Document:

Exhibit 10.7 

 

CONTRACT
OF EMPLOYMENT

Between

 

NewCo

(“Employer”
or “Company” or “NewCo”)

 

and

 

Dr. Aslihan Akkar-Schenkl

(“Employee”)

 

§
1              Commencement of the Employment Relationship

 

The employment relationship begins effectively
as of October 1, 2021, subject to the condition precedent that NewCo is established and that the termination of any employment agreement
with the former employer is effective, and is made for an indefinite period of time. In the event that the condition precedent is not
met by October 1, 2021, the employment contract begins effectively as of the date of the occurrence of the conditions precedent. The Employee
and the Employer shall cooperate and work diligently to ensure the establishment of NewCo.

 

§
2              Place of Work

 

Place of work is Munich,- Germany.

 

§
3              Activities

 

3.1             
 

The Employee shall be employed as Managing Director,
Europe. The Employee’s business title will be President, Akanda Corp. A brief description of the Employees duties are set out in
Annexure 1 to this Agreement.

 

3.2             
 

Notwithstanding the above, the Employer is entitled,
if necessary, to assign other equivalent tasks to the Employee which correspond to her educational background and abilities. This reservation
also applies to a transfer to another work place. In each case of assignment or transfer, the interests of both parties must be taken
into consideration appropriately.

 

3.3             
 

The Employee acknowledges that it is a requirement
of the position that the Employee may be requested by the Employer to travel regularly to work with other members of the Employer’s
management team and advisors, including without limitation, travel to Toronto, Ontario, Maseru, Kingdom of Lesotho„ London, United
Kingdom, Johannesburg, South Africa and other locations where the Employer or its related companies may operate from time to time. When
undertaking business class travel on behalf of the Employer, the Employee may book business class travel for flights and first class rail
travel, where such class of travel is available.

 

    Page 1 of 13

     

    

 

§
4              Working Time

 

4.1             
 

The Employee’s regular weekly working time
without breaks currently amounts to 40 hours.

 

4.2             
 

The beginning and the end of the daily working
time and breaks shall be determined by the Employer.

 

4.3             
 

The Employee undertakes to work overtime as well
as on Sundays and public holidays to the extent permissible by law (currently regulated by the German Working Hours Act).

 

§
5              Remuneration

 

5.1             
 

As remuneration for her work, the Employee shall
receive an annual gross salary of

 

EUR 154,000.00

 

(in words: One Hundred Fifty Four Thousand Euros),

 

which shall be paid in 12 equal instalments of
EUR 12,833.33 gross each.

 

In addition, a fixed annual bonus of EUR 46,000.00
will be paid. The bonus payout takes place every twelve months in January of each year, with each 12 month measurement period commencing
on 1 January and ending on 31 December of each year. Should the Employee have completed less than 12 months of service prior to the first
12 month period ending 31 December, then the fixed annual bonus shall be pro-rated in accordance with the duration of service in that
12 month measurement period.

 

5.2             
 

Remuneration shall be due on the last calendar
day of each month and transferred in cash to a German account to be named by the Employee by no later than the 5th calendar day of the
following month.

 

5.3             
 

Salary claims shall neither be pledged nor assigned.
In case of attachment of salary, the company is entitled to deduct the specific processing fee.

 

5.4             
 

Other employees or third parties shall not be
given knowledge of the amount and composition of the remuneration by the Employee. However, the Employee acknowledges that the Employer’s
affiliated company is a listed issuer and details of her compensation, including any equity-based compensation provided in connection
with this Agreement or under any other arrangement with the Employer or its affiliated companies, will be required to be disclosed under
applicable securities laws.

 

    Page 2 of 13

     

    

 

5.5             
 

Until such time that NewCo is formed and properly
registered with German authorities in such a manner to facilitate the processing and payment of remuneration in accordance with applicable
regulations and tax requirements, the Employee shall prepare and submit a tax invoice; which shall include all basic remuneration due
to the Employee as well as any applicable statutory social security and retirement funding deductions, to the Employer (or it’s
designated nominee) by no later than the 25th of each month.

 

5.6             
 

For the duration of this contract, the Employer
shall grant the Employee a subsidy for health insurance in the amount of the employer’s contribution as it would have been if the
Employee had been obliged to take out health insurance, but not exceeding half of the amount which the Employee has to spend on her health
insurance.

 

§
6              Inability to attend work

 

6.1             
 

The Employer shall, without undue delay, be notified
of any inability of the Employee to attend work, indicating the reason and the anticipated duration. The same applies if the duration
of the inability to attend work is extended.

 

6.2             
 

Any incapacity for work due to sickness shall
be immediately, however, no later than by the beginning of work on the relevant working day, be reported to the superior, indicating the
reason and anticipated duration. In case that the incapacity for work exceeds three calendar days, the Employee shall furthermore submit
a medical certificate on the inability to work and its anticipated duration before the end of the third calendar day. These obligations
to notify and submit a certificate will also apply after the end of any continued payment of remuneration during illness.

 

6.3             
 

The Employer is entitled at any time to request
earlier submission of the medical certificate.

 

6.4             
 

If the incapacity for work exceeds the period
indicated in the certificate, notwithstanding the duration of incapacity for work and also after the period of sick pay, the Employee
shall immediately notify the Employer of the continued incapacity for work and submit a new medical certificate, or the payment slip from
the health insurance company.

 

6.5             
 

In the event of a temporary prevention of the
Employee’s activities clue to illness, incapacity or other circumstances for which she is not responsible, the Employee shall be
entitled to the difference between net remuneration and payments from his statutory and/or private health insurance for a period of three
months.

 

6.6             
 

The Employee subrogates herewith all claims for
compensation to the Employer in the amount of the abovementioned payments to which the Employee is entitled as a result of the third-party
event that caused the work inability.

 

    Page 3 of 13

     

    

 

6.7             
 

If the Employee dies during the term of the employment
contract, her dependants are jointly entitled to continued payment of her fixed salary for the month of death and the two following months.
The dependants shall agree among themselves what percentage of the Employee’s monthly salary they are entitled to. If the Employer
is not notified by all the dependants in agreement to whose attention the maximum of three months’ salary is to be paid for the
benefit of all the dependants, the Employer shall be entitled to deposit the payments with the depository of the competent local court
or to pay them into the escrow account of a lawyer or a notary public with discharging effect.

 

§
7              Insurances

 

7.1             
 

The Employee is entitled to take out a D&O
insurance policy for herself in Germany with a current insured sum of EUR 5.000.000,- (Five Million Euro) per claim and year. She will
pay the insurance premiums initially herself and then invoices them to the Employer. The Employer safeguards that the amount of the insured
sum is checked at regular intervals to ensure that it is appropriate. The D&O insurance also covers all claims against the Employee
after she has left the company, as long as these claims have not yet become time-barred. The insurance shall also cover or become part
of an insurance encompassing any activity of the Employee as a member of a governing body of affiliated companies outside of Germany.

 

7.2             
 

The Employer shall take out legal expenses insurance
for the Employee, which shall include at least criminal law protection, as well as legal protection against financial loss and legal protection
for the employment contract. The policyholder is the Employee. The insurance obligation ends when the Employee leaves the company.

 

7.3             
 

The Employer shall insure the Employee against
accidents within the usual scope, but at least in the amount of € 250,000.00 in case of disability and € 150,000.00 in case
of accidental death. The persons entitled to benefit from the insurance in the event of disability are the Employee, in the event of death
the persons named by her, in the absence of such a provision or if the named persons are deceased, the heirs of the Employee. Coverage
is provided for accidents of any kind, regardless of whether they are work-related or private. The insurance shall expire on the date
of termination of this contract.

 

§
8              Liability and Discharge of the Employee

 

8.1             
 

The Employee shall be liable to the Employer only
for compensation for such damage as is caused by gross negligence or willful misconduct. Article 43, section 3, sentence 3 GmbHG remains
unaffected.

 

    Page 4 of 13

     

    

 

8.2             
 

In the event of a breach of such duties which
are imposed on the Employee for the protection of the company’s creditors, the limitation of liability pursuant to subsection 1
shall cease to apply upon the opening of the company’s insolvency proceedings or their rejection for lack of assets.

 

8.3             
 

All claims of the Employer against the Employee
shall become statute-barred after two years, unless the breach of duty of the Employee consists in the fact that she participated in the
disbursement of tied capital of the GmbH to shareholders contrary to section 43, subsection 3 GmbHG. The limitation of liability due to
intent remains unaffected.

 

8.4             
 

Deviating from the distribution of the burden
of proof according to the case law of the Federal Court of Justice (BGH), the Employer bears the full burden of presentation and proof
for all preconditions for a claim, following general principles.

 

8.5             
 

The Employee has a claim against the Employer
for discharge. If the discharge is refused, the Employee shall be informed of the reasons for this refusal in writing by the general meeting.

 

§
9              Term and Termination

 

9.1             
 

The first 6 (six) months of the employment agreement
shall be agreed as probationary period, at most for the duration of this six months, the employment relationship may be terminated with
a notice period of 2 (two) weeks.

 

9.2             
 

After the probationary period, the employment
relationship may be terminated by either party with three months’ notice to the end of the quarter.

 

9.3             
 

The right to termination without notice for a
compelling reason shall remain unaffected (Sec. 626 BGB (German Civil Code)).

 

9.4             
 

Any notice of termination requires the written
form.

 

9.5             
 

The Employer may release the Employee from the
duty to work if there is a factual ground (including, without limitation, notice of termination by the Employee or the Employer, shortage
of orders, misconduct by the Employee, a risk of the Employee to join a competitor company). Remaining days of vacation are set off against
an irrevocably determined release period. After such set-off, the remuneration that remains to be payable to the Employee is subject to
deduction of what the Employee saves by not performing the employment hereunder or what the Employee acquires by using her services for
other purposes or what the Employee maliciously fails to acquire.

 

    Page 5 of 13

     

    

 

  

9.6             
 

The employment relationship shall end without
requiring notice of termination when the Employee reaches the regular retirement age for old-age pension. It terminates before that date
upon expiry of the month in which the Employee begins receiving a statutory pension provider determines that the Employee is entitled
to a pension based on complete inability to engage in gainful activities, then the employment terminates upon the expiry of the day prior
to the commencement of the pension payments. If the pension based on complete inability to engage in gainful activities will be accorded
only for a temporary period, the employment will suspend as of the expiry of the day preceding the commencement of the pension payments
until expiry of the day until which the temporary pension is authorized, but no later than until expiry of the day in which the employment
terminates.

 

§
10          Reimbursement of Travelling Costs

 

The Employer shall reimburse the Employee for
documented travel expenses that the Employee incurs in the context of performing her duties, at least up to the amount of the German tax
law guidelines as amended from time to time or in accordance with the internal guidelines and policies of the Employer, as amended by
the Employer from time to time.

 

§
11          Holiday

 

11.1         
 

The Employee is entitled to annual recreational
leave of 30 working days per calendar year based on 5 working days per calendar week (the statutory vacation entitlement comprises 20
days per calendar year, the additional voluntary vacation comprises 10 vacation days per calendar year). Employee taken vacation days
are primarily deducted from the statutory vacation days. Once all statutory vacation days have been taken, vacation days are deducted
from the voluntarily granted vacation days.

 

The vacation entitlement will be adapted accordingly
if the Employee regularly works more or less than five days per week.

 

11.2         
 

Vacation shall be taken in agreement with the
superior and, as far as possible, on consecutive days. The entire vacation must be taken in the current calendar year. Vacation can only
be carried forward to the next calendar year if justified by urgent operational reasons or personal reasons of the employee. Vacation
entitlements so carried forward shall expire if not taken within the first three months of the following year (carry-forward period).
If the Employee is unable to take the carried forward vacation during the carry-forward period due to incapacity for work due to sickness,
the vacation entitlements shall continue to exist, however, only up to the amount of the statutory vacation entitlement (including additional
vacation for severely disabled persons). In such case, the statutory vacation entitlement shall expire 15 months after the end of the
calendar year, in which the vacation entitlement arose, at the latest.

 

11.3         
 

The Employer always grants the statutory minimum
vacation first (and, if applicable, statutory additional vacation, such as under the laws regarding severely disabled persons). If the
employment relationship is terminated, any compensation for vacation shall only be paid up to the amount of the statutory minimum vacation.

 

    Page 6 of 13

     

    

 

§
12          Side-Line Employment

 

12.1         
 

The Employee may not take up any paid or unpaid
secondary activity unless the Employee prior notifies the secondary activity in text form. The Employer shall give its approval, if so
required, if and as far as the intended secondary activity is not in conflict with the timing of the Employee’s duties hereunder
and does not affect any other legitimate interests of the Employer. The Company shall be notified in text-form prior to the beginning
of any additional occupation.

 

12.2         
 

Any lectures and publications of the Employee,
insofar as they concern her scope of duties or the company’s general area of interests, require the management’s consent.

 

§
13          Confidentiality, Return of Property,

 

13.1         
 

The Employee agrees to keep confidential all trade
and business secrets (“Secrets”). Furthermore, the Employee agrees to keep confidential all business matters that a superior
has designated as confidential or that are obviously of a confidential nature (“Confidential Matters”).

 

13.2         
 

The duty of confidentiality also applies to employees
of the Employer as far as they are not entitled to learn about the Secret or Confidential Matters by reason of their position.

 

13.3         
 

The duty of confidentiality also applies to Secrets
and Confidential Matters of other companies of the group. The same applies to Secrets and Confidential Matters of companies that are economically
or organizationally associated with the Employer.

 

13.4         
 

The Employee’s duty of confidentiality survives
the termination of this Employment Agreement. As far as the post-contractual duty of confidentiality hinders the occupational advancement
of the Employee inadequately, she is entitled to be released from this duty by the Employer.

 

13.5         
 

The betrayal of trade and business secrets is
a criminal offence and can be punished with imprisonment of up to three years or by payment of a fine. Furthermore, the infringement of
the duty to confidentiality can justify the termination of the employment and / or claims for damages of the Employer.

 

13.6         
 

Any kind of business items and business records,
including personal notes and (electronically) copies respectively concerning business affairs and activities must only be used for business
purposes. There are to be carefully retained and handed over at any time to the Employer at its request and upon the termination of the
employment in the absence of such request. The Employee has no rights of retention.

 

    Page 7 of 13

     

    

 

§
14          Inventions Assignment

 

14.1         
 

The Employee transfers to the Employer the exclusive,
perpetual, worldwide and unlimited right of use and exploitation of all results produced by the Employee during the term of this Employment
Agreement whether on or off duty as long as such results are associated with the Employee’s contractual duties and capable of being
protected by intellectual property law, design patent law, utility patent law, trademark law or other law.

 

14.2         
 

The Employee’s transfer of rights under
section 12.1 above includes, without limitation, permission of adaptation and licensing.

 

14.3         
 

The Employee waives all other rights arising to
the Employee as creator of or other holder of proprietary rights to work results, in particular the right of having the Employee named
as the author of a work result, the right of adaptation and the right of making a work accessible to the public.

 

14.4         
 

The Employee’s grant and waiver of rights
under this section 12.1 is fully settled by the remuneration payable in accordance with this employment agreement.

 

14.5         
 

The German Employee Inventions Act and Section
69b German Copyright Act remain unaffected.

 

§
15          Collecting, Processing and Use of Personal Data

 

15.1         
 

The Employer is authorized to collect process
and use her personal data of the Employee for the purpose of establishing, implementing and terminating the employment relationship.

 

15.2         
 

The Employer is authorized to the transfer the
Employee’s personal data by the Employer to third parties, for purposes in the framework of this employment relationship and in
accordance with applicable laws.

 

15.3         
 

Other statutory rights of the Employer for the
collecting, processing and use of personal data shall remain unaffected.

 

§
16          IT Clause, Forbidden private use of Internet

 

16.1         
 

The parties undertake to strictly adhere to the
provisions of the copyright law.

 

    Page 8 of 13

     

    

 

16.2         
 

The Employer informs the Employee of the following:

 

To comply with the requirements under data protection
law it is necessary that the connection data to the internet be recorded and controlled. This also extends to the private use of the internet
connection, i.e. also to privately received e-mails.

 

In this context, it is explicitly pointed out
to the Employee that, for the purpose of data protection and security, spam filters and virus scanners are or may be used.

 

It can therefore not be ruled out that such filter
mechanisms sort out e-mails (also of a private nature) even though they neither classify as spam nor contain viruses. The Employee also
gives its consent hereto.

 

This is expressly not an authorization to use
the internet and business email account privately; private use is forbidden.

 

§
17          Non-Competition, Non-Solicitation

 

17.1         
 

During the term of this Employment Agreement,
the Employee is prohibited from working on a self-employed or employed basis or otherwise for any business that is in direct or indirect
competition with the Employer. Likewise, during the term of this Employment Agreement, the Employee is prohibited from forming, acquiring
or directly or indirectly participating in such companies. The Employee may hold any shares or other securities of any competitor that
is listed on any securities exchange or recognized securities market anywhere to the extent that she does not hold more than 1 of the
share capital.

 

17.2         

During the term of her employment relationship
and following the end of this employment relationship, the Employee may not, whether in person or through others, whether directly or
indirectly, — for the benefit of another employer — poach staff from the Employer. She may also not cause any staff of the
Employer to terminate their employment contracts with the Employer.

 

§
18          Forfeiture of Claims

 

18.1         
 

Forfeiture clauses are not applicable to claims
based on the Minimum Wage Act. The respective statutory limitations periods will apply instead.

 

Accordingly, forfeiture clauses do not apply to
liability caused by premeditation or gross negligence. The before said applies accordingly to all claims which cannot be subject to forfeiture
clauses.

 

18.2         
 

All other claims that result from or in connection
with the Agreement should be claimed in text form by the contractors within 3 months after the claim has emerged and the claimant has
known about the claim circumstances or should have known about them without gross negligence. Otherwise, the claim will expire.

 

    Page 9 of 13

     

    

 

§
19          Certificate of good conduct

 

The Employee is obliged to present to the Employer
a current certificate of good conduct (not older than 3 months) no later than at the beginning of the contractual commencement date.

 

§
20          Policy

 

The Employee is obliged to act in compliance with
all policies of the Employer and / or of the affiliated entities with the Employer and / or of the mother company of the Employer that
may be applicable to her employment agreement.

 

§
21          Miscellaneous

 

21.1         
 

Amendments and/or supplements to this Agreement
as well as collateral agreements require the written form in order to be effective. This shall also apply to the cancellation of this
written form requirement. This shall not apply to amendments due to verbal individual agreements.

 

21.2         
 

If individual current or future provisions of
this Agreement are or become ineffective, entirely or in part, the remaining provisions shall remain unaffected. In such case, the parties
shall replace the ineffective provision with a new provision that comes as close as possible to the economic intent of the ineffective
provision.

 

21.3         
 

If any claims are commenced by third parties against
the Employee arising out of non-compete or other agreements that would preclude him from carrying out her obligations under this Agreement,
the Employee shall be solely liable to such third parties, and shall pay her own costs and expenses in relation to such claims, provided
that the Employee shall have no liability to the Employer for damages or other losses resulting from such claims by third parties.

 

21.4         
 

This Agreement is made in English language only
and the Employee expressly acknowledges and confirms it understand all provisions.

 

21.5         
 

This Agreement shall be governed by the laws of
the Federal Republic of Germany. Any disputes under or in connection with this Agreement (including those regarding it validity) shall
be exclusively settled in the labour courts. The labour court in Munich shall have first instance jurisdiction.

 

    Page 10 of 13

     

    

 

 

 

 

	SIGNATURES  	 
	 	 
	September 28, 2021, Johannesburg	 
	Date, Place  	 
	 	 
	NewCo	 
	Employer  	 
	 	 
	September 23, 2021, Munich	 
	Date, Place  	 
	 	 
	/s/ Aslihan Akkar-Schenkl	 
	Employee / Dr. Aslihan Akkar-Schenkl  	 

 

    Page 11 of 13

     

    

 

Annexure 1

 

	JOB OVERVIEW
	COMPANY	NewCo TBD
	JOB TITLE	President, Akanda Corp.
	GENERAL 

DESCRIPTION	
    The Employee shall serve as, and the hold the title of, President:
    Akanda Corp.

     

    The position of President: Akanda Corp. is a senior executive position
    and the Employee shall fulfil a variety of duties commensurate with that role, and as shall be determined by the Chief Executive Officer
    from time-to-time.

     

	JOB LOCATION	Munich, Germany
	EMPLOYEE	Dr. Aslihan Akkar-Schenkl
	REPORTS TO	The Group Chief Executive Officer - Tejinder Virk
	EMPLOYMENT TYPE	Full time
	RESPONSIBILITIES	
    ●             Ensuring that Lesotho medical
    cannabis products are compliant and EU GMP quality standards (or equivalent depending on jurisdiction), either through direct company
    efforts or via third party processing, for commercial sale in all possible international markets.

     

    ●            Working with the Lesotho
    government to create a framework for medical cannabis product registrations domestically and associated dispensation.

     

    ●             Leading implementation of
    Global Compliance Management at corporate level including all sites.

     

    ●             Lead and implementation of
    Corporate Quality Management as well as responsible for ground operations in Quality Assurance at all sites, which includes arranging
    internal and external audits by relevant government authorities/representatives

     

    ●             Attend to the incorporation
    of Akanda Deutschland GmbH (including company formation and registration, opening of bank accounts and other matters necessary for the
    formation of a new company in Germany), and be appointed Managing Director and hold related responsibility at operational, financial and
    strategic levels.

     

    ●             Oversee
Akanda Deutschland GmbH hiring of local staff and consultants; the positioning of Akanda’s brands and establishing medical programmes
with the clinics. 

     

 

    Page 12 of 13

     

    

 

	 	●             Develop
and manage Akanda Deutschland GmbH occasional public communications and media engagements, in coordination with global communications
strategy.

 

●             Serve
as a member of the Akanda group’s strategic management committee overseeing global mergers and acquisitions, new Global Product
development and geographic expansion, spanning all business lines including pharmaceutical, medical and wellness such as Consumer Healthcare;
for example - pharmaceutical cannabis lines, medical cannabis, Cosmeceuticals with Cannabinoids.

 

●             Oversight
of any scientific, research and development activities, as well as intellectual property portfolio establishment and management for market
exclusivity in strategic relevant markets activities at the company.

 

●             Global
supply chain oversight.

 

●             Serve
as the head of global medical and pharmaceutical operations.

 

●             Serve
as the head of Legal & Regulatory affairs.

 

●             Bridge
external and internal Legal affairs with the CEO and the Board of Directors.

 

 

    Page 13 of 13Exhibit
10.8

 

INDEMNITY AGREEMENT

 

DATED effective as of the             day of
August, 2021.

 

BETWEEN:

 

Akanda Corp. a corporation
incorporated under the Business Corporations Act (Ontario) (hereinafter called the "Corporation")

 

– and –

 

[●]

(hereinafter called the "Indemnified
Party")

 

WHEREAS Section 136(1)
of the Business Corporations Act (Ontario) (the "Act"), under which the Corporation is continued, provides that
a corporation may indemnify a director or officer of the corporation, a former director or officer of the corporation or another individual
who acts or acted at the corporation’s request as a director or officer, or an individual acting in a similar capacity, of another
entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred
by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved
because of that association with the corporation or other entity.

 

AND WHEREAS in addition,
Section 136(2) of the Act provides that a corporation may advance money to a director, officer or other individual for the costs, charges
and expenses of a proceeding referred to in subsection (1), but the individual shall repay the money if the individual does not fulfil
the conditions set out in subsection (3).

 

AND WHEREAS in addition,
Section 136(3) of the Act provides that a corporation shall not indemnify an individual under subsection (1) unless the individual acted
honestly and in good faith with a view to the best interests of the corporation or, as the case may be, to the best interests of the other
entity for which the individual acted as a director or officer or in a similar capacity at the corporation’s request.

 

AND WHEREAS in addition,
Section 136(4) of the Act provides that in addition to the conditions set out in subsection (3), if the matter is a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the corporation shall not indemnify an individual under subsection (1) unless
the individual had reasonable grounds for believing that the individual’s conduct was lawful.

 

AND WHEREAS in addition,
Section 136(4.1) of the Act provides that a corporation may, with the approval of a court, indemnify an individual referred to in subsection
(1), or advance moneys under subsection (2), in respect of an action by or on behalf of the corporation or other entity to obtain a judgment
in its favour, to which the individual is made a party because of the individual’s association with the corporation or other entity
as described in subsection (1), against all costs, charges and expenses reasonably incurred by the individual in connection with such
action, if the individual fulfils the conditions set out in subsection (3).

 

AND WHEREAS in addition,
Section 136(4.2) of the Act provides despite subsection (1), an individual referred to in that subsection is entitled to indemnity from
the corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defence of
any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual’s
association with the corporation or other entity as described in subsection (1), if the individual seeking an indemnity, (a) was not judged
by a court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done;
and (b) fulfils the conditions set out in subsections (3) and (4).

 

    

    -2-

    

 

AND WHEREAS in addition,
Section 136(4.3) of the Act empowers a corporation to purchase and maintain insurance for the benefit of any such persons referred to
in subsection 124(1) of the Act against any liability incurred by him (a) in his capacity as a director or officer of the corporation;
or (b) in his capacity as a director or officer of another body corporate when he acts or acted in that capacity at the corporation's
request.

 

AND WHEREAS the Corporation
desires to have the Indemnified Party serve or continue to serve as a director or officer of the Corporation, or as a director or officer
of any subsidiary or affiliate of the Corporation or any entity of which the Corporation is or was a shareholder or creditor (each an
 "Affiliate") of which he has been or is serving, or will serve at the request of the Corporation, free from undue concern
for unpredictable, inappropriate or unreasonable claims for damages by reason of his being, or having been, a director or officer of the
Corporation or a director of officer of an Affiliate or by reason of his decisions or actions on their behalf.

 

AND WHEREAS the Indemnified
Party is willing to serve, or to continue to serve, or to take on additional service for, the Corporation or the Affiliates in such aforesaid
capacities on the condition that he be indemnified as provided for herein.

 

NOW THEREFORE, IN CONSIDERATION
OF the premises and mutual covenants herein contained, and in consideration of the sum of One ($1.00) Dollar paid by the Indemnified
Party to the Corporation (the receipt of which is hereby acknowledged) and the Indemnified Party acting and/or agreeing to continue to
act as a director and/or officer of the Corporation or as a director and/or officer of an Affiliate, the Corporation and the Indemnified
Party do hereby covenant and agree as follows:

 

		1.	Agreement to Serve

 

The Indemnified Party agrees
to serve or continue to serve as a director or officer of the Corporation or as a director or officer of an Affiliate (in the case of
an officer of the Corporation or Affiliate officer, at the will of the Corporation or Affiliate, as applicable, or under a separate contract,
if any such contract exists or shall hereafter exist), honestly and in good faith with a view to the best interests of the Corporation
or an Affiliate so long as he is duly elected and qualified in accordance with the provisions of the Act, the by-laws or any other governing
documents of the Corporation or Affiliate, as applicable, provided, however, that (i) the Indemnified Party may at any time and for any
reason resign from such position (subject to any contractual obligations which the Indemnified Party shall have assumed apart from this
Agreement), and (ii) neither the Corporation nor any Affiliate shall have any obligation under this Agreement to continue the Indemnified
Party in any such position.

 

		2.	Indemnification

 

		(a)	To the full extent allowed by law, the Corporation agrees to indemnify and save harmless the Indemnified
Party, his estate, executors, administrators, legal representatives and lawful heirs, from and against any and all costs, charges or expenses
(including, but not limited to, an amount paid to settle any action or to satisfy any judgment, legal fees on a solicitor and client basis,
other professional fees, out-of-pocket expenses for attending proceedings including discoveries, trials, hearings and meetings, and any
amount for which he is liable by reason of any statutory provision whether civil, criminal or otherwise) (collectively, hereinafter referred
to as "Costs, Charges and Expenses"), suffered or incurred by the Indemnified Party, his estate, executors, administrators,
legal representatives and lawful heirs, directly or indirectly, as a result or by reason of the Indemnified Party being or having been
a director or officer of the Corporation or Affiliate or by reason of any action taken by the Indemnified Party in his capacity as a director
or officer of the Corporation or Affiliate, provided that such costs, charges or expenses were not suffered or incurred as a result of
the Indemnified Party's own fraud, dishonesty, wilful neglect or wilful default.

 

		(b)	In addition to and without limitation of Section 2(a) of this Agreement, the Corporation agrees:

 

    

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		(i)	except in respect of an action by or on behalf of the Corporation or an Affiliate to procure a judgment
in its favour, to indemnify the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs, from
and against all Costs, Charges and Expenses reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding
to which he is made a party (including actions, proceedings, investigations, inquiries or hearings in which the Indemnified Party is compelled
by the authorities or requested by the Corporation or Affiliate to participate, whether or not charges have been laid against the Corporation,
Affiliate or Indemnified Party), by reason of being or having been a director or officer of the Corporation or Affiliate, if:

 

		(A)	he acted honestly and in good faith with a view to the best interests of the Corporation or the Affiliate,
as the case may be; and

 

		(B)	in the case of a criminal or administrative action, proceeding, investigation, inquiry or hearing that
is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful;

 

		(ii)	to indemnify the Indemnified Party and his estate, executors, administrators, legal representatives and
lawful heirs from and against all Costs, Charges and Expenses of any action by or on behalf of the Corporation or Affiliate to procure
a judgment in its favour, to which he is made a party by reason of being or having been a director or officer of the Corporation or Affiliate,
if the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement and if the Corporation
or the Affiliate, as the case may be, obtains the approval of the Court (as defined in the Act) to grant such indemnity;

 

		(iii)	in the event that the approval of the Court is required to effect any indemnification granted hereunder,
the Corporation agrees to make application for and use its best effort to obtain the Court's approval to such indemnification provided
that the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement;

 

		(iv)	in addition to and without limitation of Subsections 2(b)(i) and (ii) of this Agreement, to indemnify
the Indemnified Party and his estate, executors, administrators, legal representatives and lawful heirs against all Costs, Charges and
Expenses reasonably incurred by him in respect of the defence of any actual or threatened civil, criminal or administrative action or
proceeding to which he is made a party or threatened to be made a party, (including actions, proceedings, investigations, inquiries or
hearings in which the Indemnified Party is compelled by the authorities or requested by the Corporation or Affiliate to participate, whether
or not charges have been laid against the Corporation, Affiliate or Indemnified Party), by reason of being or having been a director or
officer of the Corporation or Affiliate if the Indemnified Party:

 

		(A)	was substantially successful on the merits in his defence of the action, proceeding, investigation, inquiry
or hearing;

 

		(B)	fulfils the conditions set out in Subsections 2(b)(i) (A) and (B) of this Agreement; and

 

		(C)	is fairly and reasonably entitled to indemnity; and

 

		(v)	for the purposes of this Agreement including, without limitation, Section 2 hereof, the termination of any such civil, criminal or administrative action, proceeding, investigation, inquiry or hearing, by judgment, order, settlement, conviction or similar or other result, shall not, of itself, create a presumption either that the Indemnified Party did not act honestly or in good faith with a view to the best interests of the Corporation or Affiliate or that, in the case of a criminal or administrative action, proceeding, investigation, inquiry or hearing that is enforced by a monetary penalty, the Indemnified Party did not have reasonable grounds for believing that his conduct was lawful.

 

    

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		(c)	The intention of this Agreement is to provide the Indemnified Party indemnification to the fullest extent
permitted by law and without limiting the generality of the foregoing and notwithstanding anything contained herein:

 

		(i)	nothing in this Agreement shall be interpreted, by implication or otherwise, in limitation of the scope
of the indemnification provided in Subsections 2(a) and (b) hereof; and

 

		(ii)	Subsection 2(b) is intended to provide indemnification to the Indemnified Party that is not specifically
prohibited by a court of competent jurisdiction and to the fullest extent permitted by the Act, as applicable, and, in the event that
the Act, as applicable, is amended to permit a broader scope of indemnification (including, without limitation, the deletion or limiting
of one or more of the provisos to the applicability of indemnification), Subsection 2(b) shall be deemed to be amended concurrently with
the amendment to the Act, as applicable, so as to provide such broader indemnification.

 

		3.	Prepaid Expenses

 

All Costs, Charges and Expenses
reasonably incurred by the Indemnified Party and covered hereunder shall, if requested by the Indemnified Party within a reasonable time,
be paid by the Corporation immediately, with the understanding and agreement being herein made that, in the event it is ultimately determined
as provided hereunder that the Indemnified Party was not entitled to be so indemnified, or was not entitled to be fully so indemnified,
the Indemnified Party shall indemnify and hold harmless the Corporation, and pay to the Corporation forthwith after such ultimate determination,
such amount or the appropriate portion thereof, so paid. In the event of dispute, the Corporation or Indemnified Party, at the Corporation's
expense, shall make application to the Court to approve the indemnity.

 

		4.	Other Rights and Remedies

 

Indemnification and immediate
payment of incurred Costs, Charges and Expenses as provided by this Agreement shall not be deemed to derogate from or exclude any other
rights to which the Indemnified Party may be entitled under any provision of the Act or otherwise at law, the articles or by-laws or other
governing documents of the Corporation or Affiliate, this Agreement, any vote of shareholders, unitholders or partners, as the case may
be, of the Corporation or Affiliate, or otherwise, both as to matters arising out of his capacity as a director or officer of the Corporation
or Affiliate, or as to matters arising out of another capacity with the Corporation or Affiliate while being a director or officer of
the Corporation or Affiliate, and shall continue after the Indemnified Party has ceased to be a director or officer of the Corporation
or Affiliate.

 

		5.	Limitation of Actions and Release of Claims

 

No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Corporation against the Indemnified Party, his estate, executors, administrators,
legal representatives or lawful heirs after the expiration of two years from the date the Indemnified Party ceased (for any reason) to
be a director or officer of the Corporation or Affiliate and the Corporation agrees that any claim or cause of action of the Corporation
shall be extinguished and the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs deemed
released therefrom absolutely unless asserted by the commencement of legal action in a court of competent jurisdiction within such two-year
period.

 

    

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		6.	No Presumption as to Absence of Good Faith

 

		(a)	In respect of any claim for indemnification pursuant to this Agreement, the Indemnified Party shall be
presumed to have acted honestly and in good faith and with a view to the best interests of the Corporation or Affiliate, as applicable,
and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, to have had reasonable grounds
for believing that his conduct was lawful, unless proven otherwise.

 

		(b)	Determination of any civil, criminal or administrative action or proceeding by judgment, order, settlement
or conviction, or upon a plea of "nolo contendere" or its equivalent, shall not, of itself, create any presumption for
the purposes of this Agreement that the Indemnified Party did not act honestly and in good faith with a view to the best interests of
the Corporation or Affiliate, as applicable, and in the case of a criminal or administrative action or proceeding that is enforced by
monetary penalty, that he did not have reasonable grounds for believing that his conduct was lawful, unless the judgment or order of the
court shall specifically find otherwise.

 

		7.	Notice of Proceedings

 

The Indemnified Party agrees
to give notice to the Corporation as soon as is reasonably practical after being served with any statement of claim, writ, notice of motion,
indictment or other document commencing or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry
or hearing to which the Indemnified Party, is a party, whether or not charges have been laid against the Corporation, an Affiliate or
the Indemnified Party, by reason of being or having been a director or officer of the Corporation or Affiliate and the Corporation agrees
to give notice to the Indemnified Party in writing as soon as is reasonably practical after:

 

		(a)	being served with any such statement of claim, writ, notice of motion, indictment or other document commencing
or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry or hearing to which the Indemnified Party
is a party; whether or not charges have been laid against the Corporation, an Affiliate or the Indemnified Party, or

 

		(b)	receiving notice of any such civil, criminal or administrative action, proceeding, investigation, inquiry
or hearing to which the Indemnified Party is a party, whether or not charges have been laid against the Corporation, an Affiliate or the
Indemnified Party,

 

provided, however, that the failure of the Indemnified
Party to give such notice to the Corporation shall not adversely affect the Indemnified Party's rights under this Agreement except to
the extent that the Corporation or Affiliate shall have been materially prejudiced as a direct result of such failure.

 

		8.	Right to Retain Counsel

 

The Corporation agrees to
promptly retain counsel who shall be reasonably satisfactory to the Indemnified Party to represent the Indemnified Party.

 

In any such matter the Indemnified
Party shall have the right to retain other counsel to act on his behalf, provided that the fees and disbursements of such other counsel
shall be paid by the Indemnified Party unless:

 

		(a)	the Indemnified Party and the Corporation shall have mutually agreed to the retention of such other counsel,
or

 

		(b)	the parties to any such civil, criminal or administrative action, proceeding, investigation, inquiry or hearing (including any added third, or interpleaded parties) include the Corporation and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them (including the availability of different defences) in which event the Corporation and Affiliate, jointly and severally agree to pay the fees and disbursements of such counsel.

 

    

    -6-

    

 

		9.	Investigation by Corporation and Affiliate

 

The Corporation and/or Affiliate
may conduct any investigation it considers appropriate of any proceedings, including discoveries, trials, hearings and meetings, and will
pay all costs of that investigation.

 

		10.	Indemnified Party to Cooperate

 

The Indemnified Party agrees
to give the Corporation and Affiliate such information and cooperation as the Corporation and Affiliate may reasonably require from time
to time in respect of all matters hereunder.

 

		11.	Settlement

 

The parties will act reasonably
in pursuing the settlement of any Proceeding. The Corporation and/or an Affiliate may not negotiate or effect a settlement of claims against
the Indemnified Party without the consent of the Indemnified Party, acting reasonably. The Indemnified Party may negotiate and effect
a settlement without the consent of the Corporation and/or an Affiliate but the Corporation and/or an Affiliate will not be liable for
indemnification under this Agreement with respect to any settlement negotiated without its prior written consent, which consent will not
be unreasonably withheld or delayed.

 

		12.	Insurance

 

		(a)	The Corporation agrees to purchase and maintain or cause to be purchased and maintained, while the Indemnified
Party remains a director or officer of the Corporation or an Affiliate and for a minimum of six years thereafter, insurance for the benefit
of the Indemnified Party against any liability incurred by him in his capacity as a director and/or officer of the Corporation or Affiliate
on terms no less favourable in terms of coverage and amounts, to the extent permitted by law and available on reasonable commercial terms,
than such insurance maintained by the Corporation or any other entity on the Corporation's behalf on the date hereof; provided that such
insurance shall not apply where the liability relates to his failure to act honestly and in good faith with a view to the best interests
of the Corporation or Affiliate, as the case may be.

 

		(b)	The Corporation agrees to provide evidence to the Indemnified Party on an annual basis (on the anniversary
date of this Agreement) during the term for which the Corporation is obligated to maintain such insurance under the terms hereof, that
it has the insurance required under the terms of this Agreement and that it has paid the applicable premium(s) for such insurance and
shall, upon request of the Indemnified Party, provide the Indemnified Party with a copy of the relevant insurance policy within 14 days
of such request. If the Indemnified Party is not provided with evidence that the Corporation has such insurance or that it has paid the
applicable premium, the Indemnified Party shall be entitled to purchase the required insurance and the Corporation agrees to indemnify
and save harmless the Indemnified Party, his estate, executors, administrators and lawful heirs for all expenses incurred by or on behalf
of the Indemnified Party to obtain such insurance coverage.

 

		(c)	In the event an insurable event occurs, the Indemnified Party will be indemnified promptly as agreed hereto
regardless of whether the Corporation has received the insurance proceeds. The Indemnified Party is entitled to full indemnification as
agreed hereto notwithstanding any deductible amounts or policy limits contained in any such insurance policy.

 

    

    -7-

    

 

		13.	Arbitration

 

All disputes, disagreements,
controversies or claims arising out of or relating to this Agreement, including, without limitation, with respect to its formation, execution,
validity, application, interpretation, performance, breach, termination or enforcement will be determined by arbitration before a single
arbitrator under the Arbitration Act, 1991 (Ontario). The arbitrator will determine, based on the outcome of the arbitration, the
breakdown between the Corporation and/or Affiliate and the Indemnified Party of the costs for conducting the arbitration.

 

		14.	Taxes Payable

 

The Corporation agrees to
reimburse the Indemnified Party for the net amount of tax payable by the Indemnified Party under the taxing laws of any jurisdiction provided
that such net taxes payable are directly a result of the payment or reimbursement of the Costs, Charges and Expenses under this Agreement,
including this clause, constituting a taxable benefit to the Indemnified Party.

 

		15.	Effective Time

 

This Agreement shall be effective
as and from the first day that the Indemnified Party became or becomes a director and/or officer of the Corporation or commenced or commences
to serve as an officer or director of an Affiliate.

 

		16.	Notices

 

Unless otherwise permitted
by this Agreement, all notices or other communications to be given hereunder shall be delivered by hand, courier, ordinary prepaid mail,
facsimile or electronic mail; and, if delivered by hand, shall be deemed to have been given on the delivery date, if delivered by ordinary
prepaid mail shall be deemed to have been given on the fifth day following the delivery date and, if sent by facsimile or electronic mail,
on the date of transmission if sent before 5:00 p.m. (local time where the notice is received) on a business day or, if such day is not
a business day, on the first business day following the date of transmission:

 

		(a)	if to the Indemnified Party, at:

 

[●]

[●]

 

		(b)	if to the Corporation, at:

 

Akanda Corp.

77 King Street West, Suite 400

Toronto, ON M5K 0A1

 

Attention:      Chief Executive Officer

Email: 

 

or to such other address as
each party may from time to time notify the other of in writing.

 

If the Corporation receives
notice from any other source of any matter which the Indemnified Party would otherwise be obligated hereunder to give notice of to the
Corporation, then the Indemnified Party shall be relieved of his obligation hereunder to give notice to the Corporation, provided the
Corporation has not suffered any material damage from the failure of the Indemnified Party to give notice as herein required.

 

    

    -8-

    

 

		17.	Severability

 

If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:

 

		(a)	the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraph of this Agreement containing such provisions held to be invalid, illegal or unenforceable, that
are not of themselves in whole invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and

 

		(b)	to the fullest possible extent, the provisions of this Agreement (including, without limitations, all
portions of any paragraphs of this Agreement containing any such provisions held to be invalid, illegal or unenforceable, that are not
of themselves in whole invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
which is held to be invalid, illegal or unenforceable.

 

		18.	Governing Law

 

The parties hereto agree that
this agreement shall be construed and enforced in accordance with the laws in force in the Province of Ontario.

 

		19.	Modification and Waiver

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both 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.

 

		20.	Entire Agreement

 

This Agreement shall supersede
and replace any and all prior agreements (except any written agreement of employment between the Corporation and the Indemnified Party,
which shall remain in full force and effect, except to the extent augmented or amended hereby), between the parties hereto respecting
the matters set forth herein, and shall constitute the entire agreement between the parties hereto in respect of the matters set forth
herein.

 

		21.	Successors and Assigns

 

This Agreement shall be binding
upon and enure to the benefit of the Corporation and their respective successors and assigns and to the Indemnified Party and his estate,
executors, administrators, legal representatives and lawful heirs.

 

		22.	Counterparts

 

This Agreement may be executed
and delivered by the parties in one or more counterparts, each of which when so executed and delivered will be an original, and those
counterparts will together constitute one and the same instrument.

 

		23.	Successor Legislation

 

Any references herein to any
enactment shall be deemed to be references to such enactment as the same may be amended or replaced from time to time and, in the event
that the Corporation is continued, incorporated, amalgamated, arranged under or otherwise becomes governed by an enactment other than
the Act, then all references herein to the Act shall be deemed to be references to such enactment as the same may be amended or replaced
from time to time.

 

    

     

    

 

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

 

	 	AKANDA CORP.
	 	 	 
	 	Per:	 
	 	Name:   	
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	[●]

 

Signature Page – Akanda Corp.
(D&O Indemnity)

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