3S 0A9

 

Attention of: Mr. Norman Brown

 

		Re:	Loan Account No. 038405-02

 

In accordance with this letter of offer of credit as amended
from time to time (the “Letter of Offer”), Business Development Bank of Canada (“BDC”) is
pleased to offer you the following loan (the “Loan”). The Letter of Offer is open for acceptance until September
8th, 2013 (the “Acceptance Date”) after which date it shall become null and void.

 

LOAN PURPOSE AND FUNDING

 

	Loan Purpose	 	 	 	 
	Advance to Related Company	 	$	1,100,000.00	 
	 	 	$	1,100,000.00	 
	 	 	 	 	 
	Funding	 	 	 	 
	BDC	 	$	1,100,000.00	 
	 	 	$	1,100,000.00	 

 

No change to the Loan Purpose or Funding may be made without
BDC’s prior written consent. The proceeds of the Loan may only be used for this Loan Purpose.

 

SCHEDULE

 

The Letter of Offer includes Schedule “A” which
contains Definitions, Representations and Warranties, Covenants, Events of Default and General Terms and Conditions. Schedule
“A” has been inserted after the signature page and forms an integral part of the Letter of Offer.

 

	Business Development Bank of Canada

        25 Main Street West, Suite 1900, Hamilton, Ontario L8P 1H1 

        Fax: (905) 572-4282     www.bdc.ca
	 

 

    	Page 1 of 9

    	 

    

 

	LETTER OF OFFER Lakeland Protective
    Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

DEFINITIONS

 

In the Letter of Offer, capitalized terms have the meanings
described in Schedule “A” – Section I or are defined elsewhere in the text of the Letter of Offer.

 

LENDER

 

BDC

 

BORROWER

 

Lakeland Protective Real Estate Inc. (the “Borrower”)

 

LOAN AMOUNT

 

Cdn $1,100,000.00.

 

INTEREST RATE

 

The Loan and all other amounts owing by the Borrower pursuant
to the Loan Documents shall bear interest at the following rate:

 

Fixed Rate

 

6.450% per year, being the applicable BDC’s Base Rate
of 5.950% per year plus a variance of 0.500% per year (the “Variance”). BDC will guarantee the interest rate
until the Acceptance Date. Should the Acceptance Date be extended, this interest rate will not be guaranteed.

 

The Interest Adjustment Date for this fixed interest rate plan
is August 23rd, 2018.

 

INTEREST CALCULATION

 

Interest shall be calculated monthly
on the outstanding principal, commencing on the date of the first disbursement, both before and after maturity, default
and judgment.

 

Arrears of interest or principal and all other amounts owing
by the Borrower pursuant to the Loan Documents shall bear interest at the rate applicable to the Loan and shall be calculated
and compounded monthly.

 

    	Page 2 of 9

    	 

    

 

	LETTER OF OFFER Lakeland Protective
    Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

REPAYMENT

 

Principal is repayable as follows:

 

Blended Payment

 

All payments are to be made on the day of the month selected
by the Borrower (the "Payment Date”). Interest is payable monthly commencing on the next occurring Payment Date
following the first advance on the Loan. Once the Loan has been fully disbursed, interest on the Loan together with the principal
of the Loan shall be payable by way of monthly blended instalments of principal and interest of $8,168.96 each (based on the fixed
rate indicated above and an initial amortization period of 240 months) commencing on November 23rd, 2013 up to and including the
Interest Adjustment Date. Prior to the Interest Adjustment Date, BDC shall advise of the new monthly blended instalment based
on the available fixed rate plans.

 

The equivalent rate calculated semi-annually, not in advance,
is 6.537% per year.

 

On October 23rd, 2033 (the “Maturity Date”),
the balance of the Loan in principal and interest and all other amounts owing pursuant to the Loan Documents shall become due
and payable.

 

PREPAYMENT

 

Annual prepayment privilege:
Provided that the loan is not in default, the Borrower may, once in any 12 month period, prepay up to 15% of the then outstanding
principal without indemnity.  The first pre-payment can be made at any time more than one year after August 29th, 2013, being
the date the loan was authorized.  The prepayment privilege is not cumulative and each prepayment must be at least 12 months
subsequent to the last prepayment. The prepayment privilege is not applicable upon prepayment of the loan in full.

 

In addition to the annual privilege, the Borrower may prepay
at any time all or part of the principal provided that the Borrower pays the interest owing up to the time of the prepayment together
with an indemnity equal to:

 

If the interest rate on the Loan is a floating rate:

		-	three months further interest on the principal prepaid at the
                                                               floating interest rate then applicable to the Loan.

 

If the interest rate on the Loan is a fixed rate:

		-	the sum of (a) three months further interest on the principal
                                                               prepaid at the fixed interest rate then applicable to the Loan;
                                                               and (b) the Interest Differential Charge.

 

Partial prepayments shall be applied regressively on the then
last maturing instalments of principal.

 

    	Page 3 of 9

    	 

    

 

	LETTER OF OFFER Lakeland
    Protective Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

SECURITY

 

The Loan, interest on the Loan and all other
amounts owing pursuant to the Loan Documents shall be secured by the following (the “Security”):

 

		1.	First readvanceable mortgage on land (approx. 3.0 Acres) legally
                                                               described as Part Lot 41, Concession 3, Township of Brantford,
                                                               being Part 5 on 2R6763; City of Brantford and building (approx.
                                                               24,000 sq ft.) located at 59 Bury Court Brantford, Ontario owned
                                                               by Lakeland Protective Real Estate Inc. Building location survey
                                                               or title insurance required.

 

		2.	General Security Agreement from Lakeland Protective Real Estate
                                                               Inc. providing a first security interest in all present and after-acquired
                                                               personal property, except consumer goods.

 

		3.	Postponement of loan for $504,028 from parent company. Interest
                                                               may not be paid.

 

		4.	First registered general assignment of rents. Rent may be paid
                                                               in the normal course of business unless notified by BDC.

 

CONDITIONS PRECEDENT

 

Any obligation to make any advance under
the Letter of Offer is subject to the following conditions being fulfilled to the satisfaction of BDC:

 

		1.	Receipt
                                                                                                        of the Security in form
                                                                                                        and substance satisfactory
                                                                                                        to BDC registered as required
                                                                                                        to perfect and maintain
                                                                                                        the validity and rank
                                                                                                        of the security, and such
                                                                                                        certificates, authorizations,
                                                                                                        resolutions and legal
                                                                                                        opinions as BDC may reasonably
                                                                                                        require. 

 

		2.	Satisfactory review of all
                                                               financial information relating to the Borrower and any corporate
                                                               Guarantor and their respective business as BDC may reasonably require.
                                                               

 

		3.	No
                                                                                                        Default or Event of Default
                                                                                                        shall have occurred. 

 

		4.	No
                                                                                                        Material Adverse Change
                                                                                                        shall have occurred.

 

		5.	Provision
                                                                                                        of documents evidencing
                                                                                                        expenditures under
                                                                                                        the Loan Purpose, if applicable.

 

		6.	Satisfaction
                                                                                                        of all applicable disbursement
                                                                                                        conditions contained in
                                                                                                        the Underlying Conditions
                                                                                                        section of this Letter
                                                                                                        of Offer.

 

		7.	Submit
                                                                                                        a Phase I – Environmental
                                                                                                        Site Assessment Report
                                                                                                        prepared by an external
                                                                                                        consultant commissioned
                                                                                                        by BDC. The contents and
                                                                                                        the conclusions of the
                                                                                                        Report must all be acceptable
                                                                                                        to BDC. The Borrower is
                                                                                                        responsible for the payment
                                                                                                        of all charges relative
                                                                                                        to the preparation of
                                                                                                        the report.

 

		8.	Provide
                                                                                                        a letter addressed to
                                                                                                        BDC from AloStar Business
                                                                                                        Credit, a division of
                                                                                                        AloStar Bank of Commerce
                                                                                                        confirming their concurrence
                                                                                                        with the Borrower obtaining
                                                                                                        this Loan and the terms
                                                                                                        and conditions in this
                                                                                                        Letter of Offer.

 

		9.	Provide
                                                                                                        a written confirmation
                                                                                                        that the lease agreement
                                                                                                        dated August 20, 2013
                                                                                                        between Lakeland Protective
                                                                                                        Real Estate Inc. (Landlord)
                                                                                                        and Lakeland Protective
                                                                                                        Wear Inc. (Tenant) for
                                                                                                        lease of realty located
                                                                                                        at 59 Bury Court, Brantford,
                                                                                                        Ontario charged as security
                                                                                                        for this Loan has been
                                                                                                        reviewed by and is acceptable
                                                                                                        to BDC's Solicitor. 

 

    	Page 4 of 9

    	 

    

 

	LETTER OF OFFER Lakeland
    Protective Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

UNDERLYING CONDITIONS

 

So long as any amount owing pursuant to the
Loan Documents remains unpaid, the following conditions shall apply:

 

		1.	You will confirm, on demand, proof of payment to each government
                                                               agency through documentation prepared by your external accredited
                                                               accountant which is to be forwarded to BDC along with your annual
                                                               financial statements. You also agree to sign a standard consent
                                                               form enabling BDC to inquire as to the status of these remittances.

 

		2.	You agree to provide to BDC annually written proof of your
                                                               payment of the property, school or similar taxes which are assessed
                                                               against the mortgaged land and improvements (the “taxes”),
                                                               within thirty (30) days following the due date of each required
                                                               instalment. Should you default in paying any such instalment of
                                                               the taxes when due, you will pay BDC monthly payments as calculated
                                                               by BDC to establish a tax reserve account. These payments will
                                                               be collected by the pre-authorized debit plan and the funds in
                                                               the account will earn interest in accordance with BDC’s policy
                                                               then in effect. You authorize BDC to pay the relevant taxing authorities.
                                                               Should there be insufficient funds to satisfy the taxes owing,
                                                               you will pay the shortfall. BDC will not be responsible for funding
                                                               the shortfall or any arrears, including interest and other charges.
                                                               You will instruct the taxing authority to forward a copy of the
                                                               tax notice to BDC, or you will deliver a copy to BDC upon receipt.

 

		3.	Notwithstanding terms and conditions for interest rate contained
                                                               in this Letter of Offer, the Loan must remain on fixed interest
                                                               rate plans renewed from time to time for periods chosen by the
                                                               Borrower, which will be subject to all other terms and conditions
                                                               applicable to fixed interest rate plans.

 

		4.	DISBURSEMENT

                                                               This Loan will be disbursed through Solicitor in trust once all
                                                               the required Security is in place and terms and conditions set
                                                               out in this Letter of Offer have been met.

 

DISBURSEMENT 

 

Unless otherwise authorized, funds shall
be disbursed to the solicitor or notary who shall confirm to BDC the execution, delivery and registration of the Security.

 

REPRESENTATIONS AND WARRANTIES

 

The Borrower makes the representations and
warranties in Schedule “A” – Section II. These representations and warranties shall survive the execution of
the Letter of Offer and shall continue in force and effect until the full payment and performance of all obligations of the Borrower
pursuant to the Loan Documents.

 

    	Page 5 of 9

    	 

    

 

	LETTER OF OFFER Lakeland
    Protective Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

COVENANTS

 

So long as any amount owing pursuant to the Loan Documents
remains unpaid, the Borrower and any corporate Guarantor shall perform the covenants in Schedule “A” – Section
III.

 

REPORTING OBLIGATIONS

 

The Borrower (and if applicable the corporate Guarantor)
shall provide to BDC within 90 days of its (their) fiscal year end the following financial statements:

 

	Company	 	Type	 	Frequency	 	Period
    Ending
	Lakeland Protective Wear, Inc.	 	Review Engagement	 	Annual	 	January
	 	 	 	 	 	 	 
	Lakeland Industries, Inc.	 	Audited	 	Annual	 	January
	 	 	 	 	 	 	 
	Lakeland Protective Real Estate Inc.	 	Notice to Reader	 	Annual	 	January

 

and such other financial and operating statements and reports
as and when BDC may reasonably require.

 

EVENTS OF DEFAULT

 

The occurrence of any of the events listed in Schedule “A”
– Section IV constitutes an event of default under the Letter of Offer (each an “Event of Default”).
If an Event of Default occurs, any obligation of BDC to make any advance, shall, at BDC’s option, terminate and BDC may,
at its option, demand immediate payment of the Loan and enforce any Security.

 

FEES

 

Cancellation Fee

 

If the Borrower does not draw on the Loan by August 29th, 2014
(the “Lapsing Date”), the Loan shall lapse and be cancelled and the Borrower and the Guarantor shall pay BDC
a cancellation fee of $33,000.00. If the Borrower draws on the Loan partially, the undisbursed part of the Loan shall lapse on
the Lapsing Date and be cancelled. If the Borrower cancels more than 50% of the Loan (cumulative), the Borrower and the Guarantor
shall pay a prorated part of the above stated cancellation fee proportionate to the percentage of the Loan cancelled.

 

The cancellation fee is payable on demand and is liquidated
damages, not a penalty, and represents a reasonable estimate of BDC's damages should the Loan be cancelled or allowed to lapse
in whole or in part.

 

    	Page 6 of 9

    	 

    

 

	LETTER OF OFFER Lakeland Protective
    Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

Standby Fee

 

The Borrower and the Guarantor shall pay BDC a non-refundable
standby fee calculated at a rate of 1.5% per annum on the portion of the Loan which has not been advanced or cancelled. This fee
shall be calculated daily and be payable in arrears commencing on October 29th, 2013 and on each Payment Date thereafter.

 

Legal Fees and Expenses

 

The Borrower and the Guarantor shall pay, on demand, all legal
and other out-of-pocket costs of BDC incurred in connection with the Loan and the Loan Documents including the enforcement of
the Loan and the Loan Documents, whether or not any documentation is entered into or any advance is made to the Borrower. All
legal and other out-of-pocket expenses of BDC in connection with any amendment or waiver related to the Loan and the Loan documents
shall also be for the account of the Borrower.

 

Loan Management Fee

 

The Borrower shall pay BDC a management fee of $750.00 per
year. This management fee is payable annually on the Payment Date immediately following each anniversary of the first advance
of the Loan. This fee is non-refundable and is subject to change.

 

Transaction Fees

 

The Borrower shall pay BDC loan amendment and Security processing
fees charged for the administrative handling of the Loan.

 

CONFLICTS

 

The Loan Documents constitute the entire agreement between
BDC and the Borrower. To the extent that any provision of the Letter of Offer is inconsistent with or in conflict with the provisions
of the other Loan Documents, such provision of the Letter of Offer shall govern.

 

INDEMNITY

 

The Borrower shall indemnify and hold BDC harmless against
any and all claims, damages, losses, liabilities and expenses incurred, suffered or sustained by BDC by reason of or relating
directly or indirectly to the Loan Documents save and except any such claim, damage, loss, liability and expense resulting from
the gross negligence or wilful misconduct of BDC.

 

GOVERNING LAW

 

This Letter of Offer shall be governed by and construed in
accordance with the laws of the jurisdiction in which the Business Centre of BDC is located as shown on the first page of this
Letter of Offer.

 

    	Page 7 of 9

    	 

    

 

	LETTER OF OFFER Lakeland Protective
    Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

SUCCESSORS AND ASSIGNS

 

The Letter of Offer shall extend to and be binding on the Borrower
and BDC and their respective successors and assigns. BDC, in its sole discretion, may assign, sell or grant participation in (a
“transfer”) all or any part of its rights and obligations under this Letter of Offer or the Loan to any third
party, and the Borrower agrees to sign any documents and take any actions that BDC may reasonably require in connection with any
such transfer. Upon completion of the transfer, the third party will have the same rights and obligations under this Letter of
Offer as if it were a party to it, with respect to all rights and obligations included in the transfer and BDC will be released
to the extent of any interest under this Letter of Offer or the Loan it assigns. BDC may disclose information it has in connection
with the Borrower or any Guarantor to any actual or prospective transferee. No Borrower or Guarantor shall have the right to assign
any of its rights or obligations under or pursuant to the Loan Documents without BDC’s prior written consent.

 

ACCEPTANCE

 

The Letter of Offer and any modification of it may be executed
and delivered by original signature, fax, or any other electronic means of communication acceptable to BDC and in any number of
counterparts, each of which is deemed to be an original and all of which taken together shall constitute one and the same Letter
of Offer.

 

Should you have any questions regarding the Letter of Offer,
do not hesitate to communicate with one of the undersigned.

 

	/s/ Sean Tiernay	 	/s/ Vince Ditta
	Sean Tiernay	 	Vince Ditta
	Manager, Major Accounts	 	Business Centre Manager
	Tel: (905) 572-2352	 	 
	Fax: (905) 572-4282	 	 

 

    	Page 8 of 9

    	 

    

 

	LETTER OF OFFER Lakeland Protective
    Real Estate Inc. - 038405-02, August 30th, 2013
	 

 

ACCEPTANCE

 

The parties accept the terms and conditions set forth above
and in the attached Schedule “A”.

 

This 3rd day of September 2013.

 

Lakeland Protective Real Estate Inc. 

 

	Per:	/s/ Gary Pokrassa	,  Authorized Signing Officer
	 	 	 
	Print Name:	Gary Pokrassa, CFO	 
	 	 	 
	Per:	 	,  Authorized Signing Officer
	 	 	 
	Print Name:	 	 

 

    	Page 9 of 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]