# EDGAR Filing Document

**Accession Number:** 0001848731
**File Stem:** 0001104659-25-062106
**Filing Date:** 2025-6
**Character Count:** 107676
**Document Hash:** 64f619c779aacb4431a31fb36caad738
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-062106.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-062106

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**EFFECTIVENESS DATE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Glass House Brands Inc.
- **CENTRAL INDEX KEY:** 0001848731
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288297
- **FILM NUMBER:** 251070255

**BUSINESS ADDRESS:**
- **STREET 1:** 3645 LONG BEACH BLVD
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90807
- **BUSINESS PHONE:** 562-264-5078

**MAIL ADDRESS:**
- **STREET 1:** 3645 LONG BEACH BLVD
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mercer Park Brand Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210302

**As filed with the Securities and Exchange Commission on June 24, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Glass House Brands Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**British Columbia, Canada** | **87-4028335** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(I.R.S. Employer<br> Identification No.)** |

---

**3645 Long Beach Blvd.**

**Long Beach, California 90807**

**(Address of Principal Executive Offices) (Zip Code)**

**Glass House Brands Inc. Second Amended and Restated Equity Incentive Plan**

**(Full title of the plan)**

**Kyle D. Kazan**

**Chief Executive Officer**

**Glass House Brands Inc.**

**3645 Long Beach Blvd.**

**Long Beach, California 90807**

**(Name and address of agent for service)**

**(212) 299-7670**

**(Telephone number, including area code, of agent for service)**

***Copies to:***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Aaron E. Sonshine, Esq.**<br> **Bennett Jones LLP**<br> **3400 One First Canadian Place**<br> **P.O Box 130**<br> **Toronto, Ontario**<br> **M5X1A4 Canada**<br> **(416) 777-6448** | &nbsp;&nbsp; **Matthew A. Portnoff, Esq.**<br> **Venable LLP**<br> **2049 Century Park East, Suite 2300**<br> **Los Angeles, CA 90067**<br> **(310) 229-0374**<br>| &nbsp;&nbsp; **Benjamin Vega, Esq.**<br> **Glass House Brands Inc.**<br> **3645 Long Beach Blvd.**<br> **Long Beach, California 90807**<br> **(212) 299-7670**<br>|

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ⌧ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") is filed by Glass House Brands Inc. (the "Company") for the purpose of registering the aggregate of 12,643,437 subordinate voting shares, restricted voting shares, or limited voting shares of the Company, without par value (the "Shares), in connection with Glass House Brands Inc. Second Amended and Restated Equity Incentive Plan (the "Second A&R Plan).

The Company's Amended and Restated Equity Incentive Plan (the "First A&R Plan") was adopted by the board of directors on June 29, 2021, and approved by the shareholders of the Company on June 2, 2021. The effective date of the First A&R Plan was June 29, 2021. On June 21, 2024, shareholders of the Company approved, ratified, and confirmed renewal of the First A&R Plan.

The Second A&R Plan was adopted by the board of directors on May 15, 2025, and approved by the shareholders of the Company on June 20, 2025. The effective date of the Second A&R Plan was June 20, 2025. On June 20, 2025, shareholders of the Company approved, ratified, and confirmed renewal of the Second A&R Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the Second A&R Plan covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents which have been and will in the future be filed by the Company with the Commission are incorporated into this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [the Company's Annual Report on Form 40-F for the year ended December 31, 2024, filed with the Commission on March 25, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848731/000184873125000007/glasf-20241231.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other reports filed by the Company under Section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), since December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Shares contained in the Company's Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1848731/000110465921140406/tm2132957d1_8a12g.htm) ,
as filed with the Commission on November 17, 2021, including any amendment or report filed for the purpose of amending such description.

In addition, all reports and documents filed by us under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities being offered have been sold or which deregisters all securities then remaining unsold, and any Form 6-K furnished by us during such period or portions thereof that are identified in such Form 6-K as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in and to be part of this Registration Statement from the date of filing of each such document.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

***British Columbia Business Corporations Act***

Section 160 of the Business Corporations Act (British Columbia) ("BCBCA") provides that a company may do one or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify an eligible party (as defined below) against all eligible penalties (as defined below) to which
the eligible party is or may be liable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the final disposition of an eligible proceeding (as defined below), pay the expenses (which includes
costs, charges and expenses (including legal and other fees) but excludes judgments, penalties, fines or amounts paid in settlement of
a proceeding) actually and reasonably incurred by an eligible party in respect of that proceeding.

However, after the final disposition of an eligible proceeding, a company must pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party: (i) has not been reimbursed for those expenses; and (ii) is wholly successful, on the merits or otherwise, or is substantially successful on the merits, in the outcome of the proceeding. The BCBCA also provides that a company may pay the expenses, actually and reasonably incurred by an eligible party, as they are incurred in advance of the final disposition of an eligible proceeding if the company first receives from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under the BCBCA, the eligible party will repay the amounts advanced.

For the purposes of the applicable division of the BCBCA, an "eligible party," in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a director or officer of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was a director or officer of another corporation at a time when the corporation is or was an affiliate
of the company, or at the request of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the company, is or was, or holds or held a position equivalent to that of, a director
or officer of a partnership, trust, joint venture, or other unincorporated entity,

An "eligible penalty" under the BCBCA means a judgment, penalty, or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding.

An "eligible proceeding" under the BCBCA is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the company or an associated corporation, is or may be joined as a party, or is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding. A "proceeding" includes any legal proceeding or investigative action, whether current, threatened, pending, or completed. "Expenses" include costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding. An "associated corporation" means a corporation or entity referred to in paragraph (b) or (c) of the definition of "eligible party" above.

Notwithstanding the foregoing, the BCBCA prohibits a company from indemnifying an eligible party or paying the expenses of an eligible party if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the
time such agreement was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses
and, at the time that the indemnity or payment is made, the company is prohibited from giving the indemnity or paying the expenses by
its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly
and in good faith with a view to the best interest of the company or the associated corporation, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have
reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

Additionally, if an eligible proceeding is brought against an eligible party by or on behalf of the company or an associated corporation, the company must not indemnify the eligible party or pay or advance the expenses of the eligible party in respect of the proceeding.

Whether or not payment of expenses or indemnification has been sought, authorized, or declined under the BCBCA, Section 164 of the BCBCA provides that, on the application of a company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) order a company to indemnify an eligible party against any liabilities incurred by the eligible party
in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) order a company to pay some or all of the expenses incurred by an eligible party in respect of an eligible
proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) order the enforcement of, or any payment under, an agreement of indemnification entered into by a company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) order a company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining
an order under Section 164;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make any other order the court considers appropriate.

The BCBCA provides that a company may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the company or an associated corporation.

***Company's Amended and Restated Articles***

The Company's amended and restated articles (the "Articles") provide that the Company must, subject to the BCBCA, (i) indemnify an eligible party and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding.

The Articles define "eligible penalty" to mean a judgment, penalty, or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding. "Eligible proceeding" under the Articles means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or alternate director of the Company (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty, or fine in, or expenses related to, the proceeding.

The Articles further provide that the Company may, subject to any restrictions in the BCBCA, indemnify any person, and that the failure of a director or officer of the Company to comply with the BCBCA or the Articles does not invalidate any indemnity to which he or she is entitled under the Articles.

The Company is authorized by the Articles to purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (i) is or was a director, officer, employee or agent of the Company; (ii) is or was a director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company; (iii) at the request of the Company, is or was a director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (iv) at the request of the Company, holds or held such equivalent position.

***Company's Insurance Policy***

A policy of directors' and officers' liability insurance is maintained by the Company which insures directors and officers for losses as a result of claims against the directors and officers of the Company in their capacity as directors and officers and also reimburses the Company for payments made pursuant to the indemnity provisions under the Articles and the BCBCA.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Document** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-1.htm) | [Amended and Restated Articles of Glass House Brands Inc. (incorporated by reference to Exhibit 1.1 of the Shell Company Report on Form 20-F filed with the Commission on December 30, 2022, file number 000-56261)](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-2.htm) | [Certificate of Change of Name dated June 29, 2021 (incorporated by reference to Exhibit 1.2 of the Shell Company Report on Form 20-F filed with the Commission on December 30, 2022, file number 000-56261)](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-2.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-3.htm) | [Notice of Articles issued on June 29, 2021 (incorporated by reference to Exhibit 1.3 of the Shell Company Report on Form 20-F filed with the Commission on December 30, 2022, file number 000-56261)](https://www.sec.gov/Archives/edgar/data/1848731/000110465922131139/tm2233717d2_ex1-3.htm) |
| [5.1\*](tm2518788d1_ex5-1.htm) | [Opinion of Bennett Jones LLP](tm2518788d1_ex5-1.htm) |
| [23.1\*](tm2518788d1_ex5-1.htm) | [Consent of Bennett Jones LLP (included in Exhibit 5.1 to this Registration Statement)](tm2518788d1_ex5-1.htm) |
| [23.2\*](tm2518788d1_ex23-2.htm) | [Consent of Macias Gini & O'Connell LLP](tm2518788d1_ex23-2.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included in the signature page to this Registration Statement on Form S-8)](#a_001) |
| [99.1\*](tm2518788d1_ex99-1.htm) | [Glass House Brands Inc. Second Amended and Restated Equity Incentive Plan](tm2518788d1_ex99-1.htm) |
| [107\*](tm2518788d1_ex-filingfees.htm) | [Filing Fee Table](tm2518788d1_ex-filingfees.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Long Beach, State of California, on June 24, 2025.

---

| | |
|:---|:---|
| **Glass House Brands Inc.** | **Glass House Brands Inc.** |
| By: | /s/ Kyle D. Kazan |
| Name: | Kyle D. Kazan |
| Title: | Chief Executive Officer and Chairman of the Board<br> (*Principal Executive Officer*) |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Kyle D. Kazan and Mark Vendetti, and each of them acting individually, as his or her true and lawful attorney-in-fact and agent with the full power of substitution, for him or her, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments to this Registration Statement), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ Kyle D. Kazan | Chief Executive Officer and Chairman of the Board | June 24, 2025 |
| Kyle D. Kazan | (*Principal Executive Officer*) |  |
| /s/ Graham Farrar | President and Director | June 24, 2025 |
| Graham Farrar |  |  |
| /s/ Mark Vendetti | Chief Financial Officer | June 24, 2025 |
| Mark Vendetti | (*Principal Financial and Accounting Officer*) |  |
| /s/ John ("Jay") Nichols Jr. | Director | June 24, 2025 |
| /s/ John ("Jay") Nichols Jr. |  |  |
| /s/ Humble Lukanga | Director | June 24, 2025 |
| Humble Lukanga |  |  |
| /s/ Jocelyn Rosenwald | Director | June 24, 2025 |
| Jocelyn Rosenwald |  |  |
| /s/ George Raveling | Director | June 24, 2025 |
| George Raveling |  |  |
| /s/ Hector De La Torre | Director | June 24, 2025 |
| Hector De La Torre |  |  |
| /s/ Yelena Katchko | Director | June 24, 2025 |
| Yelena Katchko |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2518788d1_ex5-1img001.jpg) | ![](tm2518788d1_ex5-1img002.jpg) |

---

June 24, 2025

Glass House Brands Inc.<br> 3645 Long Beach Blvd.

Long Beach, California 90807

United States

Dear Sirs/Mesdames:

**Re: Glass House Brands Inc.: Registration Statement on Form S-8**

We have acted as Canadian counsel to Glass House Brands Inc., a British Columbia company (the "**Company**"), in connection with the Company's Second Amended and Restated Equity Incentive Plan (the "**Plan**"). We understand that the Company intends to file a Registration Statement on Form S-8 (the "**Registration Statement**") under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") with the U.S. Securities and Exchange Commission (the "**Commission**"), relating to the registration of 12,643,437 subordinate voting shares, restricted voting shares, or limited voting shares of the Company, without par value (the "**Shares**") issuable upon the exercise, settlement or redemption, as applicable, of Awards (as defined in the Plan) granted pursuant to the Plan.

This opinion is being delivered in connection with the Registration Statement, to which this opinion appears as an exhibit.

For the purposes of the opinions expressed below, we have examined such statutes, regulations, public and corporate records and other documents and have made such investigations and considered such questions of law as we have considered necessary as a basis of the opinions hereinafter expressed. We have also examined the Registration Statement and the Plan, which has been filed with the Commission as an exhibit to the Registration Statement. We have relied on a certificate of an officer of the Company as to various questions of fact material to our opinion that we have not verified independently.

In all such examinations, we have assumed the genuineness of all signatures and the authority and legal capacity of all persons signing documents reviewed by us, the authenticity of all documents submitted to us as originals and the completeness and conformity to authentic original documents of all documents submitted to us as true, certified or notarial copies or as reproductions (including documents received by facsimile), all documents submitted to us have been executed in the form reviewed by us and have not been amended or modified since the date they were submitted to us, by written or oral agreement or by conduct of the parties thereto, or otherwise, and the truthfulness and accuracy of all certificates of public officials and officers of the Company. We have also assumed the Awards granted under the Plan have been or will be duly granted by the board of directors of the Company (the "**Board**"), a committee of the Board (a "**Committee**") or pursuant to a delegation of authority granted by the Board or a Committee, all in accordance with the terms of the Plan, and all Shares issued in accordance with the Plan have been or will be accompanied by a valid authorization of the Board or such Committee specifying that all such Shares will be validly issued by the Company as fully paid and non-assessable shares in the capital of the Company.

Where our opinion below refers to the Shares being issued as "fully paid and non-assessable", such opinion assumes that all required consideration (in whatever form) will have been paid or provided. No opinion is expressed as to the adequacy of any consideration received.

We are solicitors qualified to practice law in British Columbia and we express no opinion as to any laws or any matters governed by any laws other than the laws of British Columbia and the federal laws of Canada applicable therein. The opinions expressed herein are given as at the date hereof and are based upon, and subject to, legislation and regulations in effect as of the date hereof and the facts as of the date hereof. We specifically disclaim any obligation, and make no undertaking to supplement our opinions herein, as changes in the law occur and facts come to our attention that could affect such opinions, or otherwise advise any person of any change in law or fact which may come to our attention after the date hereof.

Based upon and subject to the foregoing, we are of the opinion that the Shares, when issued from time to time upon the due exercise, settlement or redemption, as applicable, of Awards granted under and in accordance with the terms of the Plan and the terms and conditions of any agreement governing the grant of any such Award will be validly issued by the Company as fully paid and non-assessable subordinate voting shares, restricted voting shares, or limited voting shares in the capital of the Company.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving the foregoing consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act or the rules and regulations of the Commission promulgated thereunder.

This opinion is for the benefit of the addressee in connection with the transaction to which it relates, and may not be relied upon, used, or quoted from or referred to in any other documents, by any other person or for any other purpose without our express written consent.

Yours truly,

/s/ BENNETT JONES LLP

**BENNETT JONES LLP**

![](tm2518788d1_ex5-1img003.jpg)

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement on Form S-8 of our report dated March 25, 2025, relating to the consolidated financial statements of Glass House Brands Inc. (the "Company"), appearing in the Annual Report on Form 40-F of the Company for the year ended December 31, 2024.

---

| |
|:---|
| /s/ Macias Gini & O'Connell LLP |
| Irvine, California |
| June 24, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**

**GLASS HOUSE BRANDS INC.<br> SECOND AMENDED AND RESTATED EQUITY INCENTIVE PLAN**

**Section 1. Purpose**

The purpose of this Plan is to promote the interests of the Company and its shareholders by enabling the Company and its affiliated companies to: (i) attract and retain employees, officers, consultants, advisors and Non-Employee Directors capable of assuring the future success of the Company; (ii) offer such persons incentives to put forth maximum efforts for the success of the Company's business; and (iii) compensate such persons through various stock-based arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company's shareholders.

**Section 2. Definitions**

As used in this Plan, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" shall have the meaning ascribed to such term in National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Associate**" when used to indicate a relationship with a person, shall mean (i) an issuer of which the person beneficially owns or controls, directly or indirectly, voting securities entitling the person to more than 10% of the voting rights attached to outstanding voting securities of the issuer, (ii) any partner of the person, (iii) any trust or estate in which the person has a substantial beneficial interest or in respect of which the person serves as trustee or executor or in a similar capacity, or (iv) in the case of an individual, a relative of that individual, if the relative has the same home as that individual, including (A) a spouse of that individual, or (B) a relative of that individual's spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award**" shall mean any Option, Restricted Stock Unit or Unrestricted Stock Bonus granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Award Agreement**" shall mean any written agreement, contract or other instrument or document evidencing an Award granted under this Plan (including a document in an electronic medium) executed in accordance with the requirements of Section 10(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Blackout Period**" shall have the meaning ascribed to such term in Section 6(a)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board**" shall mean the board of directors of the Company, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Code**" shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Committee**" shall mean the Compensation, Nominating and Corporate Governance Committee of the Board or such other committee designated by the Board to administer this Plan, failing which shall mean the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Company**" shall mean Glass House Brands Inc., a company incorporated under the *Business Corporations Act* (British Columbia), and any successor corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**MPB AcquisitionCo**" means MPB Acquisition Corp., a wholly-owned subsidiary of the Company, incorporated under the laws of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Director**" shall mean a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Dividend Equivalent**" shall mean any right granted under Section 6(c) of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Effective Date**" shall have the meaning set forth in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Eligible Person**" shall mean any employee, officer, Non-Employee Director, consultant (which, for greater certainty, shall include individuals who provide services pursuant to a management services agreement), independent contractor or advisor providing services to the Company or any Affiliate, or any such person to whom an offer of employment or engagement with the Company or any Affiliate is extended; provided that any consultant, independent contractor or advisor shall be a natural person providing bona fide services to the Company or any Affiliate and such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exchange**" means the principal securities exchange on which the Company's Shares are trading, being Cboe Canada Inc. as at the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exchange Policies**" shall mean the rules and policies of the Exchange in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Exchangeable Shares**" shall mean the exchangeable common stock of MPB AcquisitionCo that are exchangeable for Shares of the Company on a one-for-one basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Fair Market Value**" with respect to one Share as of any date shall mean: (i) if the Shares are listed on a stock exchange, the greater of: (A) the closing price of such Share on the Exchange (or such other stock exchange where the majority of the trading volume and value of the Shares occurs) on the previous trading day, and (B) the VWAP of such Share on the Exchange (or such other stock exchange where the majority of the trading volume and value of the Shares occurs) for the five trading days immediately preceding the relevant date; and (ii) if the Shares are not so listed on a stock exchange, the per share value of one Share, as determined by the Board, or any duly authorized Committee of the Board, in its sole discretion, by applying principles of valuation with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Fully-Diluted Shares**" shall mean the aggregate Shares and multiple voting shares of the Company issued and outstanding, including: (i) the Shares issuable on exchange of the Exchangeable Shares; and (ii) the Shares issuable on exchange of the Warrants (excluding in respect of the cashless exercise feature thereof and provided such Warrants are not determined to be "out of the money" by the Board as at the date of grant of the applicable Award(s); but shall exclude the Shares issuable pursuant to Awards granted hereunder and pursuant to any restricted Exchangeable Shares (or Shares issuable upon the exchange thereof) awarded by MPB AcquisitionCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Incentive Stock Option**" shall mean an option granted under Section 6(a) of this Plan that is intended to meet the requirements of Section 422 of the Code or any successor provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Non-Employee Director**" shall mean a Director who is not also an employee of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Non-Qualified Stock Option**" shall mean an option granted under Section 6(a) of this Plan that is not intended to be an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Option**" shall mean an Incentive Stock Option or a Non-Qualified Stock Option, as applicable, to purchase shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Participant**" shall mean an Eligible Person designated to be granted an Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Person**" shall mean any individual or entity, including a corporation, partnership, limited or unlimited liability company, association, joint venture or trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Plan**" shall mean this Glass House Brands Inc. Second Amended and Restated Equity Incentive Plan, as amended or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Related Entity**" shall mean a person that controls or is controlled by the Company or that is controlled by the same person that controls the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Related Person**" shall mean (i) a director or executive officer of the Company or of a Related Entity of the Company, (ii) an Associate of a director or executive officer of Company or of a Related Entity of the Company, or (iii) a permitted assign of a director or executive officer of the Company or of a Related Entity of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Restricted Stock Unit**" shall mean any unit granted under Section 6(b) of this Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date, provided that in the case of Participants who are liable to taxation under the Tax Act in respect of amounts payable under this Plan, that such date shall not be later than December 31 of the third calendar year following the year services were performed in respect of the corresponding Restricted Stock Unit awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Section 409A**" shall mean Section 409A of the Code, or any successor provision, and applicable Treasury Regulations and other applicable guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Securities Act**" shall mean the U.S. *Securities Act of 1933*, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Security Based Compensation Arrangements**" shall have the meaning ascribed to such term (or equivalent term) in the Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Share**" or "**Shares**" shall mean, collectively, the subordinate voting shares, restricted voting shares and/or limited voting shares of the Company (or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(b) of this Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Special Grants**" shall mean the Restricted Stock Units approved for issuance by the Board (subject to shareholder approval) on May 15, 2025 to certain executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Specified Employee**" shall mean a specified employee as defined in Section 409A(a)(2)(B) of the Code or applicable proposed or final regulations under Section 409A, determined in accordance with procedures established by the Company and applied uniformly with respect to all plans maintained by the Company that are subject to Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Tax Act**" shall mean the *Income Tax Act* (Canada), as amended from time to time, including regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**U.S. Award Holder**" shall mean any holder of an Award who is a "U.S. person" (as defined in Rule 902(k) of Regulation S under the Securities Act) or who is holding or exercising Awards in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**United States**" shall mean the United States of America, its territories and possession, any State of the United States, and the District of Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Unrestricted Stock Bonus**" shall mean an issue of Shares in consideration of past services, or an issue of Shares in exchange for cash consideration at the Fair Market Value thereof (with the cash consideration representing up to the after-withholding tax value of a cash bonus paid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**VWAP**" shall mean the volume weighted average trading price of the Shares, calculated by dividing the total value by the total volume of securities traded for the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Warrants**" shall mean (i) the share purchase warrants of the Company, each of which entitle the holder thereof to purchase one Share at a price of $11.50, or (ii) the Series A Warrants of GH Group, Inc.

Unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "$" or "US$" are to United States dollars.

**Section 3. Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Power and Authority of the Board</u>. The Plan shall be administered by the Board, and the Board shall have the power to manage this Plan and may delegate such power at its discretion to any committee of the Company, including the Committee. All references hereinafter to the "Committee" shall mean the Committee, as delegated to by the Board, if applicable, failing which shall mean the Board. Subject to the express provisions of this Plan and to applicable law, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under this Plan; (iii) determine the number of Shares to be covered by (or the method by which payments or other rights are to be calculated in connection with) each Award; (iv) determine the terms and conditions of any Award or Award Agreement, including any terms relating to the forfeiture of any Award and the forfeiture, recapture or disgorgement of any cash, Shares or other amounts payable with respect to any Award; (v) amend the terms and conditions of any Award or Award Agreement, subject to the limitations under Section 7; (vi) accelerate the exercisability of any Award or the lapse of any restrictions relating to any Award, subject to the limitations in Section 7, (vii) determine whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities or other property (excluding promissory notes), or canceled, forfeited or suspended, subject to the limitations in Section 7; (vii) determine whether, to what extent and under what circumstances amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the holder thereof or the Committee, subject to the requirements of Section 409A; (ix) interpret and administer this Plan and any instrument or agreement, including an Award Agreement, relating to this Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of this Plan; (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this Plan; and (xii) adopt such modifications, rules, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of the jurisdictions in which the Company or an Affiliate may operate, including, without limitation, establishing any special rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to meet the objectives of this Plan and to ensure the viability of the intended benefits of Awards granted to Participants located in non-United States jurisdictions. Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations and other decisions under or with respect to this Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award or Award Agreement, and any employee of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delegation</u>. The Committee may delegate to one or more officers or Directors of the Company, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion, the authority to grant Awards; provided, however, that the Committee shall not delegate such authority in such a manner as would cause this Plan not to comply with applicable Exchange Policies or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority of the Committee</u>. Notwithstanding anything to the contrary contained herein, (i) the Committee may, at any time and from time to time, without any further action of the Board, exercise the powers and duties of the Board under this Plan, unless the exercise of such powers and duties by the Committee would cause this Plan not to comply with the requirements of all applicable securities laws and Exchange Policies and (ii) only the Board (or a committee of the Board comprised of directors who qualify as independent directors within the meaning of the independence rules of any applicable stock exchange on which the Shares are then listed) may grant Awards to Directors who are not also employees of the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification</u>. To the full extent permitted by law, (i) no member of the Board, the Committee or any person to whom the Committee delegates authority under this Plan shall be liable for any action or determination taken or made in good faith with respect to this Plan or any Award made under this Plan, and (ii) the members of the Board, the Committee and each person to whom the Committee delegates authority under this Plan shall be entitled to indemnification by the Company with regard to such actions and determinations. The provisions of this paragraph shall be in addition to such other rights of indemnification as a member of the Board, the Committee or any other person may have by virtue of such person's position with the Company.

**Section 4. Shares Reserved for Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shares Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 4(b), the securities that may be acquired by Participants under this Plan will
consist of (A) authorized but unissued Shares; or (B) issued and outstanding Shares held by the Company for its own account
to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will at all times during the term of this Plan ensure that it is authorized to issue such
number of Shares as are sufficient to satisfy the requirements of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to adjustment as provided in Section 4(b) of this Plan, the maximum aggregate number
of Shares issuable under this Plan and under all other Security Based Compensation Arrangements shall not exceed the sum of (i) 10%
of the total number of Fully Diluted Shares issued and outstanding from time to time; and (ii) the number of Shares issuable in connection
with the Special Grants. This Plan is considered an "evergreen" plan, since: (i) any Shares subject to an Award which has
been exercised or settled in cash by a Participant or for any reason is cancelled or terminated without having been exercised or settled
in Shares will again be available for grants under this Plan (other than Shares subject to an Award that is part of the Special Grants),
and (ii) the number of Awards available to grant will increase as the number of issued and outstanding Shares increases from time
to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the purposes of Section 4(a)(iii), in the event that the Company cancels or purchases to cancel
any of its issued and outstanding Shares ()"**Cancellation**") and as a result of such Cancellation, the Company exceeds the
limit set out in Section 4(a)(iii), no approval of the Company's shareholders will be required for the issuance of Shares on the
exercise or settlement of any Awards which were granted prior to such Cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For greater certainty, Awards that do not entitle the holder thereof to receive or purchase Shares shall
not be counted against the aggregate number of Shares available for Awards under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Shares issued under Awards granted in substitution for awards previously granted by an entity that is
acquired by or merged with the Company or an Affiliate shall not be counted against the aggregate number of Shares available for Awards
under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Adjustments</u>. In the event that any dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, forward stock split, reverse stock split, reorganization, plan of arrangement, merger, amalgamation, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event which affects the Shares, or unusual or nonrecurring events affecting the Company or the financial statements of the Company, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or stock exchange or inter-dealer quotation, accounting principles or law, such that an adjustment is considered by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Committee may, in such manner as it may deem equitable, subject to any required regulatory or Exchange approvals, adjust any or all of (i) the number and kind of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the number and kind of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment with respect to any outstanding Award, and/or (iv) any share limit set forth in this Plan; provided, however, that the number of Shares covered by any Award or to which such Award relates shall always be a whole number. Such adjustment shall be made by the Committee or the Board, whose determination in that respect shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Award Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 4(b), to the extent that section 2.25 of National Instrument 45-106 – *Prospectus Exemptions* applies to an Award or to the issuance of Shares pursuant thereto: (X) after a grant, the number of Shares, calculated
on a fully-diluted basis, reserved for issuance under Options granted to (A) any one Related Person shall not exceed 5% of the total
number of Shares that are outstanding at the time of the grant, or (B) Related Persons shall not exceed 10% of the total number of
Shares that are outstanding at the time of the grant; and (Y) after a grant, the number of Shares, calculated on a fully-diluted
basis, issued within any 12 months to (A) any one Related Person and the Associates of such Related Person shall not exceed 5% of
the total number of Shares that are outstanding at the time of the grant, or (B) Related Persons shall not exceed 10% of the total
number of Shares that are outstanding at the time of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The maximum number of Shares that may be issued under this Plan to the Company's Non-Employee Directors,
as a whole, or the number of securities that may be issuable on exercise of the Awards granted to the Company's Non-Employee Directors,
as a whole, as compensation within any one-year period, shall not exceed 1% of the total number of Fully-Diluted Shares, in aggregate,
at the time of grant, subject to adjustment pursuant to Section 4(b). The Board shall not (i) grant Options to any one Non-Employee
Director in which the aggregate Fair Market Value of the Shares underlying such Options during any calendar year (and including any awards
under any equity compensation program of MPB AcquisitionCo or its Affiliates) shall exceed $100,000, or (ii) grant Awards in which
the aggregate Fair Market Value of the Shares in respect to which the Awards are exercisable by such Non-Employee Director during any
calendar year (and including any awards under any equity compensation program of MPB AcquisitionCo or its Affiliates) shall exceed $150,000,
and in each case of (i) and (ii), measured as at the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Restricted Exchangeable Shares</u>. If, during the term of this Plan, MPB AcquisitionCo grants awards of restricted Exchangeable Shares to Persons who are Eligible Persons under this Plan, any restricted Exchangeable Shares awarded by MPB AcquisitionCo will reduce the number of Shares that may be awarded under this Plan on a one-for-one basis. If any restricted Exchangeable Shares awarded by MPB AcquisitionCo are forfeited, cancelled, or are used or withheld to satisfy tax withholding obligations of an award recipient thereunder, any such restricted Exchangeable Shares that are forfeited, cancelled, used or withheld will thereafter not be treated as reducing the number of Shares that are available for Awards under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Assistance</u>. The Company or any Affiliate or Related Entity may provide financial assistance to, or enter into support agreements with, Participants in connection with grants under this Plan, including without limitation, full, partial or non-recourse loans (to the extent permitted by applicable laws), provided approval of the disinterested members of the Board is obtained.

**Section 5. Eligibility**

Any Eligible Person shall be eligible to be designated as a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company and/or such other factors as the Committee, in its discretion, shall deem relevant. Notwithstanding the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Incentive Stock Option may only be awarded to an employee of the Company or any "Parent Corporation"
or "Subsidiary Corporation" of the Company (in each case, within the meaning of Section 424 of the Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Eligible Person who is subject to United States income tax, a Non- Qualified Stock Option
may only be awarded to such Eligible Person to the extent the Eligible Person performs direct services to (A) the Company or any
corporation (other than the Company), in an unbroken chain of corporations beginning with the Company, in which each of the corporations
other than the last corporation in the unbroken chain owns, directly or indirectly, stock representing at least 50% of the voting power
of all classes of stock entitled to vote or at least 50% of the value of all classes of stock in one of the other corporations in such
chain, or (B) to an entity that otherwise qualifies as an eligible issuer of service recipient stock pursuant to United States Treasury
Regulation Section 1.409A-1(b)(5)(iii)(E)(1).

Receipt of Awards by a Participant is subject to the grant being voluntary within the meaning of section 2.23(2) of National Instrument 45-106 – *Prospectus Exemptions*, to the extent applicable.

**Section 6. Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Options</u>. The Committee is hereby authorized to grant Options to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of this Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exercise Price</u>. The purchase price per Share purchasable under an Option shall be determined by
the Committee and shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided, however,
that, to the extent permitted under Section 409A and Section 424 of the Code, as applicable, the Committee may designate a purchase
price below Fair Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an
entity that is acquired by or merged with the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Option Term</u>. The term of each Option shall be fixed by the Committee at the date of grant but shall
not be longer than ten (10) years from the date of grant. Notwithstanding the foregoing, in the event that the expiry date of an
Option falls within a trading blackout period imposed by the Company (a "**Blackout Period** "), and neither the Company nor
the individual in possession of the Options is subject to a cease trade order in respect of the Company's securities, then the expiry
date of such Option shall be automatically extended to the 10th business day following the end of the Blackout Period, provided that the
extension contemplated by this paragraph (ii) shall not apply to Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Time and Method of Exercise</u>. The Committee shall determine the time or times at which an Option
may be exercised in whole or in part and the method or methods by which, and the form or forms, including, subject to applicable law,
but not limited to, cash, cheque, or surrender of other securities or other property, or any combination thereof, having a Fair Market
Value on the exercise date equal to the applicable exercise price, in which payment of the exercise price with respect thereto may be
made or deemed to have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Promissory Notes</u>. Notwithstanding the foregoing, the Committee may not permit payment of the exercise
price, either in whole or in part, with a promissory note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Net Exercises</u>. The Committee may, in its discretion, permit an Option to be exercised by delivering
to the Participant 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 exercise price
of the Option for such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Options Subject to Targets</u>. Options may be made subject to the achievement by the Company of specified
performance targets, such that such Options will only be exercisable if such targets are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Incentive Stock Options</u>. Unless an Award Agreement specifies that an Option is intended to be an
Incentive Stock Option, the Option will be a Non-Qualified Stock Option. The Company makes no assurances that an Option that it designates
as an Incentive Stock Option will meet all requirements for qualification under Section 422 of the Code, and neither the Company,
nor its officers, directors or employees, shall have any liability to the Participant if the Option does not qualify as an Incentive Stock
Option under Section 422 of the Code. If an Award Agreement specifies that an Option is intended to be an Incentive Stock Option,
the following additional provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To the extent that the aggregate Fair Market Value (determined at the time of grant) of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans
of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the
rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which
they were granted) or otherwise do not comply with such rules will be treated as Non-Qualified Stock Options, notwithstanding any
contrary provision of the applicable Award Agreement(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Subject to adjustment pursuant to Section 4(b) and the overall plan limitation under Section 4(a),
the maximum number of shares that may be issued pursuant to Incentive Stock Options shall not exceed 12,643,437 Shares, or such other
number of Shares as may be determined by the Board prior to the shareholders' meeting of the Company in respect of the Company's qualifying
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted,
owns (within the meaning of Sections 422 and 424 of the Code) stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or any "Parent Corporation" or "Subsidiary Corporation" of the Company (in each case,
within the meaning of Section 424 of the Code), shall not be exercisable after the expiration of five (5) years from the date
such Incentive Stock Option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market
Value of a Share on the date of grant of the Incentive Stock Option; provided, however, that, in the case of the grant of an Incentive
Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 and 424 of the Code)
stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any "Parent Corporation"
or "Subsidiary Corporation" of the Company (in each case, within the meaning of Section 424 of the Code), the purchase
price per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date
of grant of the Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) An Incentive Stock Option will not be transferable by a Participant other than by will or the laws of
descent and distribution and, during the Participant's lifetime, may only be exercised by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Any Incentive Stock Option authorized under this Plan shall contain such other provisions as the Committee
shall deem advisable, but shall in all events be consistent with and contain all provisions required in order to qualify the Option as
an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) No Incentive Stock Option may be granted more than ten (10) years after the earlier of (i) the
date this Plan is adopted by the Board, and (ii) the date on which this Plan is approved by shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) In order to retain status as an Incentive Stock Option, an Incentive Stock Option must be exercised within
three (3) months following the date the optionee ceases to be an employee, except in the case of death or Disability as defined under
Section 22(e) of the Code. Any Incentive Stock Option that is not exercised within the time periods required under Section 422
of the Code, will automatically be deemed to be a Non-Qualified Stock Option (to the extent it would otherwise remain exercisable according
to its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) In the event this Plan is not approved by the shareholders of the Company in accordance with the requirements
of Section 422 of the Code within twelve (12) months before or after this Plan is adopted by the Board, any Incentive Stock Option
granted under this Plan automatically will be deemed to be a Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Stock Units</u>. The Committee is hereby authorized to grant an Award of Restricted Stock Units to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of this Plan as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Restrictions</u>. Restricted Stock Units shall be subject to such restrictions as the Committee may
impose (including, without limitation, any limitation on the right to receive any dividend, Dividend Equivalents, or other right or property
with respect thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise
as the Committee may deem appropriate. Notwithstanding the foregoing, rights to dividend or Dividend Equivalent payments shall be subject
to the limitations described in Section 6(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Issuance and Delivery of Shares</u>. In the case of Restricted Stock Units, no Shares shall be issued
at the time such Awards are granted. Upon the lapse or waiver of restrictions and the restricted period relating to Restricted Stock Units
evidencing the right to receive Shares, one Share for each such Share covered by the Restricted Stock Unit shall be issued and delivered
to the holder of the Restricted Stock Units; provided, that the Committee may elect to pay cash, or part cash and part Shares in lieu
of delivering only Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Acceleration of Vesting</u>. The Committee may, in its discretion, accelerate the vesting, all or in
part, of the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Forfeiture</u>. Except as otherwise determined by the Committee or as provided in an Award Agreement,
upon a Participant's termination of employment or service or resignation or removal as a Director (in either case, as determined under
criteria established by the Committee) during the applicable restriction period, all Restricted Stock Units held by such Participant that,
at such time, remain subject to restrictions, shall be forfeited and re-acquired by the Company for cancellation at no cost to the Company;
provided, however, that the Committee may waive in whole or in part any or all remaining restrictions with respect to Restricted Stock
Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Performance Targets</u>. Restricted Stock Units may be made subject to the achievement by the Company
of specified performance targets established by the Board or after a period of continued service with the Company or its Affiliates or
any combination of the above, as set forth in the applicable Award Agreement, such that such Restricted Stock Units will only become vested
if such targets or periods are met (or waived at the discretion of the Committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividend Equivalents</u>. The Committee is hereby authorized to grant Dividend Equivalents to Eligible Persons under which the Participant shall be entitled to receive payments (in cash, Shares, other securities or other property, as determined in the discretion of the Committee) equivalent to the amount of cash dividends paid by the Company to holders of Shares with respect to a number of Shares determined by the Committee. Subject to the terms of this Plan and any applicable Award Agreement, such Dividend Equivalents may have such terms and conditions as the Committee shall determine. Notwithstanding the foregoing, (i) the Committee may not grant Dividend Equivalents to Eligible Persons in connection with grants of Options or other Awards the value of which is based solely on an increase in the value of the Shares after the date of grant of such Award, and (ii) dividend and Dividend Equivalent amounts may be accrued but shall not be paid unless and until the date on which all conditions or restrictions relating to such Award have been satisfied, waived or lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Unrestricted Stock Bonuses</u>. The Committee is hereby authorized to grant an Award of Unrestricted Stock Bonuses to Eligible Persons under which the Participant shall be entitled to receive fully paid and non-assessable Shares as consideration for services rendered to the Company or an Affiliate in the prior calendar year, or may purchase fully paid and non-assessable Shares for cash consideration at the Fair Market Value thereof (with the cash consideration representing up to the after-withholding tax value of a cash bonus paid). Subject to the terms of this Plan and any applicable Award Agreement, such Unrestricted Stock Bonuses may have such terms and conditions as the Committee shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>General</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Consideration for Awards</u>. Awards may be granted for no cash consideration or for any cash or other
consideration as may be determined by the Committee or required by applicable law or the Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Limits on Transfer of Awards</u>. Except as otherwise provided by the Committee in its discretion and
subject to such additional terms and conditions as it determines, no Award (other than fully vested and unrestricted Shares issued pursuant
to any Award) and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and
distribution, and no Award (other than fully vested and unrestricted Shares issued pursuant to any Award) or right under any such Award
may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall
be void and unenforceable against the Company or any Affiliate. Where the Committee does permit the transfer of an Award other than a
fully vested and unrestricted Share, such permitted transfer shall be for no value and in accordance with all applicable law and Exchange
Policies. The Committee may also establish procedures as it deems appropriate for a Participant to designate a person or persons, as beneficiary
or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to any Award in the event
of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Restrictions; Exchange Listing</u>. All Shares or other securities delivered under this Plan pursuant
to any Award or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under this Plan, applicable
laws and Exchange Policies, and the Committee may cause appropriate entries to be made with respect to, or legends to be placed on the
certificates or direct registration statements or electronic positions, as applicable, for, such Shares or other securities to reflect
such restrictions. The Company shall not be required to deliver any Shares or other securities covered by an Award unless and until the
requirements of any securities or other laws, rules or regulations (including the Exchange Policies) as may be determined by the
Company to be applicable are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Prohibition on Option Repricing</u>. Except as provided in Section 4(b) hereof, the Committee
may not, without prior approval of the Company's shareholders and applicable stock exchange approval, seek to effect any repricing of
any previously granted, "out-of-the money" Option by: (i) amending or modifying the terms of the Option to lower the exercise
price; (ii) canceling the out-of-the money Option and granting either (A) replacement Options having a lower exercise price;
or (B) Restricted Stock Units in exchange; or (iii) cancelling or repurchasing the out-of- the money Option for cash or other
securities. An Option will be deemed to be "out-of-the money" at any time when the Fair Market Value of the Shares covered by
such Award is less than the exercise price of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Section 409A Provisions</u>. Notwithstanding anything in this Plan or any Award Agreement to the
contrary, to the extent that any amount or benefit that constitutes "deferred compensation" to a Participant under Section 409A
and applicable regulations promulgated thereunder ()"**Deferred Compensation**") is otherwise payable or distributable to
a Participant under this Plan or any Award Agreement solely by reason of the occurrence of a change in control or due to the Participant's
disability or "separation from service" (as such term is defined under Section 409A), such amount or benefit will not be
payable or distributable to the Participant by reason of such circumstance unless the Committee determines in good faith that (i) the
circumstances giving rise to such change in control event, disability or separation from service meet the definition of a change in control
event, disability, or separation from service, as the case may be, in Section 409A(a)(2)(A) of the Code and applicable proposed
or final regulations, or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A
by reason of the short-term deferral exemption or otherwise. Any payment or distribution that is Deferred Compensation that otherwise
would be made to a Participant who is a Specified Employee (as determined by the Committee in good faith) on account of separation from
service may not be made before the date which is six months after the date of the Specified Employee's separation from service (or if
earlier, upon the Specified Employee's death) unless the payment or distribution is exempt from the application of Section 409A by
reason of the short-term deferral exemption or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Acceleration of Vesting</u>. Unless otherwise specified in the Award Agreement, upon a change of control
event (as described in Section 7(b)), all securities (namely the Restricted Stock Units or Options) granted pursuant to this Plan
shall immediately vest.

**Section 7. Amendment and Termination; Corrections**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments to this Plan and Awards</u>. The Board may from time to time amend, suspend, discontinue or terminate this Plan, and the Committee may amend the terms of any previously granted Award at any time, provided that, except as contemplated herein (i) no amendment, alteration, suspension, discontinuation or termination may (except as expressly provided in this Plan) materially and adversely alter or impair the terms or conditions of the Award previously granted to a Participant under this Plan without the written consent of the Participant or holder thereof; and (ii) any amendment, alteration, suspension, discontinuation or termination is subject to compliance with all applicable laws, rules, regulations and policies of any applicable governmental entity or stock exchange, including receipt of any required approval from the governmental entity or stock exchange, and any such amendment, alteration, suspension, discontinuation or termination of an Award shall be in compliance with the Exchange Policies. For greater certainty and notwithstanding the foregoing, the Board may amend, suspend, terminate or discontinue this Plan, and the Committee may amend or alter any previously granted Award, as applicable, without obtaining the approval of shareholders of the Company, in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend the eligibility for, and limitations or conditions imposed upon, participation in this Plan, except
that any amendment to this Plan to change the class or classes of Persons eligible to be awarded Incentive Stock Options will be submitted
for shareholder approval to the extent required by Code Section 422;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating
to the amount and payment of the exercise price, or the vesting, expiry, assignment or adjustment of Awards, or otherwise waive any conditions
of or rights of the Company under any outstanding Award, prospectively or retroactively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies
of any applicable governmental entity or the Exchange, including the Exchange Policies (including amendments to Awards necessary or desirable
to avoid any adverse tax results under Section 409A), and no action taken to comply shall be deemed to impair or otherwise adversely
alter or impair the rights of any holder of an Award or beneficiary thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) amend any terms relating to the administration of this Plan, including the terms of any administrative
guidelines or other rules related to this Plan.

Notwithstanding the foregoing and for greater certainty, prior approval of the shareholders of the Company shall be required for any amendment to this Plan or an Award that would require shareholder approval under the rules or regulations of the Exchange that is applicable to the Company or which would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the shares authorized under this Plan as specified in Section 4 and Section 6(a)(v)(B) of
this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove or exceed the limits set out in a Security Based Compensation Arrangement on Awards available to
any of (a) a "related party" (as defined in Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*) of the Company, (b) a promoter of the Company, or, where the promoter is not an individual, an officer,
director or control person of the promoter, and (c) such other Person as may be designated from time to time by the Exchange, in
respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) permit a re-pricing of an Award benefiting any of (a) a "related party" (as defined in
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions) of the Company, (b) a promoter
of the Company, or, where the promoter is not an individual, an officer, director or control person of the promoter, and (c) such
other Person as may be designated from time to time by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permit an extension of the term of an Award where the exercise price is lower than the prevailing market
price, except pursuant to Section 6(a)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) permit the award of Options at a price less than 100% of the Fair Market Value of a Share on the date
of grant of such Option, contrary to the provisions of Section 6(a)(i) of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) permit Options to be transferable other than as provided in Section 6(e)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) amend this Section 7(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) increase the maximum term permitted for Options, as specified in Section 6(a), other than under Section 6(a)(ii),
or extend the terms of any Options beyond their original expiry date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporate Transactions</u>. In the event of any reorganization, merger, amalgamation, consolidation, split-up, spin-off, combination, plan of arrangement, take-over bid or tender offer, repurchase or exchange of Shares or other securities of the Company or any other similar corporate transaction or event involving the change of control of the Company (or if the Company shall enter into a written agreement to undergo such a transaction or event), the Committee or the Board may, in its sole discretion, provide for any of the following to be effective upon the consummation of the event (or effective immediately prior to the consummation of the event, *provided that* the consummation of the event subsequently occurs), and no action taken under this Section 7(b) shall be deemed to impair or otherwise adversely alter the rights of any holder of an Award or beneficiary thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either (A) termination of the Award, whether or not vested, in exchange for an amount of cash and/or
other property, if any, equal to the amount that would have been attained upon the exercise of the vested portion of the Award or realization
of the Participant's vested rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or event
described in this Section 7(b)(i) (A) the Committee or the Board determines in good faith that no amount would have been
attained upon the exercise of the Award or realization of the Participant's rights, then the Award may be terminated by the Company without
any payment), or (B) the replacement of the Award with other rights or property selected by the Committee or the Board, in its sole
discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof,
or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent
or subsidiary thereof, with appropriate adjustments as to the number and kind of shares or property and prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that, unless otherwise specified in the Award Agreement, subject to Section 6(e)(v), the Award shall
be exercisable or payable or fully vested with respect to all Shares covered thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Award cannot vest, be exercised or become payable after a certain date in the future, which may
be the effective date of the event.

For greater certainty, a change of control event shall not include: (i) the conversion of multiple voting shares of the Company into Shares, (ii) the exchange of the Exchangeable Shares or other exchangeable shares of a subsidiary of the Company into Shares, or (iii) the exchange or conversion of other securities that are exchangeable or convertible, as applicable, into Shares or multiple voting shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Correction of Defects, Omissions and Inconsistencies</u>. The Committee may, without prior approval of the shareholders of the Company, correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of this Plan.

**Section 8. Income Tax Withholding**

In order to comply with all applicable federal, state, provincial, local and/or foreign income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal, state, provincial, local or foreign payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant. Without limiting the foregoing, in order to assist a Participant in paying all or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (a) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes (subject to any applicable limitations to avoid adverse accounting treatment), or (b) delivering to the Company Shares other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes. The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.

**Section 9. Securities Laws**

If the Awards and the securities which may be acquired pursuant to the exercise of the Awards have not been registered under the Securities Act or under any securities law of any state of the United States, the Awards may not be exercised in the United States unless an exemption from the registration requirements of the Securities Act is available. Any Awards or Shares issued to a Participant in the United States that have not be registered under the Securities Act will be deemed "restricted securities" (as such term is defined in Rule 144(a)(3) under the Securities Act) and shall be certificated and affixed with an applicable restrictive legend as set forth in the Award Agreement. The Awards may not be offered or sold, directly or indirectly, in the United States except pursuant to registration under the Securities Act and the securities laws of all applicable states or available exemptions therefrom. Each U.S. Award Holder or anyone who becomes a U.S. Award Holder, who is granted an Award in the United States, who is a resident of the United States or who is otherwise subject to the Securities Act or the securities laws of any state of the United States will be required to complete an Award Agreement which sets out the applicable United States restrictions.

**Section 10. General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights to Awards</u>. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under this Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under this Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Award Agreements</u>. No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement shall have been signed by the Participant (if requested by the Company), or until such Award Agreement is delivered and accepted through an electronic medium in accordance with procedures established and accepted by the Company. An Award Agreement need not be signed by a representative of the Company unless required by the Committee. Each Award Agreement shall be subject to the applicable terms and conditions of this Plan and any other terms and conditions (not inconsistent with this Plan) determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Availability of Information</u>. At least annually, copies of the Company's balance sheet and income statement for the just completed fiscal year shall be made available (including by way of filing on SEDAR), to each Participant and purchaser of Shares upon the exercise of an Award upon written request; provided, however, that this requirement shall not apply if all offers and sales of securities pursuant to this Plan comply with all applicable conditions of Rule 701 under the Securities Act; provided that for purposes of determining such compliance, any registered domestic partner shall be considered a "family member" as that term is defined in Rule 701 of the Securities Act. The Company shall not be required to make such information available to key persons whose duties in connection with the Company assure them access to equivalent information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Plan Provisions Control</u>. In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect with the terms of this Plan as set forth herein or subsequently amended, the terms of this Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Rights of Shareholders</u>. Except with respect to Shares issued under Awards (and subject to such conditions as the Committee may impose on such Awards pursuant to Section 6(b)(i) or Section 6(c)), neither a Participant nor the Participant's legal representative shall be, or have any of the rights and privileges of, a shareholder of the Company with respect to any Shares issuable upon the exercise or payment of any Award, in whole or in part, unless and until such Shares have been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Limit on Other Compensation Arrangements</u>. Nothing contained in this Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation plans or arrangements, and such plans or arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Right to Employment</u>. The grant of an Award shall not be construed as giving a Participant the right to be retained as an employee of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate a Participant's employment at any time, with or without cause, in accordance with applicable law. In addition, the Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under this Plan or any Award, unless otherwise expressly provided in this Plan or in any Award Agreement. Nothing in this Plan shall confer on any person any legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate. Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under this Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise. By participating in this Plan, each Participant shall be deemed to have accepted all the conditions of this Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. The Plan, including the validity, construction and effect of this Plan or any Award, and any rules and regulations relating to this Plan or any Award, 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, but references to such laws shall not, by conflict of laws, rules or otherwise require application of the law of any jurisdiction other than the Province of British Columbia and the parties hereby further irrevocably attorn to the jurisdiction of the courts of the Province of British Columbia in respect of any matter arising hereunder. Notwithstanding the foregoing, to the extent applicable, with respect to a Participant who is a U.S. Award Holder, this Plan shall be interpreted in accordance with any applicable provisions of U.S. federal and State law, including, without limiting the generality of the foregoing, the requirements of Section 409A and the regulations, notices and other guidance of general applicability issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Severability</u>. If any provision of this Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify this Plan or any Award under any law or the Exchange Rules deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or the Exchange Rules, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of this Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of this Plan or any such Award shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Trust or Fund Created</u>. Neither this Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Other Benefits</u>. No compensation or benefit awarded to or realized by any Participant under this Plan shall be included for the purpose of computing such Participant's compensation or benefits under any pension, retirement, savings, profit sharing, group insurance, disability, severance, termination pay, welfare or other benefit plan of the Company, unless required by law or otherwise provided by such other plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Fractional Shares</u>. No fractional Shares shall be issued or delivered pursuant to this Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share or any rights thereto shall be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Headings</u>. Headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

**Section 11. Clawback or Recoupment**

All Awards under this Plan shall be subject to recovery or other penalties pursuant to (i) any Company clawback policy, as may be adopted or amended from time to time, or (ii) any applicable law, rule or regulation or applicable Exchange Policies.

**Section 12. History; Effective Date of the Plan**

The Company's Amended and Restated Equity Incentive Plan (the "**First A&R Plan**") was adopted by the Board on June 29th, 2021, and approved by the shareholders of the Company on June 2nd, 2021. The effective date of the First A&R Plan was June 29th, 2021. On June 21, 2024, shareholders of the Company approved, ratified, and confirmed renewal of the First A&R Plan.

This Second Amended and Restated Equity Incentive Plan was adopted by the Board (subject to receipt of shareholder approval) on May 15, 2025 as a continuation of the Company's Amended and Restated Equity Incentive Plan. The Plan, as amended and restated herein, shall become effective as of May 15, 2025 upon shareholder approval (the "**Effective Date**").

**Section 13. Term of this Plan**

No Award shall be granted under this Plan, and this Plan shall terminate, on the tenth (10th) anniversary of the date the First A&R Plan was approved by the shareholders of the Company on June 2, 2021 (i.e., June 2, 2031), or any earlier date of discontinuation or termination established pursuant to Section 7(a) of this Plan. Notwithstanding the foregoing, an Award may only be awarded within ten (10) years from June 2, 2021. Unless otherwise expressly provided in this Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such dates, and the authority of the Committee provided for hereunder with respect to this Plan and any Awards, and the authority of the Board to amend this Plan, shall extend beyond the termination of this Plan. Regardless of whether this Plan is approved by the shareholders of the Company every three (3) years or when otherwise required under the Exchange Rules, after the initial approval of this Plan by the shareholders of the Company, all previously granted Awards shall remain valid.

## Ex-Filing

**Exhibit 107**

**CALCULATION OF FILING FEES TABLE**

**<u>FORM S-8</u>**

(Form Type)

**Glass House Brands Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security<br> Type** | **Amount<br> Registered<sup>(2)</sup>** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Share** | **Maximum<br> Aggregate<br> Offering <br> Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** |
| Equity Equity Shares<sup>(1)</sup>, no par value Other<sup>(3)</sup> | 12643437 | $4.82 | $60941366 | 0.00015310 | $9330.12 |
| **Total Offering Amounts** | **Total Offering Amounts** |  | $60941366 |  | $9330.12 |
| **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** |  |  |  | $9330.12 |

---

(1) This Registration Statement registers 12,643,437 subordinate, restricted, or limited voting shares, no par value ("Equity Shares"), of Glass House Brands Inc. (the "Registrant"), for issuance under Glass House Brands Inc. Amended and Restated Equity Incentive Plan (the "Plan").

(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional Equity Shares of the Registrant that become issuable under the Plan by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding Equity Shares.

(3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and Rule 457(c) promulgated under the Securities Act. The Proposed Maximum Offering Price Per Share is based on the last sale price of the Registrant's Equity Shares as quoted on OTC Markets on June 23, 2025.