Document:

EX-10.26

 Exhibit 10.26 

FORM OF XPONENTIAL FITNESS, INC. 

DIRECTOR AND EXECUTIVE OFFICER 

INDEMNIFICATION AGREEMENT 
 This
Indemnification Agreement (this “Agreement”), made and entered into as of the [•] day of [ ], 2021, by and between Xponential Fitness, Inc., a Delaware corporation (the “Company”), Xponential Holdings, LLC, a
Delaware limited liability company (the “LLC” and, together with the Company, the “Xponential Parties”) and [    ] (“Indemnitee”). 

W I T N E S S E T H: 
 WHEREAS, highly competent
persons have become more reluctant to serve publicly held corporations as directors or executive officers unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against
them arising out of their service to and activities on behalf of the corporation. 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. 

WHEREAS, the Amended and Restated Certificate of Incorporation of the Company provides that the Company shall indemnify and advance expenses
to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Company’s Amended and Restated Certificate of Incorporation provides for limitation of liability for
directors. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Amended and Restated Certificate of Incorporation and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to
indemnification. 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting
and retaining such persons. 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is
detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future. 

 WHEREAS, the Board has determined that it is reasonable, prudent and necessary for the
Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they
will not be so indemnified. 
 WHEREAS, the board of directors of the LLC has determined that it is in the best interest of the LLC to
contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be
so indemnified. 
 WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation
and Amended and Restated By-laws of the Company and any resolutions adopted pursuant thereto and any liability insurance procured by the Company and shall not be deemed a substitute therefor, nor to diminish
or abrogate any rights of Indemnitee thereunder. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Xponential Parties and Indemnitee do hereby covenant and agree as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 

(a) As used in this Agreement: 

“Beneficial Owner” has the meaning ascribed to such term in Rule 13d-3 under the
Exchange Act. 
 “Change of Control” means the occurrence of any one or more of the following circumstances occurring after
the date hereof: 
 (i) any Person (as defined below), other than (A) any employee plan established by the Company or
any subsidiary, (B) the Company or any of its affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by stockholders of the Company in
substantially the same proportions as their ownership of the Company, is (or becomes, during any 12-month period) the Beneficial Owner, directly or indirectly, of securities of the Company (not including in
the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of the total
voting power of the stock of the Company; provided that the provisions of this subsection (i) are not intended to apply to or include as a Change of Control any transaction that is specifically excepted from the definition of Change of Control
under subsection (iii) below; 

  
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 (ii) a change in the composition of the Board such that the Existing Board
(as defined below) ceases for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; provided
further, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or
Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group,
associate or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board; 

(iii) the consummation of a merger, amalgamation or consolidation of the Company with any other corporation or other entity, or
the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements; provided that immediately following such transaction the voting securities of the Company outstanding immediately prior
thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of the
Company’s stock (or, if the Company is not the surviving entity of such transaction, 50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and provided, further, that such a transaction effected
to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person
any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of either the then-outstanding Common Shares (as defined
below) or the combined voting power of the Company’s then-outstanding voting securities shall not be considered a Change of Control; or 

(iv) the sale or disposition by the Company of the Company’s assets in which any Person acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market
value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (A) no Change of
Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Common Shares immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions, and (B) no Change of Control shall be deemed
to have occurred upon the acquisition of additional control of the Company by any Person that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company. 

  
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 “Common Shares” means shares of Class A common stock, par value
$0.0001 per share, of the Company and stock of any other class into which such shares may thereafter be changed. 
 “Corporate
Status” means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent of the Company or of any other Enterprise. 

“Disinterested Director” means 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. 
 “Enterprise” means the Company and any other corporation, 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, board of
directors’ committee member, employee or agent. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Existing Board” means the individuals who, as of the beginning of any 12 month period, constitute the Board.

 “Expenses” means all direct and indirect costs (including attorneys’ fees, retainers, court costs, transcripts,
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) reasonably incurred in connection with (i) prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding, including responding or objecting to a request to provide discovery in or related to any Proceeding, or
(ii) establishing or enforcing a right to indemnification or advancement under this Agreement, the Company’s Amended and Restated Certificate of Incorporation, applicable law or otherwise. Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall
not include any Liabilities. 
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) either or both of the Xponential Parties, or Indemnitee, in any matter material to any such
party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) 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 or
both of the Xponential Parties, or Indemnitee, in an action to determine Indemnitee’s rights under this Agreement. 

“Liabilities” means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and
amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, excise taxes and penalties,
penalties or amounts paid in settlement). 

  
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 “Person” has the meaning ascribed to such term in Sections 13(d) and 14(d)
of the Exchange Act, including a “group” as defined in Section 13(d) thereof. 
 “Proceeding” means any
threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or
investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while
serving in any Corporate Status. 
 (b) For the purposes of this Agreement: 

References to “Company” or the “Xponential Parties” shall include, in addition to the resulting or surviving corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, 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, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such
constituent corporation if its separate existence had continued. 
 Reference to “other Enterprise” shall include employee benefit
plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or
agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or
she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement. 
 Reference to “including” shall mean “including, without limitation,” regardless of whether the words
“without limitation” actually appear, references to the words “herein,” “hereof” and “hereunder” and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph,
subparagraph, section, subsection or other subdivision. 

  
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 ARTICLE 2 

SERVICES BY INDEMNITEE 

Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve as a director or executive officer of
the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. 
 ARTICLE 3 

INDEMNIFICATION 

Section 3.01. General. (a) The Xponential Parties hereby agree, jointly and severally, to and shall indemnify
Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the
fullest extent permitted by applicable law. The Xponential Parties’ indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status,
(ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred and (iii) with respect to any claims of contribution against Indemnitee which may be brought by any officer,
director, or employee of the Xponential Parties. Notwithstanding anything to the contrary in the foregoing, it is the intent that with respect to all indemnification obligations under this Article 3, the Xponential Parties shall be the primary
source of reimbursement and indemnification relative to any direct or indirect shareholder of the Xponential Parties (or any affiliate of such shareholder, other than the Xponential Parties or any of their respective direct or indirect
subsidiaries). The Xponential Parties shall have no right to seek contribution, indemnity or other reimbursement for any of their obligations under this Article 3 from any such direct or indirect shareholder of the Xponential Parties (or any
affiliate of such shareholder, other than the Xponential Parties or any of their respective direct or indirect subsidiaries). 
 (b) For
purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

 (ii) 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. 
 (c) Witness Expenses.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made or requested to respond to discovery requests, in or related to any Proceeding to which
Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith. 

  
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 (d) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other
provisions of this Agreement, to the fullest extent permitted by applicable law, 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 Xponential Parties shall, jointly and severally, indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. 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, the Xponential Parties shall, jointly and severally and to the fullest extent permitted by applicable
law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 3.02. Exclusions. Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the
merits with respect to any such claim, the Xponential Parties shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for (i) 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 similar provisions of state statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or
of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act); or 
 (b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee (other than any cross claim or counterclaim asserted by the Indemnitee), including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Xponential
Parties or their directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Xponential Parties provide the indemnification, in their
sole discretion, pursuant to the powers vested in the Xponential Parties under applicable law or (iii) the Proceeding is a compulsory counterclaim brought by Indemnitee in response to a Proceeding otherwise indemnifiable under this Agreement.

 ARTICLE 4 
 ADVANCEMENT OF
EXPENSES; DEFENSE OF CLAIMS 
 Section 4.01. Advances.
Notwithstanding any provision of this Agreement to the contrary, the Xponential Parties shall advance any Expenses and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with any Proceeding, whether prior to
or after final disposition of any Proceeding, within twenty (20) days after the receipt by the Xponential Parties of each statement requesting such advance from time to time. Advances shall be unsecured and interest free. Advances shall be made
without regard to Indemnitee’s ability to repay such 

  
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amounts and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Xponential Parties to support the advances claimed. This Section 4.01 shall be subject to Section 4.03
and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 3.02. 
 Section 4.02.
Repayment of Advances or Other Expenses. Indemnitee agrees that Indemnitee shall reimburse the Xponential Parties for all Expenses and amounts paid in settlement advanced by the Xponential Parties pursuant to Section 4.01, in the event and
only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be
indemnified by the Xponential Parties for such Expenses or amounts paid in settlement. 
 Section 4.03. Defense of Claims. The
Xponential Parties shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Xponential Parties to Indemnitee of written notice of the
Xponential Parties’ election to do so. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Xponential Parties, Indemnitee shall have the right to employ separate counsel in respect of
any Proceeding at the Xponential Parties’ expense. 
 ARTICLE 5 

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF
ENTITLEMENT TO INDEMNIFICATION 
 Section 5.01. Notification; Request For
Indemnification. (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which
Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Xponential Parties written notice thereof, including the nature of the Proceeding. The omission by Indemnitee to so notify the
Xponential Parties will not relieve the Xponential Parties from any liability which they may have to Indemnitee hereunder or otherwise, except to the extent of any material and actual prejudice to the Xponential Parties caused by such omission. 

(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Xponential Parties a written request for indemnification,
including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee’s entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as
Indemnitee deems appropriate in his or her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law. 

  
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 Section 5.02. Determination of Entitlement. (a) Where there has been a written
request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required by
applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such 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 or (D) if so directed by the Board, by the stockholders of the Company; or (ii) if a Change of
Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such
person, persons or entity 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.
Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Xponential Parties
(irrespective of the determination as to Indemnitee’s entitlement to indemnification). 
 (b) If entitlement to indemnification is to be
determined by Independent Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Xponential Parties advising it of the identity of the Independent
Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected
by the Xponential Parties in which case the Xponential Parties shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Xponential Parties, as the case may
be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Xponential Parties 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 Section 1 of this Agreement, and the objection shall set forth 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, the Independent Counsel so selected may not serve as Independent Counsel unless and until
such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to
Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, the Xponential Parties, on the one hand, or Indemnitee, on the other hand, may petition a court of
competent jurisdiction for resolution of any objection which shall have been made by the Xponential Parties, on the one hand, or Indemnitee, on the other hand, to the other’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person as the court 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 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such
capacity (subject to the applicable standards of professional conduct then prevailing). 

  
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 (c) The Xponential Parties jointly and severally agree to pay the reasonable fees and
expenses of any Independent Counsel serving under this Agreement. 
 Section 5.03. Presumptions and Burdens of Proof; Effect of
Certain Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Xponential Parties shall, to the fullest extent not
prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity empowered
or selected under Section 5.02 of this Agreement to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by any person, persons or entity empowered or selected under Section 5.02 of this Agreement 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. 
 (b) If the person, persons or entity empowered or
selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite
determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law;
provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity 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. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or 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 he or she 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 his or her conduct was unlawful. 

(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is in
good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel
for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 5.03(d) 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. 

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

ARTICLE 6 
 REMEDIES OF
INDEMNITEE 
 Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee
and the Xponential Parties hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days
after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is
made within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement), Indemnitee shall
be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. 
 (b) In the event
that a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 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 Section 6.01, the
Xponential Parties shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Xponential Parties may not refer to or introduce into evidence any determination pursuant to
Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Xponential Parties for
any advances pursuant to Section 4.02 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 

(c) If a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification,
the Xponential Parties shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
 11 

 (d) The Xponential Parties shall be precluded from asserting in any judicial proceeding or
arbitration commenced pursuant to this Section 6.01 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 Xponential Parties
are bound by all the provisions of this Agreement. 
 (e) The Xponential Parties shall, jointly and severally, indemnify Indemnitee to the
fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Xponential Parties’ receipt of such written request) advance such Expenses to Indemnitee, which are reasonably
incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Xponential Parties (or otherwise for the enforcement, interpretation or defense of his
or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company’s Amended and Restated Certificate of Incorporation or Amended and Restated By-laws now or hereafter in effect or (ii) recovery or advances under any directors’ and officers’ liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is
determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be. 
 ARTICLE 7 

DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 

Section 7.01. D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance
(“D&O Liability Insurance”) with reputable insurance companies providing liability insurance for directors and executive officers of the Company in their capacities as such (and for any capacity in which any director or
executive officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity. 

Section 7.02. Evidence of Coverage. Upon request by Indemnitee, the Company shall provide copies of all policies of D&O
Liability Insurance obtained and maintained in accordance with Section 7.01 of this Agreement. 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.01. Nonexclusivity of Rights. The rights of indemnification, contribution and advancement of Expenses as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company’s Amended and Restated Certificate of Incorporation, the Company’s Amended and Restated
Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. 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. 

  
 12 

 Section 8.02. Insurance and Subrogation. (a) Indemnitee shall be covered by the
Xponential Parties’ D&O Liability Insurance in accordance with its or their terms to the maximum extent of the coverage available for any director or executive officer under such policy or policies. If, at the time the Xponential Parties
receive notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice 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. The failure or refusal of
any such insurer to pay any such amount shall not affect or impair the obligations of the Xponential Parties under this Agreement. 
 (b) In
the event of any payment under this Agreement, the Xponential Parties shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Xponential Parties to bring suit to enforce such rights. 

(c) The Xponential Parties shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which
advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision. 

(d) The Xponential Parties’ obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the
request of the Xponential Parties as a director, officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually
received as indemnification or advancement of Expenses from such Enterprise. 
 Section 8.03. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Xponential Parties, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as
is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Xponential Parties, on the one hand, and Indemnitee, on the other hand, as a result of the
event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Xponential Parties, on the one hand (and their directors, officers, employees and agents), and Indemnitee, on the other hand, in connection
with such event(s) and/or transaction(s). 
 Section 8.04. Amendment; Further Assurances. This Agreement may not be modified or
amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this
Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. For the avoidance of doubt, this Agreement may not be terminated, amended, altered or repealed by either of the Xponential Parties
without Indemnitee’s prior written consent. To the extent that a change in applicable law, whether 

  
 13 

 
by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company’s Amended and Restated
Certificate of Incorporation and 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 or (ii) limits rights with respect to indemnification,
contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution and advancement of Expenses in effect prior to such change shall remain in full force and effect to the
greatest extent not prohibited by applicable law. 
 Section 8.05. Waivers. The observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly
provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder
operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder. 
 Section 8.06. Entire Agreement. This Agreement and the documents referred to herein constitute the
entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement,
provided that this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation and Amended and Restated By-laws of the Company and applicable law, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Section 8.07. Severability. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion
of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby. 
 Section 8.08. Notices. All notices, requests, demands and
other communications under this Agreement shall be in writing (which may be by facsimile transmission or via email). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof. The
address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above. 

  
 14 

 Section 8.09. Binding Effect. (a) Each of the Xponential Parties 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 as a director or executive officer of the Company, and the Xponential Parties acknowledge that
Indemnitee is relying upon this Agreement in serving as a director or executive officer of the Company. 
 (b) This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of either or both of the Xponential Parties, spouses, heirs, and executors, administrators, personal and legal representatives. Each of the Xponential Parties shall require and cause any successor (whether direct or indirect
by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of such Signify Party by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree
to perform this Agreement in the manner and to the same extent that such Signify Party would be required to perform if no such succession had taken place. 

(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a
person who has ceased to be a director or executive officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person. 

Section 8.10. Governing 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. 
 Section 8.11.
Consent To Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, the Xponential Parties and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States
of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an
improper or inconvenient forum. 
 Section 8.12. Headings. The Article and Section headings in this Agreement are for
convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

Section 8.13. 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.

  
 15 

 Section 8.14. Use of Certain Terms. As used in this Agreement, the words
“herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context
may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

[Signature Pages Follow] 

  
 16 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the
date first above written. 
  

			
	XPONENTIAL FITNESS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	XPONENTIAL HOLDINGS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Indemnification Agreement] 

 
	
	INDEMNITEE
	
	  
 Name:

	 Title:

 [Signature Page to Indemnification Agreement]Exhibit 10.1

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of November 26, 2018 (the “Effective Date”) by and between Thom Kidrin (the “Executive”)
and Canadian American Standard Hemp Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, Executive and Company
desire to enter into an Employment Agreement to provide for Executive’s employment by the Company on the terms and subject to the
conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual promises, representations and warranties set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.       Offices
and Duties. The Company hereby employs Executive during the Term (as hereinafter defined) to serve as the Chief Executive Officer
and to perform such executive and supervisory duties on behalf of the Company as a Chief Executive Officer usually does and as Board of
Directors may from time to time reasonably direct. Executive hereby accepts such employment and agrees that throughout the Term he shall
faithfully, diligently and to the best of his ability, in furtherance of the business of the Company, perform the duties assigned to him
or incidental to the offices assumed by him pursuant to this Section. Executive shall devote such business time and attention to the business
and affairs of the Company as he believes are necessary to fulfill the duties of Executive’s position, but Executive shall not be
required to devote any minimum amount of time or report or perform his duties hereunder on a fixed or periodic basis. Executive shall
at all times be subject to the direction and control of the Company’s Board of Directors, and observe and comply with such rules,
regulations, policies and practices as the Company’s Board of Directors may from time to time establish and communicate to him in
writing.

 

2.       Term.
The employment of Executive hereunder shall commence on the date hereof and end on the third anniversary thereof, subject in all respects
to earlier termination upon the terms and conditions provided elsewhere herein. The term during which Executive is employed hereunder
shall be referred to herein as the “Term”. As used herein, “Termination Date” means the date the Executive's employment
is terminated.

 

3.       Compensation.

 

(a)       As
compensation for his services hereunder, the Company shall pay to Executive during the Term:

 

(i)       a
base salary at the rate of One Hundred Seventy Five Thousand ($175,000) Dollars per annum (the “Base Salary”), such Base
Salary to be paid in substantially equal installments no less often than twice monthly; and 

    	 	1	 

    	 	 	 

    

 

 

(ii)       additional
incentive or bonus compensation as the Company’s Board of Directors may from time to time determine.

 

(b)       In
addition to his Base Salary and other compensation provided herein, Executive shall be entitled to participate, to the extent he is eligible
under the terms and conditions thereof, in any stock, stock option or other equity participation plan and any profit-sharing, pension,
retirement, insurance, or other employee benefit plan generally available to the executive officers of the Company, and to receive any
other benefits or perquisites generally available to the executive officers of the Company pursuant to any employment policy or practice,
which may be in effect from time to time during the Term.

 

4.       Intentionally
Omitted.

 

5.       Expense
Allowance. The Company shall pay directly, or advance funds to Executive or reimburse Executive for, all expenses reasonably incurred
by him in connection with the performance of his duties as an employee or consultant hereunder, including reasonable business travel expenses,
upon the submission to the Company of itemized expense reports, receipts or vouchers in accordance with its then customary policies and
practices.

 

6.       Location;
Office. Executive shall not be required to perform his services hereunder at the principal executive office of the Company, but shall
be permitted to perform his services from location(s) of his choice, including his home.

 

7.       Vacation.
Executive shall be entitled to four (4) weeks paid vacation during each year of his full-time employment hereunder, such vacation to be
taken at such time or times as shall be agreed upon by Executive and the Company. Vacation time shall be cumulative from year to year,
except that Executive shall not be entitled to take more than six (6) weeks’ vacation during any consecutive 12-month period during
the Term. Accrued but unused vacation time shall be paid in cash on the Termination Date, except that in the event of a Termination pursuant
to Section 12, the amount of accrued vacation time to be paid on the Termination Date shall be limited to six (6) weeks and in
the event of a Termination pursuant to Section 13, the amount of vacation time to be paid on the Termination Date shall be limited
to four (4) weeks.

 

8.       Key-Man
Insurance. The Company shall have the right from time to time to purchase, increase, modify or terminate insurance policies on the
life of Executive for the benefit of the Company in such amounts as the Company may determine in its sole discretion. In connection therewith,
Executive shall, at such time or times and at such place or places as the Company may reasonably direct, submit himself to such physical
examinations and execute and deliver such documents as the Company may deem necessary or appropriate.

    	 	2	 

    	 	 	 

    

 

9.       Trade
Secrets.

 

(a)       Executive
shall hold in a fiduciary capacity for the benefit of the Company all confidential or proprietary information relating to or concerned
with the Company or its Affiliates (as defined below) or its products or services, prospective products or services, operations, business
and affairs (“Confidential Information”), and he shall not, at any time hereafter, use or disclose any Confidential Information
to any person other than to the Company or its designees or except as may otherwise be required in connection with the business and affairs
of the Company, and in furtherance of the foregoing Executive agrees that:

 

(i)       Executive
will receive, maintain and hold Confidential Information in strict confidence and will use the same level of care in safeguarding it that
he uses with his own confidential material of a similar nature;

 

(ii)      Executive
will take all such steps as may be reasonably necessary to prevent the disclosure of Confidential Information; and

 

(iii)     Executive
will not utilize Confidential Information for his personal benefit without first having obtained the Company’s consent to such utilization.

 

“Affiliate” of a Person means another
Person directly or indirectly controlling, controlled by, or under common control with, such Person; for this purpose, “control”
of a Person means the power (whether or not exercised) to direct the policies, operations or activities of such Person by virtue of the
ownership of, or right to vote or direct the manner of voting of, securities of such Person, or pursuant to agreement or law or otherwise.
The term “Person” includes without limitation a natural person, corporation, joint stock company, limited liability company,
partnership, joint venture, association, trust, governmental authority, or any group of the foregoing acting in concert.

 

(b)       The
commitments set forth in paragraph 9(a) shall not extend to any portion of Confidential Information:

 

(i)       that
is generally available to the public;

 

(ii)     that was not acquired, directly or indirectly and/or in any manner, from the Company and which Executive lawfully had in his
possession, custody or control, or an Affiliate of Executive had in such Affiliate’s possession, custody or control, prior to
the date of this Agreement, provided, however, that the above notwithstanding, any Confidential Information known to Executive prior
to the Merger as part of his relationship with ASH shall be included in Confidential Information; or

 

(iii)     that,
hereafter, through no act or omission on the part of the Executive, becomes information generally available to the public.

    	 	3	 

    	 	 	 

    

 

 

(c)       At
any time upon written request by the Company (i) the Confidential Information, including any copies, shall be returned to the Company,
and (ii) all documents, drawings, specifications, computer software, and any other material whatsoever in the possession of the Executive
that relates to such Confidential Information, including all copies and/or any other form of reproduction and/or description thereof made
by Executive shall, at the Company’s option, be returned to the Company or destroyed.

 

(d)       In
the event that Executive becomes legally compelled (by deposition, interrogatory, request of documents, subpoena, civil investigative
demand or similar process) to disclose any of the Confidential Information, the Executive shall provide the Company with prompt prior
written notice of such requirement so that it (or its designees) may seek a protective order or other appropriate remedy and/or waive
compliance with the terms of this Agreement. In the event that such protective order or other remedy is not obtained, or the Company waives
compliance with the provisions hereof, the Executive agrees to furnish only such portion of the Confidential Information which is legally
required to be furnished.

 

10.       Intellectual
Property. Any idea, invention, design, process, system, procedure, improvement, development or discovery conceived, developed, created
or made by Executive, alone or with others, during the Term and applicable to the business of the Company, whether patentable or registrable,
shall become the sole and exclusive property of the Company. Executive shall disclose the same promptly and completely to the Company
and shall, during the Term or thereafter, (i) execute all documents requested by the Company for vesting in the Company the entire right,
title and interest in and to the same; (ii) execute all documents requested by the Company for filing and procuring such applications
for patents, trademarks, service marks or copyrights as the Company, in its sole discretion, may desire to prosecute; and (iii) give the
Company all assistance it may reasonably require, including the giving of testimony in any Proceeding (as defined below), in other to
obtain, maintain and protect the Company’s right therein and thereto.

 

A “Proceeding” is any suit, action, arbitration,
audit, investigation or other proceeding before or by any court, magistrate, arbitration panel or other tribunal, or any governmental
agency, authority or instrumentality of competent jurisdiction.

 

11.       No
Competition.

 

(a)       During
the Restricted Period (as defined below), Executive shall not, directly or indirectly:

 

(i)       be
employed by, own, control, manage, operate, participate or invest in, or otherwise be connected with, in any manner, any business activity,
venture, entity or enterprise which is engaged in any business in the United States or Canada in which the Company (or any subsidiary
thereof) is currently engaged or is engaged at the time of termination of Executive’s employment hereunder; or

    	 	4	 

    	 	 	 

    

 

(ii)       for
himself or on behalf of any other person, employ or engage any person who at the time shall have been within the preceding 12-month period
an employee of the Company (or such subsidiary) or contact any supplier, customer or employee of the Company (or such subsidiary) for
the purpose of soliciting or diverting any supplier, customer or employee from the Company (or such subsidiary).

 

(b)      The
provisions of paragraph 11(a) notwithstanding, Executive may invest his funds in securities of an issuer if the securities
of such issuer are listed for trading on a registered securities exchange or actively traded in an over-the-counter market and Executive’s
holdings therein represent less than five (5%) percent of the total number of shares or principal amount of the securities of such issuer
outstanding, provided however, that Executive may be a director and unlimited shareholder of MariMed Inc.

 

(c)       Executive
acknowledges that the provisions of this Section, and the period, geographic area and scope and type of restrictions on his activities
set forth herein, are reasonable and necessary for the protection of the Company.

 

(d)       “Restricted
Period” shall mean the period commencing on the date hereof and ending on the later to occur of (x) the one year anniversary of
the Termination Date or (y) the date Executive stops receiving payments from the Company pursuant to Section 16.

 

Notwithstanding anything in this Agreement to the
contrary, Executive shall not be in violation of the covenants contained in this Paragraph 11 should Executive (or an Affiliate) first
offer a competing business opportunity to Company for Company participation which may otherwise be in violation of Paragraph 11, and which
Company rejects. In furtherance of the foregoing, an offer for participation made by Executive shall be deemed rejected by Company if,
following an offer by Executive, Company either (i) expressly rejects in writing to participate in said offer, (ii) upon the expiration
of thirty (30) days following such written offer by Executive, Company does not respond to such offer, or (iii) Company and Executive
are unable to enter into a definitive agreement in relation to such offer, following Executive’s good faith acceptance of the same,
within sixty (60) days of the making by Executive of such offer.

 

12.       Termination
Upon Disability. In the event that the Board of Directors determines that the Executive is unable to perform his duties hereunder
by reason of any disability or incapacity (due to any physical or mental injury, illness or defect) for an aggregate of 180 days in any
consecutive 12-month period, the Company shall have the right to terminate Executive’s employment hereunder within thirty (30) days
after the 180th day of his disability or incapacity by giving Executive notice to such effect at least ten (10) days prior to the date
of termination set forth in such notice, and on such date such employment shall terminate. The Board of Directors’ determination
shall be made after due inquiry, on the basis of convincing evidence presented in at least two medical opinions rendered by reputable
physicians with experience in diagnosing and treating the condition described in the opinion.

    	 	5	 

    	 	 	 

    

 

13.       Termination
for Cause.

 

(a)       In
addition to any other rights or remedies provided by law or in this Agreement, the Company may terminate Executive’s employment
under this Agreement if:

 

(i)       Executive
is convicted of, or enters a plea of guilty or nolo contendere (which plea is not withdrawn prior to its approval by the court)
to, a felony offense or the commission of a fraud against, or embezzlement or misappropriation of funds or other assets of, the Company
(or any subsidiary thereof); or

 

(ii)       the
Company’s Board of Directors determines, after due inquiry, based on convincing evidence, that Executive has:

 

		(A)	violated, or caused the Company (or any subsidiary thereof) or any officer, employee or other agent thereof,
or any other person to violate, any material law, regulation or ordinance or any material rule, regulation, policy or practice established
by the Company’s Board of Directors;

		(B)	willfully, or because of gross or persistent negligence, (x) failed properly to perform his duties hereunder
or (y) acted in a manner detrimental to, or adverse to the interests of, the Company; or

		(C)	violated, or failed to perform or satisfy any material covenant, condition or obligation required to be performed
or satisfied by Executive hereunder;

and that, in the case of any violation or failure
referred to in clause (A), (B) or (C) of this paragraph (ii) of Section 13(a), such violation or failure has caused, or
is reasonably likely to cause, the Company to suffer or incur a substantial casualty, loss, penalty, expense or other liability or cost.

 

14.       Termination
by Executive for Good Reason. In addition to any other rights or remedies provided by law or in this Agreement, Executive may terminate
his employment hereunder if (A) the Company violates, or materially fails to perform or satisfy any material covenant, condition or obligation
required to be performed or satisfied by it hereunder or (B) as a result of any action or failure to act by the Company, there is a material
change in the nature or scope of the duties, obligations, rights or powers of Executive’s employment, by giving the Company notice
to such effect, setting forth in reasonable detail the factual basis for such termination, at least thirty (30) days prior to the date
of termination set forth therein; provided however that the Company may avoid such termination if it, prior to the date of termination
set forth in such notice, cures or explains to the reasonable satisfaction of Executive the factual basis for termination set forth therein. 

    	 	6	 

    	 	 	 

    

 

 

15.       Voluntary
Termination. In addition to any other rights or remedies provided by law or in this Agreement, from and after the date hereof, Executive
may terminate his employment hereunder by giving the Company written notice to such effect at least ninety (90) days prior to the date
of termination set forth therein.

 

16.       Compensation
and Benefits upon Termination.

 

(a)       Upon
termination of Executive’s employment hereunder, he shall be entitled to receive, in any case, any Base Salary pursuant to Section
3(a)(i) and Commission Bonus accrued but unpaid to the Termination Date. Any amount payable to Executive under this subparagraph shall
be paid promptly, and in any event within thirty (30) days after the Termination Date.

 

(b)       If
Executive’s employment is terminated as a result of a “For Cause Event” pursuant to Section 13, except for the
payment of any amount required to be made by Section 16(a), from and after the Termination Date, the Company shall have no further
obligation to Executive hereunder, including without limitation any obligation pursuant to Section 17.

 

(c)       If
the Executive’s employment is terminated (i) by him pursuant to Section 14; or (ii) by the Company other than as a result
of a “For Cause Event” pursuant to Section 13; he shall be entitled to receive an amount equal to the full value
of any Base Salary still remaining until the end of the Term plus an amount equal to 1.5 times the Base Salary at the time of termination,
plus any accrued but unpaid Commission Bonus. Notwithstanding the foregoing, if the Executive’s employment is terminated by the
Company after a Change of Control has occurred for any reason other than as a result of a “For Cause Event” pursuant to Section
13, he shall be entitled to receive, upon the terms and subject to the conditions set forth in Section 17, the Parachute Amount
(as hereinafter defined in Section 17). Any amount payable to Executive under this subparagraph shall be paid in six (6) equal
installments on the last business day of each quarter commencing with the first quarter ending after the Termination Date.

(d)Intentionally omitted.

 

(e)       If
the Executive’s employment is terminated by him pursuant to Section 14 of this Agreement, or by the Company other than
as a result of a “For Cause Event” pursuant to Section 13, or if the Executive voluntarily terminates his employment
pursuant to Section 15 of this Agreement, the Company shall for one (1) year period following the Termination Date maintain and
pay for Executive and his family, or reimburse Executive, for the cost of hospitalization an amount not to exceed the stipend paid to
Executive pursuant to Section 3(a)(ii) during the twelve (12) months prior to the Termination Date.

    	 	7	 

    	 	 	 

    

 

(f)       Executive
shall have no obligation hereunder to seek or to accept any other employment after the Termination Date or otherwise to mitigate the payments
required to be made by this Section. No compensation or other amount received or receivable by Executive on account of any employment
or engagement after the Termination Date shall be offset against or deducted from any payment required to be made by this Section 16
or Section 17.

 

(g)       In
the event the Company terminates Executive other than as a result of a “For Cause Event” pursuant to Section 13, or
if the Executive’s employment is terminated by him pursuant to Section 14 of this Agreement, Executive shall receive as his
sole and exclusive remedy and damages the payments he would otherwise be entitled to receive under the applicable provisions of this Section
16 (and, if applicable, the other benefits provided under clause (h) of this Section 16).

 

(h)       In
the event of Executive’s death or if the Company terminates Executive for disability pursuant to Section 12, the Company
shall pay, in the case of Executive’s death, Executive’s estate an amount equal to his then current Base Salary and in the
event of termination for disability, an amount equal to two times his then current Base Salary. Any amount payable to Executive (or his
estate) under this subparagraph shall be paid in six (6) equal installments on the last business day of each quarter commencing with the
first quarter ending after the date Executive dies or is terminated for disability, as the case may be.

 

17.       Change
of Control.

 

(a)       For
the purposes of this Section 17:

 

(i)       The
“Act” is the Securities Exchange Act of 1934, as amended.

 

(ii)       A
“person” includes a “group” within the meaning of Section 13(d)(3) of the Act. 

 

(iii)      “Control”
is used herein as defined in Rule 12b-2 under the Act.

 

(iv)      “Beneficially
owns” and “acquisition” are used herein as defined in Rules 13d-3 and 13d-5, respectively, under the Act.

 

(v)       “Non-Affiliated
Person” means any person, other than Executive, an employee stock ownership trust of the Company (or any trustee thereof for the
benefit of such trust), or any person controlled by Executive, the Company or such a trust.

 

(vi)      “Voting
Securities” includes Common Stock and any other securities of the Company that ordinarily entitle the holders thereof to vote, together
with the holders of Common Stock or as a separate class, with respect to matters submitted to a vote of the holders of Common Stock, but
securities of the Company as to which the consent of the holders thereof is required by applicable law or the terms of such securities
only with respect to certain specified transactions or other matters, or the holders of which are entitled to vote only upon the occurrence
of certain specified events (such as default in the payment of a mandatory dividend on preferred stock or a scheduled installment of principal
or interest of any debt security), shall not be Voting Securities.

    	 	8	 

    	 	 	 

    

 

(vii)       “Right”
means any option, warrant or other right to acquire any Voting Security (other than such a right of conversion or exchange included in
a Voting Security).

 

(viii)       The
“Code” is the Internal Revenue Code of 1986, as amended.

 

(ix)       
“Base amount,” “present value” and “parachute payment” are used herein as defined in Section
280G of the Code.

 

(b)       A
“Change of Control” shall occur upon the occurrence of any of the following, but does not include (x) the Company’s
acquisition of American Standard Hemp, Inc. (“ASH”) and related transactions as described in the Agreement and Plan of Merger
between the Company, ASH and American Standard Hemp, Inc. dated November 16, 2018 nor (y) the Pubco Merger, as defined in the Call Option
Agreement of even date herewith:

 

(i)       a
Non-Affiliated Person acquires control of the Company through one or a series of related transactions, whether by merger or otherwise;

 

(ii)      upon
an acquisition of Voting Securities or Rights by a Non-Affiliated Person from persons other than the Executive (or persons controlled
by the Executive) or any change in the number or voting power of outstanding Voting Securities, such Non-Affiliated Person beneficially
owns Voting Securities or Rights entitling such person to cast a number of votes (determined in accordance with Section 17(g))
equal to or greater than twenty-five (25%) percent of the sum of (A) the number of votes that may be cast by all other holders of outstanding
Voting Securities, and (B) the number of votes that may be cast by such Non-Affiliated Person (determined in accordance with Section
17(g));

 

(iii)       upon
any change in the membership of the Company’s Board of Directors, a majority of the directors are persons who are not nominated
or appointed by the Company’s Board of Directors as constituted prior to such change;

 

(iv)       a
sale or exchange of all or substantially all of the operating assets of Company in one or a series of unrelated transactions;

 

(v)       one
or a series of related transactions, whether by merger, consolidation, sale or exchange or otherwise, which results in persons or entities
which, directly or indirectly, control a majority of the voting securities of Company immediately prior to such transaction(s) to control
less than a majority of such securities after such transaction(s).

    	 	9	 

    	 	 	 

    

 

(c)       The
“Parachute Amount” to which Executive shall be entitled pursuant to Sections 16(c) and (d) shall equal
two (2) multiplied by the Executive’s base salary in effect immediately prior to the effective date of the Change of Control.

 

(d)      It
is intended that the present value of any payments or benefits to Executive, whether hereunder or otherwise, that are includible in the
computation of the Parachute Amount shall not exceed two (2) times the Executive’s base salary in effect immediately prior to the
effective date of the Change of Control. Accordingly, if Executive receives any payment or benefit from the Company prior to payment of
the Parachute Amount which, when added to the Parachute Amount, would subject any of the payments or benefits to Executive to the excise
tax imposed by Section 4999 of the Code, the Parachute Amount shall be reduced by the least amount necessary to avoid such tax. The Company
shall have no obligation hereunder to make any payment or provide any benefit to Executive after the payment of the Parachute Amount which
would subject any of such payments or benefits to the excise tax imposed by Section 4999 of the Code.

 

(e)       Any
other provision hereof notwithstanding, Executive may (but only to the extent not prohibited by the United States securities laws, as
then amended), prior to his receipt of the Parachute Amount pursuant to Section 17(d), waive the payment thereof, or, after his
receipt of the Parachute Amount thereunder, treat some or all of such amount as a loan from the Company which Executive shall repay to
the Company within one hundred-eighty (180) days after the receipt thereof, together with interest thereon at the rate provided in Section
7872 of the Code, in either case, by giving the Company notice to such effect.

 

(f)       Any
determination of the Executive’s base amount, the Parachute Amount, any liability for excise tax under Section 4999 of the Code
or other matter required to be made pursuant to this Section 17, shall be made by the Company’s regularly-engaged independent
certified public accountants, whose determination shall be conclusive and binding upon the Company and Executive; provided that
such accountants shall give to Executive, on or before the date on which payment of the Parachute Amount or any later payment or benefit
would be made, a notice setting forth in reasonable detail such determination and the basis therefor, and stating expressly that Executive
is entitled to rely thereon.

 

(g)       The
number of votes that may be cast by holders of Voting Securities or Rights upon the issuance or grant thereof shall be deemed to be the
largest number of votes that may be cast by the holders of such securities or the holders of any other Voting Securities into which such
Voting Securities or Rights are convertible or for which they are exchangeable or exercisable, determined as though such Voting Securities
or Rights were immediately convertible, exchangeable or exercisable and without regard to any anti-dilution or other adjustments provided
for therein.

 

(h)       In
addition to the Parachute Amount, all outstanding convertible preferred stock and/ or options and Rights then outstanding will be considered
to have immediately vested and converted and redeemed by the Company in exchange for the then value of the shares.

    	 	10	 

    	 	 	 

    

 

18.       Other
Termination Provisions.

 

(a)       Throughout
the 2-year period following the Termination Date, the Company shall indemnify Executive, and hold him harmless from, any loss, damages,
liability, obligation or expense that he may suffer or incur in connection with any claim made or Proceeding commenced during such period
relating to his service as a director, officer, employee or agent of the Company (or any subsidiary thereof) to the same extent and in
same manner as the Company shall be obligated so to indemnify Executive immediately prior to the Termination Date.

 

(b)       Throughout
the 2-year period following the Termination Date, the Company shall maintain for the benefit of Executive directors’ and officers’
liability insurance (on a “claims made” basis) providing coverage at least as favorable to Executive (including with respect
to limits of liability, exclusions, and deductible and retention amounts) as that in effect on the Termination Date.

 

19.       Limitation
of Authority. Except as expressly provided herein, no provision hereof shall be deemed to authorize or empower either party hereto
to act on behalf of, obligate or bind the other party hereto.

 

20.       Notices.
Any notice or demand required or permitted to be given or made hereunder to or upon either party hereto shall be deemed to have been duly
given or made for all purposes if (a) in writing and sent by (i) messenger or an overnight courier service against receipt, or (ii) certified
or registered mail, postage paid, return receipt requested, or (b) sent by telegram, telecopy, telex or similar electronic means, provided
that a written copy thereof is sent on the same day by postage-paid first-class mail, to such party at the following address:

 

to the Company at: 

815
Jefferson Blvd

Warwick, Rhode Island
02886

 

with a copy (which
shall not constitute notice) to:

 

Feder Kaszovitz LLP

845 Third Avenue, 11th
Floor

New York, New York 10022-6601

Attn: Irving Rothstein, Esq.

Fax: (212) 888-7776

Email: irothstein@fedkas.com

 

to Executive at:

Thom Kidrin

11 Royal Road

Brookline, MA 02445

    	 	11	 

    	 	 	 

    

 

or such other address as either party hereto may at
any time, or from time to time, direct by notice given to the other party in accordance with this Section. The date of giving or making
of any such notice or demand shall be, in the case of clause (a) (i), the date of the receipt; in the case of clause (a) (ii), five business
days after such notice or demand is sent; and, in the case of clause (b), the business day next following the date such notice or demand
is sent.

 

21.       Amendment.
Except as otherwise provided herein, no amendment of this Agreement shall be valid or effective, unless in writing and signed by or on
behalf of the parties hereto.

 

22.       Waiver.
No course of dealing or omission or delay on the part of either party hereto in asserting or exercising any right hereunder shall constitute
or operate as a waiver of any such right. No waiver of any provision hereof shall be effective, unless in writing and signed by or on
behalf of the party to be charged therewith. No waiver shall be deemed a continuing waiver or waiver in respect of any other or subsequent
breach or default, unless expressly so stated in writing.

 

23.       Governing
Law. This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws of the State of Delaware without
regard to principles of choice of law or conflict of laws.

 

24.       Jurisdiction.
Each of the parties hereto hereby irrevocably consents and submits to the jurisdiction of the courts of the State of Delaware in connection
with any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, waives any objection
to venue in the State of Delaware, and agrees that service of any summons, complaint, notice or other process relating to such proceeding
may be effected in the manner provided by clause (a) (ii) of Section 20.

 

25.       Remedies.
In the event of any actual or prospective breach or default by either party hereto, the other party shall be entitled to equitable relief,
including remedies in the nature of rescission, injunction and specific performance. All remedies hereunder are cumulative and not exclusive,
and nothing herein shall be deemed to prohibit or limit either party from pursuing any other remedy or relief available at law or in equity
for such actual or prospective breach or default, including the recovery of damages.

 

26.       Severability.
The provisions hereof are severable and in the event that any provision of this Agreement shall be determined to be invalid or unenforceable
in any respect by a court of competent jurisdiction, the remaining provisions hereof shall not be affected, but shall, subject to the
discretion of such court, remain in full force and effect, and any invalid or unenforceable provision shall be deemed, without further
action on the part of the parties hereto, amended and limited to the extent necessary to render the same valid and enforceable.

 

27.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and which together shall constitute one and
the same agreement.

    	 	12	 

    	 	 	 

    

 

28.       Assignment.
This Agreement, and each right, interest and obligation hereunder, may not be assigned by either party hereto without the prior written
consent of the other party hereto, and any purported assignment without such consent shall be void and without effect, except that this
Agreement shall be assigned to, and assumed by, any person with or into which the Company merges or consolidates, or which acquires all
or substantially all of its assets, or which otherwise succeeds to and continues the Company’s business substantially as an entirety.
Except as otherwise expressly provided herein or required by law, Executive shall not have any power of anticipation, assignment or alienation
of any payments required to be made to him hereunder, and no other person may acquire any right or interest in any thereof by reason of
any purported sale, assignment or other disposition thereof, whether voluntary or involuntary, any claim in a bankruptcy or other insolvency
proceeding against Executive, or any other ruling, judgment, order, writ or decree.

 

29.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement is not intended, and shall not be deemed, to create or confer any right or interest for the benefit of any person
not a party hereto.

 

30.       Titles
and Captions. The titles and captions of the Articles and Sections of this Agreement are for convenience of reference only and do
not in any way define or interpret the intent of the parties or modify or otherwise affect any of the provisions hereof.

 

31.       Grammatical
Conventions. Whenever the context so requires, each pronoun or verb used herein shall be construed in the singular or the plural sense
and each capitalized term defined herein and each pronoun used herein shall be construed in the masculine, feminine or neuter sense.

 

32.       References.
The terms “herein,” “hereto,” “hereof,” “hereby,” and “hereunder,” and other
terms of similar import, refer to this Agreement as a whole, and not to any Article, Section or other part hereof.

 

33.       No
Presumptions. Each party hereto acknowledges that it has had an opportunity to consult with counsel and has participated in the preparation
of this Agreement. No party hereto is entitled to any presumption with respect to the interpretation of any provision hereof or the resolution
of any alleged ambiguity herein based on any claim that the other party hereto drafted or controlled the drafting of this Agreement.

 

34.       Entire
Agreement. This Agreement embodies the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes
any prior agreement, commitment or arrangement relating thereto, written or oral, if any, which shall terminate immediately upon the commencement
of the Term, except that each party thereto shall (a) remain required to perform any act and to satisfy any obligation or condition that
such party is required to perform or satisfy thereunder with respect to any event occurring or circumstance existing prior to the commencement
of the Term hereof (including without limitation the payment or delivery to Executive of any compensation, reimbursable expense or employee
benefit or perquisite to which he may be entitled, but which has not yet been paid to him, on account of his employment under any such
prior arrangement) that has not been so performed or satisfied, and (b) retain his or its right under any such prior assignment to assert
or to allege any claim or cause of action relating to or based upon, or otherwise to enforce, any provision thereof with respect to any
event occurring or circumstance existing during the term thereof.

    	 	13	 

    	 	 	 

    

 

35.       IRC
Section 409A.

 

(a) This Agreement is intended
to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Code") or an exemption thereunder and shall be
construed and administered in accordance with Code Section 409A. Notwithstanding any other provision of this Agreement, payments provided
under this Agreement may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption. Any
payments under this Agreement that may be excluded from Code Section 409A either as separation pay due to an involuntary separation from
service or as a short-term deferral shall be excluded from Code Section 409A to the maximum extent possible. For purposes of Code Section
409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this
Agreement upon a termination of employment shall only be made upon a "separation from service" under Code Section 409A. Notwithstanding
the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with, or are exempt
from compliance from, Code Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest
or other expenses that may be incurred by Executive on account of non-compliance with Code Section 409A.

 

(b) Notwithstanding any other
provision of this Agreement, if any payment or benefit provided to Executive in connection with her termination of employment is determined
to constitute "nonqualified deferred compensation" within the meaning of Code Section 409A and Executive is determined to be
a "specified employee" as defined in Code Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the
first payroll date to occur following the six-month anniversary of the date of Termination (the "Specified Employee Payment Date")
to the extent required by Code Section 409A. The aggregate of any payments that would otherwise have been paid before the Specified Employee
Payment Date shall be paid to Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall
be paid without delay in accordance with their original schedule.

 

 

 

(Remainder of Page Intentionally Left Blank; Signature
Page to Follow)

    	 	14	 

    	 	 	 

    

 

IN WITNESS WHEREOF, the undersigned
have duly executed this Agreement as of the day and year first above written.

	 	 	 	 
	 	 	COMPANY:	 
	 	 	 	 
	 	 	Canadian American Standard Hemp
Inc.,

	 
	 	 	 	 
	 	 	By: /s/ Chris Ryan	 
	 	 	Name: Chris Ryan	 
	 	 	Title: CFO (on behalf of the Board)	 
	 	 	 	 
	 	 	EXECUTIVE:	 
	 	 	 	 
	 	 	/s/ Thom Kidrin	 
	 	 	Thom Kidrin	 

 

    	 	15

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