EX-10.16






 Exhibit 10.16 

TRULIEVE CANNABIS CORP. 
 -
and - 
 ODYSSEY TRUST COMPANY 

- and - 
 EACH OF THE PERSONS
LISTED ON SCHEDULE “A” 
 HERETO 

COATTAIL AGREEMENT 

September 21, 2018 













 TABLE OF CONTENTS 

 

							
	 Article 1 DEFINITIONS AND INTERPRETATION
	  	 	4	 
			
	 1.1
	    	Definitions	  	 	4	 
			
	 1.2
	    	Interpretation not Affected by Headings, etc.	  	 	4	 
			
	 1.3
	    	Number, Gender, etc.	  	 	4	 
			
	 1.4
	    	Statutory References	  	 	4	 
			
	 1.5
	    	Including	  	 	4	 
		
	 Article 2 PURPOSE OF AGREEMENT
	  	 	5	 
			
	 2.1
	    	Establishment of Trust	  	 	5	 
			
	 2.2
	    	Restriction on Sale	  	 	5	 
			
	 2.3
	    	Permitted Sale	  	 	5	 
			
	 2.4
	    	Improper Sale	  	 	6	 
			
	 2.5
	    	Assumptions	  	 	6	 
			
	 2.6
	    	Prevention of Improper Sales	  	 	7	 
			
	 2.7
	    	Supplemental Agreements	  	 	7	 
			
	 2.8
	    	Security Interest	  	 	7	 
			
	 2.9
	    	All Sales Subject to Articles	  	 	7	 
		
	 Article 3 ACCEPTANCE OF TRUST
	  	 	7	 
			
	 3.1
	    	Acceptance and Conditions of Trust	  	 	7	 
			
	 3.2
	    	Enquiry by Trustee	  	 	8	 
			
	 3.3
	    	Request by SVS Holders	  	 	9	 
			
	 3.4
	    	Condition to Action	  	 	9	 
			
	 3.5
	    	Limitation on Action by SVS Holder	  	 	9	 
		
	 Article 4 COMPENSATION
	  	 	9	 
			
	 4.1
	    	Fees and Expenses of the Trustee	  	 	9	 
		
	 Article 5 INDEMNIFICATION
	  	 	10	 
			
	 5.1
	    	Indemnification of the Trustee	  	 	10	 
		
	 Article 6 CHANGE OF TRUSTEE
	  	 	10	 
			
	 6.1
	    	Resignation	  	 	10	 
			
	 6.2
	    	Removal	  	 	11	 
			
	 6.3
	    	Successor Trustee	  	 	11	 
			
	 6.4
	    	Notice of Successor Trustee	  	 	11	 
		
	 Article 7 TERMINATION
	  	 	11	 
			
	 7.1
	    	Term	  	 	11	 
			
	 7.2
	    	Survival of Agreement	  	 	11	 
		
	 Article 8 GENERAL
	  	 	12	 
			
	 8.1
	    	Obligations of the Shareholders not Joint	  	 	12	 
			
	 8.2
	    	Compliance with Privacy Laws	  	 	12	 
			
	 8.3
	    	Anti-Money Laundering Regulations	  	 	12	 















							
			
	 8.4
	    	Third Party Interests	  	 	12	 
			
	 8.5
	    	Severability	  	 	13	 
			
	 8.6
	    	Amendments, Modifications, etc.	  	 	13	 
			
	 8.7
	    	Ministerial Amendments	  	 	13	 
			
	 8.8
	    	Force majeure	  	 	13	 
			
	 8.9
	    	Amendments only in Writing	  	 	14	 
			
	 8.10
	    	Meeting to Consider Amendments	  	 	14	 
			
	 8.11
	    	Enurement	  	 	14	 
			
	 8.12
	    	Notices	  	 	14	 
			
	 8.13
	    	Notice to a Holder	  	 	14	 
			
	 8.14
	    	Further Acts	  	 	14	 
			
	 8.15
	    	Entire Agreement	  	 	15	 
			
	 8.16
	    	Counterparts	  	 	15	 
			
	 8.17
	    	Language	  	 	15	 
			
	 8.18
	    	Jurisdiction	  	 	15	 
			
	 8.19
	    	Attornment	  	 	15	 
		
	 Schedule “A”
	  	 	17	 
		
	 SHAREHOLDERS
	  	 	17	 
		
	 SCHEDULE “B” Adoption Agreement
	  	 	18	 
		
	 Schedule “C” Trustee Fees
	  	 	19	 














 COATTAIL AGREEMENT 

THIS AGREEMENT dated the 21st day of September, 2018, AMONG: 

TRULIEVE CANNABIS CORP. (formerly known as Schyan Exploration Inc.), a corporation existing under the Business Corporations Act
(British Columbia), 
 (the “Company”) 

- and – 
 ODYSSEY TRUST
COMPANY, a trust company existing under the laws of Alberta, as trustee for the benefit of the Holders (as defined below) 
 (the
“Trustee”) 
 - and – 

Each of the persons listed on Schedule “A” hereto and any person who becomes a party to this Agreement be executing an adoption
agreement in the form set forth in Schedule “B” hereto 
 (collectively, the “Shareholders”) 

WHEREAS by articles of amendment effective on September 19, 2018, the Company amended its articles (which, as amended, are referred to
as the “Articles”) to amend and re-designate its existing common shares as subordinate voting shares (the “Subordinate Voting Shares”) and to create a class of multiple voting shares (the “Multiple Voting
Shares”) and a class of super voting shares (the “Super Voting Shares”); 
 AND WHEREAS the Shareholders,
on the date hereof, holds all of the Super Voting Shares that are issued and outstanding as of the date of this Agreement; 
 AND WHEREAS
it is the expectation of the Shareholders that the Subordinate Voting Shares will be listed on the Canadian Securities Exchange (the “CSE”); 

AND WHEREAS the Shareholders and the Company wish to enter into this Agreement in order to secure the listing of the Subordinate Voting
Shares on the CSE, and derive the benefit of such listing, and for the purpose of ensuring that the holders, from time to time, of the Subordinate Voting Shares (collectively, the “SVS Holders”) and the holders, from time to time,
of the Multiple Voting Shares (together with the SVS Holders, the “Holders”) will not be deprived of any rights under applicable take- over bid legislation to which they would have been
entitled in the event of a take-over bid for the Super Voting Shares if the Super Voting Shares had been Subordinate Voting Shares or Multiple Voting Shares, as applicable; 

AND WHEREAS pursuant to the Articles, Super Voting Shares will, inter alia, automatically convert into Multiple Voting Shares
upon any transfer that is not a transfer to a Permitted Holder (as such term is defined in the Articles); 

  
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 AND WHEREAS the Shareholders and the Company hereby acknowledge that any transfer or
sale of Super Voting Shares, whether in accordance with this Agreement or otherwise, shall in all circumstances be subject to the provisions of the Articles, including those relating to the automatic conversion of Super Voting Shares into Multiple
Voting Shares; 
 AND WHEREAS any person who becomes a party to this agreement shall execute an adoption agreement in the form set
out in schedule “A” hereto; 
 AND WHEREAS the Shareholders and the Company wish to constitute the Trustee as a trustee for
the Holders so that the Holders, through the Trustee, will receive the benefits of this Agreement, including the covenants of the Shareholders and the Company contained herein; 

AND WHEREAS these recitals and any statements of fact in this Agreement are, and shall be deemed to be, made by the Shareholder and the
Company and not by the Trustee; 
 NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement
and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties) the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATION 
  

	1.1	 Definitions 



In this Agreement, capitalized terms that are not otherwise defined shall have the meaning given to them in the Articles. 

 

	1.2	 Interpretation not Affected by Headings, etc. 



The division of this Agreement into articles, sections and paragraphs and the insertion of headings are for convenience of reference only and
shall not affect the construction or interpretation of this Agreement. 
  

	1.3	 Number, Gender, etc. 



Words importing the singular number only shall include the plural and vice versa. Words importing the use of any gender shall include all
genders. 
  

	1.4	 Statutory References 



Unless otherwise indicated, all references in this Agreement to any legislation include the regulations and rules thereunder, in each case as
amended, re-enacted, consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation or replacement, reference herein to a particular provision shall be read as referring to such amended, re-enacted,
consolidated or replaced provision. 
  

	1.5	 Including 



The word “including” shall mean including, without limitation. 

  
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 ARTICLE 2 

PURPOSE OF AGREEMENT 
  

	2.1	 Establishment of Trust 



The purpose of this Agreement is to ensure that the Holders will not be deprived of any rights under applicable take-over bid legislation in
any jurisdiction of Canada (“Securities Laws”) to which they would have been entitled in the event of a take-over bid for the Super Voting Shares if the Super Voting Shares had been Multiple Voting Shares. 

 

	2.2	 Restriction on Sale 



Subject to Section 2.3 and the Articles, the Shareholder shall not sell, directly or indirectly, any Super Voting Shares pursuant to a
take-over bid (as defined in applicable Securities Laws) under circumstances in which applicable Securities Laws would have required the same offer to be made to SVS Holders or the MVS Holders, as applicable, if the sale by the Shareholder had been
a sale of the Subordinate Voting Shares rather than such Super Voting Shares, but otherwise on the same terms. 
 For the purposes of this
Section 2.2, it shall be assumed that the offer that would have resulted in the sale of such Subordinate Voting Shares or Multiple Voting Shares by such Shareholder would have constituted a take-over bid under applicable Securities Laws,
regardless of whether this actually would have been the case, and the varying of any material term of an offer shall be deemed to constitute the making of a new offer. For the avoidance of doubt, the determination of whether an offer constitutes a
take-over bid (as defined under applicable Securities Laws) for purposes of this Section 2.2 shall not be made by reference solely to the number of issued and outstanding Subordinate Voting Shares or Multiple Voting Shares, as applicable. 

 

	2.3	 Permitted Sale 



Subject to the provisions of the Articles, Section 2.2 shall not apply to prevent a sale by any Shareholder of Super Voting Shares if
concurrently an offer is made to purchase Subordinate Voting Shares that: 
  

	 	(a)	 offers a price per Subordinate Voting Share and a price per Multiple Voting Shares (on an as-converted to
Subordinate Voting Shares basis) at least as high as the highest price per share paid or required to be paid pursuant to the take-over bid for the Super Voting Shares (on an as-converted to Subordinate Voting Shares basis); 



 

	 	(b)	 provides that the percentage of outstanding Subordinate Voting Shares to be taken up (exclusive of shares owned
immediately prior to the offer by the offeror or persons acting jointly or in concert with the offeror) and the percentage of outstanding Multiple Voting Shares to be taken up (exclusive of shares owned immediately prior to the offer by the offeror
or persons acting jointly or in concert with the offeror) is at least as high as the percentage of outstanding Super Voting Shares to be sold (exclusive of Super Voting Shares owned immediately prior to the offer by the offeror and persons acting
jointly or in concert with the offeror); 


  

	 	(c)	 has no condition attached other than the right not to take up and pay for Subordinate Voting Shares and
Multiple Voting Shares tendered if no shares are purchased pursuant to the offer for Super Voting Shares; and 


  

	 	(d)	 is in all other material respects identical to the offer for Super Voting Shares. 



  
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 In addition, and notwithstanding the foregoing, subject to the provisions of the Articles,
Section 2.2 shall not apply to prevent the sale or transfer of Super Voting Shares by any Shareholder to a Permitted Holder, subject to Section 2.7 of this Agreement, provided such sale does not or would not constitute a take-over bid or, if
so, is exempt or would be exempt from the formal bid requirements (as defined in applicable Securities Laws). 
 For greater certainty, the
conversion of Super Voting Shares into Multiple Voting Shares, whether or not such Multiple Voting Shares are subsequently sold, shall not, in of itself, constitute a sale of Super Voting Shares for the purposes of this Agreement. 

 

	2.4	 Improper Sale 



If any person or company, other than the Shareholder, carries out or purports to carry out a sale (including an indirect sale) of Super Voting
Shares owned by the Shareholder or over which the Shareholder exercises direction or control, in each case directly or indirectly, from time to time, and the Shareholder is restricted from carrying out such sale pursuant to Section 2.2, the
Shareholder shall not and the Trustee shall take all necessary steps to ensure that the Shareholder shall not and shall not be permitted to, at or after the time such sale becomes effective, do any of the following with respect to any of the Super
Voting Shares so sold or purported to be sold: 
  

	 	(a)	 sell them without the prior written consent of the Trustee; 



 

	 	(b)	 convert them into Multiple Voting Shares without the prior written consent of the Trustee; or



  

	 	(c)	 exercise any voting rights attaching to them except in accordance with the written instructions of the Trustee,
with which the Shareholder shall comply. 


 Without limiting the generality of the foregoing, the Trustee shall exercise
the above rights in a manner that the Trustee, on the advice of counsel, considers to be: (i) in the best interests of the Holders, other than the Shareholder and Holders who, in the opinion of the Trustee, participated directly or indirectly
in the transaction that triggered the operation of this Section 2.4; and (ii) consistent with the intentions of the Shareholder and the Company in entering into this Agreement as such intentions are set out in the Recitals hereto. In the
event that an indirect sale of Super Voting Shares that is referred to in this Section 2.4 occurs and this Section 2.4 is applicable to such sale, the Shareholder shall have no liability under this Agreement in respect of such sale,
provided that the Shareholder is in compliance with all other provisions of this Agreement, including the provisions of this Section 2.4. 
  

	2.5	 Assumptions 



For the purposes of this Article 2: 
  

	 	(a)	 any sale, transfer or other disposition that would result in a direct or indirect acquisition of Super Voting
Shares, Multiple Voting Shares or Subordinate Voting Shares, or in the direct or indirect acquisition of control or direction over those shares, shall be construed to be a “sale” of those Super Voting Shares, Multiple Voting Shares or
Subordinate Voting Shares, as the case may be, and the terms “sell” and “sold” shall have a corresponding meaning; and 


  

	 	(b)	 if there is an offer to acquire that would have been a take-over bid for the purposes of applicable Securities
Laws if not for the provisions of the Articles that cause the Super Voting Shares to automatically convert into Multiple Voting Shares in certain circumstances, that offer to acquire shall nonetheless be construed to be a take-over bid for the
Multiple Voting Shares for the purposes of this Agreement. 



  
 6 















	2.6	 Prevention of Improper Sales 



Each Shareholder shall use its respective commercially reasonable efforts to prevent any person or company from carrying out a sale (including
an indirect sale) in breach of this Agreement in respect of any Super Voting Shares owned by the Shareholder or over which it exercises direction or control, in each case directly or indirectly, from time to time, regardless of whether that person
or company is a party to this Agreement. 
  

	2.7	 Supplemental Agreements 



Without limiting any provision of this Agreement, the Shareholder shall not sell any Super Voting Shares unless the sale is conditional upon
the person or company acquiring those shares (including any Permitted Holder) entering into an agreement substantially in the form of this Agreement and under which that person or company has the same rights and obligations as the Shareholder has
under this Agreement. Neither the conversion of Super Voting Shares into Subordinate Voting Shares in accordance with the provisions of the Articles nor any subsequent sale of those Subordinate Voting Shares shall constitute a sale of Super Voting
Shares for the purposes of this Section 2.7. 
  

	2.8	 Security Interest 



Nothing in this Agreement shall prevent any Shareholder from time to time, directly or indirectly, from granting a bona fide security
interest, by way of pledge, hypothecation or otherwise, whether directly or indirectly, in Super Voting Shares to any financial institution with which it deals at arm’s length (within the meaning of the Income Tax Act (Canada)) in
connection with a bona fide borrowing, provided that the financial institution agrees in writing to become a party to and abide by the terms of this Agreement as if such financial institution were a Shareholder as defined herein until such
time as the pledge, hypothecation or other security interest has been released or the Super Voting Shares which were subject thereto have been sold in accordance with the terms of this Agreement. 

 

	2.9	 All Sales Subject to Articles 



The Shareholder and the Company hereby acknowledge that any sale of Super Voting Shares, whether in accordance with this Agreement or
otherwise, shall in all circumstances be subject to the provisions of the Articles, including those relating to the automatic conversion of Super Voting Shares into Multiple Voting Shares, and that in the event of a conflict between this Agreement
and any provision of the Articles, the provisions of the Articles shall prevail. 
 ARTICLE 3 

ACCEPTANCE OF TRUST 
  

	3.1	 Acceptance and Conditions of Trust 



The Trustee hereby accepts the trust created by this Agreement (the “Trust”) and assumes the duties created and imposed upon
it pursuant to its appointment as trustee for the Holders by this Agreement, provided that: 
  

	 	(a)	 it shall not be liable for any action taken or omitted to be taken by it under or in connection with this
Agreement, except for its own negligence, misconduct or bad faith; 



  
 7 















	 	(b)	 it may employ or retain such counsel, auditors, accountants or other experts or advisers, whose qualifications
give authority to any opinion or report made by them, as the Trustee may reasonably require for the purpose of determining and discharging its duties hereunder and shall not be responsible for any misconduct or negligence on the part of any of them
so long as the Trustee’s engagement of such experts was not the result of the negligence, misconduct or bad faith on behalf of the Trustee. The Trustee may, if it is acting in good faith, rely on the accuracy of any such opinion or report;



  

	 	(c)	 it may, if it is acting in good faith, rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any instruction, advice, notice, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties and, subject to subsection 3.1(a), shall be under no
liability with respect to any action taken or omitted to be taken in accordance with such instruction, advice, notice, opinion or other document; 


  

	 	(d)	 it shall exercise its rights under this Agreement in a manner that it considers to be in the best interests of
the Holders (other than the Shareholder and Holders who, in the opinion of the Trustee, participated directly or indirectly in a transaction restricted by Section 2.2) and consistent with the purpose of this Agreement; and



  

	 	(e)	 none of the provisions of this Agreement shall require the Trustee under any circumstances whatsoever to expend
or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights or powers in connection with the Agreement. 



In the exercise of its rights and duties hereunder, the Trustee will exercise that degree of care, diligence and skill that a reasonably
prudent Trustee would exercise in comparable circumstances. 
 The Trustee represents that at the time of the execution and delivery hereof
no material conflict of interest exists in the Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within three months after ascertaining that it has such material
conflict of interest, either eliminate the same or resign its trust hereunder. Subject to the foregoing, the Trustee, in its personal or any other capacity, may buy, lend upon and deal in securities of the Company and generally may contract with and
enter into financial transactions with the Company, any of its affiliates or the Shareholder or any of its affiliates without being liable to account for any profit made thereby. 

 

	3.2	 Enquiry by Trustee 



Subject to Section 3.4, if and whenever the Trustee receives written notice from an interested party, other than the Holders, stating in
sufficient detail that the Shareholder or the Company may have breached, or may intend to breach, any provision of this Agreement, the Trustee shall, acting on the advice of counsel, make reasonable enquiry to determine whether such a breach has
occurred or is intended to occur. If the Trustee determines that a breach has occurred, or is intended to occur, the Trustee shall forthwith deliver to the Company a certificate stating that the Trustee has made such determination. Upon delivery of
that certificate, the Trustee shall be entitled to take, and subject to Section 3.4 shall take, such action as the Trustee, acting upon the advice of counsel, considers necessary to enforce its rights under this Agreement on behalf of the
Holders. 

  
 8 















	3.3	 Request by SVS Holders 



Subject to Section 3.4, if and whenever Holders representing not less than 10% of the then outstanding Subordinate Voting Shares and/or
Multiple Voting Shares determine that the Shareholder or the Company has breached, or may intend to breach, any provision of this Agreement, such Holders may require the Trustee to take action in connection with that breach or intended breach by
delivering to the Trustee a requisition in writing signed in one or more counterparts by those Holders and setting forth the action to be taken by the Trustee. Subject to Section 3.4, upon receipt by the Trustee of such a requisition, the
Trustee shall forthwith take such action as is specified in the requisition and/or any other action that the Trustee considers necessary to enforce its rights under this Agreement on behalf of the Holders. 

 

	3.4	 Condition to Action 



The obligation of the Trustee to take any action on behalf of the Holders pursuant to Sections 3.2 and 3.3 shall be conditional upon the
Trustee receiving from either the interested party referred to in Section 3.2, the Company or from one or more Holders such funds and indemnity as the Trustee may reasonably require in respect of any costs or expenses which it may incur in
connection with any such action. The Company shall provide such reasonable funds and indemnity to the Trustee if the Trustee has delivered to the Company the certificate referred to in Section 3.2. 

 

	3.5	 Limitation on Action by SVS Holder 



No Holder shall have the right, other than through the Trustee, to institute any action or proceeding or to exercise any other remedy for the
purpose of enforcing any rights arising from this Agreement unless Holders shall have: 
  

	 	(a)	 requested that the Trustee act in the manner specified in Section 3.3; and 



 

	 	(b)	 provided reasonable funds and indemnity to the Trustee, 



and the Trustee shall have failed to so act within 30 days after the provision of such funds and indemnity. In such case, any Holder, acting on behalf of
itself and all other Holders, shall be entitled to take those proceedings in any court of competent jurisdiction that the Trustee might have taken. 

ARTICLE 4 
 COMPENSATION

  

	4.1	 Fees and Expenses of the Trustee 



During the term of this Agreement, the Company agrees to pay to the Trustee the fees set forth in Schedule “B” hereto and shall
reimburse the Trustee for all reasonable expenses and disbursements including those incurred pursuant to Section 3.1(b) herein. Notwithstanding the foregoing, the Company shall have no obligation to compensate the Trustee or reimburse the
Trustee for any expenses or disbursements paid, incurred or suffered by the Trustee: 
  

	 	(a)	 in connection with any action taken by the Trustee pursuant to Section 3.2 if the Trustee has not
delivered to the Company the certificate referred to in Section 3.2 in respect of that action; or 


  

	 	(b)	 in any suit or litigation in which the Trustee is determined to have acted in bad faith or with negligence or
misconduct. 


 On all invoices issued by the Trustee for its services rendered hereunder which remain unpaid for a period
of 30 days or more, interest at a rate per annum equal to the then current rate of interest charged by the Trustee to its corporate customers will be incurred, from 30 days after the issuance of the invoice until the date of payment. This Section
shall survive the termination of this Agreement and the resignation or removal of the Trustee. 

  
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 ARTICLE 5 

INDEMNIFICATION 
  

	5.1	 Indemnification of the Trustee 



The Company agrees to indemnify and hold harmless the Trustee and its officers, directors, employees and agents ((the “Indemnified
Parties”) from and against all claims, losses, damages, costs, penalties, fines and reasonable expenses (including reasonable expenses of the Trustee’s legal counsel) which, without negligence, misconduct or bad faith on the part of
any of the Indemnified Parties, may be paid, incurred or suffered by any of the Indemnified Parties by reason of or as a result of the Trustee’s acceptance or administration of the Trust, its compliance with its duties set forth in this
Agreement or any written or oral instructions delivered to the Trustee by the Company pursuant hereto. In no case shall the Company be liable under this indemnity for any claim against the Indemnified Parties unless the Company shall be notified by
the Trustee of the written assertion of a claim or of any action commenced against the any of the Indemnified Parties, promptly after the Trustee shall have received any such written assertion of a claim, or shall have been served with a summons or
other first legal process giving information as to the nature and basis of the claim. The Company shall be entitled to participate at its own expense in the defence of the assertion or claim. The Company may elect at any time after receipt of such
notice to assume the defence of any suit brought to enforce any such claim. The Indemnified Parties shall have the right to employ separate counsel in any such suit and participate in the defence thereof, but the fees and expenses of such counsel
shall be at the expense of the Trustee unless: 
  

	 	(a)	 the employment of such counsel has been authorized by the Company; or 



 

	 	(b)	 the named parties to any such suit include both an Indemnified Party and the Company and such Indemnified Party
shall have been advised by counsel acceptable to the Company that there may be one or more legal defences available to such Indemnified Party that are different from or in addition to those available to the Company (in which case the Company shall
not have the right to assume the defence of such suit on behalf of such Indemnified Party but shall be liable to pay the reasonable fees and expenses of counsel for such Indemnified Party). 



ARTICLE 6 
 CHANGE OF
TRUSTEE 
  

	6.1	 Resignation 



The Trustee, or any successor trustee subsequently appointed, may resign at any time by giving written notice of such resignation to the
Company specifying the date on which its desired resignation shall become effective, provided that such notice shall be provided at least three months in advance of such desired effective date unless the Shareholders and the Company otherwise agree.
Such resignation shall take effect upon the appointment of a successor trustee and the acceptance of such appointment by the successor trustee. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee (which
shall be a corporation or company licensed or authorized to carry on the business of a trust company in British Columbia) by written instrument, in duplicate, one copy of which shall be delivered to the resigning trustee and one copy to the
successor trustee. If the Company does not appoint a successor trustee, the Trustee or any Holder may apply to a court of competent jurisdiction in British Columbia for the appointment of a successor trustee. Notwithstanding the provisions of this
Section, the Trustee shall not be required to deliver notice of resignation where such person becomes the successor trustee as a result of the transfer, including by way of sale, to such person of all or substantially all of the trust business of
the transferring Trustee. 

  
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	6.2	 Removal 



The Trustee, or any trustee subsequently appointed, may be removed at any time on 30 days’ prior notice by written instrument executed by
the Company, in duplicate, provided that the Trustee (or any successor trustee subsequently appointed) is not at such time taking any action which it may take under Section 3.2 or 3.3 hereof. One copy of that instrument shall be delivered to
the Trustee so removed and one copy to the successor trustee. The removal of the Trustee (or any successor trustee subsequently appointed) shall become effective upon the appointment of a successor trustee in accordance with Section 6.3. 

 

	6.3	 Successor Trustee 



Any successor trustee appointed as provided under this Agreement shall execute, acknowledge and deliver to the Shareholders and the Company and
to its predecessor trustee an instrument accepting such appointment. Thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, upon payment of any
amounts then due to the predecessor trustee pursuant to the provisions of this Agreement, shall become vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as
trustee in this Agreement. However, on the written request of the Shareholders and the Company or of the successor trustee, the trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act. Upon the request of any such successor trustee, the Shareholders, the Company and such predecessor trustee shall execute any and all instruments in writing for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers. 
  

	6.4	 Notice of Successor Trustee 



Upon acceptance of appointment by a successor trustee as provided herein, the Company shall cause to be mailed notice of the succession of such
trustee hereunder to the Holders. If the Shareholders or the Company shall fail to cause such notice to be mailed within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Shareholders and the Company. 
 ARTICLE 7 

TERMINATION 
  

	7.1	 Term 



The trust created by this Agreement shall continue until no Super Voting Shares remain outstanding, provided that such Trust shall continue in
the event of a breach of section 2.2 or 2.4, as long as such breach is ongoing. 
  

	7.2	 Survival of Agreement 



This Agreement shall survive any termination of the Trust and shall continue until there are no Super Voting Shares outstanding; provided, that this Agreement
shall continue in force and effect in the event of a breach of section 2.2 or 2.4, as long as such breach is ongoing; and provided further that the provisions of Article 4 and Article 5 shall survive any such termination of this Agreement. 

  
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 ARTICLE 8 

GENERAL 
  

	8.1	 Obligations of the Shareholders not Joint 



The obligations of the Shareholders pursuant to this Agreement are several, and not joint and several, and no Shareholder shall be liable to
the Company, the SVS Holders, the MVS Holders, the Trustee or any other party for the fault of any other Shareholder to comply with its covenants and obligations under this Agreement. 

 

	8.2	 Compliance with Privacy Laws 



The Shareholders and the Company acknowledge that federal and/or provincial legislation that addresses the protection of individuals’
personal information (collectively, “Privacy Laws”) applies to certain obligations and activities under this Agreement. Notwithstanding any other provision of this Agreement, neither party shall take or direct any action that
would contravene, or cause the other to contravene, applicable Privacy Laws. The Shareholders and the Company shall, prior to transferring or causing to be transferred personal information to the Trustee, obtain and retain required consents of the
relevant individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The
Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee agrees: (a) to have a designated chief privacy officer; (b) to maintain policies and procedures to
protect personal information and to receive and respond to any privacy complaint or inquiry; (c) to use personal information solely for the purposes of providing its services under or ancillary to this Agreement and to comply with applicable
laws and not to use it for any other purpose except with the consent of or direction from the other parties to this Agreement or the individual involved; (d) not to sell or otherwise improperly disclose personal information to any third party;
and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against loss, theft, or unauthorized access, use or modification. 

 

	8.3	 Anti-Money Laundering Regulations 



The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other
reason whatsoever, the Trustee, in its sole judgment and acting reasonably, determines that such act might cause it to be in noncompliance with any applicable anti- money laundering or anti-terrorist legislation, regulation or guideline. Further,
should the Trustee, in its sole judgment and acting reasonably, determine at any time that its acting under this Agreement has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation,
regulation or guideline, then it shall have the right to resign on 10 days’ written notice to the Company or any shorter period of time as agreed to by the Company, provided that: (a) the Trustee’s written notice shall describe the
circumstances of such noncompliance; and (b) if such circumstances are rectified to the Trustee’s satisfaction within such 10-day period, then such resignation shall not be effective. 

 

	8.4	 Third Party Interests 



The other parties to this Agreement hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee
in connection with this Agreement, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such party
hereto agrees to complete and execute forthwith a declaration in the Trustee’s prescribed form as to the particulars of such third party. 

  
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	8.5	 Severability 



If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remainder
of this Agreement shall not in any way be affected or impaired thereby and the agreement shall be carried out as nearly as possible in accordance with its original terms and conditions. 

 

	8.6	 Amendments, Modifications, etc. 



This Agreement shall not be amended, and no provision thereof shall be waived, except with: (i) the consent of any applicable securities
regulatory authorities in Canada; (ii) the approval of at least two-thirds of the votes cast by SVS Holders present or represented at a meeting duly called for the purpose of considering such amendment or waiver, excluding votes attached to any
Subordinate Voting Shares held directly or indirectly by the Shareholders and their respective affiliates, and any persons who have an agreement to purchase Super Voting Shares on terms which would constitute a sale or disposition for purposes of
Section 2.2, other than as permitted herein, prior to giving effect to such amendment or waiver, and (iii) the approval of at least two-thirds of the votes cast by MVS Holders present or represented at a meeting duly called for the purpose
of considering such amendment or waiver, excluding votes attached to any Multiple Voting Shares held directly or indirectly by the Shareholders and their respective affiliates, and any persons who have an agreement to purchase Super Voting Shares on
terms which would constitute a sale or disposition for purposes of Section 2.2, other than as permitted herein, prior to giving effect to such amendment or waiver. The provisions of this Agreement shall only come into force and effect
contemporaneously with the listing of the Subordinate Voting Shares on the CSE and shall terminate at such time as there remain no outstanding Super Voting Shares. 
  

	8.7	 Ministerial Amendments 



Notwithstanding the provisions of Section 8.5, the parties to this Agreement may in writing, at any time and from time to time, without
the approval of the Holders, amend or modify this Agreement to cure any ambiguity or to correct or supplement any provision contained in this Agreement or in any amendment to this Agreement that may be defective or inconsistent with any other
provision contained in this Agreement or that amendment, or to make such other provisions in regard to matters or questions arising under this Agreement, as shall not adversely affect the interest of the Holders. 

 

	8.8	 Force majeure 



No party hereto shall be liable to the other parties hereto, or held in breach of this Agreement, if prevented, hindered, or delayed in the
performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, general
mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this
Section 8.7. 

  
 13 















	8.9	 Amendments only in Writing 



No amendment to or modification or waiver of any of the provisions of this Agreement shall be effective unless made in writing and signed by
all of the parties hereto. 
  

	8.10	 Meeting to Consider Amendments 



The Company, at the request of the Shareholders, shall call a meeting of Holders for the purpose of considering any proposed amendment or
modification requiring approval pursuant to Section 8.6. 
  

	8.11	 Enurement 



This Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective heirs, administrators, legal
representatives, successors and permitted assigns. Except as specifically set forth in this Agreement, nothing in this Agreement is intended to or shall be deemed to confer upon any other person any rights or remedies under or by reason of this
Agreement. 
  

	8.12	 Notices 



All notices and other communications among the parties hereunder shall be in writing and shall be deemed given if delivered personally or sent
by registered mail, or by facsimile transmission or other form of recorded communication to the parties at the following addresses (or at such other address for such party as shall be specified in like notice): 

 

									
		 	(a)	 	If to the Shareholders, at the address set out in Schedule “A”
				
	                    	 	(b)	 	If to the Company:	  	Trulieve Cannabis Corp.
		 		 		  	6749 Ben Bostic Road
		 		 		  	Quincy, FL 32351
					
		 		 		  	Attention:	  	Kim Rivers
		 		 		  	Email:	  	Kim.Rivers@trulieve.com
				
		 	(c)	 	If to the Trustee:	  	Odyssey Trust Company
		 		 		  	 350 - 300 5th Avenue SW
 Calgary
Alberta T2P 3C4

					
		 		 		  	Attention:	  	Dan Sander
		 		 		  	Email:	  	dsander@odysseytrust.com

  

	8.13	 Notice to a Holder 



Any and all notices to be given and any documents to be sent to any Holder may be given or sent to the address of such holder shown on the
register of Holders in any manner permitted by the by-laws of the Company from time to time in force in respect of notices to Shareholders and shall be deemed to be received (if given or sent in such a manner) at the time specified in such by-laws,
the provisions of which by-laws shall apply mutatis mutandis to notices or documents as aforesaid sent to such holders. 
  

	8.14	 Further Acts 



The parties hereto shall do and perform and cause to be done and performed such further and other acts and things as may be necessary or
desirable in order to give full force and effect to this Agreement. 

  
 14 















	8.15	 Entire Agreement 



This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. 

 

	8.16	 Counterparts 



This Agreement may be executed in one or more counterparts, each of which so executed shall be deemed to be an original and all of which, when
taken together, shall be deemed to constitute one and the same agreement. This Agreement may signed by fax copy or by e-mail transmission of an Adobe Acrobat file or similar means of recorded electronic transmission and such signature shall be valid
and binding. 
  

	8.17	 Independent Legal Advice 



The Shareholders acknowledge, confirms and agree, in favour of each of the other parties hereto, that each Shareholder has had the opportunity
to seek and was not prevented nor discouraged by any party hereto from seeking independent legal advice prior to the execution and delivery of this Agreement and that, in the event that such Shareholder did not avail itself with that opportunity
prior to signing this Agreement, such Shareholder did so voluntarily without any undue pressure and agrees that its failure to obtain independent legal advice should not be used by it as a defence to the enforcement of such Shareholder’s
obligations under this Agreement. 
  

	8.17	 Language 



The parties hereto have required that this Agreement and all deeds, documents and notices relating to this Agreement be drawn up in the English
language. Les parties aux presentes ont exige que le present contrat et tous autres contrats, documents ou avis afferents aux presentes soient rediges en langue anglaise. 
  

	8.18	 Jurisdiction 



This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of
Canada applicable therein. 
  

	8.19	 Attornment 



Each party hereto agrees (i) that any action or proceeding relating to this Agreement may (but need not) be brought in any court of
competent jurisdiction in the Province of British Columbia, and for that purpose now irrevocably and unconditionally attorns and submits to the jurisdiction of such British Columbia court; (ii) that it irrevocably waives any right to, and will
not, oppose any such British Columbia action or proceeding on any jurisdictional basis, including forum non conveniens; and (iii) not to oppose the enforcement against it in any other jurisdiction of any judgment or order duly obtained
from an British Columbia court as contemplated by this Section 8.20. 
 [Balance of Page Left Blank] 

  
 15 














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

							
		 	                            	  	TRULIEVE CANNABIS CORP.
				
		 		  	Per:	  	 /s/ Kim Rivers

		 		  		  	Kim Rivers
		 		  		  	Chief Executive Officer
			
		 		  	ODYSSEY TRUST COMPANY
				
		 		  	Per:	  	




		 		  		  	Name:
		 		  		  	Title:
				
		 		  	Per:	  	




		 		  		  	Name:
		 		  		  	Title:
			
	  
	 		  	 /s/ Kim Rivers

	Witness:	 		  	Kim Rivers
			
	  
	 		  	 /s/ Thad Beshears

	Witness:	 		  	Thad Beshears
			
	  
	 		  	 /s/ Ben Atkins

	Witness:	 		  	Ben Atkins
			
		 		  	TELOGIA PHARM, LLC
				
		 		  	Per:	  	 George Hackney, Sr.

		 		  		  	Authorized Signing Officer
			
		 		  	KOPUS, LLC
				
		 		  	Per:	  	 Jason Pernell

		 		  		  	Authorized Signing Officer
			
		 		  	SHADE LEAF HOLDING, LLC
				
		 		  	Per:	  	 Richard May

		 		  		  	Authorized Signing Officer


  
 16 














 Schedule “A” 

SHAREHOLDERS 













 SCHEDULE “B” 

ADOPTION AGREEMENT 
  

			
	To:	  	Trulieve Cannabis Corp. (the “Company”)
	And To:    	  	Odyssey Trust Company (the “Trustee”)
	And To:	  	The Shareholders under the Coattail Agreement (as defined below).

 Reference is made to the coattail agreement dated as of September 21, 2018 (the “Coattail
Agreement”) among the Company, the Trustee and the Shareholders. Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Coattail Agreement. 

The undersigned,                 , hereby agrees to be
a party to and bound by all of the terms, conditions, and other provisions of the Coattail Agreement as if the undersigned were an original party thereto. 

For the purposes of any notice under or in respect of the Coattail Agreement, the address of the undersigned
is:                         . 

DATED at __________ , this ____ day of _____________ , 20 . 
  

			
	 [Shareholder Name]

		
	 Per:
	 	
             


	 Name:
	 	
	 Title:
	 	















 Schedule “C” 

TRUSTEE FEES