Document:

Exhibit 10.19

 

Restricted
Stock AWARD NOTICE

under the Jushi HOLDINGS INC.

2019 equity incentive Plan

 

Pursuant to the Jushi Holdings
Inc. Amended 2019 Equity Incentive Plan, as amended June 3, 2020 (the “Plan”), Jushi Holdings Inc., a company organized
under the laws of British Columbia (together with any successor, the “Company”), hereby grants, sells and issues to the individual
named below, the subordinated voting shares of the common stock (the “Shares”), subject to the terms and conditions set forth
in this Restricted Stock Award Notice (the “Award Notice”), the attached Restricted Stock Agreement (the “Agreement”)
and the Plan. The Grantee agrees to the provisions set forth herein and acknowledges that each such provision is a material condition
of the Company’s agreement to issue and sell the Shares to him or her. All references to share prices and amounts herein shall be
equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting
the capital stock of the Company, and any shares of capital stock of the Company received on or in respect of Shares in connection with
any such event (including any shares of capital stock or any right, option or warrant to receive the same or any security convertible
into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same
basis and extent at the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the
same extent they were issued at the date hereof.

 

	Name of Grantee:	[●] (the “Grantee”)
	 	 
	Per Share Grant Price:	USD$[●]
	 	 
	No. of Shares:	USD$[●] worth / [●] subordinate voting shares of the Corporation (the “Shares”)
	 	 
	Grant Date:	[●]
	 	 
	Vesting Commencement Date:	[●] (the “Vesting Commencement Date”)
	 	 
	Vesting Schedule:	[●]

 

Attachments:
Restricted Stock Agreement, Amended 2019 Equity Incentive Plan

 

    1 

     

    

 

Restricted
Stock Agreement

under the Jushi Holdings INC.

2019 equity incentive Plan

 

All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in the Award Notice and the Plan.

 

1.            Grant
of Shares; Vesting; Investment Representations.

 

(a)            Grant.
The Company hereby grants to the Grantee, and the Grantee hereby accepts from the Company, the number of Shares set forth in the Award
Notice for the Per Share Grant Price.

 

(b)            Vesting.
Initially, all of the Shares are non-transferable and subject to a substantial risk of forfeiture and are Shares of Restricted Stock.
The risk of forfeiture shall lapse with respect to the Shares on the respective dates indicated on the Vesting Schedule set forth in the
Award Notice and thereafter such Shares shall be transferable subject to Sections 2 and 3.

 

(c)            Investment
Representations. In connection with the grant of the Shares contemplated by Section 1(a) above, the Grantee hereby represents
and warrants to the Company as follows:

 

(i)            The
Grantee is purchasing the Shares for the Grantee’s own account for investment only, and not for resale or with a view to the distribution
thereof.

 

(ii)            The
Grantee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is necessary to permit
him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s
own advisers with respect to the Grantee’s investment in the Company.

 

(iii)            The
Grantee has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the grant
or purchase of the Shares and to make an informed investment decision with respect to such grant or purchase.

 

(iv)            The
Grantee can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite
period.

 

(v)            The
Grantee understands that the Shares are not registered under the Securities Act of 1933 (it being understood that the Shares are being
issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky”
laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Act and
under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee
further acknowledges that certificates representing the Shares will bear restrictive legends reflecting the foregoing and/or that book
entries for uncertificated Shares will include similar restrictive notations.

 

    2 

     

    

 

(vi)            The
Grantee has read and understands the Plan and acknowledges and agrees that the Shares are subject to all of the relevant terms of the
Plan and this Agreement.

 

2.            Right
of First Refusal and Other Prohibition on Transfer. The Grantee may transfer vested Shares subject to the terms and conditions set
forth in this Section 2 and in Section 3, below. Before any vested Shares held by Grantee or any transferee (either being sometimes
referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law),
the Company must consent as set forth below and the Company or its assignee(s) shall have a right of first refusal to purchase such
shares on the terms and conditions set forth in this Section 2 (the “Right of First Refusal”).

 

(a)            Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the
Holder’s bona fide intention to sell or otherwise transfer such vested Shares; (ii) the name of each proposed purchaser or
other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; (iv) the
bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”); and
(v) that the Holder shall offer to sell the shares to the Company and/or its assignee(s) at the Offered Price.

 

(b)            Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by
giving written notice to the Holder, elect to purchase any or all of the Shares proposed to be transferred to any one or more of the Proposed
Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)            Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) shall be
the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration
shall be determined by the Board of the Company in good faith.

 

(d)            Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all
or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee)
or by any combination thereof.

 

(e)            Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to
that Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer is consummated
within 120 days after the date of the Notice, (ii) any such sale or other transfer is effected in accordance with any applicable
securities laws and if requested by the Company, the Holder shall have delivered an opinion of counsel acceptable to the Company to that
effect and (iii) the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the
shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such 120-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the
Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

    3 

     

    

 

(f)            Exempt
Transfers. Despite anything to the contrary in this Agreement, the following transfers of vested Shares shall be exempt from the Right
of First Refusal: (i) the transfer of any or all of the vested Shares on your death by will or intestacy to the your “immediate
family” (as defined below) but only if each such transferee or other recipient agrees in a writing satisfactory to the Company that
the Right of First Refusal (and all other restrictions on transfer set forth in this Agreement) shall continue to apply to the transferred
Shares in the hands of such transferee or other recipient; (ii) any transfer of Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal shall continue to
apply thereafter to such Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights or
the Company unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Shares pursuant
to the winding up, liquidation or dissolution of the Company. As used herein, the term “immediate family” shall mean the your
spouse, lineal descendant or antecedent, brother or sister, adopted child or grandchild or the spouse of any child, adopted child, grandchild
or adopted grandchild of yours.

 

(g)            Termination
of Right of First Refusal and Prohibition on Transfer. The Right of First Refusal and the prohibition on transfer set forth above
shall terminate as to all vested Shares on the earlier of (i) first sale of Common Stock of the Company by the Company to the general
public pursuant to an initial public offering of the Company’s common stock, or (ii) a Change in Control in which the successor
corporation has equity securities that are publicly traded on the New York Stock Exchange or the Nasdaq Global Market or any other exchange
designated by the Board from time to time.

 

3.            Company
Share Repurchase Option

 

(a)            Company
Share Repurchase Option.

 

(i)            Vested
Share Repurchase Option. The Company and/or its assignee(s) will have the right, but not the obligation, to repurchase all of
the vested shares of Common Stock (the “Vested Shares”) purchased pursuant to this Agreement if (i) the Grantee’s
employment is terminated by the Company or any of its Subsidiaries or Affiliates for Cause, or (ii) the Grantee breach the terms
of any restrictive covenant agreements with the Company or any of its Subsidiaries or Affiliates, including the Proprietary Rights Agreement
by and between the Grantee and the Company (the “Vested Share Repurchase Option”). The repurchase price for each Vested Share
(the “Vested Share Repurchase Price”) will be the Fair Market Value per Share on the Repurchase Date (as defined below).

 

(ii)            Unvested
Share Repurchase Option. The Company and/or its assignee(s) will have the right, but not the obligation, to repurchase all or
any portion of the unvested Shares of Common Stock (the “Unvested Shares”) purchased pursuant to this Agreement upon termination
of Grantee’s employment with the Company and all of its Subsidiaries and Affiliates for any reason (the “Unvested Share Repurchase
Option”). The repurchase price for each vested share (the “Unvested Share Repurchase Price”) will be the lesser of the
Fair Market Value per share on the Repurchase Date (as defined below) or the amount paid by the Grantee for such Unvested Shares pursuant
to this Agreement.

 

    4 

     

    

 

(b)            Mechanics
of Repurchase.

 

(i)            The
date on which the Company exercises the Company’s Vested Share Repurchase Option or Unvested Share Repurchase Option is the “Repurchase
Date” and unless otherwise determined by the Board, shall be the 60th day after the event giving rise to the Vested Share Repurchase
Option or Unvested Share Repurchase Option, as applicable. If required to avoid liability accounting to the Company, the Company’s
Vested Share Repurchase Option will not occur until the date that is six months following the original purchase of the Vested Shares or
such other time necessary to avoid liability accounting to the Company, and such date shall be the Repurchase Date.

 

(ii)            As
of the Repurchase Date, the Company and/or its assignee(s) will become the legal and beneficial owner of any Vested Shares or Unvested
Shares, as applicable, that are repurchased by the Company and/or its assignee(s) (collectively the “Repurchased Shares”)
and all rights and interests therein or relating thereto. The Company and/or its assignee(s) will have the right to retain and transfer
to their own names the Repurchased Shares and the Grantee will no longer be considered the owner of such Repurchased Shares for record
or any other purposes. The Vested Share Repurchase Price or Unvested Share Repurchase Price, as applicable, will be payable, at the option
of the Company, in cash (including electronic wire transfer), by check, by cancellation of any debt owed by the Grantee to the Company
or by any combination of the aforementioned methods. Within 30 days following the Repurchase Date, the Company and/or its assignee(s) will
tender payment for the Repurchased Shares. The Grantee agrees to execute and deliver to the Company all documents necessary to transfer
ownership of the Repurchased Shares to the Company, including, without limitation, any certificates evidencing such Repurchased Shares.

 

(c)            Grantee’s
Rights. If the Company and/or its assignee(s) exercises the Vested Share Repurchase Option or Unvested Share Repurchase Option,
as of the Repurchase Date, the Grantee’s only remaining right under this Agreement will be the right to receive the Vested Share
Repurchase Price or Unvested Share Repurchase Price, as applicable, and the Grantee will have no right whatsoever to retain the Repurchased
Shares and will have no rights as a stockholder with respect to such Repurchased Shares.

 

(d)            Termination
of Vested Share Option Repurchase Option. The Vested Share Repurchase Option will terminate as to all Vested Shares on the earlier
of (i) the first sale of Common Stock of the Company by the Company to the general public pursuant to an IPO, or (ii) a Change
in Control in which the successor corporation has equity securities that are publicly traded on the New York Stock Exchange or the Nasdaq
Global Market or any other exchange designated by the Board from time to time.

 

    5 

     

    

 

4.            Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Restricted Stock Award shall be subject to and governed by all the
terms and conditions of the Plan.

 

5.            Miscellaneous
Provisions.

 

(a)            Record
Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement, shall be considered the record
owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any
Permitted Transferees shall be entitled to receive all dividends and any other distributions declared on the Shares; provided,
however, that the Company is under no duty to declare any such dividends or to make any such distribution.

 

(b)            Section 83(b) Election.
The Grantee shall consult with the Grantee’s tax advisor to determine whether it would be appropriate for the Grantee to make an
election under Section 83(b) of the Code with respect to this Award. Any such election must be filed with the Internal Revenue
Service within 30 days of the date of this Award. If the Grantee makes an election under Section 83(b) of the Code, the Grantee
shall give prompt notice to the Company (and provide a copy of such election to the Company).

 

(c)            Equitable
Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this Agreement and
that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

 

(d)            Change
and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its terms
be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee.

 

(e)            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of British Columbia without regard to conflict
of law principles.

 

(f)            Headings.
The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement
and shall not be considered in the interpretation of this Agreement.

 

(g)            Saving
Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof.

 

(h)            Notices.
All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or
facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company
or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been
furnished by such party in writing to the other.

 

    6 

     

    

 

(i)            Benefit
and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors,
assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all
the rights of the Company hereunder to the extent of such assignment.

 

(j)            Counterparts.
For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same document.

 

(k)            Integration.
This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and
discussions between the parties concerning such subject matter.

 

The foregoing Restricted Stock
Agreement is hereby accepted and the terms and conditions thereof are hereby agreed to by the undersigned as of the date first above written.

 

	 	JUSHI HOLDINGS INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

The undersigned hereby acknowledges receiving
and reviewing a copy of the Plan and understands that the Shares granted hereby are subject to the terms of the Plan and of this Agreement.
This Agreement is hereby accepted, and the terms and conditions of the Plan, the Award Notice and this Agreement are hereby agreed to,
by the undersigned as of the date first above written.

	 	GRANTEE:
	 	 
	 	 
	 	[●]
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    7Exhibit 10.20

 

Restricted
Stock AWARD NOTICE

under the Jushi HOLDINGS INC.

2019 equity incentive Plan

 

Pursuant to the Jushi Holdings
Inc. Amended 2019 Equity Incentive Plan, as amended June 3, 2020 (the “Plan”), Jushi Holdings Inc., a company organized
under the laws of British Columbia (together with any successor, the “Company”), hereby grants, sells and issues to the individual
named below, the subordinated voting shares of the common stock (the “Shares”), subject to the terms and conditions set forth
in this Restricted Stock Award Notice (the “Award Notice”), the attached Restricted Stock Agreement (the “Agreement”)
and the Plan. The Grantee agrees to the provisions set forth herein and acknowledges that each such provision is a material condition
of the Company’s agreement to issue and sell the Shares to him or her. All references to share prices and amounts herein shall be
equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting
the capital stock of the Company, and any shares of capital stock of the Company received on or in respect of Shares in connection with
any such event (including any shares of capital stock or any right, option or warrant to receive the same or any security convertible
into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same
basis and extent at the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the
same extent they were issued at the date hereof.

 

	Name of Grantee:	[●] (the “Grantee”)
	 	 
	Per Share Grant Price:	USD$[●]
	 	 
	No. of Shares:	USD$[●] worth / [●] subordinate voting shares of the Corporation (the “Shares”)
	 	 
	Grant Date:	[●]
	 	 
	Vesting Commencement Date:	[●] (the “Vesting Commencement Date”)
	 	 
	Vesting Schedule:	[●] of the Shares shall vest and shall cease to subject to a substantial risk of forfeiture on [●] (each such anniversary a “Vesting Date”), provided that the Grantee remains employed and in Continuous Service through such Vesting Date. Notwithstanding the foregoing, (i) in the event that a Change in Control occurs during the Grantee’s Continuous Service, all of the remaining unvested Shares shall become vested as of immediately prior to such Change in Control; and (ii) if Grantee’s Continuous Service is terminated by the Company or an Affiliate without Cause (as defined below), Grantee terminates his Continuous Service for Good Reason (as defined below) or Grantee’s Continuous Service is terminated due to Grantee’s death or Disability, then all of the remaining unvested Shares will become fully vested on such termination date.

 

    1 

     

    

 

For purposes of this Award
Notice and the Agreement, “Cause” means with respect to the Grantee: (i) commission of a felony or other crime involving
moral turpitude that has been fully adjudicated including all appeals during the Grantee’s Continuous Service; provided, that for
the sake of clarity, no action or inaction by Grantee that may be considered a violation of any U.S. federal law prohibiting the sale
of cannabis products shall be grounds for any termination by the Company for Cause; or a breach of any applicable fiduciary duty with
respect to the Company based on Grantee’s gross negligence or willful misconduct.

 

For purposes of this Award Notice and
the Agreement, “Good Reason” means (i) the assignment to the Grantee of any duties materially inconsistent with his position,
including any change in status, title, authority, duties or responsibilities or other action which results in a material diminution in
such status, title, authority, duties or responsibilities; (ii) a material reduction in the Grantee’s Base Salary by the Company;
(iii) the relocation of the Grantee’s principal office to a location more than fifty (50) miles from his then current principal
office; or (iv) Grantee finds a replacement for his position and such replacement is approved by the Board.

 

Attachments:
Restricted Stock Agreement, Amended 2019 Equity Incentive Plan

 

    2 

     

    

 

Restricted
Stock Agreement

under the Jushi Holdings INC.

2019 equity incentive Plan

 

All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in the Award Notice and the Plan.

 

1.            Grant
of Shares; Vesting; Investment Representations.

 

(a)            Grant.
The Company hereby grants to the Grantee, and the Grantee hereby accepts from the Company, the number of Shares set forth in the Award
Notice for the Per Share Grant Price.

 

(b)            Vesting.
Initially, all of the Shares are non-transferable and subject to a substantial risk of forfeiture and are Shares of Restricted Stock.
The risk of forfeiture shall lapse with respect to the Shares on the respective dates indicated on the Vesting Schedule set forth in the
Award Notice and thereafter such Shares shall be transferable subject to Sections 2 and 3.

 

(c)            Investment
Representations. In connection with the grant of the Shares contemplated by Section 1(a) above, the Grantee hereby represents
and warrants to the Company as follows:

 

(i)            The
Grantee is purchasing the Shares for the Grantee’s own account for investment only, and not for resale or with a view to the distribution
thereof.

 

(ii)            The
Grantee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is necessary to permit
him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s
own advisers with respect to the Grantee’s investment in the Company.

 

(iii)            The
Grantee has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the grant
or purchase of the Shares and to make an informed investment decision with respect to such grant or purchase.

 

(iv)            The
Grantee can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite
period.

 

(v)            The
Grantee understands that the Shares are not registered under the Securities Act of 1933 (it being understood that the Shares are being
issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky”
laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Act and
under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee
further acknowledges that certificates representing the Shares will bear restrictive legends reflecting the foregoing and/or that book
entries for uncertificated Shares will include similar restrictive notations.

 

    3 

     

    

 

(vi)            The
Grantee has read and understands the Plan and acknowledges and agrees that the Shares are subject to all of the relevant terms of the
Plan and this Agreement.

 

2.            [Intentionally
Omitted.]

 

3.            Company
Share Repurchase Option

 

(a)            Company
Share Repurchase Option for Unvested Shares. The Company and/or its assignee(s) will have the right, but not the obligation,
to repurchase all or any portion of the unvested Shares of Common Stock (the “Unvested Shares”) purchased pursuant to this
Agreement upon termination of Grantee’s employment with the Company and all of its Subsidiaries and Affiliates by the Company or
an Affiliate for Cause or by the Grantee without Good Reason (the “Unvested Share Repurchase Option”). The repurchase price
for each Unvested Share (the “Unvested Share Repurchase Price”) will be the amount paid by the Grantee for such Unvested Shares
pursuant to this Agreement.

 

(b)            Mechanics
of Repurchase.

 

(i)            The
date on which the Company and/or its assignee(s) may exercise the Unvested Share Repurchase Option is the “Repurchase Date”
and shall be the 60th day after the event giving rise to the Unvested Share Repurchase Option. The Company and/or its assignee(s) shall
have the right to exercise its Unvested Share Repurchase Option by sending written notice of its election to the Grantee on or before
the Repurchase Date.

 

(ii)            If
the Company exercises the Unvested Share Repurchase Option, as of the Repurchase Date, the Company and/or its assignee(s) will become
the legal and beneficial owner of any Unvested Shares that are repurchased by the Company and/or its assignee(s) (collectively the
 “Repurchased Shares”) and all rights and interests therein or relating thereto. The Company and/or its assignee(s) will
have the right to retain and transfer to their own names the Repurchased Shares and the Grantee will no longer be considered the owner
of such Repurchased Shares for record or any other purposes. The Unvested Share Repurchase Price will be payable, at the option of the
Company, in cash (including electronic wire transfer), by check, by cancellation of any debt owed by the Grantee to the Company or by
any combination of the aforementioned methods. Within 30 days following the Repurchase Date, the Company and/or its assignee(s) will
tender payment for the Repurchased Shares. The Grantee agrees to execute and deliver to the Company all documents necessary to transfer
ownership of the Repurchased Shares to the Company, including, without limitation, any certificates evidencing such Repurchased Shares.

 

(c)            Grantee’s
Rights. If the Company and/or its assignee(s) exercises the Unvested Share Repurchase Option, as of the Repurchase Date, the
Grantee’s only remaining right under this Agreement will be the right to receive the applicable Unvested Share Repurchase Price
and the Grantee will have no right whatsoever to retain the Repurchased Shares and will have no rights as a stockholder with respect to
such Repurchased Shares. If the Company and/or its assignee(s) do not exercise the Unvested Share Repurchase Option, as of the Repurchase
Date, the Grantee’s Shares shall be transferable and no longer subject to a substantial risk of forfeiture.

 

    4 

     

    

 

4.            Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Restricted Stock Award shall be subject to and governed by all the
terms and conditions of the Plan.

 

5.            Miscellaneous
Provisions.

 

(a)            Record
Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement, shall be considered the record
owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any
Permitted Transferees shall be entitled to receive all dividends and any other distributions declared on the Shares; provided,
however, that the Company is under no duty to declare any such dividends or to make any such distribution.

 

(b)            Section 83(b) Election.
The Grantee shall consult with the Grantee’s tax advisor to determine whether it would be appropriate for the Grantee to make an
election under Section 83(b) of the Code with respect to this Award. Any such election must be filed with the Internal Revenue
Service within 30 days of the date of this Award. If the Grantee makes an election under Section 83(b) of the Code, the Grantee
shall give prompt notice to the Company (and provide a copy of such election to the Company).

 

(c)            Equitable
Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this Agreement and
that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

 

(d)            Change
and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its terms
be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee.

 

(e)            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of British Columbia without regard to conflict
of law principles.

 

(f)            Headings.
The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement
and shall not be considered in the interpretation of this Agreement.

 

(g)            Saving
Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof.

 

(h)            Notices.
All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or
facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company
or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been
furnished by such party in writing to the other.

 

    5 

     

    

 

(i)            Benefit
and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors,
assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all
the rights of the Company hereunder to the extent of such assignment.

 

(j)            Counterparts.
For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same document.

 

(k)            Integration.
This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and
discussions between the parties concerning such subject matter.

 

[Signature page follows]

 

    6 

     

    

 

The foregoing Restricted Stock
Agreement is hereby accepted and the terms and conditions thereof are hereby agreed to by the undersigned as of the date first above written.

 

	 	JUSHI HOLDINGS INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

The undersigned hereby acknowledges receiving
and reviewing a copy of the Plan and understands that the Shares granted hereby are subject to the terms of the Plan and of this Agreement.
This Agreement is hereby accepted, and the terms and conditions of the Plan, the Award Notice and this Agreement are hereby agreed to,
by the undersigned as of the date first above written.

 

	 	GRANTEE:
	 	 
	 	 
	 	[●]
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    7

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