Document:

Exhibit 10.9

 

CERTAIN CONFIDENTIAL INFORMATION (MARKED
BY BRACKETS AS

 “[***]”) HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH 

(I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF 

PUBLICLY DISCLOSED.

 

CONFIDENTIAL SEPARATION
AND TRANSITION SERVICES AGREEMENT, WAIVER AND RELEASE

 

THIS CONFIDENTIAL SEPARATION AND TRANSITION
SERVICES AGREEMENT, WAIVER AND RELEASE (“Agreement”)
is made by and between Vireo Health, Inc. (the “Company”), and Aaron Hoffnung, (“Hoffnung”), his
heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Agreement as the
 “Releasors”).

 

WHEREAS,
Hoffnung has been employed by the Company and its subsidiaries since November 5, 2015;

 

WHEREAS,
until the Separation Date (hereinafter defined), Hoffnung was an officer of the Company with the title of Chief Strategy Officer;

 

WHEREAS,
until the Separation Date, Hoffnung was an officer of the Company’s wholly-owned New York subsidiary, Vireo Health
of New York, with the title of Chief Executive Officer and served as an officer in several other company subsidiaries and affiliates
(see Exhibit A – Hoffnung Officer Roles);

 

WHEREAS,
Hoffnung serves as Director of the Company’s parent company, Vireo Health International, Inc. (VHII), with a term ending
on the date of the 2020 annual meeting of shareholders and served until the Separation Date as a Director in several other company
subsidiaries and affiliates (see Exhibit B – Hoffnung Director Roles);

 

WHEREAS,
Hoffnung holds a direct equity ownership interest in the Company’s Ohio and Missouri affiliates (see Exhibit C –
Hoffnung Ownership in Subsidiaries and Affiliates);

 

WHEREAS,
Hoffnung is listed as an authorized signatory on one Company bank account in Puerto Rico (see Exhibit D – Bank Account
with Hoffnung as Signatory);

 

WHEREAS,
Hoffnung signed a Lock-Up Agreement on September 10, 2019 imposing certain restrictions ownership on his 23,529 Subordinate
Voting Shares and 2,400,387 Options to Purchase Subordinate Voting Shares (see Exhibit E – Lockup Agreement);

 

WHEREAS,
to reduce costs, Company has decided to eliminate a number of workforce positions;

 

WHEREAS,
Hoffnung has agreed to, effective as of the Separation Date, i) formalize his resignation from all subsidiary officer roles identified
in Exhibit A, ii) formalize his resignation from all subsidiary director roles identified in Exhibit B, iii) sell all
subsidiary and affiliate ownership interests to the Company or to individuals affiliated with Company in consideration of the cancelation
of related indebtedness of Hoffnung to the Company, iv) be removed from the bank account identified in Exhibit D, v) serve
the remainder of the 2019- 2020 term as Director on the VHII Board vi) work as an Independent Contractor as defined in Section 8
for up to 12 months and vii) hold the titles of the Company’s Chief Strategy Officer and Vireo Health of New York’s
Chief Executive Officer and Director for a period of up to 12-months, during which Hoffnung may resign from these positions on
15-day notice to the Company, or be removed from these positions by the Company, neither of which should be considered a breach
of this Agreement; and

 

     

     

    

 

WHEREAS,
Hoffnung and the Company desire to settle, compromise, and resolve any and all potential differences and disputes between them
without the burden, expense, and delay of further litigation, and without admission of any fault or liability by Hoffnung or the
Company.

 

NOW
THEREFORE, for good and valuable consideration, Hoffnung and the Company (collectively referred to as the “Parties”)
hereby agree as follows:

 

		1.	Last Day of Employment. Hoffnung’s last day of full-time employment by the Company,
was January 16, 2020 (the “Separation Date”). Hoffnung ceased providing all services as an officer and employee
of Company and its subsidiaries on the Separation Date.

 

		2.	Compensation on and After Termination. Hoffnung’s position as an employee of
the Company has been eliminated effective on the Separation Date. The Company has paid Hoffnung’s salary earned through the
Separation Date, less applicable taxes and withholding. Hoffnung is entitled to no other salary, commissions, PTO, vacation pay,
sick pay, bonuses, benefits or other compensation as an employee, officer or director of the Company or any of its parent or subsidiary
companies.

 

		3.	Consideration. In consideration for Hoffnung’s execution of, non-revocation of,
and strict compliance with this Agreement, the Company agrees to pay the following amount(s) and take the following action(s),
to which Hoffnung is not otherwise entitled:

 

		i.	A payment in the amount of Twelve Thousand Five Hundred Dollars ($12,500.00) per month, for the 12-month period beginning on the Effective Date (defined
below) and ending on the day that is 366 days after the Effective Date (the “Severance Period”) or, alternatively,
in the Company’s sole discretion, a lump sum payment in the amount of One Hundred and Twenty-Five Thousand ($125,000.00)
within five (5) business days of the Effective Date;

 

		ii.	Upon approval of the Company’s board of directors, permit the continued, regularly scheduled
vesting of unvested options held by Hoffnung (as Table 1 of the “Separation Agreement Vesting Schedule,” attached hereto),
notwithstanding any contrary provision of (i) the Incentive Stock Option Agreements (“ISO Agreements”) that are
currently in effect between Hoffnung and Company’s parent company, Vireo Health International, Inc. (“VHII”),
including Section 3 thereof or (ii) Section 6(f)(ii) of the VHII 2019 Equity Incentive Plan (the “Plan”);
and

 

		iii.	Upon approval of the Company’s board of directors, and provided Hoffnung has not (a) breached
any material provision of this Agreement, (b) failed to provide the “Final Date of Service” notice described in
the last sentence of Section 8 of this Agreement, or (c) accepted employment with a state-licensed cannabis company operating
in Minnesota, New York, Pennsylvania, Maryland, Arizona, New Mexico, Ohio or Rhode Island, (i) permit the vesting, of some
or all of the remaining unvested options as set forth in Table 2 of the “Separation Agreement Vesting Schedule,” attached
hereto, on the earlier of January 16, 2021 and Hoffnung’s “Final Date of Service” and (ii) extend the
outside date by which Hoffnung may exercise an option to the earlier of (x) the expiration date set forth in the respective
ISO Agreement and (y) January 16, 2023; and

 

		iv.	Cancelation of the September 10, 2019 Lockup Agreement effective on the later of March 31,
2020 and the day that Hoffnung resigns or is removed from the Company’s Board of Directors (the “Board Transition Date”);
and

 

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		v.	Allowing Hoffnung to work for other companies in the cannabis industry, with one or more state-based
medical, adult-use or hemp licenses, by waiving all non-compete restrictions from and after the day that is six (6) months
after the Separation Date; provided that he must continue to abide by Company’s Confidential Information, Non-Solicitation
and Intellectual Property policies and any related agreement(s) he entered into.

 

Hoffnung understands that he is solely responsible for any and
all tax obligations arising out of the payments specified above that may be owed any such payment. Hoffnung agrees to hold the
Released Parties harmless from any demands, assessments, liens or other claims from any governmental unit for tax payments related
to the payments specified above that are deemed his responsibility, including all costs and attorneys’ fees incurred by any
of the Released Parties (defined below) in responding to such claims from any taxing authority or other governmental entity. The
Company agrees to use reasonable efforts to notify Hoffnung, within a reasonable time, of any change to the status of the Company’s
securities that would allow him to exercise his options and sell on the open market some or all of the stock received.

 

4.       No
Consideration Absent Execution of this Agreement and No Revocation. Hoffnung understands
and agrees that he is not otherwise owed and would not receive the payments specified in Paragraph 3 above, except for Hoffnung’s
execution of this Agreement and strict fulfillment of the promises contained herein.

 

		5.	Representations of the Parties

 

Hoffnung specifically represents, warrants, and
confirms that he:

 

(a)   has
not filed any claims, complaints, or actions of any kind against the Company with any court of law, or local, state, or federal
government or agency;

 

(b)   has
not made any claims or allegations to the Company related to sexual harassment or sexual abuse, and that none of the payments
set forth in this Agreement are related to sexual harassment or sexual abuse;

 

(c)   has
received all salary, wages, commissions, bonuses, and other compensation due to Hoffnung in connection with his former role as
an employee of the Company, with the exception of Hoffnung’s final payroll check for salary through and including the Separation
Date, which will be paid on the next regularly scheduled payroll date for the pay period including the Separation Date;

 

(d)   has
not suffered any known injuries or occupational diseases during the time he has provided services to the Company;

 

(e)   has
not engaged in and is not aware of any unlawful conduct relating to the business of Company, excepting only any violations of the
Controlled Substances Act and related regulations;

 

(f)    hereby
resigns from all subsidiary officer roles identified in Exhibit A, aside from his role as Vireo Health of New York’s
Chief Executive Officer;

 

(g)   hereby
resigns from all subsidiary director roles identified in Exhibit B, aside from his director role with Vireo Health of New
York’s board; and

 

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The Company specifically represents, warrants,
and confirms that it:

 

(h)   has,
or will in due course, notify regulators of Hoffnung’s resignation from all subsidiary boards (identified in Exhibit A)
and share copies of those notifications with Hoffnung;

 

(i)    has,
or will in due course, notify regulators of Hoffnung’s resignation from all subsidiary officer roles (identified in Exhibit B)
and share copies of those notifications with Hoffnung;

 

(j)    will
purchase or cause to be purchased from Hoffnung, all subsidiary and affiliate ownership interests (identified in Exhibit C)
to the Company or to individuals affiliated with Company in consideration of the cancelation of related indebtedness of Hoffnung
to the Company and the Company will share all relevant documents with Hoffnung; and

 

(k)   it
has, or will in due course, remove Hoffnung from all bank accounts (identified in Exhibit D) and provide Hoffnung with documentation
confirming his removal.

 

		6.	General Release, Claims Not Released and Related Provisions

 

a.    General
Release of All Claims. Hoffnung knowingly and voluntarily releases and forever discharges, to the fullest extent permitted
by law, the Company and its related entities, parent companies, owners, members, managers, affiliates, subsidiaries, divisions,
predecessors, insurers and reinsurers, successors and assigns, and the current and former employees, attorneys, officers, directors
and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs and their
administrators and fiduciaries, all of whom are intended third-party beneficiaries of this Agreement (collectively referred to
throughout the remainder of this Agreement as the “Released Parties”), of and from any and all claims, known and unknown,
asserted or unasserted, which Hoffnung has or may have against any of the Releasees as of the date of execution of this Agreement,
including, but not limited to, any alleged violation of:

 

		·	Any federal, state or local law, rule, regulation, or ordinance;
		·	Any public policy, contract, tort, or common law; or
		·	Any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these
matters;
		·	The Age Discrimination in Employment Act, as amended;
		·	Title VII of the Civil Rights Act of 1964, as amended;
		·	Sections 1981 through 1988 of Title 42 of the United States Code;
		·	The Employee Retirement Income Security Act of 1974 ("ERISA") (except for any vested benefits
under any tax qualified benefit plan), including any claims for benefits under Company’s health insurance plans;
		·	The Immigration Reform and Control Act;
		·	The Americans with Disabilities Act of 1990;
		·	The Fair Credit Reporting Act;
		·	The Sarbanes-Oxley Act of 2002;
		·	The Occupational Safety and Health Act;
		·	The Equal Pay Act;
		·	The Fair Labor Standards Act;
		·	The Immigration Reform and Control Act;
		·	The Family Medical Leave Act of 1993

 

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		·	The Workers Adjustment and Retraining Notification Act
		·	The New York State Human Rights Law;
		·	The New York Labor Law (including without limitation the Retaliatory Action by Employers Law, the
New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and
all provisions regulating wage and hour law);
		·	The New York Civil Rights Law;
		·	Section 125 of the New York Workers’ Compensation Law;
		·	Article 23-A of the New York Correction Law;
		·	The New York City Human Rights Law; and
		·	The New York City Earned Sick Leave Law.

 

Each of the above shall include, in each instance, any amendments
and respective implementing regulations. The identification of specific statutes is for purposes of example only and the omission
of any specific statute or law shall not limit the scope of this general release in any manner.

 

For purposes of clarity, nothing in this section will prevent
or impede the Releasors from asserting any defenses to claims made against Hoffnung by any of the Released Parties.

 

		b.	Specific Release of ADEA Claims.

 

In further consideration
of the payments and benefits provided to Hoffnung in this Agreement, the Releasors hereby irrevocably and unconditionally fully
and forever waive, release, and discharge the Releasees from any and all Claims, whether known or unknown, from the beginning of
time through the date of Hoffnung's execution of this Agreement arising under the Age Discrimination in Employment Act (ADEA),
as amended, and its implementing regulations. By signing this Agreement, Hoffnung hereby acknowledges and confirms that:

 

(i)
Hoffnung has read this Agreement in its entirety and understands all of its terms;

(ii) by
this Agreement, Hoffnung has been advised in writing to consult with an attorney of Hoffnung's choosing and has consulted
with counsel if and to the extent Hoffnung believed was necessary before signing this Agreement;

(iii)
Hoffnung knowingly, freely, and voluntarily agrees to all of the terms and conditions set
out in this Agreement including, without limitation, the waiver, release, and covenants contained in it;

(iv)
Hoffnung is signing this Agreement, including the waiver and release, in exchange for good
and valuable consideration in addition to anything of value to which Hoffnung is otherwise entitled;

(v) Hoffnung
was given at least forty-five (45) days to consider the terms of this Agreement and consult with an attorney of Hoffnung's
choice, although Hoffnung may sign it sooner if desired and changes to this Agreement, whether material or immaterial, do not
restart the running of the 45-day period;

(vi)
Hoffnung understands that Hoffnung has seven (7) days after signing this Agreement to
revoke the release in this paragraph by delivering notice of revocation to Michael Schroeder, General Counsel, Vireo Health, Inc.,
1330 Lagoon Avenue, 5th Floor, Minneapolis MN 55408, email: [***]by email or overnight delivery before the end of this
seven-day period; and

(vii) Hoffnung
understands that the release contained in this paragraph does not apply to rights and claims that may arise after Hoffnung
signs this Agreement.

 

c.     Claims
Not Released. Hoffnung is not waiving any rights Hoffnung may have to: (a) pursue claims which by law cannot be
waived by signing this Agreement; (b) enforce this Agreement; and/or (c) challenge the validity of this
Agreement.

 

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d.    Governmental
Agencies. Nothing in this Agreement prohibits or prevents Hoffnung from filing a charge with or participating, testifying,
or assisting in any investigation, hearing, whistleblower proceeding or other proceeding before any federal, state, or local government
agency, nor does anything in this Agreement preclude, prohibit, or otherwise limit, in any way, Hoffnung’s rights and abilities
to contact, communicate with, report matters to, or otherwise participate in any whistleblower program administered by any such
agencies. However, to the maximum extent permitted by law, Hoffnung agrees that if such an administrative claim is made, Hoffnung
shall not be entitled to recover any individual monetary relief or other individual remedies.

 

e.     Collective/Class Action
Waiver. If any claim is not subject to release, to the extent permitted by law, Hoffnung waives any right or ability to
be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party
action or proceeding based on such a claim to which Company or any other Releasee identified in this Agreement is a party.

 

7.     Acknowledgments
and Affirmations.

 

Hoffnung affirms that
he has not filed, nor caused to be filed, or presently is a party to any claim, complaint or action against any Releasee.

 

Hoffnung affirms that
he has been paid all compensation for services rendered to Company as an employee, which are due and payable as of the date Hoffnung
signs this Agreement, aside from compensation earned between the last paycheck and the Separation Date.

 

Hoffnung also affirms
that he has been reimbursed for all expenses that he necessarily incurred in performing services as an employee for Company, aside
from approximately $300 of expenses submitted on January 19, 2020 if and to the extent he has not been reimbursed for such
expenses in accordance with Company policies.

 

Hoffnung affirms that
he has not suffered any known injuries or occupational diseases during the time he has provided services to Company.

 

8.     Cooperation
and Assistance. For a period of twelve (12) months following the Effective Date,
Hoffnung agrees to cooperate reasonably with Company in the transition of his work for Company and to answer questions as reasonably
necessary to assist Company with this transition, including making himself available for a maximum of ten (10) hours per
week, as may be requested by Company’s Chief Executive Officer for transition- related matters and policy matters and initiatives
including, without limitation, working as an Independent Contractor for 12 months and continuing to serve on the Board of Directors
of VHI until the annual meeting of shareholders in March, 2020, or until earlier removal by action of such Board of Directors.
Hoffnung may use the titles of the Company’s Chief Strategy Officer and Vireo Health of New York’s Chief Executive
Officer for a period of up to 12-months, during which Hoffnung may resign from these positions or be removed from these positions
by the Company, neither of which should be considered a breach of this Agreement. In the event that Hoffnung receives any inquiries
from any third parties (including subpoenas, court orders or similar legal process) about any matters involving Company or the
Released Parties including, without limitation, any compliance or legal matters involving Company or the Released Parties, Hoffnung
will immediately notify the General Counsel of Company by telephone at [***]and email at [***], and provide all details and information
about such inquiry to the fullest extent permitted by law. Nothing contained in this

 

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Agreement is intended to permit or authorize,
or in fact permits or authorizes Hoffnung to waive Company’s attorney-client, work product or any other applicable privileges,
to the extent they exist. Should Hoffnung be requested to assist the Company for more than the maximum hours detailed above, he
shall have the option to decline such assistance or to be compensated at a mutually agreed upon hourly rate. Should Hoffnung opt
to discontinue providing the Company with transition services, he shall provide the Company with a written 15-day advance “Final
Date of Service” notice and after that date the Company shall no longer be required to provide him with any remaining compensation
provided in 3(i), but all other obligations of the Company will remain in place and the discontinuation would not be considered
a breach.

 

9.       Effective
Date. This Agreement shall not become effective until the eighth (8th) day after
Hoffnung signs, without revoking, this Agreement ("Effective Date"). No payments due to Hoffnung under this Agreement
shall be made or begin before the Effective Date.

 

10.     Restrictions
on the Use of Information Obtained during the Course of Hoffnung’s Employment Relationship with Company.
During the course of Hoffnung’s employment relationship with Company, Hoffnung has been given access to Company’s
Confidential Information (as defined below) for his use solely in connection with the services provided to Company. For purposes
of this provision, “Confidential Information” means proprietary information that Company has developed or possessed,
with or without the assistance of Hoffnung, that is not generally known in the industry, in not part of the public domain, and
is information that the Hoffnung has reason to know is or that Company has maintained or designated as confidential, proprietary,
competitively sensitive or commercially valuable

 

Hoffnung will not, directly or indirectly,
disclose or use for his own benefit or the benefit of any third-party, or allow the disclosure or use of, any Confidential Information
by another person or entity, except if required by law.

 

Hoffnung was given at least forty-five (45) days to consider
the terms of this confidentiality provision and consult with an attorney of Hoffnung’s choice and changes to this Agreement,
whether material or immaterial, do not restart the running of the 45-day period. If after 45 days this confidentiality provision
is Hoffnung’s preference, this preference will be memorialized in a separate agreement signed by all Parties. For a period
of at least seven (7) days following the execution of such agreement, Hoffnung may revoke the agreement and the confidentiality
provision in this Section, and the confidentiality provision shall not become effective or be enforceable until such revocation
period has expired.

 

11.     Assignment
and Ownership of Intellectual Property. Hoffnung acknowledges and agrees that Company
shall retain ownership of any content, data or information provided by Company to Hoffnung in any format, and any trademarks,
copyrights, patents, trade secrets or other intellectual property of Company whenever developed (the “Intellectual Property),
including, but not limited to, any Intellectual Property created by, or incorporated by, Hoffnung into the materials or work product
produced during his time as a Hoffnung for Company. Hoffnung shall assign to Company all Intellectual Property and Company retains
exclusive rights to the Intellectual Property developed by Hoffnung during the period he performed services for Company. The entire
copyright and all other intellectual property rights of any nature in the materials and work product produced by Hoffnung pursuant
to the Agreement are and shall remain the sole and exclusive property of Company.

 

12.     Limited
Disclosure of Terms of Agreement. Hoffnung agrees not to reveal, convey, comment
upon, publicize, disclose, discuss, or cause to be revealed, conveyed, commented upon, publicized, disclosed or discussed,
the terms of this Agreement (including, but not limited to, the financial terms) to any person or entity, other than
to his financial advisor, and/or attorney (and to any federal, state or local governmental entity, upon request by such
entity). Hoffnung may, however, disclose the duration of his non-compete agreement with prospective employers detailed in
Section 3(v).

 

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13.      Non-Disparagement.
Hoffnung agrees and covenants that Hoffnung shall not at any time make, publish, or communicate to any person or entity or in
any public forum any defamatory, maliciously false, or disparaging remarks, comments, or statements concerning Company or its
businesses, or any of its employees, officers, or directors, now or in the future. Should the Company be contacted regarding Hoffnung
by any prospective employer, the Company shall provide dates of employment and job title only. Senior executives of the Company,
including its CEO, shall not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory,
maliciously false, or disparaging remarks, comments, or statements concerning Hoffnung.

 

This Section does not in any way restrict or impede Hoffnung
from exercising protected rights, including rights under the National Labor Relations Act (NLRA)or the federal securities laws,
including the Dodd-Frank Act, to the extent that such rights cannot be waived by agreement or from complying with any applicable
law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such
compliance does not exceed that required by the law, regulation, or order.

 

14.      Return
of Property. Hoffnung covenants that he will return all of Company’s property
and equipment and/or documents (including paper and electronic versions) and any confidential information in Hoffnung’s
possession or control except, in each case, as may be required or desirable to perform the services described in Paragraph 8 of
this Agreement. For the avoidance of doubt, Hoffnung will be permitted to (a) retain his Company-owned laptop and related
equipment, and (b) utilize his Company email address and business card throughout the term of this Agreement.

 

15.      Remedies.
In the event of a breach or threatened breach by Hoffnung of any of the provisions of this Agreement, Hoffnung hereby consents
and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction
or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity
of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. Any equitable relief shall be in addition to, not instead of, legal remedies, monetary damages, or
other available relief.

 

If Hoffnung fails to comply with any of the terms of this Agreement
or post-employment obligations contained in it, or if Hoffnung revokes the ADEA release contained in Section 4 within the
seven-day revocation period, the Company may, in addition to any other remedies it may have, reclaim any amounts paid to Hoffnung
under the provisions of this Agreement and terminate any benefits or payments that are later due under this Agreement, without
waiving the releases provided in it.

 

In the event that either party believes there is a breach of
this Agreement, the non-breaching party must provide written notice to the breaching party by certified mail or FedEx.

 

If Company fails to make one or more required payments outlined
in Section 3 (i) and the default is not cured for a period of more than thirty (30) calendar days after notice from Hoffnung,
then the Company shall immediately waive any remaining term of Hoffnung’s non-compete outlined in Section 3(vi).

 

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The Parties mutually agree that this Agreement can be specifically
enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

		16.	Successors and Assigns.

 

(a)     Assignment
by the Company. The Company may freely assign this Agreement at any time. This Agreement shall inure to the benefit of the Company
and its successors and assigns.

 

(b)     No
Assignment by Hoffnung. Hoffnung may not assign this Agreement in whole or in part. Any purported assignment by Hoffnung shall
be null and void from the initial date of the purported assignment.

 

17.      Governing
Law and Interpretation. This Agreement shall be governed and conformed in accordance
with the laws of the State of New York without regard to its conflict of laws provisions. In the event of a breach of any provision
of this Agreement, either Party may institute an action specifically to enforce any term or terms of this Agreement and/or to
seek any damages for breach in the Supreme Court of New York, Queens County. Should any provision of this Agreement be declared
illegal or unenforceable by any court of competent jurisdiction and should such provision be unable to be modified to be enforceable,
excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement
in full force and effect.

 

18.      Non-admission
of Wrongdoing. Hoffnung and Company agrees that neither this Agreement nor the furnishing
of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Company or
Hoffnung of wrongdoing or evidence of any liability or unlawful conduct of any kind.

 

19.      Amendment.
This Agreement may not be modified, altered or changed except in writing and signed by both Parties wherein specific reference
is made to this Agreement.

 

20.      Entire
Agreement. This Agreement sets forth the entire agreement between the Parties hereto,
and fully supersedes any prior agreements or understandings between the Parties. Hoffnung acknowledges that he has not relied
on any representations, promises, or agreements of any kind made to Hoffnung in connection with Hoffnung’s decision to accept
this Agreement, except for those set forth in this Agreement.

 

The Parties knowingly and voluntarily sign
this Confidential Separation and Transition Services Agreement, Waiver and Release as of the date(s) set forth below:

 

		 	Vireo
                                         Health, Inc.
	 	 	 
	/s/ Aaron Hoffnung	 	By:	/s/ Kyle Kingsley
	Aaron Hoffnung	 	 	Name:	Kyle Kingsley
	 	 	 	Title:	CEO
	 	 	 	 	 
	Date:	 3/3/20	 	 	Date:	 03/04/20

 

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Exhibit A – Hoffnung Officer
Roles

 

Vireo Health International, Inc. – Chief
Operating Officer

 

Vireo Health Inc. – Chief Operating Officer

 

Vireo Health of New York LLC – Chief Executive
Officer

 

Dorchester Capital, LLC – Chief Strategy Officer

 

Pennsylvania Medical Solutions, LLC – Chief
Operating Officer

 

Ohio Medical Solutions, Inc. – Chief Operating Officer

 

Vireo Health of New Jersey, LLC – Chief Operating
Officer

 

Arkansas Medical Solutions, LLC – Chief Operating Officer

 

Pennsylvania Dispensary Solutions LLC – Chief Operating
Officer

 

Vireo Health of Puerto Rico, LLC – Chief Operating Officer

 

Vireo Health de Puerto Rico, LLC – Chief Operating
Officer

 

Vireo Health of Nevada I, LLC – Chief Operating Officer

 

Vireo Health of Nevada II, LLC – Chief Operating Officer

 

Vireo Health of Arizona, LLC – Chief Operating Officer

 

Elephant Head Farm, LLC – Chief Operating Officer

 

Retail Management Associates, LLC – Chief Operating
Officer

 

Live Fire, Inc. – Treasurer

 

Sacred Plant, Inc. – Treasurer

 

844 East Tallmadge LLC – Chief Operating Officer &
Vice President

 

High Gardens, Inc. – Chief Operating Officer

 

Vireo Health of Massachusetts, LLC – Chief Operating
Officer

 

Vireo Health of New Mexico, LLC – Chief Operating Officer

 

Vireo Health of Missouri, LLC – Chief Operating Officer

 

     

     

    

 

Exhibit B – Hoffnung Director
Roles

 

Vireo Health International, Inc.

 

Vireo Health
Inc.

 

Vireo Health of New York LLC

 

Dorchester Capital, LLC

 

Ohio Medical Solutions, Inc.

 

Vireo Health of
New Jersey, LLC

 

Vireo Health of Puerto Rico, LLC

 

Vireo Health de Puerto Rico, LLC

 

Vireo Health of Nevada I, LLC

 

Vireo Health of
Nevada II, LLC

 

Vireo Health of Arizona, LLC

 

Elephant Head Farm, LLC

 

Retail Management Associates, LLC

 

Live Fire, Inc.

 

Sacred Plant, Inc.

 

844 East Tallmadge LLC

 

High Gardens, Inc.

 

Vireo Health of Massachusetts, LLC

 

Mayflower Botanicals
Inc.

 

Vireo Health of Missouri, LLC

 

Medical Solutions of
Missouri, LLC

 

     

     

    

 

Exhibit C – Hoffnung Ownership
in Subsidiaries and Affiliates

 

Ohio Medical Solutions, Inc.

 

Vireo Health of
Missouri, LLC

 

     

     

    

 

Exhibit D – Bank Account with
Hoffnung as Signatory

 

TuCoop – Puerto Rico domiciled bank

 

     

     

    

 

Exhibit E – Hoffnung Lockup
Agreement

 

     

     

    

 

LOCK-UP AGREEMENT

 

To: Vireo Health International, Inc.

 

Dear Sirs/Mesdames:

 

The undersigned
(the “Locked-up Securityholder”) understands that Vireo Health International, Inc. (“Vireo”
or the “Company”) has an important and material interest in maintaining the market value of the Company’s
equity securities (the “Shares”) by, among other things, enabling its shareholders to sell Shares by an orderly
process (the “Share Sale Process”) that minimizes the negative effect on the price of the Shares.

 

In consideration
for the benefit that the Share Sale Process will confer upon the Locked-up Securityholder, the Locked-up Securityholder agrees
that during the period commencing on September 14, 2019 (the “Extension Date”) and ending in accordance
with the schedule set forth in Exhibit A, below (the “Lock-up Period”), the Locked-up Securityholder will
not, directly or indirectly: (i) offer, sell, contract to sell, transfer, assign, secure, hypothecate, pledge, lend, swap,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale
of, or otherwise dispose of (whether through the facilities of a stock exchange, by private placement or otherwise) or transfer
any securities of the Company or an affiliate of the Company, or securities convertible or exchangeable into equity securities
of the Company or any affiliate of the Company, in each case, whether owned by the Locked-up Securityholder or over which the Locked-up
Securityholder has the power of disposition, including those listed below the undersigned’s signature (collectively, the
 “Locked-up Securities”); (ii) make any short sale, engage in any hedging transaction, or enter into any
swap or other arrangement or transaction that transfers, in whole or part, to another person any of the economic consequences of
ownership of any Locked-up Securities, whether any such swap or transaction is to be settled by delivery of securities, in cash
or otherwise, as the case may be; or (iii) otherwise publicly announce (by press release or other public platform of dissemination)
any intention to do any of the activities restricted by (i) and (ii).

 

The restrictions
in the preceding paragraph will not apply if the prior written consent of the Board of Directors of the Company, such consent not
to be unreasonably withheld or delayed, has been obtained by the Locked-up Securityholder in connection with any transaction involving
Locked-up Securities.

 

For greater
certainty, for the purposes of this Agreement, “Locked-up Securities” shall include any additional Locked-up
Securities acquired by the Locked-up Securityholder following the Extension Date (which shall be treated as if they were originally
held on the Extension Date by the Locked-up Securityholder).

 

Nothing in this
Agreement shall prohibit or otherwise restrict the transfer, sale or tender of any or all of the Locked-up Securities:
(i) during the Lock-up Period pursuant to a Business Combination (as defined below); provided, all Locked-up Securities
that are not so transferred, sold or tendered remain subject to this Agreement, and provided, further, that it shall be a
condition of transfer that if such Business Combination is not completed, any Locked-up Securities subject to this Agreement
shall remain subject to the restrictions herein for the balance of the Restricted Period (for the purposes of this lock-up
agreement, “Business Combination” means: (a) a bona fide formal take-over bid (as defined in the Securities
Act (Ontario)) made for all outstanding Resulting Issuer Shares or which, if successful, would result in a change of
control; (b) a bona fide formal issuer bid (as defined in the Securities Act (Ontario)) made for all outstanding
Resulting Issuer Shares; (c) an amalgamation that results in a change of control; or (d) a merger or similar
statutory procedure involving a change of control); or (ii) in connection with transfers to any affiliates of the
Locked-up Securityholder, any immediate family members of the Locked-up Securityholder, or any company, trust or other entity
owned by or maintained for the benefit of the Locked- up Securityholder or any immediate family members of the Locked-up
Securityholder.

 

     

     

    

 

The Locked-up
Securityholder hereby acknowledges and agrees that (i) the Company is only soliciting agreements similar to the Agreement
from a select group of the Company’s shareholders and, as a result, not all shareholders will be subject to a lock-up agreement
and (ii) during the Lock-up Period the Company (or, following the Reverse Takeover, the Resulting Issuer) may cause any transfer
agent for any of the Locked-up Securities to decline to transfer, and to note stop transfer restrictions on the share register
and other records relating to, the Locked-up Securities for which the Locked-up Securityholder is the record or beneficial holder.

 

This Agreement
shall not be assigned by the Locked-up Securityholder or the Company without the prior written consent of the Company or the Lock-up
Securityholder, as applicable. This Agreement will be governed by and interpreted in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein. The Locked-up Securityholder acknowledges that he or she has been advised
to seek independent legal advice with respect to the matters contained in this Agreement and has either obtained such advice or
has waived his or her right to do so. Should any part of this Agreement be declared or held to be invalid for any reason, the invalidity
will not affect the validity of the remainder of this Agreement which will continue in full force and effect and be construed as
if this Agreement had been executed without the invalid portion and it is hereby declared the intention of the parties that this
Agreement would have been executed without reference to any portion that may, for any reason, be hereafter declared or held invalid.
The Locked-up Securityholder consents to the details of this Agreement being made publicly available. This Agreement is irrevocable
and will be binding upon and ensure to the benefit of the parties and their respective heirs, executors, administrators, personal
representatives, successors and assigns.

 

A summary of details of whether
the securities are owned of record or beneficially or otherwise controlled or directed has been provided in the Exhibit B
of this Agreement.

 

[EXHIBITS AND SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

Exhibit A. Lock-Up Period End Dates

 

	Percentage of 

Locked-Up 

Securities Held as

 of Extension Date	End of Lock-Up Period
	5%	September 1, 2020
	5%	October 1, 2020
	5%	November 1, 2020
	5%	December 1, 2020
	10%	January 1, 2021
	10%	February 1, 2021
	10%	March 1, 2021
	10%	April 1, 2021
	10%	May 1, 2021
	10%	June 1, 2021
	10%	July 1, 2021
	10%	August 1, 2021

 

Exhibit B. Individual Securities Subject to
Lock-up Agreement

 

	
         Name
	
         Current
Number and Class of Equity Securities of the
Company

	Aaron Hoffnung	
         23,529 Subordinate Voting Shares

	Aaron Hoffnung	2,400,387 Options to Purchase Subordinate Voting Shares
	 	 

 

DATED this  _______day
of_______________, 2019.

09/10/2019

 

	If a Corporation, Partnership or Other Entity:	 	If
                                         an Individual:
	 	 	 
	 	 	X	/s/
                                         Aaron Hoffnung

 

	Name of Entity	 	Signature
	 	 	Aaron Hoffnung
	Type of Entity	 	Print Name

 

     

     

    

 

	X	        	 	 
	 	 	 
	Signature of Person Signing	 	Signature
of Witness
	 	 	 

Print Name and Title

 

    17Exhibit 10.11

 

EXECUTION VERSION

 

CERTAIN CONFIDENTIAL INFORMATION (MARKED
BY BRACKETS AS “[***]”) HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

MASTER
purchase agreement

 

THIS MASTER PURCHASE
AGREEMENT (the "Agreement") is entered into as of February ___, 2019 ("Effective
Date") by and between Vireo Health, Inc., a Delaware corporation (together with its successors and assigns,
 "Purchaser"), Harwich LLC, a Massachusetts limited liability company ("Harwich"),
Mayflower Botanicals, Inc., a Massachusetts corporation ("Mayflower"), Omer Rosenhand, Kevin
C. Pelissier, Jr., Mark R. Kubricky and Matthew E. Jossen, each an individual (collectively, the "Owners"),
and Landing Rock LLC, a Massachusetts limited liability company ("Landing Rock" and collectively
with Harwich and Mayflower, the "Companies"). Owners and the Companies are referred to herein collectively
as "Seller Parties" and each individually as a "Seller Party". Purchaser
and Seller Parties may be referred to collectively as the "Parties" and in the singular as a "Party".

 

RECITALS

 

		A.	Owners are the beneficial and record owners of ONE HUNDRED PERCENT (100%) of the issued and outstanding
shares of stock and other equity interests of Mayflower; and Owners are the beneficial, indirect owners of ONE HUNDRED PERCENT
(100%) of the limited liability company interests of each of Harwich and Landing Rock.

 

		B.	Mayflower is preparing to be engaged in the business of medical and recreational (i.e. adult use)
marijuana cultivation, production and sale in the Commonwealth of Massachusetts (the "Business").
In this regard, Mayflower: (i) is the beneficial and legal owner of a Provisional Certificate of Registration for a Registered
Marijuana Dispensary for a dispensing, cultivating and processing facility (“Provisional RMD”);
and (ii) is listed with the Commonwealth of Massachusetts Cannabis Control Commission as an approved RMD Priority Applicant
for the issuance of a Marijuana Establishment license. The approved location for Mayflower to conduct these activities is in Holland,
MA (the "Business Location").

 

		C.	Harwich holds sole and exclusive right and authority to manage the operations of Mayflower's business
activities, including but not limited to the Business, pursuant to that certain Management Agreement by and between Harwich and
Mayflower, dated November 30, 2018 (the "Management Contract").

 

		D.	Landing Rock holds the sole and exclusive right to acquire approximately four hundred (400) acres
of real property located in Massachusetts and Connecticut (as further identified in the Real Estate Purchase Agreement, the "Real
Property") pursuant to the terms of that certain Real Estate Purchase Agreement between Landing Rock and Transportation
Alliance Bank, Inc., a Utah commercial bank d/b/a TAB Bank ("TAB") (the "Real
Estate Purchase Agreement").

 

		E.	The Parties hereto are aware that the cultivation and sale of marijuana and marijuana products
remains illegal under the laws of the United States of America, despite enactment of St. 2012, c. 369: An Act for the Humanitarian
Medical Use of Marijuana (“Medical Marijuana Act”), and St. 2016, c. 334, The Regulation and Taxation
of Marijuana Act, as amended by St. 2017, c. 55, An Act to Ensure Safe Access to Marijuana (“Adult Use of Marijuana
Act”) by the Commonwealth of Massachusetts. The Federal government regulates Marijuana possession and use through
the Controlled Substances Act, 21 U.S.C. § 812(b) (the "CSA"). The CSA makes it a crime,
among other things, to possess or use marijuana even for medical reasons and despite valid state laws authorizing the medical use
of Marijuana. The Parties hereto acknowledge that the Parties' clear and unambiguous compliance with the Medical Marijuana Act
and the Adult Use of Marijuana Act do not create a legal defense to a violation of the CSA.

 

     

     

    

 

		F.	Notwithstanding the illegality of possessing or using marijuana under the CSA, Purchaser and Seller
Parties desire to consummate the transactions contemplated by this Agreement.

 

IN CONSIDERATION of
the foregoing and the mutual covenants, agreements, conditions, representations and warranties set forth herein, the Parties agree
as follows:

 

Article I

PURCHASE AND SALE

 

Section 1.1            Certain
Definitions. The terms defined in this Section 1.1 (except as may be otherwise expressly provided in this Agreement)
shall, for all purposes of this Agreement, have the following respective meanings (all terms used in this Agreement that are not
defined in this Section 1.1 shall have the meanings as set forth elsewhere in this Agreement):

 

(a)            The
term "Action" means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit,
notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in equity.

 

(b)            The
term "Affiliate" of a Person means any other Person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with, such Person. The term "control" (including
the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

 

(c)            The
term "Code" means the United States Internal Revenue Code of 1986, as amended, or any corresponding
provision of any succeeding law.

 

(d)            The
term “Dollars” or “$” means United States Dollars.

 

(e)            The
term "Escrow Agent" means the Seller Parties' attorneys, Hinckley, Allen & Snyder LLP.

 

(f)            The
term "Governmental Entity" means any national, state, local or foreign court, tribunal, arbitral
body, arbitrator, administrative agency or commission or other governmental or regulatory authority or instrumentality.

 

(g)            The
term "Governmental Order" means any order, writ, judgment, injunction, decree, stipulation, determination
or award entered by or with any Governmental Entity.

 

(h)            All
statements that are qualified by "Knowledge," "aware of," or similar
phrases pertaining to any representation of a particular fact or other matter shall mean (i) in the case of an individual,
such individual's actual knowledge or what the individual reasonably should have discovered through normal and prudent business;
(ii) with respect to any entity, any members of such entity's executive management, including without limitation, its officers
and directors, such members' actual knowledge or what reasonably should have been discovered by the members through normal and
prudent business operations.

 

(i)             The
term "Lien" means any charge, claim, preemptive right, pledge, condition, equitable interest, lien
(statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction
of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

(j)            The
term "Law" means any law (both common and statutory law, civil and criminal law, and domestic and
foreign law), treaty, convention, rule, directive, legislation, ordinance, regulatory code (including, without limitation, competition
law or regulation, statutory instruments, guidance notes, circulars, directives, decisions, rules and regulations) or similar
provision having the force of law or an Order of any Governmental Entity or any self-regulatory organization.

 

    2

     

    

 

(k)            The
term "Material Adverse Change" means any event, occurrence, fact, condition or change that is, or
could reasonably be expected to become, materially adverse to (a) the business, results of operations, condition (financial
or otherwise) or assets of any of the Companies, or (b) the ability of the Seller Parties to consummate the Transactions contemplated
hereby; provided, however, that "Material Adverse Change" shall not include any event, occurrence, fact, condition or
change, directly or indirectly, arising out of or attributable to: (i) any matter of which Purchaser is aware on the date
hereof; or (ii) any natural or man-made disaster or acts of God.

 

(l)            The
term "Order" means any judgment, writ, decree, compliance agreement, injunction or judicial or administrative
or arbitral order or award and legally binding determinations of any Governmental Entity, including any arbitrator.

 

(m)            The
term "Permit" means all permits, licenses, franchises, approvals, authorizations, registrations,
certificates, variances and similar rights obtained, or required to be obtained, from Governmental Entities.

 

(n)            The
term "Person" is defined to include any individual, corporation, partnership, joint venture, association,
limited liability company, trust, unincorporated organization, or any other entity or organization.

 

(o)            The
term “Purchaser’s Public Offering” means the consummation (including the funding thereof)
of a Reverse Merger or Registered Offering with a Canadian public company.

 

(p)            The
term “Reverse Merger” means any consolidation or merger of Purchaser (or its Affiliate) with or
into, or an acquisition of Purchaser (or its Affiliate) by, a Canadian publicly listed company or a Canadian Capital Pool Company.

 

(q)            The
term “Registered Offering” means Purchaser’s filing of a prospectus in Canada under the
securities regulations of any Canadian provincial government (the "Canadian Securities Regulations")
with respect to an offering of equity securities of Purchaser concurrent with becoming publicly
traded, other than a prospectus (i) filed in connection with any employee stock option or other benefit plan, (ii) for
an exchange offer or offering of securities solely to Purchaser’s existing shareholders, (iii) for an offering of debt
that is convertible into equity securities of Purchaser or (iv) for a dividend reinvestment plan.

 

(r)            The
term "Tax" or "Taxes" means any federal, state, local, or foreign
income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental
(including taxes under Code section 59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar),
unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on
minimum, estimated, or other tax, fee, charge, levy, duty or similar import of any kind whatsoever, including any interest, penalty,
or addition thereto, whether disputed or not and including any obligations to indemnify or otherwise assume or succeed to the Tax
liability of any other Person.

 

(s)            The
term "Transaction Documents" means this Agreement, the Assignment and Assumption of Management Contract,
the Equity Purchase Agreement, the Assignment and Assumption of Real Estate Purchase Agreement, the Promissory Note (if applicable),
and any other documents deliverable hereunder.

 

    3

     

    

 

Article II

PURCHASE AND SALE TRANSACTION

 

Section 2.1            Purchase
and Sale. Subject to the terms and conditions set forth herein, at the Closing of the Transaction:

 

(a)            Assignment
of Management Contract. Harwich will transfer to Purchaser, and Purchaser will assume from Harwich, the Management Contract,
free and clear of all Liens and otherwise pursuant to the terms and condition of that certain Assignment and Assumption of Management
Contract Agreement attached hereto as Exhibit A (the "Management Contract Assignment Transaction").

 

(b)            Equity
Transaction. Following consummation of the Management Contract Assignment Transaction, Owners shall sell to Purchaser, and
Purchaser shall acquire from Owners, all of the issued and outstanding shares of stock of Mayflower, free and clear of all Liens
and otherwise pursuant to the terms and conditions of that certain Equity Purchaser Agreement attached hereto as Exhibit B
(the "Equity Purchase Transaction"). Following consummation of the Equity Purchase Transaction,
Purchaser shall cause the termination of the Management Contract.

 

(c)            Real
Estate Transaction. Following consummation of the Equity Purchase Transaction, Landing Rock shall assign to Purchaser, and
Purchaser shall assume from Landing Rock, all of Landing Rock's right, title and interest in and to the Real Estate Purchase Agreement,
free and clear of all Liens and otherwise pursuant to the terms and conditions of that certain Assignment and Assumption of Real
Estate Purchase Agreement attached hereto as Exhibit C (the "Real Estate Transaction").
The Management Contract Assignment Transaction, Equity Purchase Transaction and Real Estate Transaction are referred to herein
collectively as the "Transactions").

 

Section 2.2            Consideration.
In consideration of the Transactions, and the covenants made by Seller Parties under this Agreement, Purchaser agrees to deliver
to Seller Parties, the following:

 

(a)            Deposit.
A cash payment in the amount of Fifty Thousand Dollars ($50,000.00) (the "Deposit"), which has previously
been delivered by Purchaser to Seller Parties, c/o the Escrow Agent, the receipt and sufficiency of which is hereby acknowledged.
The Deposit is non-refundable to Purchaser, except in accordance with Section 3.4 below, and will be released to Harwich
at Closing;

 

(b)            Cash
Payment. At Closing, a cash payment in the amount of Nine Hundred and Fifty Thousand Dollars ($950,000), payable by Purchaser
to Harwich by wire transfer of immediately available funds;

 

(c)            Promissory
Note; Purchaser Stock. Either (x) Nine Million Dollars ($9,000,000.00) (the “Base Value”)
by delivery of a Convertible Promissory Note to Harwich in the form attached hereto as Exhibit E (the “Promissory
Note”), but only in the event that the Closing occurs prior to Purchaser’s Public Offering, or (y) the
number of shares of the stock offered in Purchaser’s Public Offering equal to (i) the Base Value divided by (ii) the
price per share of capital stock offered in Purchaser’s Public Offering multiplied by seventy percent (70%) (such shares,
the “Harwich Shares”), provided Harwich delivers to Purchaser any stock agreements, lock up covenants,
and similar documents (in each case subject to the proviso in the last sentence of Section 6.7) related to Purchaser's Public
Offering that are generally required of stockholders in similar circumstances as Harwich, as reasonably determined by Purchaser's
underwriter or legal counsel to Purchaser; and provided further that if the Closing has not occurred prior to March 1, 2019,
the Base Value shall be increased by 0.25% on March 1, 2019, and the Base Value shall be further increased by 0.25% on the
first day of each month thereafter until the Closing. No fractional Harwich Shares shall be issued; and in lieu thereof, Purchaser
shall pay to Harwich the value of any fractional Harwich Share in cash; and

 

    4

     

    

 

(d)            Real
Estate Transfer. Following Closing of the Transactions in their entirety, and confirmation that a fee title interest in the
Real Estate has vested in Purchaser as a result of the Closing of the Real Estate Transaction, Purchaser shall deliver to Landing
Rock a Warranty Deed in the form attached hereto as Exhibit D, pursuant to which Purchaser shall convey to Landing
Rock the lesser of (i) 330 acres of the Real Property or (ii) all such acres of the Real Property which are not zoned
for cannabis production or other cannabis use.

 

Section 2.3            Allocation
of Consideration. The consideration described in Section 2.2 above shall be allocated among the Transactions as set forth
in Schedule 2.3 attached hereto.

 

Article III

CLOSING

 

Section 3.1           Closing
Date. The closing of the Transactions (the "Closing") shall take place prior to or concurrent
with the Purchaser’s Public Offering, subject to the satisfaction or waiver of each of the conditions set forth in Section 3.3
hereof (other than those conditions that by their nature are to be satisfied at the Closing, but subject to satisfaction thereof
at the Closing), or at such other time as the parties hereto agree in writing (such date on which the Closing shall occur, the
 "Closing Date"). The Closing shall take place via the transmission to the respective offices of
legal counsel for the parties via e-mail in portable document format (.pdf) with due confirmation of all requisite transaction
documents (including but not limited to those Closing deliveries described at Section 3.2 below) duly executed where
requested, or at such other place as may be mutually agreed upon by the parties hereto in writing.

 

Section 3.2            Closing
Deliveries. At Closing, the respective Parties shall take the following actions:

 

(a)            Seller
Parties' Deliverables. Seller Parties agree to take the following actions and deliver the following documents, in the form
and substance reasonably satisfactory to Purchaser, duly executed as appropriate, to Purchaser:

 

  (1)       Corporate
Documents.

 

a.            Owners
and Harwich shall deliver to Purchaser: (i) a certificate of status of the Seller issued on or within ten (10) days prior
to the Closing Date by the Massachusetts Secretary of Commonwealth; and (ii) a certificate of an authorized officer of Harwich,
dated as of the Closing Date, as to: (A) the certificate of organization of Harwich; (B) the bylaws or operating agreement
of Harwich, (C) joint resolutions of the Owners and governing board of Harwich (if any) authorizing the execution, delivery
and performance of this Agreement, the Transactions and the documents required herein, and (D) incumbency and signatures of
the officers of Harwich;

 

b.            Owners
and Mayflower shall deliver to Purchaser: (i) a certificate of status of the Seller issued on or within ten (10) days
prior to the Closing Date by the Massachusetts Secretary of Commonwealth; (ii) a certificate of an authorized officer of Mayflower,
dated as of the Closing Date, as to: (A) the articles of incorporation of Mayflower; (B) the bylaws of Mayflower, (C) board
and stockholder resolutions of Mayflower authorizing the execution, delivery and performance of this Agreement, the Transactions
and the documents required herein, and (D) incumbency and signatures of the officers of Mayflower; and (iii) documentation,
as reasonably requested by Purchaser, evidencing the pre-closing conversion of Mayflower from a non-profit to for-profit entity
under the Laws of the Commonwealth of Massachusetts and the Code;

 

c.            Owners
and Landing Rock shall deliver to Purchaser: (i) a certificate of status of the Seller issued on or within ten (10) days
prior to the Closing Date by the Massachusetts Secretary of Commonwealth; and (ii) a certificate of an authorized officer
of Landing Rock, dated as of the Closing Date, as to: (A) the certificate of organization of Landing Rock; (B) the bylaws
or operating agreement of Landing Rock, (C) joint resolutions of the Owners and governing board of Landing Rock (if any) authorizing
the execution, delivery and performance of this Agreement, the Transactions and the documents required herein, and (D) incumbency
and signatures of the officers of Landing Rock.

 

    5

     

    

 

  (2)       Transaction
Documents.

 

a.            Owners
and Harwich shall deliver to Purchaser: (i) the Assignment and Assumption of Management Contract, duly executed by Harwich;
and (ii) each of the closing deliveries required to be delivered by such Seller Parties under the Assignment and Assumption
of Management Contract;

 

b.            Owners
and Mayflower shall deliver to Purchaser: (i) the Equity Purchase Agreement, duly executed by such Seller Parties; and (ii) each
of the closing deliveries required to be delivered by such Seller Parties under the Equity Purchase Agreement;

 

c.            Owners
and Landing Rock shall deliver to Purchaser: (i) Assignment and Assumption of Real Estate Purchase Agreement, duly executed
by Landing Rock; and (ii) each of the closing deliveries required to be delivered by such Seller Parties under the Assignment
and Assumption of Real Estate Purchase Agreement; and

 

d.            Harwich
shall deliver any documents required by Section 2.2(c) above related to the Harwich Shares.

 

  (3)       Estoppels.

 

a.            Management
Contract. An estoppel certificate in form and substance reasonably satisfactory to Purchaser, effective as of the Closing Date,
and duly executed by Harwich and Mayflower, certifying that: (i) as of the Closing Date, no existing default exists under
the terms of the Management Contract; and (ii) the Management Contract will remain in full force and effect following consummation
of the transaction contemplated by the Assignment and Assumption of Management Contract.

 

b.            Real
Estate Purchase Agreement. An estoppel certificate in form and substance reasonably satisfactory to Purchaser, effective as
of the Closing Date, and duly executed by Landing Rock and TAB, certifying that: (i) as of the Closing Date, no existing default
exists under the terms of the Real Estate Purchase Agreement; and (ii) the Real Estate Purchaser Agreement will remain in
full force and effect, for the benefit of Purchaser, following consummation of the transaction contemplated by the Assignment and
Assumption of Management Contract.

 

  (4)            Access.
All documents, keys, security codes, account numbers, passwords and other login information required to grant Purchaser full and
unfettered access to the Business, the Business Location and all assets necessary or otherwise related to Seller Parties operation
of the Business; and

 

  (5)       Other
Documents. Such other documents as Purchaser may reasonably request to consummate the Transactions.

 

(b)            Purchaser
Deliverables. Purchaser agrees to deliver the following deliverables and documents, duly executed by Purchaser as appropriate,

 

  (1)       Purchase
Price. To Seller Parties, the Cash Payment described in Section 2.2(b) and either the Promissory Note or the
Harwich Shares, as applicable and as described in Section 2.2(c).

 

    6

     

    

 

  (2)       Corporate
Documents. Purchaser shall deliver to Seller Parties: (i) a certificate of status of the Purchaser issued on or within
ten (10) days prior to the Closing Date by the Delaware Secretary of State; and (ii) a certificate of the secretary of
Purchaser, dated as of the Closing Date, as to: (A) the articles of organization and bylaws of Purchaser; and (B) resolutions
of the governing board of Purchaser authorizing the execution, delivery and performance of this Agreement, the Transactions and
the documents required herein.

 

  (3)       Transaction
Documents.

 

a.            Purchaser
shall deliver to Harwich the Assignment and Assumption of Management Contract, duly executed by Purchaser, together with each of
the closing deliveries required to be delivered by Purchaser thereunder;

 

b.            Purchaser
shall deliver to the Owners the Equity Purchase Agreement, duly executed by Purchaser, together with each of the closing deliveries
required to be delivered by Purchaser thereunder; and

 

c.            Purchaser
shall deliver to Landing Rock the Assignment and Assumption of Real Estate Purchase Agreement, duly executed by Purchaser, together
with each of the closing deliveries required to be delivered by Purchaser thereunder.

 

  (4)       Other
Documents. Such other documents as Seller Parties may reasonably request to consummate the Transactions.

 

Section 3.3           Conditions
to Obligation to Close.

 

(a)            Joint
Conditions to Close. The Parties' obligation to consummate the Transactions and other transactions to be performed by them
in connection with the Closing are subject to the satisfaction of the following conditions: (i) no action, suit or proceeding
shall be pending before any court or administrative agency or arbitrator that could result in a rescission of any of the Transactions;
and (ii) the Parties shall have received all approvals required from Governmental Entities for the Transactions, including,
without limitation, the State of Massachusetts, any division, department, agency or other instrumentality thereof, and any municipalities
in which the Companies do business including, without limitation, the Department of Public Health and the Cannabis Control Commission
of the Commonwealth of Massachusetts.

 

(b)            Conditions
to Purchaser's Obligation to Close. Purchaser's obligation to consummate the transactions to be performed by it in connection
with Closing is subject to satisfaction of the following conditions at or prior to Closing: (i) there has been no Material
Adverse Change with respect to the Business or any Seller Party; (ii) the representations and warranties set forth in Article IV
shall be true and correct at and as of the Closing Date; (iii) each of the Seller Parties shall have performed and complied
with all of their covenants or conditions required hereunder to be performed or completed hereunder in all respects by the Closing
Date; (iv) each of the Seller Parties shall execute and deliver those closing deliverables referenced in Section 3.2(a);
(v) Purchaser shall have obtained all licenses and permits necessary to own, operate and otherwise conduct the Business as
conducted as of the date hereof, including but not limited to any and all consents or approvals necessitated by the Transaction;
(vi) Purchaser shall be satisfied in all respects with its due diligence investigation of Seller Parties and the Real Property
in accordance with Section 3.3(d); and (vii) all conditions to the closing of the transactions contemplated by
the Equity Purchase Agreement and Real Estate Purchase Agreement have been satisfied in all respects or waived.

 

    7

     

    

 

(c)            Conditions
to Seller Parties' Obligation to Close. The obligation of the Seller Parties to consummate the transactions to be performed
by them in connection with Closing is subject to satisfaction of the following conditions at or prior to Closing: (i) the
representations and warranties set forth in Article V shall be true and correct at and as of the Closing Date; (ii) Purchaser
shall have performed and complied with all of its covenants hereunder; (iii) Purchaser shall execute and deliver those closing
deliverables referenced in Section 3.2(b); (iv) all actions to be taken by Purchaser in connection with consummation
of the Transactions and all documents required to effect the Transactions will be satisfactory in form and substance to the Seller
Parties; and (v) there has been no Material Adverse Change with respect to the Purchaser or its business.

 

(d)            Purchaser’s
Due Diligence. Purchaser shall have from the date hereof until February 1, 2019 (the “Diligence Period”)
to complete its due diligence review of the Seller Parties and the Real Property. If Purchaser has not terminated this Agreement
pursuant to Section 3.4(d) by the end of the Diligence Period, Purchaser shall be deemed to be satisfied with
its due diligence review.

 

Section 3.4            Termination
of Agreement. Certain of the Parties may terminate this Agreement as provided below:

 

(a)            By
Purchaser and Seller Parties by mutual written agreement at any time prior to Closing; provided that in the event of termination
pursuant to this Section 3.4(a), the Deposit shall be released by Escrow Agent to the Seller Parties within fifteen
(15) days of Escrow Agent's receipt of written notice of termination.

 

(b)            By
Purchaser or Seller Parties if the Closing has not occurred on or before March 31, 2019, unless the failure results primarily
from the terminating Party's breach of any representations, warranties or covenants contained in this Agreement; provided that
in the event of termination pursuant to this Section 3.4(b), the Deposit shall be released by Escrow Agent to the non-terminating
Party within fifteen (15) days of Escrow Agent's receipt of written notice of termination.

 

(c)            By
Purchaser or Seller Parties if the satisfaction of any of the conditions in Section 3.3(a) is or becomes impossible
(other than through the failure of the terminating Party to comply with its obligations under this Agreement), and provided that
the non-terminating Party has not waived any such condition. In the event of any termination under this Section 3.4(c),
the Deposit shall be released by Escrow Agent to the Purchaser within fifteen (15) days of Escrow Agent's receipt of written notice
of termination.

 

(d)            By
Purchaser, if the satisfaction of any of the conditions in Section 3.3(b) is or becomes impossible (other than
through the failure of Purchaser to comply with its obligations under this Agreement) and Purchaser has not waived any such condition.
In the event of any termination of this Agreement pursuant to this Section 3.4(d), the Deposit shall be released by
Escrow Agent to Purchaser within fifteen (15) days of Escrow Agent's receipt of written notice of termination.

 

(e)            By
Seller Parties, if the satisfaction of any of the conditions of Section 3.3(c) is or becomes impossible (other
than through the failure of any Seller Party to comply with its obligations under this Agreement) and the Seller Parties have not
previously waived any such condition. In the event of any termination of this Agreement pursuant to this Section 3.4(e),
the Deposit shall be released by Escrow Agent to Seller Parties within fifteen (15) days of Escrow Agent's receipt of written notice
of termination.

 

If any Party terminates this
Agreement pursuant to this Section 3.4, all rights and obligations of the Parties hereunder shall terminate without
any liability of any Party to any other Party.

 

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Article IV

REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES

 

Seller Parties, jointly
and severally, represent and warrant to Purchaser that the statements contained in this Article IV, are correct and complete
as of the Effective Date and the Closing Date.

 

Section 4.1            Authorization.
Each Seller Party has all requisite power and authority to enter into this Agreement and all documents and instruments entered
into by such Seller Party pursuant to this Agreement and the Transaction Documents, to consummate the Transactions, and to perform
its obligations thereunder. All acts and proceedings required to be taken by Seller Parties for the authorization, execution, delivery
and performance of this Agreement and the Transaction Documents have been taken or will be taken prior to Closing. This Agreement,
the Transaction Documents, and all other documents and instruments delivered hereunder and thereunder, are legal, valid and binding
on each Seller Party, and will be enforceable by Purchaser post-Closing in accordance with their respective terms.

 

Section 4.2            Organization,
Authority and Qualification.

 

(a)            Harwich
is a limited liability company duly organized, validly existing and in good standing under the Laws of the Commonwealth of Massachusetts
and has full limited liability power and authority to own, operate or lease the properties and assets now owned, operated or leased
by it and to carry on its business as it has been and is currently conducted. All limited liability company actions taken by Harwich
in connection with this Agreement and the other Transaction Documents are and will be duly authorized on or prior to the Closing.

 

(b)            Mayflower
is a corporation duly organized, validly existing and in good standing under the Laws of the Commonwealth of Massachusetts and
has full corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and
to carry on its business as it has been and is currently conducted. All corporate actions taken by Mayflower in connection with
this Agreement and the other Transaction Documents are and will be duly authorized on or prior to the Closing.

 

(c)            Landing
Rock is a limited liability company duly organized, validly existing and in good standing under the Laws of the Commonwealth of
Massachusetts and has full limited liability power and authority to own, operate or lease the properties and assets now owned,
operated or leased by it and to carry on its business as it has been and is currently conducted. All limited liability company
actions taken by Landing Rock in connection with this Agreement and the other Transaction Documents are and will be duly authorized
on or prior to the Closing.

 

Section 4.3           No
Conflicts; Consents. The execution, delivery and performance by each Seller Party of this Agreement and the other Transaction
Documents to which Seller Parties, or any one of them are party, and the consummation of the transactions contemplated hereby
and thereby (including but not limited to the Transactions) do not and will not: (a) conflict with or result in a violation
or breach of, or default under, any provision of the articles of incorporation, articles of organization, by-laws or other organizational
documents of any Seller Party; (b) subject to RECITAL “E” regarding the CSA and related federal Laws, conflict
with or result in a violation or breach of any provision of any Law or Governmental Order applicable to any Seller Party; (c) require
the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default
or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration
of or create in any party the right to accelerate, terminate, modify or cancel any contract or other agreement to which any Seller
Party is a party or by which any such Party is bound or to which any of their respective properties and assets are subject or
any Permit affecting the properties, assets or Business of any Seller Party; or (d) result in the creation or imposition
of any Lien on any properties or assets of any Seller Party. Except as is contemplated by the Equity Purchase Agreement, no consent,
approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Entity is required by or with
respect to any Seller Party in connection with the execution and delivery of this Agreement, the Transaction Documents and the
consummation of any of the Transactions contemplated hereby and thereby.

 

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Section 4.4            Compliance;
Required Consents. Except with respect to the CSA and related federal laws, with respect to the Business: the Seller Parties
are and have been in full compliance with all Laws, Orders and Permits applicable to Seller Parties and their respective assets,
properties, businesses and operations, including without limitation, all county, city and other local requirements of the jurisdiction
in which the Business Location is located. To the Knowledge of Seller Parties, no investigation, audit or review by any Governmental
Entity with respect to the Business or any Seller Party is pending or threatened, nor has any Governmental Entity notified any
Seller Party of its intention to conduct the same. With respect to the Business, no Seller Party: (i) has been charged with,
and to the Knowledge of the Seller Parties, none of them is now under investigation with respect to, any actual or alleged violation
of any applicable Law relating to the Business including, without limitation, the Medical Marijuana Act, Adult Use of Marijuana
Act, or other requirement of a Governmental Entity; (ii) has been a party to or bound by any Order; or (iii) has failed
to file any material report required to be filed with any Governmental Entity.

 

Section 4.5           Commission.
No Person has, or as a result of the Transactions will have, any right, interest or claim against or upon Seller Parties for any
commission, fee or other compensation as a finder, agent or broker or in any similar capacity. Seller Parties shall indemnify,
defend and hold Purchaser harmless in connection with and from any demand by any third party for any such compensation or fee as
a finder, agent, or broker.

 

Section 4.6            Litigation.
To the Knowledge of Seller Parties, there are no claims, demands, actions, suits, arbitrations or other legal, administrative
or governmental investigations or proceedings (whether federal, state, local or foreign) pending or threatened, against any Seller
Party. There are no judgments, injunctions, rules or orders of any court, governmental department, commission, agency, or
arbitrator outstanding against any Seller Party.

 

Article V

REPRESENTATIONS AND WARRANTIES OF Purchaser

 

Purchaser hereby represents
and warrants to Seller Parties that the statements contained in this Article V are correct and complete as of the Closing
Date and the Effective Date:

 

Section 5.1            Organization,
Standing and Authorization. Purchaser is a Delaware corporation duly organized, validly existing and registered under the laws
of the State of Delaware. Purchaser has full power and authority to enter into this Agreement and the other Transaction Documents
to which Purchaser is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated
hereby and thereby. All acts and proceedings required to be taken by Purchaser for the authorization, execution, delivery and performance
of this Agreement and the Transaction Documents have been taken or will be taken prior to Closing. All state licenses held by Purchaser
with respect to the cultivation, sale, and distribution of marijuana and marijuana products are set forth on Schedule 5.1. All
licenses shown on Schedule 5.1 are in good standing with the issuing Governmental Entity.

 

Section 5.2            Binding
Obligations. This Agreement and all other documents and instruments delivered hereunder by Purchaser are legal, valid and binding
on Purchaser and are enforceable against Purchaser post-Closing in accordance with their respective terms.

 

Section 5.3             No
Contravention. Except as described in detail in Schedule 5.3, the execution, delivery and performance by Purchaser of
this Agreement will not: (a) require any consent or approval from any third party that has not been obtained; (b) require
any authorization, consent, approval, license or registration with any Governmental Entity that has not been validly and lawfully
obtained; or (c) cause Purchaser to violate or contravene any provision of law, rule or regulation.

 

Section 5.4            Subsidiaries.
As of the Effective Date: (a) the Affiliates of the Purchaser, including their state of domicile, Purchaser’s percentage
ownership, and state licensure with respect to the cultivation, sale, and distribution of marijuana and marijuana products, are
set forth on Schedule 5.4; and (b) all licenses shown on Schedule 5.1 are in good standing with the issuing
Governmental Entity.

 

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Section 5.5           Financial
Statements. Copies of the Purchaser’s audited compiled consolidated financial statements as of December 31, 2017,
December 31, 2016, and December 31, 2015 (the "Year-End Statements"), and unaudited compiled
consolidated balance sheets, income statement and statement of cash flows of the Purchaser as at September 30, 2018 (the "Interim
Statement" and together with the Year-End Statements, the "Financial Statements")
have been made available to Seller Parties. The Financial Statements have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis throughout the periods involved, subject, in the case of the Interim Statements, to normal
and recurring year-end adjustments and the absence of notes. The Financial Statements fairly present in all material respects the
financial condition of the Purchaser as of the respective dates they were prepared and the results of the operations of the Purchaser
for the periods indicated. The Purchaser has no liabilities, obligations or commitments of a type required to be reflected on a
balance sheet prepared in accordance with generally accepted accounting principles, except (i) those which are adequately
reflected or reserved against in the Financial Statements; and (ii) those which have been incurred in the ordinary course
of business since the date of the Interim Statement and which are not material in amount.

 

Section 5.6            Absence
of Certain Changes, Events and Conditions. Since the date of the Interim Statement, the Purchaser has operated in the ordinary
course of business in all material respects and there has not been any event, occurrence or development that has had or could reasonably
be expected to have a Material Adverse Change on the Purchaser.

 

Section 5.7            Legal
Proceedings. There are no actions, suits, claims, investigations or other legal proceedings pending or, to Purchaser’s
Knowledge, threatened against or by the Purchaser or any Affiliate thereof affecting any of its properties or assets which, if
determined adversely to the Purchaser or its Affiliate would result in a Material Adverse Change.

 

Section 5.8            Taxes.      The
Purchaser and its Affiliates have filed (taking into account any valid extensions) all Tax returns required to be filed by them.
Such Tax returns are true, complete and correct in all material respects. Neither the Purchaser nor any of its Affiliates is currently
the beneficiary of any extension of time within which to file any material Tax return other than extensions of time to file Tax
returns obtained in the ordinary course of business. All material Taxes due and owing by the Purchaser and its Affiliates have
been paid or accrued.

 

Article VI

COVENANTS

 

Section 6.1            Public
Announcement; Customer Communications. No Seller Party shall, directly or indirectly, make any public announcements, notices
or other written or oral communications to Mayflower's clients concerning the Transactions without the advance written consent
of Purchaser.

 

Section 6.2           Assurances.
The Parties shall in good faith from and after the date hereof take all actions as may be reasonably required to complete the
Transactions without further consideration or expense of the other Parties.

 

Section 6.3            Noncompetition.
For a period of three (3) years from and after the Effective Date, no Seller Party will engage, either alone, or jointly with,
or as an officer, stockholder, lender, partner, principal, or agent for or employee of any person or persons, firm, partnership,
or corporation, either directly or indirectly set up, exercise, conduct, or be engaged or employed, or serve as an advisor or as
a consultant to, any business that directly or indirectly competes with the Business as is conducted by Mayflower on the day immediately
preceding the Closing Date, in each case, within the Commonwealth of Massachusetts. If the final judgment of a court of competent
jurisdiction declares that any term or provision of this Section 6.3 is invalid or unenforceable, the Parties agree
that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or
area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision
with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision. The Parties hereby declare that it is impossible to measure in money the damages which will accrue to Purchaser
by reason of a failure by any Seller Party to perform the obligations under this Section 6.3. Seller Parties agree
that the remedy at law for any breach of the provisions of this Section 6.3 will be inadequate, and that, in addition
to damages, Purchaser shall be entitled to obtain injunctive relief from the Court having jurisdiction over such Seller Party,
and the subject matter, ordering specific performance of the provisions hereof. In any action to enforce the provisions of this
Section 6.3, each Seller Party shall waive the right to claim that Purchaser has an adequate remedy at law. Each Seller
Party specifically admits receipt and adequacy of consideration for this Section 6.3 and the reasonableness of the
time and distance limitations set forth above. Notwithstanding any provision of this Agreement to the contrary, the terms of this
Section 6.3 shall survive the Closing Date and the execution, acknowledgement, sealing and delivery of the Agreement
and consummation of the Transaction.

 

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Section 6.4            Non-solicitation.
For a period of three (3) years from and after the Effective Date, and except as permitted pursuant to subsequent written
agreement with the Purchaser, no Seller Party shall, directly or indirectly, on such party's own behalf or on behalf of, or in
conjunction with, any other Person, knowingly:

 

(a)            Solicit
or attempt to solicit the business of any Person who is a customer or prospective customer of Mayflower for any business, interests
or for the sale of any products which are directly or indirectly competitive with the Business or the products promoted by the
Business;

 

(b)            Cause,
induce or attempt to cause or induce any licensor, licensee, employee, consultant or any other Person with a business relationship
with Mayflower to: (A) cease (or not commence) doing business with Mayflower, or (B) in any way interfere with any such
Person's relationship with Mayflower, provided however, notwithstanding the foregoing, a general employment solicitation by a Seller
Party that is not targeted at Purchaser’s or Mayflower’s employees, shall not be a violation of this clause 6.4(b);
or

 

(c)            Cause,
induce or attempt to cause or induce any customer, supplier, licensee, licensor, franchisee, employee, consultant or any other
Person with a business relationship with Mayflower to cease (or not commence) doing business with Mayflower, to deal with any competitor
of Mayflower or in any way interfere with its relationship Mayflower or the Business.

 

Section 6.5            Confidentiality.
Seller Parties will treat and hold as confidential all of the Confidential Information (defined below), refrain from using any
of the Confidential Information except in connection with this Agreement, and deliver promptly to Purchaser or destroy, at the
reasonable, post-Closing request and option of Purchaser, all tangible embodiments (and all copies) of the Confidential Information
that are in his or its possession. The foregoing provisions shall not apply to any Confidential Information that: (i) is generally
available to the public prior to the time of disclosure other than as a breach of this provision, or (ii) is lawfully acquired
by a Seller Party from and after Closing from sources which are not prohibited from disclosing such information. The term "Confidential
Information" means any information concerning the Business and affairs of the Companies that is not generally
available to the public prior to the Effective Date. Notwithstanding the foregoing, Seller Parties may maintain in their records
a copy of this Agreement and its Exhibits, and disclose the same to their legal and tax advisers.

 

Section 6.6            License
Fees. From and after the Effective Date, Purchaser agrees to pay any and all fees due to the Department of Public Health and/or
the Cannabis Control Commission in respect of Mayflower’s licenses, including without limitation its Provisional RMD and
approved RMD Priority Applicant status for the issuance of a Marijuana Establishment license. Purchaser and Seller Parties agree
to cooperate with respect to the timing of the payment of such fees. In the event the Closing does not occur (unless as a result
of termination by Seller Parties pursuant to Sections 3.4(b) or (e)), Seller Parties agree to reimburse Purchaser for the
amount of license fees paid by Purchaser pursuant to this Section.

 

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Section 6.7            Lockup
Period. Harwich agrees that Harwich shall not sell, transfer, make any short sale of, grant any option for the purchase of,
or enter into any hedging or similar transaction with the same economic effect as a sale of, Harwich Shares after issuance during
the one hundred eighty (180) day period (or such lesser period as may be required of the officers and directors of Purchaser and
holders of five percent (5%) or more of the capital securities of Purchaser) following the effective date of the Purchaser Public
Offering, provided that all officers and directors of Purchaser and holders of five percent (5%) or more of the capital securities
of Purchaser are bound by similar restrictions; provided however, Harwich shall be entitled to sell for cash the least number of
shares of Harwich Shares necessary for Harwich and/or the shareholders of Harwich to satisfy its and/or their tax liabilities resulting
from the transactions contemplated hereby.

 

Section 6.8             Intent
of the Parties. It is the express intent of the parties that the Harwich Shares be shares of the same class and series of capital
stock that is generally offered in the Purchaser’s Public Offering to the holders of common stock of Purchaser who are residents
of the United States of America, which shares shall be registered and publicly traded under the securities laws of Canada.

 

Article VII

SURVIVAL OF REPRESENTATION AND WARRANTIES

 

Section 7.1            Survival
of Seller Party Representations and Warranties. The representations and warranties of the various Seller Parties set forth
in Sections 4.1, 4.2 and 4.3 (the “Seller Parties Fundamental Representations”), as well as the right
of Purchaser to rely thereon, shall survive Closing and continue in full force and effect forever. All other representations and
warranties of the Seller Parties set forth herein shall survive Closing and shall remain in full force and effect until the date
that is eighteen (18) months from the Closing Date. The expiration of the applicable survival period shall not terminate any claim
for indemnification for which Purchaser has previously notified Seller Parties.

 

Section 7.2            Survival
of Purchaser's Representations and Warranties. The representations and warranties of Purchaser set forth in Sections 5.1 5.3
and 5.4 (the “Purchaser Fundamental Representations”), as well as the rights of each Seller Party
to rely thereon, shall survive Closing and continue in full force and effect forever. All other representations and warranties
of the Purchaser set forth herein shall survive Closing and shall remain in full force and effect until the date that is eighteen
(18) months from the Closing Date. The expiration of the applicable survival period shall not terminate any claim for indemnification
for which Seller Parties have previously notified Purchaser.

 

Section 7.3            Survival
of Covenants. All covenants and agreements of the Parties contained herein shall survive Closing indefinitely or for the period
explicitly specified therein. Any claims asserted in good faith with reasonable specificity (to the extent known at such time)
and in writing by notice from the non-breaching Party to the breaching Party prior to the expiration date of the applicable survival
period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive
until finally resolved.

 

Article VIII

INDEMNIFICATION; RECOUPMENT

 

Section 8.1            Indemnification
by Seller Parties. Each of the Seller Parties, jointly and severally, shall indemnify and hold harmless Purchaser, its officers,
agents, employees and servants, and their respective heirs, personal and legal representatives, guardians, successors and assigns
("Purchaser Indemnitees") from and against the entirety of all actual out-of-pocket losses, damages,
penalties, fines, liabilities, costs or expenses, including reasonable attorneys' fees and court costs (hereinafter "Adverse
Consequences") resulting from, arising out of, relating to, in the nature of, or to the extent caused by the following,
any: (a) misrepresentation or breach by a Seller Party of any representation or warranty of any Seller Party contained in
this Agreement or in any Transaction Document (other than in respect of Section 4.14 of the Equity Purchase Agreement, it
being understood that the sole remedy for any such inaccuracy in or breach thereof shall be pursuant to Article VI of the
Equity Purchase Agreement); (b) nonperformance, failure to comply or breach by any Seller Party of any covenant, promise or
agreement of any Seller Party contained in this Agreement or in any Transaction Document (other than in respect of Article VI
of the Equity Purchase Agreement, it being understood that the sole remedy for any such nonperformance, failure to comply or breach
thereof shall be pursuant to Article VI of the Equity Purchase Agreement).

 

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Section 8.2            Indemnification
by Purchaser. Purchaser shall defend, indemnify and hold harmless each Seller Party, and its respective officers, agents, employees
and servants, and their respective heirs, personal and legal representatives, guardians, successors and assigns ("Seller
Indemnitees") from and against the Adverse Consequences resulting from, arising out of, relating to, in
the nature of, or to the extent caused by the following, any: (a) misrepresentation, omission or breach by Purchaser of any
representation or warranty of Purchaser contained in this Agreement or in any Transaction Document; and (b) nonperformance,
failure to comply or breach by Purchaser of any covenant, promise or agreement of Purchaser contained in this Agreement or in any
Transaction Document.

 

Section 8.3
            Indemnification Procedures. The party making a claim
under this Article VIII is referred to as the "Indemnified Party," and the party against whom
such claims are asserted under this Article VIII is referred to as the "Indemnifying Party."

 

(a)            Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any
Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a representative of the foregoing (a
 "Third Party Claim") against such Indemnified Party with respect to which the Indemnifying Party
is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably
prompt written notice thereof, but in any event not later than fifteen (15) calendar days after receipt of such notice of such
Third Party Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification
obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such
notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material
written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Adverse Consequences that have
been or may be sustained by the Indemnified Party.

 

(b)            Settlement
of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third Party Claim without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld
or delayed), except as provided in this Section 8.3(b). If a firm offer is made to settle a Third Party Claim without leading
to liability or the creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary
form, for the unconditional release of each Indemnified Party from all liabilities and obligations in connection with such Third
Party Claim, and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice
to that effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer within ten (10) days
after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party Claim and in such event,
the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount of such settlement offer.
If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third Party Claim, the Indemnifying
Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle such Third Party Claim.

 

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(c)            Direct
Claims. Any Action by an Indemnified Party on account of any claim or other loss which does not result from a Third Party Claim
(a "Direct Claim") shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably
prompt written notice thereof, but in any event not later than thirty (30) days after the Indemnified Party becomes aware of such
Direct Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification
obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such
notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written
evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Adverse Consequences that have been
or may be sustained by the Indemnified Party. The Indemnifying Party shall have thirty (30) days after its receipt of such notice
to respond in writing to such Direct Claim. If the Indemnifying Party does not so respond within such thirty (30) day period, the
Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such
remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

Section 8.4            Certain
Limitations. The indemnification provided for in Sections 8.1 and 8.2 shall be subject to the following limitations:

 

(a)            The
Indemnifying Party shall not be liable to the Indemnified Party for indemnification under Sections 8.1(a) or 8.2(a), as the
case may be, until the aggregate amount of all Adverse Consequences in respect of indemnification under Sections 8.1(a) or
8.2(a), as the case may be, exceeds $75,000 (the "Basket"), in which event the Indemnifying Party
shall be liable for all Adverse Consequences from the first dollar. Notwithstanding the foregoing, the Deductible shall not apply
to the Seller Parties Fundamental Representations, the Purchaser Fundamental Representations, or any breach of Sections 6.3, 6.4
or 6.5.

 

(b)            The
aggregate amount of all Adverse Consequences for which an Indemnifying Party shall be liable pursuant to Sections 8.1(a) or
8.2(a), as the case may be, shall not exceed $3,000,000. Notwithstanding the foregoing, the foregoing limitation shall not apply
to the Seller Parties Fundamental Representations, the Purchaser Fundamental Representations, or any breach of Sections 6.3, 6.4
or 6.5.

 

(c)            Notwithstanding
anything herein to the contrary, the aggregate amount of all Adverse Consequences for which an Indemnifying Party shall be liable
pursuant to Sections 8.1 or 8.2, as the case may be, shall not exceed $10,000,000.

 

(d)            The
Indemnified Party shall use its commercially reasonable efforts to recover under insurance policies or indemnity, contribution
or other similar agreements for any Adverse Consequences prior to seeking indemnification under this Agreement, and payments by
an Indemnifying Party pursuant to Sections 8.1(a) or 8.2(a) shall be limited to the amount of any liability or damage
that remains after deducting therefrom any of the following amounts received or reasonably expected to be received by the Indemnified
Party in respect of any such claim: (i) insurance proceeds, reduced by the aggregate value of any premium paid by such Indemnified
Party; and (ii) any indemnity, contribution or other similar payment.

 

(e)            Except
in the case of a Third Party Claim, an Indemnifying Party shall not be liable to any Indemnified Party for punitive, incidental,
consequential, special or indirect damages, including loss of future revenue or income, loss of business, reputation or opportunity
relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple.

 

(f)            Each
Indemnified Party shall take, and cause its Affiliates to take, all commercially reasonable steps to mitigate any Adverse Consequences
upon becoming aware of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring
costs only to the minimum extent necessary to remedy the breach that gives rise to such Adverse Consequences.

 

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Section 8.5            Tax
Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the parties
as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by law.

 

Section 8.6  
         Purchaser’s Right of Setoff against Promissory Note. Notwithstanding anything to the
contrary in this Agreement or the other Transaction Documents, and without prejudice to any other right or remedy Purchaser
has or may have, and in all cases subject to the limitations in Section 8.4, Purchaser may set off or recoup all or any
amounts payable to Seller Parties under the Promissory Note against any liability for which any Seller Party is liable to
Purchaser, including but not limited to any Adverse Consequences (collectively, the "Amounts
Payable"), which are: (a) agreed to in writing by the Parties; or (b) adjudicated (by final,
non-appealable judgment) to be payable by any Seller Party to Purchaser; provided however, if within (5) days of
such mutual agreement or adjudication, Seller Parties deliver direct payment of the full amount of such Amounts Payable to
Purchaser in the form of cash or other immediately available funds, Purchaser agrees that it shall not exercise its setoff
rights under this Section 8.6.

 

Article IX

GENERAL TERMS

 

Section 9.1            Notices.
All notices hereunder shall be in writing and shall be deemed to have been duly given upon receipt, if personally delivered, or
on the next business day following dispatch if given via a nationally-recognized overnight courier service, addressed to the Parties
at the following addresses or at such other addresses as shall be specified in writing and in accordance with this Section 9.1,
with concurrent transmission by e-mail of a PDF copy of such notice or communication:

 

	If to any Seller

                          Party:
	
         Omer Rosenhand

         Matthew Jossen

        [***]

         

         

         

        

         
	With a copy to:	
         Hinckley Allen

        Attn: David Hirsch

        100 Westminster Street,
        Suite 1500

        Providence, RI 02903

        [***]

         

	If to Purchaser:	
         Vireo Health, Inc.

        Attn: General Counsel

        1330 Lagoon Avenue,
        4th Floor

        Minneapolis, MN 55408

         
	With a copy to:	
         Stinson Leonard Street
        LLP

        Attn: Jessica Barry

        3 Civic Center Plaza,
        Suite 400

        Mankato, MN 56001

 

Section 9.2            Severability.
If any one or more of the terms of this Agreement are deemed to be invalid or unenforceable by a court of law, the validity, enforceability,
and legality of the remaining provisions of this Agreement will not in any way be affected or impaired thereby, provided that:
(a) each Party receives the substantial benefit of its bargain with respect to the transactions contemplated hereby; and (b) the
ineffectiveness of such provision would not result in such a material change as to cause completion of the Transactions to be unreasonable
for either Party.

 

Section 9.3            Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless in writing and signed by Purchaser and each
Seller Party. No waiver by any Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty
or covenant hereunder shall be valid unless the same shall be in writing and signed by the Party making such waiver. No waiver
shall be deemed to extend to any other default, misrepresentation, or breach.

 

Section 9.4            Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
without regard to such jurisdiction's conflict of laws principles. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED
UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE DECIDED IN THE
COURTS OF THE COMMONWEALTH OF MASSACHUSETTS LOCATED IN THE CITY OF BOSTON AND COUNTY OF SUFFOLK, AND EACH PARTY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER
DOCUMENT BY MAIL TO SUCH PARTY'S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING
BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT,
ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

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Section 9.5            Headings;
Exhibits; Construction. The headings of the sections and paragraphs of this Agreement have been inserted for convenience of
reference only and do not constitute a part of this Agreement. The Exhibits and Schedules identified in this Agreement are incorporated
herein by reference and made a part hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement. The word "including" shall mean including without limitation and no exclusion
of unlisted items shall be inferred from their absence.

 

Section 9.6            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective
successors and permitted assigns. Neither Seller Parties nor Purchaser may assign or delegate this Agreement or any of his or its
rights, interests, or obligations hereunder without the prior written approval of the Purchaser (with respect to assignment by
the Seller Parties) or the Seller Parties (with respect to assignment by the Purchaser), and any purported assignment or delegation
in violation of the foregoing shall be null and void and of no force or effect. Notwithstanding the foregoing, Purchaser may assign
its rights and obligations under this Agreement to any of its Affiliates, provided that Purchaser remains jointly and severally
liable with such assignee for the performance of Purchaser's obligations hereunder.

 

Section 9.7            Entire
Agreement. This Agreement, together with the documents to be delivered herein, constitutes the entire agreement among the Parties
and supersedes any prior understandings, agreements, or representations by or among the Parties, written or oral, to the extent
they relate in any way to the subject matter hereof.

 

Section 9.8            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

Section 9.9           No
Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the Parties and
their respective successors and permitted assigns.

 

Section 9.10         Remedies
Cumulative. None of the rights, powers or remedies conferred upon the Parties in connection with this Agreement shall be mutually
exclusive, and each such right, power or remedy shall be cumulative and in addition to every other right, power or remedy, whether
conferred hereby or hereafter available at law, in equity, by statute or otherwise.

 

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Section 9.11         Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof and that the Parties may be entitled to seek specific performance of the terms hereof, in addition
to any other remedy to which they are entitled at law or in equity.

 

Section 9.12
         Attorneys’ Fees. In the event that any Action, suit, or other legal or administrative
proceeding is instituted or commenced by either party hereto against the other party arising out of or related to this
Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and court costs from the
non-prevailing party.

 

[Signatures on
the following page]

 

    18

     

    

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

 

	PURCHASER:	 VIREO HEALTH, INC.
	 	 
	 	 
	   	By:	/s/ Kyle Kingsley
	 	Name:	Kyle Kingsley
	 	Title:	CEO
	 
	MAYFLOWER:   	MAYFLOWER BOTANICALS, INC.
	 	 
	 	 
	 	By:	/s/ Omer Rosenhand
	 	Name:	Omer Rosenhand
	 	Title:	Manager
	 
	HARWICH:	HARWICH LLC
	 	 
	 	 
	 	By:	/s/ Omer Rosenhand
	 	Name:	Omer Rosenhand
	 	Title:	Manager
	 	 
	LANDING ROCK:   	LANDING ROCK LLC
	 	 
	 	 
	 	By:	/s/ Kevin C. Pelissier, Jr. 
	 	Name:	Kevin C. Pelissier, Jr. 
	 	Title:	Manager
	 	 
	OWNERS:	/s/ Omer Rosenhand
	 	Omer Rosenhand
	 	 
	 	/s/ Kevin C. Pelissier, Jr. 
	 	Kevin C. Pelissier, Jr.
	 	 
	 	/s/ Matthew E. Jossen
	 	Matthew E. Jossen
	 	 
	 	/s/ Marrk R. Kubricky
	 	Mark R. Kubricky

 

    

     

    

 

	ESCROW AGENT:	HINCKLEY, ALLEN & SNYDER
LLP, AS ESCROW AGENT
	 	 
	 	 
	 	By:	Hinckley, Allen & Snyder LLP
	 	Name:	David S. Hirsch
	 	Title:	Partner

 

 

LIST OF EXHIBITS

 

Exhibit A: Assignment and Assumption
of Management Contract Agreement

Exhibit B: Equity Purchaser Agreement

Exhibit C: Assignment and Assumption
of Real Estate Purchase Agreement

Exhibit D: Form of Warranty
Deed

Exhibit E: Form of Promissory
Note

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