Document:

Exhibit 10.25

 

As amended June 29, 2022

 

JUSHI HOLDINGS INC.

 

2019 EQUITY INCENTIVE PLAN

 

		1.	GENERAL.

 

(a)            Eligible
Award Recipients. Employees, Officers, Directors and Consultants are eligible to receive Awards.

 

(b)            Available
Awards. The Plan is an “evergreen” long-term incentive plan that provides for the grant of the following types of Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock
Awards, (v) Restricted Stock Unit Awards and (vi) Other Awards.

 

(c)            Purpose.
The purpose of the Plan is to: (i) promote and retain employees, directors and consultants capable of assuring the future success
of the Resulting Issuer and its affiliated companies; (ii) motivate management to achieve long-range goals; and (iii) to provide
compensation and opportunities for ownership and alignment of interests with the Resulting Issuer shareholders.

 

		2.	ADMINISTRATION.

 

(a)            Administration
by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided
in Section 2(c).

 

(b)            Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan and subject
to the Canadian Securities Laws:

 

(i)            To
determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted;
(D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise
receive cash or Subordinate Voting Shares under the Award; (E) the number of Subordinate Voting Shares subject to, or the cash value
of, an Award; and (F) the Fair Market Value applicable to an Award.

 

(ii)            To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration
of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in
any Award Agreement in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

 

(iii)           
To settle all controversies regarding the Plan and Awards granted under it.

 

(iv)           
To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or at which cash or Subordinate Voting
Shares may be issued).

 

 (v)            To take any action as described under Section 11.

 

(vi)            To
submit any amendment to the Plan that requires shareholder approval, including, but not limited to, amendments to the Plan intended to
satisfy the requirements of Section 422 of the Code regarding incentive stock options and to comply with the Canadian Securities
Laws.

 

(vii)            Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Awards.

 

(viii)            To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants
who are employed outside the United States.

 

     

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(ix)            To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any
outstanding Award, (B) the cancellation of any outstanding Award and the grant in substitution therefor of a new (1) Option
or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Award, (5) cash and/or (6) other
valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or
a different number of Subordinate Voting Shares as the cancelled Award and (y) granted under the Plan or another equity or compensatory
plan of the Company or (C) any other action that is treated as a repricing under generally accepted accounting principles.

 

(c)            Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions
of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority to concurrently administer
the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(d)            Delegation
to an Officer. To the extent permitted by law, the Board may delegate to one (1) or more Officers the authority to do one or
both of the following: (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted
by applicable law, other Awards) and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the
number of Subordinate Voting Shares to be subject to such Awards granted to such Employees. However, if and as required by applicable
law, the Board resolutions regarding such delegation will specify the total number of Subordinate Voting Shares that may be subject to
the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted
on the form of Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions
approving the delegation authority. Unless permitted by applicable law, the Board may not delegate authority to an Officer who is acting
solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value if the Subordinate Voting Shares
are not listed on any established stock exchange or traded on any established market.

 

(e)            Effect
of Board's Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject to
review by any person and will be final, binding and conclusive on all persons.

 

		3.	SHARES SUBJECT TO THE PLAN.

 

(a)            Share
Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of Subordinate Voting Shares
that are available to be issued pursuant to Awards will not exceed 15% of the number of outstanding Subordinate Voting Shares, including
the number of Subordinate Voting Shares underlying the Multiple Voting Shares and Super Voting Shares on an as- converted basis (the “Fully
Converted Number of Shares”) plus an additional 2% of the Fully Converted Number of Shares that may be used as inducements to
Employees and Officers not previously employed by the Company and who were not previously an insider of the Company under applicable securities
laws (the "Share Reserve"). For clarity, the Share Reserve is a limitation on the number of Subordinate Voting
Shares that may be issued pursuant to the Plan. Accordingly, the Share Reserve does not limit the granting of Awards except as provided
in Section 7(a).

 

     

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(b)            Reversion
of Shares to the Share Reserve. Subordinate Voting Shares in respect of which an Award is (i) exercised, (ii) granted
under the Plan but not exercised prior to the termination of such Award, (iii) not vested or settled prior to the termination
or forfeiture of such Award due to the expiration, termination, forfeiture, repurchase, cancellation or lapse of such Award,
(iv) settled in cash in lieu of settlement in Subordinate Voting Shares, or (v) in the case of Restricted Stock Awards, in
respect of which such Restricted Stock Awards are fully vested in accordance with the vesting provisions set by the Board or
Committee or Committees to which the administration of the Plan has been delegated, shall, in each case, be available for Awards to
be granted thereafter pursuant to the provisions of the Plan.

 

(c)            Incentive
Stock Option Limit. Subject to the Plan provisions relating to Capitalization Adjustments, the aggregate maximum number of Subordinate
Voting Shares that may be issued pursuant to the exercise of Incentive Stock Options will be equal to the Share Reserve as of May 31,
2022.

 

(d)            Substitute
Awards. The Board may, in its discretion and on such terms and conditions as it considers appropriate under the circumstances and
in accordance with Canadian Securities Laws, grant Awards under the Plan (“Substitute Awards”) in substitution
for stock and stock- based awards (“Acquired Entity Awards”) held by current and former employees, directors
or consultants of an Acquired Entity immediately prior to the transaction that caused the Acquired Entity to become an Acquired Entity
in order to preserve for such current or former employees, directors and consultants the economic value of all or a portion of such Acquired
Entity Award for such number of Shares and for such exercise price or purchase price (if applicable) as the Board determines necessary
to achieve preservation of economic value.

 

(e)            Source
of Shares. The shares issuable under the Plan will be authorized but unissued or reacquired Subordinate Voting Shares, including shares
repurchased by the Company on the open market or otherwise.

 

		4.	ELIGIBILITY.

 

(a)            Eligibility
for Specific Awards. Incentive Stock Options may be granted only to employees of the Company or a "parent corporation" or
 "subsidiary corporation" thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Awards other
than Incentive Stock Options may be granted to Employees, Directors and Consultants. However, that Awards may not be granted to Employees,
Directors and Consultants who are providing Continuous Service only to any "parent" of the Company, as such term is defined
in Rule 405, unless (i) the stock underlying such Awards is treated as "service recipient stock" under Section 409A
(for example, because the Awards are granted pursuant to a corporate transaction, such as a spin off transaction) or (ii) the Company,
in consultation with its legal counsel, has determined that such Awards are otherwise exempt from or alternatively comply with the distribution
requirements of Section 409A.

 

(b)            Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option
is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant, and the Option is not exercisable after the
expiration of five (5) years from the date of grant.

 

     

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		5.	PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS.

 

Each Option
or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be
separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a
separate certificate or certificates will be issued for Subordinate Voting Shares purchased on the exercise of each type of Option.
If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option
but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or
portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical. However,
each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or
otherwise) the substance of each of the following provisions:

 

(a)            Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after
the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b)            Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each
Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Subordinate Voting Shares subject to the
Option or SAR on the date the Award is granted. Each SAR will be denominated in Subordinate Voting Shares equivalents.

 

(c)            Purchase
Price for Options. The purchase price of Subordinate Voting Shares acquired on the exercise of an Option may be paid, to the extent
permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth
below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict
the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment.
The permitted methods of payment are as follows:

 

(i)            by
cash, check, bank draft, electronic funds, wire transfer, or money order payable to the Company;

 

(ii)            through
a program that complies with Regulation T as established by the Federal Reserve Board that, prior to the issuance of the stock subject
to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds (sometimes called a "same day sale" or "sell to cover");

 

(iii)            by
tendering the cash proceeds resulting from a sale to a third party investor of some of the shares to be exercised, but only if the investor
is approved by the Company at the time of exercise;

 

(iv)            by
delivery to the Company (either by actual delivery or attestation) of Subordinate Voting Shares;

 

(v)            if
an option is a Nonstatutory Stock Option, by a "net exercise" arrangement by which the Company will reduce the number
of Subordinate Voting Shares received on exercise by the largest whole number of shares with a fair market value that does not exceed
the aggregate exercise price, coupled with a cash payment for any remaining balance of the aggregate exercise price not satisfied by such
reduction in the number of whole shares to be issued (and for clarity, these shares used to pay the exercise price will be issued at exercise,
and then immediately reacquired by the Company);

 

(vi)            by
loan or other extension of credit to the Participant from the Company or an Affiliate, but only if interest on such loan will compound
at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to
the Company and compensation income to the Participant under any applicable provisions of the Code, and (B) the classification of
the Award as a liability for financial accounting purposes; or

 

     

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(vii)            in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

 

(d)            Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance
with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise
of a SAR will be not greater than an amount equal to the excess of (i) the aggregate Fair Market Value (on the date of the exercise
of the SAR) of a number of Subordinate Voting Shares equal to the number of Subordinate Voting Shares equivalents in which the Participant
is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (ii) the strike price.
The appreciation distribution may be paid in Subordinate Voting Shares, in cash, in any combination of the two or in any other form of
consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR.

 

(e)            Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as
the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability
of Options and SARs will apply:

 

(i)            Restrictions
on Transfer. Except as otherwise provided in this subsection 5(e)(i) and subject to the Canadian Securities Laws, no Award (other
than fully vested and unrestricted Subordinate Voting 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 Subordinate Voting 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 Board does permit the transfer of an Award other than a fully vested and unrestricted Subordinate
Voting Share, such permitted transfer shall be for no value and in accordance with all applicable Canadian Securities Laws.

 

(ii)            Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted
by Treasury Regulations 1.421-l(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock
Option as a result of such transfer.

 

(iii)            Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to
the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant,
will thereafter be entitled to exercise the Option or SAR and receive the Subordinate Voting Shares or other consideration resulting from
such exercise. In the absence of such a designation, the executor or administrator of the Participant's estate will be entitled to exercise
the Option or SAR and receive the Subordinate Voting Shares or other consideration resulting from such exercise. However, the Company
may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent
with the provisions of applicable laws.

 

(f)            Vesting
Generally. The total number of Subordinate Voting Shares subject to an Option or SAR may vest and therefore become exercisable in
periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or
times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board
may deem appropriate. The vesting provisions of individual Options or SARs may vary.

 

     

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(g)            Termination
of Continuous Service. Except as otherwise provided below or in the applicable Award Agreement or other agreement between the
Participant and the Company, if a Participant's Continuous Service terminates (other than for Cause and other than on the
Participant's death or Disability), the Participant may exercise his or her Option or SAR (if the Participant was entitled to
exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of
(i) the date three (3) months following the termination of the Participant's Continuous Service (or such other date as is
specified in the Participant's Award Agreement, which must not be less than thirty (30) days following such termination), and
(ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous
Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR will
terminate. In all cases, the unvested piece of an Option or SAR will terminate on the termination of Continuous Service.

 

(h)            Extension
of Termination Date. If the exercise of an Option or SAR following the termination of the Participant's Continuous Service (other
than for Cause and other than on the Participant's death or Disability) would be prohibited at any time solely because the issuance of
Subordinate Voting Shares would violate the registration requirements under the Securities Act, then the Option or SAR will terminate
on the earlier of (i) the expiration of a total period of three months (that need not be consecutive) after the termination of the
Participant's Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements,
and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise
provided in a Participant's Award Agreement, if the immediate sale of any Subordinate Voting Shares received on exercise of an Option
or SAR following the termination of the Participant's Continuous Service (other than for Cause and other than on the Participant's death
or Disability) would violate the Company's insider trading policy, then the Option or SAR will terminate on the earlier of (i) the
expiration of a total period of three months (that need not be consecutive) after the termination of the Participant's Continuous Service
during which the sale of the Subordinate Voting Shares received on exercise of the Option or SAR would not be in violation of the Company's
insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

(i)            Disability
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the
Company, if a Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise his
or her Option or SAR (if the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service),
but only within such period of time ending on the earlier of (i) the date that is twelve (12) months following such termination of
Continuous Service, and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR
(as applicable) will terminate.

 

(j)            Death
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and
the Company, if (i) a Participant's Continuous Service terminates as a result of the Participant's death, or (ii) the
Participant dies within three (3) months after the termination of the Participant's Continuous Service (for a reason other than
death or Cause), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR
as of the date of death) by the Participant's estate, by a person who acquired the right to exercise the Option or SAR by bequest or
inheritance or by a person designated to exercise the Option or SAR on the Participant's death, but only within the period ending on
the earlier of (A) the date that is twelve (12) months following the date of death, and (B) the expiration of the term of
such Option or SAR as set forth in the Award Agreement. If, after the Participant's death, the Option or SAR is not exercised within
the applicable time frame, the Option or SAR will terminate.

 

     

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(k)            Termination
for Cause. Except as explicitly provided otherwise in a Participant's Award Agreement or other individual written agreement between
the Company or any Affiliate and the Participant, if a Participant's Continuous Service is terminated for Cause, the Option or SAR will
terminate immediately on such Participant's termination of Continuous Service, and the Participant will be prohibited from exercising
his or her Option or SAR from and after the time of such termination of Continuous Service.

 

(l)            Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act
of 1938, as amended, the Option or SAR will not be first exercisable for any Subordinate Voting Shares until at least six (6) months
following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the
Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) on a Change in Control in
which such Option or SAR is not assumed, continued, or substituted, or (iii) on the Participant's retirement (as such term may be
defined in the Participant's Award Agreement in another agreement between the Participant and the Company, or, if no such definition,
in accordance with the Company's then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised
earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-
exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. If
permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee
in connection with the exercise, vesting or issuance of any shares under any other Award will be exempt from the employee's regular rate
of pay, the provisions of this paragraph will apply to all Awards and are hereby incorporated by reference into such Award Agreements.

 

(m)            Early
Exercise. An Option may, but need not, include a provision whereby the Participant may elect before the Participant's Continuous Service
terminates to exercise the Option as to any part or all of the Subordinate Voting Shares subject to the Option prior to the full vesting
of the Option, except as would be inconsistent with Section 5(l). Subject to the repurchase limitation in Section 8(l), any
unvested Subordinate Voting Shares so purchased may be subject to a repurchase option in favor of the Company or to any other restriction
the Board determines to be appropriate. Provided that the repurchase limitation in Section 8(l) is not violated, the Company
shall not be required to exercise its repurchase option until at least six (6) months (or such longer or shorter period of time required
to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following exercise of the Option
unless the Board otherwise specifically provides in the Award Agreement.

 

     

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		6.	PROVISIONS OF AWARDS OTHER THAN OPTIONS AND SARS.

 

(a)            Restricted
Stock Awards. Each Award Agreement will be in such form and will contain such terms and conditions as the Board deems
appropriate. To the extent consistent with the Company's bylaws, at the Board's election, Subordinate Voting Shares may be
(x) held in book entry form subject to the Company's instructions until any restrictions relating to the Restricted Stock Award
lapse; or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board.
The terms and conditions of Award Agreements may change from time to time, and the terms and conditions of separate Award Agreements
need not be identical. Each Award Agreement will conform to (through incorporation of the provisions hereof by reference in the
agreement or otherwise) the substance of each of the following provisions:

 

(i)            Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft, electronic funds, wire transfer or
money order payable to the Company, (B) past services to the Company or an Affiliate or (C) any other form of legal consideration
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law, including by loan or other extension
of credit to the Participant from the Company or an Affiliate, but only if interest on such loan will compound at least annually and will
be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation
income to the Participant under any applicable provisions of the Code, and (B) the classification of the Award as a liability for
financial accounting purposes.

 

(ii)            Vesting.
Subordinate Voting Shares awarded under the Restricted Stock Award may be subject to forfeiture to the Company in accordance with
a vesting schedule (also referred to as a schedule for lapsing of the Company's unvested share repurchase rights) to be determined by
the Board.

 

(iii)            Termination
of Participant's Continuous Service. If a Participant's Continuous Service terminates, the Company may receive through a forfeiture condition
or a repurchase right any or all of the Subordinate Voting Shares held by the Participant that have not vested as of the date of termination
of Continuous Service under the terms of the Award Agreement.

 

(iv)            Transferability.
The right to acquire Subordinate Voting Shares under a Restricted Stock Award will not be transferable by the Participant. Once the
Subordinate Voting Shares are issued, the Board may allow the holder to transfer unvested shares, but only on the terms and conditions
in the Award Agreement, and only so long as the Subordinate Voting Shares awarded under the Award Agreement remains subject to the terms
of the Award Agreement in the hands of the recipient.

 

(v)            Dividends.
In the absence of an Award Agreement expressly providing otherwise, any dividends paid on Restricted Stock will be subject to the
same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b)            Restricted
Stock Unit Awards. Each Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate.
The terms and conditions of Award Agreements may change from time to time, and the terms and conditions of separate Award Agreements need
not be identical. Each Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or
otherwise) the substance of each of the following provisions:

 

(i)            Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
on delivery of each share of Subordinate Voting Shares subject to the Restricted Stock Unit Award. The consideration to be paid (if any)
by the Participant for each share of Subordinate Voting Shares subject to a Restricted Stock Unit Award may be paid in any form of legal
consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law, including by loan or
other extension of credit to the Participant from the Company or an Affiliate, but only if interest on the loan will compound at least
annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company
and compensation income to the Participant under any applicable provisions of the Code, and (B) the classification of the Award as
a liability for financial accounting purposes.

 

(ii)            Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

     

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(iii)            Payment.
A Restricted Stock Unit Award may be settled by the delivery of Subordinate Voting Shares, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Award Agreement.

 

(iv)            Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions
or conditions that delay the delivery of the Subordinate Voting Shares (or their cash equivalent) subject to a Restricted Stock Unit Award
to a time after the vesting of such Restricted Stock Unit Award.

 

(v)            Dividend
Equivalents. Dividend equivalents may be credited on Subordinate Voting Shares covered by a Restricted Stock Unit Award, as determined
by the Board and contained in Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional
Subordinate Voting Shares covered by the Restricted Stock Unit Award in such manner as determined by the Board. Any additional shares
covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and
conditions of the underlying Award Agreement to which they relate.

 

(vi)            Termination
of Participant's Continuous Service. Except as otherwise provided in the applicable Award Agreement, the unvested portion of the Restricted
Stock Unit Award that has not vested will be forfeited on the Participant's termination of Continuous Service.

 

(c)            Other
Awards. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Subordinate Voting Shares, including
the appreciation in value thereof, may be granted either alone or in addition to Awards provided for under Section 5 and the preceding
provisions of this Section 6. Subject to the provisions of the Plan and subject to the Canadian Securities Laws, the Board will have
sole and complete authority to determine the persons to whom and the time or times at which such Other Awards will be granted, the number
of Subordinate Voting Shares (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions
of such Other Awards, provided that the exercise or strike price of such Other Awards is not less than 100% of the Fair Market Value of
the Subordinate Voting Shares.

 

		7.	COVENANTS OF THE COMPANY.

 

(a)            Availability
of Shares. The Company will keep available at all times the number of Subordinate Voting Shares reasonably required to satisfy then-outstanding
Awards.

 

(b)            Compliance
with Laws. The Company will use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction
over the Plan such authority as may be required to grant Awards and to issue and sell Subordinate Voting Shares on exercise of the Awards.
However, this undertaking will not require the Company to register under the Securities Act the Plan, any Award or any Subordinate Voting
Shares issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to
obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance
and sale of Subordinate Voting Shares under the Plan, the Company will be relieved from any liability for failure to issue and sell Subordinate
Voting Shares on exercise of such Awards unless and until such authority is obtained. A Participant will not be eligible for the grant
of an Award or the subsequent issuance of cash or Subordinate Voting Shares pursuant to the Award if such grant or issuance would be in
violation of any applicable law.

 

(c)            No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder as to
the time or manner of exercising such Award.

 

     

    - 10 -

    

 

Furthermore, the Company will have
no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period
in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder
of such Award.

 

		8.	MISCELLANEOUS.

 

(a)            Use
of Proceeds from Sales of Subordinate Voting Shares. Proceeds from the sale of Subordinate Voting Shares pursuant to Awards will constitute
general funds of the Company.

 

(b)            Corporate
Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed
completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate,
or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. If the corporate records (e.g.,
Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price,
vesting schedule or number of shares) that are inconsistent with those in the Award Agreement as a result of a clerical error in the papering
of the Award Agreement, the corporate records will control and the Participant will have no legally binding right to the incorrect term
in the Award Agreement.

 

(c)            Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Subordinate
Voting Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance
of shares under, the Award pursuant to its terms, and (ii) the issuance of the Subordinate Voting Shares subject to such Award has
been entered into the books and records of the Company.

 

(d)            No
Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection
with any Award granted pursuant thereto will confer on any Participant any right to continue to serve the Company or an Affiliate in the
capacity in effect at the time the Award was granted, or will affect the right of the Company or an Affiliate to terminate (i) the
employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms
of such Consultant's agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the bylaws of the
Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated,
as the case may be.

 

(e)            Change
in Time Commitment. If a Participant's regular level of time commitment in the performance of his or her services for the Company
and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee
has a change in status from a full-time Employee to a part-time Employee, or if the Participant goes on a leave of absence other than
ordinary course vacation and sick days) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion
(and without the need to seek or obtain the consent of the affected Participant) to (i) make a corresponding reduction in the number
of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change
in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable
to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is
so reduced or extended.

 

(f)            Incentive
Stock Option Limitations. If the aggregate Fair Market Value (determined at the time of grant) of Subordinate Voting 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 if an Option grant
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 the rules will be treated as
Nonstatutory Stock Options, despite any contrary provision of the applicable Option Agreement(s).

 

     

    - 11 -

    

 

(g)            Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Subordinate Voting Shares under any Award,
(i) to give written assurances satisfactory to the Company as to the Participant's knowledge and experience in financial and business
matters, and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial
and business matters, and as to the Participant's capability of evaluating, alone or together with the purchaser representative, the merits
and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is
acquiring Subordinate Voting Shares subject to the Award for the Participant's own account and not with any present intention of selling
or otherwise distributing the Subordinate Voting Shares. The foregoing requirements, and any assurances given pursuant to such requirements,
will be inoperative if (A) the issuance of the shares on the exercise or acquisition of Subordinate Voting Shares under the Award
has been registered under a then currently effective registration statement under the Securities Act and any other applicable foreign
securities laws, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement
need not be met in the circumstances under the then applicable securities laws. The Company may, on advice of counsel to the Company,
place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate to comply with applicable securities
laws, including, but not limited to, legends restricting the transfer of the Subordinate Voting Shares.

 

(h)            Withholding
Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, state
or local tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination of such
means: (i) causing the Participant to tender a cash payment; (ii) withholding Subordinate Voting Shares from the Subordinate
Voting Shares issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award
settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method
as may be set forth in the Award Agreement. If Subordinate Voting Shares are withheld to satisfy tax obligations, such shares will be
deemed issued and then immediately tendered to the Company and no Subordinate Voting Shares will be withheld for these purposes to the
extent they have a value exceeding the greater of (x) the minimum amount of tax required to be withheld by law and (y) the amount
of tax required to be withheld under the Participant's then-current lawful withholding election, but in all cases, not more than the maximum
amount that avoids classification of the Award as a liability for financial accounting purposes. For clarity, no partial shares will be
withheld, and the Participant must satisfy the tax obligation related to any such partial share using another permitted form of payment.

 

(i)            Electronic
Delivery. Any reference herein to a "written" agreement or document will include any agreement or document delivered electronically
(filed publicly at www.sec.gov or any successor website thereto) or posted on the Company's intranet (or other shared electronic
medium controlled by the Company to which the Participant has access).

 

(j)            Deferrals. To
the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Subordinate Voting
Shares or the payment of cash, on the exercise, vesting or settlement of all or a portion of any Award may be deferred and may
establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in
accordance with Section 409A. Consistent with Section 409A, the Board may provide for distributions while a Participant is
still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine
when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant's
termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in
accordance with applicable law.

 

     

    - 12 -

    

 

(k)            Compliance
with Section 409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted
to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the
Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted
hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will
incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. If an
Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement,
with the permitted distribution events and timing being the earlier of the date of termination of Continuous Service and the date of a
Change in Control. However, and unless the Award Agreement specifically provides otherwise, if the Subordinate Voting Shares are publicly
traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A of the Code is
a "specified employee" for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because
of a "separation from service" (as defined in Section 409A of the Code without regard to alternative definitions thereunder)
will be issued or paid before the date that is six (6) months following the date of such Participant's "separation from service"
or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A
of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the
balance paid thereafter on the original schedule.

 

(l)            Non
U.S. Participants. To facilitate the making of any grant or combination of grants under this Plan, the Board may provide for such
special terms or procedures for awards to Participants who are employed by the Company or any Affiliate outside of the United States of
America or who provide services to the Company under an agreement with a foreign nation or agency, as the Board may consider necessary
or appropriate to accommodate differences in local law, tax policy, custom securities or exchange control laws. Moreover, the Board may
approve such supplements to or amendments of this Plan (including, without limitation, sub-plans) as it may consider necessary or appropriate
for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate
officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan. No such special
terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan.

 

(m)            Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required
to adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed
or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the
Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate,
including but not limited to a reacquisition right in respect of previously acquired Subordinate Voting Shares or other cash or property
on the occurrence of Cause. The implementation of any clawback policy will not be deemed a triggering event for purposes of any definition
of "good reason" for resignation or "constructive termination."

 

     

    - 13 -

    

 

		9.	ADJUSTMENTS ON CHANGES IN SUBORDINATE VOTING SHARES; OTHER
CORPORATE EVENTS.

 

(a)            Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es)
and maximum number of securities subject to the Plan as the Share Reserve, (ii) the class(es) and maximum number of securities that
may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c) and (iii) the class(es) and
number of securities and price per share subject to outstanding Awards. The Board will make such adjustments, and its determination will
be final, binding and conclusive.

 

(b)            Dissolution
or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company,
all outstanding Awards (other than Awards consisting of vested and outstanding Subordinate Voting Shares not subject to a forfeiture condition
or the Company's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Subordinate
Voting Shares subject to the Company's repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the
Company despite the fact that the holder of such Award is providing Continuous Service. However, the Board may, in its sole discretion,
cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such
Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

 

(c)            Change
in Control. The following provisions will apply to Awards in the event of a Change in Control unless otherwise provided in the Award
Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided
by the Board at the time of grant of an Award. In the event of a Change in Control, and despite any other provision of the Plan, the Board
may take one or more of the following actions with respect to Awards, contingent on the closing or completion of the Change in Control:

 

(i)            arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue
the Award or to substitute a similar stock award for the Award (including, but not limited to, an award to acquire the same consideration
paid to the stockholders of the Company pursuant to the Change in Control);

 

(ii)            arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Subordinate Voting Shares issued pursuant
to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

 

(iii)            accelerate
the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the
effective time of such Change in Control as the Board determines (or, if the Board does not determine such a date, to the date that is
five (5) days prior to the effective date of the Change in Control), with such Award terminating if not exercised (if applicable)
immediately prior to the effective time of the Change in Control;

 

(iv)            arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award on a date
prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, on
the date that is five days prior to the effective date of the Change in Control); or

 

(v)            cancel
or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change in Control,
in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and

 

     

    - 14 -

    

 

(vi)           
make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property
the Participant would have received on the exercise of the Award immediately prior to the effective time of the Change in Control,
over (B) any exercise price payable by such holder in connection with such exercise, in consideration for the termination of
such Award at or immediately prior to the closing. For clarity, this payment may be zero if the fair market value of the property is
equal to or less than the exercise price.

 

The Board need not take the
same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of an Award. Only to the extent permitted under Code Section 409A may the
Board provide that payments under this provision may be delayed to the same extent that payment of consideration to the holders of the
Company's Subordinate Voting Shares in connection with the Change in Control is delayed as a result of escrows, earn outs, holdbacks or
other contingencies. In addition, the Board may provide that such payments made over time will remain subject to substantially the same
vesting schedule as the Award, including any performance-based vesting metrics that applied to the Award immediately prior to the closing
of the Change in Control. An Award may be subject to additional acceleration of vesting and exercisability in connection with a Change
in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between the Company
or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur. The Board may require that
any award, cash or property paid in consideration for a cancelled or exchanged Award be subject to the same terms and conditions (including
earn out, escrow or milestone payments) as apply to the consideration paid to the Company's stockholders in the deal, but only if doing
so would not result in adverse tax penalties under Section 409A.

 

		10.	TERM, TERMINATION AND SUSPENSION OF THE PLAN.

 

The Board may suspend
or terminate the Plan at any time, provided that any such suspension or termination of the Plan or an Award will be in compliance with
the Canadian Securities Laws. This Plan shall be submitted for shareholder approval every three (3) years in accordance with the
Canadian Securities Laws. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. Suspension or
termination of the Plan will not materially impair rights and obligations under any Award granted while the Plan is in effect except with
the written consent of the affected Participant or as otherwise permitted in the Plan.

 

		11.	AMENDMENT

 

The Board may amend, alter,
suspend, discontinue or terminate the Plan and/or amend any outstanding Award at any time without shareholder approval (unless shareholder
approval is required under Canadian Securities Laws) for the following reasons: (A) to maintain the qualified status of the Award
as an Incentive Stock Option under Section 422 of the Code, (B) to change the terms of an Incentive Stock Option, if such change
results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422
of the Code, (C) to clarify the manner of exemption from, or to bring the Award into compliance with Section 409A, (D) to
correct clerical or typographical errors, (E) to make amendments of a housekeeping nature, (F) to make an addition of or a change
to vesting provisions of a security of the Plan, (G) to make a change to the termination provisions of a security or the Plan which
does not entail an extension beyond the original expiry date, or (H) to comply with any tax or regulatory requirement applicable
to the Plan (including, without limitation, as necessary to comply with any rules or requirements of an applicable securities exchange),
and any other applicable laws, including Canadian Securities Laws or listing requirements; provided that no such amendment, alteration,
suspension, discontinuation or termination may adversely affect Awards then outstanding without the Award holder's permission.

 

     

    - 15 -

    

 

		12.	EFFECTIVE DATE OF THE PLAN.

 

This Plan became effective on the Effective Date.

 

		13.	CHOICE OF LAW.

 

The laws of the State of Delaware will
govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state's conflict of
laws rules.

 

14.            DEFINITIONS.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)            "Acquired
Entity" means a corporation or other entity that is acquired by the Company or an Affiliate, or which becomes an Affiliate,
pursuant to a merger, consolidation, stock purchase, asset purchase or similar transaction.

 

 (b)             "Acquired Entity Awards" has the meaning set forth in Section 3(d).

 

(c)            "Affiliate"
means, at the time of determination, any "parent" or "subsidiary" of the Company as such terms are defined in Rule 405.
The Board will have the authority to determine the time or times at which "parent" or "subsidiary" status is determined
within the foregoing definition.

 

(d)           
 "Award" means (i) Incentive Stock Options, (ii) Nonstatutory Stock Options,
(i) Stock Appreciation Rights (iv) Restricted Stock
Awards, (v) Restricted Stock Unit Awards and (vi) Other Awards.

 

(e)            "Award
Agreement" means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award.

 

 (f)             "Board" means the board of directors of the Company.

 

(g)            "Canadian
Securities Laws" means all applicable securities laws of Canada and the rules and requirements of the Canadian Securities
Exchange and/or any other applicable securities exchange.

 

(h)            "Capitalization
Adjustment" means any change that is made in, or other events that occur with respect to, the Subordinate Voting Shares subject
to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend,
stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any
similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto). However, the conversion of any convertible securities of the Company will not be treated
as a Capitalization Adjustment.

 

(i)            "Cause"
will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term as
applicable to an Award and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any
of the following events: (i) such Participant's commission of any felony, (ii) such Participant's commission of a crime
involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof that is reasonably likely to
result in material adverse effects on the Company; (iii) such Participant's intentional, material violation of any contract or
agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant's
unauthorized use or disclosure of the Company's confidential information or trade secrets; or (v) such Participant's gross
misconduct that is reasonably likely to result in material adverse effects on the Company. The determination that a termination of
the Participant's Continuous Service is either for Cause or without Cause will be made by the Board, in its sole discretion. Any
determination by the Board that the Continuous Service of a Participant was terminated with or without Cause for the purposes of
outstanding Awards held by such Participant will have no effect on any determination of the rights or obligations of the Company or
such Participant for any other purpose.

 

     

    - 16 -

    

 

(j)            "Change
in Control" means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the
following events:

 

(i)            any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company's then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
However, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company's securities in a transaction or series of related transactions
the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (B) solely because
the level of Ownership held by any Exchange Act Person (the "Subject Person") exceeds the designated percentage
threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing
the number of shares outstanding. However, if a Change in Control would occur (but for the operation of this sentence) as a result of
the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional
voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding
voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)            there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding
voting power of the surviving Entity in such merger, consolidation or similar transaction, or (B) more than fifty percent (50%) of
the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each
case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to
such transaction; or

 

(iii)            there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting securities of
which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such sale, lease, license or other disposition.

 

However,
(A) the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the
purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an
individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition with
respect to Awards subject to such agreement. If necessary for compliance with Code Section 409A, no transaction will be a
Change in Control unless it is also a change in the ownership or effective control of the Company, or in the ownership of a
substantial portion of the Company's assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations
Section 1.409A-3(i)(5). The Board may, in its sole discretion and without a Participant's consent, amend the definition of
 "Change in Control'' to conform to the definition of "Change in Control' under Section 409A of the
Code, and the regulations thereunder.

 

     

    - 17 -

    

 

(k)            "Code"
means the United States Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(l)            "Committee"
means a compensation committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with
Section 2(c).

 

(m)            "Company"
means Jushi Holdings Inc., a company incorporated under the laws of British Columbia.

 

(n)            "Consultant"'
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for
such services, in either case, only if such person satisfies the requirements to be a consultant for purposes of Rule 701.

 

(o)            "Continuous
Service" means that the Participant's service with the Company or an Affiliate, whether as an Employee, Director or Consultant,
is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as
an Employee, Consultant or Director or a change in the Entity for which the Participant renders such service, provided that there is no
interruption or termination of the Participant's service with the Company or an Affiliate, will not terminate a Participant's Continuous
Service. If the entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, such
Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. If permitted
by law, the Board or the chief executive officer of the Company, in that party's sole discretion, may determine whether Continuous Service
will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer of the Company,
including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors.
However, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided
in the Company's leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant
or as otherwise required by law. In addition, if required for exemption from or compliance with Section 409A of the Code, the determination
of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation
from service'' as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

 

 (p)             "Director'' means a member of the Board.

 

(q)            "Disability"
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to
last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the
Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(r)            "Effective
Date" means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by
the Company's stockholders and (ii) the date this Plan is adopted by the Board.

 

(s)            "Employee"
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an "Employee" for purposes of the Plan.

 

     

    - 18 -

    

 

 (t)            "Entity" means a corporation, partnership, limited liability company or other entity.

 

(u)           
 "Exchange Act" means the United States Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

(v)            "Exchange
Act Person" means any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of
the Exchange Act), except that "Exchange Act Person" will not include (i) the Company or any Subsidiary, (ii) any
employee benefit plan of the Company or any Subsidiary or any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any Subsidiary, (iii) an underwriter temporarily holding securities pursuant to a registered public offering
of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their Ownership of stock of the Company or (v) any natural person, Entity or "group" (within the meaning of Section 13(d) or
14(d) of the Exchange Act) that, as of the date of determination, is the Owner, directly or indirectly, of securities of the Company
representing more than fifty percent (50%) of the combined voting power of the Company's then outstanding securities.

 

(w)            "Fair
Market Value" means, as of any date, the value of the Subordinate Voting Shares determined as follows:

 

(i)            Unless
otherwise determined by the Board, if the Subordinate Voting Shares are listed or quoted on the Canadian Securities Exchange or a national
or regional securities exchange or quotation system, the Fair Market Value of a Subordinate Voting Share will be the closing price of
a Subordinate Voting Share as quoted on the Canadian Securities Exchange or national or regional securities exchange or quotation system
with the greatest volume of trading in the Subordinate Voting Shares on the date of determination, or, if there is no closing sales price
for the Subordinate Voting Shares on the date of determination, then the Fair Market Value will be the closing price on the last preceding
date for which such quotation exists. Notwithstanding the foregoing, in the event that the Subordinate Voting Shares are listed on the
Canadian Securities Exchange, for the purposes of establishing the exercise price of any Awards, the Fair Market Value of all of the Subordinate
Voting Shares shall not be lower than the greater of the closing of the market price of the Subordinate Voting Shares on the Canadian
Securities Exchange on (a) the prior trading day, and (b) the date of grant of the Awards.

 

(ii)            In
the absence of such markets for the Subordinate Voting Shares, the Fair Market Value will be determined by the Board in good faith and
in a manner that complies with Sections 409A and 422 of the Code.

 

In determining
the value of a share for purposes of tax reporting on the exercise, issuance or transfer of shares subject to Awards, fair market value
may be calculated using the definition of Fair Market Value, the actual sales price in the transaction at issue (e.g., "sell to
cover"), or such other value determined by the Company's general counsel or principal financial officer in good faith in a manner
that complies with applicable tax laws.

 

(x)           
 “Fully Converted Number of Shares” has the meaning set forth in Section 3 (a).

 

     

    - 19 -

    

 

(y)           
 "Good Reason" will have the meaning ascribed to such term in any written agreement between the Participant
and the Company defining such term as applicable to an Award and, in the absence of such agreement, such term means, with respect to
a Participant, the Participant's resignation from all positions he or she then-holds with the Company following: (i) a
reduction in the Participant's base salary of more than 10% or (ii) the required relocation of Participant's primary work
location to a facility that increases his or her one-way commute by more than 50 miles, in either case, only if (x) Participant
provides written notice to the Company's Chief Executive Officer within 30 days following such event identifying the nature of the
event, (y) the Company fails to cure such event within 30 days following receipt of such written notice and
(z) Participant's resignation is effective not later than 30 days thereafter.

 

(z)            "Incentive
Stock Option" means an option granted under the Plan that is intended to be, and that qualifies as, an "incentive stock
option" within the meaning of Section 422 of the Code.

 

(aa) "Multiple Voting Shares"
means the multiple voting shares of the Company.

 

(bb) [intentionally omitted]

 

(cc) "Nonstatutory
Stock Option" means any option granted under the Plan that does not qualify as an Incentive Stock Option.

 

(dd) "Officer"
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(ee) "Option"
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase Subordinate Voting Shares granted pursuant to the Plan.

 

(ff) "Other
Award" means an award based in whole or in part by reference to the Subordinate Voting Shares which is granted pursuant to
the terms and conditions of Section 6(c).

 

(gg) "Own",
 "Owned", "Owner", "Ownership" means a person or Entity
will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership"
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(hh) "Participant"
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(ii)
 "Permitted Transferee" has the meaning set forth in Section 8(n).

 

(jj) "Plan" means this Jushi Holdings
Inc. 2019 Equity Incentive Plan.

 

(kk) "Restricted
Stock Award" means an award of Subordinate Voting Shares which is granted pursuant to the terms and conditions of Section 6(a).

 

(ll) "Restricted
Stock Unit Award" means a right to receive Subordinate Voting Shares which is granted pursuant to the terms and conditions
of Section 6(b).

 

(mm) "Rule 405"
means Rule 405 promulgated under the Securities Act.

 

(nn) "Rule 701" means Rule 701 promulgated
under the Securities Act.

 

(oo) "Section 409A"
means Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect.

 

(pp) "Securities
Act" means the United States Securities Act of 1933, as amended.

 

(qq) "Share Reserve" has the meaning
set forth in Section 3(a).

 

     

    - 20 -

    

 

(rr)
 "Stock Appreciation Right" or "SAR" means a right to receive the appreciation on
Subordinate Voting Shares that is granted pursuant to the terms and conditions of Section 5.4.

 

(ss)
 "Subordinate Voting Shares" means the subordinate voting shares of the Company.

 

(tt)
 "Subsidiary" means, with respect to the Company, (i) any corporation of which more than fifty percent
(50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have
voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and
(ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether
in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%).

 

(uu) "Substitute Awards"
has the meaning set forth in Section 3(d).

 

(vv) "Super Voting Shares"
means the super voting shares of the Company.

 

(ww) "Ten
Percent Stockholder" means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(xx) "Treasury
Regulations" means the final or temporary regulations that have been issued by the U.S. Department of Treasury pursuant to
its authority under the Code, and any successor regulations.Exhibit 10.26

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is effective January 1, 2022 (the “Effective Date”), by and between JGMT, LLC,
a Florida limited liability company (the “Company”), James Cacioppo (the “Executive”) and Jushi
Holdings Inc. (“Parent”). (Company and Executive are sometimes individually referred to herein as a “Party”
and collectively as the “Parties.”)

 

WHEREAS, the Executive was
hired by the Company on April 1, 2018; and

 

WHEREAS, the Executive agrees
to continue to provide services for the benefit of the Company and Parent for the additional period provided herein, and the Company wishes
to procure such services as provided herein.

 

NOW, THEREFORE, in consideration
of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

1.             Employment
Term. This Agreement shall be effective as of the Effective Date and Executive’s employment with the Company shall continue
in accordance with the terms of this Agreement and shall continue for an initial period of two (2) years and one day following the Effective
Date (the “Initial Term”), unless earlier terminated pursuant to Section 5 hereof. Upon the end of the Initial
Term, the term of this Agreement shall automatically renew for one successive two-year period (the “Renewal Term”)
unless the Company provides written notice to the Executive of its intention to not renew this Agreement at least 60 days prior to the
end of the Initial Term or the Renewal Term, as applicable, or the Executive provides written notice to the Company of his intention
to not renew this Agreement at least 60 days prior to the end of the Initial Term or the Renewal Term. For purposes of this Agreement,
the “Employment Term” shall mean the Initial Term and the Renewal Term, in each case subject to early termination
in accordance with Section 5 hereof.

 

2.             Position
and Duties; Exclusive Employment; No Conflicts.

 

(a)               Position
and Duties; Exclusive Employment. During the Employment Term, Executive shall serve as an employee of the Company and as Chief
Executive Officer of the Parent and Chairman of the board of directors (the “Board”) of Parent, reporting
directly to the Board and shall have such duties, authority, and responsibility as shall be assigned and determined from time to
time by the Board, including duties and responsibilities for the Company, Parent, any future parent of the Company, and each of
their current and future subsidiaries and affiliates (collectively referred to herein as the “Company Group”).
Executive shall perform those duties and have those authorities commensurate with the position of Chief Executive Officer. During
the Employment Term, Executive shall (i) perform Executive’s duties and responsibilities hereunder faithfully and to the
best of Executive’s abilities in a diligent manner and in accordance with the Company Group’s policies and applicable
law, (ii) use Executive’s commercially reasonable best efforts to promote the success of the Company Group, and (iii) not do
anything, or permit anything to be done at Executive’s direction, that is intended to be inconsistent with Executive’s
duties to the Company Group or opposed to the best interests of the Company Group or which is a conflict of interest, in each case,
subject to applicable law. Notwithstanding the foregoing, Executive may (i) engage in religious, charitable or other community
activities, (ii) actively manage Executive’s personal investments and affairs, which may occur during business hours,
including by serving as a member of the board of directors of any company in which Executive personally invests; and (iii) continue
the outside activities set forth on Exhibit A hereto, provided that the outside activities described in clauses (i) through
(iii) shall not, individually or in the aggregate, interfere with Executive’s performance of Executive’s duties to
Company Group. Any other outside business activities not described herein shall require the prior written approval of the Board (or
a duly authorized committee thereof), which approval will not be unreasonably withheld, conditioned or delayed.

 

     

     

    

 

(b)              
Principal Office. Executive’s principal office will be located in Boca Raton, FL but Executive will be expected to
travel extensively on behalf of the Company.

 

(c)              
No Conflict. Executive represents and warrants to the Company that Executive has the capacity to enter into this Agreement,
and that the execution, delivery and performance of this Agreement by Executive will not violate any agreement, undertaking or covenant
to which Executive is party or is otherwise bound, including any obligations with respect to non-competition, non-solicitation, or proprietary
or confidential information of any other person or entity.

 

3.           Compensation;
Benefits. In consideration for the services to be provided by the Executive and the other premises and covenants set forth herein,
the Company agrees to compensate the Executive as follows:

 

(a)              
Base Salary. From the Effective Date, the Company shall pay to Executive an annual base salary of $750,000 (as the same
may be increased from time to time, the “Base Salary”), which shall be payable in regular installments in accordance
with the Company’s customary payroll practices and procedures, but in no event less frequently than monthly. On each anniversary
of the Effective Date, the Base Salary shall be increased by an additional $100,000 per year.

 

(b)              
Annual Bonus. During the Employment Term, the Executive shall be eligible to receive an annual bonus for each fiscal
year or portion thereof during which the Executive has been employed hereunder, with the minimum amount of the target bonus
to be no less than one hundred percent (100%) of the Base Salary  (the “Annual Bonus”), (such target bonus
amount to be reviewed by the of the compensation committee of the Board on an annual basis for increases but not decreases). The actual
amount of any Annual Bonus earned by Executive shall be at the discretion of the Board; provided that in no event shall such Annual Bonus
be less than the target. The Annual Bonus shall be paid in cash and shall be paid in no event later than two-and-a-half months following
the end of the fiscal year in which the Annual Bonus relates.

 

(c)               Welfare
Benefit Plans. During the Employment Term, Executive shall be eligible to participate in the welfare benefit plans, practices,
policies and programs (including, if applicable, medical, dental, disability, employee life, group life and accidental death
insurance plans and programs) maintained by the Company or its affiliates for similarly situated executives of the Company employed
in the United States, subject in each instance to the terms and conditions of such plans, practices, policies and programs. The
Company reserves the right to amend or terminate its employee benefit plans at any time.

 

    2 

     

    

 

(d)              
Expenses. During the Employment Term, Executive shall be entitled to reimbursement of all documented reasonable business
expenses incurred by Executive in accordance with past practices related to the Executive’s prior travel and expense activities.
In addition, Executive shall be entitled to reimbursement of all documented legal fees incurred by Executive related to the negotiation
of this Agreement and the agreements and documents referred to herein. To the extent that any reimbursement of expenses under this Section
3(d) constitutes “deferred compensation” under Section 409A of the Internal Revenue Code of 1986 and the regulations and
guidance promulgated thereunder (as amended, the “Code” and such section of the Code, “Code Section 409A”),
such reimbursement shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount
of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year and the right to payment
or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

(e)              
Vacation. During the Employment Term, Executive shall be entitled to time off as needed, subject to the business needs of
the Company and the Parent.

 

(f)              Equity
Compensation. During the Employment Term, Executive shall be eligible to receive an annual equity-based compensation award (an
 “LTI Award”) from the Parent, subject to compliance with Applicable Securities Laws (as hereinafter defined).
During the Initial Term, the LTI Awards shall be as follows: (i) on or before July 30, 2022, Parent shall grant Executive an option
to purchase three million (3,000,000) subordinate voting shares in Parent (“Shares”) (the “2021 LTI
Award”); and (ii) on or before January 1, 2023, Parent shall grant Executive an option to purchase three million
(3,000,000) Shares (the “2022 LTI Award”). During the Renewal Term(s) (if
applicable), the LTI Awards shall be as follows: (i) on or before January 1, 2024 Parent shall grant Executive an option to
purchase three million (3,000,000) Shares (the “2023 LTI Award”); on or before January 1, 2025, Parent shall
grant Executive an option to purchase three million (3,000,000) Shares (the “2024 LTI Award”); and (ii) on or
before January 1, 2026, Parent shall grant Executive an option to purchase three million (3,000,000) Shares (the “2025 LTI
Award”), in each case, except as otherwise provided in Section 5 hereof, subject to Executive’s continued service
with the Company through each grant date. The LTI Awards shall be granted under Parent’s 2019 Equity Incentive Plan, as
amended (the “Equity Plan”), and shall be evidenced by an option agreement setting forth the terms and conditions
of the LTI Award, which shall generally be consistent with the terms set forth herein and shall provide for a five-year post
termination exercise period. Each LTI Award shall have an exercise price per Share equal to the Fair Market Value (as such term is
defined in the Equity Plan) of a Share on the LTI Award grant date. The LTI Awards shall be subject to time-based vesting as set
forth in Exhibit B attached hereto; provided, however, all LTI Awards shall be subject to vesting in accordance with Sections 5 and
7 hereto. All Share numbers in this Section 3(f) referencing an LTI Award that has not yet been granted at the time of any
 “Capitalization Adjustment” shall be equitably adjusted by the Board to reflect any “Capitalization
Adjustment”, as such term is defined in the Equity Plan, and the Board’s good faith action with respect to such
adjustment shall be final, binding and conclusive. In the event there is an insufficient number of Shares available under the Equity
Plan to make an LTI Award to Executive on any date Executive is otherwise eligible to receive an LTI Award, Executive and Parent
pledge to negotiate in good faith to provide Executive with economically equivalent compensation in an alternative form.

 

    3 

     

    

 

(g)              
Director and Officer Indemnification. During the Employment Term and thereafter, the Company shall, to the fullest extent
permitted by law, promptly indemnify Executive against all costs, charges, losses, expenses and liabilities (including, but not limited
to, reasonable attorneys’ fees and costs incurred in defending legal proceedings) incurred by Executive in connection with any actual,
threatened or reasonably anticipated claim, suit, action or proceeding arising in connection with the execution, discharge or exercise
of Executive’s duties as an officer or director of the Company or any member of the Company Group and/or the exercise of Executive’s
powers in Executive’s capacity as an officer or director of the Company or any member of the Company Group or otherwise in relation
thereto (including, without limitation, any regulatory filings and licenses required for the business of the Company Group). Such expenses
shall be promptly advanced to Executive to the fullest extent permitted by law. The Company shall also provide and maintain directors’
and officers’ liability insurance coverage for Executive’s benefit during Executive’s service with the Company or any
member of the Company Group in any capacity and for a period six years thereafter, provided that such coverage shall be no less
favorable than the coverage provided to other members of the Board. The Company shall also assist the Executive in preparing and filing
any applicable regulatory filings for the Company Group and shall reimburse the Executive for any expenses incurred by the Executive with
respect thereto. Any amount payable pursuant to this Section 3(g) shall be paid to Executive as soon as practicable but, in any
event no later than two-and-a-half months following the end of the fiscal year in which a right to payment arises.

 

(h)              
Withholding Taxes. All forms of compensation paid or payable to Executive, whether under this Agreement or otherwise, are
subject to reduction to reflect applicable withholding and payroll taxes pursuant to any applicable law or regulation

 

4.             Piggyback
Registration.

 

(a)               In
the event that Parent proposes to conduct for its own account a registered offering for cash of Shares or other voting equity
securities or files a registration statement or registration statements therefor under Applicable Securities Laws (as defined
below), other than a registration statement (or any registered offering with respect thereto) (i) filed in connection with any
employee stock option or other benefit plan, (ii) pursuant to a registration statement under the Securities Act of 1933, as amended
(the “Securities Act”) on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the
Securities Act or any successor rule thereto), (iii) for an offering of debt that is convertible into voting equity securities of
the Company, or (iv) for a dividend reinvestment plan, Executive shall have the right, subject to the Board’s good faith
discretion described below, to include as part of such registration, up to a pro rata portion of Executive’s fully-diluted
vested equity securities in the Parent in such registered offering and any applicable registration statement filed for the purpose
thereof. Notwithstanding the foregoing, the Executive’s right to participate in any such registered offering and the number of
Executive’s equity securities in the Parent that may be offered thereunder, if any, shall be subject to the Board’s good
faith discretion, and in the event that the Board determines (including upon the good faith advice of any managing underwriter(s)
for such offering), that the dollar amount or number of equity securities that Parent desires to sell, taken together with
Executive’s equity securities in Parent that Executive desires to sell, exceeds the maximum dollar amount or maximum number of
equity securities that can be sold in the offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering, then the Board may reduce the number of Executive’s
equity securities in Parent that may be included in such offering by the minimum amount necessary to avoid such adverse
consequences.

 

    4 

     

    

 

(b)              
In connection with any registration statement in which Executive is participating, Executive shall furnish (or cause to be furnished)
to Parent in writing such information as Parent reasonably requests for use in connection with any such registration statement or prospectus
and, to the extent permitted by law, shall indemnify Parent, its directors, officers, agents and employees, each person, if any, who controls
Parent within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under
the Securities Act, the Exchange Act or otherwise, arising from (i) information furnished by or on behalf of Executive in writing, for
specific inclusion in such registration statement or that relates to Executive or Executive’s proposed method of distribution of
registered securities and was reviewed and approved in writing by Executive expressly for use in such registration statement or (ii) sales
by Executive of registered securities after Parent has advised Executive in writing that such registration statement may no longer be
used due to a material misstatement or omission.

 

(c)              
In order to participate in any underwritten offering or other offering for equity securities of Parent pursuant to a registration
initiated by Parent hereunder, Executive (and any applicable affiliate participating in the offering) (i) agrees to sell such person’s
or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by Parent
and (ii) agrees to complete and execute all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
or other agreements and other customary documents as may be reasonably required under the terms of such underwriting, sales, distribution
or placement arrangements; provided that Executive shall only be subject to the lock-up restrictions set forth in any such agreements
if the directors and officers of Parent are subject to a similar obligation and the length of any lock-up obligation for Executive shall
be no longer than the shortest lock-up of any such directors and officers.

 

(d)              
For purposes of this Agreement, the term “Applicable Securities Laws” means all applicable securities laws of the United
States and/or Canada, including without limitation, the Securities Act, the Exchange Act and any blue sky or other state securities laws
in the United States, and the applicable rules and regulations of the Canadian Securities Exchange and/or any other United States or Canadian
stock exchange on which the Parent’s equity securities are then listed or traded.

 

    5 

     

    

 

5.            Termination.
This Agreement and Executive’s employment with the Company may be terminated in accordance with any of the following provisions.

 

(a)              
Termination by the Company Without Cause or by the Executive for Good Reason. The Company may terminate Executive’s
employment and this Agreement without Cause (as defined in Section 5(f)) by providing written notice to the Executive at least
forty-five (45) days prior to the effective date of termination (the “Notice Period”). During the Notice Period, Executive
shall continue to perform the duties of Executive’s position and the Company shall continue to compensate Executive as set forth
herein. Notwithstanding the foregoing, the Company will have the option of requiring Executive to immediately vacate the Company’s
premises and cease performing Executive’s duties hereunder. If the Company so elects this option, then the Company will be obligated
to compensate the Executive for the duration of the Notice Period. In the event Company terminates Executive’s employment and this
Agreement without Cause (or by election not to renew for the Renewal Term pursuant to Section 1 hereof) or the Executive terminates
his employment with the Company for Good Reason (as defined in Section 5(f)), the Company shall provide the Executive with the
following, subject to the Executive executing a general release of all claims in a form mutually agreeable to Executive and the Company
, which Executive and the Company mutually pledge to negotiate in good faith and agree to no later than July 30, 2022, that becomes final,
binding and irrevocable no more than fifty-five (55) days after Executive’s termination of employment (“Release”)
(i) the grant of the LTI Award for the fiscal year of termination that would have otherwise been granted by the end of the fiscal year;
(ii) full vesting as of the date of termination of all the Executive’s outstanding equity-based awards of Parent (including the
LTI Awards, including those referenced in clause (i)) and (iii) a one-time lump sum payment equal to five million dollars ($5,000,000)
(clause (iii), the Severance Payments”). The Severance Payments shall be made within five (5) business days after the expiration
of the applicable revocation period with respect to such Release; provided that if Executive’s employment is terminated on or after
November 1 of any taxable year and prior to January 1 of the following taxable year, if necessary to comply with Code Section 409A, such
Severance Payment shall not be paid to Executive until the beginning of the taxable year following the taxable year in which Executive’s
employment is terminated but shall include all amounts that would otherwise have been paid to the Executive during the period beginning
on the date of the Executive's termination and ending on the Severance Payment date as if no delay had been imposed. In the event the
LTI Award described in clause (i) above cannot be granted in compliance with Applicable Securities Laws, Executive and Parent pledge to
negotiate in good faith to provide Executive with economically equivalent compensation in an alternative form.

 

(b)              
Termination by Executive without Good Reason. Executive may terminate his employment and this Agreement without Good Reason
by providing written notice to the Company at least thirty (30) days prior to the effective date of termination (the “Executive
Notice Period”). During the Executive Notice Period, Executive shall continue to perform the duties of Executive’s position
and the Company shall continue to compensate Executive as set forth herein. Notwithstanding the foregoing, the Company will have the option
of requiring Executive to immediately vacate the Company’s premises and cease performing Executive’s duties hereunder. If
the Company so elects this option, then the Company will be obligated to compensate the Executive for the duration of the Executive Notice
Period.

 

    6 

     

    

 

(c)              
 Termination by the Company for Cause. The Company may terminate Executive’s employment and this Agreement for Cause,
which shall be effective upon delivery by the Company of written notice to Executive of such termination.

 

(d)              
Death of Executive. Executive’s employment and this Agreement shall terminate automatically upon the date of Executive’s
death. In the event of a termination due to death and Executive’s estate signs the Release, Executive’s estate, shall be entitled
to the following payments and benefits: (i) a lump sum payment of a pro rata portion of the Annual Bonus in respect of the fiscal year
in which such termination occurs based on the number of days elapsed in such year through the effective date of Executive’s termination
of employment (the “Pro Rata Bonus Payment”); (ii) a lump-sum cash payment in an amount equal to the monthly COBRA
premiums that Executive would be required to pay to continue group health coverage as in effect on the date of his termination for himself
and, if applicable, his eligible covered dependents for a period of eighteen (18) months following the Executive’s termination of
employment, which payment shall be made regardless of whether Executive or his dependent elects COBRA continuation coverage (the “COBRA
Equivalent Payment”); and (iii) full vesting on the date of death of all outstanding equity-based awards of Parent (including
all LTI Awards), subject to compliance with Applicable Securities Laws, (clauses (i) through (ii) collectively, the “Separation
Payments”). The Separation Payments shall be made within five (5) business days after the expiration of the applicable revocation
period with respect to such Release; provided that if Executive’s employment is terminated on or after November 1 of any taxable
year and prior to January 1 of the following taxable year, if necessary to comply with Code Section 409A, such Separation Payment shall
not be paid to Executive’s estate until the beginning of the taxable year following the taxable year in which Executive’s
employment is terminated but shall include all amounts that would otherwise have been paid to the Executive’s estate during the
period beginning on the date of the Executive's termination and ending on the Separation Payment date as if no delay had been imposed.

 

(e)              
Disability of Executive. This Agreement shall be terminated upon thirty (30) days’ written notice by Company to Executive
that Company has made a good faith determination that Executive has a Disability (as defined in Section 5(f)). In the event
of a termination due to Disability and Executive signs the Release, Executive, shall be entitled to the Separation Payments which shall
be paid within five (5) business days after the expiration of the applicable revocation period with respect to such Release; provided
that if Executive’s employment is terminated on or after November 1 of any taxable year and prior to January 1 of the following
taxable year, if necessary to comply with Code Section 409A, such Separation Payment shall not be paid to Executive until the beginning
of the taxable year following the taxable year in which Executive’s employment is terminated but shall include all amounts that
would otherwise have been paid to the Executive during the period beginning on the date of the Executive's termination and ending on the
Separation Payment date as if no delay had been imposed.

 

(f)            Definitions. The terms set forth below have the following meanings, except where otherwise expressly indicated:

 

(i)             “Cause”
shall mean, with respect to Executive, one or more of the following: (A) commission of a felony or other crime involving moral turpitude
that has been fully adjudicated including all appeals during Executive’s employment with the Company; provided, that for the sake
of clarity, no action or inaction by Executive that may be considered a violation of any U.S. federal law prohibiting the sale of cannabis
products shall be grounds for any termination by the Company for Cause; or (B) a breach of any applicable fiduciary duty with respect
to the Company based on Executive’s gross negligence or willful misconduct.

 

    7 

     

    

 

(ii)          
“Change of Control” means the occurrence of any one of the following:

 

(A)            
any one person (or more than one person acting as a group) other than any trustee or other fiduciary holding securities of the
Parent under an employee benefit plan of the Parent, an underwriter temporarily holding securities pursuant to an offering of such securities
or any corporation owned, directly or indirectly, by the stockholders of the Parent in substantially the same proportions as their ownership
of stock of the Parent, directly or indirectly acquires equity securities representing more than 50% of the combined voting power or fair
market value of the Parent’s then outstanding equity securities;

 

(B)             
the consummation of a reorganization, merger, statutory share exchange, consolidation, amalgamation or similar corporate transaction
(each, a “Business Combination”) other than a Business Combination in which all or substantially all of the persons
who were the beneficial owners of the Parent’s voting securities immediately prior to such Business Combination beneficially own,
directly or indirectly, 50% or more of the combined voting power and fair market value of the voting securities of the entity resulting
from such Business Combination (including, without limitation, an entity which as a result of the Business Combination owns the Parent
or all or substantially all of the Parent’s assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership of the Parent’s voting securities immediately prior to such Business Combination;

 

(C)             
any one person (or more than one person acting as a group) acquires all or substantially all of the assets of the Parent within
any twelve (12) consecutive month period; or

 

(D)            
individuals who, as of the Effective Date, constituted the Board (the “Incumbent Directors”) cease for any reason
to constitute at least a majority of the Board; provided, that any individual who becomes a member of the Board subsequent to the Effective
Date and whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors shall be treated
as an Incumbent Director unless he or she assumed office in connection with a Business Combination or as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a person other than the Board.

 

Notwithstanding the
forgoing, if necessary to comply with Code Section 409A, none of the foregoing events shall constitute a Change of Control of the Parent
unless such event also constitutes a change in ownership of the Parent within the meaning of Treasury Regulation Section 1.409A- 3(i)(5)(v),
a change in the effective control of the Parent within the meaning of Treasury Regulation Section 1.409A- 3(i)(5)(vi) or a change in ownership
of a substantial portion of the assets of the Parent within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii).

 

    8 

     

    

 

(iii)           
“Disability” means (i) the Executive has been incapacitated by bodily injury, illness or disease
so as to be prevented thereby from engaging in the performance of the Executive’s duties (provided, however, that the Company acknowledges
its obligations to provide reasonable accommodation to the extent required by applicable law); (ii) such total incapacity shall have
continued for a period of six (6) consecutive months; and (iii) such incapacity will, in the opinion of a qualified physician,
be permanent and continuous during the remainder of the Executive’s life.

 

(iv)            
“Good Reason” means (i) the assignment to Executive of any duties materially inconsistent with his position,
including any change in status, title, authority, duties or responsibilities or other action which results in a material diminution in
such status, title, authority, duties or responsibilities; (ii) a material reduction in Executive’s Base Salary by the Company;
(iii) the relocation of Executive’s principal office to a location more than fifty (50) miles from his then current principal office;
or (iv) beginning during the 2023 fiscal year, Executive finds a replacement for his position and such replacement is approved by the
Board.

 

6.             Payments of Accrued Obligations Upon Termination. In the event that Executive’s employment with the Company terminates
for any reason, the Company’s obligation to compensate Executive shall in all respects cease as of the date of termination, except
that the Company shall pay to Executive through the date of termination (i) any accrued but unpaid Base Salary, (ii) any unpaid Annual
Bonus for the year prior to the year of termination; (iii) any payments Executive is entitled to receive pursuant to Section 3,
and (iv) any rights or payments that are vested benefits or that Executive is otherwise entitled to receive at or subsequent to the date
of termination of employment under any benefit plan or any other contract or agreement with the Company, which shall be payable in accordance
with the terms of such benefit plan, contract or agreement, except as explicitly modified by this Agreement, including, without limitation,
any of Executive’s business expenses that are reimbursable, but have not been reimbursed as of the date of termination of employment
(the “Accrued Obligations”). The Company shall pay to Executive (or to Executive’s estate in the event of Executive’s
death), the Accrued Obligations (other than the Severance Payments described in Section 5(a) and Separation Payments described
in Section 5(c)) within thirty (30) days after the date of termination of Executive’s employment with the Company.

 

7.            Change
in Control Benefits. In the event of a Change in Control during the Employment Term, the Company shall provide the Executive
with: (i) a one-time lump sum payment equal to five million dollars ($5,000,000); (ii) a grant of the LTI Award that would have
otherwise been granted during the fiscal year of the Change in Control, which shall be granted immediately prior to such Change in
Control subject to compliance with Applicable Securities Laws; and (iii) full vesting of all the Executive’s outstanding
equity-based awards of Parent (including all LTI Awards, including those referenced in clause (ii)) subject to compliance with
Applicable Securities Laws.

 

    9 

     

    

 

8.             Non-Disclosure of Confidential Information.

 

(a)              
Confidential Information. Executive acknowledges that in the course of Executive’s employment with the Company, Executive
will be provided with, have access to, access, use, and develop Confidential Information (as defined herein) of the Company Group. For
purposes of this Agreement, “Confidential Information” shall mean and include all information, whether written or oral,
tangible or intangible (in any form or format), of a private, secret, proprietary or confidential nature, of or concerning the Company
Group or the business or operations of the Company Group, including without limitation: any trade secrets or other confidential or proprietary
information which is not publicly known or generally known in the industry; the identity, background, and preferences of any current or
prospective clients, investors, distributors, suppliers, vendors, referral sources, and business affiliates; pricing and financial information;
current and prospective client, investor, distributor, supplier, or vendor lists and leads; proposals with prospective clients, investors,
distributors, suppliers, vendors, or business affiliates; contracts with clients, investors, distributors, suppliers, vendors or business
affiliates; marketing plans; brand standards guidelines; proprietary computer software and systems; marketing materials and information;
operating and business plans and strategies; research and development; policies and manuals; personnel information of employees that is
private and confidential; any information related to the compensation of employees, consultants, agents or representatives of Company
Group; sales and financial reports and forecasts; any information concerning any product, technology or procedure employed by Company
Group but not generally known to its current or prospective clients, investors, distributors, suppliers, vendors or competitors, or under
development by or being tested by Company Group; any inventions, innovations or improvements covered by Section 11 hereof; and
private information concerning planned or pending acquisitions or divestitures. Notwithstanding the foregoing, the term Confidential Information
shall not include information which (A) becomes available to Executive from a source other than Company Group or from third parties with
whom Company Group is not bound by a duty of confidentiality, or (B) becomes generally available or known in the industry other than as
a result of its disclosure by Executive.

 

(i)                
During the course of Executive’s employment with Company, Executive agrees to use Executive’s commercially reasonable
best efforts to maintain the confidentiality of the Confidential Information, including adopting and implementing all reasonable procedures
prescribed by Company Group to prevent unauthorized use of Confidential Information or disclosure of Confidential Information to any unauthorized
person.

 

(ii)              Executive
agrees that all Confidential Information shall be Company Group’s sole property during and after Executive’s employment
with Company. Executive agrees that Executive will not remove any hard copies of Confidential Information from Company Group’s
premises, will not download, upload, or otherwise transfer copies of Confidential Information to any external storage media or cloud
storage (except as necessary in the performance of Executive’s duties for Company Group and for Company Group’s
benefit), and will not print hard copies of any Confidential Information that Executive accesses electronically from a remote
location (except as necessary in the performance of Executive’s duties for Company Group and for Company Group’s
benefit).

 

    10 

     

    

 

(iii)           
Other than as contemplated in Section 8(a)(iv) below, in the event that Executive becomes legally obligated to disclose
any Confidential Information to anyone other than to Company Group, Executive will provide Company with prompt written notice thereof
so that Company may seek a protective order or other appropriate remedy and Executive will cooperate with and assist Company in securing
such protective order or other remedy. In the event that such protective order is not obtained, or that Company waives compliance with
the provisions of this Section 8(a)(iii) to permit a particular disclosure, Executive will furnish only that portion of the Confidential
Information which Executive is legally required to disclose.

 

(iv)            
Nothing in this Agreement shall be construed to prohibit Executive from: filing a charge or participating in any investigation
or proceeding conducted by any federal, state or local government agency charged with enforcement of any law; reporting possible violations
of any law, rule or regulation to any governmental agency or entity charged with enforcement of any law, rule or regulation; or making
other disclosures that are protected under whistleblower provisions of any law, rule or regulation. Executive acknowledges that an individual
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is:
(A) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely
for the purpose of reporting or investigating a suspected violation of law; or (B) made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. Executive further acknowledges that an individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual
and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under
seal; and (2) does not disclose the trade secret, except pursuant to court order.

 

(b)              
Restrictions On Use And Disclosure Of Confidential Information. At all times during Executive’s employment with the
Company and for two (2) years after Executive’s employment with Company terminates, regardless of the reason for termination, Executive
agrees: (i) not to use, permit use of, discuss, disclose, transfer, or disseminate in any manner any Confidential Information, except
as necessary in the performance of Executive’s duties for Company Group and for Company Group’s benefit; (ii) not to make,
or cause to be made, copies (in any form or format) of the Confidential Information, except as necessary in the performance of Executive’s
duties for Company Group and for Company Group’s benefit; and (iii) to promptly and fully advise the Company of all facts known
to Executive concerning any actual or threatened unauthorized use of the Confidential Information or disclosure of the Confidential Information
to any unauthorized person about which Executive becomes aware. The restrictions contained in this Section 7(b) also apply to Confidential
Information developed by Executive during Executive’s employment with the Company, which are related to the Company Group or to
the Company Group’s successor or assigns, as such information is developed for the benefit of and ownership of the Company Group
and all rights and privileges to such information or derivative works, including but not limited to trademarks, patents and copyrights
remain with the Company Group.

 

    11 

     

    

 

(c)              
 Third Party Information. Executive acknowledges that during the course of Executive’s employment with the Company,
Executive may receive or have access to, confidential or proprietary information belonging to third parties (“Third Party Information”).
During the Employment Term and thereafter, Executive agrees: (i) to hold the Third Party Information in the strictest confidence, take
all reasonable precautions to prevent the inadvertent disclosure of the Third Party Information to any unauthorized person, and follow
all of the Company’s policies regarding protecting the Third Party Information; (ii) not to use, permit use of, discuss, disclose,
transfer, or disseminate in any manner any Third Party Information, except as necessary in the performance of Executive’s duties
for Company Group; (iii) not to make, or cause to be made, copies (in any form or format) of the Third Party Information, except as necessary
in the performance of Executive’s duties for Company Group or as compelled by subpoena or other legal order or process; and (iv)
to promptly and fully advise the Company of all facts known to Executive concerning any actual or threatened unauthorized use of the Third
Party Information or disclosure of the Third Party Information to any unauthorized person about which Executive becomes aware.

 

(d)              
Return of Confidential Information and Property. Upon termination of Executive’s employment with the Company, notwithstanding
the reason or cause of termination, and at any other time upon written request by the Company, Executive shall promptly return to the
Company all originals, copies, or duplicates, in any form or format (whether paper, electronic or other storage media), of the Confidential
Information and the Third Party Information, as well as any and all other documents, computer discs, computer data, equipment, and property
of the Company Group (including, but not limited to, cell phones, credit cards, and laptop computers if they have been provided to Executive),
relating in any way to the business of the Company Group or in any way obtained by Executive during and in the course of Executive’s
employment with the Company. Executive further agrees that after termination of Executive’s employment with the Company, Executive
shall not knowingly retain any copies, notes, or abstracts in any form or format (whether paper, electronic or other storage media) of
the Confidential Information, the Third Party Information, or other documents or property belonging to the Company Group unless otherwise
required by law or any applicable regulatory guidance.

 

9.           Non-Competition;
Non-Solicitation. The Company recognizes the Executive’s personal good will is crucial to the viability and increased profitability
of the Company Group and as a result this provision is a material component in this Agreement.

 

(a)               Non-Competition.
Executive acknowledges the highly competitive nature of Company Group’s business and, in consideration of Executive’s
employment with the Company, access to the Confidential Information, the payment of the Base Salary, grant of equity-based
compensation awards, eligibility for Severance Payments pursuant to Section 5(a), Separation Payments pursuant to Section
5(b), and the Change in Control benefits described in Section 7, and any other benefits by Company to Executive pursuant
to the terms hereof (which Executive acknowledges is sufficient to justify the restrictions contained herein), Executive agrees that
during the Employment Term and for eighteen (18) months from the date of termination of Executive’s employment with Company
for any reason, Executive will not engage, directly or indirectly, as a principal, officer, agent, employee, director, member,
partner, stockholder (other than as the passive holder of less than ten percent (10%) of the outstanding stock of a publicly-traded
corporation), independent contractor, or through the investment of capital, lending of money or property, rendering of consulting
services or advice, or in any other capacity, whether with or without compensation or other remunerations, in the Restricted
Business (as hereinafter defined) anywhere within the anywhere within the Restricted Area (as hereinafter defined). For purposes of
this Agreement, the “Restricted Area” is the United States. For purposes of this Agreement, “Restricted
Business” shall mean the multi-state operator business of cultivating, manufacturing, processing, packaging, purchasing,
distributing, dispensing, and selling cannabis and hemp products; provided, such business has a market capitalization of at least
$500,000,000.

 

    12 

     

    

 

(b)              
Non-Solicitation of Business Opportunities. Executive agrees that during the Employment Term and for two (2) years from
the date of termination of Executive’s employment with Company for any reason, Executive shall not, for Executive’s own benefit
or on behalf of any other person or entity (other than the Company Group), directly or indirectly through another person or entity: (i)
divert existing business opportunities related to the Restricted Business to some person or entity engaged in the Restricted Business
(other than for the Company Group); or (ii) aid or assist any other person, business, or entity to do any of the aforesaid prohibited
acts. The restriction created by this Section 9(b) is limited to existing and prospective business opportunities of the
Company Group with whom Executive had material contact or business dealings during Executive’s employment with the Company.

 

(c)              
Non-Solicitation of Employees, Consultants, and Independent Contractors. Executive agrees that during the Employment Term
and for two (2) years from the date of termination of Executive’s employment with Company for any reason, including upon expiration
of the Employment Term, Executive will not, directly or indirectly (in any capacity, on Executive’s own behalf or on behalf of any
other person or entity): (i) solicit, request, induce or encourage any individual who was an employee, consultant, or independent contractor
of the Company Group at the time of Executive’s termination of employment with the Company to terminate their employment, to cease
to be engaged by the Company Group, and/or to terminate or reduce their business relationship with the Company Group; or (ii) hire, employ,
or offer to hire or employ any individual who was an employee, consultant, or independent contractor of the Company Group (other than
for the Company Group) at the time of Executive’s termination of employment with the Company; provided, however this subsection
(ii) shall only apply for up to a maximum of six (6) months after such employee, consultant or independent contractor leaves the service
of the Company Group and shall not apply to non-targeted solicitations or search inquiries, open notices or general media advertisements
or to any employees who are classified as exempt under the U.S. Fair Labor Standards Act.

 

(d)              
Scope of Restrictive Covenants. Company and Executive recognize and agree that the Company Group conducts business operations
and generates revenues from clients throughout the Restricted Area. Executive acknowledges that the Company Group would be greatly damaged
if Executive took action that would violate the restrictive covenants of this Section 9 anywhere in the Restricted Area. Accordingly,
Company and Executive agree that the restrictive covenant provisions contained in this Section 9 are applicable to the Restricted
Area, and Executive shall be prohibited from violating the terms of this Section 9 from any location anywhere in the Restricted
Area. The Parties acknowledge and agree that the scope of the restrictive covenants in this Section 9 shall not prevent Executive
from engaging in the practice of law in the Restricted Business or otherwise.

 

    13 

     

    

 

(e)              
 Reasonableness of Restrictive Covenants. Executive agrees and acknowledges that to assure the Company that the Company
Group will retain the value of its operations, it is necessary that the Executive abide by the restrictions set forth in this Agreement.
Executive further agrees and acknowledges that during the Employment Term, Executive will be engaged in, obtain Confidential Information
about, and have operational duties and responsibilities in connection with, all aspects of the Restricted Business. Executive further
agrees that the promises made in this Agreement are reasonable and necessary for protection of the Company Group’s legitimate business
interests including, but not limited to: the Confidential Information; client good will associated with the specific marketing and trade
area in which the Company Group conducts its business; the Company Group’s substantial relationships with prospective and existing
clients, investors, distributors, vendors, and suppliers; and a productive and competent and undisrupted workforce. Executive agrees that
the restrictive covenants in this Agreement will not prevent Executive from earning a livelihood in Executive’s chosen business,
they do not impose an undue hardship on Executive, and that they will not injure the public.

 

10.          Mutual Non-Disparagement. Executive agrees that at all times during and after the Employment Term, Executive will not
engage in any conduct that is injurious to the reputation or interests of the Company Group, including, but not limited to, making disparaging
comments (or inducing or encouraging others to make disparaging comments) about the Company Group, any of the shareholders, members, directors,
officers, employees, investors, or agents of the Company Group, or the Company Group’s operations, financial condition, prospects,
products or services. The Company agrees that at all times during and after the Employment Term, the officers and directors of the Company
Group will not engage in any conduct that is injurious to the reputation or interests of the Executive, including, but not limited to,
making disparaging comments (or inducing or encouraging others to make disparaging comments) about the Executive or Executive’s
affiliates, partners or any of Executive’s new business enterprises. However, nothing in this Agreement shall prohibit Executive
or the Company from: exercising protected rights under Section 7 of the National Labor Relations Act; filing a charge with or participating
in any investigation or proceeding conducted by the Equal Employment Opportunity Commission or any other local, state, or federal administrative
body or government agency that is authorized to enforce or administer any law, rule, or regulation; testifying truthfully in any forum
or before any government agency responsible for enforcing any law, rule, or regulation; reporting possible violations of any law, rule
or regulation to any governmental agency or entity charged with enforcement of any law, rule or regulation; or making other disclosures
that are protected under whistleblower provisions of any law, rule or regulation. 

 

11.          Intellectual Property.

 

(a)               Work
Product Owned By Company. Executive agrees that the Company or the applicable member of the Company Group (each individually the
 “Assigned Party”) is and will be the sole and exclusive owner of all ideas, inventions, discoveries,
improvements, designs, plans, methods, works of authorship, deliverables, writings, brochures, manuals, know-how, method of
conducting its business, policies, procedures, products, processes, software, or any enhancements, or documentation of or to the
same and any other work product in any form or media that Executive makes, works on, conceives, or reduces to practice, individually
or jointly with others, in the course of Executive’s employment for the Assigned Party and with the use of the Assigned
Party’s time, materials or facilities, and is in any way related or pertaining to or connected with the present or anticipated
business, products or services of the Assigned Party whether produced during normal business hours or on personal time
(collectively, “Work Products”).

 

    14 

     

    

 

 

(b)              
Definition of Intellectual Property. “Intellectual Property” means any and all (i) copyrights and
other rights associated with works of authorship, (ii) trade secrets and other confidential information, (iii) patents, patent disclosures
and all rights in inventions (whether patentable or not), (iv) trademarks, trade names, Internet domain names, and registrations and applications
for the registration thereof together with all of the goodwill associated therewith, (v) all other intellectual and industrial property
rights of every kind and nature throughout the world and however designated, whether arising by operation of law, contract, license, or
otherwise, and (vi) all registrations, applications, renewals, extensions, continuations, divisions, or reissues thereof now or hereafter
in effect.

 

(c)              
Assignment. Executive acknowledges Executive’s work and services provided for the Assigned Party and all results and
proceeds thereof, including, the Work Products, are works done under Company Group’s direction and control and have been specially
ordered or commissioned by the Company Group. To the extent the Work Products are copyrightable subject matter, they shall constitute
 “works made for hire” for the Company Group within the meaning of the Copyright Act of 1976, as amended, and shall be the
exclusive property of the Assigned Party. Should any Work Product be held by a court of competent jurisdiction to not be a “work
made for hire,” and for any other rights, Executive hereby assigns and transfers to Assigned Party, to the fullest extent permitted
by applicable law, all right, title, and interest in and to the Work Products, including but not limited to all Intellectual Property
pertaining thereto, and in and to all works based upon, derived from, or incorporating such Work Products, and in and to all income, royalties,
damages, claims and payments now or hereafter due or payable with respect thereto, and in and to all causes of action, either in law or
in equity for past, present, or future infringement. Executive hereby waives and further agrees not to assert Executive’s rights
known in various jurisdictions as moral rights and grants the Company Group the right to make changes, as the Company Group deems necessary,
in the Work Products.

 

(d)              
License of Intellectual Property Not Assigned. Notwithstanding the above, should Executive be deemed to own or have any
Intellectual Property that is used, embodied, or reflected in the Work Products, Executive hereby grants to the Company Group, its successors
and assigns, the non-exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through
multiple levels of sublicenses, to use, reproduce, publish, create derivative works of, market, advertise, distribute, sell, publicly
perform and publicly display and otherwise exploit by all means now known or later developed the Work Products and Intellectual Property.

 

    15

     

    

 

(e)               Maintenance;
Disclosure; Execution; Attorney-In-Fact. Executive will, at the request and cost of the Assigned Party, sign, execute, make and
do all such deeds, documents, acts and things as the Assigned Party and their duly authorized agents may reasonably require to apply
for, obtain and vest in the name of the Assigned Party alone (unless the Assigned Party otherwise directs) letters patent,
copyrights or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore the
same. In the event the Assigned Party is unable, after reasonable effort, to secure Executive’s signature on any letters
patent, copyright or other analogous protection relating to a Work Product, whether because of Executive’s physical or mental
incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints the Assigned Party and its duly
authorized officers and agents as Executive’s agent and attorney-in-fact (which designation and appointment shall be (i)
deemed coupled with an interest and (ii) irrevocable, and shall survive Executive’s death or incapacity), to act for and
in Executive’s behalf and stead to execute and file any such application or applications and to do all other lawfully
permitted acts to further the prosecution and issuance of letters patent, copyright or other analogous protection thereon with the
same legal force and effect as if executed by Executive.

 

(f)               
Executive’s Representations Regarding Work Products. Executive represents and warrants that all Work Products that
Executive makes, works on, conceives, or reduces to practice, individually or jointly with others, in the course of performing Executive’s
duties for Assigned Party under this Agreement are (i) original or an improvement of the Assigned Party’s prior Work Products and
(ii) do not include, copy, use, or infringe any Intellectual Property rights of a third party.

 

(g)              
Transfer of State Licenses. For the avoidance of doubt, following the Employment Term, Executive will cooperate diligently
with the members of the Company Group to transfer any and all state licenses related to the conduct of the Company Group’s business
that were obtained in Executive’s name into the name of such member of the Company Group as requested by the Board and the Company
Group shall work diligently to effectuate the transfer of such state licenses in a timely manner following the Employment Term.

 

12.                
Cooperation. During the Employment Term and thereafter, Executive will cooperate with all reasonable requests by the
Company Group for assistance in connection with any investigations or legal proceedings involving the Company Group, including by providing
truthful testimony in person in any such legal proceedings without having to be subpoenaed; provided, however, that the foregoing shall
not apply to any investigation or legal proceeding involving disputes between Executive and the Company Group arising under this Agreement
or any other agreement. In no event shall Executive’s cooperation materially interfere with his services for a subsequent employer
or other similar service recipient. The Company agrees that (i) it shall promptly reimburse the Executive for his reasonable and documented
expenses in connection with his rendering assistance and/or cooperation under this Section 12 upon his presentation of documentation
for such expenses and (ii) the Executive shall be reasonably compensated for any continued material services as required under this Section
12.

 

13.                 Severability;
Independent Covenants. If any term or provision of this Agreement shall be determined by a court of competent jurisdiction to be
illegal, invalid or unenforceable for any reason, the remaining provisions of this Agreement shall remain enforceable and the
invalid, illegal or unenforceable provisions shall be modified so as to be valid and enforceable and shall be enforced as modified;
provided, that no severance shall be effective if it materially changes the economic benefit of this Agreement to either party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate,
in good faith, a legal, valid and enforceable substitute provision which most nearly effects, to the extent possible, the same
economic, business or other purposes of the invalid, illegal or unenforceable provision. If, moreover, any part of this Agreement is
for any reason held too excessively broad as to time, duration, geographic scope, activity, or subject, it is the intent of the
parties that this Agreement shall be judicially modified by limiting or reducing it so as to be enforceable to the extent compatible
with the applicable law. Except as otherwise provided in this Agreement, the existence of any claim or cause of action of Executive
against the Company Group (or against any member, shareholder, director, officer, or employee thereof), whether arising out of the
Agreement or otherwise, shall not constitute a defense to: (i) the enforcement by the Company Group of any of the restrictive
covenants contemplated by this Agreement; or (ii) the Company Group’s entitlement to remedies hereunder.
Executive’s obligations under this Agreement are independent of any of the Company Group’s obligations to the
Executive.

 

    16

     

    

 

14.                
Remedies for Breach. Executive acknowledges and agrees that it would be difficult to measure the damages to the Company
Group from any breach or threatened breach by Executive of this Agreement, including but not limited to Sections 8, 9,10 or 11
hereof; that injury to the Company Group from any such breach would be irreparable; and that money damages would therefore be an inadequate
remedy for any such breach. Accordingly, Executive agrees that if Executive breaches or threatens to breach any of the promises contained
in this Agreement, the Company Group shall, in addition to all other remedies it may have (including monetary remedies), be entitled to
seek an injunction and/or equitable relief, on a temporary or permanent basis, to restrain any such breach or threatened breach without
showing or proving any actual damage to the Company Group. Nothing herein shall be construed as a waiver of any right the Company Group
may have or hereafter acquire to pursue any other remedies available to it for such breach or threatened breach, including recovery of
damages from Executive.

 

15.                
Attorneys’ Fees and Costs. In any action brought to enforce or otherwise interpret any provision of this Agreement,
the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs from the non-prevailing party to the action
or proceeding, including through settlement, judgment and/or appeal.

 

16.                 Assignment;
Third-Party Beneficiaries. The rights of the Company under this Agreement may, without the consent of Executive, be assigned by
the Company to (i) any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or
otherwise, directly or indirectly, acquires all or substantially all of the Company’s stock or assets, or (ii) any affiliate
or future affiliate of the Company, and such assignment by Company pursuant to this Section 16 shall automatically,
and without any further action required by the Parties, relieve the assignor Company (and discharge and release the assignor
Company) from all obligations and liabilities under or related to this Agreement (all such obligations and/or automatically
liabilities assumed by the assignee Company). This Agreement shall be binding upon and inure to the benefit of any successor or
assigns of Company. Executive may not assign this Agreement without the written consent of the Company. Executive agrees that each
member of the Company Group is an express third-party beneficiary of this Agreement, and this Agreement, including the restrictive
covenants and other obligations set forth in Sections 8, 9, 10 and 12 hereof, are for each such member’s benefit.
Executive expressly agrees and consents to the enforcement of this Agreement, including but not limited to the restrictive covenants
and other obligations in Sections 8, 9, 10 and 12 hereof, by any member of the Company Group as well as by the Company
Group’s future affiliates, successors and/or assigns.

 

    17

     

    

 

17.                
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida,
without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction
other than the State of Florida.

 

18.                
Jurisdiction; Venue. The Parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of any
state or federal court sitting in Palm Beach County, Florida over any suit, action or proceeding arising out of or relating to this Agreement.
Service of any process, summons, notice or document by U.S. registered mail sent to the address of any Party for receipt of notices hereunder
as provided in Section 25 hereof shall be effective service of process for any action, suit or proceeding brought against
such Party in any such court. The Parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any such
suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court
has been brought in an inconvenient forum. A final judgment in any suit, action or proceeding brought in any such court shall be conclusive
and binding upon the Parties and may be enforced in any other courts to whose jurisdiction a Party is or may be subject, by suit upon
such judgment.

 

19.                
Mutual Waiver of Jury Trial. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND A TRIAL BY
JURY FOR ANY CAUSE OF ACTION, CLAIM, RIGHT, ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT
OR THE RELATIONSHIP OF THE PARTIES. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING FROM ANY SOURCE, INCLUDING
BUT NOT LIMITED TO THE CONSTITUTION OF THE UNITED STATES, THE CONSTITUTION OF ANY STATE, COMMON LAW OR ANY APPLICABLE STATUTE OR REGULATION.
EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

 

20.                
Waiver. No waiver of any breach or other rights under this Agreement shall be deemed a waiver unless the acknowledgment
of the waiver is in writing executed by the Party committing the waiver. No waiver shall be deemed to be a waiver of any subsequent breach
or rights. All rights are cumulative under this Agreement. The failure or delay of the Company at any time or times to require performance
of, or to exercise any of its powers, rights or remedies with respect to any term or provision of this Agreement or any other aspect of
Executive’s conduct or employment in no manner (except as otherwise expressly provided herein) shall affect the Company’s
right at a later time to enforce any such term or provision.

 

21.                
Survival. Executive’s post-termination obligations and the Company Group’s post-termination rights under
Sections 8 through 19 of this Agreement and the obligations of the Company Group under Sections 3(f) and (g) and
Sections 5 through 7 shall survive the termination of this Agreement and the termination of Executive’s employment
with the Company regardless of the reason for termination; shall continue in full force and effect in accordance with their terms; and
shall continue to be binding on the parties.

 

    18

     

    

 

22.                
 Independent Advice. Executive acknowledges that the Company has provided Executive with a reasonable opportunity to obtain
independent legal advice with respect to this Agreement and, particularly, to understand and acknowledge the restrictions being placed
on Executive pursuant to Sections 8-15 of this Agreement, and that Executive has had such independent legal advice prior to executing
this Agreement.

 

23.                
Entire Agreement. This Agreement constitutes the entire understanding of the Parties relating to the subject matter
hereof and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or
implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments
are hereby canceled and terminated.

 

24.                
Amendment. This Agreement may not be amended, supplemented or modified in whole or in part except by an instrument in
writing signed by the Party or Parties against whom enforcement of such amendment, supplement, or modification is sought.

 

25.                
Notices. Any notice, request or other document required or permitted to be given under this Agreement shall be in writing
and shall be deemed given: (a) upon delivery, if delivered by hand; (b) three business (3) days after the date of deposit in the mail,
postage prepaid, if mailed by certified U.S. mail; or (c) on the next business day, if sent by prepaid overnight courier service. If not
personally delivered by hand, notice shall be sent using the addresses set forth below or to such other address as either party may designate
by written notice to the other:

 

If to the Executive: at the
Executive’s most recent address on the records of the Company.

 

with copies (which shall not
constitute notice) to:

 

Greenberg Traurig, P.A.

333 S.E. 2nd Avenue

Miami, FL 33131

Attn: Leanne M. Reagan, Esq.

 

If to the Company, to:

 

JGMT, LLC

1800 NW Corporate Blvd., Suite 200

Boca Raton, FL 33431

Attn: Tobi Lebowitz, Esq.

 

    19

     

    

 

26.                 Code
Section 409A Compliance. It is intended that the provisions of this Agreement are either exempt from or comply with the terms
and conditions of Code Section 409A, and to the extent that the requirements of Code Section 409A are applicable thereto, all
provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under
Code Section 409A. If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A,
each installment shall be treated as a separate payment. If and to the extent required to comply with Section 409A, no payment or
benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless
and until the Executive incurs a “separation from service” within the meaning of Section 409A. Executive shall have no
duties following the termination of Executive’s employment with the Company that are inconsistent with Executive having had a
 “separation from service” within the meaning of Section 409A. If the Executive is a “specified employee” (as
determined in accordance with Section 409A), then no payment or benefit that is payable on account of the Executive’s
 “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is
six months after the Executive’s “separation from service” (or, if earlier, the date of the Executive’s
death) if and to the extent that such payment or benefit constitutes deferred compensation under Section 409A and such deferral is
required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall
be paid out or provided in a single lump sum at the end of such required delay period. Notwithstanding anything herein to the
contrary or otherwise, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Section does not
constitute a “deferral of compensation” within the meaning of Code Section 409A and the regulations and other guidance
thereunder: (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year
will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar
year; (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day
of the calendar year following the calendar year in which the applicable expense is incurred; (iii) the right to payment or
reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit and (iv) payment of any tax
reimbursements or gross-ups under this Agreement must be made by no later than the end of the taxable year of the Executive
following the taxable year of the Executive in which the Executive remits the related taxes.

 

27.                
Excess Parachute Excise Tax.

 

(a)                  If
any payment or other benefit (including any acceleration of vesting) Executive would receive in connection with any transaction
constituting a 280G Change in Control (which for purposes of this Section 27 shall mean a change in ownership or control
as determined in accordance with the regulations promulgated under Section 280G of the Code) (the “Benefit”)
would (i) constitute a “parachute payment” within the meaning of Code Section 280G, and (ii) but for this sentence, be subject
to the excise tax under Section 4999 (the “Excise Tax”), then the Company shall make a payment to the Executive
(a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any Excise Tax)
imposed upon the Gross-Up Payment, the Executive retains (or has had paid to the Internal Revenue Service (the “IRS”)
on his behalf) an amount of the Gross-Up Payment equal to the sum of (x) the Excise Tax imposed upon the Benefit and (y) the product of
any deductions disallowed because of the inclusion of the Gross-Up Payment in the Executive’s adjusted gross income and the highest
applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of
determining the amount of the Gross-Up Payment, the Executive shall be deemed to (x) pay federal income taxes at the highest marginal
rates of federal income taxation for the calendar year in which the Gross-Up Payment is to be made, and (y) pay applicable state and local
income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

    20

     

    

 

(b)                The
accounting firm engaged by the Company for general audit purposes as of the day
prior to the effective date of the 280G Change in Control shall perform any calculations necessary in connection with this Section
27.  If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity,
or group effecting the 280G Change in Control, the Company shall appoint another qualified accounting firm to make the determinations
required hereunder.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be
made hereunder.

 

(c)              The
accounting firm engaged to make the determinations under this Section
27 shall provide its calculations, together with detailed supporting documentation, to Executive and the Company
within fifteen (15) calendar days after the date on which Executive’s right to a Benefit is triggered (if requested at that time
by Executive or the Company) or such other time as requested by Executive or the Company. Any Gross-Up Payment, as
determined pursuant to this Section 27, shall be paid by the Company to the Executive within five (5) calendar days of the
receipt of the accounting firm’s determination. If the
accounting firm determines that no Excise Tax is payable with respect to a Benefit, it shall furnish Executive and the Company with an
opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Benefit.  Any good faith determinations
of the accounting firm made hereunder shall be final, binding, and conclusive upon Executive and the Company, except as set forth below.

 

(d)              In
light of the uncertainty in applying Sections 280G and 4999 of the Code, if it is subsequently determined that the Gross-up Payment
is not sufficient to put the Executive in the same after-tax position (taking into account any and all applicable federal, state,
local and foreign income, employment and excise taxes (including the Excise Tax and such taxes imposed on the Gross-up Payment))
that the Executive would have been in if the Executive had not incurred the Excise Tax, then the Company shall promptly pay to or for
the benefit of the Executive such additional amounts necessary to put the Executive in the same after-tax position that the
Executive would have been in if the Excise Tax had not been imposed. In the event that a written ruling of the IRS is obtained by or on
behalf of the Company or the Executive, which provides that the Executive is not required to pay, or is entitled to a refund with respect
to, all or a portion of the Excise Tax, then the Executive shall reimburse the Company in an amount equal to the Gross-up Payment,
less any amounts which remain payable by or are not refunded to the Executive, within thirty (30) days of the date of the IRS determination
or the date the Executive receives the refund, as applicable. The Executive and the Company shall reasonably cooperate with each other
in connection with any administrative or judicial proceedings concerning the existence or amount of liability for the Excise Tax; provided
that, if the Company decides to contest a claim by the IRS relating to the Excise Tax, then the Company shall bear and pay directly or
indirectly all costs and expenses (including any additional interest and penalties and any legal and accounting fees and expenses) incurred
in connection with such action and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax
or income tax, including interest and penalties with respect thereto, imposed as a result of the Company’s action.

 

28.                
Counterparts; Electronic Transmission; Headings. This Agreement may be executed in counterparts, each of which shall
be deemed an original, including an electronic copy or facsimile, but both of which taken together shall constitute one and the same
instrument. The headings used herein are for ease of reference only and shall not define or limit the provisions hereof.

 

    21

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	JGMT,
    LLC
	 	 
	 	By:	/s/ Jon Barack

 

	 	Print Name:	Jon Barack

 

	 	Title:	 President

 

	 	PARENT:
	 	 
	 	Jushi
    Holdings Inc.
	 	 
	 	By:	/s/ Jon Barack

 

	 	Print Name:	Jon Barack

 

	 	Title:	President

 

	 	EXECUTIVE:
	 	 
	 	/s/ James
    Cacioppo 
	 	James
    Cacioppo
	 	 
	 	Address:
	 	 
	 	 3140 Polo Drive
	 	 
	 	 Gulf Stream, Florida 33483
	 	 
	 	 

 

    22

     

    

 

EXHIBIT A

OUTSIDE ACTIVITIES

 

		1.	Activities (including board positions) related to One East Capital Advisors L.P., its affiliated funds (collectively “One East”)
and any new or derivative funds based upon One East’s historical activities.

 

		2.	Activities (including board positions) related to ST2, LLC or any other real estate development activities in similar entities.

 

		3.	Activities (including board positions) related to Florida Peninsula Insurance Company or its affiliates.

 

     

     

    

 

EXHIBIT B

LTI AWARD VESTING SCHEDULE

 

2021 LTI Award

 

	Cumulative Vesting 

of 2021 LTI 

Award	Vesting Date
	33 1/3%	Grant Date
	66 2/3%	January 1, 2023
	100%	January 1, 2024

 

2022 LTI Award

 

	Cumulative Vesting 

of 2022 LTI 

Award	Vesting Date
	33 1/3%	January 1, 2023
	66 2/3%	January 1, 2024
	100%	January 1, 2025

 

2023 LTI Award

 

	Cumulative Vesting 

of 2023 LTI 

Award	Vesting Date
	50%	January 1, 2024
	100%	January 1, 2025

 

2024 LTI Award

 

	Cumulative Vesting 

of 2024 LTI 

Award	Vesting Date
	50%	January 1, 2025
	100%	January 1, 2026

 

2025 LTI Award

 

	Cumulative Vesting 

of 2025 LTI 

Award	Vesting Date
	100%	January 1, 2026

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