Document:

Exhibit 10.27

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is entered into on December 1, 2020 (“Effective Date”) by and between Vireo Health, Inc.,
a Delaware corporation (the “Company”), and John Heller, an individual residing in the State of Minnesota (“Employee”)
(collectively “Parties” or individually “Party”).

 

RECITALS

 

WHEREAS, the
Company desires to employ Employee pursuant to the terms of this Agreement and Employee desires to accept such employment pursuant
to the terms of this Agreement;

 

WHEREAS, the
Company is a wholly-owned subsidiary of Vireo Health International, Inc., a British Columbia (Canada) corporation (“Parent”);
and

 

WHEREAS, during
Employee’s employment with the Company, Employee will become acquainted with technical and nontechnical information which
the Company has developed, acquired and uses, or which the Company will develop, acquire or use, and which is commercially valuable
to the Company and which the Company desires to protect, and Employee may contribute to such information through inventions, discoveries,
improvements or otherwise.

 

NOW, THEREFORE,
in consideration of the employment of Employee by the Company, and further in consideration of the salary, wages or other compensation
and benefits to be provided by the Company to Employee, and for additional mutual covenants and conditions, the receipt and sufficiency
of which are hereby acknowledged, the Company and Employee, intending legally to be bound, hereby agree as follows:

 

AGREEMENT

 

In consideration of
the above recitals and the mutual promises set forth in this Agreement, the Parties agree as follows:

 

1.           
Nature and Capacity of Employment.

 

1.1           Title
and Duties. Effective as of Effective Date, the Company will employ Employee as its Chief Financial Officer, or such
other title as may be assigned to Employee by the Company’s Chief Executive Officer or his or her designee from time to
time, pursuant to the terms and conditions set forth in this Agreement. Employee will perform such duties and
responsibilities for the Company as the Company’s Chief Executive Officer or his or her designee may assign to Employee
from time to time consistent with Employee’s position. The Employee hereby agrees to act in that capacity under the
terms and conditions set forth in this Agreement. Employee shall serve the Company faithfully and to the best of
Employee’s ability and shall at all times act in accordance with the law. Employee shall devote Employee’s full
working time, attention and efforts to performing Employee’s duties and responsibilities under this Agreement and
advancing the Company’s business interests. Employee shall follow applicable policies and procedures adopted by the
Company from time to time, including without limitation the Company’s Code of Conduct, Employee Handbook and other
Company policies, including those relating to business ethics, conflict of interest, non-discrimination and non-harassment.
Employee shall not, without the prior written consent of the Parent’s Board of Directors (the “Board”),
accept other employment or engage in other business activities during Employee’s employment with the Company that may
prevent Employee from fulfilling the duties or responsibilities as set forth in or contemplated by this Agreement. Employee
may participate in civic, religious and charitable activities and personal investment activities to a reasonable extent, so
long as such activities do not interfere with the performance of Employee’s duties and responsibilities hereunder.

 

     

     

    

 

1.2          
No Restrictions. Employee hereby represents and confirms that Employee is under no contractual or legal commitments
that would prevent Employee from fulfilling Employee’s duties and responsibilities as set forth in this Agreement.

 

1.3          
Location. Employee’s employment will be based at the Company’s corporate headquarters. Employee acknowledges
and agrees that Employee’s position, duties and responsibilities will require regular travel, both in the U.S. and internationally.

 

2.           
Term. Unless terminated at an earlier date in accordance with Section 5, the term of Employee’s employment
with the Company under the terms and conditions of this Agreement will be for the period commencing on the Effective Date and ending
on the two (2) year anniversary of the Effective Date (the “Initial Term”). On the two (2) year anniversary of the
Effective Date, and on each succeeding one (1) year anniversary of the Effective Date (each an “Anniversary Date”),
the Term shall be automatically extended until the next Anniversary Date (each a “Renewal Term”), subject to termination
on an earlier date in accordance with Section 5 or unless either Party gives written notice of non-renewal to the other Party at
least one hundred eighty (180) days prior to the Anniversary Date on which this Agreement would otherwise be automatically extended
that the Party providing such notice elects not to extend the Term; provided, however, that if a Change in Control (as defined
in Section 6.5) occurs during the Initial Term or during any Renewal Term then the Term will expire on the one (1) year anniversary
of the date of the Change in Control. The Initial Term together with any Renewal Terms is the “Term.” If Employee remains
employed by the Company after the Term ends for any reason, then such continued employment shall be according to the terms and
conditions established by the Company from time to time (provided that any provisions of this Agreement and the Restrictive Covenants
Agreement (as defined in Section 3) that by their terms survive the termination of the Term shall remain in full force and effect).

 

3.           
Restrictive Covenants Agreement. On the Effective Date, Employee is executing a Confidential Information, Intellectual
Property Rights, Non-Competition and Non-Solicitation Agreement, in the form of Exhibit A attached hereto and made a part hereof
(the “Restrictive Covenants Agreement”). Employee acknowledges and agrees that the Company’s execution of this
Agreement and agreement to employ Employee are conditioned upon Employee executing the Restrictive Covenants Agreement. Nothing
in this Agreement is intended to modify, amend, cancel or supersede the Restrictive Covenants Agreement in any manner.

 

4.           
Compensation, Benefits and Business Expenses.

 

4.1          
Base Salary. As of the Effective Date, the Company agrees to pay Employee an annualized base salary of $300,000.00
(the “Base Salary”), which Base Salary will be earned by Employee on a pro rata basis as Employee performs services
and which shall be paid according to the Company’s normal payroll practices. For each of the Company’s fiscal years
during the Term, the Company’s Chief Executive Officer will conduct a periodic review of Employee and, based on that review
and the Chief Executive Officer’s discretion, establish Employee’s Base Salary in an amount not less than the Base
Salary in effect for the prior year, unless Employee’s Base Salary is reduced as part of a general reduction in the base
salaries for all officers of the Company and in substantially the same proportion as the reduction in the base salaries for all
officers of the Company. The review contemplated by this Section 4.1 need not be formal, nor need it be conducted on or before
a specific date.

 

    2

     

    

 

4.2         
Annual Incentive Compensation. For each of the Company’s fiscal years during the Term, Employee may be eligible
to earn an annualized cash bonus if and in an amount determined by the Company’s Chief Executive Officer in his or her discretion
and subject to the terms of any written document addressing such annual cash bonus as the Company’s Chief Executive Officer
may adopt in his or her sole discretion. Unless specified otherwise a written annual cash bonus document applicable to Employee,
Employee must be employed on the date any annual cash bonus is paid in order to earn and receive each such bonus.

 

4.3          
[Reserved.]

 

4.4          
Employee Benefits. While Employee is employed by the Company during the Term, Employee shall be entitled to participate
in the retirement plans, health plans, and all other employee benefits made available by the Company, and as they may be changed
from time to time. Employee acknowledges and agrees that Employee will be subject to all eligibility requirements and all other
provisions of these benefits plans, and that the Company is under no obligation to Employee to establish and maintain any employee
benefit plan in which Employee may participate. The terms and provisions of any employee benefit plan of the Company are matters
within the exclusive province of the Board, subject to applicable law.

 

4.5          
Paid Time Off. While Employee is employed by the Company during the Term, Employee shall have available unlimited
personal time off in accordance with the Company’s policies then in effect. Paid time off may be used for illness or other
personal business, or as vacation time off at such times so as not to materially disrupt the operations of the Company. Paid time
off is intended to be used, not stored, and these days shall in no event be converted to cash, nor shall any unused days be paid
to Employee upon termination of his employment under this Agreement.

 

4.6          
Business Expenses. While Employee is employed by the Company during the Term, the Company shall reimburse Employee
for all reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by Employee in the performance
of Employee’s duties and responsibilities hereunder, subject to the Company’s normal policies and procedures for expense
verification and documentation.

 

5.           
Termination of Employment.

 

5.1           Termination
of Employment Events. Employee’s employment with the Company is at-will. Employee’s employment with the Company
will terminate immediately upon:

 

		(a)	The date of Employee’s receipt of written notice from the Company of the termination of Employee’s
employment (or any later date specified in such written notice from the Company);

 

		(b)	Employee’s abandonment of Employee’s employment or the effective date of Employee’s
resignation for Good Reason (as defined below) or any other reason (as specified in written notice from Employee);

 

		(c)	Employee’s Disability (as defined below); or

 

		(d)	Employee’s death.

 

    3

     

    

 

5.2          
Termination Date. The date upon which Employee’s termination of employment with the Company is effective is
the “Termination Date.” For purposes of Sections 6.1 or 6.2 only, with respect to the timing of the Pre-CIC Severance
Payments or the Post-CIC Severance Payment (as applicable), the Pre-CIC Benefits Continuation Payments or the Post-CIC Benefits
Continuation Payments (as applicable), the Outplacement Payments, the Termination Date means the date on which a “separation
from service” has occurred for purposes of Section 409A of the Internal Revenue Code, as amended, and the regulations and
guidance thereunder (the “Code”).

 

5.3          
Resignation From Positions. Unless otherwise requested by the Board in writing, upon Employee’s termination
of employment with the Company for any reason Employee shall automatically resign as of the Termination Date from all titles, positions
and appointments Employee then holds with the Company, whether as an officer, director, trustee or employee (without any claim
for compensation related thereto), and Employee hereby agrees to take all actions necessary to effectuate such resignations.

 

6.           
Payments Upon Termination of Employment.

 

6.1           Termination
of Employment Without Cause or for Good Reason During the Term and Before the First Change in Control. If Employee’s
employment with the Company is terminated during the Term by the Company for any reason other than for Cause (as defined in Section
6.4), or by Employee for Good Reason (as defined in Section 6.6), and the Termination Date occurs before the first Change in Control
to occur during the Term, then the Company shall, in addition to paying Employee’s Base Salary and other compensation earned
through the Termination Date, and subject to Section 6.9,

 

		(a)	pay to Employee as severance pay an amount equal to fifty percent (50%) of Employee’s annualized
Base Salary as of the Termination Date, less all legally required and authorized deductions and withholdings, payable in substantially
equal installments in accordance with the Company’s regular payroll cycle during the twelve (12) month period immediately
following the Termination Date, provided, however, that any installments that otherwise would be payable on the Company’s
regular payroll dates between the Termination Date and the 45th calendar day after the Termination Date will be delayed
until the Company’s first regular payroll date that is more than forty-five (45) days after the Termination Date and included
with the installment payable on such payroll date (the “Pre-CIC Severance Payments”); and

 

		(b)	if Employee is eligible for and takes all steps necessary to continue Employee’s group health
insurance coverage with the Company following the Termination Date (including completing and returning the forms necessary to elect
COBRA coverage), pay for the portion of the premium costs for such coverage that the Company would pay if Employee remained employed
by the Company, at the same level of coverage that was in effect as of the Termination Date, through the earliest of: (i) the six
(6) month anniversary of the Termination Date, (ii) the date Employee becomes eligible for group health insurance coverage from
any other employer, or (iii) the date Employee is no longer eligible to continue Employee’s group health insurance coverage
with the Company under applicable law (“Pre-CIC Benefits Continuation Payments”).

 

    4

     

    

 

6.2          
Termination of Employment Without Cause or for Good Reason During the Term and Within Twelve (12) Months After the First
Change in Control. If Employee’s employment with the Company is terminated during the Term by the Company for any reason
other than for Cause, or by Employee for Good Reason, and the Termination Date occurs on the date of the first Change in Control
to occur during the Term or before the twelve (12) month anniversary of such Change in Control, then the Company shall, in addition
to paying Employee’s Base Salary and other compensation earned through the Termination Date, and subject to Section 6.9,

 

		(a)	pay to Employee as severance pay an amount equal to one hundred percent (100%) of Employee’s
annualized Base Salary as of the Termination Date, less all legally required and authorized deductions and withholdings, payable
in a lump sum on the Company’s first regular payroll date that is after the expiration of all rescission periods identified
in the Release (as defined in Section 6.9) but in no event later than seventy-five (75) days after the Termination Date (the “Post-CIC
Severance Payment”); provided, however, if the Post-CIC Severance Payment could be made in two different calendar years based
on the date on which Employee signs the Release and all rescission periods identified in the Release expire, then the Post-CIC
Severance Payment shall be paid in a lump sum in the second calendar year but no later than March 15 of such calendar year;

 

		(b)	if Employee is eligible for and takes all steps necessary to continue Employee’s group health
insurance coverage with the Company following the Termination Date (including completing and returning the forms necessary to elect
COBRA coverage), pay for the portion of the premium costs for such coverage that the Company would pay if Employee remained employed
by the Company, at the same level of coverage that was in effect as of the Termination Date, through the earliest of: (i) the twelve
(12) month anniversary of the Termination Date, (ii) the date Employee becomes eligible for group health insurance coverage from
any other employer, or (iii) the date Employee is no longer eligible to continue Employee’s group health insurance coverage
with the Company under applicable law (“Post-CIC Benefits Continuation Payments”); and

 

		(c)	pay up to $10,000.00 for outplacement services by an outplacement services provider selected by
Employee, with any such amount payable by the Company directly to the outplacement services provider or reimbursed to Employee,
in either case subject to Employee’s submission of appropriate receipts before the twelve (12) month anniversary of the Termination
Date (the “Outplacement Payments”).

 

6.3           Other
Termination of Employment Events. If Employee’s employment with the Company is terminated by the Company or Employee
for any reason upon or following the expiration of the Term, or if Employee’s employment with the Company is terminated
during the Term by reason of:

 

		(a)	Employee’s abandonment of Employee’s employment or Employee’s resignation for
any reason other than Good Reason;

 

		(b)	termination of Employee’s employment by the Company for Cause; or

 

		(c)	Employee’s death or Disability,

 

    5

     

    

 

then the Company shall pay to
Employee or Employee’s beneficiary or Employee’s estate, as the case may be, Employee’s Base Salary and other
compensation earned through the Termination Date and Employee shall not be eligible or entitled to receive any severance pay or
benefits from the Company.

 

6.4          
Cause Defined. “Cause” hereunder means:

 

		(a)	Employee’s material failure to perform his job duties competently as reasonably determined
by the Board;

 

		(b)	gross misconduct by Employee which the Board reasonably determines is (or will be if continued)
demonstrably and materially damaging to the Company;

 

		(c)	fraud, misappropriation, or embezzlement by Employee;

 

		(d)	an act or acts of dishonesty by Employee and intended to result in gain or personal enrichment
of Employee at the expense of the Company;

 

		(e)	Employee’s conviction of or plea of nolo contendere to a felony regardless of whether involving
the Company and whether or not committed during the course of Employee’s employment, other than with respect to any criminal
penalties related to the illegality of possessing or using Marijuana under the Controlled Substance Act, 21 U.S.C. Section 812(b);

 

		(f)	Employee’s violation of the Company’s Code of Conduct, Employee Handbook or other material
written policy, as reasonably determined by the Board; or

 

		(g)	the material breach of this Agreement of the Restrictive Covenants Agreement by Employee.

 

With respect to Section 6.4(a)
and Section 6.4(f), the Company shall first provide Employee with written notice and an opportunity to cure such breach, if curable,
in the reasonable discretion of the Board, and identify with specificity the action needed to cure within fifteen (15) days of
Employee’s receipt of written notice from the Company. If the Company terminates Employee’s employment for Cause pursuant
to this Section 6.4, then Employee shall not be eligible or entitled to receive any severance pay or benefits from the Company.

 

6.5          
Change in Control Defined. “Change in Control” hereunder has the same meaning such term has in the Vireo
Health International Inc. 2019 Equity Incentive Plan, as amended from time to time (the “Equity Incentive Plan”).

 

6.6          
Good Reason Defined. “Good Reason” hereunder means the initial occurrence of any of the following events
without Employee’s consent:

 

    6

     

    

 

		(a)	a material diminution in the Employee’s responsibilities, authority or duties or a change
in his title;

 

		(b)	a material diminution in the Employee's salary, other than a general reduction in base salaries
that affects all similarly situated Company employees in substantially the same proportions;

 

		(c)	a relocation of the Employee’s principal place of employment to a location more than fifty
(50) miles from his principal place of employment on the Effective Date; or

 

		(d)	the material breach of this Agreement by the Company.

 

provided, however, that “Good
Reason” shall not exist unless Employee has first provided written notice to the Company of the initial occurrence of one
or more of the conditions under clauses (a) through (d) above within thirty (30) days of the condition’s occurrence, such
condition is not fully remedied by the Company within thirty (30) days after the Company’s receipt of written notice from
Employee, and the Termination Date as a result of such event occurs within ninety (90) days after the initial occurrence of such
event.

 

6.7          
Disability Defined. “Disability” hereunder has the same meaning such term has in the Equity Incentive
Plan.

 

6.8         
The Company’s Sole Obligation. In the event of termination of Employee’s employment, the sole obligation
of the Company to provide Employee with severance pay or benefits shall be its obligation to make the payments called for by Section
6.1 or Section 6.2, as the case may be, and the Company shall have no other severance-related obligation to Employee or to Employee’s
beneficiary or Employee’s estate. For avoidance of doubt, nothing in this Section 6.8 affects Employee’s right to receive
any amounts due under the terms of any employee benefit plans or programs (other than any severance-related plan or program) then
maintained by the Company in which Employee participates.

 

6.9          
Conditions To Receive Payments. Notwithstanding the foregoing provisions of this Section 6, the Company will not
be obligated to make the Pre-CIC Severance Payments or Pre-CIC Benefits Continuation Payments under Section 6.1, or the Post-CIC
Severance Payment, Post-CIC Benefits Continuation Payments or Outplacement Payments under Section 6.2, to or on behalf of Employee
unless (a) Employee signs a release of claims in favor of the Company in a form to be prescribed by the Company (the “Release”),
(b) all applicable consideration periods and rescission periods provided by law with respect to the Release have expired without
Employee rescinding the Release, and (c) Employee is in strict compliance with the terms of this Agreement and the Restrictive
Covenants Agreement and any other written agreement between Employee and the Company.

 

7.           
Anticipatory Termination without Cause. If Employee’s employment with the Company is terminated during the
Term by the Company for any reason other than for Cause or by Employee for Good Reason, and a Change in Control occurs (i) within
six (6) months after Employee’s Termination Date or (ii) within one year after Employee’s Termination Date, pursuant
to an agreement executed within sixty (60) days after Employee’s Termination Date, then Employee shall receive an additional
cash payment equal to fifty percent (50%) of Employee’s annualized Base Salary as of the Termination Date, less all legally
required and authorized deductions and withholdings, payable in a single lump sum no later than ten (10) days after the date of
such Change in Control.

 

    7

     

    

 

8.           
Section 409A and Taxes Generally.

 

8.1          
Taxes. The Company is entitled to withhold on and report the making of such payments as may be required by law as
determined in the reasonable discretion of the Company. Except for any tax amounts withheld by the Company from any compensation
that Employee may receive in connection with Employee’s employment with the Company and any employer taxes required to be
paid by the Company under applicable laws or regulations, Employee is solely responsible for payment of any and all taxes owed
in connection with any compensation, benefits, reimbursement amounts or other payments Employee receives from the Company under
this Agreement or otherwise in connection with Employee’s employment with the Company. The Company does not guarantee any
particular tax consequence or result with respect to any payment made by the Company.

 

8.2          
Section 409A. This Agreement is intended to provide for payments that satisfy, or are exempt from, the requirements
of Section 409A, including Sections 409A(a)(2), (3) and (4) of the Code and current and future guidance and regulations interpreting
such provisions, and should be interpreted accordingly. In furtherance of the foregoing, the provisions set forth below shall apply
notwithstanding any other provision in this Agreement:

 

		(a)	all payments to be made to Employee hereunder, to the extent they constitute a deferral of compensation
subject to the requirements of Section 409A (after taking into account all exclusions applicable to such payments under Section
409A), shall be made no later, and shall not be made any earlier, than at the time or times specified in this Agreement or in any
applicable plan for such payments to be made, except as otherwise permitted or required under Section 409A;

 

		(b)	the date of Employee’s “separation from service”, as defined in Section 409A
(and as determined by applying the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii)), shall be treated as the date
of Employee’s termination of employment for purposes of determining the time of payment of any amount that becomes payable
to Employee related to Employee’s termination of employment under Sections 10(a), 10(b) or 10(c), and any reference to Employee’s
 “Termination Date” or “termination” of Employee’s employment in Section 6.1 or Section 6.2 shall
mean the date of Employee’s “separation from service”, as defined in Section 409A (and as determined by applying
the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii));

 

		(c)	in the case of any amounts payable to Employee under this Agreement that may be treated as payable
in the form of “a series of installment payments”, as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Employee’s
right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg.
 §1.409A-2(b)(2)(iii);

 

		(d)	to the extent that the reimbursement of any expenses eligible for reimbursement or the
                                                               provision of any in-kind benefits under any provision of this Agreement would be considered deferred compensation under
                                                               Section 409A (after taking into account all exclusions applicable to such reimbursements and benefits under Section 409A):
                                                               (i) reimbursement of any such expense
shall be made by the Company as soon as practicable after such expense has been incurred, but in any event no later than December
31st of the year following the year in which Employee incurs such expense; (ii) the amount of such expenses eligible
for reimbursement, or in-kind benefits to be provided, during any calendar year shall not affect the amount of such expenses eligible
for reimbursement, or in-kind benefits to be provided, in any calendar year; and (iii) Employee’s right to receive such reimbursements
or in-kind benefits shall not be subject to liquidation or exchange for another benefit;

    8

     

    

 

		(e)	to the extent any payment or delivery otherwise required to be made to Employee hereunder on account
of Employee’s separation from service is properly treated as a deferral of compensation subject to Section 409A after taking
into account all exclusions applicable to such payment and delivery under Section 409A, and if Employee is a “specified employee”
under Section 409A at the time of Employee’s separation from service, then such payment and delivery shall not be made prior
to the first business day after the earlier of (i) the expiration of six months from the date of Employee’s separation from
service, or (ii) the date of Employee’s death (such first business day, the “Delayed Payment Date”), and on the
Delayed Payment Date, there shall be paid or delivered to Employee or, if Employee has died, to Employee’s estate, in a single
payment or delivery (as applicable) all entitlements so delayed, and in the case of cash payments, in a single cash lump sum, an
amount equal to aggregate amount of all payments delayed pursuant to the preceding sentence. Except for any tax amounts withheld
by the Company from the payments or other consideration hereunder and any employment taxes required to be paid by the Company,
Employee shall be responsible for payment of any and all taxes owed in connection with the consideration provided for in this Agreement;
and

 

		(f)	the Parties agree that this Agreement may be amended, as may be necessary to fully comply with,
or to be exempt from, Section 409A and all related rules and regulations in order to preserve the payments and benefits provided
hereunder without additional cost to either Party.

 

9.           
Miscellaneous.

 

9.1          
Integration. This Agreement and the Restrictive Covenants Agreement embody the entire agreement and understanding
among the Parties relative to subject matter hereof and combined supersede all prior agreements and understandings relating to
such subject matter, including but not limited to any earlier offers to Employee by the Company; provided, however, this Agreement
and the Restrictive Covenants Agreement are not intended to supersede or otherwise affect the Equity Incentive Plan or any Award
Agreement (as defined in the Equity Incentive Plan), each of which shall remain in effect in accordance with its terms.

 

9.2           Applicable
Law. All matters relating to the interpretation, construction, application, validity and enforcement of this Agreement
are governed by the laws of the State of Minnesota without giving effect to any choice or conflict of law provision or rule,
whether of the State of Minnesota or any other jurisdiction, that would cause the application of laws of any jurisdiction
other than the State of Minnesota.

 

    9

     

    

 

9.3           Choice
of Jurisdiction. Employee and the Company consent to jurisdiction of the courts of the State of Minnesota and/or the federal
district courts, District of Minnesota, for the purpose of resolving all issues of law, equity, or fact, arising out of or in
connection with this Agreement or Employee’s employment with the Company or the termination of such employment. Any action
involving claims for interpretation, breach or enforcement of this Agreement or related to Employee’s employment with the
Company or the termination of such employment shall be brought in such courts. Each party consents to personal jurisdiction over
such party in the state and/or federal courts of Minnesota and hereby waives any defense of lack of personal jurisdiction or inconvenient
forum.

 

9.4          
Employee’s Representations. Employee represents that Employee is not subject to any agreement or obligation
that would prevent or limit Employee from entering into this Agreement or that would be breached upon performance of Employee’s
duties under this Agreement, including but not limited to any duties owed to any former employers not to compete. If Employee possesses
any information that Employee knows or should know is considered by any third party, such as a former employer of Employee’s,
to be confidential, trade secret, or otherwise proprietary, Employee shall not disclose such information to the Company or use
such information to benefit the Company in any way.

 

9.5          
Counterparts. This Agreement may be executed in several counterparts and as so executed shall constitute one agreement
binding on the Parties.

 

9.6          
Assignment and Successors. The rights and obligations of the Company under this Agreement shall inure to the benefit
of and will be binding upon the successors and assigns of the Company. Neither party may, without the written consent of the other
party, assign or delegate any of its rights or obligations under this Agreement except that the Company may, without any further
consent of Employee, assign or delegate any of its rights or obligations under this Agreement to any corporation or other business
entity (a) with which the Company may merge or consolidate, (b) to which the Company may sell or transfer all or substantially
all of its assets or capital stock or equity, or (c) any affiliate or subsidiary of the Company. After any such assignment or delegation
by the Company, the Company will be discharged from all further liability hereunder and such assignee will thereafter be deemed
to be the “Company” for purposes of all terms and conditions of this Agreement, including this Section 9.6. Employee
may not assign this Agreement or any rights or obligations hereunder. Any purported or attempted assignment or transfer by Employee
of this Agreement or any of Employee’s duties, responsibilities, or obligations hereunder is void.

 

9.7          
Modification. This Agreement shall not be modified or amended except by a written instrument signed by the Parties.

 

9.8          
Severability. The invalidity or partial invalidity of any portion of this Agreement shall not invalidate the remainder
thereof, and said remainder shall remain in fully force and effect.

 

9.9          
Opportunity to Obtain Advice of Counsel. Employee acknowledges that Employee has been advised by the Company to obtain
legal advice prior to executing this Agreement, and that Employee had sufficient opportunity to do so prior to signing this Agreement.

 

    10

     

    

 

9.10        
280G Limitations. In the event that the severance and other benefits provided for in this Agreement or otherwise
payable to Employee (a) constitute “parachute payments” within the meaning of Section 280G of the Code and (b) would
be subject to the excise tax imposed by Code Section 4999, then such benefits shall be either be: (i) delivered in full, or (ii)
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Code Section 4999, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and
employment taxes and the excise tax imposed by Code Section 4999, results in the receipt by Employee, on an after-tax basis, of
the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to excise tax under
Code Section 4999. Any determination required under this Section 9.10 will be made in writing by an accounting firm selected by
the Company or such other person or entity to which the parties mutually agree (the “Accountants”), whose determination
will be conclusive and binding upon Employee and the Company for all purposes. For purposes of making the calculations required
by this Section 9.10, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely
on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company and the Employee
shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination
under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this Section 9.10. Any reduction in payments and/or benefits required by this Section 9.10 shall occur in the
following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed on
the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced;
(B) accelerated vesting of stock awards, if any, shall be cancelled/reduced next and in the reverse order of the date of grant
for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value awards
reversed before any stock option or stock appreciation rights are reduced; and (C) deferred compensation amounts subject to Section
409A shall be reduced last.

 

THIS EMPLOYMENT
AGREEMENT was voluntarily and knowingly executed by the Parties effective as of the Effective Date first set forth above.

 

	 	VIREO HEALTH, INC.
	 	 
	 	 
	Date: December 8, 2020	/s/
    Kyle Kingsley
	 	By: Kyle Kingsley
	 	Its: Chief Executive Officer
	 	 
	 	 
	 	EMPLOYEE:
	 	 
	 	 
	Date: December 8, 2020	/s/
    John Heller
	 	John Heller

 

    11

     

    

 

Exhibit A

to Employment Agreement

 

Confidential Information, Intellectual Property
Rights, Non-Competition and

Non-Solicitation Agreement

 

    

     

    

 

CONFIDENTIAL INFORMATION, INTELLECTUAL
PROPERTY RIGHTS,

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 

This Confidential Information, Intellectual
Property Rights, Non-Competition and Non-Solicitation Agreement (the “Agreement”) is made and entered into by
and between Vireo Health, Inc., a Delaware corporation (“Company”) and John Heller (“Employee”),
as of December 1, 2020 (the “Effective Date”). Each of Company and Employee hereinafter may be referred to individually
as a “Party” or, collectively, as the “Parties.” In consideration of Employee’s employment
with Company, the compensation Employee will earn in connection with such employment, Company entering into an Employment Agreement
with Employee (the “Employment Agreement”), Company providing Employee with ongoing access to Confidential Information
(as defined below), and other good and valuable consideration, the sufficiency and receipt of which Employee acknowledges, Employee
agrees as follows:

 

		1.	Confidential Information

 

		1.1	Confidential Information and Trade Secrets Defined. Employee hereby acknowledges and understands
the term “Confidential Information” means any data, information, or material of Company or its owners or its
Affiliates relating directly or indirectly to Company or its owners or Affiliates: clients and customers or potential clients and
customers (collectively “Customer(s)”); competitors; vendors; advertisers; employees; contractors; suppliers;
or business partners, that is discovered or developed by, or disclosed to, Employee through Employee’s relationship with
Company, that is not generally ascertainable from public information, whether it is expressly identified as “confidential”
or “trade secret,” that includes, but is not limited to: financial information; invoices; business plans; business
and contract applications; contracts; forms; research; price lists; marketing materials; advertising materials and developments;
sales materials and reports; copyrighted materials; Trade Secrets; the particular needs and requirements of Customers; identities
of potential Customers; and all accompanying Customer data. Employee hereby acknowledges and understands the term “Trade
Secret(s)” includes, but is not limited to, a confidential, proprietary, and/or sensitive: formula; software; methodology;
model; architecture; pattern; compilation; program; device; method; technique; or process, that is discovered, developed in whole
or part by Employee, or disclosed to Employee, through Employee’s relationship with Company, including any information, data,
or material concerning the Business (as defined in Subsection 3.2), and all other information related to Company and its owner
and Affiliates businesses, that is not generally known and readily ascertainable by proper means by any other person and/or Employee.
This includes, but is not limited to, all inventions or discoveries made by Employee and/or Company (or its owners or Affiliates)
resulting in whole or part from Employee’s relationship with Company. The term “Trade Secret(s)” also
includes, but is not limited to, Customer lists, invoices and reports containing specifically developed information, such as the
name, address, phone number, buying history and other traits of Customers, along with any other information that Company derives
a competitive advantage from and that Company makes reasonable efforts to maintain as secret. For purposes of this Agreement, “Affiliates”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, or an unincorporated organization, that directly, or indirectly through one or more intermediaries, controls,
or has been or is controlled by, or is under common control with, Company, including without limitation Vireo Health International,
Inc.

 

		1.2	Use & Restriction. Employee acknowledges that Employee has had and will continue
                                                           to have access to and be provided with Confidential Information in connection with performing services for Company. Employee
                                                           expressly recognizes that the efficacy and profitability of Company and its owners and Affiliates is dependent in part upon
                                                           Employee’s protection of the Confidential Information. Employee may use the Confidential Information solely in
                                                           connection with performing services for Company and its owners and Affiliates. To ensure the continued confidentiality of the
                                                           Confidential Information, Employee agrees to hold the Confidential Information in strict confidence. Employee shall not,
                                                           either during Employee’s relationship with Company, or for such period as such information remains Confidential
                                                           Information after termination, disclose or use for Employee’s own benefit or for the benefit of any other individual or
                                                           third party, directly or indirectly, any of the Confidential Information, except as such disclosure or use is expressly
                                                           authorized by Company in writing. Employee hereby agrees to adhere to the method and form of protection of Confidential
                                                           Information required by Company, subject to change at Company’s sole discretion. Employee shall not communicate any
                                                           Confidential Information, even in furtherance of Company’s business, to any individual or third party not privy to the
                                                           Confidential Information, without express consent by Company and the individual or third party’s agreement to be bound
                                                           by confidentiality terms that adequately protect Company’s Confidential Information.

 

    2

     

    

 

		1.3	Exceptions. The confidentiality and restriction on the use of Confidential Information under
this Agreement shall not apply to Confidential Information to the extent that such Confidential Information: is now, or hereafter
becomes, through no breach of this Agreement by Employee, generally known or available to the public; was known to Employee without
an obligation to hold it in confidence prior to the time such Confidential Information was disclosed to Employee by Company; is
disclosed or used, as applicable, with the prior written consent of Company and in accordance with any limitations or conditions
on such disclosure or use that may be imposed in such written consent; or was or is independently developed by Employee without
any use of or reference to the Confidential Information. In addition, notwithstanding any other language in this Agreement to the
contrary, Employee understands that Employee may not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made (a) in confidence to a federal, state or local government official, either
directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected
violation of law or for pursuing an anti-retaliation lawsuit; or (b) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal and Employee does not disclose the trade secret except pursuant to a court order.

 

		1.4	Required Disclosure. The confidentiality obligations under this Agreement shall not apply
to Confidential Information to the extent that such Confidential Information is required to be disclosed pursuant to the order
or requirement of a court, administrative agency, or other authority, or otherwise by operation of applicable law. In the event
of such order or requirement, Employee, if and to the extent permitted by law, shall give Company written notice thereof and of
the Confidential Information to be disclosed as soon as practicable prior to disclosure of such Confidential Information and shall
provide such reasonable assistance as Company may request, at Company’s sole expense, in seeking a protective order or other
appropriate relief in order to protect the confidentiality of the Confidential Information.

 

		1.5	Other Nondisclosure Agreements. In the event that Company is subject to the terms of any
confidentiality or nondisclosure agreement relating to some or all of the Confidential Information that imposes greater restrictions
on the disclosure and/or use of such Confidential Information, then Employee shall comply with such greater restrictions to the
extent that Employee is made aware of them.

 

		1.6	Property of Company. Employee specifically acknowledges and understands that all Confidential
Information and all of Company’s and its owners and its Affiliates strategies and files, including, but not limited to, computer
data, reports, materials, records, documents, notes, memoranda, and other items, and any originals or copies thereof, related to
the business of Company or its owners or its Affiliates, which Employee either is provided, prepares, uses, or simply acquires
during the term of this Agreement, are and shall
remain the sole and exclusive property of Company and, to the extent applicable, shall not be removed from Company’s premises
without the prior consent of Company.

 

    3

     

    

 

		1.7	Return or Destroy Confidential Information. Employee agrees, immediately upon the termination
of the relationship between Employee and Company for any reason or upon earlier request by Company to make a diligent search for
any and all documents, computer discs, electronic files, software, tapes, computer printouts, or any other material constituting
Confidential Information described in this Section 1, and shall: cease using the Confidential Information; promptly return to Company
or destroy all Confidential Information and any copies thereof; and certify in writing that Employee has complied with the obligations
of this Subsection 1.7.

 

		1.8	Return of Company Property. Employee agrees, immediately upon the termination of the relationship
between Employee and Company for any reason or upon earlier request by Company to promptly deliver to Company all Company property
not covered by Subsection 1.7.

 

		2.	Intellectual Property

 

		2.1	Prior Inventions. Any intellectual property, including, but not limited to, any ideas, inventions,
patents, trademarks, service marks, copyrights, creations, know how, work product, and other developments or improvements, if any,
patented or unpatented, that Employee, alone or with others, conceived, created, invented, developed, reduced to practice, or caused
to be conceived and or caused to be reduced to practice prior to the earlier of (a) commencement of Employee’s employment
with Company or (b) when Employee first provided services to Company, is listed on Schedule 1 attached hereto (“Prior
Inventions”).

 

		2.2	Ownership. Except with respect to Prior Inventions, all right, title, and interest of every
kind and nature, whether now known or unknown, in and to any and all intellectual property, including, but not limited to, any
ideas, inventions, patents, trademarks, service marks, copyrights, creations, know how, work product, properties and other developments
or improvements, patented or unpatented, conceived, created, invented, written, developed, furnished, produced, disclosed, reduced
to practice, or caused to be conceived and or caused to be reduced to practice in whole or in part, alone or with others, whether
or not during working hours, by Employee during the term of Employee’s employment with Company and for six (6) months thereafter,
that are within the scope of Company’s business operations or that relate to any of Company’s work or projects, will,
as and between Company and Employee, be and remain the sole and exclusive property of Company for any and all purposes and uses,
and Employee hereby agrees to assign and assigns all rights thereto to Company. Intellectual property may be in any form including,
but not limited to, written, oral, electronic, digital, or other form.

 

		2.2	Work Made for Hire. Any work of Employee for which a copyright could be claimed developed
in the course of employment with the Company will be deemed “work made for hire” under federal copyright law and all
ownership rights to such work belong exclusively to Company. To the extent any invention does not qualify as a work for hire under
applicable law, and to the extent any invention is subject to copyright, patent, trade secret, or other proprietary right protection,
Employee hereby assigns, and agrees to assign, all rights therein to Company.

 

		2.3	Pre-Existing Work. If, in the course of Employee’s relationship with Company, Employee
has used or uses, has relied upon or relies upon, has provided or provides, or has incorporated or incorporates any Prior Invention
or any other intellectual property Employee owns, or in which Employee has had or has an interest, into any idea, invention, patent,
trademark, service mark, copyright, creation, know how, work product, and other
development or improvement conceived, created, invented, written, developed, furnished, produced, or disclosed in whole or in part,
alone or with others, whether or not during working hours, by Employee during the term of Employee’s employment with Company,
Employee hereby grants Company, under all of Employee’s intellectual property and proprietary rights, the following worldwide,
non-exclusive, perpetual, irrevocable, royalty free, fully paid up rights: (a) to make, use, copy, modify, and create derivative
works of such intellectual property; (b) to publicly perform or display, import, broadcast, transmit, distribute, license, offer
to sell, and sell, rent, lease or lend copies of the intellectual property, and derivative works of the intellectual property;
and (c) to sublicense the rights in this Subsection 2.3 to third parties.

 

    4

     

    

 

		2.4	Required Undertakings. Employee agrees, both while an employee of Company and thereafter,
to assist Company and its owners and Affiliates, at Company’s expense, in any and all attempts to obtain patents, copyrights,
and/or trademarks or other intellectual property protection on any work Employee participated in developing and agrees to execute
all documents necessary to obtain such rights in the name of or to transfer such rights to Company. If, because of Employee’s
mental or physical incapacity or for any other reason whatsoever, Company is unable to secure Employee’s signature to apply
for or pursue any patents, copyrights, or other protection for any invention assigned to Company under this Agreement or otherwise,
Employee irrevocably designates and appoints Company and its duly authorized officers and agents as Employee’s agent and
attorney-in-fact to act for Employee and on Employee’s behalf and stead to file any applications and to do all other lawfully-permitted
acts to further the prosecution and issuance of any patents, copyrights, or other protections with the same legal force and effect
as if executed by Employee.

 

		2.5	Limited Exclusion. This Section 2 does not apply to any inventions or intellectual property
for which no equipment, supplies, facility or Confidential Information of Company was used, and which was developed entirely on
Employee’s own time, and (a) which does not relate (i) directly or indirectly to the business of Company or (ii) to Company’s
actual or demonstrably anticipated research or development, or (b) which does not result from any work performed by Employee for
Company.

 

		3.	Non-competition and Non-solicitation

 

		3.1	No Existing Restrictions. Employee represents and warrants that Employee is not a party
to any confidentiality agreement, non-competition agreement, non-solicitation agreement, intellectual property rights agreement,
or any other agreement with any former employer or other entity that in any way prohibits or inhibits Employee’s ability
to (a) be employed by Company; (b) perform services for Company; (c) enter into this Agreement; or (d) comply with Employee’s
obligations under this Agreement.

 

		3.2	Non-competition and Non-solicitation. Employee acknowledges that Company is engaged in the
business of the promotion, manufacture, cultivation, marketing or distribution of cannabis (the “Business”).
Employee agrees that during the term of Employee’s employment with Company and for twelve (12) consecutive months from the
date of the termination of such employment (the “Restricted Period”), regardless of the reason for such termination
and whether such termination is at the initiative of Employee or Company, Employee will not, directly or indirectly, individually
or in connection with other individuals or entities, without the prior written consent of Company:

 

		(a)	Other than on behalf of Company, anywhere within a Market Area (as defined herein) in which
                                                               Company or any of its Affiliates is then operating or doing business or in which the Company has then or within the prior six
                                                               (6) months identified an intention of doing business (as confirmed by reasonable written support including, but not limited
                                                               to, having begun the application or certification
process to enable such Company or an Affiliate to do business in such Market Area) (the “Restricted Area”),
control, manage, operate, be employed or engaged by, or otherwise participate, assist, or engage in business as, or own an interest
in or provide financial or other assistance to, or permit Employee’s name to be used in connection with, any individual proprietorship,
partnership, corporation, joint venture, trust or any other form of business entity, if such entity is engaged, in whole or in
part, in business or operations that compete with or that is the same as or substantially similar to the Business or that compete
with or that is the same as or substantially similar to any other business then engaged in by Company or Company’s owners
or Affiliates, in in the Restricted Area; provided, however, this Section 3.2(a) does not prohibit or restrict Employee from holding
a passive investment of not more than one percent (1%) of the outstanding shares of the capital stock of any publicly held corporation.
For purposes of this Agreement, “Market Area” shall mean an imaginary circle with a fifty-mile radius centered
on a cultivation, manufacturing, or retail facility operated by the Company or its Affiliate, or such smaller area as may be finally
determined by a court of competent jurisdiction to be a reasonable area from which to exclude Employee from engaging in a competitive
activity;

 

    5

     

    

 

		(b)	Other than on behalf of Company, solicit any person who is then an employee, contractor, or consultant
of Company, or Company’s owners or Affiliates, or who was an employee, contractor, or consultant of Company, or Company’s
owners or Affiliates, within the prior six (6) months, to perform services, as an employee, contractor, consultant or otherwise,
or take any actions which are intended to persuade any such employee, contractor, or consultant of Company, or Company’s
owners or Affiliates, to terminate his or her association with Company or Company’s owners or Affiliates; or

 

		(c)	Other than on behalf of Company, solicit any then-current customer, potential customer, affiliate,
or strategic partner of, or investor in, Company, for business that is the same as or substantially similar to, or otherwise competes
with, the Business or with any other business then engaged in by Company or Company’s owners or Affiliates in the Restricted
Area, or otherwise interfere with the relationships of Company, or Company’s owners or Affiliates, with any then-current
customer, potential customer, affiliate, or strategic partner of, or investor in, Company, or Company’s owners or Affiliates,
or otherwise seek to cause a change in any such relationships.

 

		3.3	Notice. Employee agrees that during the Restricted Period Employee will notify Company,
in writing, of any opportunities that may involve a competitive activity or opportunity as set forth in Subsection 3.2(a) prior
to accepting an offer to perform such services.

 

		3.4	Affirmative Disclosure Obligation. Employee agrees that during the Restricted Period Employee
will disclose the existence and terms of this Agreement to any prospective third party or other contracting party for whom Employee
is considering providing services that constitute a competitive activity as set forth in Subsection 3.2.

 

		3.5	Reasonableness. Employee agrees that the covenants contained in this Section 3 are necessary
to protect Company’s legitimate and protectable business interests and are reasonable with respect to their duration and
scope. If, at the time of enforcement of this Section 3, a court holds that any restriction identified herein is unreasonable under
the circumstances then existing, Company and Employee agree that such restriction shall be modified by the court such that the
maximum period or scope legally permissible under such circumstances will be substituted for the period or scope identified herein.

 

    6

     

    

 

		3.6	Tolling. In the event that Employee violates any provision of this Section 3 to which there
is a specific time period during which Employee is prohibited from taking certain actions or from engaging in certain activities
as set forth herein, a violation of this Section 3 will toll the running of that time period from the date the violation commences
until the date of its cessation. The period of time will also be tolled during any time period required for litigation during which
Company seeks to enforce this Section 3.

 

		4.	Non-disparagement

 

Subject to Section 6, Employee agrees that
during and after Employee’s period of employment with Company Employee will not, publicly or privately, disparage or defame
Company or its Affiliates, or any of Company’s or its Affiliates’ employees, officers, governors, members or agents.

 

		5.	Injunctive Relief

 

In the event of a breach or threatened
breach of any covenant in Sections 1, 2, 3 or 4, Employee agrees that Company will be irreparably harmed, that money damages alone
cannot adequately compensate Company, and that Company shall be entitled to temporary and injunctive relief as well as all applicable
remedies at law or in equity available to Company against Employee including, but not limited to, reasonable attorneys’ fees
and costs incurred in bringing any action against Employee or otherwise enforcing the terms of this Agreement. Employee further
agrees that in any such action, Company shall be entitled to relief without posting any bond or security.

 

		6.	No Unlawful Restriction

 

Employee understands and agrees that nothing
in this Agreement is intended to or will prevent or interfere with Employee’s ability or right to (a) provide truthful testimony
if under subpoena to do so, (b) file any charge with or participate in any investigation or proceeding before the U.S. Equal Employment
Opportunity Commission or any other federal, state or local governmental agency, (c) engage in any conduct protected under the
National Labor Relations Act, or (d) respond to a subpoena, court order or as otherwise provided by law.

 

		7.	Miscellaneous

 

		7.1	At Will Employment. Employee’s employment with Company is “at will,” which
means it may be terminated at any time, with or without notice and for any or no reason, at the option of either Employee or Company.

 

		7.2	Assignment. All of the terms and provisions of this Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors
and assigns of the Parties, except that the duties and responsibilities of Employee under this Agreement are of a personal nature
and shall not be assignable or delegable in whole or in part by Employee.

 

		7.3	Severability. Subject to Subsection 3.5, if any provision of this Agreement or application
thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the
invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application
in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it
shall nevertheless remain in full force and effect in all other circumstances.

 

    7

     

    

 

		7.4	Entire Agreement. This Agreement and the Employment Agreement embody the entire agreement
and understanding among the Parties relative to subject matter hereof and combined supersede all prior agreements and understandings
relating to such subject matter, including but not limited to any earlier offers to Employee by Company; provided, however, this
Agreement and the Employment Agreement are not intended to supersede or otherwise affect the Equity Incentive Plan (as defined
in the Employment Agreement) or any Award Agreement (as defined in the Equity Incentive Plan), each of which shall remain in effect
in accordance with its terms.

 

		7.5	Applicable Law. All matters relating to the interpretation, construction, application, validity
and enforcement of this Agreement are governed by the laws of the State of Minnesota without giving effect to any choice or conflict
of law provision or rule, whether of the State of Minnesota or any other jurisdiction, that would cause the application of laws
of any jurisdiction other than the State of Minnesota.

 

		7.6	Choice of Jurisdiction. Employee and Company consent to jurisdiction of the courts of the
State of Minnesota and/or the federal district courts, District of Minnesota, for the purpose of resolving all issues of law, equity,
or fact, arising out of or in connection with this Agreement. Any action involving claims for interpretation, breach or enforcement
of this Agreement shall be brought in such courts. Each party consents to personal jurisdiction over such party in the state and/or
federal courts of Minnesota and hereby waives any defense of lack of personal jurisdiction or inconvenient forum.

 

		7.7	Attorneys’ Fees. In the event of any litigation or other proceeding concerning any
controversy, claim or dispute between the parties hereto, arising out of or relating to this Agreement, the breach hereof or the
interpretation hereof, the prevailing party will be entitled to recover from the other party reasonable expenses, attorneys' fees,
and costs incurred therein or in the enforcement or collection of any judgment or award rendered therein. The “prevailing
party” means the party determined by the court to have most nearly prevailed, even if such party did not prevail in all matters,
not necessarily the party in whose favor a judgment is rendered. Further, in the event of any breach by Employee under this Agreement,
Employee shall pay all the expenses and attorneys’ fees incurred by Company in connection with such breach, whether or not
any litigation is commenced.

 

		7.8	Counterparts. This Agreement may be executed in any number of counterparts (including facsimile
counterparts or counterparts delivered by electronic transmission (e.g., .PDF attachment)), each of which shall be an original,
but all of which together shall constitute one instrument.

 

*    *    *    *    *

 

[signature page follows]

 

    8

     

    

 

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

 

	 	Vireo Health, Inc.
	 	 	 
	 	By:	       /s/ Kyle Kingsley
	 	Kyle Kingsley
	 	Chief Executive Officer
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	              /s/
    John Heller
	 	John Heller

 

     

     

    

 

SCHEDULE 1

 

PRIOR INVENTIONS

 

	TO:	Vireo Health, Inc.	 
	 	 	 
	FROM:	 John Heller	 
	 	 	 
	DATE:	 December 8, 2020	 

 

SUBJECT: PRIOR INVENTIONS

 

1.       Except
as listed in Section 2 below, the following is a complete and accurate list of all intellectual property, including, but not limited
to, any ideas, inventions, patents, trademarks, service marks, copyrights, creations, know how, work product, and other developments
or improvements, if any, patented or unpatented, which I, alone or with others, conceived, created, invented, developed, reduced
to practice, or caused to be conceived and or caused to be reduced to practice prior to the commencement of my employment or other
relationship with Vireo Health, Inc.:

 

____________ I have no Prior Inventions to disclose

 

____________ Please see below:

 

 

 

 

 

 

____________ Additional Sheets Attached

 

2.       Due
to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to Prior Inventions generally
listed below, the proprietary rights and duty of confidentiality with respect to which I owe to the following Party(ies):

 

	 	Prior Invention	 	Party(ies)	 	Relationship
	1.	None	 	Not applicable	 	Not applicable
	 	 	 	 	 	 
	2.		 		 	
	 	 	 	 	 	 
	3.		 		 	

 

____________ Additional Sheet AttachedEXHIBIT 10.1

January 15, 2021

Josh Silverman

[Delivered electronically]

Dear Josh,

Etsy, Inc. (“Etsy”)
is pleased to confirm your continuing full-time employment on the terms described in this amended and restated offer letter (the
“Offer Letter”). This Offer Letter is contingent on formal approval by Etsy’s Board of Directors (the
“Board”) or Compensation Committee.

Your employment commenced on or about
May 3, 2017 (the “Start Date”), and the terms of your employment have been either amended or reaffirmed as of
the date of this Offer Letter. Your title will continue to be President and Chief Executive Officer. You will continue to report
to the Board, working from our Brooklyn office, or virtually to the extent consistent with Etsy’s work-at-home policies.
As long as you are employed as President and Chief Executive Officer, Etsy will continue to nominate you for election to the Board.
Upon the termination of your employment for any reason, unless otherwise requested by the Board, you will be deemed to have resigned
from the Board (and all other positions held at Etsy and its affiliates) voluntarily, without any further required action by you,
as of the end of your employment and you, at the Board’s request, will execute any documents necessary to reflect your resignation.

If you ever wish to change your work
location, you will need prior written approval from the Board.

Compensation

Base Salary. Your current salary
is $600,000 per year, subject to annual review and adjustment as determined by the Compensation Committee in its sole discretion.
In addition, you are eligible for the great benefits that Etsy provides to regular, full-time employees. To the extent the terms
of this Offer Letter conflict with any of Etsy’s standardized plans referenced herein, the terms of this Offer Letter control.

Annual Incentive Awards (Cash).
You are and will continue to be eligible to participate in the Management Cash Incentive Plan, with an annual target of 100% of
your base salary earned during the performance period, which currently follows a calendar year (Jan 1 to Dec 31) cycle. Your bonus
award will be determined based upon company financial performance and your individual performance. Your participation is subject
to the terms and conditions of the Management Cash Incentive Plan and the applicable participation notice. Awards (if any) are
paid in the calendar year following the performance year, generally within two and a half months after the end of the performance
year.

Long-Term Incentive Awards (Equity).

Retention Award. Etsy will propose
that you receive, subject to approval by the Board or the Compensation Committee, a one-time retention equity award grant pursuant
to the Etsy, Inc. 2015 Equity Incentive Plan (as amended and restated from time to time, the “Equity Plan”),
in

    	 	 	 

     

    

 

the form of performance-based vesting restricted stock units
(“PSUs”), having a target grant date value of $25,000,000 (the “Retention Award”). It is
anticipated that the Retention Award will be granted on or around March 15, 2021 (the “Retention Award Grant Date”),
and at such time the target number of PSUs subject to the Retention Award will be determined. For purposes of clarity, the target
number of PSUs subject to such Retention Award will equal $25,000,000 divided by the average closing price of Etsy’s common
stock on Nasdaq (rounded to the nearest hundredth) on the 30 trading days immediately preceding and including the Retention Award
Grant Date. The number of PSUs that may be earned will range from 0% to 200% of the target number of PSUs subject to the Retention
Award, subject to your continued service through the Performance Period (as defined below). For purposes of clarity, if (i) maximum
performance is achieved on each performance metric, 200% of the target number of PSUs subject to the Retention Award will be earned,
(ii) target performance is achieved on each performance metric, 100% of the target number of PSUs subject to the Retention Award
will be earned, (iii) threshold performance is achieved on each performance metric, 50% of the target number of PSUs subject to
the Retention Award will be earned and (iv) performance is less than threshold level on each performance metric, then 0% of the
target number of PSUs subject to the Retention Award will be earned. Vesting of any earned PSUs will be based on your continued
service through the applicable vesting dates as described below.

Retention Award Vesting.

General Vesting. Vesting will
be based on your continued service and achievement of certain performance goals relating to the following four equally-weighted
performance metrics: (i) gross merchandise sales, (ii) revenue, (iii) adjusted EBITDA margin (the PSUs subject to performance metrics
(i), (ii) and (iii), the “Financial PSUs”) and (iv) relative total shareholder return based on the NASDAQ Composite
Index (the “Relative TSR PSUs”), in each case, over a three-year performance period, which will begin on January
1, 2021 and end on December 31, 2023 (the “Performance Period”). Upon completion of the Performance Period,
the number of PSUs earned will be determined in good faith by Etsy’s Compensation Committee. Any such earned PSUs will generally
vest and settle in shares of Etsy’s common stock as to 50% of the earned PSUs on April 1, 2024 and April 1, 2025, respectively,
and except as otherwise provided herein, subject to your continued employment with Etsy from the Retention Award Grant Date through
the applicable vesting date.

Vesting upon Termination.
If your employment with Etsy is terminated for any reason, other than in connection with a Change in Control (as defined in Etsy’s
Executive Severance Plan, hereinafter, the “Severance Plan”) or for a Qualifying Termination (as defined in
the Severance Plan), you will forfeit all unearned and unvested PSUs. If you experience a Qualifying Termination from January 1,
2021 to December 31, 2021 (“Year 1 of the Performance Period”), then (i) the Financial PSUs will be deemed to be earned
at target performance level and (ii) the Relative TSR PSUs will be deemed to be earned at the greater of (x) target performance
level or (y) actual performance level based on a truncated performance period that will end on the date of such Qualifying Termination.
If you experience a Qualifying Termination after January 1, 2022 but before the end of the Performance Period (“Years 2 and
3 of the Performance Period”), then the Financial PSUs will be deemed to be earned at the greater of (x) target performance
level or (y) actual performance based on a trailing twelve month period that will end on the date of the Qualifying Termination
(using linear interpolation for purposes of

    	 	2	 

     

    

 

determining the achievement of the applicable performance
goals) and the Relative TSR PSUs will be deemed to be earned at the greater of (x) target performance level or (y) actual performance
level based on a truncated performance period that will end on the date of such Qualifying Termination. You will vest, as of the
date of such Qualifying Termination, in a prorated portion of such PSUs based on the number of days that you were employed between
the Retention Award Grant Date and the date of such Qualifying Termination; provided that the Board and/or the Compensation
Committee will at all times retain discretion in good faith to reduce the number of PSUs that would otherwise be earned and eligible
to vest as of the date of such Qualifying Termination (but in no event will the application of such negative discretion in Years
2 and 3 of the Performance Period result in the number of PSUs that would otherwise be earned be less than actual performance).
If you experience a Qualifying Termination after the end of the Performance Period, but before the PSUs have vested and settled
in shares of Etsy’s common stock (i.e. April 1, 2025), then all earned but unvested PSUs shall fully vest as of the date
of such Qualifying Termination.

Change in Control Treatment.
If a Change in Control occurs prior to December 31, 2023, the Performance Period will end as of the date of such Change in Control
and (i) any unearned Financial PSUs will be deemed to be earned at (A) target performance level if the Change in Control occurs
in Year 1 of the Performance Period and (B) the greater of (x) target performance level or (y) actual performance based on a trailing
twelve month period that will end on the date of the closing date of such Change in Control (using linear interpolation for purposes
of determining the achievement of the applicable performance goals) if the Change in Control occurs in Years 2 and 3 of the Performance
Period, and such earned Financial PSUs will continue to vest in accordance with the original service vesting schedule through April
1, 2025 and (ii) any unearned Relative TSR PSUs will be deemed earned at the greater of (x) target performance level or (y) actual
performance level based on a truncated performance period that will end on the closing date of such Change in Control and will
use the Change in Control price per share of Etsy common stock, and such earned Relative TSR PSUs will continue to vest in accordance
with the original service vesting schedule through April 1, 2025. As noted below, in the event you experience a Qualifying CIC
Termination (as defined in the Severance Plan), your earned Financial PSUs (as determined above) and your earned Relative TSR PSUs
(as determined above) will fully vest.

Annual Equity Awards. Commencing
in 2021, Etsy will recommend that you receive an annual equity award pursuant to the Equity Plan (or a successor thereto), subject
to approval by Etsy’s Board and/or its Compensation Committee; provided, that the terms of such annual equity grant,
including the grant date value and the form of the award, is subject to market compensation data for Chief Executive Officers in
Etsy’s peer group and any such future equity awards will be made at the discretion of Etsy’s Board of Directors and/or
its Compensation Committee.

For 2021, your annual equity grant will
have a grant date fair value of $9,000,000, of which sixty percent (60%) will be in the form of restricted stock units (“RSUs”)
and forty percent (40%) will be in the form of nonqualified stock options to purchase shares of Etsy’s common stock (“Stock
Options”). It is expected that your 2021 annual equity award will be granted on or around March 15, 2021, and at such
time the number of shares of Etsy’s common stock subject to your RSU and Stock Option awards (and the applicable exercise
price) will be

    	 	3	 

     

    

 

determined. Your Stock Options will have an exercise price
per share equal to the fair market value of Etsy’s common stock on the grant date.

Annual Award Vesting.

General Vesting. Your 2021 RSUs
and Stock Options will be subject to service-based vesting conditions only and will vest over a period of four (4) years from the
grant date. Each award will vest as to twelve and one half percent (12.5%) of the shares subject to the award on October 1, 2021
(the “Initial Vesting Date”) and twelve and one half percent (12.5%) of the shares subject to the award will
vest on each six month anniversary of the Initial Vesting Date (assuming your continuous employment through each applicable vesting
date) through April 1, 2025.

Vesting upon Termination. If your
employment with Etsy is terminated for any reason other than for a Qualifying Termination or for a Qualifying CIC Termination,
you will forfeit all unvested RSUs and Stock Options. If such termination of employment is a Qualifying Termination, then you will
be entitled to one year of additional vesting service credit with respect to the shares underlying your unvested RSUs and Stock
Options.

Vesting Upon a Qualifying CIC Termination.
Notwithstanding the foregoing, your outstanding equity awards (including the Retention Award and your 2021 annual equity award)
will vest upon a Qualifying CIC Termination in accordance with the terms and conditions of Severance Plan and your Participation
Notice (as defined in the Severance Plan). For the avoidance of doubt, a Qualifying CIC Termination is a Qualifying Termination
that occurs in the three-month period before, or the twelve-month period following, a Change in Control.

For the avoidance of doubt, your equity
awards will be subject to the terms and conditions of the Equity Plan, or a successor equity plan, and your award agreements.

Legal Fee Reimbursement. Etsy
will also reimburse up to $10,000 in legal fees that you incur in connection with this Offer Letter.

Severance Benefits

You will continue to participate in the
Severance Plan (subject to the changes noted below), which provides, subject to the terms and conditions of the plan document,
upon a (i) Qualifying CIC Termination, eighteen (18) months of base-salary continuation, up to eighteen (18) months of company-paid
COBRA coverage, your outstanding equity awards willfully vest, and, if such termination occurs after the third month of the fiscal
year, a prorated target bonus for the year of termination and (ii) Qualifying Termination, twelve (12) months of base-salary continuation,
up to twelve (12) months of company-paid COBRA coverage and, if such termination occurs after the third month of the fiscal year,
a prorated target bonus for the year of termination.

For purposes of your participation in
the Severance Plan and regarding acceleration upon a termination for a reason other than for Cause provided for any equity referenced
in this Agreement (including PSUs and options) , the definition of Cause is amended such that, in the case of clauses (ii), (iii)
and (vi), Etsy will give you notice of the circumstances constituting

    	 	4	 

     

    

 

Cause and you shall have the opportunity to cure such circumstances
(if curable) within ten (10) business days following your receipt of that notice. In addition, for purposes of your participation
in the Severance Plan, Etsy agrees that the hiring of an Executive Chairman would be a material breach of a material agreement
between you and Etsy pursuant to clause (ii)(d) of the definition of Qualifying Termination.

Further, outside of the context of a
Change in Control:

		·	If your employment is terminated in a Qualifying Termination, your then-outstanding (i) PSU awards
will vest in accordance with the section of this Offer Letter entitled “Retention Award Vesting; Vesting Upon Termination”
and (ii) RSU and Stock Option awards, will vest in accordance with the section of this Offer Letter entitled “Annual Award
Vesting; Vesting Upon Termination”; and

		·	If your employment terminates other than for Cause (as defined in the Severance Plan), your then-outstanding
vested Stock Options will remain exercisable until the earlier of six (6) months after your last day of employment or ten (10)
years after the Stock Options were granted.

Upon the termination of your employment
for any reason, unless otherwise requested by the Board, you will be deemed to have resigned from the Board (and all other positions
held at Etsy and its affiliates) voluntarily, without any further required action by you, and you agree to execute any documents
necessary to reflect such resignation.

Confidentiality

This offer is contingent on your continued
compliance with the attached Confidentiality and Prior Inventions Agreement, dated May 2, 2017 (the “CPIA”),
pursuant to which, among other things, you have agreed that during your employment with Etsy (and otherwise as described in your
CPIA), you will not engage in any other employment, consulting, or business activity that would create a conflict with your position
with Etsy.

Miscellaneous

During your employment, you will not,
without the prior written consent of the Board, accept other employment or perform other services for compensation or that interfere
with your employment or performance as President and Chief Executive Officer. A list of your current outside board and advisory
responsibilities are attached as Exhibit A.

This Offer Letter (including the attached
CPIA) is the entire agreement between you and Etsy. Any discussions you may have had previously with Etsy are superseded by the
terms of this Offer Letter and the CPIA. The terms of this offer may only be changed by a written agreement signed by you and the
Chairman of the Board.

Although we have hired you for the position
listed above, your job duties, title, compensation, and benefits may change in the future. You understand that you are an at-will
employee of Etsy with the right to terminate your employment at any time and for any reason, and that Etsy will have a similar
right. You also agree to comply with Etsy’s workplace policies, which have been made available to you and may change from
time to time.

    	 	5	 

     

    

 

We hope and expect that continuing to
work at Etsy will continue to be beneficial and rewarding for both you and us, but we do have to let you know that this Offer Letter
and the resolution of any disputes relating to this Offer Letter or your employment with Etsy will be governed by the laws of New
York State (excluding laws relating to conflicts or choice of law). Also, because Etsy is based in Brooklyn, you and Etsy agree
to submit to the personal jurisdiction of a state court located in Kings County, New York or the United States District Court for
the Eastern District of New York located in Brooklyn to resolve any dispute or claim between you and Etsy or any of its directors,
officers, managers, or employees.

    	 	6	 

     

    

We look forward to your continued service as our President
and CEO.

Very truly yours,

 

	

	/s/
Fred Wilson
	Fred Wilson
	Chair of the Board 

 

I have read and accepted this employment offer

	Name:	Josh Silverman
	Signature: 	/s/ Josh Silverman
	Date: 	1/16/2021
	Email: 	XXXXX

 

 

 

    	 	7	 

     

    

Exhibit A

Outside Activities

For Profit Boards:

		·	Shake Shack (SHAK) 

 

Not for Profit Boards:

		·	ScriptEd.org

		·	ClubbedThumb

		·	Stanford Business School

 

Advisory Roles:

		·	HomeTeamCare

		·	Clinc

		·	FON

 

 

 

    	 	8	 

     

    

Exhibit B

CONFIDENTIALITY AND PRIOR INVENTIONS
AGREEMENT

This Confidentiality and Prior Inventions Agreement (or the
“Agreement,” for short) is an important part of the employment offer that Etsy, Inc. has made to you. Please read it
carefully and sign at the bottom if you understand and agree to all of its terms. If you sign this Agreement, it will take effect
on May 2, 20. If you have any questions about this Agreement, please speak with your contact on the Etsy Recruiting team before
signing below.

In return for offering you the position described in your
offer letter and for providing you with access to new and additional training and Confidential Information belonging to Etsy (and
described below), Etsy needs you to make certain commitments. These commitments relate to:

		·	your ability to work for Etsy and perform your job duties without violating any commitments you
may have agreed to in the past or that you are otherwise subject to,

		·	Etsy’s ownership of any ideas you come up with or technologies you develop while working
for Etsy,

		·	the need to keep confidential and protect certain information about Etsy and its members and
employees both while working for Etsy and after you leave the company, and

		·	your willingness not to compete with Etsy or take certain actions that could hurt Etsy’s
legitimate interests while you are working for Etsy and for a short period of time afterward.

 

Each of these commitments is described in more detail below
in Section 1 of this Agreement. Section 1 also contains information about your employment status with Etsy, which will be as an
at-will employee.

In Section 2, you will find information on the rights you
and Etsy have under this Agreement and how you and Etsy can enforce those rights. Section 2 also contains important information
about how disputes relating to your employment will be resolved.

Section 1 - Your Commitments to Etsy

There are no conflicts that would prevent you from
working for Etsy or performing your job. As much as we want you to join our company, we need you to confirm that the
terms of your employment with your current employer (and any former employers) do not restrict your ability to work for Etsy. By
signing this Agreement, you agree that you have not entered into an agreement (and will not in the future) that is in conflict
with this Agreement or the terms of your employment with Etsy. You also agree that you have shared with Etsy a copy of any agreement
(such as a non-compete or non-solicitation agreement) that could impact your ability to work for Etsy.

Example: You currently work for
eBay and signed an offer letter or employment agreement that says you will not work for another online marketplace for one year
after you leave eBay. You have a conflict that could prevent you from 

    	 	9	 

     

    

 

working for Etsy and must share that document with
Etsy before you sign this Agreement.

You will not use any property or confidential information
of a current or former employer without their permission. We want to respect the rights of your current and former employers,
and quite frankly, we don’t want them claiming any rights to the work you do here at Etsy. By signing this Agreement, you
agree that you will not bring to Etsy, and will not use or disclose at Etsy, the confidential information of any current or former
employer or any other party, unless you have their written permission to do so (and our Legal team would like to see that written
permission, thank you). You also agree that you will not use at Etsy any documents or other property (including documents or property
that you created yourself) from your current or former employer without the employer’s written permission.

Example: You have confidential agreements or
customer lists from your previous job that you think might be helpful in the work you will do for Etsy. You cannot use those materials
while working for Etsy or share those materials with Etsy employees without getting written permission from your previous employer.

Etsy will own anything you create while working for
Etsy that relates to the work you do for Etsy. While working for Etsy, you will hopefully develop or contribute to one
or more products, services, or programs. In this Agreement, we refer to all ideas, products, services, processes, and designs you
develop or contribute to while working for Etsy and that relate to Etsy’s business as “Covered Inventions.” In
addition to your salary and benefits, Etsy will also provide you with the resources, materials, and support you need to do your
job, including the development of Covered Inventions. In return, you agree that Etsy will own all rights in all Covered Inventions
(including all patents, copyrights and other intellectual property rights), whether or not the work is performed in Etsy’s
offices, uses Etsy resources, or takes place during business hours.

By signing this Agreement, you are assigning to Etsy all
of your rights in the U.S. and internationally in all Covered Inventions and all intellectual property rights related to those
Covered Inventions. Any copyrights in the Covered Inventions, including in any computer programs, programming documentation, and
other works of authorship, are “works made for hire” for purposes of Etsy’s rights under copyright laws. By signing
this Agreement, you are also assigning to Etsy any rights you currently have or may acquire at any time in the future in any Covered
Inventions. Lastly, you agree to disclose all Covered Inventions to Etsy and to waive any claims you have or may have in the future
for infringement of any Covered Inventions.

Example: As a software developer for Etsy,
you write a piece of code that is included in a new Etsy product. Etsy will own all rights in the code you wrote and in any products
or services that rely on that code.

Etsy has no interest in owning things you created or developed
in the past, but Etsy needs a license from you if you incorporate that prior work into the work you do at Etsy. If you previously
created something that relates to Etsy’s business, and you do not want that creation to be considered a Covered Invention
for purposes of this Agreement, please list it in Appendix A. We refer to any items listed in Appendix A as “Prior Inventions.”
We will follow an internal review process to be sure that we understand and agree about what you are claiming as a Prior

    	 	10	 

     

    

 

Invention. While Etsy does not claim to own your Prior Inventions,
you agree that if you incorporate Prior Inventions into the work you do for Etsy, Etsy will have the right to use those Prior Inventions
to operate its business. Here is the legalese version of the previous sentence: If any of the work you do for Etsy incorporates
or uses a Prior Invention, you give Etsy a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable right
and license to incorporate or use such Prior Invention and any related intellectual property rights.

Example: You are a graphic designer and want
to retain ownership of some designs you did in the past. You list those designs in Appendix A and retain ownership of those designs,
which are considered Prior Inventions. Later on, you incorporate one of the designs into a design you create for Etsy’s website.
Etsy then has a license to use your original design, because the original design is now part of the website design that you created
for, and that is owned by, Etsy.

Etsy permits its employees to perform outside work
and to take on side projects if certain conditions are met. We recognize that you may want to take on some outside work
or side projects while working for Etsy. We have an approval process for activities like those; you will receive more information
about the process after your start date. Etsy will not have or claim rights in anything you develop or create through an authorized
side project as long as (a) the work is done entirely on your own time and will not interfere with your ability to perform the
work you do for Etsy, (b) you did not incorporate any Etsy materials or resources, and (c) the development or creation does not
relate to an Etsy product or service or Etsy intellectual property.

Example: If you are part of the Etsy PR team
and want to do some work as a freelance calligrapher in your spare time, that would likely be an approved side project.

Example: If you are a software developer for
Etsy and you want to serve on the board of advisors for a new gaming startup that doesn’t conflict with your work at Etsy,
that would likely be approved outside work.

You will keep confidential any Confidential Information
you receive or learn about while working for Etsy. In order to perform your job at Etsy, you may create or be given
access to Confidential Information about Etsy, or about its employees, contractors, customers, suppliers, and other parties. When
we refer to “Confidential Information” in this Agreement, we mean information and physical materials not generally
known or available outside of Etsy. Confidential Information could be technical data, product ideas, product roadmaps, business
deals that we haven’t announced to the public, software code and designs, personal information about other Etsy employees,
or lists of suppliers. Confidential Information includes both information and materials that belong or relate to Etsy, as well
as information and materials that a third party has disclosed to Etsy on a confidential basis.

By signing this Agreement, you agree that you will hold Confidential
Information in strict confidence and that you will not use or disclose any Confidential Information, except as required to do your
job. The restriction on your use or disclosure of Confidential Information will

    	 	11	 

     

    

 

continue if you leave Etsy and will remain in effect until
the Confidential Information becomes publicly available through no fault of your own.

Example: While working for Etsy, you have access
to a supplier’s pricing lists. The price lists are considered Confidential Information and you are required to maintain the
confidentiality of the pricing information both while working for Etsy and after your employment ends.

If your employment with Etsy ends, you agree to return to
Etsy all copies of any materials you have that contain Confidential Information. You may keep your compensation records and a copy
of this Agreement.

You will maintain the privacy of Etsy members and employees.
As part of your work for Etsy, you may have access to private information about Etsy members and employees. Both groups place a
high value on their privacy and it is critical that you treat private member and employee information with the highest degree of
care. By signing this Agreement, you agree that you will only access and use Etsy member and employee information when it is necessary
to do your job. You also agree that you will not share Etsy member and employee personal information outside of Etsy, or even with
other Etsy employees, without proper authorization and even then only when required as part of your job. If you are ever in doubt
about whether member or employee information may be shared within or outside of Etsy, you should ask the Etsy Legal team.

Please
note that when we refer to a Competing Business in the next three paragraphs, we mean (a) any of the following companies, and any
of their subsidiaries or parent companies that operate an online marketplace: Amazon, eBay, and Alibaba; (b) any business that
develops or operates an online marketplace selling the types of products sold on Etsy.com or
its related websites (for example, crafts, art, handmade goods, vintage goods, or craft supplies), and (c) any business that develops
or operates a platform or tools for building or operating e-commerce websites. For purposes of illustration only, examples of category
(b) include Craftsy and Michaels.com; and examples of category (c) include Shopify and WordPress.

You will not compete against Etsy
while you are employed by Etsy. It probably goes without saying, but Etsy is hiring you to help build its business and
not to compete with it. Competition could take several different forms, including starting or working for a Competing Business,
doing consulting work for another company that conflicts with your work for Etsy, or diverting business opportunities from Etsy.
By signing this Agreement, you agree that while working for Etsy you will not start, invest in, or do work for a Competing Business,
or divert business opportunities with vendors, suppliers, or other business partners that otherwise might have been available to
Etsy.

Example: It is not okay to (a) consult
for the marketplace startup your friend founded, or (b) try to convince an Etsy partner to end its relationship with Etsy.

Example: It is okay to buy paper towels
from Amazon or sneakers from eBay.

You will not compete against Etsy
for a short period after your employment with Etsy ends. While working for Etsy you may be given access to plans, processes,
contacts,

    	 	12	 

     

    

 

customers, or other information that could put Etsy at an
unfair competitive disadvantage if they were shared with or used for the benefit of a Competing Business. To protect Etsy’s
legitimate interests, we require that you agree to certain limits on actions that would be competitive with Etsy for a short period
after your employment with Etsy ends. By signing this Agreement, you agree that for six months after your employment with Etsy
ends for any reason, you will not, without Etsy’s written permission, start, invest in, or do work for a Competing Business
in a capacity that is similar in form or function to that which you performed in the last year of your employment with Etsy, and
that you will not divert business opportunities that otherwise might have been available to Etsy.

Example: It is not okay to leave Etsy
and immediately take a similar position with Amazon Handmade.

Example: It is okay to leave Etsy to
launch a laundry delivery startup or to join a company like Google or Facebook.

You will not poach or solicit Etsy
employees, members, or business partners while you are employed by Etsy or for a short period of time after your employment with
Etsy ends. In addition to working for a Competing Business or diverting business opportunities from Etsy, you could also
unfairly compete against Etsy by poaching or soliciting Etsy employees, members, vendors, suppliers, or other business partners.
By signing this Agreement, you agree that both during your employment with Etsy and for one year after your employment with Etsy
ends for any reason, you will not directly or indirectly cause anyone to leave their position with Etsy, or solicit any Etsy members,
vendors, suppliers, or other business partners with whom you worked or acquired Confidential Information from in the last two years
of your employment with Etsy.

Example: It is not okay to (a) persuade
an Etsy seller to close her shop and instead sell on a competing platform that you own stock in, or (b) convince an Etsy developer
to leave Etsy to work for your sister’s startup.

Example: It is okay to encourage a colleague
to leave Etsy to follow her dream of running her Etsy Shop full-time.

You will be an at-will employee of Etsy. You
will be an at-will employee of Etsy, which means that you are free to resign at any time and that Etsy may terminate your employment
at any time and for any or no reason. By signing this Agreement, you acknowledge that you will be an at-will employee of Etsy and
that you are not entering into an employment contract with Etsy for a set period of time.

Section 2 - Enforcement of Rights and Other Legal Information

New York law
will be used to resolve disputes. If there is a dispute concerning this Agreement or your employment with Etsy, the dispute
will be resolved using the laws of New York State (excluding laws relating to conflicts or choice of law). Also, because Etsy is
based in Brooklyn, you and Etsy agree to submit to the personal jurisdiction of a state court located in Kings

    	 	13	 

     

    

 

County, New York or the United States
District Court for the Eastern District of New York located in Brooklyn.

Nothing in this Agreement prohibits
you from reporting violations of the law or Etsy’s policies, and no retaliatory action will be taken against you for doing
so. Nothing in this Agreement, including the section on Confidential Information, prohibits you from reporting possible
violations of the law. This includes making reports to a governmental agency, such as the Department of Justice or the Securities
and Exchange Commission. Similarly, nothing in this Agreement prohibits you from reporting possible violations of the law or Etsy’s
Code of Conduct or other policies to your manager, Etsy’s General Counsel, or Etsy’s SVP of Human Resources, or through
Etsy’s whistleblower hotline. You do not need authorization from Etsy to report violations of the law or Etsy’s policies
and you do not have to notify Etsy that you have done so. Etsy takes its non-retaliatory culture very seriously and will not allow
anyone to take adverse action, threaten, intimidate, or retaliate against you if you report a violation or a suspected violation
in good faith, or cooperate with an investigation.

You may have additional rights not
described in this Agreement. You may have additional rights that are not described in this Agreement. If you have any questions
about your rights under this Agreement or otherwise, you should speak with a lawyer before signing this Agreement.

What you and Etsy must do to waive
rights created by this Agreement. For you or Etsy to waive a right granted by this Agreement, you and an authorized representative
of Etsy must explicitly agree to waive that right in writing. If either you or Etsy do not enforce a right granted by this Agreement
for some period of time, that right will not be considered to have been waived. Similarly, if you or Etsy exercise one right granted
by this Agreement, that will not be considered a waiver of any other right you or Etsy may have under this Agreement.

Example: You develop a piece of code for Etsy
and then use that code in a website you develop for a friend. You tell your manager what you are doing and she tells you verbally
that it’s okay. Six months later, your VP finds out that you’re using Etsy code for a non-Etsy project and asks you
to stop. Neither your conversation with your manager nor the fact that six months elapsed before Etsy asked you to stop would be
considered a waiver of Etsy’s rights under this Agreement to control the use of the code you developed.

Etsy may assign this Agreement to
certain third parties. Etsy may assign this Agreement to an affiliate, or to a third party in the case of a merger or acquisition.
In the case of a merger or acquisition, as an at-will employee, you would still be free to resign at any time.

Etsy will be entitled to an injunction
if you violate or threaten to violate this Agreement. Etsy could suffer serious harm if you violate this Agreement. By
signing this Agreement, you agree that Etsy will be entitled to an injunction (and will not be required to post a bond) to protect
itself if you breach or threaten to breach this Agreement. Note that a court has the discretion to strike or modify any part of
this Agreement that it determines is too broad or unenforceable under the specific circumstances related to your departure.

    	 	14	 

     

    

Section 1 of this Agreement will
remain in effect after you stop working for Etsy. Whether you resign from Etsy or Etsy terminates your employment, the
obligations you agreed to in Section 1 of this Agreement, including those concerning Confidential Information, ownership of your
work, and non-competition, will remain in effect indefinitely.

 

	ETSY, INC.	EMPLOYEE
	By: /s/ Fred Wilson	Name: Josh Silverman
	Name: Fred Wilson	Signature: /s/ Josh Silverman
	Title: Lead Independent Director	Date: May 2, 2017 

Email: XXXXXX

 

 

 

    	 	15	 

     

    

Appendix A

 

PRIOR INVENTIONS

 

 

 

    	 	16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]