Document:

Exhibit 10.27

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (the “Agreement”)
dated as of the ____ day of ________, 2020.

 

B E T W E E N:

 

__________________,
an individual acting as a director and/or officer of the Company

 

(hereinafter referred to as the “Indemnitee”),

 

- and -

 

JUSHI
HOLDINGS INC., a company incorporated under the laws of British Columbia

 

(hereinafter referred to as the “Company”),

 

WHEREAS:

 

		(a)	the Company desires to attract and retain the services of highly qualified individuals such as the Indemnitee
to serve as directors and/or officers;

 

		(b)	in order to attract such individuals the Company desires to provide them with the maximum protection permitted
by applicable law against liabilities they may incur in their capacities as directors and/or officers of the Company or its affiliated
entities or in any other capacity in which they may act at the request of the Company;

 

		(c)	in light of the foregoing, the Indemnitee consented to be elected and has been elected as a director or
appointed as an officer of the Company; and

 

		(d)	the Company desires to provide the Indemnitee with such maximum protection.

 

NOW
THEREFORE in consideration of the premises, the payment by each party to the other of the sum of $10.00 in lawful money of
Canada (receipt of which is hereby acknowledged), the respective covenants of each party set forth in this Agreement and other good and
valuable consideration (the sufficiency of which is acknowledged), the parties hereby agree as follows:

 

Section 1           Definitions

 

In this Agreement:

 

“Act”
means the Business Corporation Act (British Columbia) as in force from time to time during the term of this Agreement;

 

“Agent”
means any person who is or was a director, officer, employee or other agent of the Company, or is or was serving at the request of the
Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, body corporate, employee
benefit plan or other entity or enterprise (the Company and such other corporation, partnership, joint venture, trust, body corporate,
employee benefit plan or other entity or enterprise being hereinafter referred to as the “Subject Entity”);

 

     

     

    

 

“Board”
means the board of directors of the Company;

 

“Expenses”
means, without limitation, any expense, liability, damage, judgment, fines, penalties, amounts paid in settlement, interest, assessments
or other losses, including lawyers’ fees and disbursements and any expenses of establishing a right to indemnification (under this
Agreement, the Act or otherwise);

 

“Indemnifiable
Event” shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement,
related to the fact that Indemnitee is or was a director or officer of the Company, or while a director or officer is or was serving at
the request of the Company as a director, officer, employee, trustee, agent, or fiduciary of a subsidiary of the Company or of any other
foreign or domestic corporation, partnership, joint venture, employee benefit plan, trust, or other enterprise, or was a director, officer,
employee, or agent of a foreign or domestic corporation that was a predecessor corporation of the Company or of another enterprise at
the request of such predecessor corporation, or related to anything done or not done by Indemnitee in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity as a director, officer, employee, or agent or in any other capacity
while serving as a director, officer, employee, or agent of the Company; and

 

“Proceeding”
means any threatened, pending, contemplated or completed action, suit or proceeding, or any alternative dispute mechanism, or any inquiry,
hearing or investigation (whether conducted by the Company or any other party) that Indemnitee believes in good faith might lead to the
institution of an action, suit proceeding or alternative dispute mechanism, in each case whether a civil, criminal, administrative or
investigative, including any appeal therefrom, to which the Indemnitee is or was a party or is threatened to be made a party by reason
of the fact that the Indemnitee is or was an director or officer of the Company or by reason of anything done or not done by the Indemnitee
in such capacity.

 

Section 2            Agreement
to Serve

 

In consideration of the protection
afforded by this Agreement, the Indemnitee agrees to serve as a director and/or officer of the Company, provided that nothing in this
Agreement shall prohibit the Indemnitee from resigning as such at any time.

 

Section 3           Indemnification

 

		(1)	Indemnity. The Company shall indemnify the Indemnitee, effective from the date the
Indemnitee was first elected to the Board or appointed as an officer of the Company, against any and all Expenses incurred by the Indemnitee
in connection with any Proceeding arising out of or relating to an Indemnifiable Event to the full extent permitted by the Act if,

 

		(a)	the Indemnitee acted honestly and in good faith with a view to the best interests of the Company; and

 

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		(b)	in the case of a criminal or administrative Proceeding, the Indemnitee had reasonable grounds for believing
that his or her conduct was lawful (such sections 3(1)(a) and (b) being herein collectively referred to as the “Conditions”).

 

No determination in any Proceeding against
the Indemnitee by judgment, order, settlement (with or without court approval) or conviction shall, of itself, create a presumption that
the Indemnitee did not meet the Conditions.

 

Notwithstanding any other provision
of this Agreement to the contrary, to the extent that the Indemnitee is, by reason of the Indemnitee’s status with respect to the
Company or any other Subject Entity, a witness or otherwise participates in any Proceeding at a time when the Indemnitee is not a party
in the Proceeding, the Company shall indemnify the Indemnitee against all expenses (including Expenses) actually and reasonably incurred
by the Indemnitee or on the Indemnitee’s behalf in connection therewith.

 

The Indemnitee shall be presumed to
be entitled to indemnification under this Agreement upon notice pursuant to Section 3(2), and the Company shall have the burden of
proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption shall be used as a basis
for a determination of entitlement to indemnification unless the Company overcomes such presumption by clear and convincing evidence.

 

		(2)	Notice and Co-operation by the Indemnitee. The Indemnitee
shall, as a condition precedent to his or her right to be indemnified under this Agreement, give the Company notice in writing as soon
as practicable of the commencement or the threatened commencement of any Proceeding against the Indemnitee for which indemnification will
or could be sought under this Agreement, including with such notice such documentation and information as is reasonably available
to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. In
addition, the Indemnitee shall co-operate with the Company regarding such Proceeding as the Company may reasonably require and as shall
be within the Indemnitee’s power. Notice to the Company shall be directed to the address set-out below (or such other address as
the Company shall designate in writing to the Indemnitee). The failure to promptly notify the Company of the commencement or threatened
commencement of the Proceeding, or the Indemnitee’s request for indemnification, will not relieve the Company from any liability
that it may have to the Indemnitee hereunder, except to the extent the Company is materially prejudiced in its defense of such Proceeding
as a result of such failure.

 

		(3)	Procedure. Subject to the provisions of Section 4 as to the advancement of Expenses,
any indemnification provided for in this Section 3 shall be paid no later than 30 days after receipt of written request of the Indemnitee.
If a claim under this Agreement, the Act, or any other statute, or any provision of the Company’s articles providing for indemnification
is not paid in full by the Company within 45 days after a written request for payment thereof has first been received by the Company,
the Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the unpaid amount of the claim
and, subject to Section 14 of this Agreement, the Indemnitee shall also be entitled to be paid the Expenses of bringing such action.
The Company shall have as a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in connection
with any Proceeding in advance of its final disposition) that the Indemnitee has not satisfied the Conditions or that it is not permissible
under applicable law for the Company to indemnify Indemnitee for the amount claimed. The burden of proving such defence shall be on the
Company (by clear and convincing evidence) and the Indemnitee shall be entitled to receive advances of Expenses pursuant to section 4
hereof unless and until it shall be finally adjudicated by court order or judgment from which no further right of appeal exists that such
defense is available to the Company. It is the parties’ intention that if the Company contests the Indemnitee’s right to indemnification,
the question of the Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company
(including the Board, any committee or subgroup of the Board, independent legal counsel or the Company’s shareholders) to have made
a determination that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the Conditions, nor
an actual determination by the Company (including the Board, any committee or subgroup of the Board, independent legal counsel, or the
Company’s shareholders) that the Indemnitee has not met the Conditions, shall create a presumption that the Indemnitee has or has
not met the Conditions.

 

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The Company acknowledges that a settlement
or other disposition of a Proceeding short of final judgment may constitute success by Indemnitee if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner
other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding without payment of money
or other consideration) it shall be presumed (unless there is clear and convincing evidence to the contrary) that Indemnitee has been
successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and
the burden of persuasion, by clear and convincing evidence.

 

		(4)	Notice to Insurers. The Company shall give prompt notice of such Proceeding to the insurers
of the Company in accordance with the procedures set forth in the Company’s policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies.

 

		(5)	Selection of Counsel. In the event the Company shall be obligated under this Section 3
to indemnify the Indemnitee, the Company shall be entitled to assume the defence of such Proceeding upon the delivery to the Indemnitee
of written notice of its election so to do, provided that any counsel selected by the Company in connection with the Company’s assumption
of Proceeding shall be reasonably satisfactory to the Indemnitee. After delivery of such notice and the retention of counsel by the Company,
the Company shall not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same Proceeding, provided that (i) the Indemnitee shall have the right to employ his or her own counsel in any
such Proceeding at the Indemnitee’s expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously
authorized by the Company, (B) the Indemnitee shall have been advised in a written opinion of counsel acceptable to the Company,
acting reasonably, addressed to the Indemnitee and to the Company stating that there may be a conflict of interest between the Company
and the Indemnitee in the conduct of any such defence, or (C) the Company shall not, in fact, have employed counsel to assume the
defense of such Proceeding, then the fees and expenses (including Expenses) of the Indemnitee’s counsel shall be borne by the Company.

 

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		(6)	Income Tax. Should any payment made to the Indemnitee pursuant to this Agreement be deemed
by any taxation authority in any jurisdiction to constitute a taxable benefit or otherwise be or become subject to any tax or levy, then
the Company shall pay such greater amount as may be necessary to ensure that the amount received by or on behalf of the Indemnitee, after
payment of or withholding for such tax, is equal to the amount of the actual cost, expense or liability incurred by or on behalf of the
Indemnitee, such that this Agreement shall serve to indemnify the Indemnitee against all liability for any and all such taxes.

 

Section 4            Advances
of Expenses

 

If so requested by Indemnitee,
the Company shall advance (within thirty business days of such request) any and all Expenses incurred by Indemnitee (an “Expense
Advance”). The Indemnitee shall qualify for such Expense Advances upon the execution and delivery to the Company of this Agreement
which shall constitute an undertaking providing that the Indemnitee undertakes to repay such Expense Advances if and to the extent that
it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled
to be indemnified by the Company. Until it is so finally determined by the court that Indemnitee is not entitled indemnification, Indemnitee
shall not be required to repay such Expense Advances to the Company and Indemnitee shall continue to receive Expense Advances pursuant
to this Section 4. Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest
shall be charged thereon. To the extent permissible under third party policies, the Company agrees that invoices for Expense Advances
shall be billed in the name of and be payable directly by the Company.

 

Section 5           Additional
Indemnification Rights: Non-Exclusivity

 

		(1)	Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees
to indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized
by other provisions of this Agreement, the Act, the Company’s articles, or by other statute. In the event of any change after the
date of this Agreement in any applicable law, statute or rule which expands the right of a British Columbia company to indemnify
an Agent, such changes shall, without any formality, be within the purview of the Indemnitee’s rights and the Company’s obligations
under this Agreement. In the event of any change in applicable law, statute or rule which narrows the right of a British Columbia
company to indemnify an Agent such changes, to the extent not otherwise required by such law, statute or rule to be applied to this
Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. The parties hereto intend that
this Agreement shall provide for indemnification in excess of that expressly permitted by statute, including, without limitation, any
indemnification provided by the Company’s Certificate of Incorporation, its Bylaws, vote of its stockholders or disinterested directors,
or applicable law. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that
the Company shall not be obligated to make any payment to Indemnitee that is finally determined by a court of competent jurisdiction in
a final judgment, not subject to appeal, to be unlawful.

 

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		(2)	Non-Exclusivity. The indemnification provided by this Agreement shall not be deemed exclusive
of any rights to which the Indemnitee may be entitled under the Company’s articles, or any other agreement by which the Company
is bound, any vote of shareholders or disinterested Indemnitees, the Act or otherwise.

 

		(3)	Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement
to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties, settlements or other amounts actually
or reasonably incurred by the Indemnitee in the investigation, defence, appeal or settlement of, or otherwise in connection with, any
Proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for that portion for
which the Indemnitee is entitled to indemnification.

 

Section 6            Mutual
Acknowledgement

 

Both the Company and the Indemnitee
acknowledge that in certain instances applicable law or public policy may prohibit the Company from indemnifying the Indemnitee under
this Agreement or otherwise. The Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future
to undertake with the regulatory authorities to submit the question of indemnification to a court in certain circumstances for a determination
of the Company’s right under public policy to indemnify the Indemnitee.

 

Section 7            Settlement

 

		(1)	Determination of Settlement Terms. The Company shall be entitled to settle any Proceeding
against the Indemnitee for which indemnity is sought by the Indemnitee hereunder on terms and conditions determined by the Company, provided
that:

 

		(i)	the settlement does not involve any obligation or liability of the Indemnitee other than the payment of
a monetary amount;

 

		(ii)	the Indemnitee is indemnified in full against payment of such monetary amount together with all related
Expenses, whether or not such Expenses would otherwise be payable hereunder;

 

		(iii)	the settlement is expressly stated to be made by the Company on behalf of the Indemnitee, without any
admission of liability by the Indemnitee;

 

		(iv)	the Indemnitee receives a full and complete release in respect of the Proceeding;

 

		(v)	the settlement is not likely to result in criminal proceedings against the Indemnitee; and

 

		(vi)	the settlement does not impose any penalty on the Indemnitee.

 

In the event a settlement
does not satisfy one or more of the conditions set forth in this Section 7(1), the Company shall not have the right to settle such
proceeding without the written consent of the Indemnitee. Furthermore, the Company shall not have the right to settle any Proceeding against
the Indemnitee for which the Indemnitee has its own counsel in accordance with Section 3(5) hereof without the written approval
of the Indemnitee.

 

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The Company shall not be liable to indemnify Indemnitee
under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected by the Indemnitee without the Company’s
written consent, such consent not to be unreasonably withheld. The Company shall promptly notify Indemnitee once the Company has received
an offer or intends to make an offer to settle any such Proceeding and the Company shall provide Indemnitee as much time as reasonably
practicable to consider such offer; provided, however Indemnitee shall have no less than three (3) business days to consider the
offer.

 

		(2)	Indemnitee Co-operation. Provided that all of the conditions referred to in Section 7(1) are
met, the Indemnitee shall execute all documents and do such other things as are reasonably requested by the Company to give effect to
a settlement referred to in Section 7(1).

 

Section 8            Insurance
and Subrogation

 

In
all policies of the Subject Entities’ liability insurance, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee the same rights and benefits as are accorded to the most favourably insured of the Company’s Indemnitees. Notwithstanding
the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that
such insurance is not reasonably available, if the premium costs for such insurance are too high, if the coverage provided by such insurance
is limited by exclusions so as to provide an insufficient benefit, or if the Indemnitee is covered by insurance of the same scope coverage
and effect maintained by a subsidiary of the Company. In the event of any payment by the Company under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee with respect to any insurance policy,
who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
necessary to enable the Company to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Company
shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in connection with such subrogation.

 

Section 9           Severability

 

If any section, paragraph,
clause or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable,
in whole or in part, such determination shall not affect or impair and shall not be deemed to affect or impair the validity, legality
or enforceability of any other section, paragraph, clause or other provision hereof and each such section, paragraph, clause or other
provision shall be interpreted in such a manner as shall render them valid, legal and enforceable to the greatest extent permitted by
applicable law.

 

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Section 10             Exceptions

 

Notwithstanding any other
provision herein to the contrary, pursuant to the terms of this Agreement the Company shall not be obligated:

 

		(i)	Excluded Acts. to indemnify the Indemnitee for any acts or omissions or transactions from
which a Indemnitee may not be relieved of liability as set forth in the Act; or

 

		(ii)	Claims Initiated by the Indemnitee. to indemnify or advance Expenses to the Indemnitee with
respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defence, except with respect to
proceedings brought to establish or enforce a right to indemnification under this Agreement, the Company’s articles, any other agreement
by which the Company is bound, the Act or any other statute or law, or except if such proceedings or claims were authorized or consented
to by the Board; or

 

		(iii)	Lack of Good Faith. to indemnify the Indemnitee for any Expenses incurred by the Indemnitee
with respect to any Proceeding instituted to enforce or interpret this Agreement, if a court of competent jurisdiction determines that
any of the material assertions made by the Indemnitee in such proceedings were not made in good faith or were frivolous; or

 

		(iv)	Insured Claims. to indemnify the Indemnitee for expenses or liabilities of any type whatsoever
which have been paid directly to the Indemnitee by an insurance carrier under a policy of Agents’ liability insurance maintained
by the Company; or

 

		(v)	Insider Trading/Tipping Violation(s). to indemnify the Indemnitee on account of any proceeding
with respect to which final judgment is rendered against the Indemnitee for, including, but not limited to, payment or an accounting of
profits arising from the purchase or sale by the Indemnitee of securities in violation of any laws regulating insider trading or tipping;
or

 

		(vi)	Non-compete and Non-disclosure. to indemnify the Indemnitee in connection with proceedings
or claims involving the enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions
of employment, consulting or similar agreements the Indemnitee may be a party to with the Company, or any subsidiary of the Company or
any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any; or

 

		(vii)	Certain Settlement Provisions. to indemnify the Indemnitee under this Agreement for amounts
paid in settlement of any Proceeding without the Company’s prior written consent, which shall not be unreasonably withheld;

 

		(viii)	Other Indemnification. to indemnify the Indemnitee for Expenses for which the Indemnitee
is indemnified by the Company otherwise than pursuant to this Agreement; or

 

		(ix)	Fraud. to indemnify the Indemnitee for Expenses arising out of or related to the Indemnittee’s
fraud or willful misconduct.

 

Section 11             Effectiveness
of Agreement; Continuation of Indemnity

 

		(1)	Effectiveness. Nothing in this Agreement is intended to require or shall be construed as
requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to applicable
law or court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

 

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		(2)	Continuation. The indemnification and advancement of Expenses by the Company to the Indemnitee
provided for under this Agreement shall survive and continue after termination of the Indemnitee as an officer, director, employee or
other Agent as to any acts or omissions by the Indemnitee while serving in such capacity.

 

Section 12         Counterparts

 

This Agreement may be executed
in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument.

 

Section 13         Successors
and Assigns

 

This Agreement shall be binding
upon the Company and its successors and assigns, and shall enure to the benefit of the Indemnitee and the Indemnitee’s estate, heirs,
legal representatives and assigns.

 

Section 14         Legal
Expenses

 

If any action is instituted
by the Indemnitee under this Agreement to enforce or interpret any of the terms hereof, the Indemnitee shall be entitled to be paid all
court costs and expenses, including the reasonable fees of counsel, incurred by the Indemnitee with respect to such action, unless as
a part of such action, the court of competent jurisdiction determines that any of the material assertions made by the Indemnitee as a
basis for such action were not made in good faith or were frivolous.

 

Section 15         Notices

 

All notices, requests and
other communications hereunder shall be in writing, and shall be delivered by courier or other means of personal service, or sent by electronic
mail, or mailed first class, postage prepaid, by registered mail, return receipt requested, in all cases, addressed to:

 

 Indemnitee:        [ ADDRESS ]

 

     Attention:           ●

      Email:                  ●

 

Company:           Jushi
Holdings Inc.

                                1800
NW Corporate Boulevard

                                Boca
Raton, Florida

                               19901

 

     Attention:           ●

      Email:                  ●

 

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All notices, requests and
other communications shall be deemed given on the date of actual receipt or delivery as evidenced by written receipt, acknowledgement
or other evidence of actual receipt or delivery to the address.

 

Section 16         Consents
to Jurisdiction

 

Any and all legal proceedings
to enforce this Agreement, whether in contract, tort, equity or otherwise, shall be brought in the appropriate court in the Province of
British Columbia, and the parties hereto hereby agree to attorn to the jurisdiction of the court in the Province of British Columbia and
waive any claim or defence that such forum is not convenient or proper. The Company and the Indemnitee each hereby agrees that any court
shall have in personam jurisdiction over it, consents to service of process in any manner prescribed in Section 15 or in any
other manner authorized by British Columbia law, and agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner specified by law.

 

Section 17         Entire
Agreement

 

This Agreement and the documents
expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and
any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly
superceded by this Agreement.

 

Section 18         Modification
and Waiver

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

 

Section 19         Enforcement

 

The Company shall be precluded
from asserting in any judicial proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable.
The Company agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court
of competent jurisdiction in which a proceeding by the Indemnitee for enforcement of his or her rights hereunder shall have been commenced,
continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Company to comply
with the provisions of this Agreement will cause irreparable and irremediable injury to the Indemnitee, for which a remedy at law will
be inadequate. As a result, in addition to any other right or remedy the Indemnitee may have at law or in equity with respect to breach
of this Agreement, the Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Company of
its obligations under this Agreement.

 

Section 20         Governing
Law

 

This Agreement shall be governed
by and construed in accordance with the laws of the Province of British Columbia as applied to contracts between British Columbia residents
entered into and performed entirely within British Columbia.

 

Section 21         Counterparts

 

This Agreement may be executed
in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the
same instrument, notwithstanding that both parties are not signatories to the original or same counterpart.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

 

	 		 
	 	 
	 	 
	Witness signature	[NAME OF INDEMNITEE]
	Name:	                                           	 
	(please print) 	 	 
	Address: 	 	 
	 	 	 

 

	 	JUSHI HOLDINGS INC.  
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    11EX-10.1

 Exhibit 10.1 
  

 
 PROMISSORY NOTE 
  

			
	$12,500,000.00	  	July 18, 2022
	(Principal Amount of Note)	  	(Date)

 FOR VALUE RECEIVED U.S. Well Services, LLC, a Delaware limited liability company (“Maker”) promises to pay to
the order of Equify Financial, LLC (“Holder”), at 777 Main Street Suite 3900, Fort Worth, Texas 76102, or such other place as Holder may from time to time designate in writing, the principal amount of Twelve Million Five Hundred
Thousand and No/100 Dollars ($12,500,000.00), with interest thereon at a per annum rate equal to the Base Rate (as hereinafter defined). 
 As used herein,
the following terms shall have the meanings set forth below: 
 “Base Rate” shall mean a per annum rate equal to the lesser
of (i) the sum of (x) the Prime Rate plus (y) Nine and One Quarter percent (9.25%), and (ii) the Highest Lawful Rate. “Highest Lawful Rate” shall mean at the particular time in question the maximum rate of
interest which, under applicable law, Holder is then permitted to charge Maker in regard to the loan evidenced by this Note. If the maximum rate of interest which, under applicable law, Holder is permitted to charge Maker in regard to the loan
evidenced by this Note shall change after the date hereof, the Highest Lawful Rate shall be automatically increased or decreased, as the case may be, from time to time as of the effective date of each change in the Highest Lawful Rate without notice
to Maker. For purposes of determining the Highest Lawful Rate under the applicable law of the State of Texas, the applicable rate ceiling shall be the weekly ceiling described in and computed in accordance with the provisions of Chapter 303 of the
Texas Finance Code; provided, however, that in determining the Highest Lawful Rate, all fees and other charges contracted for, charged or received by Holder in connection with the loan evidenced by this Note which are either deemed interest under
applicable law or required under applicable law to be deducted from the principal balance hereof to determine the rate of interest charged on this Note shall be taken into account. To the extent permitted by applicable law, Holder may from time to
time substitute for the “weekly ceiling” referred to above any ceiling under Chapter 303 or any other statute and revise the rate, index, formula or provision of law used to compute the rate hereunder as provided therein. 

“Note” shall mean this Promissory Note, as amended, amended and restated, substituted or otherwise modified from time to
time. 
 “Prime Rate” shall mean for any day a per annum rate of interest equal to the “prime rate,” as published
in the “Money Rates” column of The Wall Street Journal, from time to time, provided that if at any time The Wall Street Journal ceases to be published or ceases to publish such prime rate, Holder shall select a nationally recognized
substitute publication comparable to The Wall Street Journal for use in determining such prime rate, and Holder shall provide written notice to Maker of any such substitution. The Prime Rate shall change effective as of the date of any change as
published in The Wall Street Journal. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of Holder. 

Accrued and unpaid interest on the outstanding principal balance hereunder shall be due and payable monthly in arrears commencing on September 01, 2022 and on
the 1st day of each month thereafter throughout the term of this Note (each such date being a “Payment Date”). On each Payment Date, Maker shall also tender a payment of principal
in consecutive equal installments of $208,334.00, all payable to Holder at its address at 777 Main Street Suite 3900, Fort Worth, Texas 76102, being the amount necessary to fully amortize the outstanding principal balance of this Note over a 5-year amortization schedule. The outstanding principal balance of the loan made hereunder, without set-off, deduction or counterclaim, together with all accrued and unpaid
interest thereon and all other amounts owing hereunder, shall be due and payable in full on August 01, 2027 (the “Maturity Date”) or upon the earlier acceleration of this Note. 

Maker shall also pay to Holder on demand, on each installment (of principal and/or interest) not fully paid prior to the tenth day (or such longer period as
may be required under applicable law) after its due date, a late charge equal to five percent (5%) of such overdue installment (such charge a “Late Charge”). If applicable law requires a lesser charge, however, then the maximum
charge permitted by such law may be charged by Holder as the Late Charge. 

  

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 With respect to any obligations outstanding hereunder after the Maturity Date or the earlier acceleration of
this Note, Maker shall pay, on demand, interest on such unpaid obligations (excluding accrued and unpaid interest and Late Charges) at the maximum lawful daily rate, but, in any event, not to exceed 0.0666% per day (the “Default
Rate”), in place of the Base Rate, until such obligations are indefeasibly paid in full. 
 Interest accruing hereunder shall be calculated on the
basis of a 360 day year and for the actual number of days elapsed, unless such calculation would cause the effective interest rate to exceed the Highest Lawful Rate, in which case such calculation shall be on the basis of a 365 day year. Maker
agrees to an effective rate of interest which is the rate stated in this Note plus any additional sums or charges provided for herein or incident to the transaction of which this Note forms a part which are or may be deemed to be interest under
applicable law, but not to exceed the Highest Lawful Rate. 
 Upon nonpayment when due of any amount owing hereunder, or if default occurs under any other
obligation of Maker to Holder or under any security agreement, pledge, assignment, deed of trust, or any other instrument or document executed to evidence, secure, guarantee, govern or in any way pertain to the loan evidenced by this Note or any
other obligation of Maker to Holder, Holder may, at its option, without notice or demand, accelerate the maturity of the accrued and unpaid indebtedness then outstanding under this Note and declare same to be at once due and payable whereupon it
shall be and become immediately due and payable. Maker, all endorsers, guarantors and any other party liable on this Note also promise and agree to pay Holder’s costs, expenses and reasonable attorneys’ fees incurred in enforcing and/or
collecting this Note. Maker, all endorsers, guarantors and any other party liable on this Note waive presentment for payment, demand, protest, notice of protest and notice of nonpayment, default and dishonor, notice of intent to accelerate, notice
of acceleration, and further, to the extent allowed by law, waive all benefits of valuation, appraisement and exemption laws. Holder may, without notice, extend the time of payment of this Note, postpone the enforcement hereof, grant any other
indulgence, add or release any party primarily or secondarily liable hereon and/or release or change any collateral securing this Note without affecting or diminishing Holder’s right of recourse against Maker, all endorsers, guarantors and
other parties liable on this Note, which right is hereby expressly reserved. As used in this Note, the term “Holder” includes any future holder of this Note. If more than one party signs this Note as Maker, the obligations of each of them
shall be joint and several. 
 As a material inducement to Holder to advance funds or otherwise provide financial accommodations to or for the benefit of
Maker and/or in consideration of Holder having previously done so, Maker agrees that in the event of any prepayment of any of Maker’s indebtedness for borrowed money now or hereafter owing to Holder under this Note, whether voluntary or
involuntary, Maker shall simultaneously pay a prepayment premium equal to the sum of nineteen hundredths of one percent (0.19%) of the principal amount then being prepaid multiplied by the number of calendar months between the date of such
prepayment and the Maturity Date. Any partial prepayment shall be applied first to accrued and unpaid late charges, then to any other fees or expenses payable hereunder, then to accrued and unpaid interest, with the remainder applied to reduction of
principal; the amount and due date of the remaining scheduled installments shall not be affected, but the number of remaining installments will be reduced as a result of said partial prepayment. 

Notwithstanding anything to the contrary in this Note or any related writing, all agreements between Maker and Holder, whether now existing or hereafter
arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of maturity or otherwise, shall the interest contracted for, charged or received by Holder exceed the Highest
Lawful Rate. The right to accelerate maturity of sums due under this Note does not include the right to accelerate any interest which has not otherwise been earned on the date of such acceleration, and Holder does not intend to charge or collect any
unearned interest in the event of acceleration. If, from any circumstance whatsoever, interest would otherwise be payable to Holder in excess of the Highest Lawful Rate, the interest payable to Holder shall be reduced to the Highest Lawful Rate; and
if from any circumstance Holder shall ever receive anything of value deemed interest by applicable law in excess of the Highest Lawful Rate, an amount equal to any excessive interest shall be applied to the reduction of the principal hereof and not
to the payment of interest, or if such excessive interest exceeds the unpaid balance of the principal, such excess shall be refunded to Maker. All interest paid or agreed to be paid to Holder shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal (including the period of any extension or renewal hereof) so that the interest hereon for such full period shall not exceed the Highest
Lawful Rate. This paragraph shall control all agreements between Maker and Holder. 
 The proceeds from the loan evidenced by this Note are to be used for
business purposes only, and no part thereof is to be used for primarily consumer, personal, family or household purposes. Maker acknowledges and agrees that Maker’s obligations hereunder shall be secured by any security agreement, mortgage,
deed of trust or pledge executed by Maker in favor of Holder, whether now existing or hereafter executed. 
 All the covenants, stipulations, promises and
agreements in this Note made by or on behalf of Maker shall bind its successors and assigns. This Note shall be governed by and construed in accordance with the laws of the State of Texas without regard to conflicts of law principles. 

  
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 THIS WRITTEN AGREEMENT AND ALL OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. THIS NOTE MAY NOT BE CHANGED OR TERMINATED ORALLY. 

MAKER, AS A MATERIAL INDUCEMENT FOR HOLDER TO MAKE LOANS OR OTHER FINANCIAL ACCOMMODATIONS AVAILABLE TO MAKER, HEREBY: IRREVOCABLY DESIGNATES AND APPOINTS THE
TEXAS SECRETARY OF STATE OR SUCH REGISTERED AGENT AS DESIGNATED IN MAKER’S REGISTRATION FILED WITH THE TEXAS SECRETARY OF STATE AS ATTORNEY-IN-FACT AND AGENT FOR
MAKER AND IN MAKER’S NAME, PLACE AND STEAD TO ACCEPT SERVICE OF ANY PROCESS WITHIN THE STATE OF TEXAS; AGREES TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY COURT LOCATED IN TARRANT COUNTY, TEXAS, REGARDING ANY DISPUTE WITH HOLDER OR ANY OF
HOLDER’S OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS, INCLUDING WITHOUT LIMITATION ANY MATTER RELATING TO OR ARISING UNDER THIS OR ANY OTHER EXISTING OR FUTURE AGREEMENT WITH HOLDER, PROVIDED THAT HOLDER MAY BRING SUIT IN ANY OTHER COURT HAVING
JURISDICTION; WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY SUCH ACTION OR PROCEEDING; WAIVES THE RIGHT TO TRANSFER THE VENUE OF ANY SUCH ACTION OR PROCEEDING; AND CONSENTS AND AGREES THAT SERVICE OF PROCESS IN
ANY ACTION OR PROCEEDING BROUGHT IN ACCORDANCE HEREWITH SHALL BE GOOD AND SUFFICIENT IF SENT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO MAKER AT MAKER’S ADDRESS AS PROVIDED HEREIN. THE PARTIES HEREBY WAIVE ANY AND ALL RIGHTS TO A
JURY TRIAL OF ANY CLAIM, CAUSE OF ACTION, COUNTERCLAIM, CROSS-CLAIM, DEFENSE OR OFFSET INVOLVING MAKER, HOLDER OR ANY OF HOLDER’S OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS, OR ANY PERSON CLAIMING ANY RIGHT OR INTEREST ACQUIRED FROM, THROUGH OR
UNDER ANY OF THEM; AND MAKER FURTHER HEREBY WAIVES ANY AND ALL SPECIAL, EXEMPLARY, PUNITIVE AND CONSEQUENTIAL DAMAGES IN ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT AND/OR THE ACTS OR OMISSIONS OF HOLDER OR ANY ASSIGNEE. 

 

			
	MAKER:
	
	U.S. Well Services, LLC
	By: U.S. Well Services, Inc.
		
	By:	 	/s/ Kyle O’Neill
		 	Name: Kyle O’Neill
		 	Title: President and Chief Executive Officer

  

	
	
	/s/ Spencer Daigle
	(Witness for all Makers)

  
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