Document:

Exhibit 10.2

 

 

 

June 16, 2022

 

	To:		LXP Industrial Trust
	 		One Penn Plaza, Suite 4015
	 		New York, NY 10019-4015
	 		 
	From:		JPMorgan Chase Bank, National Association
	 		New York Branch
	 		383 Madison Avenue,
	 		New York, NY 10179
	 		 

 

 

 

Ladies and Gentlemen,

 

The purpose of this letter agreement (this “Amendment
Agreement”) is to amend the terms and conditions of the transaction entered into between JPMorgan Chase Bank, National Association
(“Dealer”) and LXP Industrial Trust (formerly known as Lexington Realty Trust) (“Counterparty”),
pursuant to the Master Confirmation, dated as of May 10, 2021 (as amended, modified or supplemented from time to time, the “Master
Confirmation”), and the Supplemental Confirmation, dated as of May 10, 2021 (as amended, modified or supplemented from time
to time, the “Supplemental Confirmation” and, together with the Master Confirmation, the “Confirmations”).
Capitalized terms used herein but not otherwise defined herein shall have the meaning assigned to them in the Confirmations.

 

For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Amendment to Confirmations. Effective as of the date hereof,

		a.	the Master Confirmation shall be amended by replacing the date, “September 26, 2022” opposite
the term “Maturity Date” with “December 30, 2022”, and

		b.	the Supplemental Confirmation shall be amended by replacing Schedule I in its entirety with Schedule I
attached hereto.

		2.	Representations and Warranties.

		(a)	Counterparty represents and warrants to, and agrees with, Dealer on the date hereof that:

		(i)	it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation
and, if relevant under such laws, in good standing;

		(ii)	it has the power to execute this Amendment Agreement and any other documentation relating to this Amendment
Agreement to which it is a party, to deliver this Amendment Agreement and any other document relating to this Amendment Agreement that
it is required by this Amendment Agreement to deliver and to perform its obligations under this Amendment Agreement and has taken all
necessary action to authorize such execution, delivery and performance;

		(iii)	such execution, delivery and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of its assets;

     

     

    

		(iv)	all governmental and other consents that are required to have been obtained by it with respect to this
Amendment Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with;

		(v)	its obligations under this Amendment Agreement constitute its legal, valid and binding obligations, enforceable
in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement
is sought in a proceeding in equity or at law));

		(vi)	it (A) has such knowledge and experience in financial and business affairs as to be capable of evaluating
the merits and risks of entering into this Amendment Agreement; (B) has consulted with its own legal, financial, accounting and tax advisors
in connection with this Amendment Agreement; and (C) is entering into this Amendment Agreement for a bona fide business purpose;

		(vii)	there is not pending, or to its knowledge, threatened against it, any action, suit or proceeding at law
or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality,
validity or enforceability against it of this Amendment Agreement or its ability to perform its obligations under this Amendment Agreement
or the Confirmations;

		(viii)	no event that would constitute an Event of Default, a Potential Event of Default, a Termination
Event or a Potential Adjustment Event has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Amendment Agreement or the Confirmations;

		(ix)	it (A) is capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the
recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C)
has total assets of at least $50 million as of the date hereof; and

		(x)	it is entering into this Amendment Agreement in good faith and not as part of a plan or scheme to evade
compliance with Rule 10b-5 or any other provision of the federal securities laws.

		(b)	Dealer represents and warrants to, and agrees with, Counterparty on the date hereof that:

		(i)	it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation
and, if relevant under such laws, in good standing;

		(ii)	it has the power to execute this Amendment Agreement and any other documentation relating to this Amendment
Agreement to which it is a party, to deliver this Amendment Agreement and any other document relating to this Amendment Agreement that
it is required by this Amendment Agreement to deliver and to perform its obligations under this Amendment Agreement and has taken all
necessary action to authorize such execution, delivery and performance;

		(iii)	such execution, delivery and performance do not violate or conflict with any law applicable
to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to
it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

		(iv)	all governmental and other consents that are required to have been obtained by it with respect to this
Amendment Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with;
and

		(v)	its obligations under this Amendment Agreement constitute its legal, valid and binding obligations, enforceable
in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights generally and

    2 

     

    

subject, as to enforceability, to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

		3.	No Additional Amendments or Waivers. Except as expressly amended hereby, all the terms of the Transaction
and provisions in the Confirmations shall remain and continue in full force and effect and are hereby confirmed in all respects.

		4.	Communications with J.P. Morgan Securities LLC. If Counterparty interacts with any employee of
J.P. Morgan Securities LLC with respect to this Amendment Agreement or the Transaction, Counterparty is hereby notified that such employee
will act solely as an authorized representative of Dealer (and not as a representative of J.P. Morgan Securities LLC) in connection with
the Transaction.

		5.	Notices. Any notice or other communication in respect of this Amendment Agreement may be delivered
in any manner permitted for notices or communications in respect of the Confirmations to the address or number specified for purposes
of notices or communications in respect of the Confirmations.

		6.	Counterparts. This Amendment Agreement may be executed and delivered in any number of counterparts,
each of which shall be identical and all of which, taken together, shall constitute one and the same instrument, and each of the parties
hereto may execute this Amendment Agreement by signing any such counterpart.

		7.	Amendments. No amendment, modification or waiver in respect of this Amendment Agreement will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties hereto.

		8.	Entire Agreement. This Amendment Agreement constitutes the entire agreement and understanding of
the parties with respect to the subject matter and supersedes all prior or contemporaneous written and oral communications with respect
thereto. Each of the parties acknowledges that, in entering into this Amendment Agreement, it has not relied on any oral or written representation,
warranty or other assurance (except as provided for or referred to in this Amendment Agreement) and waives all rights and remedies which
might otherwise be available to it in respect thereof, except that nothing in this Amendment Agreement will limit or exclude any liability
of a party for fraud.

		9.	Governing Law; Jurisdiction. THIS AMENDMENT AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS AMENDMENT AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM
WITH RESPECT TO, THESE COURTS.

		10.	Waiver of Right to Trial by Jury. EACH OF COUNTERPARTY
AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS)
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THE AMENDMENT AGREEMENT OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

[Remainder of page intentionally left blank]

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Please confirm that the foregoing correctly sets forth
the terms of our agreement by signing and returning this Amendment Agreement.

 

 

Very truly yours,

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 

 

 

By:  /s/ Santosh Sreenivasan  

Name: Santosh Sreenivasan

Title: Managing Director

 

 

 

 

Accepted and confirmed as of

the date first written above:

 

LXP INDUSTRIAL TRUST

 

 

 

By:   /s/ Beth Boulerice                

Name: Beth Boulerice

Title: CFO

 

 

 

     

     

    

SCHEDULE I

 

FORWARD PRICE
REDUCTION DATES AND AMOUNTS

 

 

	Forward Price Reduction Date	Forward Price Reduction Amount
	Trade Date	USD 0.0000
	June 29, 2021	USD 0.1075
	September 29, 2021	USD 0.1075
	December 30, 2021	USD 0.1200
	March 30, 2022	USD 0.1200
	June 29, 2022	USD 0.1200
	September 29, 2022	USD 0.1200
	December 29, 2022	USD 0.1225
	Maturity Date	USD 0.0000Exhibit 10.1

 

Employment Agreement

 

This Agreement (the “Agreement”) is made and entered into as
of June 19th 2022 (the “Effective Date”) by and between Gregory A. Gould a resident of Colorado (the “Employee”),
and Charlotte’s Web, Inc., a Delaware corporation, with principal place of business at 1801 California St, Suite 4800 Denver, Colorado
80202 (the “Company”).

 

WHEREAS, the Company desires to employ the Employee on the terms
and conditions set forth herein; and

 

WHEREAS, the Employee desires to be employed by the Company on
such terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual covenants, promises,
and obligations set forth herein, the parties agree as follows

 

		1.	Employment. The Company shall employ the Employee, and the Employee accepts continued employment with the Company, upon the
terms and conditions set forth in this Agreement, the Employee will be an at-will employee of the Company and the Employee or the Company,
acting solely through its Chief Executive Officer or a designee of the Chief Executive Officer, may terminate the Employee’s employment
with the Company for any reason or no reason at any time.

 

		2.	Position. Employee’s title will be Executive Vice President, Chief Financial Officer (CFO) and Principal Accounting Officer.
This is a full-time, exempt position. Employee’s general duties and responsibilities are set forth on Schedule A hereto (the
“Duties”). This position is an exempt position, which means Employee will not be eligible for overtime pay. I addition to
the Employee’s work for the Company the Employee can serve on up to two third party Boards of Directors as long as the companies
that he is serving on the Boards is not a direct competitor of the Company.

 

		3.	Compensation.

 

		a.	Base Salary. The Company will pay Employee a salary at the rate of Three Hundred Twenty-Five Thousand Dollars ($325,000.00)
(USD) per year, starting on the effective date of this agreement through December 31, 2022, payable in accordance with the Company’s
standard payroll schedule subject to such payroll and withholding deductions as are required by applicable law or authorized by the Employee.
The Company will increase the Employee’s annual salary rate to a minimum of Four Hundred Thousand Dollars ($400,000.00) (USD) per
year, starting on January 1, 2023, through June 30, 2023. Then on July 1, 2023, The Company will increase the Employee’s annual
salary rate to a minimum of Five Hundred Thousand Dollars ($500,000.00) (USD) per year.

 

		b.	The Base Salary shall not be subject to reduction during the Employment Period without the prior written consent of the Employee.

 

		c.	Signing Bonus You will be paid a one-time signing bonus of $100,000 on the next regular payroll, less taxes and withholdings.

 

		d.	Bonus and Equity Compensation. The Employee may be eligible for Company bonus plans and long-term equity, or cash incentive
compensation plans for the Company’s employees, to be determined in the Chief Executive Officer’s sole discretion. This Position
will be eligible for the companies following incentive plans.

 

		e.	New Hire Equity Grant. The Company will grant the Employee One Million Two Hundred Thousand (1,200,000) non-qualified
stock options to purchase the Company’s common stock with an exercise price of $0.44 (USD) which is the closing price of (CWBHF)
on Friday, June 17, 2022, rounded up to the next full penny. The awards shall vest over a period of two years with 50% of grant vesting
on June 18, 2023, and the remaining 50% vesting on June 18, 2024. These options will expire ten (10) years after their grant date.

 

 

 

 

[Certain information indicated by [***] has been excluded from this Exhibit
10.1 because it is not material.]

 

    

    

    

 

		f.	Short Term Bonus. For 2022and beyond, your target bonus opportunity will be 75% of earned compensation in 2022 and annual
earned compensation in future years, with a maximum payout opportunity of 150% of annual earned compensation. Actual payments will be
determined based on Company results and individual performance against applicable performance metrics Any annual bonus with respect to
a particular calendar year will generally be paid within two and a half months following the end of the calendar year. For the year ended
December 31, 2022, the Employee is guaranteed a minimum bonus payment of One Hundred Thousand Dollars ($100,000.00) (USD) that will be
paid prior to January 31, 2023.

 

		g.	Long-Term Incentive Program. You will be eligible to participate in the Company’s long-term incentive program
on similar terms and conditions as other similarly situated executives. Commencing in 2023, your target equity incentive opportunity will
be 100% of your base salary, with the exception that this equity award will consist of 50% stock options and 50% restricted stock awards,
each of which will vest of a three-year vesting scheduled with 1/3 of each award vesting on the company’s annual vesting schedule.

 

		h.	Business Expenses. The Employee shall be entitled to reimbursement for all reasonable and actual out-of-pocket business,
entertainment, and travel costs and expenses incurred by the Employee in connection with the performance of the Employee’s Duties
hereunder upon presentation of receipts submitted to the Company on a timely basis and in accordance with the Company’s expense
reimbursement policies and procedures.

 

		4.	Employee Benefits.

 

During each calendar year the Employee is employed by the Company, the
Employee shall be entitled to participate in all employee benefit plans, practices, and programs maintained by the Company, as in effect
from time to time, including but not limited to any retirement savings plans (e.g. 401(k) plans), health, dental and vision insurance
plans, and short- and long-term disability and life insurance plans (collectively, “Employee Benefit Plans”), on a basis which
is no less favorable than is provided to other employees of the Company, to the extent consistent with applicable law and the terms of
the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its
sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

 

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Flexible Vacation Policy. As an exempt employee, you will
be eligible to participate in Charlotte’s Web’s Flexible Vacation Policy. Under this policy, you will not accrue paid vacation
time, but will be awarded the flexibility to take time off from your regular work schedule, with full pay, and no effect to benefit eligibility.
Paid time off under this policy is intended for vacation or other compelling reasons and is not intended for certain types of leave outlined
under Exceptions in the written policy.

 

		5.	Employee Confidentiality.

 

		a.	Confidentiality. The Employee will keep in strict confidence, and will not, directly, or indirectly, at any time, during
or after the Employee’s employment with the Company, disclose, furnish, disseminate, make available or, except in the course of
performing the Employee’s duties of employment, use any trade secrets or confidential business and technical information of the
Company or its customers or vendors, without limitation as to when or how the Employee may have acquired such information. Such confidential
information shall include, without limitation, the Company’s unique selling, manufacturing, and servicing methods and business techniques,
training, service and business manuals, promotional materials, training courses and other training and instructional materials, vendor
and product information, customer and prospective customer lists, other customer and prospective customer information and other business
information (the “Confidential Information”). The Employee specifically acknowledges that all such Confidential Information,
whether reduced to writing, maintained on any form of electronic media, or maintained in the mind or memory of the Employee and whether
compiled by the Company, and/or the Employee, derives independent economic value from not being readily known to or ascertainable by proper
means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain
the secrecy of such information, that such information is the sole property of the Company and that any retention and use of such information
by the Employee during the Employee’s employment with the Company (except in the course of performing the Employee’s Duties
to the Company) or after the termination of the Employee’s employment shall constitute a misappropriation of the Company’s
trade secrets. but not limited to photographs, motion pictures, documentaries, social media, television, radio and Internet shows and
appearances, webcasts, podcasts, live streaming events, YouTube channels, Twitter accounts, blogs, websites, mobile phone applications
and any other media-related products.

 

		b.	Return of Company Property. The Employee agrees that upon termination of the Employee’s employment with the Company,
for any reason, the Employee shall return to the Company, in good condition, all property of the Company, including without limitation,
the originals and all copies of any materials which contain, reflect, summarize, describe, analyze, or refer or relate to any items of
Confidential Information.

 

 

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		6.	Non-Competition.

 

		a.	During his employment with the Company and for a period of one (1) year after termination from employment, the Employee agrees not
to compete with the Company Business on a worldwide basis. For purposes of this Agreement, “competition” shall include: (i)
owning, managing, operating, controlling, being employed by, consulting for, participating in, engaging in, rendering any services for,
assisting, having any financial interest in, permitting the Employee’s name to be used in connection with, or being connected in
any manner with the ownership, management, operation, or control of any Competitor of the Company or its affiliates; (ii) interfering
with the relationship between the Company and any current or former employee or consultant of the Company; (iii) soliciting any of the
Company’s customers or prospective customers on behalf of a Competitor; or (iv) soliciting, inducing, or attempting to induce any
current or prospective customer, supplier or other business relation of the Company or any of its affiliates to cease doing business with
the Company. For purposes of this Agreement, a “Competitor” is any person or entity that engages in the same business as the
Company Business at the date of execution of this agreement.

 

		b.	Exclusions. For greater clarity, nothing in this Agreement shall be construed as prohibiting the Employee from (i) engaging
in passive investment activities and business- related, community service, charitable and social activities that do not interfere with
the Employee’s performance of his Duties or his obligations hereunder or (ii) engaging in any activity related to any person or
entity engaged in a business that is not a Competitor. Employee shall at no time make any statements, claims or render opinions that are
expressly or impliedly connected to Company Business and that would violate the law of any government authority including, but not limited
to, rules, regulations or guidance promulgated by the United States Food and Drug Administration or the United States Federal Trade Commission
or Canadian or United States securities laws.

 

		7.	Termination.

 

		a.	At Will Employment. The Employee’s employment hereunder shall be at-will, meaning that Employee or Company may
terminate the employment relationship at any time, with or without cause, and with or without notice, provided however that, the Company
agrees that termination of employment of the Employee by the Company can only be by action of the Chief Executive Officer or designee
of the Chief Executive Officer.

 

		b.	Termination without Cause or for Good Reason.

 

		i.	If the Company terminates Employee’s employment without Cause, or does not renew this agreement upon its expiration, or Employee
terminates for Good Reason (as defined below), conditioned upon Employee signing the Separation Agreement and Full and Final Release of
Claims attached as Schedule B, the Company will pay to the Employee 12 months of base salary. Severance payment of 12 months base salary
shall be made either pursuant to the Company’s regular payroll schedule over the next year, at the Company’s sole discretion,
the severance payment may be accelerated and paid over a shorter period of time. Company also agrees to pay employee a prorated bonus
based in the year of termination. The prorated bonus shall be defined by the period of time of the last paid short term bonus date and
the date of termination. Employee will also be entitled to all vested equity and all equity that is scheduled to vest within one year
of his termination date at the point of termination. All equity that is vested as of the point of termination will continue to have its
original expiration date, which is ten years from the grant date.

 

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		ii.	If Company terminates Employee’s employment with Cause, as defined below, Employee will be paid his regular Base Salary through
his separation date, after which no further monies shall be owed Employee under this Agreement. For purposes of this Agreement, “Cause”
shall include:

 

		1.	Employee’s willful failure to materially perform his duties (other than any such failure resulting from incapacity due to physical
or mental illness); (ii) Employee’s willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case,
materially injurious to the Company or its affiliates; (iii) Employee’s conviction of or plea of guilty or nolo contendere to a
crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude, if such
felony or other crime is work-related, materially impairs the Employee’s ability to perform services for the Company or results
in material reputational or financial harm to the Company or its affiliates; (iv) Employee’s willful violation of a material policy
of the Company; or (v) Employee’s willful unauthorized disclosure of Confidential Information. For purposes of this provision, no
act or failure to act on the part of the Employee shall be considered “willful” unless it is done, or omitted to be done,
by the Employee in bad faith or without reasonable belief that the Employee’s action or omission was in the best interests of the
Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice
of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Employee in good faith and in the
best interests of the Company. Upon Employee’s request, the Board shall make a final determination for the Company of whether the
Company’s reason for terminating Employee’s employment meets the definition of “Cause” set forth in this sub-paragraph.

 

		iii.	For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without the consent of
Executive: (i) a material diminution in Executive’s authority, duties or responsibilities; (ii) a breach of this Agreement by Company,
(iii) a material change in the geographic location at which Executive must perform services or reside; or (iv) a material change in base
salary, or (v) or a material change in Executive’s annual bonus targets or eligibility for incentive compensation.

 

		c.	Termination by the Employee.

 

		i.	Due to the specialized nature of Employee’s position as Executive Vice President and Chief Financial Officer, in order to maintain
continuity in financial operations in the event of Employee’s departure, Company requests two months’ notice from Employee
prior to a voluntary departure from the Company by Employee. As consideration for this notice, if Employee provides two months’
notice of Employee’s termination of employment under the Agreement prior to the end of the Employment Period without Good Reason,
conditioned upon Employee signing the Separation Agreement and Full and Final Release of Claims attached as Schedule B, Company will pay
Employee severance in the gross amount of thirty thousand dollars ($30,000.00) to be paid in increments of Base Salary over the Company’s
regular payroll schedule until the full amount is paid.

 

 

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		8	Change in Control Termination.

 

Notwithstanding any other provision set forth in this agreement, if your
employment with the Company is terminated without Cause, as defined herein, within three (3) months prior to or twenty-four (24) months
following a Change in Control, you shall be entitled to receive a lump sum payment equal to two (2) times the sum of your annual base
salary and 100% target bonus for the year in which the Termination Date occurs, furthermore employee shall immediately vest all equity
awarded to the employee up until the time of termination, which shall be paid within 90 days following the Termination Date. The Company’s
obligation to make the payments described in this Section 8 are expressly conditioned on your execution and non-revocation of the Release
Agreement, as well as your continued compliance with the Restrictive Covenant Agreement.

 

		ii.	For purposes of this Letter Agreement, a “Change in Control” means the first of the following to occur:
(i) a Change in Ownership of the Company, (ii) a Change in Effective Control of the Company, or (iii) a Change in the Ownership of Assets
of the Company, as described herein and construed in accordance with Code section 409A:

 

		iii.	A “Change in Ownership of the Company” shall occur on the date that any one Person acquires, or Persons Acting as a Group
acquire, ownership of the capital stock of the Company that, together with the stock held by such Person or Group, constitutes more than
50% of the total fair market value or total voting power of the capital stock of the Company. However, if any one Person is, or Persons
Acting as a Group are, considered to own more than 50%, on a fully diluted basis, of the total fair market value or total voting power
of the capital stock of the Company, the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered
to cause a Change in Ownership of the Company or to cause a Change in Effective Control of the Company (as described below). An increase
in the percentage of capital stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which the Company
acquires its stock in exchange for property will be treated as an acquisition of stock.

 

		iv.	A “Change in Effective Control of the Company” shall occur on the date either (A) a majority of members of the Company’s
Board are replaced during any 24-month period, or (B) any one Person, or Persons Acting as a Group, acquires (or has acquired during the
24-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of the Company possessing
50% or more of the total voting power of the stock of the Company.

 

 

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		v.	A “Change in the Ownership of Assets of the Company” shall occur on the date that any one Person acquires, or Persons
Acting as a Group acquire (or has or have acquired during the 24-month period ending on the date of the most recent acquisition by such
Person or Persons), assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair
market value of all of the assets of the Company immediately before such acquisition or acquisitions. For this purpose, gross fair market
value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

 

b.       The following rules of construction
apply in interpreting the definition of Change in Control:

 

		vi.	A “Person” means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended, other than employee benefit plans sponsored or maintained by the Company and by entities controlled
by the Company or an underwriter, initial purchaser or placement agent temporarily holding the capital stock of the Company pursuant to
a registered public offering.

 

		vii.	Persons will be considered to be Persons Acting as a Group (or Group) if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with the corporation. If a Person owns stock in both
corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such stockholder is considered
to be acting as a Group with other stockholders only with respect to the ownership in that corporation before the transaction giving rise
to the change and not with respect to the ownership interest in the other corporation. Persons will not be considered to be acting as
a Group solely because they purchase assets of the same corporation at the same time or purchase or own stock of the same corporation
at the same time, or as a result of the same public offering.

 

		viii.	A Change in Control shall not include a transfer to a related person as described in Code section 409A or a public offering of capital
stock of the Company.

 

 

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		ix.	For purposes of the definition of Change in Control, Section 318(a) of the Code applies to determine stock ownership. Stock underlying
a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not
considered owned by the individual who holds the unvested option). For purposes of the preceding sentence, however, if a vested option
is exercisable for stock that is not substantially vested (as defined by Treasury Regulation

§1.83-3(b) and (j)), the stock underlying
the option is not treated as owned by the individual who holds the option.

 

9       Taxes.

 

All forms of compensation referred to in this Agreement are subject to
reduction to reflect applicable withholding and payroll taxes and other deductions required by law. Employee agrees that the Company does
not have a duty to design its compensation policies in a manner that minimizes his tax liabilities, and Employee will not make any claim
against the Company, or the Board related to tax liabilities arising from how the Company’s compensation policies are designed.

 

10 Indemnification.

 

The Company agrees to indemnify the Employee as follows:

 

In the event that the Employee is made a party or threatened to be made
a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that the
Employee is or was an employee, director or officer of the Company, or any affiliate of the Company, or is or was serving at the request
of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other
enterprise, including but not limited to, any such action, suit or proceeding, whether civil, criminal, administrative, or investigative,
related to the Employee’s liability under applicable securities laws in any capacity (except in the capacity as selling shareholder)
regarding or arising from the Company’s disclosure in any preliminary or final prospectus in connection with the Company’s
initial public offering and secondary offering of the Company’s common shares in Canada or public filings of the Company related
thereto (a “Proceeding”), other than any Proceeding initiated by the Employee or the Company related to any contest or dispute
between the Employee and the Company or any of its affiliates with respect to this Agreement or the Employee’s employment hereunder,
the Employee shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law and the Company’s
bylaws from and against any liabilities, damages, costs, claims, and expenses, including all costs and expenses incurred in defense of
any Proceeding (including attorneys’ fees). Costs and expenses incurred by the Employee in defense of such Proceeding (including
attorneys’ fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company
of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses
for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of the Employee to repay
the amounts so paid if it shall ultimately be determined that the Employee is not entitled to be indemnified by the Company under this
Agreement.

 

 

    	Page 8 of 21 

     

    

During the term of Employee’s employment and for a period of six
(6) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, directors’ and
officers’ liability insurance providing coverage to the Employee on terms that are no less favorable than the coverage provided
to other directors and executives of the Company.

 

11       Interpretation, Amendment
and Enforcement.

 

This Agreement and Schedule A constitute the complete agreement
between Employee and the Company, contain all of the terms of Employee’s employment with the Company and supersede any prior agreements,
representations or understandings (whether written, oral or implied) between Employee and the Company. This Agreement may not be amended
or modified, except by an express written agreement signed by both Employee and a duly authorized officer of the Company. The terms of
this Agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or arising out
of, related to, or in any way connected with, this Agreement, Employee’s employment with the Company or any other relationship between
Employee and the Company will be governed by Colorado law, excluding laws relating to conflicts or choice of law. Employee and the Company
submit to the exclusive personal jurisdiction of the state courts located in Denver, Colorado or the federal courts in Denver County,
Colorado in connection with any proceedings to compel arbitration and/or to seek remedies as set forth in the following Section 12 of
this Agreement. For the avoidance of doubt, the Company and Employee agree that the employment relationship created hereunder shall arise
under laws of the State of Colorado.

 

12       Arbitration.

 

Any controversy or claim arising out of this Agreement and any and all
claims relating to Employee’s employment with the Company will be settled by final and binding arbitration instead of by filing
a lawsuit in court. Company and Employee mutually agree that by entering into this agreement to arbitrate, both waive their right to have
any dispute or claim brought, heard or arbitrated as a class action, collective action, and/or representative action, and an arbitrator
shall not have any authority to hear or arbitrate any class, collective, or representative action. The arbitration will take place in
Boulder, Colorado, or, at Employee’s option, the County in which Employee primarily worked when the arbitrable dispute or claim
first arose. The arbitration will be administered by the American Arbitration Association under its National Rules for the Resolution
of Employment Disputes. Any award or finding will be confidential. Employee and the Company agree to provide one another with reasonable
access to documents and witnesses in connection with the resolution of the dispute. The Company will bear the cost of the arbitrator’s
fee and any other expense or cost above that which Employee would be required to bear if Employee were to bring the dispute or claim in
court. Each party will be responsible for its own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless
a statute or contract at issue specifically authorizes such an award. This Section 12 does not apply to claims for workers’ compensation
benefits or unemployment insurance benefits. To the extent permitted by law, either party may seek provisional relief from any court with
jurisdiction to grant such relief to preserve the status quo, prevent irreparable harm, or to prevent the frustration of the purpose or
effectiveness of any arbitration.

 

 

    	Page 9 of 21 

     

    

13       Severability. Should
any provision of this Agreement be held by a court of competent jurisdiction (or as determined by an arbitrator) to be enforceable only
if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity
of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become
a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court (or arbitrator)
is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision
from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding
additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement
of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified
by the court shall be binding upon and enforceable against each of them.

 

14       Captions.

 

Captions and headings of the sections and paragraphs of this Agreement
are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any
section or paragraph.

 

15       Counterparts.

 

This Agreement may be executed in separate counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same instrument and such counterparts may be
delivered electronically.

 

16       409A.

 

a. This Agreement is intended to comply with Section 409A of the United
States Internal Revenue Code (“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance
with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon
an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement
shall be treated as a separate payment.

 

b. Any payments to be made under this Agreement upon a termination of employment
shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no
representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company
be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non-compliance
with Section 409A.

 

 

    	Page 10 of 21 

     

    

c. Notwithstanding any other provision of this Agreement, if any payment
or benefit provided to the Employee in connection with his/her termination of employment is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and the Employee is determined to be a “specified employee”
as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
the six-month anniversary of the date of termination of Employee’s employment or, if earlier, on the Employee’s death (the
“Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified
Employee Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service
for the month in which the Employee’s separation from service occurs shall be paid to the Employee in a lump sum on the Specified
Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

 

		d.	To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement
of an eligible expense shall be paid to the Employee on or before the last day of the calendar year following the calendar year in which
the expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit.

 

17        Successors and Assigns.

 

This Agreement is personal to the Employee and shall not be assigned by
the Employee. Any purported assignment by the Employee shall be null and void from the initial date of the purported assignment. The Company
shall assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise)
to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted
successors and assigns.

 

18       Notices.

 

Notices and all other communications provided for in this Agreement shall
be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier
to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

 

If to the Company:

 

Charlotte’s Web Holdings, Inc.

Attention: Chief Executive

Officer 1801 California St. Suite 4800

Denver, CO 80202

 

If to the Employee:

 

Gregory A. Gould

[***]

 

 

 

 

[***] Indicates material that has been excluded from this Exhibit 10.1
because it is not material.

    	Page 11 of 21 

     

    

19       Survival.

 

Upon the expiration or other termination of this Agreement, the respective
rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the
intentions of the parties under this Agreement.

 

20       Acknowledgement of Full
Understanding.

 

EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND
VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT
WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

****Signature Page Follows****

 

 

    	Page 12 of 21 

     

    

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

 

	Charlotte’s Web Holdings, Inc. 
	 
	/s/ Jacque Tortoroli
	Jacques Tortoroli
	Chief Executive Officer Date:
	 
	Date:  June 19, 2022
	 
	 
	Employee:
	Accepted and agreed to as of
	 
	 
	/s/ Gregory A. Gould
	Gregory A. Gould
	 
	June 19, 2022
	Date

    	Page 13 of 21 

     

    

Attachments

 

Schedule A: Duties

Schedule B: Separation Agreement and Full and Final Release of Claims

 

 

    	Page 14 of 21 

     

    

SCHEDULE A DUTIES

Employee shall have the duties and responsibilities customary for the role
of Executive Vice President, Chief Financial Officer and Principal Accounting Officer, including, but not limited to the following.

 

		•	Act
                                            as Executive Vice President along with all duties aligned with Chief Financial Officer and
                                            Principal Accounting Officer

 

		•	Provide
                                            leadership, direction and management of the finance and accounting team

 

		•	Provide
                                            strategic recommendations to the CEO/president and members of the executive management team
                                            and board

 

		•	Managing
                                            the processes for financial forecasting and budgets, and overseeing the preparation of all
                                            financial reporting

 

		•	Identify,
                                            solicit and manage all functions related to financial institutions, funding sources and equity
                                            relationships

 

		•	Advising
                                            on long-term business and financial planning

 

		•	Establishing
                                            and developing relations with senior management and external partners and stakeholders

 

		•	Reviewing
                                            all formal finance, operations, and IT related procedures

 

		•	Review
                                            and organize the accounting function

 

		•	Lead
                                            M/A activities

 

		•	Create
                                            strategies around capital and Cash management

 

		•	Assist
                                            CEO and monitor and lead governance protocols

 

		•	Ensure
                                            government compliance on all financial activities

 

		•	Monitor
                                            capital markets for investment and opportunity

 

		•	Provide
                                            strategic direction to the CEO and board

 

		•	Provide
                                            superior leadership on all aspects of strategy and finance to the organization

 

		•	All
                                            other duties assigned and deemed appropriate by the Chief Executive Officer

 

 

    	Page 15 of 21 

     

    

SCHEDULE B

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[***] Indicates material that has been excluded from this Exhibit 10.1
because it is not material.

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