Document:

Exhibit 10.16.1

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

2018 LONG-TERM INCENTIVE PLAN

 

RESTRICTED STOCK AWARD

 

Charlotte’s Web Holdings, Inc. (the
 “Company”) has granted you an award of Restricted Stock (the “Award”) under the Charlotte’s
Web Holdings, Inc. 2018 Long-Term Incentive Plan (the “Plan”). Each Award represents the right to receive one
Common Share if, and to the extent, the Award becomes vested. The terms of the grant are set forth in the Restricted Stock Award Agreement
attached hereto (the “Agreement”). The following provides a summary of the key terms of the Award; however, you should
read the entire Agreement, along with the terms of the Plan, to fully understand the grant.

 

SUMMARY OF GRANT

 

	Grantee:	 ♦
	 	 
	Date of Grant:	 ♦
	 	 
	Vesting/ Schedule:	Date	Number
	 	 ♦	 ♦

 

	Total Number of Awards Granted:	 ♦

 

The above is a summary description of certain
provisions of the Agreement and is not intended to be complete. In the event any aspect of this summary conflicts with the terms of the
Agreement, the terms of the Agreement shall govern.

 

[Signature page to follow.]

 

     

     

    

 

Company Authorization:

 

The Corporation hereby authorizes this Restricted
Stock Award.

 

	 	CHARLOTTE’S WEB HOLDINGS, INC. 
	 	 
	 	 
	 	 Per:	 
	 	 	Name: 
	 	 	Title:

 

Grantee Acceptance:

 

By signing the acknowledgement below, the Grantee
agrees to be bound by the terms and conditions of the Plan, the Agreement and this Summary of Grant and accepts the grant in accordance
with the terms of this Summary of Grant, the Agreement and the Plan. The Grantee will accept as binding, conclusive and final all decisions
or interpretations of the Administrator (as defined herein) upon any questions arising under the Plan, this Summary of Grant or the Agreement.

 

		Grantee:	
	 	 
	 	Date:	 

 

    	 	- 2 -	 

     

    

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

2018 LONG-TERM INCENTIVE PLAN

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS
RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) entered into as of the grant date set forth on the attached
Notice of Grant of Award and Award Agreement (the “Notice”), by and between Charlotte’s Web Holdings, Inc.
(the “Company”) and the participant named on the Notice (the “Grantee”). Capitalized terms
used in this Agreement that are not defined herein have the meaning set forth in the ‎Plan.‎

 

RECITALS

 

A.            The
Charlotte’s Web Holdings, Inc. 2018 Long-Term Incentive Plan (the “Plan”) provides ‎for the grant of
Restricted Stock Awards, with each Restricted Stock Award (each, an “Award”) representing the right to receive one
Common Share (each, a “Share”) if and to the extent the Award becomes vested. The Company has ‎decided to award
Restricted Stock to the Grantee as an inducement for the Grantee to promote the best interests of ‎the Company and its stockholders.
 ‎

 

B.             The
Company has awarded the Grantee Restricted Stock under the Plan (the “Award”), as set forth on the Notice, subject
to the terms and conditions of this Agreement.

 

C.‎            The
terms and conditions of the Award should be construed and interpreted in ‎accordance with the terms and conditions of this Agreement
and the Plan. The Plan is administered and ‎interpreted by the Administrator to which the Board has delegated power to act under or
pursuant to the ‎provisions of the Plan. The Administrator may delegate authority to one or more subcommittees as it ‎deems appropriate.
If a subcommittee is appointed, all references in this Agreement to the ‎‎“Administrator” shall be deemed to refer
to the subcommittee. For purposes of this Agreement, ‎‎“Company” shall mean the Company and any of its Subsidiaries
where applicable. ‎

 

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.             Grant
of Award. The Company hereby awards to the Grantee the number of Awards set forth on the Notice, ‎on the terms and conditions
set forth herein, in the Notice and in the Plan.‎ The Grantee acknowledges that the grant and vesting of the Awards hereunder, and
the issuance ‎and holding of Shares upon vesting of such Awards, is subject to any policy the Company may have in ‎effect from
time to time in respect of incentive compensation recoupment or clawback. ‎

 

2.             Terms
of Award.

 

(a)           Vesting.
The Awards shall become vested according to the vesting schedule set forth on the Summary of Grant, provided that the Grantee continues
to be employed by, or provide service to, the Company from the Date of Grant until the applicable vesting date, except as otherwise provided
by Sections 4 and 5 below. The vesting of the Awards shall be cumulative, but shall not exceed 100% of the Shares subject to the Award
granted above. If the vesting schedule would produce fractional Shares, the portion of the Award that vests shall be rounded down to the
nearest whole Share.

 

(b)           Issuance
of Common Shares Without Restrictions. Each earned and vested Award shall be settled by the Company issuing one Share for each
whole vested Award, with issuance to occur as soon as administratively practicable (but no more than 30 days) after the applicable vesting
date, subject to the requirements of the Plan and this Agreement.

 

    	 	- 3 -	 

     

    

 

3.             Forfeiture
of Award.

 

(a)           Subject
to Sections 4 and 5, if the Grantee has a Termination of Service, any unvested portion of the Award shall automatically terminate and
be forfeited on the date of the Termination of Service without payment of consideration to the Grantee.

 

4.             Acceleration
on Death or Total and Permanent Disability‎.

 

(a)           Subject
to Section 5, if the Grantee has a Termination of Service on account of the Grantee’s death or Total and Permanent Disability,‎
any unvested ‎portion of the Award shall become fully (100%) vested. Each such earned and vested Award shall be settled by the Company
issuing one Share for each whole vested Award, with issuance to occur as soon as administratively practicable (but no more than 30 days)
after the applicable Termination of Service.

 

5.             Change
in Control.

 

(a)           If
a ‎Change in Control occurs and the Grantee has a Termination of Service either:‎

 

(i)           by
the Company or by the entity that has entered into a valid and binding agreement with the Company to effect the Change in Control during
the period after such agreement is entered into and before the Change in Control or during the 180 days following the Change in Control
(the “Control Period”) and such ‎Termination of Service was for any reason other than for Cause; or

 

(ii)           by
the Grantee as a result of Constructive Dismissal, provided the event giving rise to the ‎Constructive Dismissal occurs during the
Control Period,

 

any unvested ‎portion of the Award shall become
fully (100%) vested. Each such earned and vested Award shall be settled by the Company (or its successor) issuing one Share (subject to
adjustment under Sections 10 and 11 of the Plan) for each whole vested Award, with issuance to occur as soon as administratively practicable
(but no more than 30 days) after the applicable Termination of Service.‎

 

(b)           For
the purposes of this Agreement,

 

(i)           “Cause”
shall mean, except to the extent specified otherwise by the Administrator or as defined in any other agreement between the Grantee and
the Company, a finding by the Administrator that the Grantee has (i) been convicted of, or pled guilty or nolo contendere to, a felony
or crime involving moral turpitude; (ii) engaged in willful and continued negligence in the performance of the duties assigned to
the Grantee by the Company, after the Grantee has received notice of and failed to cure such negligence; or (iii) breached any written
confidentiality, noncompetition or non-solicitation agreement between the Grantee and the Company; and

 

(ii)           ‎“Constructive
Dismissal”, unless otherwise defined in the Grantee’s employment agreement, has the meaning ascribed thereto pursuant
to the ‎common law and shall ‎include, without in any way limiting its meaning under the common law, ‎any material change
(other than a ‎change that is clearly consistent with a promotion) imposed by ‎the Company without the Grantee’s consent
 ‎to the Grantee’s title, responsibilities or ‎reporting relationships, or a material reduction of the Grantee’s ‎compensation,
except where ‎such reduction is applicable to all officers, if the Grantee is an officer, or all ‎employees, if the ‎Grantee
is an employee, provided that for a Grantee who is subject to taxation under the Code, (A) the Grantee must provide the Company written
notice of an event giving rise to a claim of Constructive Dismissal within 90 days after the event first occurs, (B) the Company
shall have an opportunity to cure such event within 90 days after receipt of such notice, and (C) if the Company fails to cure within
that period, the Grantee must have a Termination of Service with respect to the event within 90 days after the end of such cure period.‎
 ‎

 

    	 	- 4 -	 

     

    

 

6.             Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects shall be interpreted in accordance with the Plan. The grant and vesting of the Award are subject to interpretations,
regulations and determinations concerning the Plan established from time to time by the Administrator in accordance with the provisions
of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the Shares, (iii) changes in capitalization of the Company, and (iv) other
requirements of applicable law. The Administrator shall have the authority to interpret and construe the Award pursuant to the terms of
the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

7.             No
Employment or Other Rights. The grant of the Award shall not confer upon the Grantee any right (express or implied) to be retained
by or in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s
employment or service at any time. The right of the Company to terminate at will the Grantee’s employment or service at any time
for any reason is specifically reserved.

 

8.             Voting
Rights and Dividends. The Grantee shall not have the voting or dividend rights attributable to the Shares underlying the Awards
prior to the issuance of Shares in settlement of vested Awards. No dividend equivalents will be accrued or paid to the Grantee with ‎respect
to Shares underlying the Awards.‎ Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event
of the Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares underlying the Awards,
unless and until certificates (or DRS Advices) for Shares have been issued upon the vesting of the Award.

 

9.             Delivery
Subject to Legal Requirements. The obligation of the Company to deliver Shares pursuant to the vesting of Awards shall be subject
to the condition that if at any time the Board shall determine in its discretion that the listing, registration or qualification of the
Shares upon any securities exchange or under any provincial, state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the issue of Shares, the Shares may not be issued in whole or
in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions
not acceptable to the Board.

 

10.           Responsibility
for Taxes.

 

(a)           Regardless
of any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items owed by the Grantee is and remains the
Grantee’s responsibility and that the Company or a Subsidiary that the Grantee is employed by or provides services to (the “Employer”)
(i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the
Award, including the grant or vesting of the Awards or the subsequent sale of any Common Shares acquired upon vesting; and (ii) does
not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Grantee’s liability for Tax-Related
Items.

 

(b)           Prior
to vesting of any Awards, the Grantee shall pay or make adequate arrangements satisfactory to the Company to satisfy all withholding obligations
of the Company or Employer. In this regard, the Grantee authorizes the Company and/or Employer to withhold all applicable Tax-Related
Items legally payable by the Grantee from the Grantee’s wages or other cash compensation paid to the Grantee by the Company or Employer
or from proceeds of the sale of any Common Shares. Alternatively, or in addition, to the extent permissible under applicable law, the
Company or Employer may (i) sell or arrange for the sale of any Common Shares that the Grantee acquires to meet the withholding obligation
for Tax-Related Items, and/or (ii) retain a number of the Awards otherwise payable, provided that the Company only retains a number
of Awards necessary to satisfy no more than the required withholding amount (not to exceed maximum statutory rates). Finally, the Grantee
shall pay to the Company and/or Employer any amount of Tax-Related Items that the Company may be required to withhold as a result of the
Grantee’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to deliver
any Common Shares or make any payment with respect to any earned and vested Awards if the Grantee fails to comply with the Grantee’s
obligations in connection with the Tax-Related Items as described in this Section.

 

    	 	- 5 -	 

     

    

 

11.           Assignment
and Transfers. Except as the Administrator may otherwise permit pursuant to the Plan, the rights and interests of the Grantee
under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee,
by will or by the laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate,
or otherwise dispose of the Award or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any
attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the outstanding and
unvested Awards by notice to the Grantee, and the Award and all rights hereunder shall thereupon become null and void. The rights and
protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries,
and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent.

 

12.           Applicable
Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance
with the laws of the Province of British Columbia, and the laws of Canada applicable therein, without giving effect to the conflicts of
laws provisions thereof.

 

13.           Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Administrator, and any notice
to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Company, or to such other address
as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy or electronic mail or
enclosed in a properly sealed envelope addressed as stated above, deposited, postage prepaid, in a post office regularly maintained by
the Canadian or United States Postal Service.

 

14.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. Facsimile or other electronic transmission
of any signed original document or retransmission of any signed facsimile or other electronic transmission will be deemed the same as
delivery of an original.

 

15.           Complete
Agreement. Except as otherwise provided for herein, this Agreement and those agreements and documents expressly referred to herein
embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way. The terms of this Agreement
shall be binding upon the executors, administrators, heirs, successors and assigns of the Grantee.

 

16.           Amendment. 
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not
be modified in a manner that would have a materially adverse effect on the Award or Shares as determined in the discretion of the Administrator,
except as provided in the Plan or in a written document signed by Grantee and the Company.

 

17.           Conformity
with Plan. This Agreement is intended to conform in all respects with, and is ‎subject to all applicable provisions of, the
Plan. Any conflict between the terms of this Agreement ‎and the Plan shall be resolved in accordance with the terms of the Plan. In
the event of any ‎ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall ‎govern. A copy
of the Plan is provided to the Grantee with this Agreement, and if required by applicable law, the Grantee shall be furnished a prospectus
describing the Plan.‎

 

18.           Administrator
Authority. By entering into this Agreement the Grantee agrees and acknowledges that all decisions and determinations of the Administrator
shall be final and binding on the Grantee, his or her beneficiaries and any other person having or claiming an interest in the Award.

 

    	 	- 6 -Exhibit 10.18.1

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

2018 LONG-TERM INCENTIVE PLAN

 

NONQUALIFIED STOCK OPTION AWARD

 

Charlotte’s Web Holdings, Inc. (the
 “Company”) has granted you a Nonqualified Stock Option (the “Option”) under the Charlotte’s
Web Holdings, Inc. 2018 Long-Term Incentive Plan (the “Plan”). The terms of the grant are set forth in the Nonqualified
Stock Option Award Agreement attached hereto (the “Agreement”). The following provides a summary of the key terms
of the Option; however, you should read the entire Agreement, along with the terms of the Plan, to fully understand the grant.

 

SUMMARY OF GRANT

 

	Grantee:	♦
	Date of Grant:	♦
	Vesting/Exercisability
    Schedule:	Date	Number
	 	♦	♦
	Exercise Price Per Share:	C$♦
	Total Number of Options Granted:	♦
	Term/Expiration Date:	♦

 

The above is a summary description of certain
provisions of the Agreement and is not intended to be complete. In the event any aspect of this summary conflicts with the terms of the
Agreement, the terms of the Agreement shall govern.

 

[Signature page to follow.]

 

     

     

    

 

Company Authorization:

 

The Corporation hereby authorizes this Nonqualified
Stock Option Award.

 

	 	 	
    CHARLOTTE’S WEB HOLDINGS, INC.

	 	 	 
	 	 	 
	 	 	
    Per:
	                    
	 	 	 	
    Name:

    Title:

 

Grantee Acceptance:

 

By signing the acknowledgement below, the Grantee
agrees to be bound by the terms and conditions of the Plan, the Agreement and this Summary of Grant and accepts the nonqualified stock
option grant in accordance with the terms of this Summary of Grant, the Agreement and the Plan. The Grantee will accept as binding, conclusive
and final all decisions or interpretations of the Administrator (as defined herein) upon any questions arising under the Plan, this Summary
of Grant or the Agreement.

 

	 	 	Grantee:	    	 

 

	 	 	Date:	   	 

 

    - 2 -

     

    

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

2018 LONG-TERM INCENTIVE PLAN

 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT

 

This NONQUALIFIED STOCK
OPTION AWARD AGREEMENT (the “Agreement”), dated as of the Date of Grant set forth on the attached Summary of Grant
(the “Date of Grant”), is delivered by Charlotte’s Web Holdings, Inc. (the “Company”)
to the participant whose name is set forth on the Summary of Grant (the “Grantee”). Capitalized terms used in
this Agreement that are not defined herein have the meaning set forth in the Plan.

 

RECITALS

 

A.            The
Charlotte’s Web Holdings, Inc. 2018 Long-Term Incentive Plan (the “Plan”) provides for the grant of options
to purchase common shares (“Shares”) of the Company. The Company has decided to make a stock option award as an inducement
for the Grantee to promote the best interests of the Company and its stockholders.

 

B.             The
terms and conditions of the Option should be construed and interpreted in accordance with the terms and conditions of this Agreement and
the Plan. The Plan is administered and interpreted by the Administrator to which the Board has delegated power to act under or pursuant
to the provisions of the Plan. The Administrator may delegate authority to one or more subcommittees as it deems appropriate. If a subcommittee
is appointed, all references in this Agreement to the “Administrator” shall be deemed to refer to the subcommittee. For purposes
of this Agreement, “Company” shall mean the Company and any of its Subsidiaries where applicable.

 

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.              Grant
of Option. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee
a Nonqualified Stock Option (the “Option”) to purchase the number of common shares of the Company (“Shares”)
equal to the Total Number of Options Granted (as set forth on the Summary of Grant) at an exercise price per Share equal to the Exercise
Price Per Share (as set forth on the Summary of Grant). The Grantee acknowledges that the grant and exercisability of the Option hereunder,
and the issuance and holding of Shares upon exercise of such Option, is subject to any policy the Company may have in effect from time
to time in respect of incentive compensation recoupment or clawback.

 

2.              Vesting/Exercisability.
The Option shall become vested and exercisable according to the vesting schedule set forth on the Summary of Grant, provided that the
Grantee continues to be employed by, or provide service to, the Company from the Date of Grant until the applicable vesting date, except
as otherwise provided by Sections 3 and 5 below.

 

The vesting of the Option
shall be cumulative, but shall not exceed 100% of the Shares subject to the Option granted above. If the vesting schedule would produce
fractional Shares, the portion of the Option that vests shall be rounded down to the nearest whole Share.

 

3.              Term
of Option.

 

(a)            The
Option shall terminate on the Expiration Date set forth on the Summary of Grant, unless it is terminated at an earlier date pursuant to
the provisions of this Agreement or the Plan.

 

    - 3 -

     

    

 

(b)            Subject
to Section 5, if the Grantee ceases to be employed by, or provide service to, the Company, provided the termination is ‎for any
reason other than the Grantee’s death or Total and Permanent Disability, the vested and unvested portion of the Option shall automatically
terminate and be forfeited on the date on which the Grantee ceases to be employed by, or provide service to, the Company.

 

(c)            Subject
to Section 5, if the Grantee ceases to be employed by, or provide service to, ‎‎the Company on account of the ‎Grantee’s
death or Total and Permanent Disability‎, the Option shall become fully vested ‎on the date on which the Grantee ceases to be
employed by, or provide service to, ‎‎the Company and shall be exercisable until the end of the one (1) year period following
death or Total and Permanent Disability.

 

(d)            Notwithstanding
the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of
Grant.

 

4.              Exercise
Procedures

 

(a)            Subject
to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or all of the vested Option by giving the Company written
notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the Option is to be
exercised. On the delivery date, the Grantee shall pay the exercise price (i) in cash, (ii) with the approval of the Administrator,
by delivering Shares of the Company which shall be valued at their fair market value (as defined in the Plan) on the date of delivery,
or (iii) by such other method as the Administrator may approve, to the extent permitted under applicable law. The Administrator may
impose from time to time such limitations as it deems appropriate on the use of Shares of the Company to exercise the Option.

 

(b)           The
obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies and stock exchanges as may be deemed appropriate by the Company, including such actions as
Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations.

 

(c)           The
Company may require that the Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee
is purchasing Shares for the Grantee’s own account and not with a view to or for sale in connection with any distribution of the
Shares, or such other representation as the Administrator deems appropriate.

 

(d)           All
obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts
required to be withheld for any taxes, if applicable. Subject to Administrator approval, the Grantee may elect to satisfy any tax withholding
obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not exceed the maximum applicable
withholding tax rate for federal (including FICA), state and local tax liabilities.

 

5.              Change
in Control.

 

(a)            If
a ‎Change in Control occurs and the Grantee has a Termination of Service either:‎

 

(i)            by
the Company or by the entity that has entered into a valid and binding agreement with the Company to effect the Change in Control during
the period after such agreement is entered into and before the Change in Control or during the 180 days following the Change in Control
(the “Control Period”) and such ‎Termination of Service was for any reason other than for Cause; or

 

(ii)           by
the Grantee as a result of Constructive Dismissal, provided the event giving rise to the ‎Constructive Dismissal occurs during the
Control Period,

 

any unvested Options held by the Grantee shall
become fully vested and may be exercised in ‎accordance with this Agreement at any time during the period that terminates on the earlier
of: (i) ‎the Option’s Expiration Date and (ii) the 90th day after the date on which the Grantee ceases to be employed
by, or provide service to, ‎‎the Company. Any Option that remains unexercised after such period shall be ‎immediately forfeited
upon the termination of such period.‎

 

    - 4 -

     

    

 

(b)            For
the purposes of this Agreement,

 

(i)            “Cause”
shall mean, except to the extent specified otherwise by the Administrator or as defined in any other agreement between the Grantee and
the Company, a finding by the Administrator that the Grantee has (i) been convicted of, or pled guilty or nolo contendere to, a felony
or crime involving moral turpitude; (ii) engaged in willful and continued negligence in the performance of the duties assigned to
the Grantee by the Company, after the Grantee has received notice of and failed to cure such negligence; or (iii) breached any written
confidentiality, noncompetition or non-solicitation agreement between the Grantee and the Company; and

 

(ii)           ‎“Constructive
Dismissal”, unless otherwise defined in the Grantee’s employment agreement, has the meaning ascribed thereto pursuant
to the ‎common law and shall ‎include, without in any way limiting its meaning under the common law, ‎any material change
(other than a ‎change that is clearly consistent with a promotion) imposed by ‎the Company without the Grantee’s consent
 ‎to the Grantee’s title, responsibilities or ‎reporting relationships, or a material reduction of the Grantee’s ‎compensation,
except where ‎such reduction is applicable to all officers, if the Grantee is an officer, or all ‎employees, if the ‎Grantee
is an employee, provided that for a Grantee who is subject to taxation under the Code, (A) the Grantee must provide the Company written
notice of an event giving rise to a claim of Constructive Dismissal within 90 days after the event first occurs, (B) the Company
shall have an opportunity to cure such event within 90 days after receipt of such notice, and (C) if the Company fails to cure within
that period, the Grantee must have a Termination of Service with respect to the event within 90 days after the end of such cure period.‎
 ‎

 

6.              Restrictions
on Exercise. Except as the Company may otherwise permit pursuant to the Plan, only the Grantee may exercise the Option during
the Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable (subject to the limitations specified
in the Plan) solely by the legal representatives of the Grantee, or by the person who acquires the right to exercise the Option by will
or by the laws of descent and distribution, to the extent that the Option is vested and exercisable pursuant to this Agreement.

 

The Options are not intended to qualify as incentive
stock options within the meaning of Code section 422, and this Agreement shall be so construed.  The Grantee hereby acknowledges
that, upon exercise of the Option, he/she will recognize compensation income in an amount equal to the excess of the then Fair Market
Value of the Shares over the exercise price.

 

7.              Adjustments.
The provisions of the Plan applicable to adjustments (as described in Section 10 of the Plan) shall apply to the Option.

 

8.              Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to interpretations,
regulations and determinations concerning the Plan established from time to time by the Administrator in accordance with the provisions
of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the Shares, (iii) changes in capitalization of the Company, and (iv) other
requirements of applicable law. The Administrator shall have the authority to interpret and construe the Option pursuant to the terms
of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

    - 5 -

     

    

 

9.              No
Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right (express or implied) to be retained
by or in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s
employment or service at any time. The right of the Company to terminate at will the Grantee’s employment or service at any time
for any reason is specifically reserved.

 

10.            No
Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of the Grantee’s
death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject to the Option, until certificates
(or DRS Advices) for Shares have been issued upon the exercise of the Option.

 

11.            Delivery
Subject to Legal Requirements. The obligation of the Company to deliver Shares pursuant to the exercise of the Option shall be
subject to the condition that if at any time the Board shall determine in its discretion that the listing, registration or qualification
of the Shares upon any securities exchange or under any provincial, state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Shares, the Shares may not be issued
in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to the Board. The issuance of Shares to the Grantee pursuant to the exercise of the Option is subject to
any applicable taxes and other laws or regulations of Canada, the United States or of any province or state having jurisdiction thereof.

 

12.            Assignment
and Transfers. Except as the Administrator may otherwise permit pursuant to the Plan, the rights and interests of the Grantee
under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee,
by will or by the laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate,
or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any
attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Option by notice
to the Grantee, and the Option and all rights hereunder shall thereupon become null and void. The rights and protections of the Company
hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This
Agreement may be assigned by the Company without the Grantee’s consent.

 

13.            Applicable
Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance
with the laws of the Province of British Columbia, and the laws of Canada applicable therein, without giving effect to the conflicts of
laws provisions thereof.

 

14.            Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Administrator, and any notice
to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Company, or to such other address
as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy or electronic mail or
enclosed in a properly sealed envelope addressed as stated above, deposited, postage prepaid, in a post office regularly maintained by
the Canadian or United States Postal Service.

 

15.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. Facsimile or other electronic transmission
of any signed original document or retransmission of any signed facsimile or other electronic transmission will be deemed the same as
delivery of an original.

 

16.            Complete
Agreement. Except as otherwise provided for herein, this Agreement and those agreements and documents expressly referred to herein
embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way. The terms of this Agreement
shall be binding upon the executors, administrators, heirs, successors and assigns of the Grantee.

 

    - 6 -

     

    

 

17.            Amendment. 
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not
be modified in a manner that would have a materially adverse effect on the Option or Shares as determined in the discretion of the Administrator,
except as provided in the Plan or in a written document signed by Grantee and the Company.

 

18.            Conformity
with Plan.  This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the
Plan.  Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. 
In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of
the Plan is provided to the Grantee with this Agreement, and if required by applicable law, the Grantee shall be furnished with a prospectus
describing the Plan.

 

19.            Administrator
Authority. By entering into this Agreement the Grantee agrees and acknowledges that all decisions and determinations of the Administrator
shall be final and binding on the Grantee, his or her beneficiaries and any other person having or claiming an interest in the Award.

 

[Notice of Exercise of Stock Options follows.]

 

    - 7 -

     

    

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

2018 LONG-TERM INCENTIVE PLAN

 

NOTICE OF EXERCISE OF STOCK OPTIONS

 

		To:	Charlotte’s Web Holdings, Inc. (the “Company”)

1600 Pearl Street, Suite 300

Boulder, CO 80302

Attention:  Chief Financial Officer

 

The undersigned Grantee hereby gives notice to
the Company of the irrevocable exercise of Options to acquire ____________ Shares in the capital of the Company which are the subject
of the Non-Qualified Stock Option Award Agreement to which this Notice of Exercise is attached, at an aggregate purchase price of C$_____________.

 

Payment in the amount of the aggregate purchase
price referred to above is tendered with this Notice in accordance with the Non-Qualified Stock Option Award Agreement. The Grantee directs
that the Shares be issued and registered in the name of the Grantee as follows:

 

	Registration Name 
 (Full Name)	 	Street Address 
 (including Apt. No.)	 	City/Town	 	Province/State & 
 Postal/ZIP Code
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

The Grantee acknowledges that upon issuance of
the Shares they will receive a direct registration statement confirming their holding of Shares in an electronic, book-based, direct registration
system or other non-certificated entry or position on the register of shareholders to be kept by the Company or its transfer agent, and
they will not receive a physical share certificate unless requested. A registered holder of Shares pursuant to any such electronic, book-based,
direct registration service or other non-certificated entry or position shall be entitled to all of the same benefits, rights and entitlements
and shall incur the same duties and obligations as a registered holder of Shares evidenced by a physical share certificate.

 

The Grantee authorizes and directs the Company or its transfer agent
to e-mail or mail the direct registration statement to the Grantee at: (check one)

 

  ̈ the
above-mentioned address OR  ̈ the following mailing addressemail address:

 

 

 

 

 

 

 

[Signature page to follow.]

 

    - 8 -

     

    

 

By signing this Notice of Exercise, the Grantee irrevocably subscribes
for the number of Shares set forth above.

 

DATED the ______ day of _______________________,
20___.

	 	 	 
	 	 	 
	Signature
    of Grantee	 	 
	 	 	 
	 	 	 
	Name
    of Grantee	 	 

 

    - 9 -

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