Document:

Exhibit
10.18 

 

MariMed
Inc.

 

EMPLOYMENT
AGREEMENT

Effective
Date: July 1, 2021

 

This
Employment Agreement (this “Agreement”) is between MARIMED INC., a Delaware corporation (the “Company” or “MariMed”),
and TIMOTHY SHAW, an individual (the “Executive”).

 

WHEREAS,
the Executive currently serves the Company as Chief Operating Officer and in related capacities; and.

 

WHEREAS,
the Company seeks to continue to employ the Executive as its Chief Operating Officer and in related capacities; and

 

WHEREAS,
the Executive seeks to accept such employment, subject to the terms of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Company and the Executive hereby agree
as follows:

 

1.
Employment; Term; Effectiveness; Prior Employment Agreement. The Company hereby employs the Executive, and the Executive hereby
accepts employment with the Company, in accordance with and subject to the terms and conditions set forth in this Agreement. The term
of the Executive’s employment under this Agreement (the “Term”) will commence July 1, 2021 (the “Effective Date”)
and, unless earlier terminated in accordance with Section 4, will terminate on June 30, 2024. This Agreement will become effective at
the Effective Date, except that the stock option grant under Section 3(c) will be effective at the dates specified in that subsection.

 

2.
Duties.

 

(a)
During the Term, the Executive will serve as the Chief Operating Officer of the Company. The Executive will have such duties and responsibilities,
consistent with past practice, as are customary for the position of Chief Operating Officer (including the Executive’s positions
in effect prior to the Effective Date) and any other duties, responsibilities or offices he may be reasonably assigned by the Board of
Directors of the Company (the “Board”). The Executive shall report to and be supervised by the Company’s Chief Executive Officer.

 

    	 

     

    

 

(b)
During the Term, the Executive will devote substantially all his attention and time during normal business hours to the business and
affairs of the Company and to use his reasonable best efforts to perform faithfully and efficiently the duties and responsibilities of
his positions and to accomplish the goals and objectives of the Company as may be established by the Board. Notwithstanding the foregoing,
the Executive may engage in the following activities (and shall be entitled to retain all economic benefits thereof including fees paid
in connection therewith) as long as they do not interfere in any material respect with the performance of the Executive’s duties
and responsibilities hereunder: (i) serve on corporate, civic, religious, educational and/or charitable boards or committees, provided
that the Executive shall not serve on any board or committee of any corporation or other business which competes with the Business (as
defined in Section 7(b) below); and (ii) make investments in businesses or enterprises and manage his personal investments; provided
that with respect to such activities Executive shall comply with any business conduct and ethics policy applicable to employees of the
Company; and (iii) the activities set forth on Schedule 2 hereto, consistent with past practice.

 

(c)
During the Term, the Company agrees to nominate the Executive to serve as a member of the Company’s Board of Directors, and the
Executive agrees to serve in such capacity for no additional compensation other than as provided hereunder. Upon the termination of Executive’s
employment hereunder for any reason, he agrees to resign as a member of the Board of Directors, and from any other positions he may then
hold with the Company or any of its subsidiaries or affiliates, and that he will execute such documents and take such other action, if
any, as may be requested by the Company to give effect to any such resignation.

 

(d)
The Executive shall be based at the Company’s principal place of business provided that such principal place of business shall
be within a thirty (30) mile radius of Norwood, MA and, except for business travel incident to his employment under this Agreement, the
Company agrees the Executive shall not be required to relocate.

 

3.
Compensation.

 

(a)
Base Compensation. The Company shall pay to the Executive an annual salary (“Base Salary”) of $300,000, payable in
equal installments pursuant to the Company’s customary payroll procedures in effect for its executive personnel at the time of
payment, but in no event less frequently than monthly, subject to withholding for applicable federal, state, and local income and employment
related taxes. The Executive may be entitled to such increases in Base Compensation with respect to each calendar year during the term
of this Agreement, as shall be determined by the Company’s Compensation Committee (the “Committee”), in its
sole and absolute discretion, based on an annual review of the Executive’s performance.

 

(b)
Incentive Compensation. The Executive will be eligible to receive an annual bonus (the “Performance Bonus”) for each
of the Company’s fiscal years during the Term, with such annual bonus to have a targeted amount equal to 75% of Base Salary for
the year. The Performance Bonus, if any, generally will be based on the extent to which performance goals established by the Company
for each of such years have been met, subject to Exhibit A hereto. Each Performance Bonus, if any, shall be paid not later than
the March 15 following the end of the fiscal year in which the Performance Bonus was earned. Except as provided in Section 5, the Executive
must be employed by the Company on the last day of the fiscal year to be eligible for the Performance Bonus.

 

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(c)
Equity Compensation. The Company shall grant non-qualified stock options to the Executive for the purchase of shares of MariMed
Common Stock under the Company’s Amended and Restated 2018 Stock Award and Incentive Plan. The number of underlying shares, the
grant date, the exercise price and the vesting schedule of the stock options will be as follows, with a stated expiration date of five
years after the date of grant. The stock options will be subject to the following terms and conditions and such additional terms and
conditions as are more fully set forth in the Stock Option Agreement attached hereto as Exhibit B:

 

	Option
- Number of Underlying Shares
	 	Grant
    Date	 	Exercise
    Price of Option	 	Stated
    Vesting Dates *
	1,250,000	 	Effective
    Date	 	100%
    of Grant-Date Fair Market Value 	 	Vesting:50%
    upon grant and 50% on first anniversary of grant date.*
	1,250,000**	 	Date
    of Stockholder Approval of Amendment to Plan	 	100%
    of Grant-Date Fair Market Value 	 	Vesting:
    50% upon grant and 50% on first anniversary of grant date.*
	2,000,000**/***	 	Each
    anniversary of the Effective Date	 	100%
    of Grant-Date Fair Market Value	 	Vesting:
    50% upon grant and 50% on first anniversary of grant date.*

 

	 	*
    	Subject
    to accelerated vesting as set forth in the Stock Option Agreement upon the occurrence of certain specified events.
	 	**	Subject
    to adjustment in the event of a reverse stock split or similar transaction affecting the number of outstanding shares of Common Stock,
    in order to prevent dilution or enlargement of Executive’s rights.
	 	***	The
    annual grant of stock options shall be in the sole discretion of the Compensation Committee, including the discretion to increase
    the number of underlying shares by up to 50%.

 

(d)
Business Expenses. Upon submission by the Executive of vouchers in accordance with the Company’s standard procedures, the
Company shall reasonably promptly reimburse the Executive for all reasonable and necessary travel, business entertainment and other business
expenses incurred by the Executive in connection with the performance of his duties under this Agreement.

 

(e)
Employee Benefits. During the Term:

 

	 	(i)	the
    Executive is entitled to participate in any and all medical insurance, group health, disability insurance and other benefit plans
    that are made generally available by the Company to employees of the Company (either directly or through a wholly-owned subsidiary),
    provided that the medical, group health and disability insurance benefits provided by the Company to the Executive shall be substantially
    as favorable to the Executive as those generally provided by the Company to its senior executives.
	 	 	 
	 	(ii)	the
    Executive is entitled to receive four weeks paid vacation a year and paid holidays made available pursuant to the Company’s
    policy to all senior executives of the Company. The Company may, in its sole discretion, at any time amend or terminate any such
    benefit plans or programs, upon not less than 30 days’ prior written notice to the Executive.

 

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(g)
Automobile Expense. Upon submission of vouchers in accordance with the Company’s standard procedures, the Company shall
reasonably promptly directly pay or reimburse the Executive for his reasonable motor vehicle costs and related expenses, such as insurance,
repairs, maintenance, up to $750.00 per month, during the Term.

 

(g)
Clawback. Compensation paid or payable under this Agreement shall be subject to recoupment by the Company in accordance with the
terms of any policy relating to recoupment (or clawback) approved by the Board of Directors and in effect at the time of payment of such
compensation.

 

4.
Termination. The Executive’s employment hereunder may be terminated prior to the expiration of the Term under the circumstances
set forth in this Section 4. Upon any termination of the Executive’s employment, the Term shall immediately end, although this
Agreement shall remain in effect and shall govern the rights and obligations of the parties hereto.

 

(a)
the Executive’s employment hereunder will terminate upon the Executive’s death.

 

(b)
Except as otherwise required by law, the Company may terminate the Executive’s employment hereunder at any time after the Executive
becomes Totally Disabled. For purposes of this Agreement, the Executive will be “Totally Disabled” as of the earlier of (l)
the date the Executive becomes entitled to receive disability benefits under the Company’s long-term disability plan and (2) the
Executive’s inability to perform the duties and responsibilities contemplated under this Agreement for a period of more than 180
consecutive days due to physical or mental incapacity or impairment.

 

(c)
The Company may terminate the Executive’s employment hereunder for Cause at any time after providing written notice to the Executive.
For purposes of this Agreement, the term “Cause” shall mean any of the following:

 

	 	(1)	the
    Executive’s neglect, failure or refusal to perform his duties under this Agreement (other than as a result of total or partial
    incapacity or disability due to physical or mental illness);
	 	 	 
	 	(2)	any
    intentional act by or omission of the Executive that materially injures the reputation or business of the Company or any of its affiliates,
    or his own reputation;
	 	 	 
	 	(3)	the
    Executive’s conviction (of a felony or any crime involving, in the good faith judgment of the Company, fraud, dishonesty or
    moral turpitude;
	 	 	 
	 	(4)	the
    breach of an obligation set forth in Section 7;

 

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	 	(5)	any
    other material breach of this Agreement; or
	 	 	 
	 	(6)	any
    material violation of the Company’s Code of Ethics, as may be amended from time to time (the “Code of Ethics”).

 

Termination
by the Company for Cause shall become effective at such time as is specified by the Board, except that, in the cases of “neglect
or failure” to perform his duties under this Agreement, as set forth in 4(c)(1) above, a material breach as set forth in 4(c)(5)
above, or a material violation of the Code of Ethics as set forth in 4(c)(6) above, a termination by the Company with Cause shall become
effective 30 days following delivery of a written notice by the Company to the Executive that the Company is terminating his employment
with Cause, which specifies in reasonable detail the basis therefor, except the termination will not become effective if within that
30-day period the Executive has cured the circumstances giving rise to Cause and, in the 12 months preceding the delivery of such written
notice, the Company had not delivered a previous notice of the existence of Cause for “neglect or failure” to perform duties
under this Agreement.

 

(d)
The Company may terminate the Executive’s employment hereunder for any reason (i.e., without Cause), upon 30 days’ prior
written notice.

 

(e)
the Executive may terminate his employment hereunder for Good Reason at any time after providing written notice to the Company (subject
to the timing requirements relating to such notice as provided in this Section 4(e)). The Executive also may terminate his employment
hereunder without Good Reason, upon 90 days’ written notice to the Company. For the purposes of this Agreement, “Good Reason”
means any of the following occurring during the Term (unless consented to by the Executive in writing):

 

	 	(1)	The
    Company decreases or fails to pay the Executive’s Base Salary or Performance Bonus or the benefits provided in Section 3, other
    than an immaterial failure to pay that is corrected within the applicable cure period;
	 	 	 
	 	(2)	the
    Executive no longer holds the office as Chief Operating of the Company, or no longer is a member of the Board of Directors,
    or his functions and/or duties under Section 2(a) are materially diminished; and
	 	 	 
	 	(3)	the
    Executive’s job site is relocated to a location that is more than thirty (30) miles from the current location, unless the parties
    mutually agree to relocate more than such distance from the then current location.

 

A
termination by the Executive with Good Reason shall be effective only if, within 30 days following delivery of a written notice by the
Executive to the Company that the Executive is terminating his employment with Good Reason, which specifies in reasonable detail the
basis therefor, the Company has failed to cure the circumstances giving rise to Good Reason. In addition, a termination by the Executive
shall be effective only if the Company receives notice of such termination not later than 90 days after the event constituting Good Reason
first occurs.

 

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5.
Compensation Following Termination Prior to the End of the Term. In the event that the Executive’s employment hereunder
is terminated during but prior to the expiration of the Term, the Executive will be entitled only to the following compensation and benefits
under this Agreement upon such termination (together with such other provisions that may be set forth in the Stock Option Agreement):

 

(a)
In the event that the Executive’s employment hereunder is terminated during but prior to the expiration of the Term by reason of
the Executive’s death or Total Disability, pursuant to Section 4(a) or 4(b), the Company shall pay the following amounts to the
Executive (or the Executive’s estate, as the case may be), to be paid as soon as practicable following the date of such termination
(except as stated otherwise below), but in no event prior to or later than the time such payment would not be subject to tax under Code
Section 409A:

 

	 	(1)	any
    accrued but unpaid Base Salary for services rendered before the date of termination;
	 	 	 
	 	(2)	the
    Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of the Executive’s employment,
    payable as and when such Performance Bonus would have been paid had the Executive’s employment continued;
	 	 	 
	 	(3)	any
    incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d);
	 	 	 
	 	(4)	any
    vacation accrued and unused to the date of termination; and
	 	 	 
	 	(5)	payment
    of a pro rata (based on the number of days during the fiscal year of termination that the Executive was employed) portion of the
    Performance Bonus, if any, for the fiscal year in which the Executive’s employment terminated, payable as and when such bonus
    would have been paid had the Executive’s employment continued based on actual performance achieved for the fiscal year (subject
    to Section 7(k) below).

 

In
addition, for a period of six (6) months, beginning on the date of termination of the Executive’s employment by reason of death
or Total Disability, the Company will, at its expense, provide medical and group health insurance benefits to the Executive and his dependents
(or just his dependents, as the case may be), which benefits shall be substantially as favorable to the Executive or his dependents as
those provided to him and his dependents immediately preceding the termination of his employment, provided that the Executive (including
his estate) co-payments or other obligations to pay for such benefits shall be substantially the same as applied at the time of his termination
of employment, and provided further that this benefit shall be limited to the amount that can be paid or provided by the Company without
such benefit being deemed discriminatory under applicable law such that it would result in material penalties to the Company.

 

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(b)
In the event that the Executive’s employment hereunder is terminated prior to the expiration of the Term by the Company for Cause
pursuant to Section 4(c) or by the Executive without Good Reason pursuant to Section 4(e), the Company shall pay the following amounts
to the Executive, to be paid as soon as practicable following the date of such termination (except as stated otherwise below), but in
no event prior to or later than the time such payment would not be subject to tax under Section 409A of the Code;

 

	 	(1)	any
    accrued but unpaid Base Salary for services rendered before the date of termination;
	 	 	 
	 	(2)	the
    Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of the Executive’s employment,
    payable as and when such Performance Bonus would have been paid had the Executive’s employment continued;
	 	 	 
	 	(3)	any
    incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d); and
	 	 	 
	 	(4)	any
    vacation accrued and unused to the date of termination.

 

(c)
In the event that the Executive’s employment hereunder is terminated prior to the expiration of the Term by the Company without
Cause pursuant to Section 4(d), or by the Executive with Good Reason pursuant to Section 4(e), the Company shall pay the following amounts
to the Executive, to be paid as soon as practicable following the date of such termination (except as stated otherwise below), but in
no event prior to or later than the time such payment would not be subject to tax under Section 409A of the Code:

 

	 	(1)	any
    accrued but unpaid Base Salary for services rendered before the date of termination;
	 	 	 
	 	(2)	the
    Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of the Executive’s employment,
    payable as and when such Performance Bonus would have been paid had the Executive’s employment continued;
	 	 	 
	 	(3)	any
    incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d);
	 	 	 
	 	(4)	any
    vacation accrued and unused to the date of termination;
	 	 	 
	 	(5)	payment
    of a pro rata (based on the number of days during the fiscal year of termination that the Executive was employed) portion of the
    Performance Bonus, if any, for the fiscal year in which the Executive’s employment terminated, payable as and when such bonus
    would have been paid had the Executive’s employment continued based on actual performance achieved for the fiscal year (subject
    to Section 7(k) below); and
	 	 	 
	 	(6)	payment
    of a lump sum severance payment equal to the “Severance Amount” (subject to Section 7(k) below). The “Severance
    Amount” shall be an amount equal to the greater of $500,000 or 100% of “Annualized Pay.” For this purpose, “Annualized
    Pay” will be calculated as annualized salary for the latest 36 months through the month before termination, plus annual average
    of Performance Bonuses paid for the three fiscal years preceding the fiscal year of termination. Salary and Performance Bonuses refer
    to compensation actually paid by the Company to the Executive, except that any Performance Bonus payable under clause (2) above for
    a completed fiscal year will be treated as paid.

 

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(d)
The benefits to which the Executive may be entitled upon termination pursuant to the plans, policies and arrangements referred to in
Section 3(e) will be determined and paid in accordance with the terms of those plans, policies and arrangements.

 

(e)
Except as may be provided under this Agreement or under the terms of any incentive compensation, employee benefit, or fringe benefit
plan applicable to the Executive at the time of termination of the Executive’s employment prior to the end of the Term, the Executive
will not be entitled to receive any other compensation, or to participate in any other plan, arrangement or benefit, with respect to
any future period after the termination of his employment.

 

(f)
This Agreement is subject to the Company’s “Special Rules for Compliance with Code Section 409A Applicable to Employment
Agreements,” as from time to time amended or supplemented.

 

6.
Indemnification.

 

(a)
General. The Company agrees that if the Executive is made a party or is threatened to be made a party to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was
a director or officer of the Company, is or was serving at the request of the Company as a director, officer, member, employee or agent
of another corporation or of a partnership, joint venture, trust or other enterprise, including, without limitation, service with respect
to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a director, officer,
member, employee or agent while serving as a director, officer, member, employee or agent, the Executive shall be indemnified and held
harmless by the Company to the fullest extent authorized by applicable law (in accordance with the certificate of incorporation and/or
bylaws of the Company), as the same exists or may hereafter be amended, against all Expenses (as defined below) incurred or suffered
by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if the Executive has ceased
to be an officer, director or agent, or is no longer employed by the Company and shall inure to the benefit of his heirs, executors and
administrators.

 

(b)
Expenses. As used in this Agreement, the term “Expenses” shall include, without limitation, damages, losses,
judgments, liabilities, fines, penalties, excise taxes, settlements and costs, attorneys’ fees, accountants’ fees, and disbursements
and costs of attachment or similar bonds, investigations, and any expenses of establishing a right to indemnification under this Agreement.

 

(c)
Enforcement. If a claim or request under this Agreement is not paid by the Company, or on its behalf, within fifteen days after
a written claim or request has been received by the Company, the Executive may at any time thereafter bring suit against the Company
to recover the unpaid amount of the claim or request and if successful in whole or in part, the Executive shall be entitled to be paid
also the expenses of prosecuting such suit. The burden of proving that the Executive is not entitled to indemnification for any reason
shall be upon the Company.

 

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(d)
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Executive.

 

(e)
Partial Indemnification. If the Executive is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of any Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Executive
for the portion of such Expenses to which the Executive is entitled.

 

(f)
Advances of Expenses. Expenses incurred by the Executive in connection with any Proceeding shall be paid by the Company in advance
upon request of the Executive that the Company pay such Expenses.

 

(g)
Notice of Claim. The Executive shall give to the Company notice of any claim made against him for which indemnity will or could
be sought under this Agreement. In addition, the Executive shall give the Company such information and cooperation as it may reasonably
require and as shall be within the Executive’s power and at such times and places as are convenient for the Executive.

 

(h)
Defense of Claim. With respect to any Proceeding as to which the Executive notifies the Company of the commencement thereof: (i)
the Company will be entitled to participate therein at its own expense; and (ii), except as otherwise provided below, to the extent that
it may wish, the Company jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof,
with counsel reasonably satisfactory to the Executive. The Company shall not be entitled to assume the defense of any action, suit or
proceeding brought by or on behalf of the Company or as to which the Executive shall have reasonably concluded that there may be a conflict
of interest between the Company and the Executive in the conduct of the defense of such action.

 

The
Company shall not be liable to indemnify the Executive under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent. The Company shall not settle any action or claim in any manner which would impose any penalty or
limitation on the Executive without Executive’s written consent. Neither the Company nor the Executive shall unreasonably withhold
or delay their consent to any proposed settlement.

 

(i)
Non-exclusivity. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its
final disposition conferred in this Section 6 shall not be exclusive of any other right which the Executive may have or hereafter may
acquire under any statute, provision of the certificate of incorporation, by laws, or other governing documents of the Company, agreement,
vote of stockholders, members or disinterested directors or otherwise.

 

(j)
Directors and Officers Liability Policy. The Company agrees to use reasonable efforts to maintain directors and officer’s
liability insurance covering the Executive in a reasonable and adequate amount determined by the Company.

 

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7.
Exclusive Employment; Covenants; Other Commitments, etc.

 

(a)
No Conflict; No Other Employment. During the period of the Executive’s employment with the Company, the Executive shall
not: (i) engage in any activity which conflicts or interferes with or derogates from the performance of the Executive’s duties
hereunder nor shall the Executive engage in any other business activity, whether or not such business activity is pursued for gain or
profit and including service as a director of any other company, except as approved in advance in writing by the Company (which approval
shall not be unreasonably withheld); provided, however, that the Executive shall be entitled to manage his personal investments and otherwise
attend to personal affairs, including charitable, social and political activities, in a manner that does not unreasonably interfere with
his responsibilities hereunder, or (ii) engage in any other employment, whether as an employee or consultant or in any other capacity,
and whether or not compensated therefor.

 

(b)
Covenants Against Competition.

 

(i)
The Executive acknowledges that as of the execution of this Employment Agreement (i) the Company is a multi-state operator in the cannabis
industry in the United States (the “Business”); (ii) the Company’s Business is currently primarily conducted
in Delaware, Illinois, Maryland, Massachusetts and Nevada and may be expanded to other locations; (iii) his employment with the Company
will have given him access to confidential information concerning the Company; and (iv) the agreements and covenants contained in this
Agreement are essential to protect the business and goodwill of the Company. Accordingly, the Executive covenants and agrees as follows:

 

(ii)
In consideration of the payment by the Company to the Executive of amounts that may hereafter be paid to the Executive pursuant to this
Agreement (including, without limitation, pursuant to Sections 3 and 5 hereof) and other obligations undertaken by the Company hereunder,
without the prior written consent of the Board, the Executive shall not during the Restricted Period (as defined below) within the Restricted
Area (as defined below) (except in the Executive’s capacity as an officer of the Company or any of its affiliates), (a) engage
or participate in the Business; (b) enter the employ of, or render any services (whether or not for a fee or other compensation) to,
any person engaged in the Business; or (c) acquire an equity interest in any such person; provided, that the foregoing restrictions shall
not apply at any time if the Executive’s employment is terminated during the Term by the Executive for Good Reason (as defined
in Section 8(b) above) or by the Company other than for “Cause”; provided, further, that during the Restricted Period the
Executive may own, directly or indirectly, solely as a passive investment, securities of any publicly traded company.

 

(iii)
As used herein: (A) “Restricted Period” shall mean the period commencing on the Effective Date and ending on the second
anniversary of the Executive’s termination of employment; and (B) “Restricted Area” shall mean any state in
which the Company is then actively conducting or considering conducting Business.

 

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(c)
Non-Solicitation. In consideration of the payment by the Company to the Executive of amounts that may hereafter be paid to the
Executive pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 5 hereof) and other obligations undertaken
by the Company hereunder, the Executive agrees that during his employment with the Company and for a period of two-year following the
date of termination of his employment, without the written consent of the Company the Executive shall not, directly or indirectly, (i)
solicit, encourage or recruit, or attempt to solicit, encourage or recruit any of the employees, agents, consultants or representatives
of the Company or any of its affiliates to terminate his, her, or its relationship with the Company or such affiliate; or (ii) solicit,
encourage or recruit, or attempt to solicit, encourage or recruit, any of the employees, agents, consultants or representatives of the
Company or any of its affiliates to become employees, agents, representatives or consultants of any other person or entity.

 

(d)
Proprietary Information. the Executive acknowledges that during the course of his employment with the Company he will necessarily
have access to and make use of proprietary information and confidential records of the Company and its affiliates. the Executive covenants
that he shall not during his employment by the Company or its affiliates or at any time thereafter, directly or indirectly, use for his
own purpose or for the benefit of any person or entity other than the Company, nor otherwise disclose, any proprietary information to
any individual or entity, unless such disclosure has been authorized in writing by the Company or is otherwise required by law. the Executive
acknowledges and understands that the term “proprietary information” includes, but is not limited to: (a) the software products,
programs, applications, and processes utilized by the Company or any of its affiliates; (b) the name and/or address of any customer or
vendor of the Company or any of its affiliates or any information concerning the transactions or relations of any customer or vendor
of the Company or any of its affiliates with the Company or such affiliate or any of its or their partners, principals, directors, officers
or agents; (c) any information concerning any product, technology, or procedure employed by the Company or any of its affiliates but
not generally known to its or their customers, vendors or competitors, or under development by or being tested by the Company or any
of its affiliates but not at the time offered generally to customers or vendors; (d) any information relating to the computer software,
computer systems, pricing or marketing methods, sales margins, cost of goods, cost of material, capital structure, operating results,
borrowing arrangements or business plans of the Company or any of its affiliates; (e) any information which is generally regarded as
confidential or proprietary in any line of business engaged in by the Company or any of its affiliates; (f) any business plans, budgets,
advertising or marketing plans; (g) any information contained in any of the written or oral policies and procedures or manuals of the
Company or any of its affiliates; (h) any information belonging to customers or vendors of the Company or any of its affiliates or any
other person or entity which the Company or any of its affiliates has agreed to hold in confidence; (i) any inventions, innovations or
improvements covered by this Agreement; and G) all written, graphic and other material relating to any of the foregoing. the Executive
acknowledges and understands that information that is not novel or copyrighted or patented may nonetheless be proprietary information.
The term “proprietary information” shall not include information generally available to and known by the public or information
that is or becomes available to the Executive on a non-confidential basis from a source other than the Company, any of its affiliates,
or the directors, officers, employees, partners, principals or agents of the Company or any of its affiliates (other than as a result
of a breach of any obligation of confidentiality).

 

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(e)
Confidentiality and Surrender of Records. The Executive shall not during his employment by the Company or its affiliates or at
any time thereafter (irrespective of the circumstances under which the Executive’s employment by the Company terminates), except
as required by law, directly or indirectly publish, make known or in any fashion disclose any confidential records to, or permit any
inspection or copying of confidential records by, any individual or entity other than in the course of such individual’s or entity’s
employment or retention by the Company. Upon termination of employment for any reason or upon request by the Company, the Executive shall
deliver promptly to the Company (without retaining any copies) all property and records of the Company or any of its affiliates, including,
without limitation, all confidential records. For purposes hereof, “confidential records” means all correspondence, reports,
memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, or electronic or other media or equipment
of any kind which may be in the Executive’s possession or under his control or accessible to him which contain any proprietary
information. All property and records of the Company and any of its affiliates (including, without limitation, all confidential records)
shall be and remain the sole property of the Company or such affiliate during Mr. Robert’s employment by the Company and its affiliates
and thereafter.

 

(f)
Inventions and Patents. All inventions, innovations or improvements (including policies, procedures, products, improvements, software,
ideas and discoveries, whether patent, copyright, trademark, service mark, or otherwise) conceived or made by the Executive, either alone
or jointly with others, in the course of his employment by the Company, belong to the Company. The Executive will promptly disclose in
writing such inventions, innovations or improvements to the Company and perform all actions reasonably requested by the Company to establish
and confirm such ownership by the Company, including, but not limited to, cooperating with and assisting the Company in obtaining patents,
copyrights, trademarks, or service marks for the Company in the United States and in foreign countries.

 

(g)
Enforcement. the Executive acknowledges and agrees that, by virtue of his position, his services and access to and use of confidential
records and proprietary information, any violation by him of any of the undertakings contained in this Section 7 would cause the Company
and/or its affiliates immediate, substantial and irreparable injury for which it or they have no adequate remedy at law. Accordingly,
the Executive acknowledges that the Company may seek an injunction or other equitable relief by a court of competent jurisdiction restraining
any violation or threatened violation of any undertaking contained in this Section 7, and consents to the entry thereof. the Executive
waives posting by the Company or its affiliates of any bond otherwise necessary to secure such injunction or other equitable relief.
Rights and remedies provided for in this Section 7 are cumulative and shall be in addition to rights and remedies otherwise available
to the parties hereunder or under any other agreement or applicable law.

 

(h)
Code of Ethics. Nothing in this Section 7 is intended to limit, modify or reduce the Executive’s obligations under the Company’s
Code of Ethics. The Executive’s obligations under this Section 7 are in addition to, and not in lieu of, the Executive’s
obligations under the Code of Ethics. To the extent there is any inconsistency between this Section 7 and the Code of Ethics that would
permit the Executive to take any action or engage in any activity pursuant to this Section 7 that he would be barred from taking or engaging
in under the Code of Ethics, the Code of Ethics shall control.

 

    	12

     

    

 

(i)
Cooperation With Regard to Litigation. The Executive agrees to cooperate with the Company, during the Term and thereafter (including
following the Executive’s termination of employment for any reason), by making himself reasonably available to testify on behalf
of the Company or any subsidiary or affiliate of the Company, in any action, suit or proceeding, whether civil, criminal, administrative
or investigative, and to assist the Company, or any subsidiary or affiliate of the Company, in any such action suit, or proceeding, by
providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the
Company, or any subsidiary or affiliate of the Company, as reasonably requested. The Company agrees to reimburse the Executive, on an
after-tax basis each calendar quarter, for all expenses actually incurred in connection with his provision of testimony or assistance
in accordance with the provisions of Section 7(i) of this Agreement (including reasonable attorneys’ fees) but not later than the
last day of the calendar year in which the expense was incurred (or, in the case of an expense incurred in the final quarter of a calendar
year, the next following February 15).

 

(j)
Non-Disparagement. The Executive shall not, at any time during his employment by the Company and its affiliates and thereafter,
make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action
that may, directly or indirectly, disparage the Company or any of its subsidiaries or affiliates or their respective officers, directors,
employees, advisors, businesses or reputations. Notwithstanding the foregoing, nothing in this Agreement shall preclude the Executive
from making truthful statements that are required by applicable law, regulation or legal process.

 

(k)
Release of Employment Claims. The Executive agrees, as a condition to receipt of any termination payments and benefits provided
for in Section 5 of this Agreement (other than compensation accrued and payable at the date of termination without regard to termination),
that he will execute a separation agreement, in substantially the form set forth in Exhibit C to this Agreement, releasing any
and all claims arising out of the Executive’s employment other than enforcement of this Agreement and other than with respect to
vested rights or rights provided for under any equity plan, any compensation plan or any benefit plan or arrangement of the Company or
rights to indemnification under any agreement, law, Company organizational document or policy or otherwise and that such release shall
remain in effect (i.e., Executive shall not have revoked it). The Company will provide the Executive with a copy of the separation agreement
simultaneously with delivery of the notice of termination, but not later than 21 days before (45 days before if the Executive’s
termination is part of an exit incentive or other employment termination program offered to a group or class of employees) the Executive’s
termination of employment. The Executive shall deliver the executed release to the Company eight days before the date applicable under
Section 5 of this Agreement for the payment of the termination payments and benefits payable under Section 5 of this Agreement.

 

    	13

     

    

 

8.
Effect of Code Sections 4999 and 280G on Payments.

 

(a)
In the event that the Executive becomes entitled to any benefits or payments in the nature of compensation (within the meaning of Section
280G(b)(2) of the Code) under this Agreement or any other plan, arrangement, or agreement with the Company or a subsidiary (the “Payments”),
and such Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that
may hereafter be imposed) in connection with a change in control, then, subject to reasonable notification to the Executive and, if he
so requests, discussions with his advisors, the Payments under this Agreement shall be reduced (but not below zero) to the Reduced Amount
(as defined below), if so reducing the Payments under this Agreement will provide the Executive with a greater net after-tax amount than
would be the case if no such reduction were made. The “Reduced Amount” shall be an amount expressed in present value that
maximizes the aggregate present value of the Payments without causing any Payment to be subject to the Excise Tax, determined in accordance
with Section 280G(d)(4) of the Code. Only amounts payable under this Agreement shall be reduced pursuant to this Section 5(f). Payments
payable in cash and having the lowest denominated value relative to the valuation of such Payments as “parachute payments”
shall be reduced first.

 

(b)
In determining the potential impact of the Excise Tax, the Company may rely on any advice it deems appropriate including, but not limited
to, the advice of its independent accounting firm, legal advisors and compensation consultants. For purposes of determining whether any
of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, the Company may take into account any relevant guidance
under the Code and the regulations promulgated thereunder, including, but not limited to, the following:

 

	 	(i)	The
    amount of the Payments which shall be treated as subject to the Excise Tax shall be equal to the amount of excess parachute payments
    within the meaning of Section 280G(b)(1) of the Code, as determined by the Company’s independent accounting firm or other advisor;
	 	 	 
	 	(ii)	The
    value of any non-cash benefits or any deferred or accumulated payment or benefit shall be determined by the Company’s independent
    accounting firm or other advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code; and
	 	 	 
	 	(iii)	The
    value of any non-competition covenants contained in this Agreement or other agreement between the Executive and the Company or an
    affiliate shall be taken into account to reduce “parachute payments” to the maximum extent allowable under Section 280G
    of the Code.

 

For
purposes of the determinations under this Section 8, the Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the applicable payment is to be made, and state and local income taxes
at the highest marginal rate of taxation applicable to the Executive, net of the maximum reduction in federal income taxes which could
be obtained from deduction of such state and local taxes (unless it is impracticable for the Executive to itemize his deductions).

 

9.
Notices. Every notice or other communication required or contemplated by this Agreement must be in writing and sent by one of
the following methods: (1) personal delivery, in which case delivery is deemed to occur the day of delivery; (2) certified or registered
mail, postage prepaid, return receipt requested, in which case delivery is deemed to occur the day it is officially recorded by the U.S.
Postal Service as delivered to the intended recipient; or (3) next- day delivery to a U.S. address by recognized overnight delivery service
such as Federal Express, in which case delivery is deemed to occur one business day after being sent. In each case, a notice or other
communication sent to a party must be directed to the address for that party set forth below, or to another address designated by that
party by written notice:

 

If
to the Company, to:

 

MariMed
Inc.

10
Oceana Way

Norwood,
MA 02062

Attention:
CFO

 

    	14

     

    

 

If
to the Executive, to the address set forth in the Company’s most recent payroll records, or such other address as my be provided
by the Executive in accordance with the terms of this provision.

 

10.
Assignability; Binding Effect. This Agreement is a personal contract calling for the provision of unique services by the Executive,
and the Executive’s rights and obligations hereunder may not be sold, transferred, assigned, pledged or hypothecated. The rights
and obligations of the Company under this Agreement bind and run in favor of the successors and assigns of the Company.

 

11.
Complete Understanding. This Agreement (including Exhibits) constitutes the complete understanding between the parties with respect
to the employment of the Executive by the Company and supersedes all prior agreements and understandings (subject to Section 1 above),
both written and oral, between the parties with respect to the subject matter of this Agreement.

 

12.
Amendments; Waivers. This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and
the Executive. No waiver by any party of any breach under this Agreement will be deemed to extend to any prior or subsequent breach or
affect in any way any rights arising by virtue of any prior or subsequent such occurrence. Waiver by either party of any breach by the
other party will not operate as a waiver of any other breach, whether similar to or different from the breach waived. No delay on the
part of the Company or the Executive in the exercise of any of their respective rights or remedies will operate as a waiver of that right.

 

13.
Severability. If any provision of this Agreement or its application to any person or circumstances is determined by any court
of competent jurisdiction to be unenforceable to any extent, that unenforceable provision will be deemed eliminated to the extent necessary
to permit the remaining provisions to be enforced, and the remainder of this Agreement, or the application of the unenforceable provision
to other persons or circumstances, will not be affected thereby. If any provision of this Agreement, or any part thereof, is held to
be unenforceable because of the scope or duration of or the area covered by that provision, the court making that determination shall
reduce the scope, duration of or area covered by that provision or otherwise amend the provision to the minimum extent necessary to make
that provision enforceable to the fullest extent permitted by law.

 

14.
Survivability. The provisions of this Agreement that by their terms call for performance subsequent to termination of the Executive’s
employment hereunder, or subsequent to the termination of this Agreement, will survive such termination. Without limiting the generality
of the foregoing, the provisions of Sections 5, 6, 7, 8, 9, 13, 14, 15 and 16 shall survive any termination of this Agreement in accordance
with their terms.

 

    	15

     

    

 

15.
Governing Law. This Agreement is governed by the laws of the State of Massachusetts, without giving effect to principles of conflict
of laws.

 

16.
Jurisdiction; Service of Process. Any action or proceeding seeking to enforce any provision of, or based on any right arising
out of, this Agreement must be brought against any of the parties in the courts of the State of Massachusetts, Suffolk County, or, if
it has or can acquire jurisdiction, in the United States District Court for the District of Massachusetts, and each of the parties consents
to the jurisdiction of those courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection
to venue laid therein. Process in any such action or proceeding may be served by sending or delivering a copy of the process to the party
to be served at the address and in the manner provided for the giving of notices in Section 8. Nothing in this Section 14, however, affects
the right of any party to serve legal process in any other manner permitted by law. Each party hereto waives trial by jury.

 

17.
Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to him under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the
Executive obtains other employment.

 

    	16

     

    

 

The
undersigned hereby execute this Agreement as of the Effective Date stated above.

 

	MARIMED
    INC.	 	 
	 	 	 	 
	By:	/s/
    Robert Fireman 	 	Dated:
    July 9, 2021
	 	Robert
    Fireman	 	 
	 	Chief
Executive Officer	 	 
	 	 	 	 
	/s/
    Timothy Shaw 	 	Dated:
    July 9, 2021
	Timothy Shaw	 	 

 

    	17

     

    

 

[Exhibits
Intentionally Omitted]

 

    	18EX-10.8

 Exhibit 10.8 

RANI THERAPEUTICS HOLDINGS, INC. 

SEVERANCE AND CHANGE IN CONTROL PLAN 

Section 1. INTRODUCTION. 

The Rani Therapeutics Holdings, Inc. Severance and Change in Control Plan (the “Plan”) is hereby established by
the Board of Directors of Rani Therapeutics Holdings, Inc. (the “Company”) effective upon the IPO Date (as defined below). The purpose of the Plan is to provide for the payment of severance and/or Change in
Control (as defined below) benefits to eligible employees of the Company Group (as defined below). This Plan document also is the Summary Plan Description for the Plan. 

For purposes of the Plan, the following terms are defined as follows: 

(a) “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the
Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board of Directors of the Company may determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing
definition. 
 (b) “Base Salary” means base pay (excluding incentive pay, premium pay, commissions, overtime,
bonuses and other forms of variable compensation) as in effect prior to any reduction that would give rise to an employee’s right to a resignation for Good Reason (if applicable). 

(c) “Cause” means, with respect to a particular employee, the meaning ascribed to such term in any written
employment agreement, offer letter or similar agreement between such employee and the Company Group defining such term, and, in the absence of such agreement, means with respect to such employee, the term “Cause” as defined in the Equity
Plan. The determination whether a termination is for Cause shall be made by the Plan Administrator in its sole and exclusive judgment and discretion. 

(d) “Change in Control” has the meaning ascribed to such term in the Equity Plan. 

(e) “Change in Control Period” means the period commencing three months prior to the Closing of a Change in
Control and ending 12 months following the Closing of a Change in Control. 
 (f) “Closing” means the initial
closing of the Change in Control as defined in the definitive agreement executed in connection with the Change in Control. In the case of a series of transactions constituting a Change in Control, “Closing” means the first closing that
satisfies the threshold of the definition for a Change in Control. 
 (g) “Code” means the Internal Revenue
Code of 1986, as amended, including any applicable regulations and guidance thereunder. 
 (h) “Committee”
means the Board of Directors or the Compensation Committee of the Board of Directors of the Company. 
  

 (i) “Company” means Rani Therapeutics Holdings, Inc. or,
following a Change in Control, the surviving entity resulting from such event. 
 (j) “Company Group” means
the Company and its Affiliates. 
 (k) “Confidentiality Agreement” means the Company Group’s standard
form of Employee Confidential Information and Inventions Assignment Agreement or any similar or successor document. 
 (l)
“Covered Termination” means, with respect to an employee, a termination of employment that is due to (1) a termination by the Company Group without Cause (and other than as a result of the employee’s death or
Disability) or (2) the employee’s resignation for Good Reason, and in either case of (1) or (2), results in such employee’s Separation from Service. 

(m) “Disability” means any physical or mental condition which renders an employee incapable of performing the
work for which he or she was employed by the Company or similar work offered by the Company Group. The Disability of an employee shall be established if (i) the employee satisfies the requirements for benefits under the Company
Group’s long-term disability plan or (ii) if no long-term disability plan, the employee satisfies the requirements for Social Security disability benefits. 

(n) “Eligible Employee” means an employee of the Company Group that meets the requirements to be eligible to
receive Plan benefits as set forth in Section 2. 
 (o) “Equity Plan” means the Rani Therapeutics
Holdings, Inc. 2021 Equity Incentive Plan, as amended from time to time, or any successor plan thereto. 
 (p) “Good
Reason” for an employee’s resignation has such meaning, with respect to a particular employee, as is ascribed to such term in any written employment agreement, offer letter or similar agreement between such employee and the Company
Group defining such term, and, in the absence of such agreement, means the undertaking of any of the following by the Company Group without the employee’s written consent: 

(1) a material reduction in a such employee’s base salary (unless pursuant to a salary reduction program affecting substantially
all of the similarly situated employees of the Company Group and that does not adversely affect the employee to a greater extent than other similarly situated employees); 

(2) a material diminution of the employee’s authority, duties or responsibilities; 

(3) a relocation of such employee’s principal place of employment with the Company Group (or successor to the Company, if
applicable) to a place that increases such employee’s one-way commute by more than 50 miles as compared to such employee’s then-current principal place of employment immediately prior to such
relocation (excluding regular travel in the ordinary course of business); provided that (i) if such employee’s principal place of employment is his or her personal residence, this clause (3) shall not apply and (ii) if the
employee works remotely during any period in which such employee’s regular principal office location is a Company Group office that is closed, then neither the employee’s relocation to remote work or back to the office from remote work
will be considered a relocation of such employee’s principal office location for purposes of this definition; or 

  
 2. 

 (4) a material breach by the Company Group of any provision of this Plan or any
other material agreement between such employee and the Company Group concerning the terms and conditions of such employee’s employment with the Company Group. 

Notwithstanding the foregoing, in order for the employee’s resignation to be deemed to have been for Good Reason, the employee must (a) provide
written notice to the Company Group of such employee’s intent to resign for Good Reason within 30 days after the first occurrence of the event giving rise to Good Reason, which notice shall describe the event(s) the employee believes give
rise to Good Reason; (b) allow the Company Group at least 30 days from receipt of the written notice to cure the event (such period, the “Cure Period”), and (c) if the event is not reasonably cured within the Cure
Period, the employee’s resignation from all positions held with the Company Group is effective not later than 30 days after the expiration of the Cure Period. 

(q) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing
the initial public offering of the Company’s Class A common stock, pursuant to which the Class A common stock is priced for the initial public offering. 

(r) “Participation Agreement” means an agreement between an employee and the Company in substantially the form
of APPENDIX A attached hereto, and which may include such other terms as the Committee deems necessary or advisable in the administration of the Plan. 

(s) “Plan Administrator” means the Committee prior to the Closing and the Representative upon and following the
Closing, as applicable. 
 (t) “Representative” means one or more members of the Committee or other persons or
entities designated by the Committee prior to or in connection with a Change in Control that will have authority to administer and interpret the Plan upon and following the Closing as provided in Section 9(a). 

(u) “Section 409A” means Section 409A of the Code and the treasury
regulations and other guidance thereunder and any state law of similar effect. 
 (v) “Separation from
Service” means a “separation from service” within the meaning of Treasury Regulations Section 1.409A-1(h), without regard to any alternative definition thereunder. 

Section 2. ELIGIBILITY FOR BENEFITS. 

(a) Eligible Employee. An employee of the Company Group is eligible to participate in the Plan if (i) the Plan Administrator has
designated such employee as eligible to participate in the Plan by providing such employee a Participation Agreement; (ii) such employee has signed and returned such Participation Agreement to the Company Group within the time period required
therein; and (iii) such employee meets the other Plan eligibility requirements set forth in this Section 2. The determination of whether an employee is an Eligible Employee shall be made by the Plan Administrator, in its sole discretion,
and such determination shall be binding and conclusive on all persons. 

  
 3. 

 (b) Release Requirement. Except as otherwise provided in an individual Participation
Agreement, in order to be eligible to receive benefits under the Plan, the employee also must execute a general waiver and release, in such a form as provided by the Company (the “Release”), within the applicable time
period set forth therein, and such Release must become effective in accordance with its terms, which must occur in no event more than 60 days following the date of the applicable Covered Termination. 

(c) Plan Benefits Provided In Lieu of Any Previous Benefits. Except as otherwise provided in an individual Participation Agreement, this
Plan shall supersede any change in control or severance benefit plan, policy or practice previously maintained by the Company Group with respect to an Eligible Employee and any change in control or severance benefits in any individually negotiated
employment contract or other agreement between the Company Group and an Eligible Employee. Notwithstanding the foregoing, the Eligible Employee’s outstanding equity awards shall remain subject to the terms of the Equity Plan or other applicable
equity plan under which such awards were granted (including the award documentation governing such awards) that may apply upon a Change in Control and/or termination of such employee’s service and no provision of this Plan shall be construed as
to limit the actions that may be taken, or to violate the terms, thereunder. 
 (d) Exceptions to Severance Benefit Entitlement. An
employee who otherwise is an Eligible Employee will not receive benefits under the Plan in the following circumstances, as determined by the Plan Administrator in its sole discretion: 

(1) The employee is terminated by the Company Group for any reason (including due to the employee’s death or Disability) or
voluntarily terminates employment with the Company Group in any manner, and in either case, such termination does not constitute a Covered Termination. Voluntary terminations include, but are not limited to, resignation, retirement or failure to
return from a leave of absence on the scheduled date. 
 (2) The employee voluntarily terminates employment with the Company Group in
order to accept employment with another entity that is wholly or partly owned (directly or indirectly) by the Company Group. 
 (3)
The employee is offered an identical or substantially equivalent or comparable position with the Company Group. For purposes of the foregoing, a “substantially equivalent or comparable position” is one that provides the employee
substantially the same level of responsibility and compensation and would not give rise to the employee’s right to a resignation for Good Reason. 

(4) The employee is offered immediate reemployment by a successor to the Company or an Affiliate or by a purchaser of the
Company’s assets, as the case may be, following a Change in Control and the terms of such reemployment would not give rise to the employee’s right to a resignation for Good Reason. For purposes of the foregoing, “immediate

  
 4. 

 
reemployment” means that the employee’s employment with the successor to the Company or an Affiliate or the purchaser of its assets, as the case may be, results in uninterrupted
employment such that the employee does not incur a lapse in pay or benefits as a result of the change in ownership of the Company or the sale of its assets. An employee who becomes immediately reemployed as described in this Section 2(d)(4) by
a successor to the Company or an Affiliate or by a purchaser of the Company’s assets, as the case may be, following a Change in Control shall continue to be an Eligible Employee following the date of such reemployment. 

(5) The employee is rehired by the Company Group and recommences employment prior to the date severance benefits under the Plan are
scheduled to commence. 
 (e) Termination of Severance Benefits. An Eligible Employee’s right to receive severance benefits under
this Plan shall terminate immediately if, at any time prior to or during the period for which the Eligible Employee is receiving severance benefits under the Plan, the Eligible Employee 

(1) willfully breaches any material statutory, common law, or contractual obligation to the Company Group (including, without
limitation, the contractual obligations set forth in the Confidentiality Agreement and any other confidentiality, non-disclosure and developments agreement,
non-competition, non-solicitation, or similar type agreement between the Eligible Employee and the Company Group, as applicable); 

(2) fails to enter into the terms of the Confidentiality Agreement; or 

(3) without the prior written approval of the Plan Administrator, engages in a Prohibited Action (as defined below). In addition, if
benefits under the Plan have already been paid to the Eligible Employee and the Eligible Employee subsequently engages in a Prohibited Action during the Prohibited Period (or it is determined that the Eligible Employee engaged in a Prohibited Action
prior to receipt of such benefits), any benefits previously paid to the Eligible Employee shall be subject to recoupment by the Company Group on such terms and conditions as shall be determined by the Plan Administrator, in its sole discretion. The
“Prohibited Period” shall commence on the date of the Eligible Employee’s Covered Termination and continue for the number of months corresponding to the Severance Period set forth in such Eligible Employee’s
Participation Agreement. A “Prohibited Action” shall occur if the Eligible Employee: (i) breaches a material provision of the Confidentiality Agreement and/or any obligations of confidentiality, non-solicitation, non-disparagement, no conflicts or non-competition set forth in the Eligible Employee’s employment agreement,
offer letter, any other written agreement between the Eligible Employee and the Company Group, or under applicable law; (ii) encourages or solicits any of the Company Group’s then current employees to leave the Company Group’s employ
for any reason or interferes in any other manner with employment relationships at the time existing between the Company Group and its then current employees; or (iii) induces any of the Company Group’s then current clients, customers,
suppliers, vendors, distributors, licensors, licensees, or other third parties to terminate their existing business relationship with the Company Group or interferes in any other manner with any existing business relationship between the Company
Group and any then current client, customer, supplier, vendor, distributor, licensor, licensee, or other third parties. 

  
 5. 

 Section 3. AMOUNT OF BENEFITS. 

(a) Benefits in Participation Agreement. Benefits under the Plan shall be provided to an Eligible Employee as set forth in the
Participation Agreement. 
 (b) Additional Benefits. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide
benefits to individuals who are not Eligible Employees (“Non-Eligible Employees”) chosen by the Plan Administrator, in its sole discretion, and the provision of any such benefits to a Non-Eligible Employee shall in no way obligate the Company Group to provide such benefits to any other individual, even if similarly situated. If benefits under the Plan are provided to a Non-Eligible Employee, references in the Plan to “Eligible Employee” (and similar references) shall be deemed to refer to such Non-Eligible Employee. 

(c) Certain Reductions. In addition to Section 2(e) above, the Company, in its sole discretion, shall have the authority to reduce
an Eligible Employee’s severance benefits, in whole or in part, by any other severance benefits, pay and benefits provided during a period following written notice of a business closing or mass layoff, pay and benefits in lieu of such notice,
or other similar benefits payable to the Eligible Employee by the Company Group that become payable in connection with the Eligible Employee’s termination of employment pursuant to (i) any applicable legal requirement, including, without
limitation, the Worker Adjustment and Retraining Notification Act or any other similar state law or (ii) any Company Group policy or practice providing for the Eligible Employee to remain on the payroll for a limited period of time after being
given notice of the termination of the Eligible Employee’s employment, and the Plan Administrator shall so construe and implement the terms of the Plan. Any such reductions that the Company determines to make pursuant to this Section 3(c)
shall be made such that any severance benefit under the Plan shall be reduced solely by any similar type of benefit under such legal requirement, agreement, policy or practice (i.e., any cash severance benefits under the Plan shall be reduced
solely by any cash payments or severance benefits under such legal requirement, agreement, policy or practice). The Company’s decision to apply such reductions to the severance benefits of one Eligible Employee and the amount of such reductions
shall in no way obligate the Company to apply the same reductions in the same amounts to the severance benefits of any other Eligible Employee. In the Company’s sole discretion, such reductions may be applied on a retroactive basis, with
severance benefits previously paid being re-characterized as payments pursuant to the Company’s statutory obligation. 

(d) Parachute Payments. Except as otherwise provided in an individual Participation Agreement, if any payment or benefit an Eligible
Employee will or may receive from the Company Group or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the
amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the
Eligible Employee’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the 

  
 6. 

 
Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the
preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for the Eligible Employee. If more than one method of reduction will result in the same
economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 

Notwithstanding any provisions in this Section above to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in
any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be
modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for the Eligible Employee as
determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments
that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred
compensation within the meaning of Section 409A. 
 The Company shall appoint a nationally recognized accounting or law firm to make
the determinations required by this Section. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made hereunder. If the Eligible Employee receives a Payment for which the Reduced
Amount was determined pursuant to clause (x) above and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Eligible Employee agrees to promptly return to the Company a sufficient
amount of the Payment (after reduction pursuant to clause (x) above) so that no portion of the remaining Payment is subject to the Excise Tax. If the Reduced Amount was determined pursuant to clause (y) above, the Eligible Employee shall
have no obligation to return any portion of the Payment pursuant to the preceding sentence. 
 Section 4. RETURN OF
COMPANY PROPERTY. 
 An Eligible Employee will not be entitled to any severance benefit under the Plan
unless and until the Eligible Employee returns all Company Property. For this purpose, “Company Property” means all paper and electronic Company Group documents (and all copies thereof) and other Company Group property which
the Eligible Employee had in his or her possession or control at any time, including, but not limited to, Company Group files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information,
research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to,
computers, facsimile machines, mobile telephones, servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company Group (and all
reproductions thereof in whole or in part). As a condition to receiving benefits under the Plan, an Eligible Employee must not make or retain copies, reproductions or summaries of any such Company Group documents, materials or property. However, an
Eligible Employee is not required to return his or her personal copies of documents evidencing the Eligible Employee’s hire, termination, compensation, benefits and stock options and any other documentation received as a stockholder of the
Company. 

  
 7. 

 Section 5. TIME OF PAYMENT AND
FORM OF BENEFITS. 
 The Company reserves the right in the Participation Agreement to
specify whether payments under the Plan will be paid in a single sum, in installments, or in any other form and to determine the timing of such payments. All such payments under the Plan will be subject to applicable withholding for federal, state,
foreign, provincial and local taxes. All benefits provided under the Plan are intended to satisfy the requirements for an exemption from application of Section 409A to the maximum extent that an exemption is available and any ambiguities herein
shall be interpreted accordingly; provided, however, that to the extent such an exemption is not available, the benefits provided under the Plan are intended to comply with the requirements of Section 409A to the extent necessary to
avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly. 
 It is intended that (i) each
installment of any benefits payable under the Plan to an Eligible Employee be regarded as a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (ii) all payments
of any such benefits under the Plan satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9)(iii), and (iii) any such benefits consisting of COBRA premiums also satisfy, to the greatest extent possible, the exemption from the
application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v). However, if the Company determines that any severance benefits payable under the Plan constitute
“deferred compensation” under Section 409A and the Eligible Employee is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the
imposition of the adverse personal tax consequences under Section 409A, (A) the timing of such severance benefit payments shall be delayed until the earlier of (1) the date that is six months and one day after the Eligible
Employee’s Separation from Service and (2) the date of the Eligible Employee’s death (such applicable date, the “Delayed Initial Payment Date”), and (B) the Company shall (1) pay the Eligible Employee
a lump sum amount equal to the sum of the severance benefit payments that the Eligible Employee would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the severance benefits had not been delayed
pursuant to this paragraph and (2) commence paying the balance, if any, of the severance benefits in accordance with the applicable payment schedule. 

In no event shall payment of any severance benefits under the Plan be made prior to an Eligible Employee’s Separation from Service or
prior to the effective date of the Release. If the Company determines that any severance payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, and the Eligible Employee’s Separation
from Service occurs at a time during the calendar year when the Release could become effective in the calendar year following the calendar year in which the Eligible Employee’s Separation from Service occurs, then regardless of when the Release
is returned to the Company and becomes effective, the Release will not be deemed effective, solely for purposes of the timing of payment of severance benefits under this Plan, any earlier than the latest permitted effective date

  
 8. 

 
(the “Release Deadline”). If the Company determines that any severance payments or benefits provided under the Plan constitute “deferred compensation” under
Section 409A, then except to the extent that severance payments may be delayed until the Delayed Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll date following the effective date of an Eligible
Employee’s Release, the Company shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the severance benefit payments that the Eligible Employee would otherwise have received through such payroll date but for the delay
in payment related to the effectiveness of the Release and (2) commence paying the balance, if any, of the severance benefits in accordance with the applicable payment schedule. 

Section 6. TRANSFER AND ASSIGNMENT. 

The rights and obligations of an Eligible Employee under this Plan may not be transferred or assigned without the prior written consent of the
Company. This Plan shall be binding upon any entity or person who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by the Company Group without regard to whether or not such entity or person
actively assumes the obligations hereunder and without regard to whether or not a Change in Control occurs. 
 Section 7. MITIGATION.

 Except as otherwise specifically provided in the Plan, an Eligible Employee will not be required to mitigate damages or the amount of
any payment provided under the Plan by seeking other employment or otherwise, nor will the amount of any payment provided for under the Plan be reduced by any compensation earned by an Eligible Employee as a result of employment by another employer
or any retirement benefits received by such Eligible Employee after the date of the Eligible Employee’s termination of employment with the Company Group. 

Section 8. CLAWBACK; RECOVERY. 

All payments and severance benefits provided under the Plan will be subject to recoupment in accordance with any clawback policy that the
Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other applicable law. In addition, the Plan Administrator may impose such other clawback, recovery or recoupment provisions as the Plan Administrator determines necessary or appropriate, including but not limited to a reacquisition
right in respect of previously acquired shares of common stock of the Company or other cash or property upon the occurrence of a termination of employment for Cause. No recovery of compensation under such a clawback policy will be an event giving
rise to a right to resign for Good Reason, constructive termination, or any similar term under any plan of or agreement with the Company Group. 

  
 9. 

 Section 9. RIGHT TO INTERPRET AND
ADMINISTER PLAN; AMENDMENT AND TERMINATION. 
 (a)
Interpretation and Administration. Prior to the Closing, the Committee shall be the Plan Administrator and shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to
construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the eligibility to
participate in the Plan and amount of benefits paid under the Plan. The rules, interpretations, computations and other actions of the Committee shall be binding and conclusive on all persons. Upon and after the Closing, the Plan will be interpreted
and administered in good faith by the Representative who shall be the Plan Administrator during such period. All actions taken by the Representative in interpreting the terms of the Plan and administering the Plan upon and after the Closing will be
final and binding on all Eligible Employees. Any references in this Plan to the “Committee” or “Plan Administrator” with respect to periods following the Closing shall mean the Representative. 

(b) Amendment. The Plan Administrator reserves the right to amend this Plan at any time; provided, however, that any amendment of
the Plan will not be effective as to a particular employee who is or may be adversely impacted by such amendment or termination and has an effective Participation Agreement without the written consent of such employee. 

(c) Termination. The Plan will remain in effect until terminated by the Plan Administrator. Any outstanding obligations under the Plan
(if any) will remain outstanding following termination of the Plan until satisfied by the Company (or successor to the Company, if applicable). 

Section 10. NO IMPLIED EMPLOYMENT CONTRACT. 

The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company Group or
(ii) to interfere with the right of the Company Group to discharge any employee or other person at any time, with or without cause, which right is hereby reserved. This Plan does not modify the at-will
employment status of any Eligible Employee. 
 Section 11. LEGAL CONSTRUCTION. 

This Plan is intended to be governed by and shall be construed in accordance with the Employee Retirement Income Security Act of 1974
(“ERISA”) and, to the extent not preempted by ERISA, the laws of the State of California. 
 Section 12.
CLAIMS, INQUIRIES AND APPEALS. 
 (a) Applications for Benefits and
Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative). The
Plan Administrator is: 
 Rani Therapeutics Holdings, Inc. 

Compensation Committee of the Board of Directors or Representative 

Attention to: Corporate Secretary 

2051 Ringwood Avenue 
 San Jose,
California 95131 

  
 10. 

 (b) Denial of Claims. In the event that any application for benefits is denied in
whole or in part, the Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of
the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following: 

(1) the specific reason or reasons for the denial; 

(2) references to the specific Plan provisions upon which the denial is based; 

(3) a description of any additional information or material that the Plan Administrator needs to complete the review and an explanation
of why such information or material is necessary; and 
 (4) an explanation of the Plan’s review procedures and the time limits
applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 12(d) below. 

This notice of denial will be given to the applicant within 90 days after the Plan Administrator receives the application, unless special
circumstances require an extension of time, in which case, the Plan Administrator has up to an additional 90 days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished
to the applicant before the end of the initial 90 day period. 
 This notice of extension will describe the special circumstances
necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 
 (c)
Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within
60 days after the application is denied. A request for a review shall be in writing and shall be addressed to: 
 Rani Therapeutics Holdings,
Inc. 
 Compensation Committee of the Board of Directors or Representative 

Attention to: Corporate Secretary 

2051 Ringwood Avenue 
 San Jose,
California 95131 
 A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters
that the applicant feels are pertinent. The applicant (or his or her representative) shall have the opportunity to submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information
relating to his or her claim. The applicant (or his or her representative) shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review
shall take into account all comments, documents, records and other information submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination. 

  
 11. 

 (d) Decision on Review. The Plan Administrator will act on each request for review
within 60 days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional 60 days), for processing the request for a review. If an extension for review is required, written notice of the
extension will be furnished to the applicant within the initial 60 day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision
on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator
confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following: 

(1) the specific reason or reasons for the denial; 

(2) references to the specific Plan provisions upon which the denial is based; 

(3) a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant to his or her claim; and 
 (4) a statement of the applicant’s right to bring
a civil action under Section 502(a) of ERISA. 
 (e) Rules and Procedures. The Plan Administrator will establish rules and
procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in
connection with an appeal from the denial of benefits to do so at the applicant’s own expense. 
 (f) Exhaustion of Remedies. No
legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 12(a) above, (ii) has been notified by the Plan
Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 12(c) above, and (iv) has been notified that the Plan
Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an Eligible Employee’s claim or appeal within the relevant time limits specified in this Section 12, the Eligible Employee
may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA. 

  
 12. 

 Section 13. BASIS OF PAYMENTS TO
AND FROM PLAN. 
 The Plan shall be unfunded, and all cash payments under the Plan shall be
paid only from the general assets of the Company. 
 Section 14. OTHER PLAN INFORMATION. 

(a) Employer and Plan Identification Numbers. The Employer Identification Number assigned to the Company (which is the “Plan
Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 86-3114789. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service
is 601. 
 (b) Ending Date for Plan’s Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the
Plan’s records is December 31. 
 (c) Agent for the Service of Legal Process. The agent for the service of legal process with
respect to the Plan is: 
 Rani Therapeutics Holdings, Inc. 

Attention to: Corporate Secretary 

2051 Ringwood Avenue 
 San Jose,
California 95131 
 In addition, service of legal process may be made upon the Plan Administrator. 

(d) Plan Sponsor. The “Plan Sponsor” is: 

Rani Therapeutics Holdings, Inc. 

2051 Ringwood Avenue 
 San Jose,
California 95131 
 (408) 457-3700 

(e) Plan Administrator. The Plan Administrator is the Committee prior to the Closing and the Representative upon and following the
Closing. The Plan Administrator’s contact information is: 
 Rani Therapeutics Holdings, Inc. 

Compensation Committee of the Board of Directors or Representative 

2051 Ringwood Avenue 
 San Jose,
California 95131 
 The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan. 

Section 15. STATEMENT OF ERISA RIGHTS. 

Participants in this Plan (which is a welfare benefit plan sponsored by Rani Therapeutics Holdings, Inc.) are entitled to certain rights and
protections under ERISA. If you are an Eligible Employee, you are considered a participant in the Plan and, under ERISA, you are entitled to: 

  
 13. 

 (a) Receive Information About Your Plan and Benefits 

(1) Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents
governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration; 

(2) Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the
latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Administrator may make a reasonable charge for the copies; and 

(3) Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator is required by law to furnish
each Eligible Employee with a copy of this summary annual report. 
 (b) Prudent Actions by Plan Fiduciaries. In addition to creating
rights for Plan Eligible Employees, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently
and in the interest of you and other Eligible Employees and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or
exercising your rights under ERISA. 
 (c) Enforce Your Rights. If your claim for a Plan benefit is denied or ignored, in whole or in
part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest
annual report from the Plan, if applicable, and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 
 If you have a
claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. 
 If you are
discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court
may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

  
 14. 

 (d) Assistance with Your Questions. If you have any questions about the Plan, you
should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the
Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

 

  
 15. 

 APPENDIX A 

PARTICIPATION AGREEMENT

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