Document:

Exhibit 10.1

 

Loan Agreement

 

This Agreement is entered into today, the 12th
day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its
office at 300 Tice Boulevard Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST
PART

 

And

 

Seema Rao, residing at 18, Gina Way,
Welcome Bay, Tauranga 3112, New Zealand hereinafter called “Lender” of the SECOND PART

 

WHEREAS the Borrower is desirous of availing
and the lender is willing to extend, a loan.

 

NOW THEREFORE, in consideration of the mutual
promises set forth below, the Borrower and the Lender agree as follows:

 

1. The Lender shall extend an interest free
loan of US$270,000 to the Borrower.

 

2. The Borrower shall repay the same within
6 months from the date of this Agreement or issue shares/warrants against the same.

 

3. The Borrower has the right to prepay the
loan to the Lender at any point in time without any prepayment fee.

 

4. In the event of a successful Offering, this
loan need not be repaid.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Loan Agreement.

 

	Bannix Acquisition Corp.	 	Seema Rao
	 	 	 	 
	Date: 	April 12, 2021	 	Date: 	April 12, 2021
	 	 	 	 
	Signature:	/s/	 	Signature:	/s/
	 	 	 	 
	Name:	Subash Menon	 	 
	 	 	 	 
	Designation:	 CEO	 	 

 

    	 

    	 

    

  

Promissory Note Agreement

 

This Agreement is entered into today, the 12th
day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its
office at 300 Tice Boulevard Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST
PART

 

And

 

Suresh Yezhuvath, residing at Flat No.
108, Al Nabooda B Block, Oud Mehta, Dubai hereinafter called “Lender” of the SECOND PART

 

WHEREAS the Borrower is desirous of availing
and the lender is willing to extend, a loan in the form of a promissory note.

 

NOW THEREFORE, in consideration of the mutual
promises set forth below, the Borrower and the Lender agree as follows:

 

	 	1.	The Lender shall extend an interest free loan of US$300,000 to the Borrower, in the form of a promissory note.

 

		2.	The Borrower is permitted to draw down against this note as per their
requirement and convenience.

 

		3.	In the event of a successful Proposed Public Offering (as defined
in the S-1 of the Borrower), the note will be repaid as follows:

 

	 	a.	Against the amount of $300,000; 30,000 Private Placement Units will be issued.

 

		4.	In the event of the Proposed Public Offering failing to materialize,
the note will not be repayable by the Borrower and the same will be considered as capital contribution without any additional securities
being issued.

 

		5.	This agreement amends the agreement dated 15th February,
2021.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Loan Agreement.

 

	Bannix Acquisition Corp.	 	Suresh Yezhuvath
	 	 	 	 
	Date: 	April 12, 2021	 	Date: 	April 12, 2021
	 	 	 	 
	Signature:	/s/	 	Signature:	/s/
	 	 	 	 
	Name:	Subash Menon	 	 
	 	 	 	 
	Designation:	 CEO	 	 

  

    	 

    	 

    

 

Revised Loan Agreement

 

This Agreement is entered into today, the 30 th
of August 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its
office at 300, Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST
PART

 

and

 

Suresh Yezhuvath, residing at Flat No.
108, Al Naboodah Building, B Block, Oud Mehta, Dubai, UAE acting together and hereinafter called “Lender” of
the SECOND PART

 

WHEREAS the Borrower has previously entered into
a Loan Agreement with Lender.

 

WHEREAS, the parties wish to amend and restate
the terms of this Loan Agreement.

 

NOW THEREFORE, in consideration of the mutual promises
set forth below, the Borrower and the Lender agree as follows:

 

	 	1.	The Lender shall extend an unsecured, interest free loan of up to $1,030,000.

 

	 	2.	The
    Borrower is permitted to draw down up to $805,000 against this loan as per their requirement and convenience. The balance $225,000
    may be drawn down only in the event of over-allotment and the consummation of a Business Combination (as such term is defined
    in the Registration Statement on Form S-1, as amended (the “S-1”) filed by the Borrower with the Securities and Exchange
    Commission. 

 

	 	3.	In the event of a successful Proposed Public Offering (as defined in the S-1 of the Borrower), the loan will be repaid/forfeited as follows:

 

	 	a.	Against the first $730,000 of loan, 175,000 Private Placement Units will be issued.

 

	 	b.	Against
    the next $75,000 of loan, 20,000 Private Placement Units will be issued if the over-allotment is exercised in full. If the
    underwriter for the Proposed Public Offering does not exercise its over-allotment option, this amount will be forgiven, not repaid
    and no securities will be issued against it. If the over-allotment option is partially exercised by the underwriter, the number of
    Private Placement Units to be issued will be equal to the whole number (rounded up) equal to 20,000 multiplied by a fraction, the
    numerator of which is the actual number of shares purchased by the underwriter in the over-allotment option and the denominator is
    750,000. This lesser number of Private Placement Units will still be in full satisfaction of the $75,000 owed. 

 

	 	c.	The
    balance of $225,000 of loan will be forgiven and not repaid. 

 

	 	4.	In
    the event of the Proposed Public Offering failing to materialize, the loan will not be repayable by the Borrower and the same will
    be considered as a capital contribution without any additional securities being issued.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Loan Agreement.

 

For Bannix Acquisition Corp.

 

Date: August 30 , 2021

 

 

 

Signature: 

 

Name:   Subash Menon

 

Designation: Chief Executive Officer

 

 

 

Signature: 

 

Name:   Suresh Yezhuvath

 

Date: August 30 , 2021Exhibit 10.1

 

GREENLANE HOLDINGS, INC. 

2019 EQUITY INCENTIVE PLAN, as amended August
26, 2021 

 

1. Purpose.

 

The Plan’s purpose is to enhance the Company’s
ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing
these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Section 11.

 

2. Eligibility.

 

Service Providers are eligible to be granted Awards
under the Plan, subject to the limitations described herein.

 

3. Administration and Delegation.

 

(a) Administration. The Plan is administered
by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant Awards and set Award
terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions
and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal Plan administrative
rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile
inconsistencies in the Plan or any Award or Award Agreement as it deems necessary or appropriate to administer the Plan and any Awards.
The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding on all persons having
or claiming any interest in the Plan or any Award. The Administrator’s determinations under the Plan need not be uniform and may
be made selectively among Participants, whether or not such Participants are similarly situated.

 

(b) Appointment of Committees; Delegation of
Powers. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more Committees.
The Board may also delegate to an executive officer of the Company the authority to grant Awards to Service Providers that are not subject
to Section 16 of the Exchange Act. The Board may rescind any such delegation at any time or re-vest in itself any previously delegated
authority at any time.

 

4. Stock Available for Awards.

 

(a) Number of Shares. Subject to adjustment
under Section 8 and the terms of this Section 4, Awards may be made under the Plan covering up to the Overall Share Limit. Shares issued
under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.

 

(b) Share Recycling. If all or any part
of an Award expires, lapses or is terminated, exchanged for cash, surrendered, repurchased, canceled without having been fully exercised
or forfeited, in any case, in a manner that results in the Company acquiring Shares covered by the Award for less than Fair Market Value
or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available
for Award grants under the Plan. In addition, Shares tendered by the Participant or withheld by the Company in payment of the exercise
price of an Option or to satisfy any tax withholding obligation with respect to an Award will, as applicable, become or again be available
for Award grants under the Plan.

 

(c) Incentive Stock Option Limitations.
Notwithstanding anything to the contrary herein, no more than 5,000,000 Shares may be issued pursuant to the exercise of Incentive Stock
Options, and no Shares may again be optioned, granted or awarded if it would cause an Incentive Stock Option not to qualify as an Incentive
Stock Option.

 

(d) Substitute Awards. In connection
with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or
stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before such
merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems
appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit,
except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that
may be issued pursuant to the exercise of Incentive Stock Options under the Plan.

 

     

     

    

 

5. Stock Options and Stock Appreciation
Rights.

 

(a) General. The Administrator may grant
Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan, including Section 5(f) with respect
to Incentive Stock Options. The Administrator will determine the number of Shares covered by each Option and Stock Appreciation Right,
the exercise price of each Option and Stock Appreciation Right and the conditions and limitations applicable to the exercise of each Option
and Stock Appreciation Right. A Stock Appreciation Right shall entitle the Participant (or other person entitled to exercise the Stock
Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then exercisable
pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the
exercise price per share of the Stock Appreciation Right from the Fair Market Value on the date of exercise of the Stock Appreciation
Right by the number of Shares with respect to which the Stock Appreciation Right shall have been exercised, subject to any limitations
of the Plan or as the Administrator may impose.

 

(b) Exercise Price. The Administrator will
establish each Option’s and Stock Appreciation Right’s exercise price and specify the exercise price in the Award Agreement.
The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option or Stock Appreciation Right.

 

(c) Duration of Options. Each Option or
Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that the term of an Option
or Stock Appreciation Right will not exceed ten years.

 

(d) Exercise; Notification of Disposition.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator
approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with,
as applicable, payment in full (i) as specified in Section 5(e) for the number of Shares for which the Award is exercised and (ii) as
specified in Section 9(e) for any applicable withholding taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation
Right may not be exercised for a fraction of a Share.

 

(e) Payment Upon Exercise. The exercise
price of an Option must be paid in cash or by check payable to the order of the Company or, subject to Section 10(h), any Company insider
trading policy (including blackout periods) and Applicable Laws, by:

 

(i) if there is a public market for Shares at
the time of exercise, unless the Administrator otherwise determines, (A) delivery (including telephonically to the extent permitted by
the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company
sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company of a copy of irrevocable and unconditional
instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price;

 

(ii) delivery (either by actual delivery or attestation)
of Shares owned by the Participant valued at their Fair Market Value, provided (A) such payment method is then permitted under Applicable
Laws, (B) such Shares, if acquired directly from the Company, were owned by the Participant for a minimum time period that the Company
may establish and (C) such Shares are not subject to repurchase, forfeiture, unfulfilled vesting or other similar requirements; or

 

(iii) any other mechanism that the Administrator,
in its sole discretion, determines to be appropriate for a Participant, which the Administrator can determine on a case by case basis
and any such determination with respect to one Participant shall not bind the Administrator with respect to any other Participant.

 

(f) Additional Terms of Incentive Stock
Options. The Administrator may grant Options intended to qualify as Incentive Stock Options only to employees of the Company,
any of its present or future “parent corporations” or “subsidiary corporations” as defined in Sections
424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock
Options under the Code. No person qualifying as a Greater Than 10% Stockholder may be granted an Incentive Stock Option, unless such
Incentive Stock Option conforms to Section 422 of the Code. If an Incentive Stock Option is granted to a Greater Than 10%
Stockholder, the exercise price will not be less than 110% of the Fair Market Value on the Option’s grant date, and the term
of the Option will not exceed five years. The Administrator may modify an Incentive Stock Option with the holder’s consent to
disqualify such Option as an Incentive Stock Option. All Options intended to qualify as Incentive Stock Options will be subject to
and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees to give
prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares
acquired from the Option made within (i) two years from the grant date of the Option or (ii) one year after the transfer of such
Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in
cash, other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company
nor the Administrator will be liable to a Participant, or any other party, (i) if an Option (or any part thereof) intended to
qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (ii) for the Administrator’s actions or
omissions that cause an Option not to qualify as an Incentive Stock Option, including the conversion of an Incentive Stock Option to
a Non-Qualified Stock Option or the grant of an Option intended as an Incentive Stock Option that fails to qualify as an Incentive
Stock Option. Any Option that is intended to qualify as an Incentive Stock Option, but fails to qualify for any reason, including
the portion of any Option becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation
under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

     

     

    

 

6. Restricted Stock; Restricted Stock Units.

 

(a) General. The Administrator may grant
Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the Company’s right to repurchase
all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such
shares if issued at no cost) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the
applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to
Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during applicable restriction period
or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the terms and conditions
for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained in the Plan.

 

(b) Restricted Stock.

 

(i) Dividends. Participants holding shares
of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such shares, unless the Administrator provides
otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends or distributions are paid
in Shares, or consist of a dividend or distribution to holders of Common Stock of property other than an ordinary cash dividend, the Shares
or other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with
respect to which they were paid. All such dividend payments will be made no later than March 15 of the calendar year following the calendar
year in which the right to the dividend payment becomes nonforfeitable.

 

(ii) Stock Certificates. The Company may
require that the Participant deposit in escrow with the Company (or its designee) any stock certificates issued in respect of shares of
Restricted Stock, together with a stock power endorsed in blank.

 

(c) Restricted Stock Units.

 

(i) Settlement. When a Restricted Stock
Unit vests, the Participant will be entitled to receive from the Company one Share, an amount of cash or other property equal to the Fair
Market Value of one Share on the settlement date or a combination of both, as the Administrator determines and as provided in the Award
Agreement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable
after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner
intended to comply with Section 409A.

 

(ii) Stockholder Rights. A Participant
will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until the Shares are delivered
in settlement of the Restricted Stock Unit.

 

     

     

    

 

7. Other Stock or Cash Based Awards; Dividend
Equivalents. 

 

(a) Other Stock or Cash Based Awards. Other
Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in
the future and including annual or other period or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise),
in each case subject to the conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a
payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is
otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other property, as the Administrator determines. Subject
to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based Award, including
any purchase price, performance goal (which may be based on the Performance Criteria), transfer restrictions, and vesting conditions,
which will be set forth in the applicable Award Agreement.

 

(b) Dividend Equivalents. If the Administrator
provides, a grant of Restricted Stock Units or an Other Stock Award may provide a Participant with the right to receive Dividend Equivalents,
and no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights. Dividend Equivalents may be paid currently
or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on transferability and forfeitability
as the Award with respect to which the Dividend Equivalents are paid and subject to other terms and conditions as set forth in the Award
Agreement. All such Dividend Equivalent payments will be made no later than March 15 of the calendar year following the calendar year
in which the right to the Dividend Equivalent payment becomes nonforfeitable, unless determined otherwise by the Administrator.

8. Adjustments for Changes in Common Stock
and Certain Other Events.

(a) In connection with any Equity Restructuring,
notwithstanding anything to the contrary in this Section 8, the Administrator will equitably adjust each outstanding Award as it deems
appropriate to effect the Equity Restructuring, which may include adjusting the number and type of securities subject to each outstanding
Award and/or the Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment
to Participants. The adjustments provided under this Section 8(a) will be nondiscretionary and final and binding on the affected Participant
and the Company; provided that the Administrator will determine whether an adjustment is equitable.

 

(b) In the event that the Administrator determines
that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), reorganization, merger,
consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of
all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, issuance
of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event,
as determined by the Administrator, affects the Common Stock such that an adjustment is determined by the Administrator to be appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the
Plan or with respect to any Award, then the Administrator may, in such manner as it may deem equitable, adjust any or all of:

 

(i) the number and kind of Shares (or other securities
or property) with respect to which Awards may be granted or awarded (including, but not limited to, adjustments of the limitations in
Section 4 hereof on the maximum number and kind of shares which may be issued and specifically including for the avoidance of doubt adjustments
to the Incentive Stock Option limitation set forth in Section 4(c));

 

(ii) the number and kind of Shares (or other securities
or property) subject to outstanding Awards;

 

(iii) the grant or exercise price with respect
to any Award; and

 

(iv) the terms and conditions of any Awards (including,
without limitation, any applicable financial or other performance “targets” specified in an Award Agreement).

 

(c) In the event of any transaction or event
described in Section 8(b) hereof (including without limitation any Change in Control) or any unusual or nonrecurring transaction or
event affecting the Company or the financial statements of the Company, or any change in any Applicable Laws or accounting
principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action
taken prior to the occurrence of such transaction or event, is hereby authorized to take such actions as it deems appropriate,
including, but not limited to, any one or more of the following actions:

 

     

     

    

 

(i) To provide for the cancellation of any such
Award in exchange for either an amount of cash or other property with a value equal to the amount that could have been obtained upon the
exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of
such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion
of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero, then the vested portion of
such Award may be terminated without payment;

 

(ii) To provide that such Award shall vest and,
to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the
provisions of such Award;

 

(iii) To provide that such Award be assumed by
the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the stock of
the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares
and applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(iv) To make adjustments in the number and type
of Shares (or other securities or property) subject to outstanding Awards, and/or in the terms and conditions of (including the grant
or exercise price), and the criteria included in, outstanding Awards;

 

(v) To replace such Award with other rights or
property selected by the Administrator; and/or

 

(vi) To provide that the Award will terminate
and cannot vest, be exercised or become payable after the applicable event.

 

(d) In the event of any pending stock dividend,
stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company
assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the share price of Common Stock, including
any Equity Restructuring or any securities offering or other similar transaction, for administrative convenience, the Administrator may
refuse to permit the exercise of any Award for up to 60 days before or after such transaction.

(e) Except as expressly provided in the Plan or
the Administrator’s action under the Plan, no Participant will have any rights due to any subdivision or consolidation of Shares
of any class, dividend payment, increase or decrease in the number of Shares of any class or dissolution, liquidation, merger, or consolidation
of the Company or other corporation. Except as expressly provided with respect to an Equity Restructuring under Section 8(a) above or
the Administrator’s action under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares
of any class, will affect, and no adjustment will be made regarding, the number of Shares subject to an Award or the Award’s grant
or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any
way the Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the
Company’s capital structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of
Company assets or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities
convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under
this Section 8.

 

(f) No action shall be taken under this Section
8 which shall cause an Award to fail to comply with Section 409A of the Code or the Treasury Regulations thereunder, to the extent applicable
to such Award.

 

9. General Provisions Applicable to Awards.

 

(a) Transferability. Except as the
Administrator may determine or provide in an Award Agreement or otherwise, in accordance with Applicable Laws (and subject to the
applicable requirements for Shares underlying Awards to be registered on Form S-8 under the Securities Act), Awards may not be sold,
assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of
descent and distribution, or, subject to the Administrator’s consent, pursuant to a DRO, and, during the life of the
Participant, will be exercisable only by the Participant. Any permitted transfer of an Award hereunder shall be without
consideration, except as required by Applicable Law. References to a Participant, to the extent relevant in the context, will
include references to a Participant’s authorized transferee that the Administrator specifically approves under Applicable
Laws.

 

     

     

    

 

(b) Documentation. Each Award will be evidenced
in an Award Agreement, as the Administrator determines. Each Award may contain terms and conditions in addition to those set forth in
the Plan.

 

(c) Discretion. Except as the Plan otherwise
provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award to a Participant need
not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.

 

(d) Termination of Status. The Administrator
will determine how the disability, death, retirement, authorized leave of absence or any other change or purported change in a Participant’s
Service Provider status affects an Award and the extent to which, and the period during which, the Participant, the Participant’s
legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable.

 

(e) Withholding. Each Participant must
pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by law to be withheld in connection
with such Participant’s Awards by the date of the event creating the tax liability. In satisfaction of the foregoing requirement
or in satisfaction of any additional tax withholding, the Company may satisfy, or may allow a Participant to satisfy, such obligations
by any payment means described in Section 5(e) hereof, including, without limitation, by withholding, or allowing such Participant to
elect to have the Company or an affiliate withhold, Shares otherwise issuable under an Award (or allow the surrender of Shares). The number
of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a fair market value on the date
of withholding or repurchase no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding
rates in the applicable jurisdiction, in accordance with Company policies and at the discretion of the Administrator. The Administrator
shall determine the fair market value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations
due in connection with a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of Shares to pay the
Option or Stock Appreciation Right exercise price or any tax withholding obligation.

 

(f) Amendment of Award. The Administrator
may amend, modify or terminate any outstanding Award, including by substituting another Award of the same or a different type, changing
the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified Stock Option. The Participant’s consent
to such action will be required unless (i) the Administrator determines that the action, taking into account any related action, would
not materially and adversely affect the Participant, or (ii) the change is permitted under Section 8 or pursuant to 10(f).

 

(g) Conditions on Delivery of Stock. The
Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan
until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as determined by the Company, all other
legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws and stock
exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations
or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain
authority from any regulatory body having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale
of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority
has not been obtained.

 

(h) Acceleration. The Administrator may
at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some or all restrictions
or conditions, or otherwise fully or partially realizable.

 

(i) Repricing. Subject to Section 8,
the Administrator shall have the authority, without the approval of the stockholders of the Company, to (i) authorize the amendment
of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (ii) cancel any Option or Stock Appreciation
Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds the Fair Market
Value of the underlying Shares. In addition, subject to Section 8, the Administrator shall have the authority, without the approval
of the stockholders of the Company, to amend any outstanding Award to increase the price per share or to cancel and replace an Award
with the grant of an Award having a price per share that is greater than or equal to the price per share of the original Award.

 

     

     

    

 

(j) Cash Settlement. Without limiting the
generality of any other provision of the Plan, the Administrator may provide, in an Award Agreement or subsequent to the grant of an Award,
in its discretion, that any Award may be settled in cash, Shares or a combination thereof.

 

10. Miscellaneous. 

 

(a) No Right to Employment or Other Status.
No person will have any claim or right to be granted an Award, and the grant of an Award will not be construed as giving a Participant
the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to
dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except
as expressly provided in an Award Agreement.

 

(b) No Rights as Stockholder; Certificates.
Subject to the Award Agreement, no Participant or Designated Beneficiary will have any rights as a stockholder with respect to any Shares
to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding any other provision of the Plan, unless
the Administrator otherwise determines or Applicable Laws require, the Company will not be required to deliver to any Participant certificates
evidencing Shares issued in connection with any Award and instead such Shares may be recorded in the books of the Company (or, as applicable,
its transfer agent or stock plan administrator). The Company may place legends on stock certificates issued under the Plan that the Administrator
deems necessary or appropriate to comply with Applicable Laws.

 

(c) Effective Date and Term of Plan. The
Plan will become effective on the date it is adopted by the Board. No Awards may be granted under the Plan after ten years from the earlier
of (i) the date the Board adopted the Plan or (ii) the date the Company’s stockholders approved the Plan, but Awards previously
granted may extend beyond that date in accordance with the Plan. If the Plan is not approved by the Company’s stockholders in accordance
with Section 422 of the Code, the Plan and any Awards granted under the Plan shall be null and void and of no force and effect.

 

(d) Amendment of Plan. The Administrator
may amend, suspend or terminate the Plan at any time; provided that no amendment, other than an increase to the Overall Share Limit may
materially and adversely affect any Award outstanding at the time of such amendment without the affected Participant’s consent.
Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement,
as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

(e) Provisions for Foreign Participants.
The Administrator may modify Awards granted to Participants who are foreign nationals or employed outside the United States or establish
subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such foreign jurisdictions with
respect to tax, securities, currency, employee benefit or other matters.

 

(f) Section 409A.

 

(i) General. The Company intends that
all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax consequences, interest, or
penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the Administrator
may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions
(including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended tax
treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply with
Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after an
Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under Section 409A
or otherwise. The Company will have no obligation under this Section 10(f) or otherwise to avoid the taxes, penalties or interest
under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award,
compensation or other benefits under the Plan are determined to constitute noncompliant, “nonqualified deferred
compensation” subject to taxes, penalties or interest under Section 409A.

 

     

     

    

 

(ii) Separation from Service. If an Award
constitutes “nonqualified deferred compensation” under Section 409A, any payment or settlement of such Award upon a termination
of a Participant’s Service Provider relationship will, to the extent necessary to avoid taxes under Section 409A, be made only upon
the Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from
service” occurs upon or after the termination of the Participant’s Service Provider relationship. For purposes of this Plan
or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment”
or like terms means a “separation from service.”

 

(iii) Payments to Specified Employees.
Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation”
required to be made under an Award to a “specified employee” (as defined under Section 409A and as the Administrator determines)
due to his or her “separation from service” will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of
the Code, be delayed for the six-month period immediately following such “separation from service” (or, if earlier, until
the specified employee’s death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following
such six-month period or as soon as administratively practicable thereafter (without interest). Any payments of “nonqualified deferred
compensation” under such Award payable more than six months following the Participant’s “separation from service”
will be paid at the time or times the payments are otherwise scheduled to be made.

 

(iv) Separate Payments. Each payment made
under this Plan shall be designated as a “separate payment” within the meaning of Section 409A.

 

(g) Limitations on Liability. Notwithstanding
any other provisions of the Plan, no individual acting as a director, officer, other employee or agent of the Company will be liable to
any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection
with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other
instrument executed in his or her capacity as an Administrator, director, officer, other employee or agent of the Company. The Company
will indemnify and hold harmless each director, officer, other employee and agent of the Company that has been or will be granted or delegated
any duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including attorneys’
fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission
concerning this Plan unless arising from such person’s own fraud or bad faith.

 

(h) Lock-Up Period. The Company may, at
the request of any underwriter representative or otherwise, in connection with registering the offering of any Company securities under
the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company
securities during a period of up to 180 days following the effective date of a Company registration statement filed under the Securities
Act, or such longer period as determined by the underwriter.

 

(i) Data Privacy. As a condition for
receiving any Award, each Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or
other form, of personal data as described in this paragraph by and among the Company and its Affiliates exclusively for
implementing, administering and managing the Participant’s participation in the Plan. The Company and its Affiliates may hold
certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate;
social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company
or its Affiliates; and Award details, to implement, manage and administer the Plan and Awards (the
 “Data”). The Company and its Affiliates may transfer the Data amongst themselves as necessary to
implement, administer and manage a Participant’s participation in the Plan, and the Company and its Affiliates may transfer
the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be
located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws
and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the
Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement,
administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the
Company holds regarding such Participant, request additional information about the storage and processing of the Data regarding such
Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this
Section 10(i) in writing, without cost, by contacting the local human resources representative. The Company may cancel
Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant may forfeit any
outstanding Awards if the Participant refuses or withdraws the consents in this Section 10(i). For more information on the
consequences of refusing or withdrawing consent, Participants may contact their local human resources representative.

 

     

     

    

 

(j) Severability. If any portion of the
Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining
parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal
or invalid action will be null and void.

 

(k) Governing Documents. If any contradiction
occurs between the Plan and any Award Agreement or other written agreement between a Participant and the Company (or any Affiliate) that
the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement or other written document
that a specific provision of the Plan will not apply.

 

(l) Governing Law. The Plan and all Awards
will be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding any state’s choice-of-law
principles requiring the application of a jurisdiction’s laws other than the State of Delaware.

 

(m) Claw-back Provisions. All Awards (including
any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or exercise of any Award
or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy implemented to the comply
with Applicable Laws, including any claw-back policy adopted to comply with the Dodd-Frank Wall Street Reform and Consumer Protection
Act and any rules or regulations promulgated thereunder, as set forth in such claw-back policy or the Award Agreement.

 

(n) Titles and Headings. The titles and
headings of the Sections in the Plan are for convenience of reference only and, if any conflict, the Plan’s text, rather than such
titles or headings, will control.

 

(o) Conformity to Securities Laws. Participant
acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the
contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws permit,
the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws.

 

(p) Relationship to Other Benefits. No
payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing,
group insurance, welfare or other benefit plan of the Company or any Affiliate except as expressly provided in writing in such other plan
or an agreement thereunder.

 

(q) Grant of Awards to Certain Eligible Service
Providers. The Company may provide through the establishment of a formal written policy (which shall be deemed a part of this Plan)
or otherwise for the method by which Common Stock or other securities of the Company may be issued and by which such Common Stock or other
securities and/or payment therefor may be exchanged or contributed, or may be returned upon any forfeiture of Common Stock or other securities
by the eligible Service Provider.

 

(r) Section 83(b) Election. No Participant
may make an election under Section 83(b) of the Code with respect to any Award under the Plan without the consent of the Administrator,
which the Administrator may grant (prospectively or retroactively) or withhold in its sole discretion. If, with the consent of the Administrator,
a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer
of the Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a)
of the Code, the Participant shall be required to deliver a copy of such election to the Company promptly after filing such election with
the Internal Revenue Service.

 

     

     

    

 

11. Definitions. As used
in the Plan, the following words and phrases will have the following meanings:

 

(a) “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee.

 

(b) “Affiliate” means
(a) Greenlane Holdings, LLC, and (b) any Subsidiary.

 

(c) “Applicable Accounting Standards”
means the U.S. Generally Accepted Accounting Principles, International Financial Reporting Standards or other accounting principles or
standards applicable to the Company’s financial statements under U.S. federal securities laws.

 

(d) “Applicable Laws”
means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other
applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Common Stock is listed
or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted.

 

(e) “Award” means, individually
or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units or Other Stock
or Cash Based Awards.

 

(f) “Award Agreement”
means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions as the Administrator determines,
consistent with and subject to the terms and conditions of the Plan.

 

(g) “Board” means the
Board of Directors of the Company.

 

(h) “Change in Control”
means and includes each of the following:

 

(i) A transaction or series of transactions (other
than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission)
whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and
14(d)(2) of the Exchange Act) (other than the Company, any of its subsidiaries, any employee benefit plan maintained by the Company or
any of its subsidiaries, any Significant Stockholder, or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power
of the Company’s securities outstanding immediately after such acquisition; or

 

(ii) During any period of two consecutive years,
individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated
by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 11(h)(i) or 11(h)(iii))
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the Directors then still in office who either were Directors at the beginning of the two-year period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof; or

 

(iii) The consummation by the Company (whether
directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in
any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other
than a transaction: (A) which results in the Company’s voting securities outstanding immediately before the transaction continuing
to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result
of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and (B) after which no person or group beneficially owns voting securities representing 50% or more
of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this
Section 11(h)(iii)(B) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the
voting power held in the Company prior to the consummation of the transaction; or

 

     

     

    

 

(iv) The consummation of a liquidation or dissolution
of the Company.

 

Notwithstanding the foregoing, if a Change in
Control constitutes a payment event with respect to any portion of an Award that provides for the deferral of compensation and is subject
to Section 409A of the Code, the transaction or event described in subsection (i), (ii), (iii) or (iv) with respect to such Award (or
portion thereof) must also constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5)
to the extent required by Section 409A.

 

The Administrator shall have full and final authority,
which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above
definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise
of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined
in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

(i) “Code” means the
Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

(j) “Committee” means
one or more committees or subcommittees comprised of one or more Company directors or executive officers, to the extent Applicable Laws
permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be,
at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director”
within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within
the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

 

(k) “Common Stock” means
the Class A common stock of the Company.

 

(l) “Company” means
Greenlane Holdings, Inc., a Delaware corporation, or any successor.

 

(m) “Consultant” means
any person, including any adviser, engaged by the Company or its parent or Affiliate to render services to such entity if the consultant
or adviser: (i) renders bona fide services to the Company; (ii) renders services not in connection with the offer or sale of securities
in a capital-raising transaction and does not directly or indirectly promote or maintain a market for the Company’s securities;
and (iii) is a natural person.

 

(n) “Designated Beneficiary”
means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or
exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation,
 “Designated Beneficiary” will mean the Participant’s estate.

 

(o) “Director” means
a Board member.

 

(p) “Dividend Equivalents”
means a right granted to a Participant under Section 7(b) to receive the equivalent value (in cash or Shares) of dividends paid on Shares.

 

(q) “DRO” means a domestic
relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.

 

(r) “Employee” means
any employee of the Company or its Affiliates.

 

(s) “Equity Restructuring”
means, as the Administrator determines, a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend,
stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, affecting the Shares (or other Company securities)
or the share price of Common Stock (or other Company securities) and causing a change in the per share value of the Common Stock underlying
outstanding Awards.

 

(t) “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

     

     

    

 

(u) “Fair Market
Value” means, as of any date, the value of Common Stock determined as follows: (i) if the Common Stock is listed on
any established stock exchange, the closing sales price for such Common Stock as quoted on such exchange for such date, or if no
sale occurred on such date, the first market trading day immediately before such date during which a sale occurred, as reported in The
Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not traded on a stock
exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred
on such date, then on the date immediately before such date on which sales prices are reported, as reported in The Wall Street
Journal or another source the Administrator deems reliable; or (iii) without an established market for the Common Stock, the
Administrator will determine the Fair Market Value in its discretion. Notwithstanding the foregoing, with respect to any Award
granted after the effectiveness of the Company’s registration statement relating to its initial public offering and prior to
the Public Trading Date, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the
Company’s final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

 

(v) “Greater Than 10% Stockholder”
means an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of
all classes of stock of the Company or its subsidiary or parent corporation, as defined in Section 424(e) and (f) of the Code, respectively.

 

(w) “Incentive Stock Option”
means an Option intended to qualify as an “incentive stock option” as defined in Section 422 of the Code.

 

(x) “Non-Qualified Stock Option”
means an Option, or portion thereof, not intended or not qualifying as an Incentive Stock Option.

 

(y) “Option” means an
option to purchase Shares.

 

(z) “Other Stock or Cash Based Awards”
means cash awards, awards of Shares, and other awards valued wholly or partially by referring to, or are otherwise denominated in, based
on or linked to, Shares or other property.

 

(aa) “Overall Share Limit”
means 6,300,000 Shares.

 

(bb) “Participant” means
a Service Provider who has been granted an Award.

 

(cc) “Performance Criteria”
means mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals for a performance
period.

 

(dd) “Performance Goals”
shall mean, for a Performance Period, one or more goals established by the Administrator for the Performance Period based upon one or
more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, Performance Goals may be expressed
in terms of overall Company performance or the performance of an Affiliate, division, operating or business unit, or an individual.

 

(ee) “Performance Period”
shall mean one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Holder’s right to, and the payment
of, an Award.

 

(ff) “Plan” means this
2019 Equity Incentive Plan, as amended August 26, 2021.

 

(gg) “Public Trading Date”
shall mean the first date upon which Common Stock is listed upon notice of issuance on any securities exchange or designated upon notice
of issuance as a national market security on an interdealer quotation system.

 

(hh) “Restricted Stock”
means Shares awarded to a Participant under Section 6 subject to certain vesting conditions and other restrictions.

 

     

     

    

 

(ii) “Restricted Stock Unit”
means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration
determined by the Administrator to be of equal value as of such payment date, subject to certain vesting conditions and other restrictions.

 

(jj) “Rule 16b-3” means
Rule 16b-3 promulgated under the Exchange Act.

 

(kk) “Section 409A”
means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.

 

(ll) “Securities Act”
means the Securities Act of 1933, as amended.

 

(mm) “Service Provider”
means an Employee, Consultant or Director of the Company or any subsidiary of the Company.

 

(nn) “Shares” means
shares of Common Stock.

 

(oo) “Significant Stockholder”
shall mean any “person” or related “group” of “persons” (as such terms are used in Sections 13(d)
and 14(d)(2) of the Exchange Act) that, immediately following the issuance of Common Stock and Class B common stock to holders of equity
interests in Greenlane Holdings, LLC in connection with the Company’s initial public offering and prior to the Public Trading Date,
holds 10% or more of the total combined voting power of all classes of common stock of the Company (ignoring for purposes of such calculation
any Common Stock issued in connection with the Company’s initial public offering to persons or entities other than the holders of
equity interests in Greenlane Holdings, LLC).

 

(pp) “Stock Appreciation Right”
means a stock appreciation right granted under Section 5.

 

(qq) “Subsidiary” means
any entity (other than the Company or Greenlane Holdings, LLC), whether domestic or foreign, in an unbroken chain of entities beginning
with the Company or Greenlane Holdings, LLC if each of the entities other than the last entity in the unbroken chain beneficially owns,
at the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes
of securities or interests in one of the other entities in such chain.

 

(rr) “Termination of Service”
means the date the Participant ceases to be a Service Provider.

 

***

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