Document:

Exhibit
10.23.3

 

TMC
THE METALS COMPANY INC.

 

Restricted
Stock Unit Award Grant Notice

Restricted
Stock Unit Grant under the Company’s

2021
Incentive Equity Plan

 

	Name:	 
	 	 
	Grant Number:	 
	 	 
	Grant Date:	 
	 	 
	Grant Type:	 
	 	 
	Grant Shares:	 
	 	 
	Vesting of Award:	This Restricted Stock Unit
    Award shall vest as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on
    the applicable vesting date:

 

[Vesting
Schedule Description]

 

The
Company and the Participant acknowledge receipt of this Restricted Stock Unit Award Grant Notice and agree to the terms of the Restricted
Stock Unit Agreement attached hereto and incorporated by reference herein, the Company’s 2021 Incentive Equity Plan [and the Addendum
thereto titled “Terms and Conditions of Options to United States Employees”], and the terms of this Restricted Stock Unit
Award as set forth above.

 

	 	TMC THE METALS COMPANY INC.
	 	 	 
	 	By:	       
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	 
	 	Participant

 

    

     

    

 

TMC
THE METALS COMPANY INC.

 

RESTRICTED
STOCK UNIT AGREEMENT –

 

INCORPORATED
TERMS AND CONDITIONS

 

AGREEMENT
made as of the date of grant set forth in the Restricted Stock Unit Award Grant Notice between TMC the metals company Inc. (the “Company”),
a company existing under the laws of British Columbia, Canada, and the individual whose name appears on the Restricted Stock Unit Award
Grant Notice (the “Participant”).

 

WHEREAS,
the Company has adopted the 2021 Incentive Equity Plan [and the Addendum thereto titled “Terms and Conditions of Options to United
States Employees”] (the “Plan”), to promote the interests of the Company by providing an incentive for Employees, directors
and Consultants of the Company and its Affiliates;

 

WHEREAS,
pursuant to the provisions of the Plan, the Company desires to grant to the Participant restricted stock units (“RSUs”) related
to the Company’s Common Shares (“Shares”), in accordance with the provisions of the Plan, all on the terms and conditions
hereinafter set forth; and

 

WHEREAS,
the Company and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms
in the Plan.

 

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

 

1. Grant
of Award. The Company hereby grants to the Participant an award for the number of RSUs set forth in the Restricted Stock Unit Award
Grant Notice (the “Award”). Each RSU represents a contingent entitlement of the Participant to receive one Share, on the
terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference.
The Participant acknowledges receipt of a copy of the Plan.

 

2. Vesting
of Award.

 

(a) Subject
to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Restricted
Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan. On each vesting date set
forth in the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive such number of Shares equivalent
to the number of RSUs as set forth in the Restricted Stock Unit Award Grant Notice provided that the Participant is providing service
to the Company or an Affiliate on such vesting date. Such Shares shall thereafter be delivered by the Company to the Participant within
five business days of the applicable vesting date and in accordance with this Agreement and the Plan.

 

    

     

    

 

(b) Except
as otherwise set forth in this Agreement, if the Participant ceases to be providing services for any reason by the Company or by an Affiliate
(the “Termination”) prior to a vesting date set forth in the Restricted Stock Unit Award Grant Notice, then as of the date
on which the Participant’s employment or service terminates, all unvested RSUs shall immediately be forfeited to the Company and
this Agreement shall terminate and be of no further force or effect.

 

3. Prohibitions
on Transfer and Sale. This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock
splits or any other similar transaction affecting the Company’s securities without receipt of consideration) shall not be transferable
by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations
order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except
as provided in the previous sentence, the Shares to be issued pursuant to this Agreement shall be issued, during the Participant’s
lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant’s guardian or representative).
This Award shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject
to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Award
or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon
this Award shall be null and void.

 

4. Adjustments.
The Plan contains provisions covering the treatment of RSUs and Shares in a number of contingencies such as stock splits. Provisions
in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business of the Company
are hereby made applicable hereunder and are incorporated herein by reference.

 

5. Securities
Law Compliance. The Participant specifically acknowledges and agrees that any sales of Shares shall be made in accordance with the
requirements of the Securities Act of 1933, as amended. The Company does not currently have an effective registration statement on file
with the Securities and Exchange Commission with respect to the Shares to be granted hereunder. Without an effective registration statement
with respect to the Shares to be granted hereunder, Participant will not be able to transfer or sell any of the Shares issued to the
Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available.
Furthermore, despite registration, applicable securities laws may restrict the ability of the Participant to sell his or her Shares,
including due to the Participant’s affiliation with the Company. The Company shall not be obligated to either issue the Shares
or permit the resale of any Shares if such issuance or resale would violate any applicable securities law, rule or regulation.

 

6. Rights
as a Stockholder. The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to the
RSUs subject to this Agreement.

 

7. Incorporation
of the Plan. The Participant specifically understands and agrees that the RSUs and the Shares to be issued under the Plan will be
issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands
and by which Plan he or she agrees to be bound. The provisions of the Plan are incorporated herein by reference.

 

    2

     

    

 

8. Tax
Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes due from
the Participant with respect to this Award or the Shares to be issued pursuant to this Agreement or otherwise sold shall be the Participant’s
responsibility. Without limiting the foregoing, the Participant agrees that if under applicable law the Participant will owe taxes at
each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from the Participant of
the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation. Any taxes or other amounts
due shall be paid, at the option of the Administrator as follows:

 

(a) through
reducing the number of Shares entitled to be issued to the Participant on the applicable vesting date in an amount equal to the statutory
minimum of the Participant’s total tax and other withholding obligations due and payable by the Company. Fractional shares will
not be retained to satisfy any portion of the Company’s withholding obligation. Accordingly, the Participant agrees that in the
event that the amount of withholding required would result in a fraction of a share being owed, that amount will be satisfied by withholding
the fractional amount from the Participant’s paycheck;

 

(b) requiring
the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required to be withheld
with respect to the statutory minimum amount of the Participant’s total tax and other withholding obligations due and payable by
the Company or otherwise withholding from the Participant’s paycheck an amount equal to such amounts due and payable by the Company;
or

 

(c) if
the Company believes that the sale of shares can be made in compliance with applicable securities laws, authorizing, at a time when the
Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable vesting date of such
number of Shares as the Company instructs a registered broker to sell to satisfy the Company’s withholding obligation, after deduction
of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company
to satisfy its withholding obligation. To the extent the proceeds of such sale exceed the Company’s withholding obligation the
Company agrees to pay such excess cash to the Participant as soon as practicable. In addition, if such sale is not sufficient to pay
the Company’s withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional
payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of Shares. The Participant agrees to
hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale. The Participant acknowledges
that the Company and the broker are under no obligation to arrange for such sale at any particular price. In connection with such sale
of Shares, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of Shares and payment
of the withholding obligation to the Company. The Participant acknowledges that this paragraph is intended to comply with Section 10b5-1(c)(1)(i)(B)
under the Exchange Act.

 

It
is the Company’s intention that the Participant’s tax obligations under this Section 8 shall be satisfied through the procedure
of Subsection (c) above, unless the Company provides notice of an alternate procedure under this Section, in its discretion. The Company
shall not deliver any Shares to the Participant until it is satisfied that all required withholdings have been made.

 

    3

     

    

 

9. Participant
Acknowledgements and Authorizations.

 

The
Participant acknowledges the following:

 

(a) The
Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or consultant of the Company
or an Affiliate.

 

(b) The
Plan is discretionary in nature and may be suspended or terminated by the Company at any time.

 

(c) The
grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other award under
the Plan, benefits in lieu of awards or any other benefits in the future.

 

(d) The
Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not
limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any.

 

(e) The
value of this Award is an extraordinary item of compensation outside of the scope of the Participant’s employment or consulting
contract, if any. As such the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The future value
of the Shares is unknown and cannot be predicted with certainty.

 

(f) The
Participant (i) authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering the Plan or providing
Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such
Affiliate shall request in order to facilitate the grant of the Award and the administration of the Plan; and (ii) authorizes the Company
and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

 

10. Notices.
Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile,
registered or certified mail, return receipt requested, addressed as follows:

 

If
to the Company:

 

TMC
the metals company Inc.

[Address]

Attention:
General Counsel

 

If
to the Participant at the Participant’s most recent address as shown in the employment or stock records of the Company. Any such
notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender to a recognized
courier service, or three business days following mailing by registered or certified mail.

 

    4

     

    

 

11. Assignment
and Successors.

 

(a) This
Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by the Participant
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the
Participant’s legal representatives.

 

(b) This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

12. Governing
Law. This Agreement shall be construed and enforced in accordance with the laws of the Province of British Columbia and the laws
of Canada applicable therein.

 

13. Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or
provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible,
then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this
Agreement shall not be affected thereby.

 

14. Entire
Agreement. This Agreement, together with the Plan, constitutes the entire agreement and understanding between the parties hereto
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or
be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement
shall be subject to and governed by the Plan.

 

15. Modifications
and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended as provided in the Plan.
Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not
similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and
shall not constitute a continuing waiver or consent.

 

16. Section
409A. The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules of
Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance issued
under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.

 

17. Data
Privacy. By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company
or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates
such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration
of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information,
and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth
in this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

5EX-10.28

 Exhibit 10.28 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of July 7, 2021, by and among
(i) Trulieve Cannabis Corp., a Canadian corporation organized and existing under the laws of the Province of British Columbia (“Parent”), (ii) each of the equityholders of the Company set forth in Schedule 1
(individually and collectively, the “Investor” or “Investors”) of the Merger Agreement (as defined below) and (iii) Michael J. Badey, a Pennsylvania resident, as the representative of each
Investor (the “Representative”). 
 WHEREAS, on April 2, 2021, Parent, Trulieve PA Merger Sub 3, LLC
(“Merger Sub”), Anna Holdings, LLC, a Pennsylvania limited liability company (“Target Parent” or “Company”), Chamounix Ventures, LLC, a Pennsylvania limited liability company
doing business as Keystone Shops (“Target”), the Investors and the Representative entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the
“Merger Agreement”), pursuant to which, subject to the terms and conditions thereof, the Company will merge with and into Merger Sub, with Merger Sub continuing as the surviving entity upon the terms and subject to the
conditions set forth in the Merger Agreement (the “Merger”); 
 WHEREAS, in connection with the Merger, each
Investor will receive such Investor’s Pro Rata Share of Parent Shares as are referenced in the Merger Agreement; 
 WHEREAS,
resales by the Investors of the Parent Shares may be required to be registered under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws; and 

WHEREAS, the parties desire to enter into this Agreement to provide each Investor with certain rights relating to the registration of
the Parent Shares that Investor may acquire in accordance with the Merger Agreement. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. DEFINITIONS. Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger
Agreement. The following capitalized terms used herein have the following meanings: 
 “Agreement” means this
Agreement, as amended, restated, supplemented, or otherwise modified from time to time. 
 “Company” is defined in
the recitals to this Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time. 
 “Indemnified Party” is defined in Section 4.3. 

“Indemnifying Party” is defined in Section 4.3. 

 “Investor” and
“Investors” are defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain Registrable Securities) of the respective
Investor permitted under this Agreement. 
 “Investor Indemnified Party” is
defined in Section 4.1. 
 “Merger” is defined in the recitals to this
Agreement. 
 “Merger Agreement” is defined in the recitals to this
Agreement. 
 “Merger Sub” is defined in the recitals to this Agreement. 

“Parent” is defined in the preamble to this Agreement, and shall include Parent’s
successors by merger, acquisition, reorganization or otherwise. 
 “Parent
Shares” means 1,009,336 shares of Subordinate Voting Shares of Parent. 

“Proceeding” is defined in Section 6.10. 

“register,” “registered,”
and “registration” mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the
Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registrable Securities” means, at any time, the Parent Shares
owned by each Investor, whether owned on the date hereof or acquired hereafter in accordance with the Merger Agreement including any shares of Parent Shares which may be issued or distributed in respect of such Parent Shares by way of conversion,
concession, stock dividend or stock split or other distribution, recapitalization or reclassification or similar transaction; provided, however, that Registrable Securities shall not include any shares (i) the sale of which has
been registered pursuant to the Securities Act and which shares have been sold pursuant to such registration (other than, for the avoidance of doubt, the sale of shares to the Investor as a result of the consummation of the transactions contemplated
by the Merger Agreement), (ii) which have been sold pursuant to Rule 144, or (iii) that become eligible for sale pursuant to Rule 144 without volume or
manner-of-sale restrictions and without the requirement for the Parent to be in compliance with the current public information requirement under Rule 144(c)(1). 

“Registration Expenses” is defined in Section 3.3. 

“Registration Statement” means a registration statement filed by Parent with
the SEC in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be
issued in exchange for securities or assets of another entity). 
 “SEC”
means the Securities and Exchange Commission of the United States of America. 

  
 2 

 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
 “Specified Courts”
is defined in Section 6.10. 
 2. RESALE REGISTRATIONS ON FORM S-1 OR FORM S-3. After the
Closing of the Merger and issuance of the Parent Shares, Parent will prepare and file a shelf registration on Form S-1 or any similar registration form which may be available to Parent at such time (the “Shelf
Registration Statement”) registering for resale the Registrable Securities under the Securities Act. Parent shall use commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective by
the SEC as promptly as practicable following such filing. Until such time as all Registrable Securities cease to be Registrable Securities or Parent is no longer eligible to maintain a Shelf Registration Statement, Parent shall use commercially
reasonable efforts to keep current and effective such Shelf Registration Statement and file such supplements or amendments to such Shelf Registration Statement (or file a new Shelf Registration Statement) as may be necessary or appropriate in order
to keep such Shelf Registration Statement continuously effective and useable for the resale of all Registrable Securities under the Securities Act. The Parent represents that any Shelf Registration Statement when declared effective (including the
documents incorporated therein by reference) will comply in all material respects as to form with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, provided, however, that Parent makes no representation with respect to information furnished to Parent, in writing, by an Investor
expressly for use in any Shelf Registration Statement. 
 When Parent becomes eligible to use Form
S-3, Parent shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as practicable after Parent becomes so eligible. 

3. REGISTRATION PROCEDURES. 

3.1 Filings; Information. Parent shall use its commercially reasonable efforts to effect the registration and sale of such Registrable
Securities referenced in Section 2 as expeditiously as practicable. 
 3.1.1 Copies. Parent shall (i) prior to filing a
Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Investors copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents as the Investors may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by the Investor, and (ii) furnish to each Investor such number of copies of the prospectus included in such Registration Statement (including each preliminary
prospectus) and any supplement thereto (including all exhibits and document incorporated by reference therein), and such other documents as such Investor may request in order to facilitate the disposition of the Registrable Securities owned by such
Investor. 

  
 3 

 3.1.2 Amendments and Supplements. Parent shall prepare and file with the SEC such
amendments, including post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions
of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed or such securities have been withdrawn or until such time as the Registrable Securities cease to be Registrable
Securities as defined by this Agreement. 
 3.1.3 Notification. After the filing of a Registration Statement, Parent shall notify the
Investor of such filing, and shall further notify the Investors after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement
becomes effective; (iii) the issuance or threatened issuance by the SEC of any stop order (and Parent shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any requirement or request
by the SEC for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and make available to the Investors any such supplement or amendment; except that before filing with the SEC a Registration Statement or prospectus or any amendment or supplement thereto,
Parent shall furnish to the Investors and its legal counsel copies of all such documents proposed to be filed in advance of such filing. 

3.1.4 State Securities Laws Compliance. Before any public offering of Registrable Securities, Parent shall use its best efforts to
(i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Investor (in light of his or her intended plan of
distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by
virtue of the business and operations of Parent and do any and all other acts and things that may be necessary or advisable to enable the Investors to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that Parent shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or take any action to which it would be subject to general service
of process or taxation in any such jurisdiction where it is not then otherwise so subject. 
 3.1.5 Registration Compliance. Without
limiting Section 3.1.4, use its best efforts to cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company
to enable the holders of such Registrable Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof. 

  
 4 

 3.1.6 Certificates. The Company shall cooperate with Investors to facilitate the
timely preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of Parent Shares and registered in
such names as the holders of the Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement or Rule 144; provided, that the Company may satisfy
its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System (the “DTCDRS”). 

3.1.7 CUSIP Number. Not later than the effective date of such Registration Statement, provide a CUSIP number for all Registrable
Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities that are in a form eligible for deposit with The Depository Trust Company; provided, that the Company may satisfy its obligations
hereunder without issuing physical stock certificates through the use of the DTCDRS. 
 3.1.8 Regulation M. The Company shall take no
direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition
inapplicable. 
 3.1.9 Cooperation. The principal executive officer of Parent, the principal financial officer of Parent, the
principal accounting officer of Parent and all other officers and members of the management of Parent, as applicable and necessary, shall cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include the
preparation of the Registration Statement with respect to such offering and all other offering materials and related documents. 
 3.1.10
Listing. Parent shall use its best efforts to cause all Registrable Securities that are included in any registration to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by Parent
are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the Investor. 

3.2 Obligation to Suspend Distribution. Upon receipt of any notice from Parent of the happening of any event of the kind described in
Section 3.1.3(iv), or, in the case of a resale registration on Form S-1 or Form S-3 pursuant to Section 2 hereof, upon any suspension by Parent, pursuant to a written insider trading compliance
program adopted by Parent’s Board of Directors, of the ability of all “insiders” covered by such program to transact in Parent’s securities because of the existence of material non-public
information, the Investors shall immediately discontinue disposition of its Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Investor receives the supplemented or amended prospectus
contemplated by Section 3.1.3(iv) or the restriction on the ability of “insiders” to transact in Parent’s securities is removed, as applicable, and, if so directed by Parent, the Investor will deliver to Parent all copies, other
than permanent file copies then in the Investor’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. 

  
 5 

 3.3 Registration Expenses. Subject to Section 4, Parent shall bear all costs and
expenses incurred in connection with any registration on Form S-1 or Form S-3 effected pursuant to Section 2, and all expenses incurred in performing or complying with its other obligations under this
Agreement, whether or not the Registration Statement becomes effective (“Registration Expenses”). Notwithstanding the foregoing, in the event of an underwritten offering of the Registrable Securities, Parent
shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the Investors, which underwriting discounts or selling commissions shall be borne by the Investor.
Additionally, in an underwritten offering, all selling security holders shall bear the expenses of the underwriter pro rata in proportion to the respective amount of securities each is selling in such offering. 

3.4 Information. Each Investor shall provide such information about such Investor and the Registrable Securities held by such Investor
as may reasonably be requested by Parent in connection with the preparation of any Registration Statement including any Registrable Securities of the Investor, including amendments and supplements thereto, as is required to effect the registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the obligation to comply with federal and applicable state securities laws. Any such information provided by an Investor will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

4. INDEMNIFICATION AND CONTRIBUTION. 

4.1 Indemnification by Parent. Parent agrees to indemnify and hold harmless the Investor, and the Investor’s affiliates, and each
Person, if any, who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, to the extent arising out of or based upon any untrue statement of a material fact contained in any Registration Statement under which the
sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement,
or to the extent arising out of or based upon any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by Parent of the Securities Act or any rule or regulation
promulgated thereunder applicable to Parent and relating to action or inaction required of Parent in connection with any such registration; and Parent shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses
reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that Parent will not be liable in any such
case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or omission to state therein a material fact required to be stated therein made in such Registration Statement,
preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to Parent by such Investor expressly for use therein. 

  
 6 

 4.2 Indemnification by the Investor. The Investor will, in the event that any
registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by the Investor, indemnify and hold harmless Parent, each of its directors and officers, and each other selling holder and each
other Person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if
the statement or omission was made in reliance upon and in conformity with information furnished to Parent by the Investor expressly for use therein, and shall reimburse Parent, its directors and officers, and each other selling holder or
controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. 

4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or Section 4.2, such Person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other Person for
indemnification hereunder, notify such other Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party
to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by
such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the reasonable fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or
threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such claim or proceeding. 

  
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 4.4 Contribution. 

4.4.1 If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any
loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability
or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue statement of a material fact or the
omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. 
 4.4.2 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 4.4.1. 

4.4.3 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no Investor shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually
received by such the respective Investor from the sale of such Registrable Securities which gave rise to such contribution obligation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 5. RULE 144. Parent
covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Investor may reasonably request, all to the extent required from time to time to enable the
Investor to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act in accordance with such Rule, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the SEC. 
 6. MISCELLANEOUS. 

6.1 Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Investor hereunder may be
freely assigned or delegated by the Investor in conjunction with and to the extent of any permitted transfer of Registrable Securities by the Investor, provided: (i) Parent is, within a reasonable time after such transfer, furnished with
written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (ii) such transferee or assignee agrees in writing to be bound by and subject to the
terms and conditions of this Agreement. In the event of 

  
 8 

 
any such assignment by the Investor of some but not all of its rights hereunder, the assignee will be included in the term “Investor” under this Agreement and shall have
pro rata rights under this Agreement with respect to the Registrable Securities so transferred to it, but any determination, consent or action by the Investor hereunder will require the holders of a majority-in-interest of the Registrable Securities. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties, to the permitted assigns of the
Investor or of any assignee of the Investor. This Agreement is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.1. 

6.2 Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly
given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service
or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at
such other address for a Party as shall be specified by like notice): 
  

			
	If to the Parent, to:	  	With a copy to (which shall not constitute
		  	notice):
		
	Trulieve Cannabis Corp.	  	Fox Rothschild LLP
	3494 Martin Hurst Road	  	777 S. Flagler Drive Suite 1700 West Tower
	Tallahassee, FL 32312	  	West Palm Beach, FL 33401
	Attn: Eric Powers & Zachary Kobrin	  	Attn: Sean Coyle
	Email: eric.powers@trulieve.com;	  	Email: SCoyle@foxrothschild.com
	zachary.kobrin@trulieve.com	  	
		
	 If to Representative
 or the
Investors, to:
	  	With a copy to (which shall not constitute notice):
		
	Anna Holdings LLC	  	Stradley Ronon Stevens & Young, LLP
	238 Chamounix Rd.	  	2005 Market Street, Suite 2600
	St. Davids PA 19087	  	Philadelphia, PA 19103-7018
	Attn: Michael Badey	  	Attn: Thomas O. Ix
	Email: mike.badey@gmail.com	  	Email: tix@stradley.com

 6.3 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of
any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. 

6.4 Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document
transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. 

  
 9 

 6.5 Entire Agreement. This Agreement (together with the Merger Agreement to the
extent incorporated herein, and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the
parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written, relating to the subject matter
hereof; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties under the Merger Agreement. 

6.6 Interpretation. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and
verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in
each case to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this
Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any
party by virtue of the authorship of any provision of this Agreement. 
 6.7 Amendments; Waivers. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement or consent of Parent and the Investor. No failure or
delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such term, condition, or provision. 
 6.8 Remedies Cumulative. In the event a party fails to observe or
perform any covenant or agreement to be observed or performed under this Agreement, the other parties may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this
Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required
to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by
this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 

  
 10 

 6.9 Governing Law; Jurisdiction. This Agreement shall be governed by, construed and
enforced in accordance with the laws of the Commonwealth of Pennsylvania without regard to the conflict of laws principles thereof. All actions, claims or other legal proceedings arising out of or relating to this Agreement (a
“Proceeding”) shall be heard and determined exclusively in any state or federal court located in Philadelphia County in the Commonwealth of Pennsylvania (or in any court in which appeal from such courts may be taken) (the
“Specified Courts”). Each party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Proceeding brought by any party hereto and
(b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court.
Each party agrees that a final judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. Each party irrevocably consents to the service of the
summons and complaint and any other process in any Proceeding, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address set forth in Section 6.2. Nothing in this
Section 6.9 shall affect the right of any party to serve legal process in any other manner permitted by applicable law. 
 6.10
WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH
OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

6.11 Limitation on Subsequent Registration Rights. After the date of this Agreement, Parent shall not (i) enter into any agreement
with any holder or prospective holder of any securities of Parent that would grant such holder or prospective holder rights to demand the registration of any securities of Parent that are more favorable than or inconsistent with the rights granted
to the Investors hereunder or (ii) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights expressly granted to the Investors in this Agreement, unless
expressly approved by the Investors in writing. 
 6.12 Independent Nature of Investors’ Obligations and Rights. The obligations
of each Investor hereunder are several and not joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor hereunder. Nothing contained
herein or in any other agreement or document delivered at any closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of
group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and Parent acknowledges
that the Investors are not acting in concert or as a group, and Parent shall not assert any such claim, with respect to such obligations or transactions. Each Investor shall be entitled to protect and enforce its rights, including without limitation
the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The use of a single 

  
 11 

 
agreement with respect to the obligations of Parent contained was solely in the control of Parent, not the action or decision of any Investor, and was done solely for the convenience of Parent
and not because it was required or requested to do so by any Investor. It is expressly understood and agreed that each provision contained in this Agreement is between Parent and a Investor, solely, and not between Parent and the Investors
collectively and not between and among Investors. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 

SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first written above. 
  

			
	Parent:
	
	TRULIEVE CANNABIS CORP.
		
	By:	 	/s/ Eric Powers
	Name:	 	Eric Powers
	Title:	 	Secretary
	
	Investors:
	
	For individual Investors:
		
	By:	 	/s/ Michael J. Badey
	Name:	 	Michael J. Badey
		
	By:	 	/s/ George J. Badey, III
	Name:	 	George J. Badey, III
		
	By:	 	/s/ Diane Exline van de Beek
	Name:	 	Diane Exline van de Beek
		
	By:	 	/s/ John S. Francis
	Name:	 	John S. Francis
		
	By:	 	/s/ Connor J. McCue
	Name:	 	Connor J. McCue

 [Signature Page to Registration Rights Agreement] 

  
 13

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