Document:

Exhibit 10.24

 

EXECUTION COPY

 

AMENDED AND RESTATED INTERCREDITOR
AND COLLATERAL AGENCY AGREEMENT

 

BETWEEN

 

GLAS AMERICAS LLC

in its capacity as Collateral Agent

 

GLAS USA LLC

in its capacity as Paying Agent

 

NORTHERN SWAN HOLDINGS, INC.

as issuer

 

the other Obligors party hereto from
time to time

 

and

 

the Noteholders party hereto from time
to time

 

May 10, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1 DEFINITIONS AND OTHER MATTERS	2
	 	 	 
	1.01	Definitions.	2
	1.02	Interpretation.	4
	1.03	Personal Property Security Act.	4
	1.04	Amendment and Restatement.	4
	 	 	 
	Article 2 REPAYMENT; Security; Priorities	5
	 	 	 
	2.01	Repayment.	5
	2.02	Security.	5
	2.03	Priority.	6
	2.04	Distribution of Collateral Proceeds.	6
	 	 	 
	Article 3 DEFAULTS AND REMEDIES	8
	 	 	 
	3.01	Notice of Defaults.	8
	3.02	Exercise of Remedies.	8
	3.03	Allocation of Collateral Proceeds.	9
	3.04	Restrictions on Enforcement of Encumbrances.	10
	3.05	Notice of Amounts Owed.	10
	 	 	 
	Article 4 COLLATERAL AGENt and paying agent	11
	 	 	 
	4.01	Appointment.	11
	4.02	Duties and Responsibilities.	12
	4.03	Rights and Obligations.	13
	4.04	No Responsibility for Certain Conduct.	15
	4.05	Defaults.	18
	4.06	Liability.	19
	4.07	Indemnification.	19
	4.08	Resignation and Removal.	20
	4.09	Successor Collateral Agents and Paying Agents.	21
	4.10	Authorization.	22
	4.11	Appointment of Co-Collateral Agents.	22
	4.12	Details of Noteholders.	22
	4.13	Sharing of Information.	23
	4.14	Decision Making.	23
	 	 	 
	Article 5 Representations and warranties	24
	 	 	 
	5.01	Representations and Warranties of the Obligors.	24
	5.02	Survival of Representations and Warranties.	24
	5.03	Representations and Warranties of the Noteholders, Collateral Agent and Paying Agent.	24
	 	 	 
	Article 6 Affirmative covenants of the obligors	25
	 	 	 
	6.01	Additional Obligors.	25
	6.02	Additional Collateral.	25

 

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	Article 7 MISCELLANEOUS	26
	 	 	 
	7.01	No Waiver; Remedies Cumulative.	26
	7.02	Notices.	26
	7.03	Amendments to a Loan Document.	27
	7.04	Benefit of Agreement; Successors and Assigns.	27
	7.05	Third-Party Beneficiaries.	27
	7.06	Counterparts.	27
	7.07	Effectiveness.	28
	7.08	Entire Agreement.	28
	7.09	Severability.	28
	7.10	Conflict with Other Agreements.	28
	7.11	Agreement.	28
	7.12	Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial.	28
	7.13	Termination.	29
	7.14	Reinstatement.	29
	7.15	Attorney-In-Fact.	29
	7.16	Further Assurances.	29
	7.17	Filing Fees, Excise Taxes, Etc.	30
	7.18	USA Patriot Act.	30
	 	 	 
	EXHIBIT A FORM OF COLLATERAL AGENCY ACCESSION – ADDITIONAL OBLIGOR	
	 	 	 
	EXHIBIT B FORM OF COLLATERAL AGENCY ACCESSION – ADDITIONAL SECURED PARTY	

 

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AMENDED AND RESTATED INTERCREDITOR
AND COLLATERAL AGENCY AGREEMENT

 

This AMENDED AND RESTATED INTERCREDITOR
AND COLLATERAL AGENCY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of May 10, 2019 is between, among others, Northern Swan Holdings, Inc., a corporation organized under the laws of the
Province of British Columbia, as issuer (the “Company”), GLAS Americas LLC, not in its individual capacity but
solely as Collateral Agent for the rateable benefit of the Noteholders (the “Collateral Agent”), GLAS USA LLC,
not in its individual capacity but solely as Paying Agent for the rateable benefit of the Noteholders (the “Paying Agent”),
the noteholders from time to time party hereto (each individually a “Noteholder” and, collectively, the “Noteholders”),
and the other Obligors from time to time party hereto.

 

RECITALS

 

WHEREAS, the Company, as issuer,
has issued certain Notes to the Noteholders;

 

AND WHEREAS, the Company, the Collateral
Agent, the Paying Agent and certain Noteholders entered into an intercreditor and collateral agency agreement dated as of March
30, 2019 (the “Original Collateral Agency Agreement”);

 

AND WHEREAS, the Company requested
certain amendments to the Original Collateral Agency Agreement and the Collateral Agent, the Paying Agent and the other Secured
Parties have agreed to make such amendments subject to the terms and conditions set out in this Agreement;

 

AND WHEREAS,
the Noteholders (i) wish to appoint the Collateral Agent to act for and on behalf of all Secured Parties, as more fully provided
herein, (ii) wish to appoint the Paying Agent to act for and on behalf of all Secured Parties, as more fully provided herein,
and (iii) have entered into this Agreement to establish the rights, duties, authorities and responsibilities of the Collateral
Agent, the Paying Agent and the application of the proceeds in respect of any Collateral among the Secured Parties;

 

AND WHEREAS, the Collateral Agent
has agreed to act as collateral agent for the Secured Parties for the purposes of holding any and all security and Encumbrances
securing the obligations of the Obligors under the Notes and the other Loan Documents;

 

AND WHEREAS, the Paying Agent has
agreed to act as paying agent for the Secured Parties for the purposes of the payment of the obligations of the Obligors under
the Notes and the other Loan Documents;

 

AND WHEREAS, the Noteholders desire
to enter into this Agreement to confirm their respective rights and obligations as creditors of the Obligors, including the respective
priorities of the Noteholders in connection with the indebtedness and obligations of the Company to the Noteholders and the security
therefore;

 

AND WHEREAS, each Obligor is required
to execute and deliver this Agreement to the Collateral Agent for its benefit and for the rateable benefit of the Secured Parties
as security for the payment of such Obligor’s obligations under the Notes and the other Loan Documents to which it is a party.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the foregoing premises and other good and valid consideration, the receipt and adequacy of which are hereby expressly acknowledged,
each of the parties signatory hereto hereby agree as follows:

 

Article 1

DEFINITIONS AND OTHER MATTERS

 

		1.01	Definitions.

 

Unless otherwise defined herein, terms
defined in the Notes are used herein (including the introductory paragraph and recitals of this Agreement) as defined therein.
In addition, for purposes of this Agreement, the following terms shall have the following meanings:

 

“Administrative Costs”
means all of the Obligors’ obligations to pay administrative fees, costs, expenses, liabilities and any other amounts, including
Agency Fees and Agency Expenses, indemnity payments and attorney costs and disbursements, payable to the Collateral Agent and Paying
Agent as provided under this Agreement and the other Loan Documents.

 

“Agency Expenses”
means the expenses and indemnification payments to the Collateral Agent, and certain other Persons related to the same as described
under this Agreement and the other Loan Documents.

 

“Agency Fee”
means the agency fees of the Collateral Agent and Paying Agent as set forth in the Fee Letter.

 

“Agreement”
has the meaning assigned to such term in the introductory paragraph hereof.

 

“Collateral”
has the meaning given to such term in the Security.

 

“Collateral Agency Accession”
means an agreement substantially in the form of Exhibit A (in the case of additional Obligors) and Exhibit B (in the case of additional
Secured Parties).

 

“Collateral Agent”
has the meaning assigned to such term in the introductory paragraph hereof and includes any (a) successor Collateral Agent appointed
in accordance with the terms of this Agreement, and (b) co-agent or agent appointed by the Collateral Agent in accordance with
the terms of this Agreement.

 

“Company”
has the meaning assigned to such term in the introductory paragraph hereof.

 

“Discharge Date”
means the date of (a) indefeasible payment in full in cash of the principal of and interest (including interest, fees, expenses
and other charges accruing on or after the commencement of any insolvency or liquidation proceeding of any Obligor at the rate
provided for in the respective Loan Documents, whether or not such interest, fees, expenses or other charges are allowed or allowable
in any such insolvency or liquidation proceeding) and premium, if any, due on or comprising indebtedness outstanding under the
Loan Documents, (b) payment in full in cash of all other Secured Obligations that are due and payable or otherwise accrued and
owing at or prior to the time such principal and interest are paid, and (c) adequate provision being made for any contingent or
unliquidated Secured Obligations related to claims, causes of action or liabilities that have been asserted against the related
Secured Parties or for which indemnification is required under the Loan Documents.

 

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“Event of Default”
has the meaning given to such term in the Notes.

 

“Exposure”
means, with respect to a particular Noteholder at a particular time, the aggregate amount outstanding (including all unpaid principal,
make-whole amounts, premiums (if any), interest, fees and expenses) under such Noteholder’s Note at such time.

 

“Fee Letter”
means the fee letter dated on or around March 30, 2019 among the Company, the Collateral Agent and the Paying Agent.

 

“Foreclosure Action”
means the commencement of any action by the Collateral Agent or any assignee or designee of the Collateral Agent, acting pursuant
to a Remedies Direction, to (i) foreclose upon the assets and properties of any Obligors or (ii) otherwise exercise remedies to
acquire or transfer (or to cause any assignee or designee to acquire or transfer) ownership of any of the equity interests or any
other Collateral owned by any Obligor, by assignment in lieu of foreclosure or otherwise, in each case following an Event of Default
of which the Collateral Agent has been notified in writing by the Required Holders.

 

“Loan Documents”
has the meaning given to such term in the Notes.

 

“Noteholder”
has the meaning assigned to such term in the introductory paragraph hereof.

 

“Notes” means
the secured convertible notes issued by the Company to the Noteholders and described on Schedule 1 attached hereto (as such Schedule
may be amended, supplemented, replaced or otherwise modified from time to time), as each note may be amended, amended and restated,
supplemented, assigned, replaced or otherwise modified from time to time, and “Note” means any one of them.

 

“Notice of Default”
has the meaning assigned to such term in Section 3.01.

 

“Obligors”
has the meaning given to such term in the Notes.

 

“Original Collateral
Agency Agreement” has the meaning assigned to such term in the introductory paragraph hereof.

 

“Paying Agent”
has the meaning assigned to such term in the introductory paragraph hereof and includes any (a) successor Paying Agent appointed
in accordance with the terms of this Agreement, and (b) co-agent or agent appointed by the Paying Agent in accordance with the
terms of this Agreement.

 

“PPSA” means
the Personal Property Security Act (British Columbia) and the regulations made thereunder, each as amended from time to time and
any legislation substituted therefor and any amendments thereto, provided that, if perfection or the effect of perfection or non-perfection
or the priority of any Encumbrance created pursuant to any Loan Document on the Collateral is governed by the personal property
security legislation or other applicable legislation with respect to personal property security in effect in a province or jurisdiction
other than British Columbia, “PPSA” means The Personal Property Security Act or such other applicable legislation
in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

 

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“Remedies Direction”
has the meaning assigned to such term in Section 3.02(a).

 

“Required Holders”
means at any time following the incurrence of the Secured Obligations and prior to the Discharge Date, Noteholders who, collectively,
hold at least 51% of the aggregate outstanding Exposure of all Noteholders.

 

“Requirement of Applicable
Law” means, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject.

 

“Responsible Officer”
means a chief executive officer, president, chief financial officer or treasurer of a Person or any other officer having substantially
the same authority and responsibility.

 

“Secured Obligations”
means all present and future obligations of the Company and the other Obligors to the Secured Parties from time to time, whether
primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, whether
such indebtedness is reduced and thereafter increased or entirely extinguished and thereafter incurred again, whether incurred
by an Obligor alone or with another or others and whether as a principal or surety, arising under of pursuant to the Notes or the
other Loan Documents, including, without limitation, any and all fees, costs, lawyers’ fees and disbursements, reimbursement
obligations, contract causes of action, expenses and indemnities incurred by the Secured Parties (or any one or more of them) in
respect thereof.

 

“Secured Parties”
means, collectively, (a) the Noteholders at any time and from time to time and (b) the Collateral Agent.

 

“Security”
has the meaning given to such term in the Notes.

 

		1.02	Interpretation.

 

Principles of Construction. The principles
of construction and interpretation set forth in Sections 1.2, 1.3, 1.4 and 1.5 of the Notes shall apply to this Agreement as if
set forth herein, mutatis mutandis.

 

		1.03	Personal Property Security Act.

 

All terms defined in the PPSA shall have
the respective meanings given to those terms in the PPSA, except where the context otherwise requires.

 

		1.04	Amendment and Restatement.

 

Upon execution of this Agreement, the Original
Collateral Agency Agreement shall be deemed to have been amended, as of the date hereof, to the extent necessary to give effect
to this Agreement. It is the intent of the parties hereto that this Agreement restates in its entirety the Original Collateral
Agency Agreement as amended hereby.

 

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Article 2

REPAYMENT; Security; Priorities

 

		2.01	Repayment.

 

All payments to be made under or in respect
of the Notes and the other Loan Documents shall be paid to the Paying Agent. The Paying Agent will disburse all sums received by
the Paying Agent in connection with the Notes and the other Loan Documents from time to time in the manner set forth in this Agreement.

 

		2.02	Security.

 

		(a)	Single Class. Each of the Secured Parties acknowledges and agrees that the Secured Obligations
shall be secured pursuant to a single set of Security documents granted in favour of the Collateral Agent for and on behalf of
the Secured Parties and that the Collateral Agent shall deal with the Collateral only in accordance with the powers and priorities
set out herein.

 

		(b)	No other Security. Each of the Noteholders represents and warrants to the other Secured
Parties that it holds no security for the Secured Obligations other than through the Collateral Agent and the Security. Any and
all security documents of any nature and kind granted by the Obligors over any of their property and assets to secure the payment
and performance of the Secured Obligations shall be granted only to the Collateral Agent for and on behalf of all Secured Parties.
No Secured Party shall have the right to require or obtain any independent security or collateral from any of the Obligors in support
of their obligations to such Secured Party. To the extent that any Secured Party shall independently obtain any security in contravention
of this Section 2.02(b), that Secured Party shall hold such security in trust for and on behalf of the Collateral Agent (for the
benefit of itself and the other Secured Parties) as if such security formed part of the Security.

 

		(c)	Sharing of Proceeds and Payments. The Security shall be held by the Collateral Agent for
the benefit of the Noteholders and each distribution of cash, property, securities or other value received by the Collateral Agent
or any Noteholder, directly or indirectly, in respect of the Secured Obligations, whether pursuant to a repayment of indebtedness,
enforcement, attachment, garnishment, execution or other proceeding for the collection thereof or pursuant to any sale, disposition
or other realization, collection or recovery of any amounts secured by the Security and Collateral (or any portion thereof) or
pursuant to any bankruptcy, reorganization, liquidation or other similar proceeding or otherwise, after payment of collection and
other expenses and payment of all amounts owing to the Collateral Agent shall be applied to the amounts outstanding to the Noteholders
rateably in accordance with each of their respective outstanding Exposure (whether such security is held in the name of the Collateral
Agent or any one or more of the other Secured Parties and without regard to any priority to which any Secured Party may otherwise
be entitled under Applicable Law), provided that all such proceeds are distributed in accordance with the priorities set forth
in Section 2.04(a).

 

		(d)	Trust. If any Noteholder obtains any payment (whether voluntary, involuntary or through
the exercise of any right of set-off under a Note or the realization of any Security) in excess of the amount it would otherwise
be entitled to in accordance with its Exposure (an “excess payment”), such Noteholder shall hold such excess
payment in trust for the Noteholders and shall account to and pay over to the Paying Agent for the benefit of all of the Secured
Parties to be distributed in accordance with the provisions hereof.

 

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		2.03	Priority.

 

		(a)	Pari Passu Ranking. The Noteholders hereby agree with each other and hereby declare
that, subject to the provisions hereof, the Security and all Secured Obligations secured thereby or by any portion thereof shall,
in all respects, rank pari passu, equally and rateably among the Noteholders, to the effect that all funds received by any
Noteholder from the Obligors and all proceeds received on account of any enforcement, attachment, garnishment, execution or other
proceeding for the collection of any amounts outstanding or pursuant to any sale, disposition or other realization, collection
or recovery in connection with the Security and other Loan Documents shall be distributed among the Noteholders on a pro rata
basis, in accordance with each Noteholder’s respective Exposure.

 

		(b)	No Effect on Priority. The equal ranking of the Security and all Secured Obligations secured
thereby or by any portion thereof set out in Section 2.03(a) and all other rights established, altered or specified herein shall:

 

		(i)	be applicable irrespective of any matter or thing including:

 

		(A)	the date or dates of any Event of Default under the Notes (or any one or more of them), the Security
or the other Loan Documents or the date of crystallization of any floating charge, if any, referred to therein or the taking of
any enforcement proceedings including possession with respect to such security;

 

		(B)	the time of the incurrence of any of the indebtedness, obligations or liabilities with respect
to any of the obligations of the Company and the other Obligors pursuant to the Notes (or any one or more of them) and the other
Loan Documents;

 

		(C)	the time of an Event of Default in respect of any of the Security, demand or notice, the making
of any demand or giving any notice or other failure to give any notice; or

 

		(D)	any other matter whatsoever; and

 

		(ii)	extend to all proceeds in any form derived, arising or resulting from any realization of the Security,
including all proceeds of insurance policies covering assets, property or undertakings of the Obligors subject to the Security.

 

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		2.04	Distribution
                                         of Collateral Proceeds.

 

		(a)	Priority
                                         of Payments. Following receipt of a Remedies Direction by the Collateral Agent from
                                         the Required Holders pursuant to Section 3.02(a) in connection with the sale, disposition
                                         or other realization, collection or recovery of any amounts in respect of the Collateral
                                         (or any portion thereof) for the payment of the Secured Obligations, the Collateral Agent
                                         shall pay all of the proceeds of such sale, disposition, or other realization, collection
                                         or recovery to the Paying Agent and the Paying Agent shall apply such proceeds toward
                                         the payment of the Secured Obligations in the following order of priority (and without
                                         duplication):

  

		(i)	first, to any Administrative Costs and Agency Fees then due and payable to the Collateral
Agent and the Paying Agent under this Agreement and any other Loan Document;

 

		(ii)	second, to the Paying Agent, for the account of the Noteholders entitled thereto, the amount
of all accrued but unpaid interest (other than any interest on any overdue amount which has accrued at the default rate provided
for in the Notes) owed to the relevant Noteholders on the Secured Obligations, pro rata based on each Noteholder’s
Exposure;

 

		(iii)	third, to the Paying Agent, for the account of the Noteholders entitled thereto, the amount
of all unpaid principal in respect of the Notes then due and payable to the relevant Noteholders, pro rata based on each
Noteholder’s Exposure;

 

		(iv)	fourth, to the Paying Agent, for the account of the Noteholders entitled thereto, an amount
equal to any other accrued but unpaid Secured Obligations (including any unpaid amounts on account of any make-whole amounts, premiums,
fees, costs, charges and expenses) then due and payable to the Noteholders under any Loan Document pro rata based on each
Noteholder’s Exposure (in each case, other than any interest on any overdue amount which has accrued at the default rate
provided for in the Notes); and

 

		(v)	fifth, after final payment in full of all Secured Obligations and upon the Discharge Date,
any remaining funds shall be remitted at the direction of the Company or as otherwise required to be applied in accordance with
Applicable Law.

 

		(b)	Company
                                         Remains Liable. The Company’s obligations
                                         to each Noteholder, the Collateral Agent and the Paying Agent under this Agreement, the
                                         Notes and the other Loan Documents shall not be satisfied until each Noteholder receives
                                         its pro rata share
                                         of all Secured Obligations then due and outstanding.

 

		(c)	Obligors Remain Liable for Deficiency. It is understood that the Company and each other
Obligor shall remain liable to the extent of any deficiency between the amount of the proceeds of any Collateral and the aggregate
of the sums referred to in clauses (i) through (iv) of clause (a) above.

 

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		(d)	Additional Secured Obligations. Each of the Collateral Agent and the other Secured Parties,
acknowledge and agree that the Company or any other Obligor will be permitted, with the prior written consent of the Required Holders,
to designate as additional Secured Parties hereunder each Person who is, or who becomes, the holder of Secured Obligations incurred
by such Company or other Obligor after the date of this Agreement in accordance with the terms of the Loan Documents. The Company
or such other Obligor may effect such designation by delivering to the Collateral Agent, with copies to each Secured Party, each
of the following:

 

		(i)	a certificate of officer stating that the Company or applicable Obligor intends to incur additional
Secured Obligations (“New Secured Obligations”) which will constitute Secured Obligations permitted by each
applicable Loan Document to be secured by Encumbrances on a pari passu basis with all previously existing Secured Obligations;

 

		(ii)	the written consent of the Required Holders to such New Secured Obligations; and

 

		(iii)	a Collateral Agency Accession in the form of Exhibit B hereto with respect to such New Secured
Obligations.

 

Notwithstanding
the foregoing, nothing in this Agreement will be construed to allow the Company or any other Obligor to incur additional indebtedness
or permit to exist any Encumbrance on all or any of its property or assets, unless otherwise permitted by the terms of the Loan
Documents.

 

Article 3

DEFAULTS AND REMEDIES

 

		3.01	Notice of Defaults.

 

At any time after any Secured Party (other
than the Collateral Agent) obtains knowledge of the occurrence of any Event of Default under any Loan Document, such Secured Party
shall notify the Collateral Agent in writing thereof (a “Notice of Default”). Each such Notice of Default shall
specifically refer to this Section 3.01 and shall describe such Event of Default in reasonable detail (including the date of occurrence).
Upon receipt by the Collateral Agent of any such notice, the Collateral Agent shall as soon as practicable send copies thereof
to each other Secured Party, the Paying Agent and the Company. Notwithstanding the above, the failure by any Secured Party to provide
any notice contemplated by this Section 3.01 shall not in any way affect the right of such Secured Party to enforce its rights
in connection with any Event of Default.

 

		3.02	Exercise of Remedies.

 

		(a)	If an Event of Default shall have occurred and be continuing, the Collateral Agent (at the written
direction of the Required Holders, on behalf of the Secured Parties) shall, subject to the provisions of this Agreement, be permitted
and authorized to take such actions as are specified by such Required Holders in writing (any such written request from the Required
Holders, a “Remedies Direction”), including taking any and all actions which any Secured Party or the Collateral
Agent is entitled to under the Loan Documents or under Applicable Law (and the exercise of any and all rights, remedies and options),
either through itself or a special purpose entity, including the ability to cure or waive any Event of Default, to make demand
for payment from any Obligor, to exercise the right to credit bid the Notes at any sale of the Collateral, whether under any bankruptcy
or insolvency law or in foreclosure of the Encumbrances granted to Collateral Agent for the rateable benefit of the Secured Parties,
or, so long as some or all of the Secured Obligations are then due and payable, to foreclose on the Encumbrances granted under
the Security and exercise the right to sell the Collateral or any part thereof (or accept a deed in lieu of foreclosure) and sell,
lease or otherwise realize upon the other property mortgaged, pledged and assigned to the Collateral Agent under the Security.
No Secured Party shall have any right to direct the Collateral Agent to take any action in respect of the Collateral other than
in accordance with the terms hereof. The Collateral is vested in and held by the Collateral Agent or its agent (for the rateable
benefit of the Secured Parties) and only the Collateral Agent, acting on the written instructions of the Required Holders, has
the right to take actions (and exercise rights, remedies and options) with respect to the Collateral.

 

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Notwithstanding the foregoing or
anything to the contrary contained in this Agreement, nothing herein shall preclude any Secured Party from (i) filing a proof of
claim at a meeting of creditors in connection with any action, suit or proceeding whether under the Bankruptcy and Insolvency
Act (Canada) or otherwise, (ii) taking action for non-payment of the Secured Obligations owing to it for the purposes of obtaining
a monetary judgement in respect thereof, provided that no measure is taken to enforce any judgment granted in such action, (iii)
taking action that is required to preserve the validity, efficacy or priority of the Secured Obligations owing to it, or (iv) giving
notice of default, demand for payment or acceleration of the Secured Obligations owing to it, or similar notices to the Company.

 

If the Collateral Agent receives
a Remedies Direction directing the Collateral Agent to commence a Foreclosure Action, the Collateral Agent shall notify each other
Secured Party of such Remedies Direction as soon as practicable.

 

		(b)	Any action (including any Foreclosure Action) which has been requested pursuant to a Remedies Direction
may be modified, supplemented, terminated and/or countermanded if the Collateral Agent shall have received either (i) a written
revocation notice from the Required Holders or (ii) a written notice from the Required Holders which contains different or supplemental
directions with respect to such original action.

 

		(c)	At the written direction of the Required Holders pursuant to a Remedies Direction, the Collateral
Agent shall seek to enforce the Security and to realize upon the Collateral and, in the case of any Event of Default under Section
8.1.3 or Section 8.1.4 of the Notes of which the Collateral Agent has been notified in writing by any other Secured Party, to seek
to enforce the claims of the Secured Parties under the Loan Documents in respect thereof; provided, however, that the Collateral
Agent shall not be obligated to follow any Remedies Direction as to which the Collateral Agent has received a written opinion of
counsel to the effect that such Remedies Direction is in conflict with any provisions of Applicable Law, this Agreement or any
other Loan Document or any order of any court or Governmental Authority, would subject the Collateral Agent to a tax in any jurisdiction
where it is not then subject to a tax, or would require the Collateral Agent to qualify to do business in any jurisdiction where
it is not then so qualified. The Collateral Agent shall not, under any circumstances, be liable to any other Secured Party or any
other Person for following the written directions of the Required Holders.

 

		3.03	Allocation of Collateral Proceeds.

 

Upon the acceleration of the Secured Obligations
and the instruction in writing to the Collateral Agent by the Required Holders in accordance with Section 3.02, the proceeds of
any collection, recovery, receipt, appropriation, realization or sale of any or all of the Collateral or the enforcement of any
Security shall be applied in accordance with Section 2.04(a).

 

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		3.04	Restrictions on Enforcement of Encumbrances.

 

Until the Discharge Date, except to the
extent directed or consented to in writing by the Required Holders, no Secured Party will:

 

		(a)	oppose or otherwise contest (or support any other Person in contesting) any motion for relief from
the automatic stay or for any injunction against foreclosure or enforcement of the Encumbrances granted to the Collateral Agent,
for the rateable benefit of the Secured Parties, made by the Collateral Agent, acting at the written direction of, or as consented
to in writing by, the Required Holders, in any insolvency or liquidation proceeding of an Obligor; or

 

		(b)	oppose or otherwise contest (or support any other Person in contesting) any lawful exercise by
the Collateral Agent, acting at the written direction of, or as consented to in writing by, the Required Holders, of the right
to credit bid the Secured Obligations at any sale in foreclosure of the Encumbrances granted to the Collateral Agent, for the rateable
benefit of the Secured Parties;

 

provided, however, that notwithstanding
anything to the contrary stated in this Agreement, during the occurrence of an Event of Default under Section 8.1.3 or Section
8.1.4 of the Notes: (A) the Collateral Agent may but shall not be obligated to take such actions as it deems desirable to create,
prove, preserve or protect the Encumbrances upon any Collateral, which includes the preparation, filing, correctness, or accuracy
of any financing statements under the PPSA (or analogous filing in other jurisdictions including, without limitation, the Uniform
Commercial Code (“UCC”)), or existence, validity, or perfection of any lien or security interest; (B) nothing
in this Agreement shall be construed to prevent or impair the rights of any Secured Party to enforce this Agreement, and (C) except
for actions that are expressly prohibited by the terms of this Agreement, any holder of Secured Obligations and any Secured Party
may take any actions and exercise any and all rights that would be available to a holder of unsecured claims (including (I) the
commencement of an insolvency or liquidation proceeding against an Obligor in accordance with Applicable Law, (II) the acceleration
of the Secured Obligations under and in accordance with (to the extent not automatically accelerated under) the relevant Loan Document,
and (III) the termination of any agreement by the holder of any Secured Obligation in accordance with the terms thereof).

 

		3.05	Notice of Amounts Owed.

 

If the Required Holders pursuant to a Remedies
Direction instruct the Collateral Agent or any other Person holding any Collateral on behalf of the Secured Parties in writing
to proceed to foreclose upon, collect, sell or otherwise dispose of or take any other action with respect to any or all of the
Collateral or to enforce any remedy under any Loan Document, then the Collateral Agent shall provide each Noteholder a written
calculation of such Noteholder’s Exposure, and such calculation shall constitute prima facie evidence of such Noteholder’s
Exposure at such time. If such Noteholder does not approve any such calculation provided by the Collateral Agent, the Collateral
Agent and such Noteholder shall, expeditiously and in good faith, make a determination of such Noteholder’s Exposure which
the Collateral Agent approves. With respect to each such determination of the Exposure of Noteholders, the Collateral Agent shall
promptly notify the other Noteholders.

 

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Article 4

COLLATERAL AGENt and paying agent

 

		4.01	Appointment.

 

GLAS Americas LLC is hereby appointed by
each Noteholder (on behalf of itself) to act as collateral agent and the Collateral Agent is irrevocably authorized to take such
action as the Collateral Agent on its behalf and to exercise such rights, powers, authorities and discretions as are specifically
delegated to the Collateral Agent by the terms of this Agreement and the other Loan Documents, together with all such rights, powers,
authorities and discretions as are reasonably incidental thereto; provided, however, the Collateral Agent shall have no liability
with respect to such appointment. By its signature below, GLAS Americas LLC (or any successor thereto pursuant to this Article 4),
accepts such appointment. If directed to do so in writing by the Required Holders, the Collateral Agent shall execute any additional
Security delivered to it after the date of this Agreement; provided, however, that such additional Security does not adversely
affect the rights, privileges, benefits and immunities of the Collateral Agent. The Collateral Agent will not otherwise be bound
by, or be held obligated by, the provisions of any indenture, cash management agreement or other agreement governing the Secured
Obligations (other than this Agreement and the other Loan Documents to which it is a party). Each Secured Party that is not a party
to this Agreement shall be deemed to have appointed the Collateral Agent as its agent under the Security in accordance with this
Agreement and to have acknowledged that the provisions of this Agreement apply to such Secured Party mutatis mutandis as
though it were a party hereto (and any acceptance by such Secured Party of the benefits of this Agreement, the Security or any
other document delivered in connection with this Agreement or the Security shall be deemed an acknowledgement of the foregoing).
The Obligors hereby consent to the foregoing appointment of the Collateral Agent and agree to pay to the Collateral Agent the amounts
set forth in the Fee Letter. Each Obligor that is not a party to this Agreement shall be deemed to have consented to the appointment
of the Collateral Agent under this Agreement and the Security and to have acknowledged that the provisions of this Agreement apply
to such Obligor mutatis mutandis as though it were a party hereto (and any acceptance by such Obligor of the benefits of
this Agreement, the Security or any other document delivered in connection with this Agreement or the Security shall be deemed
an acknowledgement of the foregoing).

 

GLAS USA LLC is hereby appointed by each
Noteholder (on behalf of itself) to act as paying agent and the Paying Agent is irrevocably authorized to take such action as the
Paying Agent on its behalf and to exercise such rights, powers, authorities and discretions as are specifically delegated to the
Paying Agent by the terms of this Agreement and the other Loan Documents, together with all such rights, powers, authorities and
discretions as are reasonably incidental thereto; provided, however, the Paying Agent shall have no liability with respect to such
appointment. By its signature below, GLAS USA LLC (or any successor thereto pursuant to this Article 4), accepts such appointment.
The Paying Agent will not otherwise be bound by, or be held obligated by, the provisions of any indenture, cash management agreement
or other agreement governing the Secured Obligations (other than this Agreement and the other Loan Documents to which it is a party).
The Obligors hereby consent to the foregoing appointment of the Paying Agent and agree to pay to the Paying Agent the amounts set
forth in the Fee Letter. Each Obligor that is not a party to this Agreement shall be deemed to have consented to the appointment
of the Paying Agent under this Agreement and to have acknowledged that the provisions of this Agreement apply to such Obligor mutatis
mutandis as though it were a party hereto (and any acceptance by such Obligor of the benefits of this Agreement or any other
document delivered in connection with this Agreement shall be deemed an acknowledgement of the foregoing).

 

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		4.02	Duties and Responsibilities.

 

		(a)	The Collateral Agent shall not have any duties or responsibilities except those expressly set forth
in this Agreement or in the other Loan Documents to which it is a party, and no implied covenants or obligations shall be read
into this Agreement or the other Loan Documents against the Collateral Agent. The Collateral Agent shall not be liable or responsible
except for the performance of such expressed duties as are specifically set forth herein or in the other Loan Documents to which
it is a party. The Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Collateral Agent is
or may be required to exercise in writing by the Required Holders. As to any matter not expressly provided for by this Agreement
or the other Loan Documents, the Collateral Agent will act or refrain from acting as directed in writing by the Required Holders
and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to this Agreement or thereto shall
be binding on the holders of the Secured Obligations. Except as expressly set forth herein and in the other Loan Documents, the
Collateral Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to any Obligor or any of its subsidiaries that is communicated to or obtained by the Collateral Agent or any of its affiliates
in any capacity. The relationship between the Secured Parties (excluding the Collateral Agent), on the one hand, and the Company,
on the other, in connection herewith or therewith is solely that of noteholders and issuer. Neither this Agreement nor the other
Loan Documents creates a joint venture among the parties. Neither the Collateral Agent nor the Paying Agent shall, under any circumstances,
be construed to be a partner or joint venturer of any Obligor or any other Secured Party.

 

		(b)	The Collateral Agent shall:

 

		(i)	hold and maintain the Security;

 

		(ii)	provide to each Noteholder copies of all financial information received from the Company as soon
as practicable after receipt thereof, and copies of any notices received by the Collateral Agent from the Company upon written
request by any Noteholder;

 

		(iii)	each time the Company requests the written consent of the Noteholders in connection with any matter,
use its reasonable commercial efforts to obtain and communicate to the Company the response of the Noteholders as soon as practicable
having due regard to the nature and circumstances of the request; and

 

		(iv)	give written notice to the Company in respect of any other matter in respect of which notice is
required in accordance with or pursuant to this Agreement, promptly or promptly after receiving the consent of the Noteholders,
if required under the terms of this Agreement.

 

		(c)	The Paying Agent shall:

 

		(i)	as a non-fiduciary paying agent for the Company, maintain a record of the outstanding amounts owing
to each Noteholder (including the interest of each Noteholder), which record shall conclusively be presumed to be correct and accurate,
absent manifest error;

 

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		(ii)	promptly disburse all repayments to the Noteholders hereunder in accordance with the terms of this
Agreement and the Notes;

 

		(iii)	account for any monies received by it in connection with this Agreement, the Loan Documents, the
Security and any other agreement delivered in connection herewith or therewith; and

 

		(iv)	give written notice to the Company in respect of any other matter in respect of which notice is
required in accordance with or pursuant to this Agreement, promptly or promptly after receiving the consent of the Noteholders,
if required under the terms of this Agreement.

 

		4.03	Rights and Obligations.

 

		(a)	The Collateral Agent and the Paying Agent may:

 

		(i)	assume, absent actual knowledge or written notice from a Responsible Officer of any Secured Party
(to the extent a Responsible Officer of such Secured Party has actual knowledge or written notice thereof) received by it to the
contrary, that (A) any representation made by any Person in connection with any Loan Document is true, (B) no Event of Default
exists, (C) no Person is in breach of or in default under its obligations under any Loan Document, (D) any right, power, authority
or discretion vested herein upon any other agent has not been exercised and (E) all conditions precedent to any obligations of
any Secured Party have been fully satisfied;

 

		(ii)	assume that any notice or certificate given by any Person has been validly given by a Person authorized
to do so and act upon such notice or certificate unless the same is revoked or superseded by a further such notice or certificate;

 

		(iii)	assume that the address, telecopy, email address and telephone numbers for the giving of any written
notice to any Person hereunder is that identified in the notice provisions of each Note to which such Person is a party, as applicable,
until a Responsible Officer of the Collateral Agent has received from such Person a written notice designating some other office
of such Person to replace any such addresses, telecopy or telephone number, and act upon any such notice until the same is superseded
by a further such written notice;

 

		(iv)	employ, at the expense of the Obligors, attorneys, agents, accountants or other experts whose advice
or services the Collateral Agent may reasonably determine is necessary or desirable, and may, acting reasonably, rely upon any
advice so obtained; provided that the Collateral Agent shall be under no obligation to act upon such advice if it does not
deem such action to be appropriate;

 

		(v)	rely on any matters of fact upon a certificate signed by or on behalf of any Person;

 

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		(vi)	conclusively rely upon any communication, instruction, opinion, certificate, notice or document
(including, without limitation, the names, addresses and holdings of all registered holders of Notes pursuant to Section 4.12)
purportedly signed or otherwise sent to the Collateral Agent and/or Paying Agent, as the case may be, by a Responsible Officer
or other representative, agent, or counsel of an Obligor, Secured Party, or a Noteholder, as applicable, believed by the Collateral
Agent and/or the Paying Agent in good faith to be genuine and have been signed or sent by or on behalf of the proper Person or
Persons, and the Collateral Agent and/or Paying Agent shall have no liability for its actions taken, suffered or omitted to be
taken upon any such communication, instruction, opinion, certificate, notice or other document, except to the extent caused by
the willful misconduct or gross negligence of the Collateral Agent and/or the Paying Agent as finally determined by a court of
competent jurisdiction. The Collateral Agent and/or the Paying Agent shall have no duty whatsoever to investigate or verify whether
any such signature is genuine or authorized or whether the information in any such communication, instruction, opinion, certificate,
notice or other document is genuine or accurate;

 

		(vii)	refrain from acting or continuing to act in accordance with any instructions given under this Agreement
or any Remedies Direction to begin any action or proceeding arising out of or in connection with any Loan Document until it shall
have received such indemnity and/or security from the other Secured Parties as it may reasonably require (whether by payment in
advance or otherwise) for all reasonable fees, costs, claims, losses, expenses (including reasonable legal fees and expenses) and
liabilities which it will incur in complying or continuing to comply with such instructions; provided that nothing in this
subclause (vii) shall be deemed to obligate any Secured Party to provide any such indemnity or security; and

 

		(viii)	seek instructions, in the form of a direction in writing from the Required Holders, a certificate
of an authorized officer, an order of a court of competent jurisdiction or (in respect of any payment hereunder) a payment instruction
in writing from the applicable Obligor, Secured Party or its respective nominee, as applicable, as to the exercise of any of its
rights, powers, authorities or discretions hereunder or under the other Loan Documents (including any consents, notices, requests,
amendments, waivers, modifications, acceptances, remedies or payments), may await receipt of the respective confirmatory instructions
before taking any such action, and in the event that it does seek instructions, it shall be fully protected from any and all liability
when acting in accordance with such written instructions or, in the absence of any (or any clear) written instructions, when refraining
from taking any action or exercising any right, power or discretion hereunder or thereunder.

 

		(b)	The Collateral Agent shall:

 

		(i)	as soon as practicable, upon written request, deliver to the Secured Parties the notices, certificates,
reports, opinions, agreements and other documents which it receives under this Agreement and the other Loan Documents in its capacity
as Collateral Agent;

 

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		(ii)	except as otherwise expressly provided in any Loan Document (including subject to Section 4.03(a)(vii)
and Section 4.04(d)), perform its duties in accordance with any written instructions given to it by the Required Holders which
instructions shall be binding on all Secured Parties; and

 

		(iii)	if so instructed in writing by the Required Holders, refrain from exercising any right, power,
authority or discretion vested in it hereunder or under the other Loan Documents (other than rights arising under this Section
4.03) without any liability for such failure to act.

 

		(c)	Without limiting the generality of Section 4.03(b), the parties hereto acknowledge and agree that
the Collateral Agent shall, in exercising its rights and performing its obligations under the other Loan Documents, act in accordance
with the terms and conditions of this Agreement.

 

		4.04	No Responsibility for Certain Conduct.

 

		(a)	Notwithstanding anything to the contrary expressed or implied herein, the Collateral Agent and
the Paying Agent shall not:

 

		(i)	be bound to inquire as to (w) whether or not any representation made by any other Person in connection
with any Loan Document is true, (x) the occurrence or otherwise of any Event of Default, (y) the performance by any other Person
of its obligations under any of the Loan Documents or the satisfaction of any condition precedent to any obligation of any Secured
Party, or (z) any breach of or default by any Person of its obligations under any of the Loan Documents or otherwise;

 

		(ii)	be bound to disclose to any Person any information relating to this Agreement, the Notes, the other
Loan Documents or any transactions contemplated thereby if such disclosure would constitute a breach of any Applicable Law or be
otherwise actionable at the suit of any Person; or

 

		(iii)	be bound to take any action (and will incur no liability for doing so) in the event there is any
bona fide, good faith disagreement between the other parties to this Agreement or any of the other Loan Documents resulting in
adverse claims being made in connection with the Collateral held by the Collateral Agent and the terms of this Agreement or any
of the other Loan Documents do not unambiguously mandate the action the Collateral Agent and/or the Paying Agent is to take or
not to take in connection therewith under the circumstances then existing, or the Collateral Agent and/or the Paying Agent is in
doubt as to what action it is required to take or not to take hereunder or under the other Loan Documents, until the Collateral
Agent and/or the Paying Agent is directed otherwise in writing by a request signed jointly by the parties hereto entitled to give
such direction or by order of a court of competent jurisdiction, provided that the parties hereto acknowledge that the terms of
this Agreement are not intended to negate any specific rights of the Company or the other Obligors.

 

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		(b)	The Collateral Agent and/or the Paying Agent shall have no responsibility for the accuracy or completeness
of any information supplied by any Person (other than itself) in connection with this Agreement, the Notes and the other Loan Documents
or for the legality, validity, effectiveness, adequacy or enforceability of any Loan Document or any other document referred to
herein or provided for herein or therein or for any recitals, statements, representations or warranties made by the Obligors or
any other Person contained in this Agreement or any other Loan Document or in any certificate or other document referred to or
provided for, or received by the Collateral Agent and/or the Paying Agent, hereunder or thereunder. The Collateral Agent and/or
the Paying Agent shall not be liable as a result of any failure by the Obligors or their affiliates or any Person (except itself
to the extent of the gross negligence or willful misconduct of the Collateral Agent and/or the Paying Agent) party hereto or to
any other Loan Document to perform their respective obligations hereunder or under any other Loan Document or any document referred
to or provided for herein or therein or as a result of taking or omitting to take any action hereunder or in relation to any Loan
Document.

 

		(c)	It is understood and agreed by each Secured Party that, except as expressly set forth herein, it
has itself been, and will continue to be, solely responsible for making its own independent appraisal of, and investigations into,
the financial condition, creditworthiness, condition, affairs, status and nature of each Person and, accordingly, each such Secured
Party warrants to the Collateral Agent and the Paying Agent that it has not relied on and will not hereafter rely on the Collateral
Agent and/or the Paying Agent:

 

		(i)	to check or inquire on its behalf into the adequacy, accuracy or completeness of any information
provided by any Person in connection with any of the Loan Documents or the transactions therein contemplated (whether or not such
information has been or is hereafter circulated to such Person by the Collateral Agent and/or the Paying Agent); or

 

		(ii)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition,
affairs, status or nature of any Person.

 

		(d)	In the event the Collateral Agent and/or the Paying Agent is instructed in writing to take any
action under this Agreement or any other Loan Document, the Collateral Agent and/or the Paying Agent may refuse to take such action
in the event that, in the sole discretion of the Collateral Agent and/or the Paying Agent, the Collateral Agent and/or the Paying
Agent determines that taking such action either would be contrary to Applicable Law or would cause the Collateral Agent and/or
the Paying Agent to incur liability for which the Collateral Agent and/or the Paying Agent has not been indemnified and/or secured
against to its satisfaction.

 

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		(e)	Notwithstanding anything herein to the contrary, the Collateral Agent will not be responsible for
the existence, genuineness or value of any of the Collateral or for the validity, creation, perfection, priority, maintenance,
continuation or enforceability of the Encumbrances in any of the Collateral, whether impaired by operation of law or by reason
of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment
contained therein, for the validity of the title of any Obligor to the Collateral, for insuring the Collateral or for the payment
of taxes, charges, assessments or Encumbrances upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral
Agent hereby disclaims any representation or warranty to the present and future Secured Parties concerning the perfection of the
Encumbrances granted hereunder or in the value of any of the Collateral. The Collateral Agent will not be responsible for determining
whether any given Secured Obligations are in fact secured pursuant to the Security, it being understood that each other Secured
Party shall be responsible for ascertaining whether its Secured Obligations are in fact secured pursuant to the Security. Notwithstanding
anything in the Loan Documents to the contrary, the Collateral Agent shall have no responsibility for the preparation, filing or
recording of any instrument, document, PPSA and/or UCC financing statements or any other financing statement or for the perfection
or maintenance of any security interest created hereunder.

 

		(f)	Notwithstanding anything to the contrary contained herein:

 

		(i)	each of the parties thereto will remain liable under the Security (other than this Agreement) to
the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this
Agreement had not been executed;

 

		(ii)	the exercise by the Collateral Agent and/or the Paying Agent of any of its rights, remedies or
powers hereunder will not release such parties from any of their respective duties or obligations under the Security; and

 

		(iii)	the Collateral Agent and/or the Paying Agent will not be obligated to perform any of the obligations
or duties of any of the other parties thereunder other than the obligations and duties of the Collateral Agent and/or the Paying
Agent specifically set forth therein.

 

		(g)	In the event that the Collateral Agent is required to acquire title to an asset for any reason,
or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which
in the Collateral Agent’s sole discretion may cause the Collateral Agent to be considered an “owner or operator”
under any environmental laws or otherwise cause the Collateral Agent to incur, or be exposed to, any environmental liability or
any liability under any other federal, provincial, state or local law, the Collateral Agent reserves the right, instead of taking
such action, either to resign as Collateral Agent or to arrange for the transfer of the title or control of the asset to a court
appointed receiver. The Collateral Agent will not be liable to any Person for any environmental liability or any environmental
claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s
actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened
discharge or release of any hazardous materials into the environment.

 

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		(h)	The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation
of any Collateral in its possession shall be to deal with it in the same manner as the Collateral Agent deals with similar property
for its own account. Neither the Collateral Agent, nor any other Secured Party nor any of their respective officers, directors,
partners, employees, agents, attorneys or other advisors, attorneys-in-fact or affiliates shall be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Collateral upon the request of any Obligor or any other Person or to take any other action whatsoever with regard
to the Collateral or any part thereof. The powers conferred on the Collateral Agent and the other Secured Parties hereunder are
solely to protect the Collateral Agent’s and the other Secured Parties’ interests in the Collateral and shall not impose
any duty upon the Collateral Agent or any other Secured Party to exercise any such powers. The Collateral Agent, Paying Agent and
the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such
powers, and neither they nor any of their officers, directors, partners, employees, agents, attorneys or other advisors, attorneys-in-fact
or affiliates shall be responsible to any Obligor for any act or failure to act hereunder, except to the extent that any such act
or failure to act is found to have resulted solely and proximately from their own gross negligence or willful misconduct in breach
of a duty owed to such Obligor (in each case as determined by a final, non-appealable order by a court of competent jurisdiction).
No provision of this Agreement shall require the Collateral Agent and/or the Paying Agent to expend or risk its own funds or otherwise
incur any financial liability in the performance of its obligations hereunder if it has reasonable grounds for believing that repayment
of such funds or adequate indemnity and/or security against such risk or financial liability is not reasonably assured to it.

 

		(i)	The Collateral Agent and the Paying Agent are authorized to obey and comply, in any manner it or
its counsel deems appropriate, with all writs, orders, judgments, awards or decrees issued or processes entered by any court or
arbitral tribunal with respect to this Agreement and if the Collateral Agent and/or the Paying Agent so complies, it shall not
be liable to any party hereto or to any other party or person notwithstanding that any such writ, order, judgment, award, decree
or process may be subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without competent
jurisdiction.

 

		(j)	The Collateral Agent and the Paying Agent make no representation and have no responsibility as
to the validity of the Loan Documents or the sufficiency of the Collateral.

 

		4.05	Defaults.

 

The Collateral Agent shall not be deemed
to have knowledge or notice of the occurrence of any Event of Default or any other default in connection with any Loan Documents
or any information or be required to act upon any event, default (including any Event of Default or any other default in connection
with any Loan Documents) or information (including the sending of any notice) unless a Responsible Officer of the Collateral Agent
has received written notice of such event or default (including any Event of Default) referring to this Agreement, describing such
event or default (including any Event of Default) and stating that such notice is a “Notice of Default”. Absent
such written notice, the Collateral Agent shall have no duty to ascertain whether any such event or default (including any Event
of Default or any other default in connection with any Loan Documents) shall have occurred. If a Responsible Officer of the Collateral
Agent has actual knowledge of an Event of Default or receives such a written Notice of Default, the Collateral Agent shall give
prompt notice thereof to the Noteholders. The Collateral Agent shall take such action with respect to such Event of Default as
is provided in this Agreement, the Notes and the Security and, notwithstanding any other provision of this Agreement to the contrary,
unless and until the Collateral Agent shall have received a Remedies Direction, it shall refrain from taking any such action with
respect to such Event of Default.

 

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		4.06	Liability.

 

		(a)	Neither the Collateral Agent, the Paying Agent nor any of their respective officers, directors,
partners, employees, agents, attorneys or other advisors, attorneys-in-fact or affiliates shall be liable to any Person for any
action taken or omitted under this Agreement or under the other Loan Documents, or in connection therewith, except to the extent
caused by the gross negligence or willful misconduct of the Collateral Agent and/or the Paying Agent, as the case may be, as determined
by a court of competent jurisdiction in a final judgment from which no appeal may be taken. The other Secured Parties party hereto
each (for itself and any Person claiming through it) hereby releases, waives, discharges and exculpates the Collateral Agent and
Paying Agent for any action taken or omitted under this Agreement or under the other Loan Documents, or in connection therewith,
except to the extent caused by the gross negligence or willful misconduct of the Collateral Agent (as the case may be), as determined
by a court of competent jurisdiction in a final judgment from which no appeal may be taken.

 

		(b)	The Collateral Agent and Paying Agent shall not incur any liability for not performing any act
or not fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Collateral
Agent (including any act or provision of any present or future law or regulation or governmental authority, any act of God or war,
civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank
wire or facsimile or other wire or communication facility).

 

		4.07	Indemnification.

 

		(a)	Each of the Obligors shall, on a joint and several basis, indemnify, defend and hold harmless the
Collateral Agent, and in its capacity as such, the Collateral Agent’s respective officers, directors, partners, shareholders,
controlling persons, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates (collectively, the “Collateral
Agent Indemnitees”), with respect to all liabilities, losses, costs, claims, demands, damages, actions or causes of action,
fines or other penal or administrative sanctions suffered by such Person and arising out of or pertaining to (directly or indirectly)
the Loan Documents or the Collateral or the taking of any steps or performance of any action under this Agreement or under any
of the other Loan Documents to which it is a party (including any enforcement or realization on the Collateral), other than to
the extent caused by or arising out of the gross negligence or willful misconduct of the Collateral Agent Indemnitee, as determined
by a final, non-appealable judgment of a court of competent jurisdiction. None of the Collateral Agent Indemnitees shall be liable
for any indirect, special, punitive or consequential damages in connection with this Agreement or any other Loan Document to which
it is a party.

 

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		(b)	Each of the Obligors shall, on a joint and several basis, indemnify, defend and hold harmless the
Paying Agent, and in its capacity as such, the Paying Agent’s respective officers, directors, partners, shareholders, controlling
persons, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates (collectively, the “Paying Agent
Indemnitees”), with respect to all liabilities, losses, costs, claims, demands, damages, actions or causes of action,
fines or other penal or administrative sanctions suffered by such Person and arising out of or pertaining to (directly or indirectly)
the Loan Documents or the Collateral or the taking of any steps or performance of any action under this Agreement or under any
of the other Loan Documents to which it is a party (including any enforcement or realization on the Collateral), other than to
the extent caused by or arising out of the gross negligence or willful misconduct of the Paying Agent Indemnitee, as determined
by a final, non-appealable judgment of a court of competent jurisdiction. None of the Paying Agent Indemnitees shall be liable
for any indirect, special, punitive or consequential damages in connection with this Agreement or any other Loan Document to which
it is a party.

 

		(c)	To the extent an indemnity is not available from the Obligors pursuant to Section 4.07(a) or 4.07(b),
each Noteholder shall, from time to time in proportion to its Exposure, severally indemnify each Collateral Agent Indemnitee and
each Paying Agent Indemnitee with respect to all liabilities, losses, costs, claims, demands, damages, actions or causes of action,
fines or other penal or administrative sanctions suffered by such Person and arising out of or pertaining to (directly or indirectly)
the Loan Documents or the Collateral or the taking of any steps or performance of any action under this Agreement or under any
of the other Loan Documents to which it is a party (including any enforcement or realization on the Collateral), provided however,
that the Collateral Agent or the relevant Collateral Agent Indemnitee or the Paying Agent or the relevant Paying Agent Indemnitee
shall provide a written request to the Secured Parties, including evidence in reasonable detail supporting the amount sought and
information regarding any dispute related thereto, from receipt of which the Secured Parties shall have ten (10) Business Days
to request additional information or, submitting no request, sixty (60) days to make payment (provided that if such information
is requested, such sixty (60)-day period shall begin upon such time as such additional information is received by the Secured Parties).
Such indemnification shall not be available to the extent such liabilities, losses, costs, claims, demands, damages, actions or
causes of action, fines or other penal or administrative sanctions suffered were caused by or arose out of the gross negligence
or willful misconduct of the Collateral Agent Indemnitee or Paying Agent Indemnitee, as determined by a final, non-appealable judgment
of a court of competent jurisdiction. The Obligors indemnify each Secured Party (other than the Collateral Agent) for amounts paid
by it pursuant to this Section 4.07(c).

 

		4.08	Resignation and Removal.

 

		(a)	Subject to Section 4.09, the Collateral Agent and/or the Paying Agent may resign from its appointment
hereunder at any time without providing any reason therefor by giving no less than thirty (30) days prior written notice to that
effect to each of the other parties hereto.

 

		(b)	Subject to Section 4.09, the Required Holders may remove the Collateral Agent and/or the Paying
Agent from its appointment hereunder with or without cause by giving no less than thirty (30) days’ prior written notice
to that effect to the Collateral Agent or Paying Agent and the Company.

 

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		4.09	Successor Collateral Agents and Paying Agents.

 

		(a)	No resignation or removal pursuant to Section 4.08 shall be effective until:

 

		(i)	a successor to the Collateral Agent and/or Paying Agent, as the case may be, is appointed in accordance
with (and subject to) the provisions of this Section 4.09;

 

		(ii)	the resigning Collateral Agent and/or Paying Agent, as the case may be, has transferred to its
successor (A) all of its rights and obligations in its capacity as the Collateral Agent or Paying Agent, as the case may be, under
this Agreement and the other Loan Documents and (B) all documentation held by it and relating to the Loan Documents (other than
such documentation that the Collateral Agent or Paying Agent, as the case may be, is required to retain pursuant to Applicable
Law); and

 

		(iii)	the successor Collateral Agent or Paying Agent, as the case may be, has executed and delivered
an agreement to be bound by the terms of this Agreement and the other Loan Documents and to perform all duties required of Collateral
Agent or Paying Agent, as the case may be, hereunder and under the other Loan Documents.

 

		(b)	If the Collateral Agent or Paying Agent, as the case may be, has given notice of its resignation
pursuant to Section 4.08(a) or if the Required Holders give the Collateral Agent or Paying Agent, as the case may be, notice of
removal thereof pursuant to Section 4.08(b), then a successor to the Collateral Agent or Paying Agent, as the case may be, may
be appointed by the Required Holders during a thirty (30) day period beginning on the date of such notice but, if no such successor
is so appointed within thirty (30) days after the above notice, the resigning or removed Collateral Agent or Paying Agent may at
the expense of the Obligors appoint such a successor or petition to a court of competent jurisdiction to appoint such a successor.
If a resigning or removed Collateral Agent or Paying Agent, or a court of competent jurisdiction appoints a successor, such successor
shall be authorized under all Applicable Laws to exercise corporate trust powers and be acceptable to the Required Holders (and,
unless an Event of Default has occurred and is continuing, the Company), approval by which shall not unreasonably be withheld or
delayed.

 

		(c)	If a successor to the Collateral Agent or Paying Agent, as the case may be, is appointed under
the provisions of this Section 4.09, then:

 

		(i)	the predecessor Collateral Agent or Paying Agent shall be discharged from any further obligation
hereunder (but without prejudice to any accrued liabilities);

 

		(ii)	the resignation pursuant to Section 4.08(a) or removal pursuant to Section 4.08(b) of the predecessor
Collateral Agent or Paying Agent, notwithstanding, the provisions of this Agreement shall inure to the benefit of the predecessor
Collateral Agent or Paying Agent, as the case may be, as to any actions taken or omitted to be taken by it under this Agreement
and the other Loan Documents while it was Collateral Agent or Paying Agent, as the case may be; and

 

    - 21 -

     

    

 

		(iii)	the successor Collateral Agent or Paying Agent, and each of the other parties hereto shall have
the same rights and obligations amongst themselves as they would have had if such successor Collateral Agent or Paying Agent had
been a party hereto beginning on the date of this Agreement.

 

		(d)	Any Person into which the Collateral Agent or Paying Agent, as the case may be, may be merged,
amalgamated, converted or with which it may be consolidated, or any Person resulting from any merger, amalgamation, conversion
or consolidation to which the Collateral Agent or Paying Agent shall be a party, or any Person succeeding to the business of the
Collateral Agent or Paying Agent shall be the successor of the Collateral Agent or Paying Agent, as the case may be, pursuant to
Section 4.09(b), without the execution or filing of any paper with any party hereto or any further act on the part of any of the
parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein
to the contrary notwithstanding; provided that (i) such Person satisfies the eligibility requirements in Section 4.09(b) and (ii)
promptly following any such merger, amalgamation, conversion or consolidation, the Collateral Agent or Paying Agent, as the case
may be, shall have notified the Company thereof in writing; provided, however, that the Collateral Agent or Paying Agent,
as the case may be, shall have no liability for failure to so notify the Company.

 

		4.10	Authorization.

 

		(a)	Each Noteholder hereby irrevocably authorizes the Collateral Agent and Paying Agent to execute,
deliver and perform each of the Loan Documents to which the Collateral Agent and Paying Agent is or is intended to be a party.

 

		(b)	Each Obligor hereby acknowledges notice of the terms of the provisions of this Article 4 and
agrees to be bound hereby to the extent of its obligations hereunder.

 

		4.11	Appointment of Co-Collateral Agents.

 

At any time or from time to time, in order
to comply with any Requirement of Applicable Law, the Collateral Agent may appoint another bank or trust company or one of more
other Persons, either to act as co-agent or as agents on behalf of the Secured Parties with such power and authority as may be
necessary for the effectual operation of the provisions hereof and which may be specified in the instrument of appointment (which
may, in the discretion of the Collateral Agent, include provisions for indemnification and similar protections of such co-agent
or separate agent). Should any written instrument from an Obligor or another Secured Party be required by any co-agent so appointed
for more fully confirming to such co-agent such power and authority, or to extend any rights, benefits, indemnities and similar
protections contemplated hereunder to the co-agent, any and all such instruments shall, on request, be executed, acknowledged and
delivered by such Obligor or other Secured Party.

 

		4.12	Details of Noteholders.

 

The Company shall provide to the Collateral
Agent and/or the Paying Agent promptly upon request therefor a complete and correct copy of the names, addresses and respective
holdings of all registered holders of Notes, and shall from time to time, use reasonable commercial efforts to provide to the Collateral
Agent and/or Paying Agent any changes to such information.

 

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		4.13	Sharing of Information.

 

The Collateral Agent, the Paying Agent
and the Noteholders may share among themselves any information they may have from time to time concerning the Obligors whether
or not such information is confidential; but shall have no obligation to do so (except for any obligations of the Collateral Agent
and the Paying Agent to provide information to the extent required in this Agreement).

 

		4.14	Decision Making.

 

		(a)	Any amendment to this Agreement, the Notes or any other Loan Documents and the granting of any
waiver or consent by the Noteholders or the Collateral Agent in respect of the foregoing, in each case, relating to the following
matters shall require the unanimous agreement of the Noteholders:

 

		(i)	decreases in interest rates and fees in respect of the Notes;

 

		(ii)	any reduction of, or compromise with respect to, or waiver of, the amount of the Secured Obligations
or any portion thereof;

 

		(iii)	extensions of the maturity date of the Notes;

 

		(iv)	extensions of the scheduled dates for any payments of principal, interest or other amounts under
the Notes or the scheduled amounts of repayments thereunder;

 

		(v)	releases of all or any substantial portion of the Security;

 

		(vi)	any proposed amendments to the definitions of “Required Holders” in Section 1.01; and

 

		(vii)	any proposed amendments to this Section 4.14, and any other provision of this Agreement, the Notes
or any other Loan Documents which requires the unanimous consent of the Noteholders in connection with any action to be taken or
consent to be provided by the Noteholders.

 

		(b)	Except for the matters described in paragraph 4.14(a) above, any amendment to this Agreement, the
Notes or any other Loan Documents and the granting of any waiver or consent by the Noteholders or the Collateral Agent in respect
of the foregoing, in each case, shall be effective if made among the Company, the Collateral Agent and the Required Holders, and
for greater certainty any such amendment which is agreed to by the Required Holders shall be final and binding upon all Noteholders.

 

		(c)	Except for the matters which require the unanimous consent of the Noteholders as set out above,
any action to be taken or decision to be made by the Collateral Agent or the Noteholders pursuant to this Agreement, the Notes,
any other Loan Document and any subordination agreement entered into from time to time by the Noteholders or the Collateral Agent
on behalf of the Noteholders shall be effective if approved by the Required Holders; and any such decision or action shall be final
and binding upon all Noteholders.

 

		(d)	Any action to be taken or decision to be made by the Noteholders pursuant to this Agreement which
is required to be unanimous shall be made at a meeting of the Noteholders called by the Collateral Agent or by a written instrument
executed by all of the Noteholders. Any action to be taken or decision to be made by the Noteholders pursuant to this Agreement,
the Notes or any other Loan Documents which is required to be made by the Required Holders shall be made at a meeting of the Noteholders
called by the Collateral Agent or by a written instrument executed by the Required Holders. Any such instrument may be executed
by fax or electronic mail and in counterparts.

 

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Article 5

Representations and warranties

 

		5.01	Representations and Warranties of the Obligors.

 

Each Obligor hereby represents and warrants
for the benefit of the Secured Parties and the Paying Agent on the date hereof, as follows:

 

		(a)	each of the Company and the other Obligors has been duly formed, validly exists, and has all requisite
organizational power and authority to conduct its business as intended and owns its assets;

 

		(b)	each of the Company and the other Obligors has taken all necessary organizational action to authorize
the execution, delivery and performance of this Agreement, the Security and the other Loan Documents;

 

		(c)	each of the Company and the other Obligors has duly authorized, executed and delivered this Agreement,
the Security and the other Loan Documents to which it is a party, and the execution and delivery of this Agreement, the Security
and the other Loan Documents by it will not violate any Applicable Law binding upon it, its organizational documents or conflict
in any material respect with any agreement to which it is a party; and

 

		(d)	this Agreement constitutes valid and legally binding obligations of each of the Company and the
other Obligors, enforceable against each of them in accordance with the terms hereof, subject only to applicable bankruptcy, insolvency
and other laws of general application limiting the enforceability of creditors’ rights and to general principles of equity,
including the principle that specific performance is an equitable remedy, available only in the discretion of a court.

 

		5.02	Survival of Representations and Warranties.

 

All of the representations and warranties
set forth in Section 5.01 shall survive the execution and delivery of this Agreement.

 

		5.03	Representations and Warranties of the Noteholders, Collateral Agent and Paying Agent.

 

		(a)	Each of the Noteholders represents and warrants to the Collateral Agent, the Paying Agent and the
Obligors that it is duly authorized to enter into this Agreement and to undertake the obligations expressed herein to be undertaken
by it in its own capacity.

 

		(b)	The Collateral Agent and the Paying Agent represent and warrant to the Noteholders and the Obligors
that it is duly authorized to enter into this Agreement and to undertake the obligations expressed herein to be undertaken by it.

 

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Article 6

Affirmative covenants of the obligors

 

		6.01	Additional Obligors.

 

The Company and other Obligors will cause
each of their subsidiaries and affiliates that is required by any Loan Document to become an Obligor and/or enter into the Security
and become a party to this Agreement, to execute and deliver to the Collateral Agent and the Paying Agent:

 

		(a)	a Collateral Agency Accession in the form of Exhibit A hereto, whereupon such subsidiary or affiliate
will, together with the execution and delivery of all other Loan Documents required, become an Obligor hereunder and be bound by
the terms hereto to the same extent as if it had executed and delivered this Agreement as of the date hereof;

 

		(b)	contemporaneously with the execution of the Collateral Agency Accession, all such guarantees, security
documents, opinions and other instruments (or accessions thereto) including those required to be delivered pursuant to the terms
of any Loan Documents and Security, and do all such things and give all such assurances as, in the reasonable opinion of the Collateral
Agent or its counsel, are necessary for validly granting to the Collateral Agent the Encumbrances granted pursuant to the Security
upon the Collateral, whether now owned or hereafter acquired by such Obligor and to register or facilitate the registration in
all applicable jurisdictions of appropriate forms of security documents against all property of such Person subject to, or intended
to form part of the Collateral in order to confer upon the Collateral Agent such Encumbrances with such priority as are intended
to be granted hereby and by the Security;

 

		(c)	if required pursuant to the terms of the Security to which such Obligor is a party, certificates
representing all of the issued and outstanding equity interests forming part of the Collateral together with transfer powers of
attorney duly executed in blank for each certificate; and

 

		(d)	a certificate of officer confirming that the Obligors have complied with all requirements of the
Loan Documents and Security relating to such additional Obligor.

 

		6.02	Additional Collateral.

 

Where any provision of the Loan Documents
or the Security requires that additional property or assets be added to the Collateral, the Company and each other Obligor, as
applicable, shall execute and deliver to the Collateral Agent:

 

		(a)	all such guarantees, security documents, opinions and other instruments including those required
to be delivered pursuant to the terms of the Loan Documents and Security, and all such other things and assurances as, in the reasonable
opinion of the Collateral Agent or its counsel, are necessary or desirable for validly granting to the Collateral Agent the Encumbrances
granted pursuant to the Security upon such additional Collateral, and register or facilitate the registration in all applicable
jurisdictions of appropriate forms of security documents against all property of such Person subject to, or intended to form party
of the Collateral in order to confer upon the Collateral Agent such Encumbrances with such priority as are intended to be granted
hereby and by the Security; and

 

		(b)	a certificate of officer confirming that the Obligors have complied with all requirements of the
Loan Documents and Security relating to such additional Collateral.

 

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Article 7

MISCELLANEOUS

 

		7.01	No Waiver; Remedies Cumulative.

 

No failure or delay on the part of any
party hereto or any Secured Party in exercising any right, power or privilege hereunder and no course of dealing between parties
hereto shall impair any such right, power or privilege or operate as a waiver thereof. No single or partial exercise by any party
hereto or any Secured Party of any right, power or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder. The rights, powers and remedies provided herein are cumulative and
not exclusive of any rights, powers or remedies which any party hereto would otherwise have. No notice to or demand by any party
hereto or any Secured Party on the Company in any case shall entitle the Company to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of any party hereto or any Secured Party to any other or further action
in any circumstances without notice or demand.

 

		7.02	Notices.

 

All notices, payment instructions, Remedies
Directions and other communications required or permitted to be given hereunder, shall be in writing and shall be given to the
following addresses:

 

If to the Collateral Agent:

 

GLAS Americas LLC

3 Second Street, Suite 206

Jersey City, NJ 07311

Phone: 201-839-2181

Attention: Corporate Trust Administration

Email: adam.berman@glas.agency

 

If to the Paying Agent :

 

GLAS USA LLC

3 Second Street, Suite 206

Jersey City, NJ 07311

Phone: 201-839-2181

Attention: Corporate Trust Administration

Email: adam.berman@glas.agency

 

If to any Obligor:

 

489 Fifth Ave, Floor 27

New York, NY 10017

Attention: Kyle Detwiler

Email: kyle@northernswan.com

 

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If to any other Secured Party at its address
and contact information specified in the applicable Note or Security, or such other notice particulars as it may specify by written
notice to the parties named above.

 

Each notice hereunder will be in writing
and may be personally served or sent by courier service or by facsimile or e-mail via PDF and will be deemed to have been given
when delivered in Person or by courier service and signed for against receipt thereof or upon confirmation of receipt of such facsimile
or e-mail PDF (including pursuant to a facsimile confirmation printout and by any “read receipt” in respect of any
e-mail). Each party may change its notice particulars hereunder by giving written notice thereof to the other parties hereto as
set forth in this Section 7.02.

 

		7.03	Amendments to a Loan Document.

 

		(a)	This Agreement and any other Loan Document (other than the Notes) may be amended or modified only
by an instrument in writing signed by the Company, the Collateral Agent and the Paying Agent (each, acting at the written direction
of the Required Holders). Any such amendment or modification shall be binding upon the Company and the Secured Parties.

 

		(b)	Without the prior written consent of the Required Holders, each of the Noteholders agrees that
it will not be entitled to: (i) cause to be more onerous or add any financial covenants or add any additional events of default
to its Note; (ii) shorten any scheduled repayment date or shorten the final maturity date of its Note; (iii) increase any interest
rate applicable to its Note; or (iv) increase the principal amount of its Note or its Exposure thereunder; or (v) make any other
change to its Note is adverse to any of the other Noteholders in any material manner.

 

		7.04	Benefit of Agreement; Successors and Assigns.

 

This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided, however,
that no Obligor may assign or transfer any of its rights or obligations hereunder without the prior written consent of the Collateral
Agent and each Noteholder.

 

		7.05	Third-Party Beneficiaries.

 

The covenants contained herein are made
solely for the benefit of the parties hereto and the other Secured Parties from time to time, and their successors and assigns,
and shall not be construed as having been intended to benefit any other third-party not a party to this Agreement.

 

		7.06	Counterparts.

 

This Agreement may be executed in any number
of counterparts and by the different parties hereto on separate counterparts, each of which, when executed and delivered, shall
be effective for purposes of binding the parties hereto, but all of which shall together constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Agreement by telecopy or other electronic delivery shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

    - 27 -

     

    

 

		7.07	Effectiveness.

 

This Agreement shall be effective on the
date first above written.

 

		7.08	Entire Agreement.

 

This Agreement and the other Loan Documents,
including the documents referred to herein, constitute the entire agreement and understanding of the parties hereto, and supersede
any and all prior agreements and understandings, written or oral, of the parties hereto relating to the subject matter hereof including
without limitation the Original Collateral Agency Agreement.

 

		7.09	Severability.

 

If any provision of this Agreement is invalid
or unenforceable in any jurisdiction, then, to the fullest extent permitted by law (a) the other provisions of this Agreement shall
remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the
parties hereto as nearly as may be possible; and (b) the invalidity, illegality or unenforceability of any provision of this Agreement
in any jurisdiction shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.

 

		7.10	Conflict with Other Agreements.

 

Except as otherwise expressly provided
herein, the parties agree that in the event of any conflict between the provisions of this Agreement (or any portion thereof) and
the provisions of any other Loan Document or any other agreement now existing or hereafter entered into, the provisions of this
Agreement shall control.

 

		7.11	Agreement.

 

Each of the parties hereto agrees that
this Agreement is a Loan Document.

 

		7.12	Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial.

 

This Agreement shall be governed by, and
construed in accordance with, the law of the Province of British Columbia, and Section 9.6 of the Notes is hereby incorporated
herein by reference, mutatis mutandis, as if fully set out in this Agreement.

 

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 SUIT, ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER 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.

 

    - 28 -

     

    

 

		7.13	Termination.

 

Upon the Discharge Date, this Agreement
shall (except as otherwise expressly set out herein and subject to Section 7.14) terminate and be of no further force and effect;
provided that the obligations under Section 4.07 shall survive the Discharge Date, the assignment of this Agreement and
the resignation or removal of the parties hereto.

 

		7.14	Reinstatement.

 

This Agreement and the obligations of the
Obligors hereunder shall continue to be effective or be automatically reinstated, as the case may be, if (and to the extent that)
at any time payment and performance of the Obligors’ obligations hereunder, or any part thereof, is rescinded or reduced
in amount, or must otherwise be restored or returned by the Collateral Agent or any other Secured Party. In the event that any
payment or any part thereof is so rescinded, reduced, restored or returned, such obligations shall be reinstated on the same terms
and conditions applicable thereto prior to the payment of the rescinded, reduced, restored or returned amount, and shall be deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

		7.15	Attorney-In-Fact.

 

Each Obligor irrevocably constitutes and
appoints the Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Obligor and in the name of such Obligor or in its own
name, for the purpose of carrying out the terms of this Agreement or any other Security, to take any and all appropriate action
and to execute any and all documents or instruments that may be necessary or desirable to accomplish the purposes of this Agreement
and the other Security. Each Obligor hereby acknowledges and agrees that the Collateral Agent shall have no fiduciary duties to
such Obligor in acting pursuant to this power of attorney and such Obligor hereby waives any claims or rights of a beneficiary
of a fiduciary relationship. Without limiting the generality of this Section 7.15, any action or inaction by the Collateral Agent
pursuant to this Section 7.15 shall be taken at the written instruction of the Required Holders. The Collateral Agent agrees that
it will not exercise any rights under the power of attorney provided for in this Section 7.15 unless an Event of Default shall
have occurred and be continuing, provided that if any Obligor fails to perform or comply with any of its agreements contained in
this Agreement or any other Security, the Collateral Agent, at the written direction of the Required Holders, may perform or comply,
or otherwise cause performance or compliance, with such agreement. The expenses of the Collateral Agent incurred in connection
with actions undertaken as provided in this Section 7.15, together with interest, from the date of payment by the Collateral Agent
to the date reimbursed by the relevant Obligor, shall promptly be paid by such Obligor to the Collateral Agent. Each Obligor hereby
ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies
contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security
interests created by the Security are released.

 

		7.16	Further Assurances.

 

		(a)	Each of the Company and the other Obligors will do or cause to be done all acts and things that
may be required, or that the Collateral Agent from time to time may reasonably request, to assure and confirm that the Collateral
Agent holds, for the benefit of the Secured Parties, duly created and enforceable and perfected Encumbrances upon the Collateral,
including after-acquired Collateral and any property or assets that become Collateral pursuant to the definition thereof after
the date hereof, subject only to such exceptions as may be contemplated by the Loan Documents and Security.

 

    - 29 -

     

    

 

		(b)	Subject to the obligations of each of the Company and the other Obligors pursuant to Section 7.16(a),
upon the reasonable request of the Collateral Agent or any Secured Party at any time and from time to time, the Company and each
of the other Obligors will promptly execute, acknowledge and deliver such Security, instruments, certificates, notices and other
documents, and take such other actions as may be reasonably required, or that the Collateral Agent may reasonably request, to create,
perfect, protect, assure or enforce the Encumbrances and benefits intended to be conferred, in each case as contemplated by the
Security.

 

		7.17	Filing Fees, Excise Taxes, Etc.

 

Each of the Obligors agrees to pay or to
reimburse the Collateral Agent promptly on demand for any and all documented amounts, if any, in respect of all search, filing
and recording fees, taxes, excise taxes, sales taxes and other similar imposts which may be payable or determined to be payable
in respect of the execution, delivery, performance and enforcement of this Agreement and each other Loan Document to which such
Person is a party and agree to hold each such Person harmless from and against any and all liabilities, costs, claims, expenses,
penalties and interest with respect to or resulting from any delay in paying or omission to pay such taxes and fees (except to
the extent that such liabilities, costs, claims, expenses, penalties and interest result from the gross negligence or willful misconduct
of any such Person as finally determined by a non-appealable order from a court of competent jurisdiction). The provisions of this
Section shall survive the termination of this Agreement or resignation or removal of the Collateral Agent.

 

		7.18	USA Patriot Act.

 

In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the
United States, the Collateral Agent is required to obtain, verify, record and update certain information relating to individuals
and entities which maintain a business relationship with the Collateral Agent. Accordingly, each of the parties hereto agrees to
provide to the Collateral Agent, upon its request from time to time such identifying information and documentation as may be available
for such party in order to enable the Collateral Agent to comply with Applicable Law.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written:

 

	 	Northern Swan Holdings, Inc., as Company
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name: 	Kyle Detwiler
	 	 	Title:	CEO
	 	 	 	 
	 	GLAS AMERICAS LLC, as Collateral Agent
	 	 	 	 
	 	By:	/s/ Adam Berman
	 	 	Name:	Adam Berman
	 	 	Title:	Vice President
	 	 	 	 
	 	GLAS USA LLC, as Paying Agent
	 	 	 	 
	 	By:	/s/ Adam Berman
	 	 	Name:	Adam Berman
	 	 	Title:	Vice President
	 	 	 	 
	 	NS US Holdings, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name:	Kyle Detwiler
	 	 	Title:	CEO
	 	 	 	 
	 	Herbal Brands, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name:	Kyle Detwiler
	 	 	Title:	Director
	 	 	 	 
	 	Northern Swan International, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name:	Kyle Detwiler
	 	 	Title:	Director

 

Northern Swan – Amended and Restated
Intercreditor and Collateral Agency Agreement

 

     

     

    

 

 

	 	Northern Swan Management, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name: 	Kyle Detwiler
	 	 	Title:	 
	 	 	 	 
	 	Northern Swan Deutschland Holdings, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name:	Kyle Detwiler
	 	 	Title:	 
	 	 	 	 
	 	Northern Swan Portugal Holdings, Inc., as Obligor
	 	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	 	Name:	Kyle Detwiler
	 	 	Title:	 

 

Northern Swan – Amended and Restated Intercreditor
and Collateral Agency Agreement

 

     

     

    

 

	 	Rimrock High Income Plus (Master) Fund, Ltd, as Noteholder
	 	 	 	 
	 	By:	 /s/ Cris Chester

	 	 	Name: 	Cris Chester                  
	 	 	Title:	MD
	 	 	 	 
	 	Anson INVESTMENTS MASTER FUND LP by its co-investment advisor, ANSON ADVISORS INC., as Noteholder
	 	 	 	 
	 	By:	 /s/ Amin Nathoo
	 	 	Name:	Amin Nathoo
	 	 	Title:	Director
	 	 	 	 
	 	Anson OPPORTUNITIES MASTER FUND LP by its co-investment advisor, ANSON ADVISORS INC., as Noteholder
	 	 	 	 
	 	By:	/s/ Amin Nathoo
	 	 	Name:	Amin Nathoo
	 	 	Title:	Director
	 	 	 	 
	 	Anson EAST MASTER FUND LP by its

 co-investment advisor, ANSON ADVISORS INC., as Noteholder
	 	 	 	 
	 	By:	/s/ Amin Nathoo
	 	 	Name:	Amin Nathoo
	 	 	Title:	Director
	 	 	 	 
	 	AC ANSON INVESTMENTS LTD., as Noteholder
	 	 	 	 
	 	By:	/s/ Amin Nathoo
	 	 	Name:	Amin Nathoo
	 	 	Title:	Director
	 	 	 	 
	 	axios growth partners, llc, as Noteholder
	 	 	 	 
	 	By:	 /s/ Nicholas Rutherfurd
	 	 	Name:	Nicholas Rutherfurd
	 	 	Title:	Principal

 

Northern Swan – Amended and Restated Intercreditor
and Collateral Agency Agreement

 

     

     

    

 

	 	NS Co-Investment LLC, as Noteholder
	 	 	 	 
	 	By:	 /s/ Owen Littman
	 	 	Name:  	Owen Littman
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	COWEN InvestmentS ii LLC, as Noteholder
	 	 	 	 
	 	By:	/s/ Owen Littman
	 	 	Name:	Owen Littman
	 	 	Title:	Authorized Signatory

 

Northern Swan – Amended and Restated Intercreditor
and Collateral Agency Agreement

 

     

     

    

 

SCHEDULE 1

 

NOTES

 

	Noteholder	 	Amount of

 Note	 	 	Note Number
	Rimrock High Income Plus (Master) Fund, Ltd.	 	$	20,000,000	 	 	1A
	Anson Investments Master Fund LP	 	$	1,300,000	 	 	1B-1
	Anson Opportunities Master Fund LP	 	$	300,000	 	 	1B-2
	AC Anson Investments Ltd.	 	$	400,000	 	 	1B-3
	Anson East Master Fund LP	 	$	1,000,000	 	 	1B-4
	Axios Growth Partners, LLC	 	$	2,500,000	 	 	1C
	NS Co-Investment LLC	 	$	2,000,000	 	 	1D
	Cowen Investments II LLC	 	$	250,000	 	 	1E
	Total:	 	$	27,750,000	 	 	 

 

     

     

    

 

EXHIBIT A

FORM OF COLLATERAL AGENCY ACCESSION – ADDITIONAL OBLIGOR

 

Reference is made to the Amended and Restated
Intercreditor and Collateral Agency Agreement dated as of May 10, 2019 (the “Intercreditor and Collateral Agency Agreement”)
among Northern Swan Holdings, Inc., as issuer, the other Obligors party thereto, GLAS Americas LLC, as Collateral Agent, and GLAS
USA LLC, as Paying Agent, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time,
for all purposes thereof on the terms set forth therein, and to be bound by the terms of said Intercreditor and Collateral Agency
Agreement as fully as if the undersigned had executed and delivered said Intercreditor and Collateral Agency Agreement as of the
date thereof.

 

Capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Intercreditor and Collateral Agency Agreement. This Collateral Agency Accession
is being executed and delivered pursuant to Section 6.01(a) of the Intercreditor and Collateral Agency Agreement.

 

Joinder. The undersigned hereby
agrees to become party as an Obligor under the Intercreditor and Collateral Agency Agreement for all purposes thereof on the terms
set forth therein, and to be bound by the terms of the Intercreditor and Collateral Agency Agreement as fully as if the undersigned
had executed and delivered the Intercreditor and Collateral Agency Agreement as of the date thereof.

 

The provisions of Article 7 of said
Intercreditor and Collateral Agency Agreement will apply with like effect to this Collateral Agency Accession.

 

IN WITNESS WHEREOF, the undersigned
has executed and delivered this Collateral Agency Accession as of ___________, 20____________.

 

	 	[INSERT NEW OBLIGOR], as an Obligor
	 	 	 	 
	 	By:	 
	 	 	Name: 	                        
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

EXHIBIT B

FORM OF COLLATERAL AGENCY ACCESSION – ADDITIONAL SECURED PARTY

 

Reference is made to the Amended and Restated
Intercreditor and Collateral Agency Agreement dated as of May 10, 2019 (the “Intercreditor and Collateral Agency Agreement”)
among Northern Swan Holdings, Inc., as issuer, the other Obligors party thereto, GLAS Americas LLC, as Collateral Agent, and GLAS
USA LLC, as Paying Agent, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time,
for all purposes thereof on the terms set forth therein, and to be bound by the terms of said Intercreditor and Collateral Agency
Agreement as fully as if the undersigned had executed and delivered said Intercreditor and Collateral Agency Agreement as of the
date thereof.

 

Capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Intercreditor and Collateral Agency Agreement. This Collateral Agency Accession
is being executed and delivered pursuant to Section 6.01(a) of the Intercreditor and Collateral Agency Agreement.

 

Joinder. The undersigned, _______________________
(the “New Secured Party”), as Noteholder (the “New Secured Obligations”), hereby agrees to
become party as Secured Party under the Intercreditor and Collateral Agency Agreement for all purposes thereof on the terms set
forth therein, and to be bound by the terms of the Intercreditor and Collateral Agency Agreement as fully as if the undersigned
had executed and delivered the Intercreditor and Collateral Agency Agreement as of the date thereof.

 

Lien Sharing and Priority Confirmation.
The undersigned New Secured Party hereby agrees, for the enforceable benefit of all holders of existing Secured Obligations, and
each future holder of Secured Obligations and as a condition to being treated as Secured Obligations under the Intercreditor and
Collateral Agency Agreement that:

 

		(a)	all Secured Obligations will be and are secured equally and rateably by all Encumbrances at any
time granted by any Obligor to the Collateral Agent to secure any Secured Obligations, whether or not upon property otherwise constituting
Collateral for such Secured Obligations, and that all such Encumbrances will be enforceable by the Collateral Agent for the benefit
of all holders of Secured Obligations equally and rateably;

 

		(b)	the New Secured Party and each holder of obligations in respect of the New Secured Obligations
for which the undersigned is acting are bound by the provisions of the Intercreditor and Collateral Agency Agreement, including
the provisions relating to the ranking of Encumbrances and the order of application of proceeds from the enforcement of Encumbrances;
and

 

		(c)	it consents to the terms of the Intercreditor and Collateral Agency Agreement and the performance
of the Collateral Agent and the Paying Agent under the Intercreditor and Collateral Agency Agreement and directs the Collateral
Agent and the Paying Agent to perform its duties and obligations under the Intercreditor and Collateral Agency Agreement, the Security
and the other Loan Documents.

 

The provisions of Article 7 of said
Intercreditor and Collateral Agency Agreement will apply with like effect to this Collateral Agency Accession.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed and delivered this Collateral Agency Accession as of ___________, 20____________.

 

	 	[INSERT NEW SECURED PARTY], as a Secured Party
	 	 	 	 
	 	By:	 
	 	 	Name: 	                  
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Northern Swan – Amended and Restated Intercreditor
and Collateral Agency AgreementExhibit 10.25

 

NONE OF THE SECURITIES REPRESENTED HEREBY
HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY
U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES
(AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE U.S. SECURITIES ACT,
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE U.S. SECURITIES ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
1933 ACT.

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF: (I)                        , 2019; AND (II) THE DATE THE CORPORATION BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

NORTHERN SWAN HOLDINGS, INC.

 

Secured Convertible Note

 

              , 2019

 

	Secured Convertible Note
No.	USD$               

 

This
Secured Convertible Note (this “Convertible Note”) has been issued by Northern Swan Holdings, Inc.,
a corporation incorporated under the laws of the Province of British Columbia (the “Company”), to and in favour
of                         (the “Lender”). The Principal Amount (as defined below) shall
be used by the Company for the purpose of funding the overall operating expenses of the Company and financing additional investments
in one or more of Eagle Canada Holdings Inc., a corporation incorporated under the laws of the Province of British Columbia (“Eagle
Holdings”) or its subsidiary, Ecomedics S.A.S., a Colombian company operating as Clever Leaves (“Clever Leaves”),
as well as other investments contemplated by the Company from time to time.

 

1. Definitions

 

1.1  As
used in this Convertible Note, unless otherwise defined or unless the context otherwise requires the following terms have the following
respective meanings:

 

1.1.1 “Agent”
means GLAS Americas LLC, in its capacity as collateral agent;

 

1.1.2 “Applicable
Law” means (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule,
regulation or by-law (zoning or otherwise); (b) any judgement, order, writ, injunction, decision, ruling, decree or award; (c)
any regulatory policy, practice, protocol, guideline or directive; or (d) any franchise, licence, qualification, authorization,
consent, exemption, waiver, right, permit or other approval, in each case, of any Governmental Authority and having the force of
law, binding on or affecting the party referred to in the context in which the term is used or binding on or affecting the property
of such party, all of the foregoing as may exist as of the date hereof or as may be implemented, revised or modified from time
to time after the date hereof;

 

      

     

    

 

1.1.3 “Business
Day” means any day of the year, other than a Saturday, Sunday, legal holiday or any day on which banking institutions
are closed in New York, New York;

 

1.1.4 “Cannabis”
has the meaning given to the term cannabis under the Cannabis Act, provided, however, the term “Cannabis” shall not
include Hemp.

 

1.1.5 “Cannabis
Act” means An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code
and other Acts, S.C. 2018, c. 16, as amended from time to time;

 

1.1.6 “Cannabis
Jurisdiction” means a Medical Cannabis Jurisdiction or a Non-Medical Cannabis Jurisdiction;

 

1.1.7 “Cannabis-Related
Activities” means any activities, including advertising or promotional activities, relating to or in connection with
the importation, cultivation, production, purchase, distribution or sale of Cannabis or Cannabis-related products;

 

1.1.8 “Change
of Control” means:

 

		(i)	if (a) the current shareholders of the Company cease to own, directly or indirectly, legally and
beneficially, at least 51% of the issued and outstanding capital stock of any of the Company, Eagle Holdings or Clever Leaves,
(b) the current shareholders of the Company cease to Control (directly or indirectly) any of the Company, Eagle Holdings or Clever
Leaves; (c) the Company ceases to own, directly or indirectly, legally and beneficially, 100% of the issued and outstanding capital
stock of any Guarantor, or (d) the Company ceases to Control (directly or indirectly) any Guarantor;

 

		(ii)	the completion of a transaction pursuant to which any one or more of the Company, Eagle Holdings
or Clever Leaves merges, amalgamates or consolidates with or into any other Person (other than with each other) or business entity;
or

 

		(iii)	the completion of a transaction pursuant to which any one or more of the Company, Eagle Holdings
or Clever Leaves sells all or substantially all of its assets; or

 

provided that
a Permitted Reorganization shall not constitute a Change of Control and shall not require the consent of the Lender;

 

1.1.9 “Class
C Preferred Shares” means the class C preferred shares
in the capital of the Company, as such shares exist at the close of business on the date of execution and delivery of this Convertible
Note; provided that, in the event of a subdivision, redivision, reduction, combination, consolidation or reclassification of the
capital of the Company or such successive subdivisions, redivisions, reductions, combinations, consolidations or reclassifications,
“Class C Preferred Shares” shall thereafter mean the shares corresponding to the Class C Preferred Shares resulting
from such subdivision, redivision, reduction, combination, consolidation or reclassification;

 

    2

     

    

 

1.1.10 “Commission”
means the U.S. Securities and Exchange Commission;

 

1.1.11 “Common
Shares” means the class A voting common shares in the capital of the Company, as such shares exist at the close of business
on the date of execution and delivery of this Convertible Note; provided that, in the event of a subdivision, redivision, reduction,
combination, consolidation or reclassification of the capital of the Company or such successive subdivisions, redivisions, reductions,
combinations, consolidations or reclassifications, “Common Shares” shall thereafter mean the shares corresponding to
the Common Shares resulting from such subdivision, redivision, reduction, combination, consolidation or reclassification;

 

1.1.12 “Competitor”
means (i) a Person engaged, directly in any Medical Cannabis-Related Activities or Non-Medical Cannabis-Related Activities which
are similar to or competitive with the Medical Cannabis-Related Activities or Non-Medical Cannabis-Related Activities of the Obligors
(or any of them) or a Person who offers services or products which are similar to or in competition with the Medical Cannabis-Related
Activities or Non-Medical Cannabis-Related Activities of the Obligors (or any of them) (each, a “Market  Competitor”);
(ii) a Person that is not a Market Competitor, but has a director or senior officer who is also a director or senior officer of
a Market Competitor; or (iii) any Person that owns any equity interest (of any class) equal to or greater than 20% of all of the
issued and outstanding equity interests in aggregate of all classes of equity interests of any Market Competitor.

 

1.1.13 “Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power or otherwise.

 

1.1.14 “Encumbrance”
means any lien, charge, hypothec, pledge, mortgage, title retention agreement, covenant, condition, lease, license, security interest
of any nature, claim, exception, reservation, easement, encroachment, right of occupation, right-of-way, right-of-entry, matter
capable of registration against title, option, assignment, right of pre-emption, royalty, right, pledge, privilege or any other
encumbrance or title defect of any nature whatsoever, and any other right of third parties relating to, attaching to or affecting
any asset, regardless of form (excluding ordinary course payables), whether or not registered or registrable and whether or not
consensual or arising by any Applicable Law, and includes any contract to create any of the foregoing;

 

1.1.15 “Environmental
Laws” means all Applicable Laws relating to the protection of human health and the environment, including all Applicable
Laws pertaining to the reporting, licensing, permitting, transportation, storage, disposal, investigation or remediation of Releases,
or threatened Releases, of Hazardous Materials into the air, surface water, groundwater, or land, or relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transportation or handling of Hazardous Materials;

 

1.1.16 “Event
of Default” has the meaning ascribed to such term in Section 8.1 hereof;

 

1.1.17 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

 

    3

     

    

 

1.1.18 “GAAP”
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the United States accounting
profession), which are applicable to the circumstances as of the date of determination;

 

1.1.19 “Governmental
Authority” means the government of Canada, the government of Colombia or any other nation, province, territory, state,
municipality or other political subdivisions thereof, and any governmental agency, tribunal, commission or other authority or entity
exercising executive, legislative, regulatory or administrative functions (for greater certainty, the International Narcotics Control
Board of the United Nations shall not constitute a “Governmental Authority”);

 

1.1.20 “Governmental
Charges” means all taxes, levies, duties, assessments, reassessments and other similar charges and impositions together
with all related penalties, interest and fines, due and payable by the Company or any of its subsidiaries (as applicable) to any
domestic or foreign government (federal, provincial, state, municipal or otherwise) or to any regulatory authority, agency, commission,
board or court of competent jurisdiction of any domestic or foreign government;

 

1.1.21 “Guarantors”
means NS US Holdings, Inc., Herbal Brands, Inc., Northern Swan International, Inc., Northern Swan Management, Inc., Northern Swan
Deutschland Holdings, Inc., Northern Swan Portugal Holdings, Inc. and “Guarantor” means any of them;

 

1.1.22 “Hazardous
Materials” means (i) any radioactive material; (ii) any explosive; (iii) any substance that, if added to any water, would
degrade or alter or form part of a process of degradation or alteration of the quality of that water to the extent that it will
adversely affect its use by man or by any animal, fish or plant; (iv) any solid, liquid, gas or odour or combination of any of
them that, if emitted into the air, would create or contribute to the creation of a condition of the air that: (A) endangers the
health, safety or welfare of individual persons or the health of animal life; (B) interferes with normal enjoyment of life or property;
or (C) causes damage to plant life or to property; (v) any petroleum or petroleum product; (vi) any toxic substance or other contaminant;
(vii) any substance declared to be hazardous or toxic under any Applicable Law now or hereafter enacted or promulgated by any Governmental
Authority having jurisdiction over the Company, any of the Guarantors or their respective properties, assets or interests, including
any substance which would be considered a hazardous substance under any Environmental Law; and (viii) any other substance which
is or may become hazardous, dangerous or toxic to individual persons or property, including any asbestos or asbestos-containing
material;

 

1.1.23 “Hemp”
means (i) in the United States of America, the meaning ascribed to such term under the Agricultural
Marketing Act of 1946 (7 U.S.C. 1621 et seq.) as amended by Agriculture Improvement Act of 2018 as such acts may be amended
from time to time; and (ii) in any other jurisdiction, the plant cannabis sativa L. and any
part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of
isomers, whether growing or not, with a delta-9 tetrahydrocannabinol concentration not exceeding such percentage, on a dry
weight basis determined in accordance with the Applicable Law in the subject jurisdiction;

 

    4

     

    

 

1.1.24 “Included
Obligors” means the Company, Northern Swan International, Inc., Eagle Holdings and Clever Leaves, and “Included
Obligor” means any one of them;

 

1.1.25 “Insolvency
Legislation” means legislation in any applicable jurisdiction relating to reorganization, arrangement, compromise or
re-adjustment of debt, dissolution or winding-up, or any similar legislation, and specifically includes for greater certainty the
Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up
and Restructuring Act (Canada) and Title 11 of the United States Code or any similar federal or state law for the relief of
debtors, and in each case, any legislation similar to or enacted in replacement of the foregoing from time to time;

 

1.1.26 “Intercreditor
and Collateral Agency Agreement” means the intercreditor and collateral agency agreement dated on or about the date hereof
among the Agent, GLAS USA LLC (the “Paying Agent”), the Lender, the Other Lenders and the Company, as such agreement
may be amended, restated or amended and restated from time to time;

 

1.1.27 “Investment”
means an investment made or held by a Person, directly or indirectly, in another Person (whether such investment was made by the
first-mentioned Person in such other Person or was acquired from a third party), including a contribution of capital and including
the acquisition or holding of the following: all or substantially all of the assets used in connection with a business; common
or preferred shares; debt obligations; partnership interests; and investments in joint ventures;

 

1.1.28 “Loan
Documents” means this Convertible Note, the Security, the guarantee delivered by the Guarantors to the Agent, the Intercreditor
and Collateral Agency Agreement and all other agreements, documents, instruments, certificates, notices and assurances delivered
by any Obligor in connection herewith or therewith;

 

1.1.29 “Material
Adverse Change” means any change or event which constitutes a material adverse change in (i) the business, operations,
condition (financial or otherwise), assets or properties of the Company and its subsidiaries, taken as a whole, (ii) the enforceability
of this Convertible Note or any of the other Loan Documents against the Company, (iii) the Company’s ability to timely
and fully perform its obligations hereunder or under any of the other Loan Documents, or (iv) the ability of the Lender to
enforce its rights and remedies hereunder or under any of the other Loan Documents;

 

1.1.30 “Medical
Cannabis Jurisdiction” means any country in which it is legal on a federal or unitary level, as the case may be, to undertake
Medical Cannabis-Related Activities; provided that should any state, province, municipality, town or other like regional subdivision
of such country prohibit Medical Cannabis-Related Activities, such country shall still be considered a Medical Cannabis Jurisdiction
provided that no Medical Cannabis-Related Activities are conducted in any such state, province, municipality, town or other like
regional subdivision which has prohibited Medical Cannabis-Related Activities. Each of Canada, Belgium, Chile, Germany, Spain,
Czech Republic, Portugal, Italy, Greece, the United Kingdom, Denmark, Colombia, Peru, Lesotho, Uruguay, Australia and Switzerland
is a Medical Cannabis Jurisdiction as at the date of this Convertible Note;

 

    5

     

    

 

1.1.31 “Medical
Cannabis-Related Activities” means any activities, including advertising or promotional activities, relating to or in
connection with the importation, cultivation, production, purchase, distribution or sale of Cannabis or Cannabis-related products
solely for medical purposes;

 

1.1.32 “Non-Medical
Cannabis Jurisdiction” means any country in which it is legal on a federal or unitary level, as the case may be, to undertake
Non-Medical Cannabis-Related Activities; provided that should any state, province, municipality, town or other like regional subdivision
of such country prohibit Non-Medical Cannabis-Related Activities, such country shall still be considered a Non-Medical Cannabis
Jurisdiction so long as no Non-Medical Cannabis-Related Activities are conducted in any such state, province, municipality, town
or other like regional subdivision which has prohibited Non-Medical Cannabis-Related Activities. Each of Canada and Uruguay is
a Non-Medical Cannabis Jurisdiction as at the date of this Convertible Note;

 

1.1.33 “Non-Medical
Cannabis-Related Activities” means Cannabis-Related Activities other than Medical Cannabis-Related Activities;

 

1.1.34 “Non-Qualified
IPO” means the completion by the Company of an initial public offering of Common Shares resulting in the listing of the
Common Shares on any of the New York Stock Exchange, NASDAQ, the Toronto Stock Exchange or the TSX Venture Exchange, but which
does not otherwise meet the definition of Qualified-IPO;

 

1.1.35 “Obligations”
means all monies and obligations now or at any time and from time to time hereafter owing or payable by the Company to the Lender,
including pursuant to this Convertible Note and the other Loan Documents;

 

1.1.36 “Obligors”
means the Company and the Guarantors and “Obligor” means any of them;

 

1.1.37 “Other
Lenders” has the meaning given to such term in Section 2.3 of this Convertible Debenture.

 

1.1.38 “Permitted
Reorganization” shall mean a merger, amalgamation, recapitalization, consolidation or other combination, including a
reverse takeover, by or among the Company, Eagle Holdings and Clever Leaves (for the purposes of this Section, collectively, the
“Predecessor Entities” and each a “Predecessor Entity”) (or any combination thereof) or a
transaction whereby all or substantially all of the undertaking, property and assets of the Predecessor Entities (or any combination
thereof) would become the property of another Predecessor Entity, whether by way of reconstruction, reorganization, recapitalization,
consolidation, amalgamation, merger, transfer, sale or otherwise; provided that:

 

		(i)	such transaction is solely between Predecessor Entities;

 

    6

     

    

 

		(ii)	such Person or continuing company (the “Successor Entity”) shall execute and/or
deliver to the Lender an agreement supplemental hereto and to the other Loan Documents executed by a Predecessor Entity or Predecessor
Entities, as the case may be, in form reasonably satisfactory to the Lender and execute and/or deliver such other instruments,
if any, which to the reasonable satisfaction of the Lender and in the opinion of the Lender’s counsel are necessary to evidence
(i) the assumption by the Successor Entity of liability under each Loan Document to which a Predecessor Entity is a party for the
due and punctual payment of all money payable by that Predecessor Entity thereunder, and (ii) the covenant of the Successor Entity
to pay the same and (iii) the agreement of the Successor Entity to observe and perform all the covenants and obligations of each
Predecessor Entity under each Loan Document to which such Predecessor Entity was a party and to be bound by all of the terms of
each such Loan Document so far as they relate to such Predecessor Entity which instruments, if any, shall be in form reasonably
satisfactory to the Lender;

 

		(iii)	such transaction would not adversely affect the interests of the Lender hereunder or under any
Loan Document, including the validity or priority of the liens or the Lender’s rights under the Security;

 

		(iv)	such transaction will not result in any tax being levied on or payable by the Lender;

 

		(v)	an opinion of the Company’s counsel, in connection with the existence of such Successor Entity
and the due authorization, execution and delivery of any documents, instruments or agreements given by such Successor Entity to
the Lender, shall have been delivered to the Lender;

 

		(vi)	no Event of Default shall have occurred and be continuing or will occur as a result of such transaction;
and

 

		(vii)	such transaction shall not involve a liquidation, dissolution, consolidation, merger, amalgamation,
partnership or other combination of any Predecessor Entity without the prior written consent of the Lender;

 

1.1.39 “Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership or other
entity;

 

1.1.40 “Prohibited
Transaction” means a business, activity, or Person engaged in (A) Non-Medical Cannabis-Related Activities in any jurisdiction
other than a Non-Medical Cannabis Jurisdiction, or (B) Medical Cannabis-Related Activities in any jurisdiction other than a Medical
Cannabis Jurisdiction;

 

1.1.41 “Qualified
IPO” means the completion by the Company of an initial public offering of Common Shares resulting in the listing of the
Common Shares on any of the New York Stock Exchange, NASDAQ, the Toronto Stock Exchange or the TSX Venture Exchange;

 

    7

     

    

 

1.1.42 “Release”
includes releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, disposing
or dumping, or permitting any of the foregoing to occur;

 

1.1.43 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder;

 

1.1.44 “Subordinated
Debt” means indebtedness which is subordinated to the Obligations, upon terms and conditions and pursuant to a subordination
agreement in form and substance reasonably satisfactory to the Lender; and

 

1.1.45 “Trigger
Event” means the occurrence of either of the following:

 

		(i)	a Qualified IPO provided that the pricing of such Qualified IPO is greater than or equal to USD$13.54
per Common Share, subject to customary adjustment for share splits, share dividends, recapitalizations and the like; or

 

		(ii)	a Non-Qualified IPO if at any time following such listing the ten (10) day trailing volume weighted
average price per Common Share exceeds USD$13.54 per Common Share, subject to customary adjustment for share splits, share dividends,
recapitalizations and the like.

 

1.2  Gender
and Number. Any reference in this Convertible Note to gender shall include all genders, and words importing the singular number
only shall include the plural and vice versa.

 

1.3  Headings,
Etc. The division of this Convertible Note into Articles, Sections, Subsections, and other subdivisions and the insertion of
headings are for convenience of reference only and shall not affect or be utilized in the construction or interpretation of this
Convertible Note.

 

1.4  Severability.
Any article, section, subsection or other subdivision of this Convertible Note or any other provision of this Convertible Note
which is, or becomes, illegal, invalid or unenforceable shall be severed from this Convertible Note and be ineffective to the extent
of such illegality, invalidity or unenforceability and shall not affect or impair the remaining provisions hereof or thereof.

 

1.5  Interpretation.
If any provision in this Convertible Note refers to any action taken or to be taken by the Company, or which the Company is prohibited
from taking, such provision will be interpreted to include any and all means, direct or indirect, of taking, or not taking, such
action. When used in the context of a general statement followed by a reference to one or more specific items or matters, the term
“including” shall mean “including, without limitation” and the use of the term “includes” shall
mean “includes, without limitation”.

 

2. Term,
Interest, Payment and Security.

 

2.1  Term,
Interest and Payment: For value received, subject to the exercise of the rights of conversion as set out herein, the Company hereby
absolutely and unconditionally promises to pay to the order of the Lender on March 30, 2022 (the “Maturity Date”),
the principal amount of                                 (USD $                        ) (the “Principal Amount”) and the Company hereby
absolutely and unconditionally promises to pay to the order of the Lender interest thereon pursuant to Section 2.2 hereof.

 

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2.2  Term,
Interest and Payment:

 

2.2.1 Interest
shall accrue on the whole amount of the Principal Amount outstanding and remaining from time to time unpaid, commencing from the
date hereof and continuing both before and after the Maturity Date, default and judgment until actual payment in full of this Convertible
Note or conversion as hereinafter provided, at the annual interest rate of eight percent (8%) calculated and payable, in cash,
quarterly in arrears on March 31, June 30, September 30 and December 31 of each year commencing on               , 2019. Interest shall
be computed on the basis of the actual number of days elapsed divided by 365 or 366, as the case may be, compounded annually. Principal
and interest shall be payable in lawful money of the United States of America, and shall be paid to the Paying Agent at 3 Second
Street, Suite 206, Jersey City, NJ 07311 or at such other place as the Paying Agent may have designated from time to time in writing
to the Company.

 

2.2.2 Upon
the occurrence of an Event of Default and for so long as such Event of Default shall be continuing, interest shall accrue on the
Principal Amount outstanding at a rate per annum equal to 10% calculated and payable as aforesaid. For greater certainty, to the
extent interest has accrued under this Section, such interest will be due and payable to the Paying Agent (on behalf of the Lender)
at the time the Lender exercises its conversion rights hereunder.

 

2.2.3 In
the event that a court of competent jurisdiction determines that any provision of this Convertible Note obligates the Company to
make any payment of interest, or other amount payable to the Lender, in an amount, or calculated at a rate, which would be prohibited
by Applicable Law or would result in receipt by the Lender of interest at a rate in excess of the maximum rate permissible under
Applicable Law then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted, with retroactive
effect, to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result
in receipt by the Lender of interest at a rate in excess of the maximum rate permissible. Any amount or rate of interest referred
to in this Section 2.2 shall be determined in accordance with generally accepted actuarial practices and principles as an effective
annual rate of interest over the term that this Convertible Note remains outstanding, on the assumption that any charges, fees
or expenses that fall within the meaning of interest shall, if they relate to a specific period of time, be pro-rated over that
period of time and otherwise be pro-rated over the period from the date hereof to the Maturity Date, and, in the event of a dispute,
a certificate of an accredited actuary appointed by the Lender shall be conclusive for the purposes of such determination.

 

2.3  Guarantees/Security:

 

2.3.1 This
Convertible Note is a direct secured obligation of the Company secured by a first-ranking pledge over the Company’s interests
in and to NS US Holdings, Inc. and Northern Swan International, Inc. (collectively, the “Subsidiaries” and each,
a “Subsidiary”) to and in favour of the Agent for the benefit of the Lender and the other lenders issued secured
convertible notes as of the date hereof (collectively, the “Other Lenders”) as evidenced by that certain pledge
agreement granted on or about the date hereof by the company in favour of the Agent.

 

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2.3.2 The
Company agrees to cause each of the Guarantors to deliver a guarantee to the Agent for the benefit of the Lender and the Other
Lenders in respect of the present and future obligations of the Company to the Lender and the Other Lenders, in form and scope
satisfactory to the Lender, acting reasonably. In addition, in the event that the Company forms or acquires any direct or indirect
wholly-owned subsidiary after the date hereof, the Company agrees to cause each such subsidiary to deliver a guarantee to the Agent
for the benefit of the Lender and the Other Lenders in respect of the present and future obligations of the Company to the Lender
and the Other Lenders, in form and scope satisfactory to the Lender, acting reasonably, within seventy-five (75) days after the
end of the fiscal quarter of the Company in which such subsidiary was formed or acquired.

 

2.3.3 For
greater certainty, “Security” includes all security agreements, guarantees and other documents mentioned in
Sections 2.3.1 and 2.3.2, and all other documents and agreements delivered by the Company and the Guarantors or others to the Lender
(or the Agent) from time to time as security for the payment and performance of the obligations of the Company to the Lender, respectively,
and the liens constituted by the foregoing. The Security shall be in form and substance satisfactory to the Lender and the Agent.
The Company shall also cause to be delivered to the Lender and the Agent the opinions of the solicitors for each of the Obligors
(together with opinions from agents in other jurisdictions as applicable) with respect to corporate status of such Persons and
their authorized and issued capital (if customary), the due authorization, execution, delivery and enforceability of the Security,
and the registration of the Security; all such opinions to be in form and substance satisfactory to the Lender and its counsel,
acting reasonably.

 

3. Conversion
of this Convertible Note.

 

3.1  Lender
Conversion Right: At any time and from time to time prior to the Maturity Date, the Lender shall have the right, at its option,
to convert the Principal Amount, in whole or in part (provided that any partial conversion shall be in a minimum amount of USD$              ),
into fully paid and non-assessable Common Shares, at a conversion price equal to USD$11.00 per Common Share (the “Conversion
Price”); provided that, any accrued and unpaid interest owing on the Principal Amount at the date of such conversion
shall be payable by the Company to the Paying Agent (on behalf of the Lender) in cash. The Company shall provide prompt written
notice of any such conversion to the Agent and the Paying Agent. Upon the Paying Agent’s receipt of a written notice of any
such conversion, the Paying Agent shall reduce the Lender’s Principal Amount on the Convertible Note register by the amount
of such conversion.

 

3.2  Company
Conversion Right: In the event that any Obligations remain outstanding immediately prior to the occurrence of a Trigger Event,
upon the occurrence of a Trigger Event, the Company shall have the right, at its option, to convert the Principal Amount, in whole
or in part (provided that any partial conversion shall be in a minimum amount of USD$              ), into fully paid and non-assessable
Common Shares at the Conversion Price; provided that, any accrued and unpaid interest owing on the Principal Amount at the date
of such conversion shall be payable by the Company to the Lender in cash. The Company shall provide prompt written notice of any
such conversion to the Agent and the Paying Agent. Upon the Paying Agent’s receipt of a written notice of any such conversion,
the Paying Agent shall reduce the Lender’s Principal Amount on the Convertible Note register by the amount of such conversion.

 

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3.3  Notice
of Initial Public Offering: The Company will give the Lender at least ten (10) Business Days’ advance written notice
before the completion by the Company of an initial public offering of Common Shares, or other equity interests of the Company,
or other going public transaction resulting in the listing of Common Shares, or other equity interests of the Company (or any successor
company or resulting issuer), being listed on any stock exchange.

 

3.4  Adjustments:

 

3.4.1 If
and whenever at any time after the date hereof, and prior to the Maturity Date, the Corporation shall: (i) subdivide or re-divide
its outstanding Common Shares into a greater number of Common Shares; (ii) reduce, combine or consolidate the outstanding Common
Shares into a smaller number of Common Shares; (iii) issue options, rights, warrants or similar securities to the holders of all
or substantially all of the outstanding Common Shares; or (iv) issue Common Shares or securities convertible into Common Shares
to the holders of all or substantially all of the outstanding Common Shares by way of a dividend or distribution; the number of
Common Shares issuable upon conversion of this Convertible Note on the date of the subdivision, re-division, reduction, combination
or consolidation or on the record date for the issue of options, rights, warrants or similar securities or on the record date for
the issue of Common Shares or securities convertible into Common Shares by way of a dividend or distribution, as the case may be,
shall be adjusted so that the Lender shall be entitled to receive the kind and number of Common Shares or other securities of the
Company which it would have owned or been entitled to receive after the happening of any of the events described in this Section
3.4.1, had this Convertible Note been converted immediately prior to the happening of such event or any record date with respect
thereto. Any adjustments made pursuant to this Section 3.4.1 shall become effective immediately after the effective time of such
event retroactive to the record date, if any, for such event.

 

3.4.2 If
and whenever at any time after the date hereof, and prior to the Maturity Date, there is a reclassification of the Common Shares
or a capital reorganization of the Company other than as described in Section 3.4.1 or a consolidation, amalgamation, arrangement,
binding share exchange, merger of the Company with or into any other Person or other entity or acquisition of the Company or other
combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale
or conveyance of the property and assets of the Company as an entirety or substantially as an entirety to any other Person (other
than a direct or indirect wholly-owned subsidiary of the Company) or other entity or a liquidation, dissolution or winding-up of
the Company (in any of the foregoing cases, that is not a Change of Control that is subject to Section 5.2), the Lender, if it
has not exercised its right of conversion prior to the effective date of such reclassification, capital reorganization, consolidation,
amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or
winding-up, upon the exercise of such right thereafter, shall be entitled to receive and shall accept, in lieu of the number of
Common Shares then sought to be acquired by it, such amount of cash or the number of shares or other securities or property of
the Company or of the Person or other entity resulting from such merger, amalgamation, arrangement, acquisition, combination or
consolidation, or to which such sale or conveyance may be made or which holders of Common Shares receive pursuant to such liquidation,
dissolution or winding-up, as the case may be, that the Lender would have been entitled to receive on such reclassification, capital
reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance
or liquidation, dissolution or winding-up, if, on the record date or the effective date thereof, as the case may be, the holder
had been the registered holder of the number of Common Shares sought to be acquired by it and to which it was entitled to acquire
upon the exercise of the conversion right.

 

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3.4.3 On
the occurrence of any reclassification of, or other change in, the outstanding Common Shares or any other event which is not addressed
in Sections 3.4.1 or 3.4.2 (each, an “Unanticipated Event”), the parties will, in good faith, make such further
adjustments and changes and take all necessary actions, subject to the approval of the Lender, so as to ensure that the Lender
receives, upon the conversion of this Convertible Note occurring at any time after the date of the occurrence of the Unanticipated
Event, such shares, securities, rights, cash or property that the Lender would have received if, immediately prior to the date
of such Unanticipated Event, the Lender had been the registered holder of the number of Common Shares to which the Lender would
be entitled upon the conversion of this Convertible Note into Common Shares.

 

3.5  Rules
Regarding Calculation of Adjustment of Conversion Rights.

 

3.5.1 The
adjustments provided for in Section 3.4 are cumulative and will be made successively whenever an event referred to therein occurs.

 

3.5.2 If
at any time a question or dispute arises with respect to the adjustments provided for in Section 3.4, such question or dispute
will be conclusively determined by a firm of nationally recognized chartered professional accountants appointed by the Company
(who may be the auditors of the Company) and acceptable to the Lender. Such accountants shall have access to all necessary records
of the Company and any such determination will be binding upon the Company, the Lender and shareholders of the Company. If any
such determination is made, the Company will deliver a certificate of the Company to the Lender describing such determination.

 

3.5.3 The
Company shall, from time to time immediately after the occurrence of any event which requires an adjustment or re-adjustment as
provided in Section 3.4, deliver a certificate of the Company to the Lender specifying the nature of the event requiring the same
and the amount of the necessary adjustment and setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based, and, if reasonably required by the Lender, such certificate and the amount of the adjustment specified
therein shall be verified by an opinion of a firm of nationally recognized chartered professional accountants appointed by the
Company (who may be the auditors of the Company) and acceptable to the Lender.

 

4. Obligations
Upon Issuance of Conversion Shares.

 

4.1  Meaning
of Conversion Shares: The Common Shares issuable pursuant to the conversion of the Obligations, shall be referred to in this
Convertible Note as the “Conversion Shares”.

 

4.2  Surrender
of Convertible Note: Subject to Section 4.3 below, upon issuance of the Conversion Shares, the Lender shall surrender this
Convertible Note to the Company marked “paid in full” and upon such surrender the Company shall forthwith issue and
deliver to the Lender, certificate(s) evidencing the Conversion Shares. Thereupon, the Lender shall be entered in the books of
the Company as at the date of the conversion of the Principal Amount into the Conversion Shares as the holder of the Conversion
Shares. For greater certainty, subject to Section 4.3 below, upon the issuance of Conversion Shares and the payment in cash in
respect of any fractional shares in accordance with Section 4.4 of this Convertible Note, the Lender’s right, title and interest
in and to this Convertible Note shall be of no further force or effect.

 

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4.3  Partial
Conversion: Upon the Lender exercising the right of conversion in respect of only a part of this Convertible Note and surrendering
this Convertible Note to the Company, the Company shall cancel the same and shall without charge forthwith certify and deliver
to the Lender a new Convertible Note in an aggregate principal amount equal to the unconverted part of the Principal Amount of
this Convertible Note so surrendered.

 

4.4  No
Fractional Shares: No fractional shares shall be issued in connection with the issuance of the Conversion Shares. If any fractional
interest in the Conversion Shares would, except for the provisions of this Section, be deliverable upon the conversion of this
Convertible Note, the Company shall, in lieu of delivering any certificate of fractional interest, satisfy the fractional interest
by paying to the Lender an amount of lawful money of the United States of America equal (computed to the nearest whole cent, with
one-half of a cent being rounded up) to the Principal Amount outstanding after so much of the Principal Amount as may be converted
into a whole number of Common Shares has been so converted.

 

4.5  Shareholder
Agreement: The issuance of Conversion Shares is conditional upon the Lender executing and delivering an acknowledgement, in
form and substance acceptable to the Company, under which the Lender agrees to become a party to and be bound by any shareholder
agreement entered into between the Company and its shareholders and any other shareholder agreements of the Company in effect from
time to time (collectively, the “Shareholder Agreement”).

 

4.6  Termination
and Discharge. Upon the conversion or the payment of the Obligations in full, this Convertible Note shall terminate and the
Company shall be released and discharged by the Lender from all of the Company’s obligations and agreements hereunder. Following
the conversion or the payment of the Obligations in full and the issuance of the Conversion Shares, if applicable, the Lender shall
execute and deliver (and cause the Agent to execute and deliver), at the Company’s expense, all such documents, instruments
and agreements as the Company may reasonably request to effect such release, discharge and reconveyance of security.

 

4.7  Reservation
of Common Shares. The Company covenants and agrees that so long as any part of the Principal Amount outstanding hereunder or
interest under this Convertible Note remains outstanding it will at all times reserve out of its unissued Common Shares against
the conversion rights conferred on the Lender herein a sufficient number of unissued Common Shares so as to entitle all of such
Principal Amount at any time to be converted upon the basis and upon the terms and conditions provided for herein.

 

4.8
 Notice of Special Matters. The Company shall give notice to the Lender, in the
manner provided in Section 9.9, of its intention to fix a record date for any event mentioned in Section 3.4 which may give rise
to an adjustment in the Conversion Shares which may be acquired pursuant to Section 3 or
Section 4, and, in each case, such notice shall specify the particulars
of such event and the record date and the effective date for such event; provided that the Company shall only be required to specify
in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given.
Such notice shall be given not less than 14 days prior to such applicable record date.

 

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5. Prepayment
Terms.

 

5.1  Company
Repayment: Other than in respect of the conversion of the Principal Amount in accordance with the terms hereof, the Obligations
may not be prepaid prior to the Maturity Date.

 

5.2  Mandatory
Repayment: At the sole discretion of the Lender, the Obligations shall be repayable in full upon the occurrence of a Change
of Control (as defined below).

 

6. Affirmative
and Negative Covenants.

 

6.1  Affirmative
Covenants. The Company hereby covenants and agrees with the Lender that it will, and it will cause each of the Guarantors to:

 

6.1.1 duly
and punctually pay all principal, interest and other amounts due hereunder at the times and in the manner specified herein;

 

6.1.2 maintain
its corporate existence in good standing, continue to carry on its business, preserve its rights, powers, licences, privileges,
franchises and goodwill, including all material permits (including those related to Cannabis) necessary to carry on business in
all applicable jurisdictions, maintain all qualifications necessary to carry on business (including, without limitation, those
related to Cannabis related activities) in each applicable jurisdiction, and conduct its business in a proper and efficient manner
so as to protect its property and income;

 

6.1.3 comply
in all material respects with all Applicable Laws; and without limiting the generality of the foregoing the Company shall and shall
cause each other Obligor to:

 

(i) engage
in Medical Cannabis-Related Activities only in Medical Cannabis Jurisdictions, and in accordance with all Applicable Laws therein;

 

(ii) engage
in Non-Medical Cannabis-Related Activities only in Non-Medical Cannabis Jurisdictions, and in accordance with all Applicable Laws
therein; and

 

(iii) ensure
that all activities of the Obligors relating to the sale of Cannabis and Cannabis-related products occur solely in facilities licensed
by Governmental Authorities in Cannabis Jurisdictions or are delivered to purchasers in Cannabis Jurisdictions in accordance with
the Applicable Laws of such Cannabis Jurisdictions;

 

6.1.4 manage
and operate its business in accordance with all Applicable Laws;

 

6.1.5 permit
the Lender and each of its authorized representatives, upon prior written notice from the Lender, to discuss the affairs, finances
and condition of the Company and the other Included Obligors with the Company and its authorized representatives (including participating
in telephone calls), at such times and as often as reasonably required by the Lender;

 

6.1.6 fulfill
all covenants and obligations required to be performed by it under this Convertible Note and the other Loan Documents;

 

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6.1.7 provide
written notice to the Lender of each of the following promptly after the occurrence thereof:

 

(i) any
Event of Default;

 

(ii) receipt
of any notice of the termination or suspension of, or a material default under, any material agreement or material permit (including,
without limitation, those related to Cannabis related activities);

 

(iii) all
amendments to material permits (including, without limitation, those related to Cannabis related activities);

 

(iv) all
material correspondence and notices received from any Governmental Authority or stock exchange with respect to any material permit,
cease trade order, or any regulatory or other investigations into the Company’s practices;

 

(v) all
material correspondence and notices received from Colombia (or any Governmental Authority thereof) in respect of Clever Leaves;
and

 

(vi) the
incorrectness of any representation or warranty contained herein in any material respect;

 

6.1.8 permit
the Lender and its employees and agents to inspect its properties, assets, books and records from time to time (x) prior to an
Event of Default which is continuing, at reasonable times during normal business hours and upon reasonable notice and in a manner
(whether in-person, by telephone or by any electronic means) which does not materially interfere with its business, and (y) following
an Event of Default and for so long as it is continuing, at any time with or without notice to the Company or any other Guarantor;
and to permit the Lender and its employees and agents to make copies of and abstracts from such books and records and discuss its
affairs, finances and accounts with any of its officers, directors, accountants and auditors; provided that, in respect of Eagle
Holdings and Clever Leaves only, in respect of any such inspection, the Lender agrees to comply with Section 3.7(g) of that certain
amended and restated shareholders agreement dated as of January 18, 2019 of Eagle Holdings;

 

6.1.9 provide
the Lender with such further information, financial data, documentation and other assurances as the Lender may reasonably require
from time to time;

 

6.1.10 pay
all taxes imposed on it, or on its income or profits or its assets, when due and payable, except for any taxes assessed against
the Company or its subsidiaries which they are in good faith contesting pursuant to a bona fide dispute process; and

 

6.1.11 to
the extent commercially reasonable in the circumstances, maintain insurance coverage with responsible insurers, in amounts and
against risks normally insured by owners of similar Cannabis businesses or assets in the same or in a reasonably similar jurisdiction.
Promptly on the happening of any material loss or damage, the Company will furnish or cause to be furnished at its own expense
all necessary proofs and will do all necessary acts to enable the Lender to obtain payment of the insurance monies, which, in the
reasonable discretion of the Lender, may be applied in reinstating the insured property or be paid to the Company or the subsidiaries
or be applied in payment of the Obligations, whether due or not then due, or paid partly in one way and partly in another.

 

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6.2  Negative
Covenants. The Company hereby covenants and agrees with the Lender that the Company will not, and shall ensure that each of
the Guarantors shall not, in each case, without the prior written consent of the Lender:

 

6.2.1 create,
incur or assume any debt, except for (i) Subordinated Debt, and (ii) debt incurred by any direct or indirect subsidiary of the
Company, other than Northern Swan International, Inc.;

 

6.2.2 guarantee,
give financial assistance to, or render itself liable in any manner whatsoever, directly or indirectly, for any debt or obligation
whatsoever, of any other Person, except for (i) guarantees in respect of Subordinated Debt, (ii) guarantees in respect of debt
permitted by Section 6.2.1 above provided by any direct or indirect subsidiary of the Company, other than Northern Swan International,
Inc., or (iii) guarantees provided in support of an affiliate or subsidiary not exceeding One Million United States Dollars (US$1,000,000);

 

6.2.3 grant
or suffer to exist any Encumbrance in respect of any of its property, except any Encumbrance in respect of:

 

		(i)	Subordinated Debt;

 

		(ii)	debt permitted by Section 6.2.1 or Section 6.2.2 above;

 

		(iii)	liens for taxes not due or the validity of which is being contested in good faith by appropriate
legal proceedings;

 

		(iv)	liens in respect of judgments or awards against the Company for an amount, collectively, not in
excess of Five Hundred Thousand United States Dollars (US$500,000), with respect to which the Company is contesting in good faith
by appropriate legal proceedings;

 

		(v)	inchoate or statutory liens of contractors, subcontractors, mechanics, workers, suppliers, materialmen,
carriers and others, arising in respect of construction, maintenance, repair or operation of assets in the ordinary course of business
of the Company, provided that such liens are with respect to obligations which are not due or delinquent, are not registered against
title to any assets of the Company, and which liens are being contested in good faith by appropriate legal proceedings;

 

		(vi)	liens given to a public utility or any Governmental Authority when required by such utility or
other authority in connection with the operation of the business or the ownership of the assets of the Company;

 

		(vii)	servicing agreements, development agreements, site plan agreements, and other agreements with Governmental
Authorities pertaining to the use or development of any of the assets of the Company;

 

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		(viii)	liens in favour of the Agent;

 

		(ix)	easements, rights-of-way or servitudes, restrictions and minor imperfections in title on real property;

 

		(x)	purchase money security interests in respect of capital lease obligations and operating lease obligations
for the Company, in the maximum aggregate amount of Three Million United States Dollars (US$3,000,000); and

 

		(xi)	any other liens to which the Lender has consented to in writing;

 

6.2.4 directly
or indirectly (including through any subsidiary) engage or participate in any Medical Cannabis-Related Activities, or make or hold
an Investment in any Person which engages or participates in any Medical Cannabis-Related Activities, in any jurisdiction other
than a Medical Cannabis Jurisdiction;

 

6.2.5 directly
or indirectly (including through any subsidiary) engage or participate in any Non-Medical Cannabis-Related Activities, or make
or hold an Investment in any Person which engages or participates in any Non-Medical Cannabis-Related Activities, in any jurisdiction
other than a Non-Medical Cannabis Jurisdiction;

 

6.2.6 directly
or indirectly (including through any subsidiary) engage or participate in any Prohibited Transaction;

 

6.2.7 solely
as it relates to Cannabis-Related Activities, directly or indirectly (including through any subsidiary) own assets, carry on business
or invest in any entity or business, in each case, in any jurisdiction which is not a Cannabis Jurisdiction (provided that, for
greater certainty, the direct or indirect ownership of any assets, or the carrying on of any business or the investing in any entity
or business which is not engaged in or related to a Cannabis-Related Activity shall not be restricted so long as the owning of
such assets, or the carrying on of such business or the investing in such entity or business are conducted in accordance with the
Applicable Law of such jurisdiction);

 

6.2.8 in
respect of the Company and Northern Swan International, Inc. only, other than a Permitted Reorganization, materially change its
capital structure or the nature of its business, or enter into any transaction whereby all or a substantial portion of its property,
assets and undertaking would become the property of any other individual, corporation, partnership, trust, unincorporated association,
Governmental Authority or any combination of thereof, whether by way of reconstruction, reorganization, recapitalization, consolidation,
amalgamation, merger, transfer, sale or otherwise;

 

6.2.9 in
respect of the Company only, issue any classes of shares, or any equivalent ownership interests in a Person (including partnership,
membership or trust interests therein), other than Common Shares, Class C Preferred Shares or any other preferred shares in the
capital of the Company;

 

6.2.10 enter
into, amend or be a party to any agreement or transaction with, or make any payment to, any Person not acting at arm’s length
(as defined in the Income Tax Act (Canada)) (other than its wholly-owned subsidiaries), other than as disclosed to the Lender,
and on such terms that have not been amended as of the date hereof;

 

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6.2.11 (i)
declare or pay any dividend or incur any liability to make any other payment or distribution of cash, other property or other assets
in respect of any class of its capital stock, warrants, options or other rights with respect to any shares of any class of its
capital stock, other than a dividend or any such distribution by a Guarantor to the Borrower or among Guarantors; (ii) make any
payment or distribution, or apply any of its funds, property or assets on account of the purchase, redemption, defeasance, sinking
fund, retirement, or any other reduction of any class of its capital stock, warrants, options or other rights with respect to any
shares of any class of its capital stock, other than any such payment or distribution among Obligors; (iii) make any repayment,
redemption, purchase or other disfeasance or discharge of any indebtedness owing to, or make any other payment to, any affiliate,
other than an Obligor (including payments of principal, interest or otherwise on account of in reduction of inter-corporate debt);
or (iv) make any deposit for any of the foregoing purposes or other discharge of any indebtedness incurred by an affiliate;

 

6.2.12 directly
or indirectly sell, lease, assign, transfer, covey or otherwise dispose of (whether in one or a series of transactions) its property
and assets except for sales (i) of equipment, fixtures or materials that are worn-out or obsolete or have been replaced and are
not required for the conduct by the Company or any of its subsidiaries of its business, (ii) of inventory made in the ordinary
course and as part of the normal operation of its business, (iii) of property and assets (including any equity interests in any
Person) in which the proceeds of such sale are paid to an Obligor and are not distributed to any Person other than to another Obligor,
or (iv) otherwise made with the prior written consent of the Lender; or

 

6.2.13 amend
its articles in any manner which is reasonably likely to result in a Material Adverse Change.

 

6.3  Reporting
Covenants. The Company hereby covenants and agrees with the Lender that the Company will cause to be delivered to the Lender the
following financial and other information:

 

6.3.1 monthly,
within 45 days after the end of each month, internally prepared monthly financial statements, on a consolidated and unconsolidated
basis, in respect of the most recently completed month prepared in accordance with GAAP, provided that the first such internally
prepared monthly financial statement shall be in respect of the month ended June 30, 2019;

 

6.3.2 quarterly,
within 45 days after the end of each fiscal quarter of the Company, the unaudited financial statements of the Company, on a consolidated
and unconsolidated basis, in respect of the most recently completed fiscal quarter of the Company prepared in accordance with GAAP
except that such financial statements shall not include any notes thereto and shall be subject to normal year-end adjustments,
provided that the first such unaudited financial statements shall be in respect of the fiscal quarter ended June 30, 2019;

 

6.3.3 annually,
within 60 days after the end of each fiscal year of the Company, the unaudited year-end financial statements of the Company in
respect of such fiscal year, accompanied by management’s discussion and analysis, provided that the first such unaudited
year-end financial statements shall be in respect of the fiscal-year ended December 31, 2019;

 

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6.3.4 annually,
within 90 days after the end of each fiscal year of the Company, the audited year-end financial statements of the Company in respect
of such fiscal year, accompanied by management’s discussion and analysis and a copy of the Company’s auditor’s
letter to management, provided that the first such audited year-end financial statements shall be in respect of the fiscal-year
ended December 31, 2019; and

 

6.3.5 a
compliance certificate from the Chief Executive Officer or Chief Financial Officer of the Company confirming compliance with each
of the representations and warranties and covenants contained herein, concurrently with the delivery of the quarterly financial
statements referred to in Section 6.3.2 above.

 

6.4 Rule
144A Information Requirement and Annual Reports.

 

6.4.1 At
any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, and not exempt from reporting pursuant to Rule
12g3-2(b) under the Exchange Act, the Company shall, so long as this Convertible Note or any Common Shares issuable upon conversion
hereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, promptly provide to the Lender, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act to facilitate the resale of this Convertible Note or such Common Shares pursuant to Rule 144A. The Company shall take such
further action as the Lender may reasonably request to the extent from time to time required to enable the Lender to sell this
Convertible Note or such Common Shares in accordance with Rule 144A.

 

6.4.2 The
Company shall file with the Agent, within 30 days after the same are required to be filed with the Commission (giving effect to
any grace period provided by Rule 12b-25 under the Exchange Act), copies of any documents or reports that the Company is required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act. Any such document that the Company files with
the Commission via the Commission’s EDGAR system (or any successor system) or SEDAR (or any successor system) shall be deemed
to be filed with the Agent for purposes of this Section at the time such documents are filed via the EDGAR or SEDAR system (or
such respective successor), it being understood that the Agent shall not be responsible for determining whether such filings have
been made.

 

6.4.3 Delivery
of the reports, information and documents described in Section 6.4.2 to the Agent is for informational purposes only, and the information
and the Agent’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder.

 

7. Representations
and Warranties.

 

7.1  The
Company hereby represents and warrants to the Lender with respect to itself and also with respect to each Guarantor that:

 

7.1.1 No
Default. No default has occurred and is continuing under any material agreement to which it is a party or by which its properties
are bound;

 

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7.1.2 Status;
Corporate Power and Qualification. It:

 

		(i)	is a corporation duly incorporated, organized, validly existing and in good standing under the
laws of its jurisdiction of incorporation;

 

		(ii)	is duly qualified to conduct business and is in good standing in each other jurisdiction where
its ownership or lease of property or the conduct of its business requires such qualification;

 

		(iii)	has the requisite corporate power and authority and the legal right to own, pledge, mortgage, hypothecate
or otherwise encumber and operate its properties and assets, to lease the property it operates under lease and to conduct its business
as presently conducted in the jurisdictions in which it currently carries on business;

 

		(iv)	is in compliance with its constating documents and by-laws; and

 

		(v)	is in material compliance with all applicable provisions of Applicable Law;

 

7.1.3 Authorization;
Execution and Delivery; Approval and Conflict. The execution, delivery and performance by it of this Convertible Note and the
other Loan Documents and the creation of the Encumbrances in favour of the Lender (each as applicable):

 

		(i)	are within its corporate power;

 

		(ii)	have been duly authorized by all necessary or proper corporate and shareholder action;

 

		(iii)	do not contravene any provision of its constating documents or by-laws or any resolutions passed
by its directors (or any committee thereof) or shareholders;

 

		(iv)	do not result in any breach or violation of any statute or any judgment, decree, order, rule, policy
or regulation of any court, governmental authority, arbitrator, stock exchange or securities regulatory authority applicable to
it or any of its properties or assets;

 

		(v)	do not conflict with or result in the breach or termination of, constitute a default under or accelerate
or permit the acceleration of any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument
to which it is a party or by which it or any of its property or assets is bound; and

 

		(vi)	do not require the consent, approval, authorization, order or agreement of, or registrations or
qualification with any Governmental Authority or any other Person;

 

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7.1.4 Validity
of Agreements. Each of this Convertible Note and the other Loan Documents to which it is a party has been duly executed and
delivered by it and constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms,
subject only to:

 

		(i)	applicable bankruptcy, insolvency, liquidation, reorganization, reconstruction, moratorium laws
or similar laws affecting creditors’ rights generally; and

 

		(ii)	the fact that the availability of equitable remedies, such as specific performance and injunctive
relief, are in the discretion of a court and may not be available where damages are considered an equitable remedy;

 

7.1.5 Taxes
and Filings. All tax returns, reports and statements, including information returns, required by any governmental authority
to be filed by it have been filed with the appropriate governmental authority and all taxes have been paid prior to the date on
which any fine, penalty, interest or late charge may be added thereto for non-payment thereof (or any such fine, penalty, interest,
late charge or loss has been paid). Proper and accurate amounts have been withheld by it from payments to its employees, customers
and other applicable payees for all periods in full as required by all Applicable Laws and such withholdings have been timely paid
to the respective governmental authorities;

 

7.1.6 Authorized Capital.
The authorized capital of the Company consists of: (A) the following common shares: (i) an unlimited number of class A voting common
shares, of which               are issued and outstanding
as of the date hereof; (ii)  an unlimited number of class B voting common shares, of which               
are issued and outstanding as of the date hereof; (iii) an unlimited number of class C non-voting common shares, of which               
are issued and outstanding as of the date hereof; and (B) an unlimited number of Class C Preferred Shares, of which               
Class C Preferred Shares are issued and outstanding as of the Business Day immediately preceding the date hereof.  Except
pursuant to the Loan Documents, (i) other than (A) Class C Preferred Shares to be in connection with the Series C Offering, (B)
              Class C Preferred Shares to be issued upon
closing of the Series C Offering, (C)                stock
options exercisable for class A voting shares of the Company, and (D) warrants to purchase               class
A voting common shares,  the Company does not have any outstanding agreement, subscription, warrant, option or commitment
(nor has it granted any right or privilege capable of becoming an agreement, subscription, warrant, option or commitment) obligating
it to issue or sell any Common Shares or other securities, including any security or obligation of any kind convertible into or
exchangeable for Common Shares or other security and (ii) there is no outstanding share or stock appreciation right, phantom equity,
restricted share unit, deferred share unit or similar right, agreement, arrangement or commitment based on the market price of
the Common Shares or the income or any other attribute of the Company or any of its subsidiaries. Except for the amended and restated
shareholders agreement dated March 30, 2018 among the Company and each of the shareholders listed on Schedule A thereto, there
is no outstanding shareholder agreement, proxy, voting trust, right to require registration under any applicable securities legislation
or any other arrangement or commitment to which the Company or any of its subsidiaries is a party or bound, with respect to the
voting, disposition or registration of any outstanding securities of the Company or any of its subsidiaries.

 

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7.1.7 Valid
Issuance of Convertible Note and Conversion Shares. This Convertible Note will be duly and validly created and issued, and
will be free of restrictions on transfer other than restrictions on transfer set forth in this Convertible Note and under applicable
securities legislation. The Common Shares issuable upon the conversion of this Convertible Note will be duly and validly authorized,
allotted and reserved for issuance upon such conversion and will, upon the conversion of this Convertible Note in accordance with
its terms, be validly issued as fully paid and non-assessable shares in the capital of the Company;

 

7.1.8 Corporate
Records. Its corporate records are complete and accurate in all material respects and all corporate proceedings and actions
reflected therein have been conducted or taken in material compliance with all Applicable Laws and with its constating documents.
Without limiting the generality of the foregoing: (i) the minute books contain, in all material respects, complete and accurate
minutes (or drafts thereof) of all meetings of its directors and shareholders and all such meetings were duly called and held;
(ii) the minute books contain all written resolutions passed by its directors and shareholders and all such resolutions were duly
passed; and (iii) the registers of directors and officers are complete and accurate and all of its former and present directors
and officers were duly elected or appointed, as the case may be;

 

7.1.9 Restrictive
Agreements. It is not subject to any restriction under its constating documents or is party or subject to any claim, Encumbrance
or contract, instrument or other agreement which would prevent (i) the consummation of the transactions contemplated by this Convertible
Note or the other Loan Documents, (ii) compliance by it with the terms, conditions and provisions of this Convertible Note or the
other Loan Documents, as applicable, or (iii) it from carrying on its business as currently conducted after the date hereof;

 

7.1.10 No
Material Adverse Change. Since September 30, 2018, there has been no change in the affairs, assets, liabilities, business,
prospects, operations or conditions (financial or otherwise) of the Company, on a consolidated basis, which had or would reasonably
be expected to have a Material Adverse Change;

 

7.1.11 Compliance
with Contracts. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Change, (i) neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any third party is in
breach or default of any contract, instrument or other agreement to which it is a party and (ii) no event has occurred which, with
notice or lapse of time or both, would constitute such a default or breach;

 

7.1.12 Accounting
Controls. Effective from and after the delivery of the initial financial statements provided for in Section 6.3.1 hereof, the
Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that in all material respects
transactions are executed in accordance with management’s general or specific authorization, transactions are recorded as
necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets and access
to assets is permitted only in accordance with management’s general or specific authorization;

 

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7.1.13 Compliance
with Laws, Licenses and Permits. It (i) has conducted and is conducting its business in compliance in all material respects
with all Applicable Laws of each jurisdiction in which it carries on business, (ii) possesses all material approvals, consents,
certificates, registrations, authorizations, permits and licenses issued by the appropriate Governmental Authority necessary to
carry on its business as currently conducted (collectively, the “Permits”), and (iii) will possess all Permits
to be issued by the appropriate Governmental Authority necessary to carry on its business prior to carrying on such business. It
is in compliance in all material respects with the terms and conditions of all such Permits and it has not received any notice
of the material modification, revocation or cancellation of, or any intention to materially modify, revoke or cancel or any proceeding
relating to the modification, revocation or cancellation of any such Permit. Without limiting the generality of the foregoing or
the ability of each Obligor to carry on business not related to Cannabis-Related Activities, each Obligor that carries on Cannabis-Related
Activities represents, with respect to those Cannabis-Related Activities only, that it:

 

		(i)	does not own assets or carry on business in any jurisdiction which is not a Cannabis Jurisdiction;

 

		(ii)	does not own assets or carry on any Medical Cannabis-Related Activities in any jurisdiction which
is not an Medical Cannabis Jurisdiction; and

 

		(iii)	does not own assets or carry on any Non-Medical Cannabis-Related Activities in any jurisdiction
which is not an Non-Medical Cannabis Jurisdiction.

 

7.1.14 Environmental.

 

		(i)	It has conducted, and is conducting, its business in compliance in all material respects with Environmental
Laws;

 

		(ii)	To its knowledge, none of the properties owned or leased by it has been used to generate, manufacture,
refine, treat, recycle, transport, store, handle, dispose, transfer, produce or process Hazardous Substances except in compliance
in all material respects with all Environmental Laws;

 

		(iii)	It has not caused or permitted the release of any Hazardous Substances at, in, on, under or from
any property owned or leased by it except in compliance in all material respects with all Environmental Laws;

 

		(iv)	All Hazardous Substances handled, recycled, disposed of, treated or stored on or off-site of any
of the properties owned or leased by it have been handled, recycled, disposed of, treated and stored in material compliance with
all Environmental Laws and, to its knowledge, there are no Hazardous Substances at, in, on, under or migrating from any of the
aforementioned properties except in material compliance with all Environmental Laws;

 

		(v)	It is in possession of all required environmental approvals (all of which are being complied with
in all material respects) required to own, lease, operate, develop and exploit the properties (as and when acquired) and conduct
its business as it is now being conducted;

 

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		(vi)	No environmental, reclamation or abandonment obligation or work orders or other liabilities presently
exist with respect to any portion of the properties owned or leased by it and, to its knowledge, there is no basis for any such
obligations or liabilities to arise in the future as a result of any activity on any of these properties owned or leased by it;
and

 

		(vii)	It has not received from any Person or Governmental Authority any notice, formal or informal, of
any proceeding, action or other claim, liability or potential liability arising under any Environmental Law that is pending which
would be likely to result in any material action being taken by any Governmental Authority or any other Person;

 

7.1.15 Assets.
It owns or otherwise holds good and valid legal title to, or holds a valid leasehold interest in, all material assets and properties
that are required to conduct its business and operations as presently conducted;

 

7.1.16 Insolvency.
It has not admitted in writing that it is, or has been declared to be, insolvent or unable to pay its debts. It has not committed
an act of bankruptcy or sought protection from its creditors before any court or pursuant to any legislation, proposed a compromise
or arrangement to its creditors generally, taken any proceeding with respect to a compromise or arrangement, taken any proceeding
to be declared bankrupt or wound up, taken any proceeding to have a receiver appointed of any of its assets, had any Person holding
any Encumbrance, charge, hypothec, pledge, mortgage, title retention agreement or other security interest or receiver take possession
of any of its property, had an execution or distress become enforceable or levied upon any portion of its property or had any petition
for a receiving order in bankruptcy filed against it;

 

7.1.17 Legal
Proceedings. There is no material action, suit or proceeding, at law or in equity, by any person, nor any arbitration, administrative
or other proceeding by or before (or to its knowledge any investigation by) any Governmental Authority pending, or, to its knowledge,
threatened against or affecting it or any of its properties or rights and, to its knowledge, there is no valid basis which would
reasonably be expected to result in any such action, suit, proceeding, arbitration or investigation or which would reasonably be
expected to prevent or delay the issuance of this Convertible Note, the execution and delivery of any of the other Loan Documents,
or have a Material Adverse Change on the Company or any Guarantor or its assets. It is not subject to any judgment, order or decree
entered in any lawsuit or proceeding;

 

7.1.18 Insurance.
To the extent commercially reasonable in the circumstances, its assets, business and operations will be insured against loss or
damage with responsible insurers on a basis consistent with insurance obtained by reasonably prudent participants in a comparable
Cannabis business in the same or in a reasonably similar jurisdiction and such coverage shall be in full force and effect, shall
name the Agent as first loss payee and additional insured, and it shall not fail to promptly give any notice or present any material
claim thereunder;

 

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7.1.19 Taxes.
It has duly and timely filed all material returns required to be filed by it prior to the date hereof, other than those which have
been administratively waived, and all such returns are or will be upon filing, true, complete and correct in all material respects.
It has paid or has collected, withheld and remitted to the appropriate Governmental Authority on a timely basis all material Governmental
Charges which are due and payable, other than those which are being or have been contested in good faith and, where payment is
not yet due. No audit, action, investigation, deficiencies, litigation, proposed adjustments or other matters in controversy exist
or have been asserted or threatened with respect to its Governmental Charges, and it is not a party to any action or proceeding
for assessment or collection of Governmental Charges and no such event has been asserted or, to its knowledge, threatened against
it or any of its assets, except where such deficiencies or other matters, actions or proceedings would not reasonably be expected
to have a Material Adverse Change. There are no currently effective material elections, agreements or waivers extending the statutory
period or providing for an extension of time with respect to the assessment or reassessment of any Governmental Charges, or of
the filing of any return or any payment of Governmental Charges by it;

 

7.1.20 Accuracy
of Disclosure. All written and factual information previously or contemporaneously furnished to the Lender by or on behalf
of the Company for purposes of or in connection with this Convertible Note, the other Loan Documents or any transaction contemplated
hereby or thereby, taken as a whole, is true and accurate in every material respect and such information, taken as a whole, is
not incomplete by the omission of any material fact necessary to make such information not misleading; and

 

7.1.21 No
Withholding of Information. The Company has not withheld from the Lender any fact or information relating to the Company or
any of its subsidiaries or to the transactions contemplated by this Convertible Note or the other Loan Documents that would, in
the reasonable opinion of the Company, taken as a whole, be material to the Lender in deciding whether to enter into this Convertible
Note and the other Loan Documents.

 

7.2  Survival
of Representations and Warranties. The representations and warranties of the Company contained in this Convertible Note and
in the other Loan Documents will survive the execution of this Convertible Note. Each representation and warranty will be deemed
to repeat on the first day of each month preceding the Maturity Date, with reference to the facts and circumstances then subsisting,
as if made at such time.

 

8. Events
of Default.

 

8.1  Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default” under this Convertible
Note:

 

8.1.1 default
in the payment, when due or payable, of an obligation to pay principal under this Convertible Note;

 

8.1.2 default
in the payment, when due or payable, of an obligation to pay interest or any other amount under this Convertible Note or any other
Loan Document and such failure remains unremedied for a period of five (5) Business Days;

 

8.1.3 any
Included Obligor ceases to carry on its business; sells all or substantially all of its assets; commits an act of bankruptcy; becomes
insolvent (as such term is defined pursuant to Insolvency Legislation); makes an assignment for the benefit of creditors, files
a petition in bankruptcy or makes a proposal under Insolvency Legislation; admits the material allegations of any petition filed
against it in any proceeding under Insolvency Legislation; commits an act of bankruptcy within the meaning of Insolvency Legislation;
petitions or applies to any tribunal or court for the appointment of any receiver, trustee or similar liquidator of it or all or
a substantial part of its assets; commences a proceeding pursuant to Insolvency Legislation; is wound-up, dissolved or liquidated
or has its existence terminated unless in conjunction with a bona fide corporate reorganization not prohibited hereby in which
a successor of the Person will succeed to its obligations and enter into an agreement with the Lender to that effect or takes any
action for the purpose of effecting any of the foregoing;

 

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8.1.4 any
petition shall be filed or other proceeding commenced in respect of any Included Obligor or any portion of its property under any
Insolvency Legislation; including a proceeding requesting an order approving a reorganization of any Included Obligor, declaring
any Included Obligor bankrupt, or appointing a receiver, trustee or liquidator of any Included Obligor or of all or a substantial
part of its assets, and (i) such Included Obligor shall not in good in faith be actively and diligently contesting and defending
such proceeding in good faith and on reasonable grounds (provided further that in the opinion of the Lender acting reasonably,
the existence of such proceeding does not materially adversely affect the ability of such Included Obligor to carry on its business
and to perform and satisfy its obligations under the Loan Documents) or (ii) such petition or proceeding shall not be abandoned,
dismissed or permanently stayed within a period of 30 days from the date of filing or commencement thereof;

 

8.1.5 failure
of any Obligor to perform or observe any covenant, term, provision, condition, agreement or obligation under this Convertible Note
or any other Loan Document, and provided that such default is capable of being remedied, such default shall continue unremedied
for 30 days from the earlier to occur of (i) the Agent or the Lender providing notice to the Company of such default or (ii) the
Company or such other Obligor, as the case may be, becoming aware of such default;

 

8.1.6 failure
of any Obligor to maintain a material license, permit or authorization (including, without limitation, those related to Cannabis
related activities) which would be reasonably required to carry on such Obligor’s business; provided that if, following the
date hereof, Herbal Brands, Inc. acquires any material license, permit or authorization in connection with any asset sale and commences
the carrying on of business in relation to such assets following the closing of such sale and determines that there is a deficiency,
in whole or in part in any such material license, permit or authorization so acquired, such deficiency shall not constitute an
Event of Default, so long as Herbal Brands, Inc. (A) suspends the carrying on of such business in connection with such acquired
material license, permit or authorization unless otherwise permitted pursuant to Applicable Law and (B) uses commercially reasonable
efforts to remedy same by appropriate actions or proceedings.

 

8.1.7 failure
of any Obligor to comply with either any regulation or any material component or provision of any regulation, in either case, of
any Governmental Authority in any jurisdiction, including, without limitation, Colombia, provided that either (A) such failure
could reasonably result in the suspension or termination of any license, permit or authorization (including, without limitation,
those related to Cannabis related activities) which would reasonably be required to carry on such Obligor’s business or (B)
such failure could reasonably be expected to result in a Material Adverse Change;

 

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8.1.8 the
involvement of any Obligor in, without duplication, (i) any activity which is not in compliance with Applicable Law (provided that
the non-compliance by such Obligor of such Applicable Law could reasonably be expected to result in a Material Adverse Change),
or (ii) any Prohibited Transaction;

 

8.1.9 any
representation or warranty contained in this Convertible Note or any other Loan Document is false or incorrect in any material
respect when made or deemed to be made;

 

8.1.10 receipt
of a cease trade order from any Governmental Authority that would materially restrict the scope and nature of the business which
such Obligor may carry on;

 

8.1.11 any
Person takes possession of any material property of any Included Obligor by way of or in contemplation of enforcement of security,
or a distress, execution, garnishment or similar process is levied or enforced against any Obligor or any such property and such
possession continues in effect and is not released, satisfied, vacated, stayed, or discharged within ten (10) days, and such Obligor
is contesting the same in good faith and by appropriate proceedings;

 

8.1.12 any
Governmental Authority takes any action with respect to all or substantially all of the Included Obligors’ property (taken
as a whole), including any condemnation, seizure or expropriation of any property of any Included Obligor, which materially and
adversely affects the Included Obligors (taken as a whole) or their financial condition, business or operations (taken as a whole);
and without limiting the generality of the foregoing, an item or items of property having a value in excess of $250,000 in the
aggregate shall be deemed to be material;

 

8.1.13 if
this Convertible Note or any of the other Loan Documents ceases to be enforceable in accordance with its terms or any Obligor terminates
or purports to terminate its liability under any Loan Document or disputes the validity or enforceability of any such Loan Document;

 

8.1.14 if
any of the Security ceases to constitute a valid first priority Encumbrance;

 

8.1.15 if
any Change of Control occurs that is not consented to by the Lender in writing;

 

8.1.16 any
Included Obligor is in default in the payment or performance of any of its indebtedness or obligations under any agreement relating
to any indebtedness in excess of One Million United States Dollars (US$1,000,000) in the aggregate (other than the indebtedness
under this Convertible Note) after the expiry of any grace or cure periods relating thereto; or

 

8.1.17 one
or more final judgments or decrees for the payment of money shall have been obtained or entered against any Included Obligor in
excess of One Million United States Dollars (US$1,000,000) in the aggregate and shall remain unpaid for a period in excess of 30
days; unless such judgment is fully covered by insurance (subject to a reasonable deductible amount) and the insurer thereof has
confirmed such coverage in writing.

 

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8.2  Continuing
Event of Default: If an Event of Default shall occur and be continuing, the Lender may, at its option, by written notice to
the Company and the Agent declare the Obligations to be immediately due and payable without further notice or demand, whereupon
this Convertible Note shall become immediately due and payable without presentment, demand or protest, all of which are hereby
waived by the Company.

 

8.3  Rights
of the Lender. Subject to and in accordance with the Intercreditor and Collateral Agency Agreement, the Lender, without exonerating
in whole or in part the Company, may grant time, renewals, extensions, indulgences, releases and discharges to, may take securities
from and give the same and any or all existing securities up to, may abstain from taking securities from or from perfecting securities
of, may accept compositions from, and may otherwise deal with the Company and all other Persons and securities as the Lender may
see fit.

 

Nothing herein shall
obligate the Lender to extend or amend any credit to the Company or to any other Person.

 

9. Miscellaneous.

 

9.1  Effectiveness
of this Convertible Note; Advance of Principal Amount: This Convertible Note shall not become effective, and the Lender shall
have no obligation to advance the Principal Amount, until each of the following conditions precedent have been satisfied to the
satisfaction of the Lender:

 

9.1.1 the
Lender shall have received a fully executed copy of this Convertible Note and the other Loan Documents;

 

9.1.2 the
Lender shall have completed and shall be satisfied with its legal and business due diligence in respect of the Company and the
Guarantors;

 

9.1.3 the
Agent shall have received a pledge agreement from the Company creating a first-ranking security interest in the equity interests
of the Subsidiaries, together with the original share certificates with respect to such equity interests and stock transfer powers
of attorney in respect thereof;

 

9.1.4 the
Lender shall have received evidence satisfactory to it that the Company has raised in excess of Twenty-Five Million United States
Dollars (US$25,000,000) from the proceeds of the issuance of Class C Preferred Shares;

 

9.1.5 the
Company and each of the Guarantors shall have delivered an officer’s certificate attaching certified copies of their constating
documents, a certificate of incumbency and certified directors’ resolutions authorizing the transactions contemplated hereby;

 

9.1.6 the
Lender shall be in receipt of all legal opinions required by it, in form and substance satisfactory to the Lender;

 

9.1.7 all
required filings and registrations shall have been made which, in the reasonable opinion of the Lender’s counsel, are desirable
or required to make effective the security interest created or intended to be created by the Company in favour of the Lender and
to ensure the perfection and priority of the security interest; and

 

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9.1.8 the
Lender shall have received such additional evidence, documents or undertakings as they may require to complete the transactions
contemplated hereby in accordance with the terms and conditions contained herein.

 

9.2  Transfer
of Convertible Note: The Company may not assign, transfer or deliver all or any part of its rights or obligations hereunder
without the prior written consent of the Lender. At any time prior to an Event of Default, this Convertible Note may not be transferred
or assigned by the Lender other than (i) with the written consent of the Company, or (ii) a transfer or assignment to an Affiliate
of the Lender. As used herein, the term “Affiliate” means an entity that directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Lender. Following an Event of Default, the
Lender may, upon notice to (but without the consent of) the Company, transfer or assign this Convertible Note to any assignee,
including any direct Competitor of any Obligor (provided that, following notice to the Company of any such assignment to a Competitor,
if the Lender has not declared the Obligations to be immediately due and payable in accordance with Section 8.3 of this Convertible
Note, the Company shall have the right to repay the Obligations, in full either prior to or after the effectiveness of such assignment).
The Company shall provide prompt written notice of any such transfer or assignment to the Agent and the Paying Agent. Upon the
Paying Agent’s receipt of a written notice of any such transfer or assignment, the Paying Agent shall revise the Convertible
Note register accordingly.

 

9.3  Certain
Waivers. Except to the extent set out in this Convertible Note, the Company hereby expressly and irrevocably waives presentment,
demand, protest, notice of protest and any other formalities of any kind.

 

9.4  Entire
Agreement. This Convertible Note, together with all other instruments, documents, and agreements contemplated by this Convertible
Note (including, without limitation, the Loan Documents), constitute the full and entire understanding and agreement between the
Company and the Lender with respect to the subject matter hereof and replace all other agreements between the Company and the Lender
with respect to these matters including, without limitation, the term sheet outlining the proposed terms of this Convertible Note.

 

9.5  Currency.
All references to currency in this Convertible Note are to the lawful currency of the United States of America.

 

9.6  Governing
Law. This Convertible Note shall be governed by and interpreted in accordance with the laws of the Province of British Columbia
and the federal laws of Canada applicable therein. Without prejudice to the right of the Lender to commence any proceedings with
respect to this Convertible Note in any other proper jurisdiction, the Company hereby attorns and submits to the non-exclusive
jurisdiction of the courts of the Province of British Columbia, provided that the Lender shall be entitled to commence actions
in the courts of any other jurisdiction in its discretion for the purpose of enforcing the provision of this Convertible Note or
any of the other Loan Documents.

 

9.7  Waiver.
No act or omission by the Lender in any manner whatever shall extend to or be taken to affect any provision hereof or any subsequent
breach or default or the rights resulting therefrom save only an express waiver in writing. No waiver of any of the provisions
of this Convertible Note shall be deemed to constitute a waiver of any other provisions (whether or not similar), nor shall such
waiver constitute a waiver or continuing waiver unless expressly provided in writing duly executed by the party to be bound thereby.
A waiver of default shall not extend to, or be taken in any manner whatsoever to affect the rights of the Lender with respect to
any subsequent default, whether similar or not. The Company waives every defence based upon any or all indulgences that may be
granted to the Lender.

 

9.8  No
Merger or Novation. Neither the taking of any judgment nor the exercise of any power of seizure or sale shall operate to extinguish
the liability of the Company to pay the moneys owing hereby nor shall the same operate as a merger of any covenant herein contained
or of any other Obligation, nor shall the acceptance of any payment or security constitute or create any novation.

 

    29

     

    

 

9.9  Notices.
All notices, requests, demands or other communications (collectively, “Notices”) by the terms hereof required
or permitted to be given by one party to the other party, or to any other Person shall be given by e-mail as the primary and required
form of notice with return receipt confirmed and, as a supplemental form of notice only, in writing by personal delivery or by
registered mail, postage prepaid, or by facsimile transmission to such other party at:

 

(a)    to
the Lender at:

[                ]

 

Attention:

Email: 

 

(b)     to
the Company at:

 

489 Fifth Ave

Floor 27

New York, NY

10017

 

Attention:   Kyle
Detwiler

Email:         kyle@northernswan.com

 

or at such other address
as may be given by such party to the other party hereto in writing from time to time. All such Notices shall be deemed to have
been received when delivered or transmitted, or, if mailed, seventy-two (72) hours after 12:01 a.m. on the day following the day
of the mailing thereof. If any Notice shall have been mailed and if regular mail service shall be interrupted by strikes or other
irregularities, such Notice shall be deemed to have been received seventy-two (72) hours after 12:01 a.m. on the day following
the resumption of normal mail service, provided that during the period that regular mail service shall be interrupted, all Notices
shall be given by Personal delivery, by facsimile transmission or by e-mail.

 

9.10  Amendments.
This Convertible Note may only be amended by written agreement signed by each of the parties hereto.

 

9.11 Expenses.
Whether or not the transactions contemplated by this Convertible Note shall be consummated, the Company agrees to pay on demand
by or on behalf of the Lender all reasonable costs and expenses incurred by the Lender, including the reasonable fees and disbursements
of any expert or advisers (including, without limitation, lawyers) incurred in connection with the preparation, negotiation, execution,
administration or interpretation of this Convertible Note and the other Loan Documents, any amendment, modification or waiver of
any of the provisions thereof, the protection and enforcement of the rights of the Lender provided for thereby, the enforcement
of this Convertible Note and the other Loan Documents and the preparation of any waivers, partial discharges and similar matters
which may be required in respect thereof. All statements, reports, certificates, opinions, appraisals and other documents or information
required to be furnished to the Lender by the Company under this Convertible Note shall be supplied by the Company without cost
to the Lender.

 

9.12  Payments
without Deduction. All payments to be made by the Company under this Convertible Note (whether on account of principal, interest,
fees, costs or any other amount) shall be made in United States dollars and shall be made in freely transferable, immediately available
funds and without set-off, withholding or deduction of any kind whatsoever, except to the extent required by Applicable Law.

 

[Remainder of this page is intentionally
left blank; Signature page follows]

 

    30

     

    

 

IN WITNESS WHEREOF, this Convertible
Note has been duly executed on behalf of the undersigned as of the date first indicated above.

 

	 	NORTHERN SWAN HOLDINGS, INC. 
	 	 
	 	By:	
	 	 	Name:  
	 	 	Title:

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