Document:

Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

by and between

 

GREENLANE HOLDINGS, INC.

 

and

 

[    ]

 

as Indemnitee

 

Dated as of                      ,
2019

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS	2
	 	 	 
	ARTICLE 2	INDEMNITY IN THIRD-PARTY PROCEEDINGS	6
	 	 	 
	ARTICLE 3	INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY	6
	 	 	 
	ARTICLE 4	INDEMNIFICATION FOR EXPENSES OF A PARTYWHO IS WHOLLY OR PARTLY SUCCESSFUL	7
	 	 	 
	ARTICLE 5	INDEMNIFICATION FOR EXPENSES OF A WITNESS	7
	 	 	 
	ARTICLE 6	ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS	7
	 	 	 
	ARTICLE 7	CONTRIBUTION IN THE EVENT OF JOINT LIABILITY	8
	 	 	 
	ARTICLE 8	EXCLUSIONS	8
	 	 	 
	ARTICLE 9	ADVANCES OF EXPENSES; SELECTION OF LAW FIRM	9
	 	 	 
	ARTICLE 10	PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT	10
	 	 	 
	ARTICLE 11	PROCEDURE UPON APPLICATION FOR INDEMNIFICATION	11
	 	 	 
	ARTICLE 12	PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS	12
	 	 	 
	ARTICLE 13	REMEDIES OF INDEMNITEE	14
	 	 	 
	ARTICLE 14	SECURITY	15
	 	 	 
	ARTICLE 15	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION	16
	 	 	 
	ARTICLE 16	ENFORCEMENT AND BINDING EFFECT	17
	 	 	 
	ARTICLE 17	MISCELLANEOUS	18

 

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INDEMNIFICATION AGREEMENT

 

INDEMNIFICATION AGREEMENT, dated effective
as of [ ], 2019 (this “Agreement”), by and between Greenlane Holdings, Inc., a Delaware corporation (the “Company”),
and [ ] (“Indemnitee”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in Article 1.

 

WHEREAS, the Company desires to attract
and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to
provide or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement
of expenses to, Indemnitee to the fullest extent permitted by law;

 

WHEREAS, the Company and Indemnitee further
recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing
challenges for the Company;

 

WHEREAS, the Company’s Amended and
Restated Certificate of Incorporation (as the same may be amended and/or restated from time to time, the “Certificate
of Incorporation”) requires indemnification of the officers and directors of the Company, and Indemnitee may also be
entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”);

 

WHEREAS, the Certificate of Incorporation
and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts providing for indemnification may be entered into between the Company and members of the board of directors of the
Company (the “Board”), executive officers and other key employees of the Company;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto and shall not be deemed
a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder (regardless of, among other things, any amendment
to or revocation of governing documents or any change in the composition of the Board or any Corporate Transaction); and

 

WHEREAS, Indemnitee will serve or continue
to serve as a director, officer or key employee of the Company for so long as Indemnitee is duly elected or appointed or until
Indemnitee tenders his or her resignation or is otherwise terminated by the Company.

  

     

     

    

 

NOW, THEREFORE, in consideration of the
promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

ARTICLE 1

DEFINITIONS

 

As used in this Agreement:

 

1.1. “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

1.2. “Agreement”
shall have the meaning set forth in the preamble.

 

1.3. “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act (as in effect on the date hereof).

 

1.4. “Board”
shall have the meaning set forth in the recitals.

 

1.5. “Bylaws”
shall mean the Company’s Bylaws (as the same may be amended and/or restated from time to time).

 

1.6. “Certificate
of Incorporation” shall have the meaning set forth in the recitals.

 

1.7. “Change
in Control” shall mean, and shall be deemed to occur upon the earliest to occur after the date of this Agreement of any
of the following events:

 

(a) Acquisition
of Stock by Third Party. Any Person other than a Permitted Holder is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting
Securities, unless (i) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors or (ii) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute
a Change in Control under part (c) of this definition;

 

(b) Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment
or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of
at least a majority of the directors then still in office who were directors on the date hereof or whose appointment, election
or nomination for election was previously so approved or recommended by the directors referred to in this clause (b) (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

(c) Corporate
Transactions. The effective date of a reorganization, merger or consolidation of the Company (in each case, a “Corporate
Transaction”), unless following such Corporate Transaction: (i) all or substantially all of the individuals and entities
who were the Beneficial Owners of Voting Securities of the Company immediately prior to such Corporate Transaction beneficially
own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the Company
or other Person resulting from such Corporate Transaction (including, without limitation, a corporation or other Person that as
a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more Subsidiaries) in substantially the same proportions as their ownership of Voting Securities immediately prior to such
Corporate Transaction; (ii) no Person (excluding any corporation resulting from such Corporate Transaction or the Permitted Holders)
is the Beneficial Owner, directly or indirectly, of 50% or more of the combined voting power of the then outstanding Voting Securities
of the Company or other Person resulting from such Corporate Transaction, except to the extent that such ownership existed prior
to such Corporate Transaction; and (iii) at least a majority of the board of directors of the Company or other Person resulting
from such Corporate Transaction were Continuing Directors at the time of the execution of the initial agreement, or of the action
of the Board, providing for such Corporate Transaction; or

 

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(d) Other
Events. The approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company or
the consummation of an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by
the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company
of all or substantially all of the Company’s assets to a Person, at least 50% of the combined voting power of the Voting
Securities of which are Beneficially Owned by (i) the stockholders of the Company immediately prior to such sale or (ii) the Permitted
Holders.

 

1.8. “Company”
shall have the meaning set forth in the preamble and shall also include, in addition to the resulting corporation or other entity,
any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger
that, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees
or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with
respect to the resulting or surviving corporation or other entity as Indemnitee would have with respect to such constituent corporation
if its separate existence had continued.

 

1.9. “Continuing
Directors” shall have the meaning set forth in Section 1.7(b).

 

1.10. “Corporate
Status” shall describe the status as such of a Person who is or was a director, officer, trustee, general partner, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise which such Person is or was serving at the request
of the Company.

 

1.11. “Corporate
Transaction” shall have the meaning set forth in Section 1.7(c).

 

1.12. “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

1.13. “DGCL”
shall have the meaning set forth in the recitals.

 

1.14. “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

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1.15. “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including, without limitation, any constituent of a
constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving
at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

1.16. “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

1.17. “Expenses”
shall include all reasonable and documented attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all
other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, being or preparing to be a witness in, settling or negotiating for the settlement of, responding to or
objecting to a request to provide discovery in, or otherwise participating in, any Proceeding. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for,
and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and any federal, state, local
or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. Expenses,
however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments, fines or penalties against Indemnitee.

 

1.18. “Indemnification
Arrangements” shall have the meaning set forth in Section 15.2.

 

1.19. “Indemnitee”
shall have the meaning set forth in the preamble.

 

1.20. 
“Independent Counsel” shall mean a law firm, or a member of a law firm, that is of outstanding reputation, experienced
in matters of corporation law and neither is as of the date of selection of such firm, nor has been during the period of three
years immediately preceding the date of selection of such firm, retained to represent: (a) the Company or Indemnitee in any material
matter (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements); or (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto. For purposes of this definition, a “material matter”
shall mean any matter for which billings exceeded or are expected to exceed $100,000.

 

1.21. “Permitted
Holder” shall mean Aaron LoCascio, Adam Schoenfeld, Jacoby & Co. Inc. and their respective Affiliates and Related
Parties.

 

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1.22. “Person”
shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act (as in effect on the date hereof); provided,
however, that the term “Person” shall exclude: (a) the Company; (b) any Subsidiaries of the Company; and (c)
any employee benefit plan of the Company or a Subsidiary of the Company or any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation or other entity owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

1.23. “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, including, without limitation,
any and all appeals, whether brought by or in the right of the Company or otherwise and whether of a civil (including, without
limitation, intentional or unintentional tort claims), criminal, administrative or investigative nature, whether formal or informal,
in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was
a director or officer of the Company, by reason of any action taken by or omission by Indemnitee, or of any action or omission
on Indemnitee’s part while acting as a director or officer of the Company, or by reason of the fact that Indemnitee is or
was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee
or agent of any other Enterprise; in each case whether or not acting or serving in such capacity at the time any liability or expense
is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement or Section
145 of the DGCL; including one pending on or before the date of this Agreement but excluding one initiated by Indemnitee to enforce
Indemnitee’s rights under this Agreement or Section 145 of the DGCL.

 

1.24. “Related
Party” shall mean, with respect to any Person, (a) any controlling stockholder, controlling member, general partner,
Subsidiary, spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation,
partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted
Holders and/or such other Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator, trustee,
manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting solely in
such capacity.

 

1.25. “Section
409A” shall have the meaning set forth in Section 17.2.

 

1.26. “Subsidiary”
with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by that Person.

 

1.27. “Voting
Securities” shall mean any securities of the Company (or a surviving entity as described in the definition of a “Change
in Control”) that vote generally in the election of directors (or similar body).

 

1.28. References
to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit
plan; references to “other enterprise” shall include employee benefit plans; references to “serving
at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the
Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to
an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed
to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

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1.29. The
phrase “to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law”
shall include, but not be limited to: (a) to the fullest extent authorized or permitted by the provision of the DGCL that authorizes
or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the
DGCL and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date
of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

ARTICLE 2

INDEMNITY IN THIRD-PARTY PROCEEDINGS

 

Subject to Article 8 and Article
11, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article
2 if Indemnitee is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Subject to Article 8 and Article
11, to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law, Indemnitee
shall be indemnified against all Expenses, judgments, fines, penalties and, subject to Section 10.3, amounts paid in settlement
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that such conduct
was unlawful.

 

ARTICLE 3

INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

Subject to Article 8 and Article
11, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article
3 if Indemnitee is, was or is threatened to be made a party to or a participant in any Proceeding by or in the right of the
Company to procure a judgment in its favor. Subject to Article 8 and Article 11, to the fullest extent not prohibited
by (and not merely to the extent affirmatively permitted by) applicable law, Indemnitee shall be indemnified, held harmless and
exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this
Article 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject
to further appeal) by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court
or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

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ARTICLE 4

INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS

WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of
this Agreement, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise,
in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless
and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith. For the avoidance of doubt, if Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, then the Company
shall indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with each resolved claim, issue or matter, whether or not Indemnitee was wholly or partly
successful; provided that Indemnitee shall only be entitled to indemnification for Expenses with respect to unsuccessful
claims under this Article 4 to the extent Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause
to believe that such conduct was unlawful. For purposes of this Article 4 and without limitation, the termination of any
claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be deemed to be a
successful result as to such claim, issue or matter.

 

ARTICLE 5

INDEMNIFICATION FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

ARTICLE 6

ADDITIONAL INDEMNIFICATION, HOLD

HARMLESS AND EXONERATION RIGHTS

 

In addition to and notwithstanding any limitations
in Articles 2, 3 or 4, but subject to Article 8 and Article 11, the Company shall indemnify,
hold harmless and exonerate Indemnitee to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted
by) law if Indemnitee is, was or is threatened to be made a party to or a participant in, any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and, subject
to Section 10.3, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or
payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding. No indemnity shall be
available under this Article 6 on account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s
duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or that involves intentional misconduct
or a knowing violation of the law.

 

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ARTICLE 7

CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

 

7.1. To
the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding
without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution
it may have at any time against Indemnitee.

 

7.2. The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

7.3. The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee.

 

ARTICLE 8

EXCLUSIONS

 

8.1. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity, contribution or
advancement of Expenses in connection with any claim made against Indemnitee:

 

(a) for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any similar successor statute) or similar provisions of state statutory law
or common law; or

 

(b) in
connection with any Proceeding (or any part of any Proceeding) initiated or brought voluntarily by Indemnitee, including, without
limitation, any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers,
employees or other indemnitees, other than a Proceeding initiated by Indemnitee to enforce its rights under this Agreement, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) or (ii) the Company provides the indemnification payment,
in its sole discretion, pursuant to the powers vested in the Company under applicable law; or

 

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(c) for
the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended,
or any similar successor statute; or

 

(d) for
any payment to Indemnitee that is determined to be unlawful by a final judgment or other adjudication of a court or arbitration,
arbitral or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time
within which an appeal must be filed has expired without such filing and under the procedures and subject to the presumptions of
this Agreement; or

 

(e) in
connection with any Proceeding initiated by Indemnitee to enforce its rights under this Agreement if a court of competent jurisdiction
determines by final judicial decision that each of the material assertions made by Indemnitee in such Proceeding was not made in
good faith or was frivolous.

 

The exclusion in Section 8.1(c) shall
not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.

 

ARTICLE 9

ADVANCES OF EXPENSES; SELECTION OF LAW FIRM

 

9.1. Subject
to Article 8 and Article 11, the Company shall, unless prohibited by applicable law, advance the Expenses incurred
by or on behalf of Indemnitee in connection with any Proceeding within ten business days after the receipt by the Company of a
statement or statements requesting such advances, together with a reasonably detailed written explanation of the basis therefor
and an itemization of legal fees and disbursements in reasonable detail, from time to time, whether prior to or after final disposition
of any Proceeding. Advances shall be unsecured and interest free. Indemnitee shall qualify for advances, to the fullest extent
permitted by this Agreement, solely upon the execution and delivery to the Company of an undertaking providing that Indemnitee
undertakes to repay the advance to the extent that it is ultimately determined, by final judicial decision of a court of competent
jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to be indemnified by the Company under
the provisions of this Agreement or pursuant to applicable law. This Section 9.1 shall not apply to any claim made by Indemnitee
for which an indemnification payment is excluded pursuant to Article 8.

 

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9.2. If
the Company shall be obligated under Section 9.1 hereof to pay the Expenses of any Proceeding against Indemnitee, then the
Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its election
to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such Proceeding
include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined voting
power of the Company’s then outstanding Voting Securities, the Company shall assume such defense using a single law firm
(in addition to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers
of the Company. The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval
shall not be unreasonably withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and
the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its Affiliates, in
the aggregate, a majority of the combined voting power of the Company’s then outstanding Voting Securities, then the Company
shall assume such defense using a single law firm (in addition to local counsel) selected by Indemnitee and any other present or
former directors or officers of the Company who are parties to such Proceeding. After (x) in the case of retention of any such
law firm selected by the Company, delivery of the required notice to Indemnitee, approval of such law firm by Indemnitee and the
retention of such law firm by the Company, or (y) in the case of retention of any such law firm selected by Indemnitee, the completion
of such retention, the Company will not be liable to Indemnitee under this Agreement for any Expenses of any other law firm incurred
by Indemnitee after the date that such first law firm is retained by the Company with respect to the same Proceeding; provided,
that in the case of retention of any such law firm selected by the Company (a) Indemnitee shall have the right to retain a separate
law firm in any such Proceeding at Indemnitee’s sole expense; and (b) if (i) the retention of a law firm by Indemnitee has
been previously authorized by the Company in writing, (ii) Indemnitee shall have reasonably concluded that (1) there may be a conflict
of interest between either (x) the Company and Indemnitee or (y) Indemnitee and another present or former director or officer of
the Company also represented by such law firm in the conduct of any such defense, or (2) there may be defenses available to Indemnitee
that are incompatible or inconsistent with those available to the Company or another present or former director represented by
such law firm in the conduct of such defense, or (iii) the Company shall not, in fact, have retained a law firm to prosecute the
defense of such Proceeding within thirty days, then the reasonable Expenses of a single law firm retained by Indemnitee shall be
at the expense of the Company. Notwithstanding anything else to the contrary in this Section 9.2, the Company will not be entitled
without the written consent of the Indemnitee to assume the defense of any Proceeding brought by or in the right of the Company.

 

ARTICLE 10

PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT

 

10.1. Indemnitee
shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in
writing promptly of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement; provided,
however, that a delay in giving such notice shall not deprive Indemnitee of any right to be indemnified under this Agreement
unless, and then only to the extent that, such delay is materially prejudicial to the defense of such claim. The omission or delay
to notify the Company will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise
than under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise
the Board in writing that Indemnitee has requested indemnification.

 

    10 

     

    

 

10.2. The
Company will be entitled to participate in the Proceeding at its own expense.

 

10.3. The
Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected
without the Company’s prior written consent, provided the Company has not breached its obligations hereunder. The Company
shall not settle any claim, including, without limitation, any claim in which it takes the position that Indemnitee is not entitled
to indemnification in connection with such settlement, nor shall the Company settle any claim which would impose any fine or obligation
on Indemnitee or attribute to Indemnitee any admission of liability, without Indemnitee’s prior written consent. Neither
the Company nor Indemnitee shall unreasonably withhold, delay or condition their consent to any proposed settlement.

 

ARTICLE 11

PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

 

11.1. Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 10.1, a determination, if required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (a) if a Change in
Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee;
or (b) if a Change in Control shall not have occurred, (i) by a majority vote of the Disinterested Directors (provided there is
a minimum of three Disinterested Directors), even though less than a quorum of the Board, (ii) by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors),
even though less than a quorum of the Board, or (iii) if there are less than three Disinterested Directors or, if such Disinterested
Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee,
and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten business
days after such determination and any future amounts due to Indemnitee shall be paid in accordance with this Agreement. Indemnitee
shall cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification, including,
without limitation, providing to such Person upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination,
provided, that nothing contained in this Agreement shall require Indemnitee to waive any privilege Indemnitee may have.
Any costs or expenses (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Indemnitee
in so cooperating with the Person making such determination shall be borne by the Company (irrespective of the determination as
to Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom.

 

    11 

     

    

 

11.2. If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11.1 hereof,
the Independent Counsel shall be selected as provided in this Section 11.2. If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee
of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten business days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Article 1 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected
shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or a court or arbitrator has determined that such
objection is without merit. If, within twenty days after submission by Indemnitee of a written request for indemnification pursuant
to Section 10.1 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may seek arbitration for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a Person selected by the arbitrator or by
such other Person as the arbitrator shall designate, and the Person with respect to whom all objections are so resolved or the
Person so appointed shall act as Independent Counsel under Section 11.1 hereof. Such arbitration referred to in the previous
sentence shall be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association,
and Article 13 hereof shall apply in respect of such arbitration and the Company and Indemnitee. Upon the due commencement
of any judicial proceeding pursuant to Section 13.1 of this Agreement, Independent Counsel shall be discharged and relieved
of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

ARTICLE 12

PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

 

12.1. In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10.1 of this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board, its
Independent Counsel and its stockholders) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification or advancement of expenses is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its Board, its Independent Counsel and its stockholders)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

    12 

     

    

 

12.2. If
the Person empowered or selected under Article 11 of this Agreement to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent
(a) an intentional misstatement by Indemnitee of a material fact, or an intentional omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (b) a final judicial
determination that any or all such indemnification is expressly prohibited under applicable law; provided, however,
that such thirty-day period may be extended for a reasonable time, not to exceed an additional fifteen days, if the Person making
the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto.

 

12.3. The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval),
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not
act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company
or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

12.4. For
purposes of any determination of good faith pursuant to this Agreement, Indemnitee shall be deemed to have acted in good faith
if, among other things, Indemnitee’s action is based on the records or books of account of the Enterprise, including financial
statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties,
or on the advice of legal counsel for the Enterprise, its board of directors, any committee of the board of directors or any director,
or on information or records given or reports made to the Enterprise, its board of directors, any committee of the board of directors
or any director, by an independent certified public accountant or by an appraiser or other expert selected with reasonable care
by the Enterprise, its board of directors, any committee of the board of directors or any director. The provisions of this Section
12.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or
found to have met the applicable standard of conduct set forth in this Agreement. In any event, it shall be presumed that Indemnitee
has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

 

12.5. The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement.

 

12.6. The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

    13 

     

    

 

ARTICLE 13

REMEDIES OF INDEMNITEE

 

13.1. In
the event that (a) a determination is made pursuant to Article 11 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (b) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant
to Article 9 of this Agreement, (c) no determination of entitlement to indemnification shall have been made pursuant to
Section 11.1 of this Agreement within thirty days after receipt by the Company of the request for indemnification and of reasonable
documentation and information which Indemnitee may be called upon to provide pursuant to Section 11.1, (d) payment of indemnification
is not made pursuant to Articles 4, 5, 6 or the last sentence of Section 11.1 of this Agreement within
ten business days after receipt by the Company of a written request therefor, (e) a contribution payment is not made in a timely
manner pursuant to Article 7 of this Agreement, (f) payment of indemnification pursuant to Article 3 or 6
of this Agreement is not made within ten business days after a determination has been made that Indemnitee is entitled to indemnification
or (g) the Company or any representative thereof takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided
to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of Indemnitee’s
entitlement to such indemnification, contribution or advancement of Expenses. Alternatively, Indemnitee, at his or her option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American
Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules)
shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award
in arbitration. The award rendered by such arbitration will be final and binding upon the parties hereto, and final judgment on
the arbitration award may be entered in any court of competent jurisdiction.

 

13.2. In
the event that a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article 13 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Article 13, Indemnitee shall be presumed to be entitled
to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled
to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence
any determination pursuant to Section 11.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences
a judicial proceeding or arbitration pursuant to this Article 13, Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Article 9 until a final determination is made with respect to Indemnitee’s entitlement
to indemnification (as to which all rights of appeal shall have been exhausted or lapsed).

 

    14 

     

    

 

13.3. If
a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article
13, absent (a) an intentional misstatement by Indemnitee of a material fact or an intentional omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (b) a prohibition
of such indemnification under applicable law.

 

13.4. The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article 13
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

13.5. The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or
arbitration brought by Indemnitee (a) to enforce his or her rights under, or to recover damages for breach of, this Agreement or
any other indemnification, advancement or contribution agreement or provision of the Certificate of Incorporation, or the Bylaws
now or hereafter in effect; or (b) for recovery or advances under any insurance policy maintained by any Person for the benefit
of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought
by Indemnitee in good faith).

 

13.6. Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, or is
obliged to indemnify, for the period commencing with the date on which Indemnitee requests indemnification, contribution, reimbursement
or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

ARTICLE 14

SECURITY

 

Notwithstanding anything herein to the contrary,
to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

    15 

     

    

 

ARTICLE 15

NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF

INDEMNIFICATION; SUBROGATION

 

15.1. The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders
or a resolution of directors, or otherwise. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificate of Incorporation,
the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other right or remedy.

 

15.2. The
DGCL and the Certificate of Incorporation permit the Company to purchase and maintain insurance or furnish similar protection or
make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf
of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status
as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of
this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment and maintenance of any such Indemnification
Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement
except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in
any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

15.3. To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such Person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer, trustee, partner, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which
Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in
effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

    16 

     

    

 

15.4. In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers reasonably required and take all action reasonably necessary to secure
such rights, including, without limitation, execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

15.5. The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which
advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise.

 

15.6. The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be
reduced by any amount Indemnitee has actually received as indemnification payments or advancement of Expenses from such Enterprise.
Notwithstanding any other provision of this Agreement to the contrary, (a) Indemnitee shall have no obligation to reduce, offset,
allocate, pursue or apportion any indemnification advancement, contribution or insurance coverage among multiple parties possessing
such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (b) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue
or has pursued any indemnification, advancement, contribution or insurance coverage rights against any Person or entity other than
the Company.

 

ARTICLE 16

ENFORCEMENT AND BINDING EFFECT

 

16.1. The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve or continue to serve as a director, officer or key employee of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director, officer or key employee
of the Company.

 

16.2. This
Agreement shall be effective as of the date set forth on the first page and may apply to acts or omissions of Indemnitee which
occurred prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the
request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of another
corporation, limited liability company, partnership, joint venture, trust or other enterprise, at the time such act or omission
occurred.

 

16.3. The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief,
including, without limitation, temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity
of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond
or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of such a bond or
undertaking.

 

    17 

     

    

 

ARTICLE 17

MISCELLANEOUS

 

17.1. Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and Indemnitee’s assigns, heirs, executors and administrators. The Company shall require and cause any successor
(whether direct or indirect successor by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly
to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.

 

17.2. Section
409A. It is intended that any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section
409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant
to Treasury Regulation Section 1.409A-1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement of
Expenses made hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section
409A, then (i) the amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the
amount of the indemnification payments or advancement of Expenses during any other taxable year, (ii) the indemnification payments
or advancement of Expenses must be made on or before the last day of the Indemnitee’s taxable year following the year in
which the expense was incurred and (iii) the right to indemnification payments or advancement of Expenses hereunder is not subject
to liquidation or exchange for another benefit.

 

17.3. Severability.
In the event that any provision of this Agreement is determined by a court to require the Company to do or to fail to do an act
which is in violation of applicable law, such provision (including, without limitation, any provision within a single Article,
Section, paragraph or sentence) shall be limited or modified in its application to the minimum extent necessary to avoid a violation
of law, and, as so limited or modified, such provision and the balance of this Agreement shall be enforceable in accordance with
their terms to the fullest extent permitted by law.

 

17.4. Entire
Agreement. Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or Bylaws, this Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

    18 

     

    

 

17.5. Modification,
Waiver and Termination. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding
unless executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.

 

17.6. Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed
or (b) mailed by certified or registered mail with postage prepaid on the third business day after the date on which it is so mailed:

 

(i) If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

(ii) If
to the Company, to:

 

Greenlane Holdings, Inc.

1095 Broken Sound Parkway, Suite 300

Boca Raton, Florida 33487

Attn: General Counsel

Telephone: (561) 571-9581

 

or to any other address as may have been
furnished to Indemnitee in writing by the Company.

 

17.7. Applicable
Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws rules. If, notwithstanding the foregoing sentence,
a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware
govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances
be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.

 

17.8. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

17.9. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

    19 

     

    

 

17.10. Representation
by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with
the negotiation and execution of this Agreement. No provision of this Agreement shall be construed against or interpreted to the
disadvantage of any party by any court or arbitrator or any governmental authority by reason of such party having drafted or being
deemed to have drafted such provision.

 

17.11. Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and
deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

17.12. Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is
required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner
that will enable the Company to fulfill its obligations under this Agreement.

 

[Signature page follows]

 

    20 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be signed as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	GREENLANE HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INDEMNITEE:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Address:

 

[Signature page to Indemnification Agreement]Exhibit 10.9

 

GREENLANE
HOLDINGS, INC. 

 

2019
EQUITY INCENTIVE PLAN 

 

1.
Purpose.

 

The
Plan’s purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected
to make) important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized
terms used in the Plan are defined in Section 11.

 

2.
Eligibility.

 

Service
Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein.

 

3.
Administration and Delegation.

 

(a)
Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service
Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan.
The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan
and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable.
The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award
or Award Agreement as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator’s determinations
under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the
Plan or any Award. The Administrator’s determinations under the Plan need not be uniform and may be made selectively among
Participants, whether or not such Participants are similarly situated.

 

(b)
Appointment of Committees; Delegation of Powers. To the extent Applicable Laws permit, the Board may delegate any or all
of its powers under the Plan to one or more Committees. The Board may also delegate to an executive officer of the Company the
authority to grant Awards to Service Providers that are not subject to Section 16 of the Exchange Act. The Board may rescind any
such delegation at any time or re-vest in itself any previously delegated authority at any time.

 

4.
Stock Available for Awards.

 

(a)
Number of Shares. Subject to adjustment under Section 8 and the terms of this Section 4, Awards may be made under the Plan
covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased
on the open market or treasury Shares.

 

(b)
Share Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered, repurchased,
canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares
covered by the Award for less than Fair Market Value or not issuing any Shares covered by the Award, the unused Shares covered
by the Award will, as applicable, become or again be available for Award grants under the Plan. In addition, Shares tendered by
the Participant or withheld by the Company in payment of the exercise price of an Option or to satisfy any tax withholding obligation
with respect to an Award will, as applicable, become or again be available for Award grants under the Plan.

 

(c)
Incentive Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than [●]1
Shares may be issued pursuant to the exercise of Incentive Stock Options, and no Shares may again be optioned, granted or awarded
if it would cause an Incentive Stock Option not to qualify as an Incentive Stock Option.

 

(d)
Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s
acquisition of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other
stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may
be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute
Awards will not count against the Overall Share Limit, except that Shares acquired by exercise of substitute Incentive Stock Options
will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the
Plan.

 

 

		1	NTD:
Share amounts to be determined based on the number of outstanding post-offering shares.

 

     

     

    

 

5.
Stock Options and Stock Appreciation Rights.

 

(a)
General. The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations
in the Plan, including Section 5(f) with respect to Incentive Stock Options. The Administrator will determine the number of Shares
covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the conditions
and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right shall entitle
the Participant (or other person entitled to exercise the Stock Appreciation Right pursuant to the Plan) to exercise all or a
specified portion of the Stock Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the
Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Stock Appreciation
Right from the Fair Market Value on the date of exercise of the Stock Appreciation Right by the number of Shares with respect
to which the Stock Appreciation Right shall have been exercised, subject to any limitations of the Plan or as the Administrator
may impose.

 

(b)
Exercise Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price
and specify the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value
on the grant date of the Option or Stock Appreciation Right.

 

(c)
Duration of Options. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the
Award Agreement, provided that the term of an Option or Stock Appreciation Right will not exceed ten years.

 

(d)
Exercise; Notification of Disposition. Options and Stock Appreciation Rights may be exercised by delivering to the Company
a written notice of exercise, in a form the Administrator approves (which may be electronic), signed by the person authorized
to exercise the Option or Stock Appreciation Right, together with, as applicable, payment in full (i) as specified in Section
5(e) for the number of Shares for which the Award is exercised and (ii) as specified in Section 9(e) for any applicable withholding
taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation Right may not be exercised for a fraction
of a Share.

 

(e)
Payment Upon Exercise. The exercise price of an Option must be paid in cash or by check payable to the order of the Company
or, subject to Section 10(h), any Company insider trading policy (including blackout periods) and Applicable Laws, by:

 

(i)
if there is a public market for Shares at the time of exercise, unless the Administrator otherwise determines, (A) delivery (including
telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable
to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery
to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly
to the Company cash or a check sufficient to pay the exercise price;

 

(ii)
delivery (either by actual delivery or attestation) of Shares owned by the Participant valued at their Fair Market Value, provided
(A) such payment method is then permitted under Applicable Laws, (B) such Shares, if acquired directly from the Company, were
owned by the Participant for a minimum time period that the Company may establish and (C) such Shares are not subject to repurchase,
forfeiture, unfulfilled vesting or other similar requirements; or

 

(iii)
any other mechanism that the Administrator, in its sole discretion, determines to be appropriate for a Participant, which the
Administrator can determine on a case by case basis and any such determination with respect to one Participant shall not bind
the Administrator with respect to any other Participant.

 

(f)
Additional Terms of Incentive Stock Options. The Administrator may grant Options intended to qualify as Incentive Stock
Options only to employees of the Company, any of its present or future “parent corporations” or “subsidiary
corporations” as defined in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which
are eligible to receive Incentive Stock Options under the Code. No person qualifying as a Greater Than 10% Stockholder may be
granted an Incentive Stock Option, unless such Incentive Stock Option conforms to Section 422 of the Code. If an Incentive Stock
Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on
the Option’s grant date, and the term of the Option will not exceed five years. The Administrator may modify an Incentive
Stock Option with the holder’s consent to disqualify such Option as an Incentive Stock Option. All Options intended to qualify
as Incentive Stock Options will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive
Stock Option, the Participant agrees to give prompt notice to the Company of dispositions or other transfers (other than in connection
with a Change in Control) of Shares acquired from the Option made within (i) two years from the grant date of the Option or (ii)
one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the
amount the Participant realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition
or other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, (i) if an Option
(or any part thereof) intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (ii) for
the Administrator’s actions or omissions that cause an Option not to qualify as an Incentive Stock Option, including the
conversion of an Incentive Stock Option to a Non-Qualified Stock Option or the grant of an Option intended as an Incentive Stock
Option that fails to qualify as an Incentive Stock Option. Any Option that is intended to qualify as an Incentive Stock Option,
but fails to qualify for any reason, including the portion of any Option becoming exercisable with respect to Shares having a
fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

    2

     

    

 

6.
Restricted Stock; Restricted Stock Units.

 

(a)
General. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider,
subject to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula
price from the Participant (or to require forfeiture of such shares if issued at no cost) if conditions the Administrator specifies
in the Award Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator
establishes for such Award. In addition, the Administrator may grant to Service Providers Restricted Stock Units, which may be
subject to vesting and forfeiture conditions during applicable restriction period or periods, as set forth in an Award Agreement.
The Administrator will determine and set forth in the Award Agreement the terms and conditions for each Restricted Stock and Restricted
Stock Unit Award, subject to the conditions and limitations contained in the Plan.

 

(b)
Restricted Stock.

 

(i)
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect
to such shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides
otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common
Stock of property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions
on transferability and forfeitability as the shares of Restricted Stock with respect to which they were paid. All such dividend
payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the dividend
payment becomes nonforfeitable.

 

(ii)
Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any
stock certificates issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank.

 

(c)
Restricted Stock Units.

 

(i)
Settlement. When a Restricted Stock Unit vests, the Participant will be entitled to receive from the Company one Share,
an amount of cash or other property equal to the Fair Market Value of one Share on the settlement date or a combination of both,
as the Administrator determines and as provided in the Award Agreement. The Administrator may provide that settlement of Restricted
Stock Units will occur upon or as soon as reasonably practicable after the Restricted Stock Units vest or will instead be deferred,
on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A.

 

(ii)
Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted
Stock Unit unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

7.
Other Stock or Cash Based Awards; Dividend Equivalents. 

 

(a)
Other Stock or Cash Based Awards. Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling
Participants to receive Shares to be delivered in the future and including annual or other period or long-term cash bonus awards
(whether based on specified Performance Criteria or otherwise), in each case subject to the conditions and limitations in the
Plan. Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone
payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based Awards
may be paid in Shares, cash or other property, as the Administrator determines. Subject to the provisions of the Plan, the Administrator
will determine the terms and conditions of each Other Stock or Cash Based Award, including any purchase price, performance goal
(which may be based on the Performance Criteria), transfer restrictions, and vesting conditions, which will be set forth in the
applicable Award Agreement.

 

    3

     

    

 

(b)
Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock Units or an Other Stock Award may provide
a Participant with the right to receive Dividend Equivalents, and no Dividend Equivalents shall be payable with respect to Options
or Stock Appreciation Rights. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled
in cash or Shares and subject to the same restrictions on transferability and forfeitability as the Award with respect to which
the Dividend Equivalents are paid and subject to other terms and conditions as set forth in the Award Agreement. All such Dividend
Equivalent payments will be made no later than March 15 of the calendar year following the calendar year in which the right to
the Dividend Equivalent payment becomes nonforfeitable, unless determined otherwise by the Administrator.

 

8.
Adjustments for Changes in Common Stock and Certain Other Events.

(a)
In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Section 8, the Administrator will
equitably adjust each outstanding Award as it deems appropriate to effect the Equity Restructuring, which may include adjusting
the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant price (if
applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this
Section 8(a) will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator
will determine whether an adjustment is equitable.

 

(b)
In the event that the Administrator determines that any dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale
or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock
or other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator, affects
the Common Stock such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect
to any Award, then the Administrator may, in such manner as it may deem equitable, adjust any or all of:

 

(i)
the number and kind of Shares (or other securities or property) with respect to which Awards may be granted or awarded (including,
but not limited to, adjustments of the limitations in Section 4 hereof on the maximum number and kind of shares which may be issued
and specifically including for the avoidance of doubt adjustments to the Incentive Stock Option limitation set forth in Section
4(c));

 

(ii)
the number and kind of Shares (or other securities or property) subject to outstanding Awards;

 

(iii)
the grant or exercise price with respect to any Award; and

 

(iv)
the terms and conditions of any Awards (including, without limitation, any applicable financial or other performance “targets”
specified in an Award Agreement).

 

(c)
In the event of any transaction or event described in Section 8(b) hereof (including without limitation any Change in Control)
or any unusual or nonrecurring transaction or event affecting the Company or the financial statements of the Company, or any change
in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate, either
by the terms of the Award or by action taken prior to the occurrence of such transaction or event, is hereby authorized to take
such actions as it deems appropriate, including, but not limited to, any one or more of the following actions:

 

(i)
To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal
to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization
of the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could
have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s
rights, in any case, is equal to or less than zero, then the vested portion of such Award may be terminated without payment;

 

(ii)
To provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(iii)
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and applicable exercise or purchase price, in all cases, as determined
by the Administrator;

 

    4

     

    

 

(iv)
To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards, and/or in
the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards;

 

(v)
To replace such Award with other rights or property selected by the Administrator; and/or

 

(vi)
To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

(d)
In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution
(other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting
the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering or other similar
transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to 60 days
before or after such transaction.

 

(e)
Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights
due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares
of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided
with respect to an Equity Restructuring under Section 8(a) above or the Administrator’s action under the Plan, no issuance
by the Company of shares of any class, or securities convertible into shares of any class, will affect, and no adjustment will
be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the
Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company’s right or
power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets
or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible
into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under this
Section 8.

 

(f)
No action shall be taken under this Section 8 which shall cause an Award to fail to comply with Section 409A of the Code or the
Treasury Regulations thereunder, to the extent applicable to such Award.

 

9.
General Provisions Applicable to Awards. 

 

(a)
Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise, in accordance
with Applicable Laws (and subject to the applicable requirements for Shares underlying Awards to be registered on Form S-8 under
the Securities Act), Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by
operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant
to a DRO, and, during the life of the Participant, will be exercisable only by the Participant. Any permitted transfer of an Award
hereunder shall be without consideration, except as required by Applicable Law. References to a Participant, to the extent relevant
in the context, will include references to a Participant’s authorized transferee that the Administrator specifically approves
under Applicable Laws.

 

(b)
Documentation. Each Award will be evidenced in an Award Agreement, as the Administrator determines. Each Award may contain
terms and conditions in addition to those set forth in the Plan.

 

(c)
Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards
(or portions thereof) uniformly.

 

(d)
Termination of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence
or any other change or purported change in a Participant’s Service Provider status affects an Award and the extent to which,
and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award, if applicable.

 

(e)
Withholding. Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of,
any taxes required by law to be withheld in connection with such Participant’s Awards by the date of the event creating
the tax liability. In satisfaction of the foregoing requirement or in satisfaction of any additional tax withholding, the Company
may satisfy, or may allow a Participant to satisfy, such obligations by any payment means described in Section 5(e) hereof, including,
without limitation, by withholding, or allowing such Participant to elect to have the Company or an affiliate withhold, Shares
otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered
shall be limited to the number of Shares which have a fair market value on the date of withholding or repurchase no greater than
the aggregate amount of such liabilities based on the maximum individual statutory withholding rates in the applicable jurisdiction,
in accordance with Company policies and at the discretion of the Administrator. The Administrator shall determine the fair market
value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with
a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of Shares to pay the Option or Stock
Appreciation Right exercise price or any tax withholding obligation.

 

    5

     

    

 

(f)
Amendment of Award. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another
Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a
Non-Qualified Stock Option. The Participant’s consent to such action will be required unless (i) the Administrator determines
that the action, taking into account any related action, would not materially and adversely affect the Participant, or (ii) the
change is permitted under Section 8 or pursuant to 10(f).

 

(g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions
from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s
satisfaction, (ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have
been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary
or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having
jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve
the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

 

(h)
Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially
exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

(i)
Repricing. Subject to Section 8, the Administrator shall have the authority, without the approval of the stockholders of
the Company, to (i) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share,
or (ii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation
Right price per share exceeds the Fair Market Value of the underlying Shares. In addition, subject to Section 8, the Administrator
shall have the authority, without the approval of the stockholders of the Company, to amend any outstanding Award to increase
the price per share or to cancel and replace an Award with the grant of an Award having a price per share that is greater than
or equal to the price per share of the original Award.

 

(j)
Cash Settlement. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in
an Award Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or
a combination thereof.

 

10.
Miscellaneous. 

 

(a)
No Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of
an Award will not be construed as giving a Participant the right to continued employment or any other relationship with the Company.
The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free
from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 

(b)
No Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have
any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such
Shares. Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require,
the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award
and instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).
The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate
to comply with Applicable Laws.

 

(c)
Effective Date and Term of Plan. The Plan will become effective on the date it is adopted by the Board. No Awards may be
granted under the Plan after ten years from the earlier of (i) the date the Board adopted the Plan or (ii) the date the Company’s
stockholders approved the Plan, but Awards previously granted may extend beyond that date in accordance with the Plan. If the
Plan is not approved by the Company’s stockholders in accordance with Section 422 of the Code, the Plan and any Awards granted
under the Plan shall be null and void and of no force and effect.

 

    6

     

    

 

(d)
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment,
other than an increase to the Overall Share Limit may materially and adversely affect any Award outstanding at the time of such
amendment without the affected Participant’s consent. Awards outstanding at the time of any Plan suspension or termination
will continue to be governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Board
will obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.

 

(e)
Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals
or employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules,
regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

(f)
Section 409A.

 

(i)
General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no
adverse tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement
to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures,
or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate
to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from
Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority
that may be issued after an Award’s grant date. The Company makes no representations or warranties as to an Award’s
tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 10(f) or otherwise to avoid
the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or
any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant, “nonqualified
deferred compensation” subject to taxes, penalties or interest under Section 409A.

 

(ii)
Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any
payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent
necessary to avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within
the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the Participant’s
Service Provider relationship. For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references
to a “termination,” “termination of employment” or like terms means a “separation from service.”

 

(iii)
Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s)
of “nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as
defined under Section 409A and as the Administrator determines) due to his or her “separation from service” will,
to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately
following such “separation from service” (or, if earlier, until the specified employee’s death) and will instead
be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively
practicable thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award payable
more than six months following the Participant’s “separation from service” will be paid at the time or times
the payments are otherwise scheduled to be made.

 

(iv)
Separate Payments. Each payment made under this Plan shall be designated as a “separate payment” within the
meaning of Section 409A.

 

(g)
Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer,
other employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other
person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will
not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity
as an Administrator, director, officer, other employee or agent of the Company. The Company will indemnify and hold harmless each
director, officer, other employee and agent of the Company that has been or will be granted or delegated any duty or power relating
to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability
(including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission concerning
this Plan unless arising from such person’s own fraud or bad faith.

 

    7

     

    

 

(h)
Lock-Up Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering
the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or
otherwise transferring any Shares or other Company securities during a period of up to 180 days following the effective date of
a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

 

(i)
Data Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this paragraph by and among the Company and its
Affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company
and its Affiliates may hold certain personal information about a Participant, including the Participant’s name, address
and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s);
any Shares held in the Company or its Affiliates; and Award details, to implement, manage and administer the Plan and Awards (the
“Data”). The Company and its Affiliates may transfer the Data amongst themselves as necessary to implement,
administer and manage a Participant’s participation in the Plan, and the Company and its Affiliates may transfer the Data
to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located
in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and
protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the
Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement,
administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the
Company holds regarding such Participant, request additional information about the storage and processing of the Data regarding
such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents
in this Section 10(i) in writing, without cost, by contacting the local human resources representative. The Company may cancel
Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant may forfeit
any outstanding Awards if the Participant refuses or withdraws the consents in this Section 10(i). For more information on the
consequences of refusing or withdrawing consent, Participants may contact their local human resources representative.

 

(j)
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or
invalid provisions had been excluded, and the illegal or invalid action will be null and void.

 

(k)
Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between
a Participant and the Company (or any Affiliate) that the Administrator has approved, the Plan will govern, unless it is expressly
specified in such Award Agreement or other written document that a specific provision of the Plan will not apply.

 

(l)
Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of
Delaware, disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other
than the State of Delaware.

 

(m)
Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to
any Company claw-back policy implemented to the comply with Applicable Laws, including any claw-back policy adopted to comply
with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, as set
forth in such claw-back policy or the Award Agreement.

 

(n)
Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, if
any conflict, the Plan’s text, rather than such titles or headings, will control.

 

(o)
Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with
Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance
with Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary
to conform to Applicable Laws.

 

    8

     

    

 

(p)
Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under
any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate
except as expressly provided in writing in such other plan or an agreement thereunder.

 

(q)
Grant of Awards to Certain Eligible Service Providers. The Company may provide through the establishment of a formal written
policy (which shall be deemed a part of this Plan) or otherwise for the method by which Common Stock or other securities of the
Company may be issued and by which such Common Stock or other securities and/or payment therefor may be exchanged or contributed,
or may be returned upon any forfeiture of Common Stock or other securities by the eligible Service Provider.

 

(r)
Section 83(b) Election. No Participant may make an election under Section 83(b) of the Code with respect to any Award under
the Plan without the consent of the Administrator, which the Administrator may grant (prospectively or retroactively) or withhold
in its sole discretion. If, with the consent of the Administrator, a Participant makes an election under Section 83(b) of the
Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the
date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall be
required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service.

 

11.
Definitions. As used in the Plan, the following words and phrases will have the following meanings:

 

(a)
“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee.

 

(b)
“Affiliate” means (a) Greenlane Holdings, LLC, and (b) any Subsidiary.

 

(c)
“Applicable Accounting Standards” means the U.S. Generally Accepted Accounting Principles, International
Financial Reporting Standards or other accounting principles or standards applicable to the Company’s financial statements
under U.S. federal securities laws.

 

(d)
“Applicable Laws” means the requirements relating to the administration of equity incentive plans under
U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange
or quotation system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or
other jurisdiction where Awards are granted.

 

(e)
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Awards.

 

(f)
“Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains
such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

(g)
“Board” means the Board of Directors of the Company.

 

(h)
“Change in Control” means and includes each of the following:

 

(i)
A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its subsidiaries,
any employee benefit plan maintained by the Company or any of its subsidiaries, any Significant Stockholder, or a “person”
that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company)
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of
the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately
after such acquisition; or

 

(ii)
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with
any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to
effect a transaction described in Section 11(h)(i) or 11(h)(iii)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who either
were Directors at the beginning of the two-year period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof; or

 

    9

     

    

 

(iii)
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of
all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the
acquisition of assets or stock of another entity, in each case other than a transaction: (A) which results in the Company’s
voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds
to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after
the transaction, and (B) after which no person or group beneficially owns voting securities representing 50% or more of the combined
voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section
11(h)(iii)(B) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the
voting power held in the Company prior to the consummation of the transaction; or

 

(iv)
The consummation of a liquidation or dissolution of the Company.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any portion of an Award that provides for the
deferral of compensation and is subject to Section 409A of the Code, the transaction or event described in subsection (i), (ii),
(iii) or (iv) with respect to such Award (or portion thereof) must also constitute a “change in control event,” as
defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Section 409A.

 

The
Administrator shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively
whether a Change in Control has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control
and any incidental matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether
a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall
be consistent with such regulation.

 

(i)
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

(j)
“Committee” means one or more committees or subcommittees comprised of one or more Company directors
or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3,
it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award
that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s
failure to qualify as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted
by the Committee that is otherwise validly granted under the Plan.

 

(k)
“Common Stock” means the Class A common stock of the Company.

 

(l)
“Company” means Greenlane Holdings, Inc., a Delaware corporation, or any successor.

 

(m)
“Consultant” means any person, including any adviser, engaged by the Company or its parent or Affiliate
to render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company; (ii) renders
services not in connection with the offer or sale of securities in a capital-raising transaction and does not directly or indirectly
promote or maintain a market for the Company’s securities; and (iii) is a natural person.

 

(n)
“Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner
the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes
incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s
estate.

 

(o)
“Director” means a Board member.

 

(p)
“Dividend Equivalents” means a right granted to a Participant under Section 7(b) to receive the equivalent
value (in cash or Shares) of dividends paid on Shares.

 

(q)
“DRO” means a domestic relations order as defined by the Code or Title I of the Employee Retirement
Income Security Act of 1974, as amended, or the rules thereunder.

 

(r)
“Employee” means any employee of the Company or its Affiliates.

 

    10

     

    

 

(s)
“Equity Restructuring” means, as the Administrator determines, a nonreciprocal transaction between the
Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring
cash dividend, affecting the Shares (or other Company securities) or the share price of Common Stock (or other Company securities)
and causing a change in the per share value of the Common Stock underlying outstanding Awards.

 

(t)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(u)
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows: (i) if the
Common Stock is listed on any established stock exchange, the closing sales price for such Common Stock as quoted on such exchange
for such date, or if no sale occurred on such date, the first market trading day immediately before such date during which a sale
occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common
Stock is not traded on a stock exchange but is quoted on a national market or other quotation system, the closing sales price
on such date, or if no sales occurred on such date, then on the date immediately before such date on which sales prices are reported,
as reported in The Wall Street Journal or another source the Administrator deems reliable; or (iii) without an established
market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion.

 

Notwithstanding
the foregoing, with respect to any Award granted after the effectiveness of the Company’s registration statement relating
to its initial public offering and prior to the Public Trading Date, the Fair Market Value shall mean the initial public offering
price of a Share as set forth in the Company’s final prospectus relating to its initial public offering filed with the Securities
and Exchange Commission.

 

(v)
“Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d)
of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or its subsidiary or parent
corporation, as defined in Section 424(e) and (f) of the Code, respectively.

 

(w)
“Incentive Stock Option” means an Option intended to qualify as an “incentive stock option”
as defined in Section 422 of the Code.

 

(x)
“Non-Qualified Stock Option” means an Option, or portion thereof, not intended or not qualifying as
an Incentive Stock Option.

 

(y)
“Option” means an option to purchase Shares.

 

(z)
“Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly
or partially by referring to, or are otherwise denominated in, based on or linked to, Shares or other property.

 

(aa)
“Overall Share Limit” means the sum of (i) [●] Shares and (ii) an annual increase on the first
day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2028, equal to the least of (A) [●],
(B) 5% of the aggregate number of shares of the Company’s Class A Common Stock and the Company’s Class B common stock
plus one-third of the Company’s Class C common stock outstanding on the final day of the immediately preceding calendar
year and (C) such smaller number of Shares as is determined by the Board.

 

(bb)
“Participant” means a Service Provider who has been granted an Award.

 

(cc)
“Performance Criteria” means mean the criteria (and adjustments) that the Administrator may select for
an Award to establish performance goals for a performance period.

 

(dd)
“Performance Goals” shall mean, for a Performance Period, one or more goals established by the Administrator
for the Performance Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish
such Performance Goals, Performance Goals may be expressed in terms of overall Company performance or the performance of an Affiliate,
division, operating or business unit, or an individual.

 

(ee)
“Performance Period” shall mean one or more periods of time, which may be of varying and overlapping
durations, as the Administrator may select, over which the attainment of one or more Performance Goals will be measured for the
purpose of determining a Holder’s right to, and the payment of, an Award.

 

(ff)
“Plan” means this 2019 Equity Incentive Plan.

 

    11

     

    

 

(gg)
“Public Trading Date” shall mean the first date upon which Common Stock is listed upon notice of issuance
on any securities exchange or designated upon notice of issuance as a national market security on an interdealer quotation system.

 

(hh)
“Restricted Stock” means Shares awarded to a Participant under Section 6 subject to certain vesting
conditions and other restrictions.

 

(ii)
“Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement
date, one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such payment
date, subject to certain vesting conditions and other restrictions.

 

(jj)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

(kk)
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and
other interpretative authority thereunder.

 

(ll)
“Securities Act” means the Securities Act of 1933, as amended.

 

(mm)
“Service Provider” means an Employee, Consultant or Director of the Company or any subsidiary of the
Company.

 

(nn)
“Shares” means shares of Common Stock.

 

(oo)
“Significant Stockholder” shall mean any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) that, immediately following the issuance of Common
Stock and Class B common stock to holders of equity interests in Greenlane Holdings, LLC in connection with the Company’s
initial public offering and prior to the Public Trading Date, holds 10% or more of the total combined voting power of all classes
of common stock of the Company (ignoring for purposes of such calculation any Common Stock issued in connection with the Company’s
initial public offering to persons or entities other than the holders of equity interests in Greenlane Holdings, LLC).

 

(pp)
“Stock Appreciation Right” means a stock appreciation right granted under Section 5.

 

(qq)
“Subsidiary” means any entity (other than the Company or Greenlane Holdings, LLC), whether domestic
or foreign, in an unbroken chain of entities beginning with the Company or Greenlane Holdings, LLC if each of the entities other
than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing
at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such
chain.

 

(rr)
“Termination of Service” means the date the Participant ceases to be a Service Provider.

 

***

 

 

12

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