EX-10.11





 Exhibit 10.11 

Form of Option Agreement 

GREEN THUMB INDUSTRIES INC. 

2018 STOCK AND INCENTIVE PLAN 

STOCK OPTION AGREEMENT 
 SECTION 1.
GRANT OF OPTION. 
 (a)    Option. On the terms and conditions set forth in the Notice of Stock Option Grant
and this Agreement, the Company grants to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option Grant. This option is intended to be a Non-Qualified Stock Option (NSO), as provided in the Notice of Stock Option Grant. 

(b)    Stock Plan and Defined Terms. This option is granted pursuant to the 2018 Stock and Incentive Plan (the
“Plan”), a copy of which the Optionee acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 9 of this Agreement, unless otherwise
defined in Section 2 of the Plan. 
 SECTION 2. RIGHT TO EXERCISE. 

(a)    In General. Except as set forth below and subject to any other conditions of this Agreement, all or part of
this option may be exercised prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. 

(b)    Change in Control. If within 12 months following a Change in Control, the Company terminates the
Optionee’s service with the Company for reasons other than for Cause, then the option shall become immediately exercisable in full on the date of such termination, and the Optionee may exercise all or part of this option at any time before its
expiration. 
 SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 

Except as otherwise provided in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or
otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 

SECTION 4. EXERCISE PROCEDURES. 

(a)    Notice of Exercise. The Optionee or the Optionee’s representative may exercise this option by giving
written notice to the Company. The notice shall specify the election to exercise this option, the number of Shares for which it is being exercised and the form of payment. The notice shall be signed by the person exercising this option. In the event
that this option is being exercised by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this option. The Optionee or the Optionee’s
representative shall deliver to the Company, at the time of giving the notice, payment in a form permissible under Section 5 of this Agreement for the full amount of the Purchase Price. 

(b)    Issuance of Shares. After receiving a proper notice of exercise, the Company shall cause to be issued Shares
(either in certificate or book entry form, as determined by the Company) as to which this option has been exercised, registered in the name of the person exercising this option (or in the names of such person and his or her spouse as community
property or as joint tenants with right of survivorship). If the Optionee is a resident of the United States, the Optionee acknowledges that any securities (the “Securities”) issued hereunder will be “restricted securities”, as
such term is defined under Rule 144 under the Securities Act of 1933, as amended, (the “U.S. Securities Act) and the Optionee agrees that if it decides to offer, sell or otherwise transfer, pledge or hypothecate all or any part of the
Securities, it will not offer, sell or otherwise transfer, pledge or hypothecate any or any part of the Securities (other than pursuant to an effective registration statement under the U.S. Securities Act), directly or indirectly, except: 

(i)    to the Corporation; or 












 (ii)    outside the United States in accordance with the
requirements of Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local rules and regulations; or 

(iii)    in accordance with the exemptions from registration under the U.S. Securities Act provided by Rule
144 or Rule 144A thereunder, if available, and in accordance with applicable state securities laws of the United States; or 

(iv)    in a transaction that does not require registration under the U.S. Securities Act or any applicable
United States state laws and regulations governing the offer and sale of securities; provided, however, that prior to any offer, sale or other transfer, pledge or hypothecation, the Optionee has furnished to the Corporation an opinion of counsel of
recognized standing or other evidence of exemption, in either case reasonably satisfactory to the Corporation, 
 and further, acknowledges that a legend to
the foregoing effect will be affixed to any certificates representing the Securities. 
 (c)    Withholding
Taxes. In the event that the Company determines that it is required to withhold any tax as a result of the exercise of this option, the Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the
Company to enable it to satisfy all withholding requirements. The Optionee shall also make arrangements satisfactory to the Company to enable it to satisfy any withholding requirements that may arise in connection with the vesting or disposition of
Shares purchased by exercising this option. 
 SECTION 5. PAYMENT FOR STOCK. 

(a)    Cash. All or part of the Purchase Price may be paid in cash or cash equivalents. 

(b)    Surrender of Stock. Subject to applicable corporate and securities laws, and stock exchange
requirements, all or any part of the Purchase Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for cancellation and shall
be valued at their Fair Market Value on the date when this option is exercised. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of the Purchase Price if such action would cause the Company to recognize compensation
expense (or additional compensation expense) with respect to this option for financial reporting purposes. 

(c)    Exercise/Sale. If Shares are publicly traded, all or part of the Purchase Price and any withholding
taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company. 

(d)    Net Exercise. The Company may, in its discretion, permit an Option to be exercised by delivering to
the Optionee a number of Shares having an aggregate Fair Market Value (determined as of the date of exercise) equal to the excess, if positive, of the Fair Market Value of the Shares underlying the Option being exercised on the date of exercise,
over the Purchase Price of the Option for such Shares. 
 SECTION 6. TERM AND EXPIRATION. 

(a)    Basic Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock
Option Grant, which date shall not exceed ten years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option Grant, and the Optionee is a 10% owner as described in
Section 6 of the Plan). 
 (b)    Termination of Service (Except by Death). If the Optionee’s
service terminates for any reason other than death, then this option shall expire on the earliest of the following occasions: 

(i)    The expiration date determined pursuant to Subsection (a) above; 

(ii)    The date three months after the termination of the Optionee’s service for any reason other
than Cause; or 

  
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 (iii)    The date of termination of the Optionee’s
service for Cause. 
 The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence,
but only to the extent that this option is then exercisable. In the event that the Optionee dies after termination of service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the
executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become exercisable
before the Optionee’s death. For avoidance of doubt, if the Optionee is employed by an Affiliate that is sold or otherwise ceases to be an Affiliate of the Company, the Optionee shall incur a termination of service. 

(c)    Death of the Optionee. If the Optionee dies while in service, then this option shall expire on the earlier
of the following dates: 
 (i)    The expiration date determined pursuant to Subsection (a) above;
or 
 (ii)    The date 12 months after the Optionee’s death. 

All or part of this option may be exercised at any time before its expiration under the preceding sentence by the executors or administrators
of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s
death. 
 (d)    Leaves of Absence. For any purpose under this Agreement, service shall be deemed to continue
while the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of service for such purpose is expressly required by the terms of such leave or by applicable law (as determined
by the Company). 
 SECTION 7. ADJUSTMENT OF SHARES. 

In the event of any transaction described in Section 4(c) of the Plan, the terms of this option (including, without limitation, the number
and kind of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in Section 4(c) of the Plan. In the event that the Company is a party to any corporate transaction, this option shall be subject to amendment as
provided in Section 7(b) of the Plan. 
 SECTION 8. MISCELLANEOUS PROVISIONS. 

(a)    Rights as a Shareholder. Neither the Optionee nor the Optionee’s representative shall have any rights as
a shareholder with respect to any Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4 and
5 of this Agreement. 
 (b)    Compliance Matters. The Company may require from the Optionee such investment
representation, undertaking or agreement, if any, as the Company may consider necessary in order to comply with applicable laws and policies of any applicable exchange. The Optionee understands and acknowledges that Shares to be issued upon exercise
of this option may be issued subject to any restrictive legend or other transfer restrictions as may be required by applicable securities laws and stock exchange requirements. 

(c)    No Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any right to
continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Affiliate employing or retaining the Optionee) or of the Optionee, which rights are hereby expressly
reserved by each, to terminate his or her service at any time and for any reason, with or without Cause. 

(d)    Notice. Any notice required by the terms of this Agreement shall be given in writing and notice to the
Company shall be deemed effective upon receipt by the Company (i) upon personal delivery, (ii) through registered or certified mail with postage and fees prepaid; or (iii) through electronic notification using a form and


  
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process approved by the Company. If mailed or delivered, notice to the Company shall be addressed to the Company at its principal executive office and notice to the Optionee shall be addressed to
the address that he or she most recently provided to the Company. 
 (e)    Entire Agreement. The Notice
of Stock Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written
and whether express or implied) which relate to the subject matter hereof. 
 (f)    Choice of Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

SECTION 9. DEFINITIONS. 
 In addition to
the definitions set forth in the Plan, the following terms shall have the meanings ascribed herein (in the event a conflict exists, the meaning set forth in this Agreement shall prevail): 

(a)    “Agreement” shall mean this Stock Option Agreement. 

(b)    “Cause” shall mean a (i) willful and repeated failure to perform duties or contravention in
any material respect of specific written lawful directions related to a material duty or responsibility which is directed to be undertaken by the Board (other than due to physical or mental illness); (ii) conviction of guilty or nolo contendere
plea to, a misdemeanor which is materially and demonstrably injurious to the Company or any of its subsidiaries or any felony; (iii) commission of an act, or a failure to act, that constitutes fraud, gross negligence or willful misconduct
(including without limitation, embezzlement, misappropriation or breach of fiduciary duty resulting or intending to result in personal gain at the expense of the Company or any of its subsidiaries); and (iv) violation of any applicable laws,
rules or regulations or failure to comply with applicable confidentiality, non-solicitation and non-competition obligations to the Company or any of its subsidiaries,
corporate code of business conduct or other material policies of the Company or any of its subsidiaries in connection with or during performance of the Optionee’s duties to the Company or any of its subsidiaries that could, in the Board’s
opinion, cause material injury to the Company or any of its subsidiaries; and (v) failure to maintain applicable professional licenses or certifications. In the case of a violation or failure under (iv) or (v), if such violation or failure
is curable, such violation or failure shall only constitute “Cause” if it is not cured within thirty (30) days after notice thereof to the Optionee. 

(c)    “Change in Control” shall mean: 

(i)    the occurrence of any of the following events (each, a “Business Combination”): (a) the
sale of more than 50% of the outstanding equity securities of the Company in a single transaction or in a series of transactions occurring during a period of not more than twelve months; (b) the Company is merged, amalgamated or consolidated
with another corporation; or (c) a sale of substantially all of the assets of the Company to another entity, unless, following any of the foregoing Business Combinations in (a) through (c) above, all or substantially all of the individuals
and entities that were the beneficial owners of the Company’s outstanding voting securities immediately prior to such Business Combination beneficially own immediately after the transaction or transactions, directly or indirectly, 50% or more
of the combined voting power of the then outstanding voting securities (or comparable interests) of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Company or all or
substantially all of the Company’s assets either directly or through one or more affiliates) in substantially the same proportions as their ownership of the Company’s voting securities immediately prior to such Business Combination; or

 (ii)    in any twelve (12) month period, the individuals who, as of the beginning of the 12-month period, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming
a director subsequent to the Effective Date whose election or appointment, or nomination for election by Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be
considered as though such individual were a member of the Incumbent Board, but 

  
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excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors. 

(d)    “Date of Grant” shall mean the date specified in the Notice of Stock Option Grant.

 (e)    “Exercise Price” shall mean the amount for which one Share may be purchased
upon exercise of this option, as specified in the Notice of Stock Option Grant. 
 (f)    “Notice of
Stock Option Grant” shall mean the document so entitled to which this Agreement is attached. 

(g)    “Optionee” shall mean the individual named in the Notice of Stock Option Grant. 

(h)    “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares
with respect to which this option is being exercised. 

  
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