Document:

Exhibit

SEPARATION AGREEMENT AND GENERAL RELEASE 
This Separation Agreement and Release (the “Agreement”) is between Katherine Harper (“Employee”) and AgroFresh Solutions, Inc. (“Employer”) and is effective on the eighth day following Employee’s execution of this Agreement provided Employee has not revoked the Agreement (the “Effective Date”).
RECITALS
Employee and Employer previously entered into that certain Employment Agreement, dated as of September 23, 2016 (the “Employment Agreement”); capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Employment Agreement; 
Employee’s employment with Employer terminated effective August 29, 2018 (the “Termination Date”);
Employee and Employer desire to define their respective rights and obligations for the future; and
Employee desires to release any claims or causes of action Employee may have against Employer and the other Released Parties (as defined herein).
Now, therefore, for and in consideration of the mutual covenants and promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and Employer agree:
1.Termination.  Employee’s employment with Employer will terminate on the Termination Date.  Employee will be paid her normal base salary through the Termination Date.  Whether or not Employee signs this Agreement, Employee will additionally receive reimbursement for any unreimbursed business expenses properly incurred by Employee in accordance with the Employer’s policy prior to the termination date and her vested Employee Benefits, if any, under the employee benefit plans of the Company, and her accrued but unused vacation pay and paid time off, to the extent not previously paid to Employee (which Employer and Employee agree shall be deemed to be $10,750 for purposes hereof).  Employee acknowledges that the payments made pursuant to this Section 1 will be in full satisfaction of all wages, benefits and other compensation owed to Employee for employment or service through the Termination Date.  As of the Termination Date, Employee resigns all directorships and other positions she has or may have had with Employer or any of the other Released Parties. 
2.Employer’s Obligations to Employee.  Provided that Employee executes and does not revoke this Agreement, Employer shall, in full satisfaction of Section 7(c) of the Employment Agreement:
(a)    Pay to Employee an amount equal to 1.5 times her current Base Salary of $456,750, payable in equal installments in accordance with regular payroll procedures established by the Company over a twelve-month period beginning with the first payroll date that occurs on or 

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after the sixtieth (60th) day following the Termination Date (subject to any applicable withholding taxes);
(b)    If Employee elects continued coverage for herself or her eligible dependents under any of the Employer’s health plans pursuant to COBRA, for each month during which such coverage is in effect (but not more than twelve (12) months), pay to Employee or the applicable insurance provider an amount equal to the difference between the premium paid for such COBRA coverage and the premium charged by the Employer to an active employee for comparable coverage, which monthly amount shall be payable over a 12-month period (or shorter period to the extent the Employee elects COBRA coverage for less than 12 months), beginning with the first payroll date that occurs on or after the sixtieth (60th) day following the Termination Date;
(a)    Employer will provide Employee with executive-level transition services through Right Management for a period not to exceed twelve (12) months after Employee’s Termination Date.  Employer shall pay the fees associated with such services directly to Right Management; and
(b)    Employer shall reimburse Employee up to $15,000 for annual tax preparation and financial planning expenses incurred by Employee during the 2018 calendar year, subject to Employer’s receipt of invoices evidencing such payments by Employee (which invoices Employer acknowledges receipt of as of the date hereof).
3.    Prior Rights and Obligations.  Except as herein set forth, this Agreement extinguishes all rights, if any, which Employee may have, and obligations, if any, of Employer and its affiliates, contractual or otherwise, (a) relating to the employment, service or termination of employment of Employee with Employer or its affiliates, or (b) under the Employment Agreement, any employment contract or other plan with Employer or its affiliates, including but not limited to any severance plan, policy or practice.  Employee agrees that the above amounts are the only amounts that will be paid in connection with Employee’s termination of employment or service and fully satisfy Employer’s and its affiliates’ obligations to Employee under the Employment Agreement, that Employee is not entitled to or owed any other severance benefits or compensation arising out of the employment, service or termination of employment of Employee with Employer, and that Employee is receiving benefits under this Agreement that Employee would not be entitled to but for the execution of this Agreement. Without limiting the generality of the foregoing, Employee acknowledges and agrees that Employer has no further obligations with respect to the life insurance policy provided pursuant to the terms of Section 5(b) of the Employment Agreement.
4.    Employer Assets.  Employee hereby represents and warrants that Employee has no claim or right, title or interest in, or possession of, any property or assets of Employer or its affiliates.  Promptly after the execution of this Agreement, to the extent Employee has not already done so, Employee shall deliver to Employer any such property or assets in Employee’s possession or control, including, without limitation, any information technology equipment, keys and security cards issued to Employee by Employer, and all electronically stored information (or information derived therefrom) (including disclosing to Employer electronic user IDs and passwords).    

  

5.    Waiver and Release of All Claims.  In consideration of and in return for the benefits stated in this Agreement, Employee agrees to and hereby does release the Employer and its affiliates, and each of their current and former directors, officers, employees, agents, investors, predecessors and successors in interest, and all benefit plans sponsored by any of them, and all fiduciaries for such benefits plans, past or present (collectively, the “Released Parties” and individually, a “Released Party”), individually and collectively, from liability for any and all claims, damages, and causes of action of any kind from the beginning of time through the date Employee signs this Agreement, including but not limited to (a) any and all claims or causes of action arising under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq. (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act (“ERISA”), the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform Act; (b) any and all claims or causes of action arising under any other federal, state or local laws including but not limited any such claims arising under the Pennsylvania Human Relations Act; and (c) any and all claims for breach of the Employment Agreement, any Equity Agreement (as defined below) or any contract, agreement, plan, policy, or practice, whether oral or written between Employee and any Released Party (all of the foregoing, the “Released Claims”).  
This Agreement does not prohibit Employee from filing a complaint with the EEOC or other governmental agency making a good faith report of possible violations of applicable law to any governmental agency or from cooperating with any governmental investigation.  However, Employee acknowledges that by reason of her waiver and release of claims, she shall not be entitled to relief resulting from any such complaint or report, except and only to the extent as may otherwise be required by applicable law.  This Agreement and Employee’s release does extend to any of the Released Claims brought by any organization, governmental agency, or person on behalf of Employee or as a class action under which Employee may otherwise have a right or benefit and Employee agrees that she is not entitled to, has waived, and will not accept any such relief.
Except as expressly provided herein, the waiver and release provisions of this Agreement do not apply to any rights or claims for age discrimination that may arise after the effective date of this Agreement.  Further, this Agreement does not prohibit Employee from filing a claim to challenge the validity of her release of claims under the ADEA or any claim for breach of this Agreement, or as permitted by the rules of, or any programs administered by, the Securities and Exchange Commission.
6.    Equity Agreements. All awards previously granted to Employee pursuant to the terms of the AgroFresh Solutions, Inc. 2015 Incentive Compensation Plan, as amended (the “Equity Plan”) shall continue to be governed by the applicable terms of the applicable Award Agreements (as such term is defined in the Equity Plan) (the “Equity Agreements”) and the Equity Plan; provided that, notwithstanding anything to the contrary contained in the Equity Plan or the Equity Agreement governing Employee’s option to purchase up to 74,488 shares of common stock granted effective as of October 3, 2016, such options shall be deemed to be fully vested as of the Termination Date. For the avoidance of any doubt, the attached Appendix A, which is fully incorporated into this Agreement, contains a true and accurate description of all equity awards granted to Employee and the portion thereof, if any, that is vested as of each of the Termination Date (it being understood 

  

and agreed that any unvested portions of such awards as of the Termination Date have been forfeited).  Further, the Employer or its applicable Committee hereby approves the use of a cashless exercise option with respect to any such vested stock options Employee elects to exercise, whereby Employee may elect to pay the exercise price and applicable withholding therefor by means of the withholding and forfeiture of shares of common stock otherwise deliverable pursuant to the option having a Fair Market Value (as such term is defined in the Equity Plan) equal to (i) the aggregate exercise price of the shares for which the option is being exercised plus (ii) any applicable withholding taxes. Employee acknowledges that all such vested options shall terminate and be null and void if and to the extent not exercised by Employee within three months of the Termination Date, in accordance with the terms and provisions of the applicable Equity Agreements. The parties agree that Employee shall notify the  General Counsel for the Employer of any election to exercise vested options pursuant to the terms hereof and the applicable Equity Agreement and that the date of receipt of any such election to exercise that is provided in accordance with the terms hereof and the applicable Equity Agreement shall be used to determine the value of shares necessary to effectuate the cashless exercise.  Employer will instruct Employer’s transfer agent to deliver shares owed to Employee as soon as administratively practicable following the date of exercise, but no later than thirty (30) days following the date of exercise.
7.    Confidentiality.  Employee agrees not to disclose the terms of this Agreement to any other person, except that Employee may disclose such terms to Employee’s attorney, financial advisors and/or tax accountants, and members of Employee’s immediate family.  Employee agrees to refrain from making public or private statements or comments relating to any of Released Parties which are derogatory, disparaging, or which may tend to injure any such party or person in its or their business, or public or private affairs, unless required by law.  Employer agrees that its Senior Leadership Team will refrain from making public or private statements or comments relating to Employee which are derogatory, disparaging, or which may tend to injure such person in their business, or public or private affairs, unless required by law. 
1.    References.  Employee agrees to direct all reference requests from potential employers to the General Counsel for Employer, who can confirm Employee’s position held, dates of employment, and salary or rate of pay.  In the event any potential employer calls anyone on the Senior Leadership Team of Employer (other than the Employer’s General Counsel) for a reference on Employee, the Employer agrees that such member of the Senior Management Team will not provide any information, but instead will refer the call to the General Counsel for Employer.  
2.    Affirmation of Continuing Duties.  In accordance with Employee’s existing and continuing obligations, Employee agrees to abide by and acknowledges the enforceability of certain covenants under the Employment Agreement, including Sections 8, 9, 10 and 11(j) of the Employment Agreement.  This includes, without limitation, to the extent Employee has not already done so, promptly after the execution of this Agreement, delivering to Employer all confidential information in accordance with the Employment Agreement.  Employee acknowledges that her compliance with these continuing obligations in the Employment Agreement and the confidentiality and non-disparagement provisions herein is a condition to her receipt of the benefits provided under this Agreement.  In addition to any other legal or equitable remedies Employer may have, in the event that Employee violates Sections 8 or 9 of the Employment Agreement, Employer shall be 

  

entitled to cease payment of any amounts due under this Agreement. Employer agrees to abide by and acknowledges the enforceability of Sections 7(g) and 11(n) of the Employment Agreement, which remain in effect.  
3.    Exclusive Benefits.  Employee agrees and acknowledges that the only benefits associated with the termination of Employee’s employment with Employer to which Employee is entitled are the benefits stated in this Agreement (including those sections of the Employment Agreement and Equity Agreements incorporated by reference) and that Employee is not entitled to any additional benefits under any other policy, plan or agreement of Employer or any of its affiliates in connection with Employee’s termination.
4.    Unenforceable Provisions.  In the event that any provision of this Agreement is determined in the future to be invalid, void or unenforceable for any reason, such determination shall not affect the validity and enforceability of all remaining provisions of this Agreement.  The only exception is that upon a determination that Employee’s agreements contained in Section 5 above (the release and waiver of all claims) are unenforceable, Employer shall have the right to discontinue payments until Employee signs a new enforceable release and waiver of claims in a form reasonably satisfactory to Employer, unless Employee’s agreements in Section 5 are voided due to Employee’s challenge of the enforceability of such provision, in which case the entire Agreement shall be voidable, at the option of Employer, thereby requiring, to the extent permitted by applicable law, the return to Employer of all payments given in consideration for those release provisions.
5.    Choice of Law.  This Agreement shall be governed by and construed and enforced, in all respects, in accordance with the law of the Commonwealth of Pennsylvania, without regard to the principles of conflict of law of such state, except as preempted by federal law.
6.    Merger.  This Agreement supersedes, replaces and merges all previous agreements and discussions relating to the same or similar subject matters between Employee and Employer and constitutes the entire agreement between Employee and Employer with respect to the subject matter of this Agreement (including any contrary provision in the Employment Agreement), other than those portions of the Employment Agreement and Equity Agreements incorporated herein by reference.  This Agreement may not be changed or terminated orally, and no change, termination or waiver of this Agreement or any of the provisions herein contained shall be binding unless made in writing and signed by all parties, and in the case of Employer, by an authorized officer.
7.    Rights under the Age Discrimination in Employment Act.  Employee acknowledges and agrees that she has at least twenty-one (21) days to review this Agreement; she has been advised by Employer to consult with an attorney regarding the terms of this Agreement prior to executing it; if she executes this Agreement, she has seven days following the execution of this Agreement to revoke this Agreement (by providing written notice to Employer before 5:00 p.m. on the seventh day); this Agreement shall not become effective or enforceable until the revocation period has expired; she does not, by the terms of this Agreement, waive claims or rights that may arise under the ADEA after the date she executes this Agreement; she is receiving, pursuant to this Agreement, consideration in addition to anything of value to which she is already entitled; and she understands 

  

this Agreement and it is written in such a manner that she understands her rights and obligations under the Agreement.
8.    Agreement Voluntary; No Reliance.  Employee acknowledges and agrees that Employee has carefully read this Agreement and understands that it is a release of all claims, known and unknown, past or present including all claims under the ADEA.  Employee warrants that she is executing this Agreement without any representation of any kind or character not expressly set forth herein.  
9.    No Admissions.  The parties expressly understand and agree that the terms of this Agreement are contractual and not merely recitals and that the agreements herein and consideration paid are to compromise doubtful and disputed claims, avoid litigation, and buy peace, and that no statement or consideration given, nor offer of same, shall be construed as an admission of any claim by either party, such admissions being expressly denied. 
10.    Further Actions.  Employee agrees to execute such additional documents as may reasonably be required by Employer to effectuate her termination of employment and the implementation of this Agreement. Without limiting the generality of the foregoing, Employee agrees to sign such resignation letters as may be requested by Employer from time to time to document that Employee no longer serves as an officer of Employer or any subsidiary of Employer effective on the Termination Date.

  

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, effective as provided above.

EMPLOYEE

 /s/ Katherine Harper                
Katherine Harper         

Date:  October 15, 2018

EMPLOYER

AgroFresh Solutions, Inc.

By:  /s/ Jordi Ferre                
Name:    Jordi Ferre
Title:    Chief Executive Officer

 
 

  

	
									
	APPENDIX A TO SEPARATION AGREEMENT AND GENERAL RELEASE

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Effective Grant Date
	 
	Shares/Options Granted
	 
	Exercise Price
	 
	Total Shares/Options Vested on Termination Date

	Sign-On Awards
	October 3, 2016
	 
	 
	 
	 
	 
	 

	 
	Restricted Stock Units (RSUs)
	 
	 
	74,488
	 
	 
	 
	16,398(1)

	 
	Stock Options
	 
	 
	74,488
	 
	$5.37
	 
	74,488

	 
	 
	 
	 
	 
	 
	 
	 
	 

	2017 Long Term Incentive Awards
	March 31, 2017
	 
	 
	 
	 
	 
	 

	 
	RSUs
	 
	 
	38,650
	 
	 
	 
	8,896(2)

	 
	RSUs
	 
	 
	7,750
	 
	 
	 
	1,783(3)

	 
	Stock Options
	 
	 
	51,500
	 
	$4.37
	 
	51,500

	 
	Stock Options
	 
	 
	10,300
	 
	$4.37
	 
	10,300

	 
	Performance Stock Units (PSUs)
	 
	 
	64,400
	 
	 
	 
	0

	 
	PSUs
	 
	 
	12,900
	 
	 
	 
	0

	 
	 
	 
	 
	 
	 
	 
	 
	 

	2018 Long Term Incentive Awards
	March 29, 2018
	 
	 
	 
	 
	 
	 

	 
	RSUs
	 
	 
	27,950
	 
	 
	 
	0

	 
	Stock Options
	 
	 
	37,300
	 
	$7.35
	 
	37,300

	 
	PSUs
	 
	 
	46,600
	 
	 
	 
	0

(1)    Net of 8,431 shares previously forfeited in satisfaction of Employee’s tax obligations.
(2)    Net of 3,987 shares previously forfeited in satisfaction of Employee’s tax obligations.
(3)    Net of 800 shares previously forfeited in satisfaction of Employee’s tax obligations.Exhibit 10.1

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of August 6, 2018 (the “Execution Date”), by and
between SANSAL WELLNESS HOLDINGS, INC., a Nevada corporation, (the “Company”) and DAVE SMITH,
an individual (the “Executive”).

 

RECITAL

 

WHEREAS, the
Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms contained in this
Agreement.

 

AGREEMENT

 

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

 

1.           Position
and Duties. The Executive shall serve as Chief Operating Officer of the Company reporting to the Company’s Chief
Executive Officer (the “CEO”) and Board of Directors (the “Board”). The Executive shall perform
those services customary to that office and such other lawful duties that may be reasonably assigned to him from time to time by
the CEO and the Board, provided those duties are consistent with the Executive’s position and authority. The Executive further
agrees to use his best efforts to promote the interests of the Company and to devote his full business time and energies to the
business and affairs of the Company.

 

2.           Term. The
Company shall continue to employ the Executive and the Executive shall continue to serve the Company, on the terms and conditions
set forth herein, for the period commencing on September 24, 2018 (the “Effective Date”) and expiring on the
third anniversary of the Effective Date (the “Term”).

 

 3.           Compensation and Related Matters.

 

(a)           Base
Salary. The Executive’s annual base salary shall be Two Hundred Twenty-Five thousand dollars ($225,000) (together
with any subsequent increases thereto as hereinafter provided, the “Base Salary”). The Base Salary shall be
payable in accordance with the Company’s normal payroll procedures in effect from time to time. The Base Salary may be increased
by the Board or its compensation committee (the “Committee”), if any, from time to time during the Term, but
shall be reviewed by the Board or the Committee, if any, at least annually.

 

     

     

    

 

(b)           Annual
Bonus. During the Term, commencing with the calendar year ending December 31, 2019, the Executive may be paid a performance
bonus of up to $125,000, to the extent earned, based on criteria established by the Board or the Committee from time to time during
the Term (the “Bonus”). The amount of any Bonus and the performance criteria for earning the Bonus, if any for
any subsequent fiscal year shall be determined by the Board or the Committee, in good faith, no later than sixty (60) days after
the commencement of the relevant calendar year. The Executive’s Bonus for each calendar year during the Term shall be paid
in four installments, based on the criteria for the bonus adopted by the Board of the Committee for the applicable year, on March
31, June 30 and September 30 of each year and on such date as the Board of the Committee determine the actual bonus for such year,
but not later than March 31 of the following year. In the event that the bonus installments paid in a year prior to determination
of the actual bonus for such year, exceed the actual bonus for such year as the Board or the Committee shall determine, the amount
of such excess shall either be credited to subsequent compensation due hereunder or promptly repaid by the Executive to the Company.
Executive may also be awarded and receive discretionary bonuses from time to time during the Term, as determined by the Board or
the Committee in its sole discretion.

 

(c)           Incentive
Plan. The Executive shall be entitled to participate in all bonus plans, policies, practices and programs adopted by
the Company and applicable generally to other senior executives of the Company, in accordance with the terms of such plans (if
any).

 

(d)           Retention
Incentive. In addition to the compensation set forth elsewhere in this Section 3, and as additional consideration
for the Executive to enter into this Agreement, the Executive shall be granted a stock option (the “Option”)
under the Company’s 2017 Stock Incentive Plan (the “2017 Plan”) to purchase 750,000 shares of the Company’s
common stock (“Shares”). The Option shall be (i) exercisable at an exercise price of $0.36 per Share (the closing
price for the Shares on the Execution Date); (ii) fully vested as to 375,000 on the Effective Date, with the remaining 375,000
Shares vesting on the six (6) month anniversary of the Effective Date; and (iii) exercisable for ten (10) years from the Execution
Date, subject to the Executive’s continued employment with the Company and the early Option termination provisions set forth
in the 2017 Plan.

 

(e)           Car
Allowance. During the Term, the Executive shall be entitled to receive a monthly car allowance of $650.00 (which may
be increased by the Board or the Committee in their sole discretion).

 

(f)           Business
Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred
by him in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company
for its senior executive officers.

 

(g)           Directors’
and Officers’ Liability Insurance. Promptly following the Effective Date, the Company shall procure Directors’
and Officers’ Liability Insurance in an amount not less than $1,000,000, which shall contain customary coverage for the Executive.
The Company shall maintain such coverage in effect during the Term as long as it can be secured at commercially reasonable cost.

 

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(h)           Other
Benefits. The Executive shall be eligible to participate in the employee benefit plans currently and hereafter maintained
by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible-spending account plans. Notwithstanding the foregoing,
subject to the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company shall reimburse the Executive the monthly premium payable to
continue his and his eligible dependents’ participation in the group health plan of his prior employer (to the extent permitted
under applicable law and the terms of such plan), provided, however, that such obligation shall expire upon the earlier
of (i) the date the Company implements a group health insurance plan for its employees; and (b) the date on which the Executive
cease to be eligible for COBRA coverage,

 

(i)            Vacation. The
Executive shall be entitled to accrue paid vacation days in accordance with the Company’s vacation policy for senior executives,
as established from time to time. The Executive shall also be entitled to all paid holidays given by the Company to its senior
executives.

 

(j)            Withholding.
 All amounts payable to the Executive under this Section 3 shall be subject to all required federal, state and local
withholding, payroll and insurance taxes.

 

(k)           Board
Discretion. Nothing in this Section 3 shall obligate the Board to implement any particular benefit plan or prevent
the Board from amending or terminating any benefit plan implemented.

 

4.           Termination. The
Executive’s employment may be terminated and this Agreement terminated under the following circumstances:

 

(a)           Death. The
Executive’s employment hereunder shall terminate upon his death.

 

(b)           Disability. The
Company may terminate the Executive’s employment if the Executive becomes subject to a Disability. For purposes of this Agreement,
“Disability” means the Executive is unable to perform the essential functions of his position as Chief Operating
Officer, with or without a reasonable accommodation, for a period of ninety (90) consecutive calendar days or one hundred eighty
(180) non-consecutive calendar days within any rolling twelve (12) month period.

 

(c)           Termination
by Company for Cause. The Company may terminate the Executive’s employment for Cause. For purposes of this Agreement,
“Cause” means the Executive’s (i) commission of an act of material dishonesty by him in connection with
his responsibilities as an officer, director or employee of the Company; (ii) willful failure to follow the directions communicated
to him by the Board that are legal and consistent with his position and duties as Chief Operating Officer; (iii) breach of a fiduciary
duty owed by the Executive to the Company or its shareholders; (iv) willful misconduct or gross misconduct which is materially
detrimental to the Company; (v) conviction, plea of nolo contendere, guilty plea, or confession during the Term; to any
felony or any crime based upon an act of fraud, misappropriation or embezzlement; or (vi) a material breach of this Agreement;
provided, that, the bases set forth in (i), (ii), (iii), (iv) and (vi), to the extent curable, shall not constitute Cause unless
the Company has provided the Executive with written notice of the acts or omissions giving rise to a termination of his employment
for Cause and the Executive fails to correct the act or omission within thirty (30) days after receiving the Company’s notice
(the “Executive Cure Period”).

 

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(d)           Termination
by the Company Without Cause. A termination of the Executive’s employment by the Company for any reason, except
death, disability or Cause, will be deemed to be a termination “Without Cause.”

 

(e)           Termination
by the Executive for Good Reason. The Executive may terminate his employment for “Good Reason.” For
purposes of this Agreement, “Good Reason” means (i) without the Executive’s written consent, a material
reduction of his duties, positions or responsibilities; (ii) without the Executive’s written consent, relocation of the Executive’s
main place of employment outside of Miami-Dade, Broward or Palm Beach Counties, Florida (not including periodic travel to the Company’s
cultivation and production facilities in Pueblo and/or Colorado Springs, Colorado or any other reasonable business travel); (iii)
without the Executive’s written consent, a significant reduction by the Company in Base Salary as in effect immediately prior
to such reduction; or (iv) the Company’s material breach of this Agreement; provided that, within ninety (90) days of the
Company’s act or omission giving rise to a resignation for Good Reason, the Executive notifies the Company in writing of
the act or omission, the Company fails to correct the act or omission within thirty (30) days after receiving the Executive’s
written notice (the “Company Cure Period”) and the Executive actually terminates his employment within sixty
(60) days after the date the Company receives the Executive’s notice.

 

(f)            Termination
by the Executive Without Good Reason. A resignation of the Executive’s employment for any reason other than Good
Reason will be deemed to be a resignation “Without Good Reason.” The Executive may terminate his employment
at any time Without Good Reason, upon thirty (30) days prior written notice to the Company, provided however, the Company may accelerate
the date of such termination to any date following the receipt of such written notice.

 

(g)           Termination
Date. The “Termination Date” means (i) if the Executive’s employment is terminated by his death
under Section 4(a), the date of his death; (ii) if the Executive’s employment is terminated on account of his Disability
under Section 4(b), the date on which the Company provides the Executive a written termination notice; (iii) if the Company
terminates the Executive’s employment for Cause under Section 4(c), the date on which the Company provides the Executive
a written termination notice, unless the circumstances giving rise to the termination are subject to the Executive Cure Period,
in which case the date on which the Company provides the Executive a written termination notice following the end of the Executive
Cure Period; (iv) if the Company terminates the Executive’s employment Without Cause under Section 4(d), thirty (30)
days after the date on which the Company provides the Executive a written termination notice; (v) if the Executive resigns his
employment for Good Reason under Section 4(e), the date on which the Executive provides the Company a written termination
notice following the end of the Company Cure Period; or (vii) if the Executive resigns his employment Without Good Reason under
Section 4(f), thirty (30) days after the date on which the Executive provides the Company a written termination notice.

 

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 5.           Compensation Upon Termination.

 

(a)           Termination
by the Company for Cause, upon the Executive’s Death or Disability or by the Executive Without Good Reason. If
the Executive’s employment with the Company is terminated pursuant to Sections 4(a), (b), (c) or (f), the Company
shall pay or provide to the Executive (or to his authorized representative or estate) (i) any earned but unpaid Base Salary as
of the Termination Date; (ii) unpaid expense reimbursements as of the Termination Date; (iii) any earned but unpaid Bonus as of
the Termination Date; and (iv) any vested benefits the Executive may have under any employee benefit plan of the Company (the “Accrued
Obligations”), on or before the time required by law but in no event more than thirty (30) days after the Termination
Date

 

(b)           Termination
by the Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is terminated
by the Company Without Cause or the Executive terminates his employment for Good Reason, then the Executive shall be entitled to
the following:

 

(i)          The
Company shall pay the Executive the Accrued Obligations earned through the Termination Date (payable at the time provided for in
Section 5(a)).

 

(ii)         The
Company shall pay the Executive his Base Salary (less applicable withholding taxes) for a period equal to the shorter of one (1)
year from the Termination Date or the balance of the Term, in accordance with the Company’s normal payroll practices in effect
on the Termination Date.

 

(iii)        Subject
to the Executive’s timely election of continuation coverage under COBRA, the Company shall reimburse the Executive the monthly
premium payable to continue his and his eligible dependents’ participation in the Company’s group health plan (to the
extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible
dependents) for the period that the Executive is eligible and remains eligible for COBRA coverage, provided, however, that
in the event that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the
Company shall immediately cease.

 

6.           Release;
Payment. The payments and benefits provided for in Sections 5(b) shall be conditioned on the Executive executing
and delivering to the Company a full release of all claims that the Executive may have against the Company, and its directors,
officers, employees and agents in a form reasonably acceptable to the Company (the “Release”). The Release must
become enforceable and irrevocable on or before sixtieth (60th) day following the Termination Date. If the Executive
fails to execute and deliver the Release, he shall be entitled to the Accrued Obligations only and no other benefits under Section
5(b).

 

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 7.           Section 409A Compliance.

 

(a)           All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred
by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year
shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(b)           To
the extent that any of the payments or benefits provided for in Section 5(b) are deemed to constitute non-qualified deferred
compensation benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”), the following
interpretations apply to Section 5: Any termination of the Executive’s employment triggering payment of benefits under
Section 5(b) must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and
Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of the Executive’s
employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h)
(as the result of further services that are reasonably anticipated to be provided by the Executive to the Company or any of its
parents, subsidiaries or affiliates at the time the Executive’s employment terminates), any benefits payable under Section
5 that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent
event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes
of clarification, this Section 7(b) shall not cause any forfeiture of benefits on the Executive’s part, but shall
only act as a delay until such time as a “separation from service” occurs. Further, if the Executive is a “specified
employee” (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on
the date his separation from service becomes effective, any benefits payable under Section 5 that constitute non-qualified
deferred compensation under Section 409A of the Code shall be delayed until the earlier of (i) the business day following the six-month
anniversary of the date his separation from service becomes effective, and (ii) the date of the Executive’s death, but only
to the extent necessary to avoid such penalties under Section 409A of the Code. On the earlier of (i) the business day following
the six-month anniversary of the date his separation from service becomes effective, and (ii) the Executive’s death, the
Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise
would have paid the Executive prior to that date under Section 5(b) of this Agreement. It is intended that each installment
of the payments and benefits provided under Section 5(b) of this Agreement shall be treated as a separate “payment”
for purposes of Section 409A of the Code. Neither the Company nor the Executive shall have the right to accelerate or defer the
delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code.

 

    	 6 | Page 

     

    

 

 8.           Change in Control.

 

(a)           For
the purposes of this Agreement, a “Change of Control” shall be deemed to have taken place if (i) any person,
including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, becomes
the owner or beneficial owner of Company securities, after the date of this Agreement, having twenty-five percent (25%) or more
of the combined voting power of the then outstanding securities of the Company that may be cast for the election of directors of
the Company (other than as a result of an issuance of securities initiated by the Company, or open market purchases approved by
the Board, as long as the majority of the Board approving the purchases is the majority at the time the purchases are made); or
(ii) the persons who were directors of the Company before such transactions shall cease to constitute a majority of the Board of
the Company, or any successor to the Company, as the direct or indirect result of or in connection with, any cash tender or exchange
offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transaction.
For Change of Control purposes, if the company is a private entity, then the trigger on change of control would be the ownership,
beneficially or otherwise, of a majority of the voting securities.

 

(b)           The
Company and Executive hereby agree that, if Executive is affiliated with the Company on the date on which a Change of Control occurs
(the “Change of Control Date”), the Company will continue to retain Executive and Executive will remain affiliated
with the Company for the period commencing on the Change of Control Date and ending on the third (3rd) anniversary of
such date, to exercise such authority and perform such executive duties as are commensurate with the authority being exercised
and duties being performed by the Executive immediately prior to the Change of Control Date. If after the Change of Control Executive
is requested, and, in his sole and absolute discretion, consents to change his principal business location, the Company will reimburse
the Executive for his reasonable relocation expenses, including, without limitation, moving expenses, temporary living and travel
expenses for a reasonable time while arranging to move his residence to the changed location, closing costs, if any, associated
with the sale of his existing residence and the purchase of a replacement residence at the changed location, plus an additional
amount representing a gross-up of any state or federal taxes payable by Executive as a result of any such reimbursement. If the
Executive shall not consent to change his business location, the Executive may continue to provide the services required of him
hereunder from his then residence and/or business address, and the Company shall continue to maintain an office for Executive at
that location commensurate with the Company’s office prior to the Change of Control Date.

 

(c)           During
the remaining one year period of the Term commencing upon the second anniversary of the Change of Control Date, the Company) will
(i) continue to pay Executive a salary at not less than the level applicable to Executive on the Change of Control Date; (ii) pay
Executive Bonuses in amounts not less in amount than those paid during the twelve month period preceding the Change of Control
Date; and (iii) continue employee benefit programs as to Executive at levels in effect on the Change of Control Date (but subject
to such reductions as may be required to maintain such plans in compliance with applicable federal law regulating employee benefit
programs).

 

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(d)           If
during the remaining term hereof after the Change of Control Date (i) Executive’s employment is terminated by the Company;
or (ii) there shall have occurred a material reduction in Executive’s compensation or employment related benefits, or a material
change in Executive’s status, working conditions, management responsibilities or titles, and Executive voluntarily terminates
his relationship with the Company within sixty (60) days of an such occurrence, or the last in a series of occurrences, then Executive
shall be entitled to receive, in addition to the compensation provided for in Section 5(b), and subject to the provisions
of subsections (e) and (f) below, a lump sum payment equal to two hundred ninety-nine percent (299%) of Executive’s
“base period income” as determined under (e) below, plus an additional amount representing a gross-up of any
state or federal taxes payable by Executive as a result of any such payment. Such amount will be paid to Executive within thirty
(30) days after his termination of his affiliation with the Company.

 

(e)           The
Executive’s “base period income” shall be his Base Salary and Bonuses paid or payable to him during or
with respect to the twelve (12) month period preceding the date of his termination of affiliation. If Executive has not been affiliated
for twelve (12) months at the time of his termination of affiliation, his “base period income” shall be his
annualized Base Salary at the rate then in effect and any Performance Bonus paid to Executive prior to the date of his termination
of affiliation or payable to Executive with respect to his period of affiliation.

 

9.           Confidential
Information. 

 

(a)           As
used in this Agreement, “Confidential Information” means information belonging to the Company which is of value
to the Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage
to the Company. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions,
improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales
information or plans; customer lists; business plans, prospects and opportunities (such as possible acquisitions or dispositions
of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information
includes information developed by the Executive in the course of the Executive’s employment by the Company, as well as other
information to which the Executive may have access in connection with his employment. Confidential Information also includes the
confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential
Information does not include (i) information which now or in the future comes into the public domain, unless due to breach of the
Executive’s duties under this Section 9(a); (ii) information which is disclosed to Executive by others who are not,
to Executive’s actual knowledge, under obligation of non-disclosure to the Company; (iii) information which is independently
developed by the Executive without breach of the Executive’s duties under this Section 9(a); or (iv) information which
is disclosed by the Company to others without obligation of confidentiality.

 

(b)           At
all times, both during the Executive’s employment with the Company and after its termination, the Executive will keep in
confidence and trust all Confidential Information, and will not use or disclose for his own benefit or the benefit of any other
Person any such Confidential Information without the written consent of the Company, except as may be necessary in the ordinary
course of performing the Executive’s duties to the Company.

 

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10.         Documents,
Records, Etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining
to Confidential Information, which are furnished to the Executive by the Company or are produced by the Executive in connection
with the Executive’s employment will be and remain the sole property of the Company. The Executive will return to the Company
all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials
and property immediately upon termination of the Executive’s employment for any reason. The Executive will not retain any
such material or property or any copies thereof after the termination of his employment.

 

11.          Non-Competition. From
the Effective Date through the second (2nd) anniversary of the Termination Date, regardless of the reason for such termination
or expiration (the “Restricted Period”) the Executive will not, directly or indirectly, whether as owner, partner,
shareholder, consultant, agent, employee, co-venturer or otherwise, engage, prepare to engage, participate, assist or invest in
any Competing Business anywhere in the United States or any other geographic area in which the Company is actively distributing
its products or providing its services as of the Termination Date. Notwithstanding the foregoing, (i) the Executive may own up
to two percent (2%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing
Business; and (ii) the Executive may be employed by a large organization which is engaged in a Competing Business as its non-primary
business, so long as Executive is not involved with or assisting such Competing Business, and so long as Executive does not breach
his obligations regarding Confidential Information.

 

12.          No Solicitation. During
the Restricted Period, the Executive shall not, directly or indirectly, take any of the following actions, and, to the extent the
Executive owns, manages, operates, controls, is employed by or participates in the ownership, management, operation or control
of, or is connected in any manner with, any business, the Executive shall use his best efforts to ensure that such business does
not take any of the following actions:

 

(a)           persuade
or attempt to persuade any Customer, Prospective Customer or Supplier to cease doing business with the Company, or to reduce the
amount of business it does with the Company;

 

(b)           solicit
or service for himself or for any Person the business of a Customer, Prospective Customer or Supplier in order to provide goods
or services that are competitive with the goods and services provided by the Company;

 

(c)           persuade
or attempt to persuade any Service Provider to cease providing services to the Company; or

 

 (d)           solicit for hire or hire for himself or for any third party any Service Provider.

 

The following definitions
are applicable to Sections 9, 10, 11 and 12:

 

(i)          “Competing
Business” means the development, commercialization, marketing and sale of hemp, hemp derivative products and other goods
or services which the Company is engaged in as of the Termination Date.

 

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(ii)         “Customer”
means any Person that purchased goods or services from the Company at any time within two (2) years prior to the date of the solicitation
prohibited by Sections 12(a) or (b).

 

(iii)        “Prospective
Customer” means any Person with whom the Company met or to whom the Company presented for the purpose of soliciting the
Person to become a Customer of the Company within six (6) months prior to the date of the solicitation prohibited by Sections
12(a) or (b).

 

(iv)        “Service
Provider” means any Person who is an employee or independent contractor of the Company or the Company or who was within
two years (2) years preceding the solicitation prohibited by Sections 5(c) or (d) an employee or independent contractor
of the Company or the Company.

 

(v)         “Supplier”
means any Person that sold goods or services to the Company at any time within two years (2) years prior to the date of the solicitation
prohibited by Sections 12(a) or (b).

 

(vi)        “Person”
means an individual, a sole proprietorship, a corporation, a limited liability company, a partnership, an association, a trust,
or other business entity, whether or not incorporated. 

 

 13.          Intellectual Property.

 

(a)           All
creations, inventions, ideas, designs, copyrightable materials, trademarks, and other technology and rights (and any related improvements
or modifications), whether or not subject to patent or copyright protection (collectively, “Creations”), relating
to any activities of the Company which are conceived by the Executive or developed by the Executive in the course of his employment
with the Company, whether prior to or during the Term, whether conceived alone or with others and whether or not conceived or developed
during regular business hours, shall be the sole property of the Company and, to the maximum extent permitted by applicable law,
shall be deemed “works made for hire” as that term is used in the United States Copyright Act.

 

(b)           To
the extent, if any, that the Executive retains any right, title or interest with respect to any Creations delivered to the Company
or related to his employment with the Company, the Executive hereby grants to the Company an irrevocable, paid-up, transferable,
sub-licensable, worldwide right and license: (i) to modify all or any portion of such Creations, including, without limitation,
the making of additions to or deletions from such Creations, regardless of the medium (now or hereafter known) into which such
Creations may be modified and regardless of the effect of such modifications on the integrity of such Creations; and (ii) to identify
the Executive, or not to identify his, as one or more authors of or contributors to such Creations or any portion thereof, whether
or not such Creations or any portion thereof have been modified. The Executive further waives any “moral” rights,
or other rights with respect to attribution of authorship or integrity of such Creations that he may have under any applicable
law, whether under copyright, trademark, unfair competition, defamation, and right of privacy, contract, tort or other legal theory.

 

    	 10 | Page 

     

    

 

(c)           The
Executive will promptly inform the Company of any Creations. The Executive will also allow the Company to inspect any Creations
he conceives or develops within one (1) year after the termination of his employment for any reason to determine if they are based
on Confidential Information. The Executive shall (whether during his employment or after the termination of his employment) execute
such written instruments and do other such acts as may be necessary in the opinion of the Company or its counsel to secure the
Company’s rights in the Creations, including obtaining a patent, registering a copyright, or otherwise (and the Executive
hereby irrevocably appoints the Company and any of its officers as his attorney in fact to undertake such acts in his name). The
Executive’s obligation to execute written instruments and otherwise assist the Company in securing its rights in the Creations
will continue after the termination of his employment for any reason. The Company shall reimburse the Executive for any out-of-pocket
expenses (but not attorneys’ fees) he incurs in connection with his compliance with this Section 13(c).

 

14.         Acknowledgement. The
Executive understands that the restrictions set forth in Sections 9, 10, 11 and 12 of this Agreement are intended
to protect the Company’s interest in its Confidential Information, goodwill and established employee and customer relationships,
and agrees that such restrictions are reasonable and appropriate for this purpose.

 

15.          Indemnification.
During the Term and thereafter, the Company shall indemnify and hold the Executive and the Executive’s heirs and representatives
harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses (including
reasonable attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal, administrative or investigative),
or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against the Executive that arises
out of or relates to the Executive’s service as an officer, director or employee, as the case may be, of the Company, or
the Executive’s service in any such capacity or similar capacity with any affiliate of the Company or other entity at the
Company’s request, both prior to and after the Effective Date, and to promptly advance to the Executive or the Executive’s
heirs or representatives such expenses, including litigation costs and attorneys’ fees, upon written request with appropriate
documentation of such expense upon receipt of an undertaking by the Executive or on the Executive’s behalf to repay such
amount if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Company. During the Term
and thereafter, the Company also shall provide the Executive with coverage under its current directors’ and officers’
liability policy to the same extent that it provides such coverage to its other executive officers. If the Executive has any knowledge
of any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which the
Executive may request indemnity under this provision, the Executive will give the Company prompt written notice thereof; provided
that the failure to give such notice shall not affect the Executive’s right to indemnification. The Company shall be entitled
to assume the defense of any such proceeding and the Executive will use reasonable efforts to cooperate with such defense. To the
extent that the Executive in good faith determines that there is an actual or potential conflict of interest between the Company
and the Executive in connection with the defense of a proceeding, the Executive shall so notify the Company and shall be entitled
to separate representation at the Company’s expense by counsel selected by the Executive (provided that the Company may reasonably
object to the selection of counsel within ten (10) business days after notification thereof) which counsel shall cooperate, and
coordinate the defense, with the Company’s counsel and minimize the expense of such separate representation to the extent
consistent with the Executive’s separate defense.

 

    	 11 | Page 

     

    

 

16.         Survival.
The provisions of Sections 9, 10, 11, 12, 13, 15, 16, 17 and 24 of this Agreement shall survive its expiration or
termination.

 

 17.         Disputes.

 

(a)           The
parties agree to resolve any dispute arising under or relating to the interpretation or enforcement of this Agreement, the Executive’s
employment or the termination of the Executive’s employment before the Florida state courts of Miami-Dade County, Florida
or the United States District Court for the Southern District of Florida, and hereby consent to the exclusive jurisdiction of such
courts. Accordingly, with respect to any such court action, the Executive and the Company each (i) submits to the personal jurisdiction
of these courts; (ii) consents to service of process under the notice provisions set forth in Section 22 of this Agreement;
(iii) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction
or service of process; and (iv) waives any objection to jurisdiction based on improper venue or improper jurisdiction.

 

(b)           Notwithstanding
anything else provided in this Agreement, the Executive agrees that it would be difficult to measure any damages caused to the
Company which might result from any breach by the Executive of Sections 9, 10, 11, 12 and 13 of this Agreement. Accordingly,
if the Executive breaches or proposes to breach, any term of Sections 9, 10, 11, 12 and 13 of this Agreement,
the Company shall be entitled, in addition to all other remedies that it may have, to a temporary and preliminary injunction
or other appropriate equitable relief to restrain any such breach without showing or providing any actual damage to the Company
from any court having competent jurisdiction over the Executive.

 

(c)           BOTH
THE COMPANY AND THE EXECUTIVE HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE FEDERAL OR
STATE LAW.

 

(d)           The
prevailing party shall be entitled to reasonable attorneys’ fees and costs from the non-prevailing party in connection with
any action filed under this Section 17.

 

18.          Integration. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
agreements between the parties concerning such subject matter.

 

19.          Successors. This
Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators,
heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but
prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to
the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails
to make such designation). The Company shall require any successor to the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place.

 

    	 12 | Page 

     

    

 

20.         Enforceability. If
any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

 

21.          Waiver. No
waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

22.          Notices. Any
notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by certified mail, postage prepaid, return receipt requested,
to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its
main offices, attention of the Chief Financial Officer. Notices shall be effective on receipt, if delivered by hand, the next business
day, if sent by overnight courier service or on the third (3rd) business day after mailing, if sent by mail.

 

23.          Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

24.         Governing
Law. This is a Florida contract and shall be construed under and be governed in all respects by the laws of Florida
for contracts to be performed in that state and without giving effect to the conflict of laws principles of Florida or any other
state.

 

25.          “Company”
Defined. As used in this Agreement, the term “Company” shall mean the Company, its parent, subsidiaries
and divisions.

 

26.          Counterparts. This
Agreement may be executed in any number of counterparts, including by facsimile, .PDF or other electronic transmission (which shall
be deemed to be an original), each of which when so executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 13 | Page 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement effective as of the Effective Date.

 

	 	THE COMPANY:
	 	 	 
	 	SANSAL WELLNESS HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Alexander M. Salgado
	 	 	Alexander
M. Salgado, Chief Executive Officer
	 	 	 
	 	THE EXECUTIVE:
	 	 
	 	/s/ Dave Smith 
	 	Dave Smith 

 

    	 14 | Page

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