On February 27, 2020, Jeffrey Schwarz, the Chief Executive Officer of HL Acquisitions Corp. (the 'Company'), loaned the Company an aggregate of $175,000 for working capital purposes. The loans were evidenced by promissory notes in an aggregate principal amount of $175,000 (the 'Notes'). The Notes are non-interest bearing and payable upon the consummation by the Company of a merger, share exchange, asset acquisition, or other similar business combination, with one or more businesses or entities (a “Business Combination”). Upon consummation of a Business Combination, approximately $22,000 of the principal balance of the Notes may be converted, at the holder’s option, into warrants of the Company at a price of $1.00 per warrant, with the balance of the Notes being payable in cash. The terms of the warrants will be identical to the warrants issued by the Company in its initial public offering, except the warrants will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial holder or its permitted transferees. If a Business Combination is not consummated, the Notes will not be repaid by the Company and all amounts owed thereunder by the Company will be forgiven except to the extent that the company has funds available to it outside of its trust account established in connection with the initial public offering (the 'Trust Account'). The issuance of the Notes was exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.