Document:

Exhibit 10.3

 

VIREO HEALTH INTERNATIONAL INC.

2019 EQUITY INCENTIVE PLAN

 

		1.	Purposes of the Plan. The purposes of this Plan are:

 

		(a)	to attract and retain the best available personnel for positions of substantial responsibility,

 

		(b)	to provide additional incentive to Employees, Directors, and Consultants, and

 

		(c)	to promote the success of the Company’s business.

 

The Plan permits the grant of Incentive Stock Options, Nonstatutory
Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units.

 

		2.	Definitions. As used herein, the following definitions will apply:

 

(a)          “Administrator”
means the Board or any of its committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(b)          “Applicable
Laws” means the requirements relating to the administration of equity- based awards under U.S. state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Subordinate Voting Shares
are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under
the Plan.

 

(c)          “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted
Stock Units.

 

(d)          “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

		(f)	“Change in Control” means the occurrence of any of the following events:

 

(i)             Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together
with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that
any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the
Board will not be considered a Change in Control; or

 

(ii)            Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board
is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered
to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be
considered a Change in Control; or

 

    	 	 	 

     

    

 

(iii)          Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair
market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior
to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets.

 

(iv)          For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company.

 

(v)           Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder
from time to time.

 

(vi)          Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (A) its sole purpose is to change
the jurisdiction of the Company’s incorporation, or (B) its sole purpose is to create a holding company that will be
owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

 

(g)          “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

(h)          “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation
committee of the Board, in accordance with Section 4 hereof.

 

 (i)            “Company” means Vireo Health International Inc., a British Columbia Corporation.

 

(j)           “Consultant”
means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

 (k)          “Director” means a member of the Board.

 

(l)           “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive
Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance
with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

(m)         “Employee”
means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

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

 

(o)          “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards
of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash,
(ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person
or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased.
The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

 

    	 	-2-	 

     

    

 

(p)          “Fair
Market Value” means, as of any date, the value of the Subordinate Voting Shares determined as follows:

 

(i)             If
the Subordinate Voting Shares are listed on any established stock exchange or a national market system, including without limitation
the Canadian Securities Exchange (the “CSE”), the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq
Global Market, the Nasdaq Capital Market of The Nasdaq Stock Market, or the NYSE American its Fair Market Value will be the closing
sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination,
as reported in The Wall Street Journal or such other source as the Administrator deems reliable Notwithstanding the foregoing,
in the event that the Shares are listed on the CSE, for the purposes of establishing the exercise price of any Options, the Fair
Market Value shall not be lower than the greater of the closing market price of the Shares on the CSE on (i) the trading day
prior to the date of grant of the Options, and (ii) the date of grant of the Options;;

 

(ii)            If
the Subordinate Voting Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share will be the mean between the high bid and low asked prices for the Subordinate Voting Shares on the day
of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks
were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(iii)           In
the absence of an established market for the Subordinate Voting Shares, the Fair Market Value will be determined in good faith
by the Administrator.

 

(q)          “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

(r)           “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

 (s)          “Option” means a stock option granted pursuant to the Plan.

 

(t)           “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

 (u)          “Participant” means the holder of an outstanding Award.

 

(v)          “Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock is subject to restrictions and
therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the
achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

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

 

(x)          “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant
to the early exercise of an Option.

 

    	 	-3-	 

     

    

 

(y)          “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

 (z)           “Service Provider” means an Employee, Director, or Consultant.

 

(aa) “Share”
means a Subordinate Voting Share, which is intended to qualify as service recipient stock under Treasury Regulation 1.409A-1(b)(5)(iii),
as adjusted in accordance with Section 13 of the Plan.

 

(bb) “Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is
designated as a Stock Appreciation Right.

 

(cc) “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

		3.	Stock Subject to the Plan.

 

(a)          Stock
Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that
may be subject to Awards and sold under the Plan is ten percent (10%) of the number of Shares outstanding (assuming conversion
of all Super Voting Shares and Multiple Voting Shares into Shares). The Shares may be authorized but unissued, or reacquired Subordinate
Voting Shares.

 

(b)          Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange
Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the
failure to vest, the unpurchased Shares (or, for Awards other than Options or Stock Appreciation Rights, the forfeited or repurchased
Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated).
With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be
available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under
the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned
to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares
issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the
Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise
price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale
under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result
in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment
as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will
equal the aggregate Share number stated in Section 3(a) as at the close of business on March 18, 2019, plus, to
the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available
for issuance under the Plan pursuant to Section 3(b).

 

(c)          Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will
be sufficient to satisfy the requirements of the Plan.

 

    	 	-4-	 

     

    

 

		4.	Administration of the Plan.

 

(a)          Procedure.
the Plan will be administered by (i) the Board or (ii) a Committee, which Committee will be constituted to satisfy Applicable
Laws.

 

(b)          Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

		(i)	to determine the Fair Market Value;

 

		(ii)	to select the Service Providers to whom Awards may be granted hereunder;

 

		(iii)	to determine the number of Shares to be covered by each Award granted hereunder;

 

		(iv)	to approve forms of Award Agreements for use under the Plan;

 

(v)          to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding
any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

		(vi)	to institute and determine the terms and conditions of an Exchange Program;

 

		(vii)	to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(viii)       to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to
sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under
applicable foreign laws;

 

(ix)         to
modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority
to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));

 

		(x)	to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi)         to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;

 

(xii)        to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant
under an Award; and

 

		(xiii)	to make all other determinations deemed necessary or advisable for administering the Plan.

 

(c)          Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and
binding on all Participants and any other holders of Awards.

 

    	 	-5-	 

     

    

 

5.            Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service Providers.
Incentive Stock Options may be granted only to Employees.

 

		6.	Stock Options.

 

(a)          Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options in such amounts as the Administrator, in its sole discretion, will determine.

 

(b)          Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of
the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other
terms and conditions as the Administrator, in its sole discretion, will determine.

 

(c)          Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options.
For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were
granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted,
and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

 

(d)          Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will
be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant
who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be
five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

		(e)	Option Exercise Price and Consideration.

 

(i)            Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by
the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will
be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing
provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent
(100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent
with, Code Section 424(a).

 

(ii)           Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option
may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

    	 	-6-	 

     

    

 

(iii)         Form of
Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of
consideration at the time of grant. Such consideration may consist entirely of: (A) cash; (B) check;
(C) promissory note, to the extent permitted by Applicable Laws, (D) other Shares, provided that such Shares have a
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will
be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the
Company, as the Administrator determines in its sole discretion; (E) consideration received by the Company under
cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan;
(F) by net exercise, (G) such other consideration and method of payment for the issuance of Shares to the extent
permitted by Applicable Laws, or (H) any combination of the foregoing methods of payment. In making its determination as
to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably
expected to benefit the Company.

 

		(f)	Exercise of Option.

 

(i)           Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share.

 

(A)       An Option
will be deemed exercised when the Company receives: (I) notice of exercise (in such form as the Administrator may
specify from time to time) from the person entitled to exercise the Option, and (II) full payment for the Shares with
respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any
consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares
issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the
name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any
other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the
Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will
be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as
provided in Section 13 of the Plan.

 

(B)         Exercising
an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

 

(ii)          Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within
thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than
the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date
of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as
to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination
the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate,
and the Shares covered by such Option will revert to the Plan.

 

(iii)         Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the
Participant may exercise his or her Option within six (6) months of termination, or such longer period of time as is
specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the
Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered
by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or
her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to
the Plan.

 

    	 	-7-	 

     

    

 

(iv)         Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following
the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later
than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on
the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the
Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant,
then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to
whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.
Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised
within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

		7.	Stock Appreciation Rights.

 

(a)          Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b)          Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock
Appreciation Rights.

 

(c)          Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and
will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator,
subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation
Rights granted under the Plan.

 

(d)          Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as
the Administrator, in its sole discretion, will determine.

 

(e)          Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating
to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

(f)          Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying:

 

(i)           The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

		(ii)	The number of Shares with respect to which the Stock Appreciation Right is exercised.

 

    	 	-8-	 

     

    

 

At the discretion of the Administrator, the payment upon Stock
Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

		8.	Restricted Stock.

 

(a)          Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b)          Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions
on such Shares have lapsed.

 

(c)          Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d)          Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
it may deem advisable or appropriate.

 

(e)          Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

 

(f)           Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may not exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

(g)          Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.
If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

 

(h)          Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have
not lapsed will revert to the Company and again will become available for grant under the Plan.

 

		9.	Restricted Stock Units.

 

(a)          Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

 

(b)          Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent
to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant.
The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals
(including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its
discretion.

 

    	 	-9-	 

     

    

 

(c)          Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator,
in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d)          Form and
Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined
by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted
Stock Units in cash, Shares, or a combination of both.

 

(e)          Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10.           Compliance
With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application
of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.
The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed
and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To
the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will
be granted, paid, settled, or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant,
payment, settlement, or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

 

11.           Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will
be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (a) any leave
of absence approved by the Company or (b) transfers between locations of the Company or between the Company, its Parent, or
any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon
expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by
the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive
Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes
as a Nonstatutory Stock Option.

 

		12.	Limited Transferability of Awards.

 

(a)          Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in
any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant,
only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will,
(ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as
amended (the “Securities Act”) and section 2.27 of National Instrument 45-106 Prospectus Exemptions, to the
extent applicable.

 

(b)          Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or
after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under
the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise,
the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner,
including by entering into any short position, any “put equivalent position” or any “call equivalent
position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other
than to (i) persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act)
through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the death or
disability of the Participant. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may
determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions
involving the Company to the extent permitted by Rule 12h-1(f).

 

    	 	-10-	 

     

    

 

		13.	Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

(a)          Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the
Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or
the number, class, and price of shares of stock covered by each outstanding Award.

 

(b)          Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

		(c)	Merger or Change in Control.

 

(i)             In
the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding
Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s
consent, including, without limitation, that (A) Awards will be assumed, or substantially equivalent Awards will be substituted,
by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of
shares and prices; (B) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately
prior to the consummation of such merger or Change in Control; (C) outstanding Awards will vest and become exercisable, realizable,
or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger
or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness
of such merger or Change in Control; (D) (I) the termination of an Award in exchange for an amount of cash and/or property,
if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s
rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence
of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such
Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (II) the
replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (E) any combination
of the foregoing. In taking any of the actions permitted under this Section 13(c), the Administrator will not be obligated
to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 

(ii)            In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant
will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights,
including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock
and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or
other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and
conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger
or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock
Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the
Option or Stock Appreciation Right will terminate upon the expiration of such period.

 

    	 	-11-	 

     

    

 

(iii)          For
the purposes of this Section 13(c), an Award will be considered assumed if, following the merger or Change in Control, the
Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in
Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by
holders of Subordinate Voting Shares for each Share held on the effective date of the transaction (and if holders were offered
a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the merger or Change in Control is not solely common shares of the successor
corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration
to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each
Share subject to such Award, to be solely common shares of the successor corporation or its Parent equal in fair market value to
the per share consideration received by holders of Subordinate Voting Shares in the merger or Change in Control.

 

(iv)          Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one
or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals
without the Participant’s consent; provided, however, a modification to such performance goals only to reflect
the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid
Award assumption.

 

(v)           Notwithstanding
anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A
and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of
control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated
under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A
without triggering any penalties applicable under Code Section 409A.

 

		14.	Tax Withholding.

 

(a)          Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have
the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with
respect to such Award (or exercise thereof).

 

(b)          Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to
time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation)
(i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value
equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares
having a Fair Market Value equal to the statutory amount required to be withheld, provided the delivery of such Shares will
not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or
(iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be
withheld. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may
be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state, or
local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to
be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the
date that the taxes are required to be withheld.

 

    	 	-12-	 

     

    

 

15.          No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by
Applicable Laws.

 

16.          Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

 

17.          Term
of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless
sooner terminated under Section 18, it will continue in effect for a term of ten (10) years from the later of
(a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an
increase in the number of Shares reserved for issuance under the Plan.

 

		18.	Amendment and Termination of the Plan.

 

(a)          Amendment
and Termination. The Board may at any time amend, alter, suspend, or terminate the Plan.

 

(b)          Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

(c)          Effect
of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan will impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise
the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

		19.	Conditions Upon Issuance of Shares.

 

(a)          Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b)          Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

    	 	-13-	 

     

    

 

(c)          No
Right to Employment or Engagement. The grant of an Award shall not be construed as giving a Participant the right to be
retained as an employee, officer of consultant of the Company or any Affiliate, nor will it affect in any way the right of
the Company or an Affiliate to terminate a Participant’s employment or engagement at any time, with or without cause,
in accordance with applicable law. In addition, the Company or an Affiliate may at any time dismiss a Participant from
employment or engagement free from any liability or any claim under the Plan or any Award, unless otherwise expressly
provided in the Plan or in any Award Agreement. Nothing in this Plan shall confer on any person any legal or equitable right
against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against
the Company or an Affiliate. Under no circumstances shall any person ceasing to be an employee, officer or consultant of the
Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Plan which such
employee might otherwise have enjoyed but for termination of employment or engagement, whether such compensation is claimed
by way of damages for wrongful or unfair dismissal, breach of contract or otherwise. By participating in the Plan, each
Participant shall be deemed to have accepted all the conditions of the Plan and the terms and conditions of any
rules and regulations adopted by the Committee and shall be fully bound thereby.

 

20.          Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve
the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not
have been obtained.

 

21.          Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

22.          Governing
Law. The validity and construction of this Plan and the instruments evidencing the Awards hereunder shall be governed by the
laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of this Plan and the instruments evidencing the Awards hereunder to the substantive laws of any other jurisdiction.

 

23.          Information
to Participants. Beginning on the earlier of (a) the date that the aggregate number of Participants under this Plan is
five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange
Act and (b) the date that the Company is required to deliver information to Participants pursuant to Rule 701 under the
Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, is no longer relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act or is no
longer required to deliver information to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide
to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act
not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such
information provided either by physical or electronic delivery to the Participants or by written notice to the Participants of
the availability of the information on an Internet site that may be password-protected and of any password needed to access the
information. The Company may request that Participants agree to keep the information to be provided pursuant to this section confidential.
If a Participant does not agree to keep the information to be provided pursuant to this section confidential, then the Company
will not be required to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange
Act or Rule 701 of the Securities Act.

 

    	 	-14-Exhibit 10.4

 

VIREO HEALTH, INC.

INCENTIVE STOCK OPTION AGREEMENT

PURSUANT TO 2018 EQUITY INCENTIVE PLAN

 

Unless the context indicates
otherwise, all capitalized terms not defined herein shall have the same meanings as set forth in the Vireo Health, Inc. 2018 Equity
Incentive Plan (the "Plan").

 

I.       NOTICE
OF GRANT

 

Name of Grantee:

 

Number of Shares:

 

Date of Grant: _______, 2018

 

Exercise Price
per Share: $10.00

 

Expiration Date: 5:00 p.m., Central Time
on the day preceding the tenth anniversary of the Date of Grant.

 

Exercise Schedule: Subject to Section 4
hereof and the terms of the Plan, Options with respect to 25% of the Number of Shares shall become exercisable and vest on December
31, 2019, and an additional 6.25% of the Number of Shares shall become exercisable and vest on the last day of each subsequent
calendar quarter. In no case shall Options on more than 100% of the Number of Shares vest.

 

This is an Incentive Stock Option Agreement
(the "Agreement") between Vireo Health, Inc. (the "Company") and the grantee identified
above (the "Grantee") is entered into and effective as of date of grant identified above (the "Grant
Date").

 

II.      BACKGROUND

 

1.       The
Company has adopted and maintains the Plan authorizing the Board or a committee thereof to grant incentive stock options to employees,
directors and other persons providing services to the Company and its Subsidiaries.

 

2.       The
Board has determined that Grantee is eligible to receive an award under the Plan in the form of an incentive stock option.

 

III.   AGREEMENT.
The Company hereby grants the Option to Grantee under the terms and conditions as follows.

 

1.    
Grant of Option. The Company hereby grants to the Grantee the right, privilege, and option (the "Option")
to purchase FIVE HUNDRED (500) shares (the "Option Shares") of the Company's common stock (the "Common
Stock"), according to the terms and subject to the conditions hereinafter set forth and as set forth in the Plan.
The Option is intended to be an “incentive stock option” as that term is defined in Section 422 of the Internal Revenue
Code and is subject to the $100,000 limitation described in Section 6.4 of the Plan, including the provisions of that Section 6.4
that treat any portion of the Option that exceed such limitation, or does not otherwise qualify as an incentive stock option as
a separate option that is not an incentive stock option but otherwise exercisable on, and subject to, the same terms as the Option.

 

     

     

    

 

2.   
Option Exercise Price. The per share price to be paid by Grantee in the event of an exercise of the Option shall
be the exercise price specified above in the Notice of Grant, which price shall not be less than the Fair Market Value as of the
Grant Date, or if the Grantee is a 10% Owner, 110% of the Fair Market Value as of the Grant Date.

 

3.    Expiration.
The Option shall expire at 5:00 p.m. Central Time on the earliest of (i) the expiration date set forth in the Notice of Grant,
above (which date may be no later than ten years after the Grant Date, or, for 10% Owners, five years after the Grant Date), (ii)
the expiration of the exercise period following termination of employment, as set forth in Section 4, (iii) the termination of
the Grantee for Cause, (iv) the date fixed, if any, for termination of the Option pursuant to Section 15.1(iii) or 15.2 of the
Plan, or (v) for unvested Options, upon Termination of Service for any reason.

 

4.    
Vesting and Exercise.

 

4.1       Vesting
Schedule. The Option will vest and become exercisable as to the number of Shares and on the dates specified in the Notice
of Grant, but only if the Grantee is employed by the Company on such dates. The exercise schedule will be cumulative, meaning that
to the extent the Option has not been exercised and has not expired, terminated, or been cancelled, the Option may be exercised
to purchase all or any portion of the Shares available under the exercise schedule.

 

4.2       Accelerated
Vesting. If a Change in Control occurs, effective upon such Change in Control, the Option shall become vested and be exercisable
as to all otherwise unvested Option Shares.

 

4.3       Termination
of Service. Any unvested Options will be forfeited upon the Grantee's Termination of Service for any reason. Following
the Grantee's Termination of Service, any Options vested and exercisable as of the date of Termination of Service may be exercised
for a period of three months after such termination (but in no event after the expiration date ("Expiration Date")
in the Notice of Grant), and thereafter terminate. If Grantee has a Termination of Service by reason of death or if Grantee dies
in the three month period following Termination of Service, the Option may be exercised for a period of nine months following the
Grantee's death but not after the Expiration Date. If Grantee has a Termination of Service due to Disability, the Option may be
exercised for a period of six months following Termination of Service, but not after the Expiration Date. If Grantee has a Termination
of Service for Cause, any unexercised Options expire immediately.

 

4.4       Termination
of Option under Certain Circumstances. The Option may be terminated or forfeited upon the occurrence of certain circumstances,
including without limitation, a Change in Control of the Company, as more fully set forth in the Plan.

 

5.    
Manner of Option Exercise.

 

5.1       Notice.
This Option may be exercised by Grantee in whole or in part from time to time, subject to the conditions contained in the Plan
and in this Agreement, by delivery, in person, by electronic transmission, or through the mail, to the Company at its principal
executive office in Minneapolis, Minnesota (Attention: Chief Financial Officer), of a written notice of exercise. Such notice must
be in a form satisfactory to the Committee, must identify the Option, must specify the number of Option Shares with respect to
which the Option is being exercised, and must be signed by the person or persons so exercising the Option. Such notice must be
accompanied by payment in full of the total exercise price of the Option Shares purchased. In the event that the Option is being
exercised, as provided by the Plan and Section 6 below, by any person or persons other than the Grantee, the notice must be
accompanied by appropriate proof of right of such person or persons to exercise the Option.

 

    	 	-2-	 

     

    

 

5.2       Payment.
At the time of exercise of this Option, the Grantee shall pay the total exercise price of the Option Shares to be purchased entirely
in cash (including a check, bank draft or money order, payable to the order of the Company); provided, however, that the Committee,
in its sole discretion and to the extent permitted by law, may allow such payment to be made, in whole or in part, through a broker-assisted
cashless exercise in which the Grantee simultaneously exercises the Option and sells all or a portion of the Shares thereby acquired;
by delivery to the Company of unencumbered Shares having an aggregate Fair Market Value on the date of exercise equal to the exercise
price of such Shares; or by authorizing the Company to retain, from the total number of Shares as to which the Option is exercised,
that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares
as to which the Option is exercised.

 

5.3       Delivery
of Certificates. As soon as practicable after the effective exercise of the Option, Grantee shall be recorded on the
stock transfer books of the Company as the owner of the Option Shares purchased, and the Company shall deliver to Grantee one or
more duly issued stock certificates evidencing such ownership. Notwithstanding anything to the contrary in this Agreement, no certificate
for Shares distributable under the Plan shall be issued and delivered unless the issuance of such certificate complies with all
applicable legal requirements including, without limitation, compliance with the provisions of applicable state securities laws,
the Securities Act and the Exchange Act.

 

6.    
Transferability. During the lifetime of the Grantee, only the Grantee or his/her guardian or legal representative
may exercise the Option. The Option may not be assigned or transferred by the Grantee otherwise than by will or the laws of descent
and distribution.

 

7.     No
Shareholder Rights. No person shall have any of the rights of a stockholder of the Company with respect to any Share subject
to the Option until the Share actually is issued to him/her upon exercise of the Option.

 

8.     Engagement
or Employment. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary
Corporation to terminate the engagement or employment of the Grantee at any time, nor confer upon the Grantee any right to continue
in the service or employ of the Company or any Subsidiary Corporation at any particular position or rate of pay or for any particular
period of time.

 

9.     Breach
of Confidentiality or Non-Compete Agreements. Notwithstanding anything in this Agreement or the Plan to the contrary, if Grantee
materially breaches the terms of any confidentiality, proprietary rights or non-compete provisions of any agreement entered into
with the Company or any Subsidiary (including any confidentiality, proprietary rights or non-compete agreement made in connection
with the grant of this Option), whether such breach occurs before or after termination of the Grantee’s employment with the
Company or any Subsidiary, the Committee in its sole discretion may immediately terminate all rights of the Grantee under the Plan
and this Agreement without notice of any kind and may require the Grantee to disgorge any profits (however defined by the Committee)
made by the Grantee relating to this Option or any Option Shares.

 

    	 	-3-	 

     

    

 

10.   Securities
Law and Other Restrictions. Notwithstanding any other provision of the Plan or this Agreement, the Company shall not be required
to issue, and Grantee may not sell, assign, transfer or otherwise dispose of, any Option Shares, unless (a) there is in effect
with respect to the Option Shares a registration statement under the Securities Act of 1933, as amended, and any applicable state
or foreign securities laws or an exemption from such registration, and (b) there has been obtained any other consent, approval
or permit from any other regulatory body that the Committee, in its sole discretion, deems necessary or advisable. The Company
may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved,
and the placement of any legends on certificates representing the Option Shares, as may be deemed necessary or advisable by the
Company in order to comply with such securities law or other restrictions.

 

11. 
Tax Withholding. The Company is entitled to (a) withhold and deduct from future fees or wages of the Grantee (or
from other amounts that may be due and owing to the Grantee from the Company), or make other arrangements for the collection of,
all legally required amounts necessary to satisfy any federal, state or local withholding and employment-related tax requirements
attributable to the Option, including, without limitation, the grant or exercise of this Option or a disqualifying disposition
of any Option Shares, or (b) require the Grantee promptly to remit the amount of such withholding to the Company before acting
on the Grantee's notice of exercise of this Option. In the event that the Company is unable to withhold such amounts, for whatever
reason, the Grantee agrees to pay to the Company an amount equal to the amount the Company would otherwise be required to withhold
under federal, state or local law.

 

12. 
Adjustments. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification,
stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off),
or any other change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation), in order to prevent dilution or enlargement
of the rights of the Grantee, shall make appropriate adjustment (which determination shall be conclusive) as to the number and
kind of securities or other property (including cash) subject to, and the exercise price of, this Option.

 

13. 
Subject to Plan. The Option and the Option Shares granted and issued pursuant to this Agreement have been granted
and issued under, and are subject to the terms of, the Plan. The terms of the Plan are incorporated by reference in this Agreement
in their entirety, and the Grantee, by execution of this Agreement, acknowledges having received a copy of the Plan. The provisions
of this Agreement shall be interpreted as to be consistent with the Plan, and any ambiguities in this Agreement shall be interpreted
by reference to the Plan. In the event that any provisions of this Agreement are inconsistent with the terms of the Plan, the terms
of the Plan shall prevail.

 

14. 
Shareholder Agreements. Upon the exercise of the Option, the Grantee shall, at the request of the Company, execute and
deliver such voting, co-sale and other agreements as the Company requests generally of holders of amounts of stock corresponding
to that of such Grantee; and if the Grantee fails to execute and deliver any such agreement, such Grantee shall nevertheless hold
all stock subject to, and be bound by, such agreement.

 

15. 
Lock-Up Agreement. In connection with any initial public offering of the Company’s securities and upon request
of the Company or the underwriters managing any underwritten offering of the Company’s securities, Grantee hereby agrees
not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company however and whenever acquired (other than those included in the registration) without the prior written consent of the
Company or such underwriters, as the case may be, during the period commencing as of 18 days prior to and ending 180 days, or such
lesser period of time as the relevant underwriters may permit, after the effective date of a registration statement covering any
public offering of the Company’s securities or, if required by such underwriter, such longer period of time as is necessary
to enable such underwriter to issue a research report or make a public appearance that relates to an earnings release or announcement
by the Company within 18 days before or after the date that is 180 days after the effective date of the registration statement
relating to such initial public offering, but in any event not to exceed 198 days following the effective date of the registration
statement relating to such initial public offering and to execute an agreement reflecting the foregoing as may be requested by
the underwriters at the time of the public offering. The Company is hereby authorized to impose stock transfer instructions to
its transfer agent (which may be the Company itself) in order to enforce the above restrictions.

 

    	 	-4-	 

     

    

 

16. 
General Terms.

 

16.1    
Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties
to this Agreement.

 

16.2    
Governing Law. This Agreement and all rights and obligations under this Agreement shall be construed in accordance
with the Plan and governed by the laws of the State of Delaware, without regard to conflicts of laws provisions.

 

16.3    
Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties to
this Agreement with respect to the grant and exercise of this Option and the administration of the Plan and supersede all prior
agreements, arrangements, plans and understandings relating to the grant and exercise of this Option and the administration of
the Plan.

 

16.4    
Amendment and Waiver. Other than as provided in the Plan, this Agreement may be amended, waived, modified or canceled
only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance.
Notwithstanding the preceding, the Participant agrees that the Board may amend the Plan or this Agreement, to take effect retroactively
or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or the Agreement to any present or future
law relating to plans of this or similar nature (including, but not limited to, Code Section 409A), and to the administrative regulations
and rulings promulgated thereunder.

 

16.5     Tax
Consequences. The Grantee acknowledges that the Grantee may incur tax liability as a result of the purchase or disposition
of the Shares and that if any Shares received upon exercise of the Option are sold within one year of exercise or two years of
the Grant Date, the Option will not be treated as an incentive stock option for tax purposes under the Internal Revenue Code. The
Company shall not be liable in the event the Option is for any reason deemed not to be an incentive stock option. In addition,
although the Option is intended to be exempt from Section 409A of the Internal Revenue Code, the Company shall not be liable to
the Participant in the event the Option is considered to be subject to Section 409A, which may subject the Grantee to additional
taxes, interest, and possible penalties. Grantee should seek professional tax advice before exercising the Option or disposing
of the Shares.

 

The parties to this
Agreement have executed this Agreement effective the day and year first above written.

 

    	 	-5-	 

     

    

 

	 	VIREO HEALTH, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	              	 
	 	 	 	 
	 	Its:  Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	By execution of this Agreement,	GRANTEE	 
	the Grantee acknowledges having	 	 	 
	received a copy of the Plan.	  	 

 

 

    	 	-6-

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