Document:

EX-10.2

 Exhibit 10.2 

This LOCKUP AND FORFEITURE AGREEMENT (this “Agreement”) is entered into as of January 15, 2021, by and between
Subversive Capital Acquisition Corp. (the “Corporation”), Subversive Capital Sponsor LLC (the “Sponsor”), Michael Auerbach and Leland Hensch (the “Individual Founders”), CMG Partners, Inc.
(“Caliva”), and Left Coast Ventures, Inc. (“LCV”). 
 WHEREAS the Individual Founders through the Sponsor,
collectively own a number of Class B Shares of the Corporation which, following the closing of a Qualifying Transaction (as defined below) would correspond to a number of common shares of the Corporation (the “Common Share”)
equal to 11,287,408 Common Shares (such shares, whether in the form of Class B Shares, Proportionate Voting Shares or Common Shares, the “Founders’ Shares”); 

WHEREAS, the Sponsor owns warrants (each, a “Warrant” and collectively, the “Sponsor Warrants” and
together with the Founders’ Shares, the “Subject Shares”) to purchase 7,087,500 Class A restricted voting shares of the Corporation (each, a “Class A Restricted Voting Share”); 

WHEREAS, the Corporation has entered into definitive agreements with each of Caliva (the “Caliva Agreement”) and LCV (the
“LCV Agreement”, and together with the Caliva Agreement, the “Transaction Agreements”) pursuant to which the Corporation shall acquire, directly or indirectly, all of the equity of Caliva and LCV; 

WHEREAS, the acquisition of Caliva and LCV will constitute the “qualifying transaction” of the Corporation (the “Qualifying
Transaction”) as more fully described in the Prospectus (as defined below); 
 WHEREAS, in connection with the consummation of the
Qualifying Transaction, all Class B Shares shall be converted into Proportionate Voting Shares and all Warrants shall become exercisable for Common Shares rather than Class A Restricted Voting Shares; and 

WHEREAS, Sponsor and the Individual Founders have agreed to the restrictions set forth in this Agreement for the benefit of Caliva and LCV.

 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement, and for good and valuable
consideration, the sufficiency of which is acknowledged and agreed, the parties to this Agreement hereby agree as follows. 
  

	 	1.	 Certain Defined Terms. In addition to terms defined elsewhere in this Agreement, the following terms
have the following meanings: 

  

	 	(a)	 “Exchange” means the Neo Exchange Inc., or any successor, assign or replacement exchange on
which any of the Corporation’s securities are listed from time to time. 

  

	 	(b)	 “Person” includes any individual, corporation, company, partnership, association, joint
venture, trust, unincorporated association, governing or governmental authority. 

  

	 	(c)	 “PIPE Transaction” means any treasury offering of subscription receipts of the Corporation on
a brokered or non-brokered private placement basis, whereby each such subscription receipt will entitle the holder thereof to ultimately receive one Common Share on or around the closing date of the Qualifying
Transaction. 

	 	(d)	 “Prospectus” means the non-offering prospectus of the
Corporation dated December 16, 2020, of the Corporation. 

  

	 	(e)	 “Proportionate Voting Shares” means the proportionate voting shares of the Corporation, as
further described in the Prospectus. 

  

	 	(f)	 “Trading Price Measurement Period” means the period beginning on the closing date of the
Qualifying Transactions and ending on the third anniversary of the closing date of the Qualifying Transactions. 

  

	 	(g)	 “Transfer” means, in respect of securities, (i) the sale, offer to sell, contract or
agreement to sell, gifting, assignment, hypothecation, pledge, granting any option to purchase or otherwise disposing of or agreeing to dispose of, directly or indirectly, filing (or participate in the filing of) a registration statement with any
Governmental Authority or establishing or increasing a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, with respect to any
securities or any beneficial interest therein, or (ii) the entering into of any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any securities or any beneficial interest
therein. 

  

	 	(h)	 “VWAP” means, as of any date of determination, the volume weighted average price per share of
the Common Shares on the Exchange for the period of the twenty (20) consecutive trading days prior to such date of determination, as reported by Bloomberg Financial L.P. 

Capitalized terms used herein but not defined have the meanings ascribed thereto in the Prospectus. Unless otherwise specified, all dollar
amounts are expressed in United States dollars and references to “$” are to United States dollars. 
  

	 	2.	 Transfer Restrictions. The Sponsor and each of the Individual Founders hereby undertakes and agrees not
to Transfer any of the Subject Shares (or any Proportionate Voting Shares or Common Shares into which such Subject Shares may hereafter be converted or exchanged), for a period of 6 months following the closing date of the Qualifying Transaction
(the “Lock-up Period”). Notwithstanding the provisions set forth in this Section 2, the Sponsor and the Individual Founders may Transfer Subject Shares (or any
Proportionate Voting Shares or Common Shares into which such Subject Shares may hereafter be converted or exchanged) during the Lock-up Period (a) in the case of an individual, by gift to a member of the
individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person or entity, or to a charitable organization; (b) in the case of an individual, by
will, other testamentary document or virtue of laws of descent and distribution upon death of the individual; (c) in the case of an individual, pursuant to a qualified domestic relations order; (d) in the case of an entity, to any partner,
member, or affiliate of the Sponsor or Individual Founder; or (e) where such Common Shares were acquired in open market transactions following the closing date of the Qualifying Transaction (as defined in the Transaction Agreements);
provided, however, that in the case of clauses (a) through (d) these permitted transferees (“Permitted Transferees”) must first enter into a written agreement with the Company agreeing to be bound by the transfer
and forfeiture restrictions in this Section 2, Section 3 and Section 4. 

	 	3.	 Founders’ Shares Vesting and Forfeiture. 

 

	 	(a)	 In addition to Section 2, the Sponsor (and any Permitted Transferee) agrees not to
(and the Individual Founders agree not to cause or permit Sponsor or any Permitted Transferees to) Transfer Founders’ Shares that correspond or are otherwise equivalent to a number of Common Shares equal to 5,430,450 Common Shares (such
Founders’ Shares, the “Vesting Shares”), other than pursuant to any of the exceptions set forth in Section 2, following the closing date of the Qualifying Transaction unless and until such shares
become vested in accordance with the following vesting schedule: 

  

	 	(i)	 One-third of the Vesting Shares shall become vested and no longer
subject to the restrictions on Transfer in this Section 3 upon the VWAP equaling or exceeding $13.00 during the Trading Price Measurement Period; 

 

	 	(ii)	 One-third of the Vesting Shares shall become vested and no longer
subject to the restrictions on Transfer in this Section 3 upon the VWAP equaling or exceeding $17.00 during the Trading Price Measurement Period; and 

 

	 	(iii)	 One-third of the Vesting Shares shall become vested and no longer
subject to the restrictions on Transfer in this Section 3 upon the VWAP equaling or exceeding $21.00 during the Trading Price Measurement Period. 

 

	 	(b)	 In the event any of the Vesting Shares have not vested in accordance with the vesting schedule set forth in
Section 3(a) by the end of the Trading Price Measurement Period, such shares shall be forfeited to the Corporation. 

  

	 	4.	 Sponsor Shares Transaction Agreement Forfeiture. In addition to Section 2, the
Sponsor (and any Permitted Transferee) agrees not to (and the Individual Founders agree not to cause or permit Sponsor or any Permitted Transferee to) Transfer Founders’ Shares that correspond or are otherwise equivalent to a number of Common
Shares equal to (i) 3,705,628 Common Shares (such Founders’ Shares, the “Financing Shares”), other than pursuant to any of the exceptions set forth in Section 2, following the closing date of the
Qualifying Transaction unless and until none of the Maximum Earnout Shares (as defined in the Caliva Agreement) are subject to potential issuance pursuant to Section 2.04(b) of the Caliva Agreement. The Sponsor shall forfeit to the Corporation
without consideration, a number of Financing Shares that correspond or are otherwise equivalent to a number of Common Shares equal to the Earnout Consideration (as defined in the Caliva Agreement) issued to Caliva shareholders pursuant to
Section 2.04(b)(iii) of the Caliva Agreement. Such forfeiture shall occur contemporaneously with the issuance of such Earnout Consideration pursuant to Section 2.04(b)(iii) of the Caliva Agreement. Upon final determination of the amount of
Earnout Consideration, if any, pursuant to Section 2.04 of the Caliva Agreement, the remaining Financing Shares, if any, not forfeited to the Corporation pursuant hereto shall be released from the restrictions of this Section 4. For the
avoidance of doubt, the Financing Shares subject to this Section 4 and the Vesting Shares subject to Section 3 shall be without duplication. 

  

	 	5.	 Sponsor SC Reductions Forfeiture. Upon the closing of the Qualifying Transaction, the Sponsor shall
forfeit to the Corporation without consideration, a number of Founders’ Shares that correspond or are otherwise equivalent to a number of Common Shares equal to 563,203 Common Shares. 

	 	6.	 Representations and Warranties. Sponsor, with respect to itself, and the Individual Founders jointly and
severally with respect to Sponsor, represents and warrants as follows: 

  

	 	(a)	 Organization; Due Authorization. Sponsor is duly organized, validly existing and in good standing under
the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within Sponsor’s limited
liability company or organizational powers and have been duly authorized by all necessary limited liability company actions on the part of Sponsor. Each such Individual Founder has full legal capacity, right and authority to execute and deliver this
Agreement, to perform his respective obligations hereunder and to cause the Sponsor to perform its obligations hereunder. This Agreement has been duly executed and delivered by Sponsor and each Individual Founder and, assuming due authorization,
execution and delivery by the other parties to this Agreement, this Agreement constitutes a legally valid and binding obligation of Sponsor and each Individual Founder, enforceable against Sponsor and each Individual Founder in accordance with the
terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies).

  

	 	(b)	 Ownership. Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has
good title to, all of the Subject Shares and in each case there exist no Liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of the Subject Shares (other than transfer restrictions
under the Securities Act) affecting any such Subject Shares, other than Liens pursuant to (i) this Agreement, (ii) the Transaction Agreement or (iii) any applicable securities Laws. Except for the Sponsor Warrants to acquire Common
Shares, the Founders’ Shares are the only equity securities in the Corporation owned beneficially by each Individual Founder on the date of this Agreement, and none of the Founders’ Shares are subject to any proxy, voting trust or other
agreement or arrangement with respect to the voting of the Founders’ Shares, except as provided hereunder. Except for the Sponsor Warrants to acquire Common Shares, such Individual Founder does not hold or own any rights to acquire (directly or
indirectly) any equity securities of the Corporation or any equity securities convertible into, or which can be exchanged for, equity securities of the Corporation. 

 

	 	(c)	 No Conflicts. The execution and delivery of this Agreement by an Individual Founder and the Sponsor does
not, and the performance by such Individual Founder or Sponsor of his or its obligations hereunder will not, (i) in the case of Sponsor, conflict with or result in a violation of the organizational documents of Sponsor or (ii) require any
consent or approval that has not been given or other action that has not been taken by any Person (including under any Contract binding upon Sponsor or the Subject Shares) to the extent such consent, approval or other action would prevent, enjoin or
materially delay the performance by any Individual Founder or Sponsor of its, his or her obligations under this Agreement. 

	 	7.	 Successors and Assigns. This Agreement shall become binding upon and inure to the benefit of the parties
and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.

  

	 	8.	 Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement in the chancery court or any other state or federal court within the State of Delaware, this being in addition to any other remedy to which such party is entitled
at law or in equity. 

  

	 	9.	 Severability. If any provision of this Agreement shall be determined by any court of competent
jurisdiction to be illegal, invalid or unenforceable, that provision shall be severed from this Agreement and the remaining provisions shall continue in full force and effect. 

 

	 	10.	 Governing Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may
be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in
connection with this Agreement) will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed and performed entirely within such State. 

 

	 	11.	 CONSENT JURISDICTION, VENUE AND SERVICE OF PROCESS. 

 

	 	(a)	 THE PARTIES TO THIS AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON,
DELAWARE OR THE COURTS OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION
HEREWITH AND BY THIS AGREEMENT WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE
NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN
AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS
ADDRESS AS PROVIDED HEREIN. 

	 	(b)	 WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY
ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11. 

 

	 	12.	 Counterparts. This Agreement may be executed in any number of counterparts (including counterparts by
facsimile), and all such counterparts taken together shall be deemed to constitute one and the same instrument. 

[Signature pages follow] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their respective officers
thereunto duly authorized, all as of the date first written above. 
  

					
	SUBVERSIVE CAPITAL ACQUISITION CORP.
			
	By:	 	 /s/ Leland Hensch
	 	                            
	Name: Leland Hensch
	Title: Chief Executive Officer
	
	SUBVERSIVE CAPITAL SPONSOR LLC
			
	By:	 	 /s/ Michael Auerbach
	 	
	Name: Michael Auerbach
	Title:   Managing Member
	
	CMG PARTNERS INC.
			
	By:	 	  
	 	
	Name: Dennis O’Malley
	Title:   Chief Executive Officer
		
	LEFT COAST VENTURES, INC.	 	
			
	By:	 	  
	 	
	Name: Brett Cummings
	Title:   Chief Executive Officer
		
	/s/ Michael Auerbach	 	
	Michael Auerbach, an individual
		
	/s/ Leland Hensch	 	
	Leland Hensch, an individual

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their respective officers
thereunto duly authorized, all as of the date first written above. 
  

			
	SUBVERSIVE CAPITAL ACQUISITION CORP.
		
	By:	 	  

	Name: Leland Hensch
	Title: Chief Executive Officer
	
	SUBVERSIVE CAPITAL SPONSOR LLC
		
	By:	 	  

	Name: Michael Auerbach
	Title: Managing Member
	
	CMG PARTNERS INC.
		
	By:	 	/s/ Dennis O’Malley
	Name: Dennis O’Malley
	Title: Chief Executive Officer
	
	LEFT COAST VENTURES, INC.
		
	By:	 	  

	Name: Brett Cummings
	Title:  Chief Executive Officer
	
	  

	Michael Auerbach, an individual
	
	  

	Leland Hensch, an individual

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their respective officers
thereunto duly authorized, all as of the date first written above. 
  

			
	SUBVERSIVE CAPITAL ACQUISITION CORP.
		
	By:	 	  

	Name: Leland Hensch
	Title: Chief Executive Officer
	
	SUBVERSIVE CAPITAL SPONSOR LLC
		
	By:	 	  

	Name: Michael Auerbach
	Title:   Managing Member
	
	CMG PARTNERS INC.
		
	By:	 	  

	Name: Dennis O’Malley
	Title:   Chief Executive Officer
	
	LEFT COAST VENTURES, INC.
		
	By:	 	/s/ Brett Cummings
	Name: Brett Cummings
	Title:   Chief Executive Officer
	
	  

	Michael Auerbach, an individual
	
	  

	Leland Hensch, an individualEX-10.3

 Exhibit 10.3 

December 15, 2020 
 Steven Allan, Jr. 

80 Teresita Blvd 
 San Francisco, CA 94127 

Dear Steve, 
 As you know, the boards of CMG
Partners, Inc. (“Caliva”), Left Coast Ventures, Inc. (“Left Coast Ventures”) and Subversive Capital Acquisition Corp. (“Subversive”) have determined to enter into a series of transactions pursuant
to which, among other things, Subversive will acquire Caliva and Left Coast Ventures. In addition, simultaneously with the closing of these acquisitions (the “Closing”), Left Coast Ventures will complete its acquisition of Sisu
Extraction, LLC. The result of these transactions will be the creation of the largest cannabis company in California by revenue, with an exciting integrated vertical footprint and brand portfolio, and a strong balance sheet, under the public company
banner “The Parent Company,” which has as its formal name “TPCO Holding Corp.” We are writing to you to extend an offer of employment with TPCO Holding Corp. (“Employer”) so you can join us on our exciting new
journey. Assuming you accept our offer as described and explained below, your employment by Employer under the terms outlined in this document will be effective upon, and subject to, the Closing. In the event there is no Closing, this letter and
offer will be deemed to be irrevocably withdrawn and to be of no force or effect, without any of the terms and obligations described hereunder ever becoming effective. We will notify you in the case there will be no Closing. 

This letter agreement (this “Letter Agreement”) sets forth our binding offer of employment with Employer (or at the option of Employer, an
affiliate of Employer) as the Chief Executive Officer of Employer upon the terms and conditions set forth in this Letter Agreement. This Letter Agreement and the other obligations and rights set forth herein are expressly conditioned on (and will
automatically become a binding and enforceable agreement of the parties upon) the occurrence of the Closing. For clarity, this Letter Agreement, if and when effective, shall supersede any existing offer letter, employment agreement or the like. Any
capitalized terms used herein but not defined herein will have the meanings ascribed to such capitalized term in the Transaction Agreement. 
  

			
	Employment Date:	  	The date of Closing of the transactions (the “Effective Date”).
		
	Position:	  	Chief Executive Officer of the Employer. In this full-time, exempt position, you will render services commensurate with your office, which will include those usual and customary duties and responsibilities and as may be prescribed
by the board of directors of the Employer (each and collectively, the “Board”).
		
	Compensation:	  	Annual rate of base salary of at least USD$ 375,000 (the “Base Salary”) to be paid in accordance with Employer’s regular payroll practices. Your Base Salary will be reviewed at least annually with the
opportunity for merit increases, by the Board or the Compensation Committee of the Board.
		
	Terms of Employment:	  	Your employment terms will be subject to the published personnel policies of Employer and its affiliates including, without limitation, rules relating to privacy, non-discrimination, use of
Employer’s property, technology use matters, confidentiality, non-competition, solicitation of employees, vendors and customers, conflicts of interest, non-hostile work environment, non- discrimination, and other matters.
		
	Bonuses:	  	You will be eligible to participate in the Company’s annual bonus plan (“Annual Bonus”) applicable to other senior executives similarly situated, on the terms and subject to the conditions of such bonus plan,
as may be in effect from time to time. The target amount for your Annual Bonus will be at least 75.0% (“Annual Base Bonus Target”) of your Base Salary and the actual bonus amount will be meeting Company performance and individual
performance goals adopted by the

			
		  	Board or compensation committee of the Board or, if no such goals are adopted by the Board, then at the direction of and in the sole discretion of the Board or Compensation Committee. You need to continue to be employed on the date
of payment of the Annual Bonus to executives of the Company to be eligible to receive any annual bonus.
		
	Equity Award:	  	In consideration of your accepting employment hereunder, you will be granted equity under TPCO Holding Corp’s equity incentive plan to be adopted promptly after the Closing, in accordance with the vesting schedule and other
terms set forth on Schedule A attached hereto.
		
	Benefits:	  	During your employment, you will be entitled to participate in any health, disability, group term life insurance plans, salary deferrals plan, pension, retirement and profit sharing plans, and/or in any other perquisites and benefit
plans that Employer extends generally from time to time to its executives.
		
	Severance:	  	In the event of a termination of your employment by the Company without “Cause” (as defined below) or a resignation by you for “Good Reason” (as defined below), in addition to any unpaid amounts or reimbursement
owed by Employer to you through your date of termination, you will receive (a) a pro rata portion of your Annual Bonus for the year in which you are terminated, (b) continuation of your Base Salary for 12 months following the effective
date of termination and (c) payment by Employer of the employee portion, which is 100%, of your medical insurance under COBRA for a period of 12 months following the effective date of your termination, subject in each case to your execution and non- revocation of a general release of claims in a form reasonably acceptable to the parties, and your continued compliance with your post-employment confidentiality covenants set forth below.
		
		  	“Cause” means, in Employer’s reasonable good faith belief, any of the following has occurred: (a) a conviction of, or plea of guilty or nolo contendere to any misdemeanor involving dishonesty or theft, or any
felony; (b) a conviction of, or plea of guilty or nolo contendere under applicable securities laws; (c) willful misconduct resulting in material harm to Employer or any of its affiliates, including any acts which could materially threaten
the reputation of Employer or any of its affiliates, or the continuity of the operating licenses of Employer or its affiliates; (d) fraud, theft or embezzlement against Employer or any affiliate of Employer, (e) willful violation of a
material lawful policy or procedure of Employer or any of its affiliates, resulting in any case in material harm to Employer or any of its affiliates, including any acts which could threaten the reputation or legal affairs of Employer or its
affiliates, or the continuity of the operating licenses of Employer or its affiliates, or (f) breach of any non- competition, non-solicitation, nondisclosure,
confidentiality or intellectual property assignment covenant with the Employer or any of its affiliates. Employer shall first be required to provide you with written notice of any act or circumstance which Employer contends constitutes Cause within
forty-five (45) days after becoming aware of the occurrence of such event, and if such event is capable of cure, provide you with thirty (30) days to cure such event and/or breach.
		
		  	“Good Reason” means (a) any material breach by Employer of the terms and provisions of this Letter Agreement; (b) except as herein expressly provided, a material adverse change in your authority, title, duties or
responsibilities in effect immediately prior to such change, or a reduction of your Initial Base Salary; (c) a relocation by Employer of your principal work place to a location more than 50 miles from your then principal work place (if such new
principal work place is

			
		  	more than 50 miles from your then principal residence) (provided however that the parties hereto agree and understand that this provision shall be reasonably interpreted consistent with
COVID-19 factors may exist from time to time, if any), or (d) the failure of Employer to obtain an assumption agreement for this Letter Agreement from any successor in connection with a Sale Event (as
defined below). You shall first be required to provide Employer written notice of any such event which you contend constitutes Good Reason within forty-five (45) days after the occurrence of such event, and thereafter provide Employer thirty
(30) days to cure such event and/or breach.
		
		  	You understand and agree that because The Parent Company and its constituent companies are newly organized and your position (as described above) may or may not be permanent, the Board shall have the right to change your title,
authority and duties. You further understand and agree that in the event of such a change of your title, authority or duties, the Board may, in its sole discretion, but at a time no earlier than six months after the starting date of a new Chief
Executive Officer or similar level replacement, adjust your target bonus percentage; or at a time no earlier than twelve months after the starting date of a new Chief Executive Officer or similar level replacement, adjust your future Annual Award;
provided however that (A) your new title, authority and/or duties shall represent a senior position with The Parent Company and/or one or more of it affiliates, (B) your Base Salary is the higher of not less than $350,000 and/or the higher
of the median or average of the top three compensated positions at the company, (C) your Annual Base Bonus Target is not less than the higher of 50% and/or the higher of the median or average of the top three compensated positions at the
company, or (D) the post adjustment amount, if any, of your future Annual Grant is at least the higher of 85% of your most recent Annual Grant and/or the higher of the median or average of the top three compensated positions at the company. As
such, if you are assigned a new title, or new authority or duties, but the criteria set forth in clauses (A), (B), (C) or (D) are met, you shall not have grounds for resignation with “Good Reason.”
		
		  	“Sale Event” means in the event of the closing of any of the following: (A) any transaction (which shall include a series of transactions occurring within sixty days or occurring pursuant to a plan) that has the
result that the shareholders of Employer immediately before such transaction cease to own at least fifty-one percent (51%) of the voting stock of Employer, or of any entity that results from the participation
of Employer in a reorganization, consolidation, merger, liquidation or any other form of corporate transaction, (B) a sale or exchange of all or substantially all of the assets of Employer, or (C) a plan of merger, consolidation,
reorganization, liquidation or dissolution in which Employer does not survive.
		
	Restrictive Covenants:	  	In consideration of the mutual covenants and agreements set forth in this Letter Agreement, you agree that during the term of your employment to comply with the restrictive covenants set forth below:
		
		  	 Non-Solicit of Employees. You will not directly or indirectly, whether for your
benefit or for the benefit of a third party, recruit, solicit, or induce, or attempt to recruit, solicit, or induce any senior level manager or key employee of the Company to terminate employment with, or otherwise cease a relationship with,
Company.

		
		  	 Non-Solicit of Customers. You will not directly or indirectly solicit,
divert, or take away, or attempt to solicit, divert, or take away, the business or patronage of any of the clients, customers, or accounts of the Company, or identified prospective clients, customers, or accounts of Company, which you had actual
knowledge of prior to such solicitation.

			
		  	 Non-Compete. You will not, directly or indirectly, own, manage, operate,
join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent
contractor, distributor, consultant, employee, partner, lender to or investor in, any Restricted Enterprise (as defined below) in the state of California; provided, however, that in no event shall ownership (without management) of five percent (5%)
or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited. “Restricted Enterprise” shall mean any competitor
business involved in the cultivation, sale, distribution or manufacture of cannabis products.

		
		  	Confidentiality; Company Property. You acknowledge that you have had and will have access to non-public confidential and proprietary information and business methods relating to the
Company’s business and operations (“Confidential Information”) and that the Company would be irreparably injured and the goodwill of the Company would be irreparably damaged if you were to breach the covenants set forth in this
paragraph. In accordance with applicable law and in addition to any other rights and remedies provided herein, the Company shall be entitled to seek equitable relief by way of an injunction or otherwise for any such breach. During the term of
employment and for a three year period thereafter, you will not (a) publish, disclose, disseminate, divulge, discuss, copy or otherwise use or suffer to be used, directly or indirectly, any Confidential Information respecting any aspect of the
Company’s business, except to the Company or its managers, officers, employees, or consultants in providing services to or on behalf of the Company, or (b) use any Confidential Information that is detrimental to the Company, except in the
course of providing services to or on behalf of the Company. All documents, including electronically encoded documents and equipment relating to the business of the Company and its affiliates, whether prepared by you or otherwise coming into your
possession during the term of employment, are and shall remain the exclusive property of the Company or its affiliates (as applicable). Upon termination of employment, any documents and equipment that are removed must be returned promptly to the
Company upon the written request of the Company. Notwithstanding the above, Company and you acknowledge and agree that the obligations set out in this paragraph shall not apply to any portion of Company Confidential Information which: (A) was
at the time of disclosure to you part of the public domain by publication or otherwise; or (B) became part of the public domain after disclosure to you by publication or otherwise, except by breach of this Agreement; or (C) was already
properly and lawfully in your possession at the time it was received from the Company; or (D) was or is lawfully received by you from a third party who was under no obligation of confidentiality with respect thereto; or (E) is required to
be disclosed by law, regulation or judicial or administrative process, provided that all available legal remedies have been exhausted and written advance notice of such action was timely given to Company.
		
	Termination:	  	Your employment contemplated hereunder will automatically terminate in the event of death or disability. Subject to any obligations set forth herein, Employer may terminate your employment hereunder at any time, with or without
Cause upon sixty (60) days prior written notice.

 If the terms set forth in this Letter Agreement are acceptable, please acknowledge your
acceptance and agreement to be bound by the terms of this Letter Agreement by executing below and returning a signed copy of this Letter Agreement to the undersigned prior to the revocation of this Letter Agreement by the Employer. This Letter
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Letter Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy. On behalf of the entire leadership team at The Parent Company, we look forward
to your acceptance of this Letter Agreement and the opportunity to work together. 
 Best regards, 

 

	
	 /s/ Leland Hensch

 Leland Hensch 
 CEO, on behalf of
Subversive Capital Acquisition Corp./The Parent Company in Formation 
 Your signature below verifies your acceptance of this Letter Agreement and agreement
with the terms herein: 
  

	
	 /s/ Steven Allan

	Signature, Steven Allan, Jr.
	
	Date:   12/20/2020    

 Schedule A 

Equity Award 
 Initial Award 

As of the Effective Date, you will be granted a USD$ 3,000,000 “Initial Award” correlating to 300,000 shares of The Parent Company
(“RSUs”) (with each RSU deemed to have a value of USD$10.00), which will vest as follows: 
  

	 	1.	 25% (the “Initial Vested Amount”) will vest 180 days after the Effective Date (the “Initial
Vesting Period”). 

  

	 	2.	 The remaining RSUs will vest in thirty (30) equal monthly installments beginning on the first day of the
first month following the Initial Vesting Period. 

 If there is a Sale Event (as defined in this Letter Agreement), all unvested RSUs
will vest immediately prior to the closing of the Sale Event. If you are terminated without Cause, resign for Good Reason, or your employment ceases as a result of your death or disability (any of the foregoing, a
“Non-Cause Termination”), your Initial Vested Amount (if not already vested) plus unvested RSUs equal to 30% of the RSU’s subject to the Initial Award (or such smaller number of unvested
RSU’s) shall be deemed to be vested as of the effective date of such Non-Cause Termination. 
 Annual Award
(Year 1) 
 In addition to the Initial Award, as of the Effective Date, you will be granted a USD$ 750,000 “Annual Award” correlating to 75,000
RSU’s (with each RSU deemed to have a value of USD$10.00), which will vest as follows: 
  

	 	1.	 25% (the “Initial Vested Amount”) will vest 180 days after the Effective Date (the “Initial
Vesting Period”). 

  

	 	2.	 The remaining RSUs will vest in thirty (30) equal monthly installments beginning on the first day of the
first month following the Initial Vesting Period. 

 If there is a Sale Event (as defined in this Letter Agreement), all unvested RSUs
will vest immediately prior to the closing of the Sale Event. If you are terminated without Cause, resign for Good Reason, or your employment ceases as a result of your death or disability (any of the foregoing, a
“Non-Cause Termination”), your Initial Vested Amount (if not already vested) plus unvested RSUs equal to 30% of the RSU’s subject to the Annual Award (or such smaller number of unvested
RSU’s) shall be deemed to be vested as of the effective date of such Non-Cause Termination.

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