Document:

Exhibit 10.2

 

FOURTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS
FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of March 1, 2022, among VERANO
HOLDINGS CORP., a British Columbia corporation (the “Parent”), the other Credit Parties (as defined in the hereinafter-defined
Credit Agreement), the Lenders (as defined in the Credit Agreement) party hereto, CHICAGO ATLANTIC ADMIN, LLC, a Delaware limited liability
company (as assignee of Chicago Atlantic Advisers, LLC, a Delaware limited liability company; hereafter, “Chicago Atlantic”),
as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent”) and Chicago Atlantic, as collateral agent for the Secured Parties (as defined in the Credit Agreement) (in such capacity,
together with its successors and assigns in such capacity, the “Collateral Agent”, and together with the Administrative
Agent, collectively, the “Agents” and each, an “Agent”), the Opco Mortgagors (as defined in the
Credit Agreement), the Pledgors (as defined in the Credit Agreement) party hereto and New Borrower (as defined below).

 

Recitals:

 

WHEREAS,
reference is made to that certain Amended and Restated Credit Agreement dated as of May 10, 2021 (the “Amended and Restated
Credit Agreement”), as amended by that certain Omnibus Amendment to Amended and Restated Credit Agreement and Amended and Restated
Security Agreement dated as of May 20, 2021 (the “First Amendment”), that certain Second Amendment to Amended and
Restated Credit Agreement, Waiver and Consent dated as of September 23, 2021 (the “Second Amendment”), and that certain
Third Amendment to Amended and Restated Credit Agreement, Second Amendment to Amended and Restated Security Agreement and First Amendment
to Canadian Security Agreement dated as of October 20, 2021 (the “Third Amendment”); the Amended and Restated Credit
Agreement, as amended by the First Amendment, the Second Amendment and the Third Amendment, the “Existing Credit Agreement”),
and this Amendment (the Existing Credit Agreement, as amended by this Amendment, and as further amended, restated, supplemented, or otherwise
modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein
shall have the meaning ascribed to such terms in the Credit Agreement), among the Borrower, the other Credit Parties from time to time
party thereto, the Lenders from time to time party thereto and the Agents; and

 

WHEREAS,
the Credit Parties have requested that the Agents and the Lenders agree to amend certain provisions of the Existing Credit Agreement,
and, subject to the terms and conditions of this Amendment, the Agents and the Lenders, including, without limitation, each of the New
Lenders, have agreed to such request;

 

WHEREAS,
in connection with the foregoing, each of Chicago Atlantic Credit Opportunities, LLC (“CACO”) and Flower Loan Holdco,
LLC (“Flower”; together with CACO, collectively, the “New Lenders” and each, a “New Lender”)
has agreed to join the Credit Agreement as a Lender; and

 

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

 

1.
Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 6 hereof,
(a) the Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following
example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following
example: double-underlined text) as set forth in Annex A attached hereto
and (b) Schedules 1.01 and 8.15 to the Existing Credit Agreement are hereby amended and restated as set forth in Annex A attached
hereto. For the avoidance of doubt, all other Schedules, and all Exhibits, to the Existing Credit Agreement shall not be modified or
otherwise affected by this Amendment.

 

    	 

     

    

 

2.
Joinder of Mother Know’s Best, LLC as Borrower. Mother Know’s Best, LLC, an Ohio limited liability company (“New
Borrower”), is a wholly-owned Subsidiary of Verano US. New Borrower is hereby joined in, and hereby agrees that it is and for
all purposes after the date hereof shall be a party to, the Credit Agreement and each of the other Credit Documents as one of the Persons
comprising Borrower as if it were an original signatory to the Credit Agreement. In furtherance and without limitation of the preceding
sentence, New Borrower acknowledges and agrees that it is jointly and severable liable with the other Persons comprising Borrower for
all of the Indebtedness and other Obligations of Borrower under the Credit Documents. The term “Borrower” and “Persons
comprising Borrower” as used in the Credit Agreement and the other Credit Documents shall be deemed to include New Borrower.

 

3.
Joinder of the New Lenders. On the date hereof, each of the New Lenders hereby joins the Credit Agreement as a Lender and
shall have the rights and obligations of a Lender under the Credit Documents. Each of the New Lenders (a) confirms that it has received
a copy of the Credit Agreement, together with copies of the most recent financial statements delivered to the Lenders pursuant to Sections
8.01(a) and 8.01(b) of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Amendment and the Credit Agreement, (b) agrees that it will, independently and without reliance
upon either Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Credit Agreement, (c) appoints and authorizes each Agent to
take such action as such Agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as
are delegated to such Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (d) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed
by it as a Lender, (e) confirms it has provided its lending office and address for notices to the Agents and (f) agrees that it has an
Incremental Advance Commitment in the amount set forth opposite such New Lender’s name on Schedule 1.01 attached as part of Annex
A attached hereto. Nothing contained herein shall constitute a novation of any Obligation.

 

4.
Representations, Warranties and Acknowledgments of the Credit Parties, New Borrower, the Opco Mortgagors and the Pledgors.

 

(a)
Representations and Warranties of the Credit Parties and New Borrower. In order to induce the Lenders and the Agents to enter
into this Amendment and to induce the Lenders to make the Loans under the Credit Agreement, each of Credit Parties and New Borrower hereby
represents and warrants to the Lenders and the Agents on and as of the date hereof that:

 

(i)
Such Person (A) is a duly organized or formed and validly existing limited liability company or other registered entity in good standing
under the laws of the jurisdiction of its organization and has the corporate or other organizational power and authority to own its property
and assets and to transact the business in which it is engaged and (B) has duly qualified and is authorized to do business and is in
good standing in all jurisdictions where it does business or owns assets, except, in the case of this clause (B), where the failure to
be so qualified could not reasonably be expected to result in a Material Adverse Effect.

 

(ii)
Such Person has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions
of this Amendment and the other Credit Documents to which it is a party and has taken all necessary corporate or other organizational
action to authorize the execution, delivery and performance of this Amendment and the other Credit Documents to which it is a party.
Such Person has duly executed and delivered this Amendment and the other Credit Documents to which it is a party and such Credit Documents
constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, examinership, reorganization and other similar laws relating
to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

 

    	2

     

    

 

(iii)
None of (A) the execution, delivery and performance by such Person of this Amendment or the other Credit Documents to which it is a party
and compliance with the terms and provisions thereof or (B) the consummation of the Transactions or the other Credit Documents will (1)
contravene any applicable provision of any material Applicable Law of any Governmental Authority, other than U.S. Federal Cannabis Laws,
(2) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Person (other than
Liens created under the Credit Documents) pursuant to, (I) the terms of any material indenture, loan agreement, lease agreement, mortgage
or deed of trust, or (II) any other Material Contract, in the case of any of clauses (I) and (II) to which such Person is a party or
by which it or any of its property or assets is bound or (3) violate any provision of the Organization Documents or Permit of such Person,
except with respect to any conflict, breach or contravention or default (but not creation of Liens) referred to in clause (2), to the
extent that such conflict, breach, contravention or default could not reasonably be expected to have a Material Adverse Effect.

 

(iv)
No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other Person, and no
consent or approval under any contract or instrument (other than those that have been duly obtained or made and which are in full force
and effect, or if not obtained or made, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect) is required for the consummation of the Transactions or the due execution, delivery or performance by such Person of this Amendment
or any other Credit Document to which it is a party, or for the due execution, delivery or performance of this Amendment or the other
Credit Documents, in each case by any of the Credit Parties party thereto or, as applicable, New Borrower. There does not exist any judgment,
order, injunction or other restraint issued or filed with respect to the transactions contemplated by the Credit Documents, the consummation
of the Transactions, the making of the Loans or the performance by the Credit Parties or New Borrower of their Obligations under this
Amendment and the other Credit Documents.

 

(v)
The representations and warranties of such Person set forth in the Credit Agreement and in any other Credit Document are true and correct
in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on
and as of the date hereof (or, in the case of any such representation or warranty expressly stated to have been made as of a specific
date, as of such specific date).

 

(vi)
After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

(b)
Representations and Warranties of the Opco Mortgagors and the Pledgors. In order to induce the Lenders and the Agents to enter
into this Amendment and to induce the Lenders to make the Loans under the Credit Agreement, each Opco Mortgagor and Pledgor hereby represents
and warrants to the Lenders and the Agents on and as of the date hereof that:

 

(i)
Such Person has duly executed and delivered this Amendment and the other Credit Documents to which it is a party and such Credit Documents
constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, examinership, reorganization and other similar laws relating
to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

 

    	3

     

    

 

(ii)
None of (A) the execution, delivery and performance by such Person of this Amendment or the other Credit Documents to which it is a party
and compliance with the terms and provisions thereof or (B) the consummation of the Transactions or the other Credit Documents will (1)
contravene any applicable provision of any material Applicable Law of any Governmental Authority, other than U.S. Federal Cannabis Laws,
or (2) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Person (other
than Liens created under the Credit Documents) pursuant to, (I) the terms of any material indenture, loan agreement, lease agreement,
mortgage or deed of trust, or (II) any other Material Contract, in the case of any of clauses (I) and (II) to which such Person is a
party or by which it or any of its property or assets is bound, except with respect to any conflict, breach or contravention or default
(but not creation of Liens) referred to in clause (2), to the extent that such conflict, breach, contravention or default could not reasonably
be expected to have a Material Adverse Effect.

 

(iii)
No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other Person, and no
consent or approval under any contract or instrument (other than those that have been duly obtained or made and which are in full force
and effect, or if not obtained or made, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect) is required for the consummation of the Transactions or the due execution, delivery or performance by such Person of this Amendment
or any other Credit Document to which it is a party, or for the due execution, delivery or performance of this Amendment or the other
Credit Documents, in each case by such Person. There does not exist any judgment, order, injunction or other restraint issued or filed
with respect to the transactions contemplated by the Credit Documents, the consummation of the Transactions, the making of the Loans
or the performance by such Person of its Obligations under this Amendment and the other Credit Documents.

 

(iv)
With respect to each Pledgor, the representations and warranties of such Pledgor set forth in the Individual Pledge Agreement and in
any other Credit Document are true and correct in all material respects (or, in the case of any such representation or warranty already
qualified by materiality, in all respects) on and as of the date hereof (or, in the case of any such representation or warranty expressly
stated to have been made as of a specific date, as of such specific date).

 

(v)
With respect to each Opco Mortgagor, the representations and warranties of such Opco Mortgagor set forth in the Opco Mortgagor Guaranty
Agreement and in any other Credit Document are true and correct in all material respects (or, in the case of any such representation
or warranty already qualified by materiality, in all respects) on and as of the date hereof (or, in the case of any such representation
or warranty expressly stated to have been made as of a specific date, as of such specific date).

 

5.
Reaffirmation of Obligations. Each of the Credit Parties, Opco Mortgagors and the Pledgors hereby (a) reaffirms and confirms
(i) the execution and delivery of, and all of its obligations under, the Credit Documents to which it is a party, including, without
limitation, the Credit Agreement, the Individual Pledge Agreement, the Opco Mortgagor Guaranty Agreement and the Opco Mortgagor Mortgage,
and agrees that this Amendment does not operate to reduce or discharge any Credit Party’s, any Opco Mortgagor’s or any Pledgor’s
obligations under such Credit Documents or constitute a novation of any indebtedness or other obligations under any Credit Documents,
and (ii) its guarantees, pledges, grants and other undertakings under the Credit Agreement and the other Credit Documents to which it
is a party, (b) agrees that (i) each Credit Document to which it is a party shall continue to be in full force and effect and (ii) all
guarantees, pledges, grants and other undertakings thereunder shall continue to be in full force and effect and shall accrue to the benefit
of the Secured Parties, and (c) reaffirms and confirms the continuing security interests in its respective assets granted in favor of
the Collateral Agent pursuant to each of the Security Documents. Each of the Credit Parties, the Opco Mortgagors and the Pledgors hereby
acknowledges and consents to the transactions contemplated by, and the execution and delivery of, this Amendment and the other Credit
Documents.

 

    	4

     

    

 

6.
Conditions Precedent to Effectiveness. This Amendment shall become effective as of the date of this Amendment when, and only
when, the Administrative Agent shall have received the following, in form and substance satisfactory to Administrative Agent:

 

(a)
counterparts of this Amendment, duly executed by an Authorized Officer of each Credit Party, New Borrower, each Opco Mortgagor, each
Pledgor, Administrative Agent and the Lenders, including, without limitation, the New Lenders;

 

(b)
amended and restated Notes reflecting the Incremental Advance Loans and the addition of New Borrower, duly executed by an Authorized
Officer of each of New Borrower as a Person comprising Borrower and the other Persons comprising Borrower;

 

(c)
an Assumption Agreement (as described in the Security Agreement), duly executed by an Authorized Officer of New Borrower;

 

(d)
an Opco Mortgagor Guaranty Agreement, duly executed by 7221 Jessup, LLC, a Maryland limited liability company;

 

(e)
except as otherwise provided on Schedule 8.15 of the Credit Agreement, (i) Mortgages, or amendments thereof, with respect to the owned
Real Property of a Credit Party that constitutes Collateral listed on Schedule 7.15(a) of the Credit Agreement and the Real Property
owned by Opco Mortgagors, duly executed by Credit Party or Opco Mortgagor party thereto and, for the avoidance of doubt, securing all
obligations under the Credit Agreement, as amended by this Amendment, and (ii) evidence that a counterpart of each such Mortgage or amendment
thereof has been recorded, or that arrangements for recording reasonably satisfactory to Administrative Agent have been made, in the
place necessary, in the Collateral Agent’s reasonable judgment, to create a valid and enforceable first priority Lien in favor
of the Collateral Agent for the benefit of itself, the Lenders and the other Secured Parties;

 

(f)
executed legal opinions of Dentons US LLP, counsel to the Credit Parties, New Borrower and Opco Mortgagors and Dentons Canada LLP, Canadian
counsel to the Credit Parties, which opinions shall be addressed to the Agents and the Secured Parties and shall be in form and substance
reasonably satisfactory to the Administrative Agent;

 

(g)
a certificate for each Credit Party, New Borrower and each Opco Mortgagor, duly executed and delivered by an Authorized Officer of each
such Person, as to: (i) resolutions of each such Person’s board of managers or directors (or other managing body, in the case of
a Person that is not a corporation) then in full force and effect expressly and specifically authorizing, to the extent relevant, all
aspects of the Credit Documents applicable to such Person and the execution, delivery and performance of each Credit Document, in each
case, to be executed by such Person; (ii) the incumbency and signatures of its Authorized Officers and any other of its officers, directors,
members, trustees, managers, managing member or general partner, as applicable, authorized to act with respect to each Credit Document
to be executed by such Person; and (iii) each such Person’s Organization Documents, as amended, modified or supplemented as of
the date hereof, certified by the appropriate officer or official body of the jurisdiction of organization of such Person, or, for each
of clauses (i), (ii) and (iii) above, a confirmation that such documents have not changed since the most recent certification to Administrative
Agent;

 

    	5

     

    

 

(h)
the results of a search of the UCC and PPSA filings (or equivalent filings), in addition to tax Lien and judgment Lien searches made
with respect to each Credit Party and New Borrower, together with copies of the financing statements and other filings (or similar documents)
disclosed by such searches, and accompanied by evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in any
such financing statement and other filings (or similar document) are Permitted Liens or have been released or will be released substantially
simultaneously with the making of the Loans under the Credit Agreement;

 

(i)
a duly executed funds disbursement agreement, together with a report setting forth the sources and uses of the proceeds hereof; and

 

(j)
such other documents to be executed by the Credit Parties, the Opco Mortgagors and New Borrower as may be reasonably requested by the
Administrative Agent.

 

7.
Incorporation by Reference. Sections 12.05, 12.13 and 12.15 of the Credit Agreement are hereby incorporated by reference,
mutatis mutandis, as if such Sections were set forth in full herein.

 

8.
Miscellaneous.

 

(a)
Amendment, Modification and Waiver. This Amendment may not be amended and no provision hereof may be waived except pursuant to
a writing signed by each of the parties hereto.

 

(b)
Governing Law. This Amendment and any claims controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Amendment and the transactions contemplated hereby shall be governed by, and construed
in accordance with, the laws of the State of Illinois, without reference to conflicts of law provisions which would result in the application
of the laws of any other jurisdiction.

 

(c)
Severability. Any term or provision of this Amendment that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Amendment or affecting the validity or enforceability of any of the terms or provisions of this Amendment in any other
jurisdiction. If any provision of this Amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as would be enforceable.

 

(d)
Counterparts; Integration; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Amendment, the Credit Agreement (as amended hereby) and the other Credit Documents constitute the entire agreement among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof. Except as provided in Section 6 hereof, this Amendment shall become effective when it shall have been
executed by Agent and when Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the
other parties hereto. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e.,
“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

 

(e)
Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

(f)
Reference to and Effect on the Credit Agreement and the Other Credit Documents. On and after the date hereof, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “herein” or words of like import referring
to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Existing Credit
Agreement as amended by this Amendment. Except as specifically amended by this Amendment, the Existing Credit Agreement and the other
Credit Documents shall remain in full force and effect and are hereby ratified and confirmed and this Amendment shall not be considered
a novation. The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as
a waiver of any right, power or remedy of Agent or Lender under, the Credit Agreement or any of the other Credit Documents. This Amendment
shall be deemed to be a Credit Document as defined in the Credit Agreement.

 

9.
Construction. This Amendment has been prepared through the joint efforts of all of the parties hereto. Neither the provisions
of this Amendment, nor any alleged ambiguity herein, shall be interpreted or resolved against any party on the grounds that such party
or its counsel drafted this Amendment, or based on any other rule of strict construction. Each of the parties represents that such party
has carefully read this Amendment and that such party knows the contents hereof and has signed the same freely and voluntarily.

 

[Remainder
of page intentionally left blank.]

 

    	6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered effective as of the date hereof.

 

 

	 	CREDIT PARTIES:
	 	 	 
	 	VERANO HOLDINGS CORP.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George P. Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	130 MONROEVILLE, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	16 MAGOTHY BEACH ROAD, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	2000-2015 W. 3RD STREET, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	270 CRANBERRY, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	5409 S. POWER ROAD, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	799 WASHINGTON, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	A&T SPV II LLC
	 	 
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	AGRONOMY HOLDINGS, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Manager
	 	 	 
	 	AGRONOMY INNOVATIONS LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Manager
	 	 	 
	 	ALBION MM, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	ALTERNATIVE MEDICAL ENTERPRISES LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Manager
	 	 	 
	 	ALTMED, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Manager
	 	 	 
	 	ATARAXIA, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	BRANCHBURG RTE. 22, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	CAVE CREEK RE LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Manager
	 	 	 
	 	VERANO HOLDINGS USA CORP.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	FOUR DAUGHTERS COMPASSIONATE CARE INC.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Director
	 	 	 
	 	GLASS CITY ALTERNATIVES, LLC
	 	 
	 	By:	its Manager, VHGCA Holdings, LLC
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	NSE PENNSYLVANIA LLC
	 	 
	 	By:	its Manager, Verano NSE Holdings, LLC
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	NUTRAE, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Manager
	 	 	 
	 	NUUVN HOLDINGS, LLC
	 	 
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	OHIO NATURAL TREATMENT SOLUTIONS, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	PLANTS OF RUSKIN GPS, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Manager
	 	 	 
	 	PLANTS OF RUSKIN, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Manager
	 	 	 
	 	RVC 360, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	 George Archos
	 	Title: 	Manager
	 	 	 
	 	SGI 1 LLC
	 	 
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO ARIZONA II, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO ARIZONA, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	VERANO ARLINGTON, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO EL DORADO, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO FOUR DAUGHTERS HOLDINGS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO HOLDINGS, LLC
	 	 
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	 Chief Executive Officer
	 	 	 
	 	VERANO IP, LLC
	 	 
	 	By: 	its sole member, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO MICHIGAN, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	VERANO NJ HOLDINGS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO NSE HOLDINGS, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO TECHNOLOGIES, LLC
	 	 
	 	By:	its sole member, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	VERANO THC HOLDINGS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title:	Chief Executive Officer
	 	 	 
	 	VHGCA HOLDINGS, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	VHGRX HOLDINGS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VZL STAFFING SERVICES, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	ZEN LEAF RETAIL, LLC
	 	 
	 	By: 	its sole member, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	ZEN LEAF TECHNOLOGIES, LLC
	 	 
	 	By: 	its sole member, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	ZENNORTH, LLC
	 	 
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	ZNN HOLDINGS, LLC
	 	 
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	4444 W. CRAIG ROAD, LLC
	 	 
	 	By:	its Manager, Lone Mountain Partners, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Authorized Person
	 	 	 
	 	CHICAGO NATURAL TREATMENT SOLUTIONS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	GLD HOLDINGS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HEALTHWAY SERVICES OF WEST ILLINOIS, LLC
	 	 
	 	By:	its Manager, Union Management Group, LLC
	 	By: 	its Manager, Copperstone Trust
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Trustee
	 	 	 
	 	MDCULT, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	NATURAL TREATMENT SOLUTIONS, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	REDFISH HOLDINGS, INC.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Authorized Person
	 	 	 
	 	REDMED, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	SAINT CHICAGO, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Manager
	 	 	 
	 	VERANO EVANSTON, LLC
	 	 
	 	By:	its Manager, Verano Illinois, LLC
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO HIGHLAND PARK, LLC
	 	 
	 	By: 	its Manager, Verano Illinois, LLC
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	VERANO ILLINOIS, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	VHMD PROCESSOR, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	WEST CAPITAL LLC
	 	 
	 	By:	its Manager, Union Management Group, LLC
	 	By: 	its Manager, Copperstone Trust
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	George Archos
	 	Title: 	Trustee
	 	 	 
	 	MOTHER GROWS BEST, LLC
	 	 
	 	By:	its Manager, Verano Holdings, LLC
	 	By:	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	NEW BORROWER:
	 	 	 
	 	MOTHER KNOW’S BEST, LLC
	 	 
	 	By: 	its Manager, Verano Holdings, LLC
	 	By: 	its Manager, Verano Holdings Corp.
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Chief Executive Officer
	 	 	 
	 	 
	 	PLEDGORS:
	 	 
	 	/s/ “George Archos”
	 	GEORGE P. ARCHOS
	 	 	 
	 	/s/ “Maria Archos”
	 	MARIA ARCHOS
	 	 	 
	 	/s/ “Samuel Dorf”
	 	SAMUEL B. DORF

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	ON BEHALF OF THE ESTATE OF MARLA A. DORF
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	Samuel B. Dorf
	 	Title:	Authorized Representative
	 	 	 
	 	OPCO MORTGAGORS:
	 	 	 
	 	2900 LONE MOUNTAIN, LLC
	 	 
	 	By:	its sole member, Nevada Natural Treatment Solutions, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name: 	George Archos
	 	Title: 	Member
	 	 	 
	 	CHIVEGAS REAL ESTATE, LLC
	 	 
	 	By: 	its sole member, Nevada Natural Treatment Solutions, LLC
	 	 	 
	 	By:	/s/ “George Archos”
	 	Name:	 George Archos
	 	Title: 	Member
	 	 	 
	 	BUCHANAN DEVELOPMENT LLC
	 	 
	 	By:	its Manager, Verano M12, LLC
	 	 	 
	 	By:	/s/ “Samuel Dorf”
	 	Name: 	Samuel Dorf
	 	Title: 	Manager

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	ADMINISTRATIVE
    AGENT AND COLLATERAL AGENT:
	 	 	 
	 	CHICAGO
    ATLANTIC ADMIN, LLC
	 	 	 
	 	By:	/s/ “John Mazarakis”
	 	Name:	John
Mazarakis
	 	Title:
    	Authorized
    Person

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	LENDERS:
	 	 	 
	 	CHICAGO
    ATLANTIC REAL ESTATE FINANCE, INC.
	 	 	 
	 	By:	/s/ “John Mazarakis”
	 	Name:
    	John
    Mazarakis
	 	Title:	Authorized
Person

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	CHICAGO
    ATLANTIC CREDIT COMPANY, LLC
	 	 	 
	 	By:	/s/
    “John Mazarakis”                
	 	Name:	John
Mazarakis
	 	Title:
    	Authorized
    Person

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	BLACK
    MAPLE CAPITAL PARTNERS LP
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	FMV
    VH, LLC
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	BLACKNER
    STONE FAMILY TRUST
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	LAGO
    INNOVATION FUND LLC
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	JGB
    (CAYMAN) LAKENVELDER LTD.
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	PROVIDENT
    TRUST GROUP, LLC FBO BLACKNER STONE AND ASSOCIATES DEFINED BENEFIT PLAN
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	CACTUS
    CAT LLC
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	LAGO
    INNOVATION FUND II, LLC
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	AFC
    GAMMA, INC.
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	INTREPID
    INCOME FUND
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	INTREPID
    CAPITAL FUND
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	CHICAGO
    ATLANTIC CREDIT OPPORTUNITIES, LLC
	 	 	 
	 	By:	/s/
“John Mazarakis”
	 	Name:	John
Mazarakis
	 	Title:
    	Authorized
    Person

 

    	Fourth Amendment to Amended and Restated Credit Agreement

     

    

 

	 	FLOWER
    LOAN HOLDCO, LLC
	 	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:	 

 

    	Fourth Amendment to Amended and Restated Credit AgreementExhibit
10.3

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of February 18, 2021, by and between George P. Archos,
an individual resident of the State of Illinois (“Executive”), and Verano Holdings Corp., a British Columbia corporation
(the “Company”).

 

A.
Executive is an executive officer of Verano Holdings, LLC, a Delaware limited liability company (“Verano”). As part
of a reverse takeover transaction pursuant to a plan of arrangement effected under the laws of British Columbia (the “Combination”),
Verano became a subsidiary of the Company.

 

B.
As part of the Combination, the Company wishes to employ Executive to provide services to the Company and its subsidiaries, including
Verano, in accordance with the terms of this Agreement.

 

C.
Executive wishes to accept employment with the Company and provide such services to the Company and its subsidiaries, including Verano,
according to the terms of this Agreement.

 

D.
This Agreement shall replace and supersede in its entirety any prior employment agreements, arrangements or understandings between Executive,
on the one hand, and the Company, Verano or any of the Company’s other subsidiaries, on the other hand (individually and collectively,
the “Prior Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1.
Effectiveness and Employment.

 

(a)
In consideration of Executive’s contributions in effecting the Combination and the services provided to Verano and the Company’s
other subsidiaries at such time, the obligations of the Company in this Agreement shall be deemed to have become effective as of the
date that the Combination was consummated (the “Effective Date”).

 

(b)
The Company hereby agrees to employ Executive, and Executive hereby accepts employment by the Company, upon the terms and conditions
set forth in this Agreement for the period beginning on the Effective Date and ending on the date described in Section 4(a) (the
“Employment Period”).

 

2.
Position and Duties.

 

(a)
During the Employment Period, Executive shall serve as the Chief Executive Officer of the Company, and in connection therewith Executive
shall render such administrative, financial and other executive and managerial services to the Company and its subsidiaries and have
the responsibilities and authority which are consistent with Executive’s position, subject to the power and authority of the Company’s
Board of Directors (the “Board”) to expand or limit such duties, responsibilities, functions and authority.

 

    	 

     

    

 

(b)
On the Effective Date Executive shall be a member of the Board and shall serve as Chairman of the Board, in each case until his resignation,
removal or replacement in accordance with the Company’s governance documents in effect from time to time.

 

(c)
Executive shall report to the Company’s Board. Executive shall perform Executive’s duties and responsibilities to the best
of Executive’s abilities in a diligent, trustworthy, businesslike and efficient manner. Executive shall devote Executive’s
full business time, energies and attention during customary business hours (except for permitted vacation periods and periods of illness
or other temporary incapacity) to the business and affairs of the Company and its subsidiaries. So long as Executive is employed by the
Company, Executive shall not, without the prior written consent of the Board, accept other employment or perform other services for compensation
or that interfere with Executive’s employment with the Company; provided, however, that (i) [Executive may continue
to provide advisory services and serve as an officer or director in private companies involved in the restaurant and bar business in
which Executive or his affiliates hold investments], and (ii) Executive may serve as an officer or director of or otherwise participate
in purely educational, welfare, social, religious and civic organizations, in each of the foregoing cases so long as such activities
are not in competition with the Company or any of its subsidiaries and do not interfere with Executive’s ability to carry out Executive’s
duties under this Agreement.

 

(d)
Executive shall comply with all lawful rules, policies, procedures, regulations and administrative directions now or hereafter reasonably
established by the Board for officers or employees of the Company or any of its subsidiaries.

 

3.
Salary and Benefits. Subject to Section 4:

 

(a)
Salary. During the Employment Period, the Company shall pay Executive a base salary at the annual rate of US$375,000, payable
in regular installments in accordance with the Company’s usual payment practices subject to required withholdings and taxes.

 

(b)
Cash Bonus. During the Employment Period Executive will be entitled to a cash bonus at the end of each calendar year in the amount
of US$200,000 (the “Cash Bonus”), payable in lump sum on or before the 15th day of the immediately succeeding calendar
year and subject to required withholdings and taxes; provided, that the Cash Bonus shall be deemed earned and payable only in
the event that Executive is employed by the Company and is in compliance with the terms of this Agreement in all material respects as
of the last day of the calendar year in which the Cash Bonus is earned; provided further, that payment of the Cash Bonus (in whole
or in part) will be contingent upon the Company’s and the Executive’s performance.

 

(c)
Company Stock and Incentive Plan. During the Employment Period Executive shall be eligible to receive awards granted pursuant
to the Company’s 2021 Stock and Incentive Plan, as may be amended, modified or restated from time to time (the “Plan”),
in accordance with the terms of the Plan and as determined by the Board’s Compensation Committee.

 

(d)
Other Benefits. During the Employment Period, Executive shall be entitled to paid vacation, paid holidays and to participate in
all health insurance plans, retirement plans (including 401(k)), life insurance plans and all other perquisite plans and programs for
which executive officers in the Company are generally eligible (collectively, the “Benefit Plans”), in each case consistent
with the Company’s then-current practice as approved by the Board from time to time. The foregoing shall not be construed to require
the Company to establish such Benefit Plans or to prevent the modification or termination of such Benefit Plans once established, and
no such action or failure thereof shall affect this Agreement. Executive recognizes that the Company and its affiliates have the right,
in their sole discretion, to amend, modify or terminate any Benefit Plans without creating any rights in Executive.

 

    	 2

     

    

 

(e)
Business Expenses. During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred
by Executive in the course of performing Executive’s duties under this Agreement; provided such expenses are consistent
with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses. As a
condition to being issued such reimbursements, Executive shall submit to the Company on a timely basis business expense reports, including
substantiation in accordance with the Company’s policy as in effect from time to time. For purposes of compliance with Code Section
409A (as defined in Section 23): (i) all expenses or other reimbursements under this Agreement shall be made on or prior to the
last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any such right to reimbursement
or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible
for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year.

 

4.
Employment Period.

 

(a)
The Employment Period shall begin on the Effective Date and shall continue for three years, and shall thereafter automatically renew
for one year terms unless either party gives the other party no less than 30 days’ notice of its election not to renew, or until
Executive’s employment hereunder is terminated in accordance with Section 4(b).

 

(b)
The Employment Period and Executive’s employment hereunder (i) shall terminate upon Executive’s death or permanent disability
or incapacity, (ii) may be terminated by the Company at any time with or without Cause (as defined in Section 4(f)), and (iii)
may be terminated by Executive at any time.

 

(c)
If Executive’s employment hereunder is terminated either by the Company for Cause or by Executive for any reason during the Employment
Period, then Executive shall be entitled to receive only Executive’s accrued, unpaid Salary, and for the year during which Executive’s
employment hereunder is terminated, accrued but unused vacation time through the effective date of Executive’s termination of employment
(the “Termination Date”), any reimbursements owed for business expenses validly incurred on or prior to the Termination
Date and reimbursable in accordance with Section 3(e) and any accrued but unpaid benefits due and owing to Executive under the
Benefit Plans and as may be provided in the Plan or any award granted pursuant to the Plan (collectively, the “Accrued Obligations”),
and shall not be entitled to any other compensation or benefits.

 

    	 3

     

    

 

(d)
If Executive’s employment hereunder is terminated without Cause by the Company during the Employment Period, then Executive shall
be entitled to receive the Accrued Obligations and, provided Executive signs and does not revoke a general release of claims against
the Company and its affiliates within the time period designated in the form to be provided by the Company on or within 14 days after
the Termination Date1, does not apply for unemployment compensation chargeable to the Company or any of its subsidiaries during
the 12 months following the Termination Date, and subject to Executive’s compliance with each obligation pursuant to Section
5, Section 6 and Section 7, Executive shall receive, for a period of ten consecutive months after the effective date of such
termination without Cause (i) the Base Salary (prorated monthly), and (ii) an amount equal to the monthly premiums or cost of coverage
under COBRA for Executive (and his dependents to the extent they are eligible) applicable to the Company’s group health plans,
which amount Executive may use, if he so chooses at his sole discretion, for the payment of COBRA premiums during such period. Any payments
or benefits to Executive under this Section 4(d) shall be paid or provided, as applicable, as and when they would have been paid
or provided by the Company had the termination without Cause not occurred, without postponement of commencement until after the end of
the applicable revocation period for the general release of claims.

 

(e)
If Executive’s employment hereunder is terminated as a result of Executive’s death, permanent disability or incapacity during
the Employment Period, Executive or Executive’s representatives or beneficiaries shall be entitled to receive only the Accrued
Obligations and any rights to continuation of coverage and to benefits under any Benefit Plans required under applicable law and subject
to Executive’s compliance to the extent possible with each obligation pursuant to Section 5, Section 6 and Section 7.

 

(f)
For purposes of the Agreement, “Cause” shall mean any of Executive’s (i) willful failure to comply with any
valid and legal directive of the Board, (ii) willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each
case, injurious to the Company or any of its affiliates; (iii) embezzlement, misappropriation, or intentional fraud, whether or not related
to Executive’s employment with the Company; (iv) conviction of or plea of guilty or nolo contendere to a crime that constitutes
a felony (or state law equivalent); (v) commission or conviction of a crime which would disqualify Executive for registration or licensure
by the applicable regulatory or licensing authority governing the Company’s or any of its subsidiary’s or affiliate’s
participation in a State-regulated cannabis program; (vi) material breach of any material obligation under this Agreement or any other
written agreement between Executive and the Company or any of its subsidiaries; or (vii) any material failure by Executive to comply
with the Company’s written policies or rules, as they may be in effect from time to time, if such failure causes reputational or
financial harm to the Company or any of its affiliates. For the avoidance of doubt, if any action or omission by Executive could be deemed
a violation of any U.S. federal law relating to the cultivation, harvesting, production, distribution, sale or possession of cannabis,
marijuana or related substances or products containing or relating to the foregoing, and such action or omission is not a violation of,
and is done in compliance with, applicable U.S. state law, then such action or omission shall not be deemed a basis for Cause hereunder.

 

(g)
For purposes of this Agreement, Executive’s permanent disability or incapacity shall be determined in accordance with the Company’s
long-term disability insurance policy, if such a policy is then in effect, or, if no such policy is then in effect, then such permanent
disability or incapacity shall be deemed to have occurred upon Executive’s inability to perform the essential functions of the
position set forth in Section 2(a), after reasonable accommodation by the Company, for a period of at least 180 days, in the aggregate,
during any period of 365 calendar days, unless further time is required as a reasonable accommodation under the Americans with Disabilities
Act.

 

 

1
The form of release should be reviewed by Dorsey to ensure that the terms of the Release and timing of commencement of payments
comply with Code Section 409A.

 

    	 4

     

    

 

5. Restrictive
Covenants. In consideration of this Agreement and Executive’s substantial direct and indirect benefits arising from the
Combination, Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
Noncompetition Covenant. During the period commencing on the Effective Date and terminating on the second anniversary of the Termination
Date (the “Restricted Period”), Executive shall not directly or indirectly (whether for compensation or without compensation),
as principal, agent, owner, partner, employee, consultant, shareholder, member, director, manager or officer, as the case may be, or
otherwise howsoever, own, operate, be engaged in or connected with the operation of or have any financial interest in or advance, lend
money to, guarantee the debts or obligations of or permit Executive’s name or part thereof to be used or employed in any operation,
whether a proprietorship, partnership, joint venture, company or other entity, legal or otherwise, whatsoever, or otherwise carry on
or engage in any activity or business similar to the Company’s business or be connected or involved in any manner whatsoever in
any activity or business which competes with the Company; provided, however, that such restrictions shall not preclude
Executive from owning stock in the Company or up to 5% of the total outstanding stock of any other publicly traded entity.

 

(b)
Non-solicitation Covenant. During the Restricted Period, Executive shall not, directly or indirectly (whether for compensation
or without compensation), as principal, agent, owner, partner, employee, consultant, shareholder, member, director, manager or officer,
as the case may be (other than as the holder of stock in the Company or a holder of an ownership interest of not more than 5% of the
total outstanding stock of any other publicly traded entity):

 

(i)
interfere with, disrupt or obtain business from, accept business from or contact any current or former party engaging in business with
the Company or any of its subsidiaries (or attempt to do any of the foregoing), in each case with respect to any activity or business
engaged in by the Company or any of its subsidiaries with such party, whether in whole or in part; or

 

(ii)
induce or attempt to induce any employee of the Company or any of its subsidiaries to terminate employment with the Company or such subsidiary,
hire or participate in the hiring of any employee or independent contractor of the Company or any of its subsidiaries, or interfere with
or attempt to disrupt the relationship, contractual or otherwise, between the Company or any of its subsidiaries and any of their respective
employees or independent contractors. For purposes of this paragraph, an employee or independent contractor means any person employed
or contracted by the Company or any of its subsidiaries during the Employment Period.

 

    	 5

     

    

 

6. Confidentiality.
In consideration of this Agreement, Executive’s substantial direct and indirect benefits arising from the Combination, and Executive’s
access to Confidential Information (as defined below), Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
Executive will not at any time (whether during or after Executive’s employment with the Company) (i) retain or use for the benefit,
purposes or account of Executive or any other person; or (ii) disclose, divulge, reveal, communicate, share, transfer or provide access
to any person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any non-public,
proprietary or confidential information, including without limitation, trade secrets, know-how, research and development, software, databases,
inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits,
pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training,
advertising, sales, marketing, promotions, government and regulatory activities and approvals, in each case concerning the past, current
or future business, activities and operations of the Company, its subsidiaries or affiliates or any third party that has disclosed or
provided any of such information to the Company or any of its subsidiaries on a confidential basis (collectively, “Confidential
Information”) without the prior written authorization of the Board; provided, that Executive may disclose such information
to Executive’s legal and financial advisors for the limited purpose of enforcing Executive’s rights under this Agreement
so long as Executive requires that such legal and financial advisors not disclose such information, and Executive shall be liable for
any disclosure by such legal or financial advisors.

 

(b)
Confidential Information shall not include any information that is: (i) generally known to the industry or the public other than as a
result of Executive’s breach of this Agreement or any breach of other confidentiality obligations by third parties; (ii) made legitimately
available to Executive by a third party without breach of any confidentiality obligation; or (iii) required by applicable law to be disclosed;
provided that Executive shall give prompt written notice to the Company of such requirement, disclose no more information than
is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment.

 

(c)
Executive acknowledges, agrees, and understands that (i) nothing in this Agreement prohibits Executive from reporting to any governmental
authority or attorney information concerning suspected violations of law or regulation, provided that Executive does so consistent with
18 U.S.C. § 1833, and (ii) Executive may disclose trade secret information to a government official or to an attorney and use it
in certain court proceedings without fear of prosecution or liability, provided that Executive does so consistent with 18 U.S.C. §
1833.

 

(d)
Except to the extent disclosed by the Company as may be required by applicable securities and other laws or applicable stock exchange
listing standards, Executive will not disclose to anyone, other than Executive’s spouse, legal or financial advisors or members
of the Company’s senior management, the existence or contents of this Agreement.

 

    	 6

     

    

 

(e)
Upon termination of Executive’s employment with the Company for any reason, Executive shall: (i) cease and not thereafter commence
use of any Confidential Information or intellectual property (including, without limitation, any patent, invention, copyright, trade
secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its subsidiaries or affiliates;
(ii) immediately return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda,
books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing
stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential
Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only
those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information or are not related to the
Company’s business; and (iii) notify and fully cooperate with the Company regarding the delivery of any other Confidential Information
of which Executive is or becomes aware.

 

7.
Intellectual Property. In consideration of this Agreement and Executive’s substantial direct and indirect benefits arising
from the Combination, Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
If Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual
property, materials, documents or other work product (including, without limitation, research, reports, software, databases, systems,
applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or with third
parties, prior to Executive’s employment by the Company, that are relevant to or implicated by such employment (“Prior
Works”), Executive hereby grants the Company and its subsidiaries a perpetual, non-exclusive, royalty-free, worldwide, assignable,
sub-licensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright,
trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company’s or any
of its subsidiaries’ current and future business. Executive shall provide the Company with a written list of all Prior Works within
15 days after the Effective Date.

 

(b)
If Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time
during Executive’s employment by the Company and within the scope of such employment or with the use of any resources of the Company
or any of its subsidiaries (“Company Works”), Executive shall promptly and fully disclose the Company Works to the
Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual
property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and
related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company.

 

(c)
Executive shall keep and maintain adequate and current written records (in the form of notes, sketches, drawings and any other form or
media requested by the Company) of all Company Works. The records will be available to and remain the sole property and intellectual
property of the Company at all times.

 

(d)
Executive shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government
contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting,
enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If
the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby
irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in
fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection
with the foregoing.

 

    	 7

     

    

 

(e)
Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or
provide access to, or share with the Company or any of its subsidiaries any confidential, proprietary or non-public information or intellectual
property relating to a former employer or other third party (in each case that is not then a subsidiary of the Company) without prior
written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company regarding the
protection of confidential information and intellectual property and potential conflicts of interest. Executive acknowledges that the
Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current
version that has been communicated to Executive.

 

8.
Return of Company Property. At the termination of the Employment Period and at any other time upon the request of the Company,
Executive shall deliver to the Company any and all of the Company’s documents, plans, records, computer tapes, software, drawings,
notes, memoranda, specifications, devices (including, without limitation, any cellular phone or computer), and formulas relating to the
Company’s business, together with all copies thereof, which is in the possession of Executive.

 

9.
Enforcement. If, at the time of enforcement of Section 5, Section 6 or Section 7, a court holds that the restrictions
stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical
area reasonable under such circumstances shall be substituted for the stated period, scope or area. It is specifically understood and
agreed that any breach of the provisions of Section 5, Section 6 or Section 7 are likely to result in irreparable injury
to the Company and the parties hereto agree that money damages would be an inadequate remedy for any breach of Section 5, Section
6 or Section 7. Therefore, in the event of a breach or threatened breach of Section 5, Section 6 or Section 7,
the Company or its successors or assigns shall, in addition to other rights and remedies existing in their favor, be entitled to specific
performance and/or injunctive or other relief in order to enforce, or prevent any violations of, Section 5, Section 6 or Section
7.

 

10.
Representations and Warranties.

 

(a)
Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive
does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which Executive is bound, (ii) Executive is not a party to or bound by any employment agreement,
non-solicitation agreement, assignment of inventions or confidentiality agreement with any other person or entity, (iii) Executive is
not subject to any noncompetition agreement or any other agreement or restriction of any kind that would impede in any way the ability
of Executive to carry out fully all activities of Executive in furtherance of the business of the Company or any of its subsidiaries,
(iv) Executive is not in violation of a confidentiality, non-solicitation or non-competition agreement or any other agreement relating
to the relationship of Executive with any third party, because of the nature of the business conducted by the Company or any of its subsidiaries,
and (v) upon execution and delivery of this Agreement, this Agreement shall be the valid and binding obligation of Executive, enforceable
against Executive in accordance with its terms, and shall replace and supersede in its entirety any Prior Agreement.

 

    	 8

     

    

 

(b)
The Company hereby represents and warrants to Executive that (i) the execution, delivery and performance of this Agreement by the Company
does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which the Company is a party or by which the Company is bound and (ii) upon execution and delivery, this Agreement shall be
the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

11.
Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Executive and the Company
and their respective heirs, successors and permitted assigns. Neither party may assign any of its rights or assign or delegate any of
its obligations hereunder without the prior written consent of the other party hereto; provided, however, that (a) the
Company shall be permitted to assign this Agreement to any of its subsidiaries or to any successor to all or substantially all of its
business or assets that agrees in writing to assume all of the Company’s obligations hereunder, and (b) the Company’s subsidiaries
and affiliates are third party beneficiaries of this Agreement. Any change of control, merger, business combination or similar transaction
of the Company after the Effective Date shall not be deemed to result in an assignment or delegation of this Agreement by the Company.

 

12.
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given (a) on the date having been delivered personally, (b) on the date
delivered by a private courier as established by evidence obtained from such courier, (c) on the date sent by facsimile or e-mail transmission
(with acknowledgement of both complete transmission and receipt), or (d) on the fifth day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Notices, demands or communications to any party hereto will, unless another address
is specified in writing pursuant to this Section 12, be sent to the addresses indicated below.

 

	 

    If
    to Executive:

     

    George
    P. Archos

    1504
    N. Highland Ave.

    Arlington
    Heights, IL 60004

    Email:
    [***]
	 

    If
    to the Company:

     

    Verano
    Holdings Corp.

    415
    N. Dearborn Street, Suite 400

    Chicago,
    IL 60654

    Attn:
    Darren H. Weiss, General Counsel

    Email:
    darren@verano.holdings

    

 

13.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be valid under
applicable law; but, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction,
but except as otherwise set forth in this Agreement, this Agreement will be reformed, construed and enforced in such jurisdiction as
if such invalid, illegal or unenforceable provision had never been contained herein.

 

    	 9

     

    

 

14.
Complete Agreement. This Agreement embodies the complete agreement and understanding between the parties hereto with respect
to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties
hereto, written or oral, which may have related to the subject matter hereof in any way, including without limitation, any Prior Agreement.

 

15.
Signatures; Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original
but all of which together will constitute one and the same instrument. For purposes hereof, a facsimile signature, portable document
format (.pdf) signature or signature sent by electronic transmission will be considered an original signature.

 

16.
Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by, and construed in accordance with, the internal laws of the State of Illinois, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Illinois or any other jurisdiction).

 

17.
Survival. From and after the Effective Date, the provisions of Section 4, Section 5, Section 6, Section 7, Section 8, Section
9, Section 11, Section 12, Section 13, Section 14, Section 16, this Section 17, Section 19, Section 20, Section 21, Section 23,
Section 24, and Section 26 shall survive the termination of Executive’s employment and the termination of this Agreement
for any reason.

 

18.
Tax Withholdings. The Company shall deduct or withhold from any amounts owing from the Company to Executive any federal, state,
local or foreign withholding taxes, excise tax, or employment taxes imposed with respect to Executive’s compensation or other payments
from the Company or Executive’s ownership interest in the Company, if any (including, without limitation, wages, bonuses, dividends,
the receipt or exercise of equity options and/or the receipt or vesting of restricted equity).

 

19.
Dispute Resolution. Any controversy, dispute or claim arising out of or relating to any interpretation, performance, construction,
termination or breach of this Agreement shall first be settled through good faith negotiation between the parties hereto. If the controversy,
dispute or claim cannot be settled through negotiation, such matter must only be settled by final and binding arbitration by a single
arbitrator held in Chicago, Illinois, except as otherwise provided herein. Such mandatory arbitration may be brought by either party
hereto and shall be administered by JAMS pursuant to its Employment Arbitration Rules & Procedures and subject to JAMS Policy on
Employment Arbitration Minimum Standards of Procedural Fairness. Judgment on the arbitration award may be entered in any court having
proper jurisdiction. In aid of arbitration, either party hereto may seek preliminary or temporary injunctive relief at any time before
the arbitration demand has been filed and served or before an arbitrator has been selected. This agreement to mandatory arbitration is
a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to
consult with counsel).

 

20.
Headings; No Strict Construction. The headings of the paragraphs and sections of this Agreement are inserted for convenience
only and shall not be deemed a part of or affect the construction or interpretation of any provision hereof. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction
shall be applied against any party.

 

    	 10

     

    

 

21.
Executive’s Cooperation. During the Employment Period and thereafter, Executive shall, subject to the Company reimbursing
Executive for out-of-pocket expenses, cooperate with the Company in any internal investigation or administrative, regulatory or judicial
proceeding as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable
notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service
of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant
documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with
Executive’s other permitted activities and commitments).

 

22.
Corporate Opportunity. During the Employment Period, Executive shall submit to the Board all business, commercial and investment
opportunities or offers presented to Executive or of which Executive becomes aware which relate to the business of the Company or any
of its subsidiaries at any time during the Employment Period (“Corporate Opportunities”). Unless previously approved
in writing by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s
own behalf.

 

23.
Section 409A Compliance. The intent of the parties is that payments and benefits under this Agreement comply with Section
409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Code
Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company
of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with
Code Section 409A. Notwithstanding anything herein to the contrary, a termination of employment shall be deemed to have occurred at the
time such termination constitutes a “separation from service” within the meaning of Code Section 409A for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits in connection with a termination of employment and,
for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms shall mean a “separation from service.” Notwithstanding any other provision to the contrary, in no event shall
any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be subject to
offset by any other amount unless otherwise permitted by Code Section 409A.

 

24.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the
Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity,
binding effect or enforceability of this Agreement.

 

25.
Key Person Insurance. The Company and its affiliates shall have the right, but not the obligation, to obtain or increase insurance
on Executive’s life in such amount as the Board or such affiliate determines, in the name of the Company or such affiliates, as
the case may be, and for its sole benefit or otherwise. Upon reasonable advance notice, Executive will cooperate in any and all necessary
physical examinations without expense to Executive, supply information and sign documents and otherwise cooperate fully with each of
the Company and its affiliates as the Company and its affiliates may request.

 

26.
Read and Understood. Executive has read this Agreement carefully and understands each of its terms and conditions. Executive
has sought independent legal counsel of Executive’s choice to the extent Executive deemed such advice necessary in connection with
the review and execution of this Agreement.

 

[SIGNATURES
ON FOLLOWING PAGE]

 

    	 11

     

    

 

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

 

	 	THE
    COMPANY:
	 	 	 
	 	Verano
    Holdings Corp.
	 	 	 
	 	By:	/s/
    “George Archos”
	 	 	George
    Archos, CEO
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/
    “George Archos”
	 	George
    P. Archos

 

    	 12

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