Document:

Exhibit 10.1

 

NAME AND LIKENESS AND LICENSE AGREEMENT

 

This Name and Likeness and
License Agreement (this “Agreement”) is made to effective as of August 1, 2018 (“Effective Date”),
by and between Leeland & Sig LLC d/b/a Stanley Brothers Brand Company, a Colorado limited liability company, (“Licensor”),
CWB Holdings, Inc., a Colorado corporation (“CWB”), and Charlotte’s Web Holdings, Inc., a British
Columbia corporation (“Pubco” and together with CWB, the “Licensees”). Licensor and Licensees shall be referred
to herein collectively as the “Parties” and each may be referred to individually as a “Party.”

 

RECITALS

 

WHEREAS, Licensor is the proprietor
of the right of publicity to the names of Josh, Joel, Jesse, Jonathan, Jordan, Jared, and J. Austin Stanley (the “Brothers”)
and jointly in the name the “Stanley Brothers”, “by Stanley Brothers, “from Stanley Brothers” and related
uses of the “Stanley Brothers” name (the “Name”);

 

WHEREAS, the Brothers are
the founders of CWB, formed for the purpose of manufacturing, marketing and selling hemp CBD, hemp cannabinoids with tetrahydrocannabinol
dry weight equal to or less than 0.3%, hemp-supplemented non-alcoholic drinks and hemp dietary supplements, hemp topicals, hemp foods
with the exception of those formulated with Marijuana (as defined below), hemp lotions or hemp pet products, or hemp soaps, either currently
in production or as may be produced and sold in the future (the “Business”);

 

WHEREAS, prior to the founding
of CWB, the Brothers have operated and continue to operate other businesses including employment, investment, consulting, managing, developing,
producing, distributing, marketing, promoting, branding or any other activity related to a company or business engaged in hemp based or
infused alcohol or spirits, vaporizable hemp products; medicinal or recreational marijuana (cannabis with greater than 0.3% tetrahydrocannabinol
dry weight, “Marijuana”) products, including but not limited to, Marijuana derivatives and supplements formulated with Marijuana
and biotech/pharmaceutical formulation excluding such formulations that contain cannabinoids from hemp, which have also owned and generated
certain intellectual property, relevant to the cultivation and manufacturing of Marijuana, including for clarity, Marijuana extraction
and dilution methods and specific Marijuana cultivars, processes and genetics created and marketed prior to the formation of CWB, but
not including any processes or genetics of hemp currently used or owned by CWB and created and marketed after the formation of CWB (“Marijuana
Use”);

 

WHEREAS, Licensees own and
use the brands “Charlotte’s Web” and “CW” and associated logos (collectively the “CW Brands”)
and since 2013 has used the words “by the Stanley Brothers” or “Stanley Brothers” in connection with the Business
and the CW Brands;

 

WHEREAS, Licensees desire
to continue to utilize the Name and likeness of the Brothers in connection with the sale and advertising of goods and services and Licensor
desires to grant to Licensees, and Licensees desire to accept, a license for such continued use; and

 

     

     

    

 

WHEREAS, CWB preparing to
complete a merger pursuant to an agreement and plan of merger by and among CWB, PubCo and Pubco’s wholly-owned subsidiary, Stanley
Brothers, Inc. (“MergeCo”) pursuant to which CWB will merge with and into MergeCo in exchange for the shareholders
of CWB receiving securities of PubCo (the “Merger”) and Pubco will conduct a public offering of securities and related
listing on the Canadian Securities Exchange (“Initial Public Offering”) and in connection with the Initial Public Offering
Licensees desire to continue to work with Licensor and the Brothers to advertise and market the Name and Likeness (as defined herein)
in connection with the Business and to continue to license the Name and Likeness of the Brothers, all subject to the terms and conditions
set forth herein.

 

WHEREAS, CWB filed and owns
multiple trademark applications in the United States and Canada, including filings for the CHARLOTTE’S WEB BY THE STANLEY BROTHERS
(Serial No. 87/049,355) and CW CHARLOTTE’S WEB BY THE STANLEY BROTHERS (Serial No. 87/049,342) marks in the United States, and the
STANLEY BROTHERS logo (Serial No. 1,782,505) and STANLEY BROTHERS logo (Serial No. 1,782,555) in Canada (all four applications, collectively,
the “Composite Mark Applications”);

 

NOW, THEREFORE, in consideration
of the mutual promises herein contained, it is hereby agreed:

 

AGREEMENT

 

1.            License Grant.

 

(a)           Name
and Likeness License Grant.

 

(i)              Pursuant
to the terms and conditions of this Agreement, Licensor hereby grants to Licensees, at Licensees’ option, a non-exclusive (except
as set forth herein), worldwide right and license to use the Name, together with renderings of each Brother’s voice, image, and
likeness, and all attributes of each Licensor’s personality and appearance (collectively, the “Likeness”), including
any right of publicity, in connection with creation, development, manufacturing, operation, promotion, distribution, and sales of products
under the Business and in connection with products under the Business Licensees will not use the Name or Likeness as a domain name, social
media account name, or corporate name, without the prior written consent of Licensor.

 

(ii)             During
the Term of this Agreement and for a one-year period thereafter, Licensor agrees that it will not use the Name or Likeness in
connection with any products (excluding clothing bearing hemp-related themes, e.g., t-shirts) as a Competitor of the Business.
Licensor further agrees that it will not license, authorize or permit the use of the Name or Likeness by any other individual,
entity, or business that is a Competitor with the Business. For purposes of this Agreement, a “Competitor” is any
person or entity that engages in a business that is the same or otherwise competes with the Business or any part thereof. For the
avoidance of doubt, the Brothers and Licensor may continue to use the Name and Likeness for Licensor’s and the Brothers’
own purposes which do not compete with the Business, including but not limited to, engaging in any Business that is not a
Competitor. For clarity, engaging in any activity related to any Marijuana Use or any activity related to production, distribution
and promotion of media, including, but not limited to photographs, motion pictures, documentaries, social media, television, radio
and Internet shows and appearances, webcasts, podcasts, live streaming events, YouTube channels, Twitter accounts, blogs, websites,
mobile phone applications and any other media-related products whether on television, radio, or the Internet
(“Media”) related to Name and Likeness, other than in relation to a Competitor, including any Media produced,
distributed and promoted for any Marijuana Use, which may include the Name and Likeness, will not be prohibited pursuant to the
terms of this Agreement.

 

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(iii)           For
avoidance of doubt, Licensees acknowledge: (A) that the Name and Likeness license granted herein by Licensor does not extend to any photographs,
videos, or other media in which Licensor does not hold the copyright; (B) that Licensor is unable to grant a license to such photographs,
videos, or other media; and (C) that it is Licensees’ sole responsibility and obligation to obtain any necessary licenses to use
or otherwise exploit such photographs, videos, or other media.

 

(iv)           Licensees
acknowledge that Licensor and the Brothers are engaged in ongoing Media projects and appearances that may relate to their involvement
with Licensees and their Business and, subject to Section 5(b)(vi), nothing in this Agreement shall be construed as giving the Licensees
any rights to censure, direct, review, approve or otherwise be involved in such Media provided that Licensor and the Brothers provide
statements in any produced Media related to Licensees or their Business that “the opinions expressed are those of [Stanley Brothers/name
of Brothers] and do not represent the opinions of Stanley Brother affiliates, CWB Holdings Inc., Charlotte’s Web or any related
entities.”

 

(v)            Licensor shall cause each of the Brothers to execute the Inducement Letter set forth in Schedule A. Any obligation set forth herein
requiring an act or omission of the Brothers shall be deemed a covenant of Licensor to cause the Brothers to act or omit from acting accordingly,
and any obligation set forth herein requiring an act or omission of Licensor shall be deemed a covenant of the Brothers to act or omit
from acting accordingly. Licensor represents and warrants that Licensor exclusively owns the rights to the use of both the collective
and individual name, image, likeness, voice, caricature and signature, including any derivation of any of the foregoing, of the Brothers
and all other publicity rights relating to the Brothers. Licensor hereby confirms that it has the undivided and indivisible rights to
the foregoing. Licensor further represents and covenants that each Brother will be bound by the obligations, undertakings, limitations,
and prohibitions on Licensor and/or the Brothers under this Agreement, and that Licensor will take all necessary steps to ensure that
each Brother remains in compliance with the terms set forth herein. Licensor shall, upon reasonable request of Licensees or their representative,
take prompt actions as may be reasonably required by Licensees or its assignees or licensees to ensure that each Brother adheres to the
obligations, undertakings, limitations, and prohibitions set forth in this Agreement.

 

(b)          Trademark
License Grant.

 

(i)              Licensor
grants to Licensees the exclusive right to use, at the Licensees’ option, the Name and Likeness as a component of Licensees’
CW Brands, as set forth in Schedule B hereto, solely in connection with: (A) the goods and services identified in the trademark
filings; and (B) the creation, development, manufacturing, operation, promotion, distribution, and sales of products under the Business.

 

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(ii)             Licensees
acknowledge and agree that Licensor has the right and obligation to maintain and protect the image and reputation of the Name and Likeness
in connection with the Business, and that Licensees will only use the Name and Likeness in connection with the Business. To the extent
Licensees use the Name and Likeness in connection with the sale of products under the Business, those products will (i) for current product
types, be of a quality compliant with and subject to current Good Manufacturing Practices (“cGMP”), with any changes to such
formulations for existing products to be reasonably approved by the Licensor and consistent with good manufacturing quality standards
, (ii) for any new product types, be of a quality and standard equal to current products, and in accordance with a standard of quality
and prestigious image reasonably acceptable to the Licensor. For the avoidance of doubt, nothing in this Agreement grants Licensor or
the Brothers a right to inspect or challenge the quality of products that are not offered or sold in connection with the Name and Likeness.

 

(iii)            Subject
to reasonable approval of Licensee, Licensor will be entitled, at its own expense and with at least seven (7) business days’ advance
notice, at any time during business hours but for no longer than four (4) hours, to inspect the Business in order to ensure that the
products offered under the Business in connection with the Name and Likeness adhere to the quality control provisions of this Agreement.
If Licensor demonstrates that any such products do not meet this standard of quality, Licensor shall notify Licensees of the same, and
within thirty (30) days of receipt of such notice, the Parties shall meet and confer regarding such issues and potential solutions thereto,
with Licensees undertaking good faith efforts to deal with all reasonable concerns. Licensor will be entitled to conduct one such inspection
every fiscal quarter at the Licensor’s expense, including engagement of a third-party audit firm, subject to reasonable approval
of Licensor, for quality control inspections. Licensee shall conduct, at the expense of Licensee, one annual third-party audit for cGMP
compliance. Licensee shall ensure the third-party auditing organization it selects is qualified.

 

(c)           Licensor Content License Grant.

 

(i)              If, and to the extent, Licensor provides Licensees with any content created exclusively by Licensor (“Licensor Content”),
then, upon the terms and subject to the conditions of this Agreement, Licensor hereby grants to Licensees a non-exclusive right and license
to use, copy, reproduce, compile, distribute, transmit, broadcast, display, exhibit, project, and otherwise exploit the Licensor Content
alone, or in composite and/or conjunction with other materials, including without limitation, audio, video, animation, text, and graphics,
by any means, methods, and technologies now known or hereafter to become known, solely in connection with the creation, development, manufacturing,
operation, promotion, distribution, and sales of products under the Business.

 

(ii)             Licensees
acknowledge that the license to the Licensor Content granted herein: (A) does not apply to any third-party materials Licensees choose
to combine with the Licensor Content; (B) that Licensor is unable to grant a license to such third-party materials; and (C) that it is
Licensees’ sole responsibility and obligation to obtain any necessary licenses to use or otherwise exploit such third-party materials.

 

(iii)            Licensees
must obtain prior approval from Licensor to create and exploit derivative works based solely on Licensor Content. Licensor shall not
unreasonably withhold or delay its approval of such works. For the avoidance of doubt, Licensor shall not prohibit Licensees from incorporating
or using any Licensor Content in marketing or promotional materials for the sale of products under the Business, nor shall Licensor require
prior approval for such use.

 

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(d)           Right of Pre-Approval. Licensees agree to provide all materials featuring use of any of the Name and Likeness and/or the
Licensor Content (collectively, the “Licensed IP”) to Licensor for written approval before Licensees begin making use of
such materials; provided that: (A) Licensees are not required to submit for approval the use of the Name and Likeness already in use
as reflected on Licensees’ current products or Licensees’ website which are hereby deemed approved by Licensor; (B) Licensees
are not required to submit revised versions of such materials to Licensor for approval, provided that such materials are substantially
similar to materials that have already been approved by Licensor; and, (C) Licensor will not unreasonably withhold or delay its approval.

 

(e)           Marijuana Use. Licensees acknowledge the Marijuana Use and agree that nothing contained in this Agreement grants Licensees
any rights in relation to any intellectual property generated in relation to the Marijuana Use, whether generated prior hereto or hereafter,
and nothing herein will be interpreted as restricting the use of any of the intellectual property related to the Marijuana Use by the
Licensor or the Brothers. Licensees acknowledge that Licensor and the Brothers were engaged in the Marijuana Use prior to this Agreement
with the Licensees and Licensees agree that the Licensees have no interest in any intellectual property related to Marijuana Use conceived
or developed prior to the date of this Agreement and hereby waive any rights to seek to have such intellectual property assigned to the
Licensees or seek other compensation or pursue any claims in relation to such intellectual property. For the avoidance of doubt, Licensor
acknowledges and agrees that, with the exception of alcoholic formulations, the Brothers have assigned or will assign any and all hemp
related intellectual property they may have created, whether able to be registered or not, to CWB. Notwithstanding the foregoing, CWB
shall, separate and apart from this Agreement, enter into a licensing agreement to allow Licensor to use certain CWB owned hemp genetics
in Licensor’s products that qualify as Marijuana, for distribution through state legal marijuana dispensaries

 

2.            Business Promotion / Appearances.

 

(a)           Joint Objectives. The parties agree to cooperate with each other in good faith to develop and promote the Business for the
Term of this Agreement.

 

(b)           Licensor Obligations. Each Brother agrees to make himself available for in-person external appearances (e.g., participation
at a trade show) and internal appearances (e.g., visits to Licensees’ premises, Licensees’ parties, or Licensees’ events)
as dictated by each Brother’s employment agreement, which shall be executed subsequent to this Agreement. Each Brother will participate
in media interviews related to the Business as reasonably requested by the Licensees’ public relations director or agent(s) upon
reasonable notice, and as dictated by each Brother’s employment agreement.

 

(c)           Reimbursement. If any Brother is required to travel for any filming, appearances or media interviews, Licensees agree to
reimburse such Licensor for his reasonable travel expenses, including without limitation, airfare or mileage, hotel charges, rental car
charges, meals, and entertainment expenses.

 

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(d)          Licensees
agree to reimburse the Licensor for any costs or expenses incurred by Licensor, either directly or through one of the Brothers for
the production or reproduction of (i) any materials, including but not limited to, photographs, videos, movies, posters, prints,
flyers, brochures, information circulars or any other documents or materials in any form or kind of media (“Materials”),
produced by the Licensor or any of the Brothers at the direction of Licensees in relation to the appearances, media interviews or
other activities conducted by the Brothers at the direction of the Licensees or otherwise used by the Licensees in the Business or
(ii) any Materials produced by the Licensor or any of the Brothers not at the direction of the Licensees but which the Licensees
subsequently determines to use in connection with the appearances, media interviews or other activities conducted by the Brothers or
otherwise used by the Licensees in the Business.

 

(e)           There shall be no royalty fees for the Name and Likeness for the Term of this agreement.

 

3.            Voluntary
Use.

 

Nothing in this Agreement
shall require the Licensees to use the Name and Likeness or any intellectual property licensed under this Agreement. For the avoidance
of doubt, Licensees are not obligated to use the Name and Likeness or Licensor Content in connection with the sale of products.

 

4.            Commitment to and Dictation of Charitable Contributions.

 

For the term of this Agreement,
Pubco agrees to a commitment of charitable contributions and to ultimately seek the approval of B Corporation status. Licensees agree
to appoint Matt Lindsey and Jesse Stanley as the “Corporate Social Responsibility Committee”, which shall have sole discretion
over the direction of the CWB’s previously committed 2%, pre-corporate tax earnings, charitable contributions. Notwithstanding the
foregoing, these contributions and the decision to seek B Corporation status will be subject to the Board’s review in the exercise
of its fiduciary duties.

 

5.            Representations
and Warranties.

 

(a)           Licensees
Representations and Warranties. Licensees each represent and warrant to Licensor that:

 

(i)              Such
Licensee has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder and its
board of directors has duly authorized the execution and delivery of this Agreement and the completion of its obligations hereunder;

 

(ii)             This Agreement has been duly executed and constitutes a valid and binding obligation of such Licensee, enforceable by Licensor
against such Licensee in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency and other
applicable laws affecting the enforcement of creditors’ rights generally and subject to the qualification that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction. There are no other agreements, written or oral, with any third
party in conflict herewith;

 

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(iii)            The
execution and delivery by such Licensee of this Agreement and the performance by it of its obligations hereunder and the completion of
its obligations hereunder will not violate, conflict with or result in a breach of any provision of the organizational documents of such
Licensee or its subsidiaries and will not: (a) violate, conflict with or result in a breach of: (i) any agreement, contract, indenture,
deed of trust, mortgage, bond, instrument, authorization, license or permit to which such Licensee or its subsidiaries is a party or
by which such Licensee or its subsidiaries are bound; or (ii) any law, regulation, rule or order of any governmental entity to which
such Licensee or its subsidiaries are subject or by which such Licensee or its subsidiaries are bound; (b) give rise to any right of
termination, or the acceleration of any indebtedness, under any such agreement, contract, indenture, authorization, deed of trust, mortgage,
bond, instrument, license or permit of such Licensee or its subsidiaries; or (c) give rise to any rights of first refusal or rights of
first offer, trigger any change in control or influence provisions or any restriction or limitation under any such agreement, contract,
indenture, authorization, deed of trust, mortgage, bond, instrument, license or permit, or result in the imposition of any encumbrance,
charge or lien upon any of such Licensee’s assets or the assets of its subsidiaries;

 

(iv)           Except
as otherwise provided herein, no authorization, consent or approval of, or filing with, any governmental entity or any court or other
authority is necessary on the part of such Licensee for the consummation by such Licensee of its obligations in connection with this
Agreement; and

 

(v)             There
are no claims, litigation, or other proceedings pending or threatened against such Licensee which would adversely affect the rights of
Licensor hereunder.

 

(b)           Licensor’s Representations and Warranties. Licensor represents and warrants to Licensees that:

 

(i)              Licensor has the requisite company power and authority to enter into this Agreement and to perform its obligations hereunder and
its board of managers has duly authorized the execution and delivery of this Agreement and the completion of its obligations hereunder;

 

(ii)             This
Agreement has been duly executed and constitutes a valid and binding obligation of Licensor, enforceable by Licensees against Licensor
in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency and other applicable laws affecting
the enforcement of creditors’ rights generally and subject to the qualification that equitable remedies may be granted only in
the discretion of a court of competent jurisdiction. There are no other agreements, written or oral, with any third party in conflict
herewith;

 

(iii)           The
execution and delivery by Licensor of this Agreement and the performance by it of its obligations hereunder and the completion of its
obligations hereunder will not violate, conflict with or result in a breach of any provision of the organizational documents of Licensor
and will not: (a) violate, conflict with or result in a breach of: (i) any agreement, contract, indenture, deed of trust, mortgage, bond,
instrument, authorization, license or permit to which Licensor is a party or by which Licensor is bound; or (ii) any law, regulation,
rule or order of any governmental entity to which Licensor is subject or by which Licensor is bound; (b) give rise to any right of termination,
or the acceleration of any indebtedness, under any such agreement, contract, indenture, authorization, deed of trust, mortgage, bond,
instrument, license or permit of the Licensor; or (c) give rise to any rights of first refusal or rights of first offer, trigger any
change in control or influence provisions or any restriction or limitation under any such agreement, contract, indenture, authorization,
deed of trust, mortgage, bond, instrument, license or permit, or result in the imposition of any encumbrance, charge or lien upon any
of Licensor’s assets;

 

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(iv)           Except
as otherwise provided herein, no authorization, consent or approval of, or filing with, any governmental entity or any court or other
authority is necessary on the part of Licensor for the consummation by Licensor of its obligations in connection with this Agreement;

 

(v)            There
are no claims, litigation, or other proceedings pending or threatened against Licensor which would adversely affect the rights of Licensees
hereunder

 

(vi)           Licensor acknowledges and covenants that nothing in this Agreement shall limit or restrict Licensees’ right, title, and interest
in and to any intellectual property, not specifically identified in this Agreement, excluding for clarity, intellectual property related
to the Marijuana Use as provided herein. For the avoidance of doubt, Licensor acknowledges Licensees’ ownership and exclusive rights
in the CHARLOTTE’S WEB, CW, CW SIMPLY, CW HEMP and Web Design marks, as well as Licensees’ right to file in its own name applications
for trademark and service mark registrations in connection with these marks. Licensor agrees that it will not oppose or interfere with,
or assist others in opposing or interfering with, Licensees’ use and registration of the CHARLOTTE’S WEB, CW, CW SIMPLY, CW
HEMP and Web Design marks (or any similar variation thereof) and that Licensor shall not apply to register a mark that incorporates the
CHARLOTTE’S WEB, CW, CW SIMPLY, CW HEMP or Web Design marks (or similar variation thereof). Nothing in this Paragraph shall prohibit
the Brothers from mentioning the Licensee for the limited purpose of referring to the Brothers’ role as founders of Licensee; and

 

(vii)           To
the knowledge of the Brothers, the use of the Name and Likeness for the existing product lines of the Business in the United States and
Canada will not violate or infringe the rights of any third party. Except as provided in the immediately prior sentence, Licensor makes
no representation or warranty with respect to whether the exploitation of the Name and Likeness is or will be free from infringement
on a worldwide basis.

 

6.            Indemnification against Breach.

 

Each Party will defend, indemnify, and hold the
other Party and their members, shareholders, partners, officers, managers, trustees, directors, employees, agents, and licensees, and
assigns harmless from and against any claims, demands, actions, and/or proceedings which may be threatened and/or instituted by any person
and/or entity against such parties which, if true, would constitute a breach of such party’s representations, warranties, or obligations
set forth in this Agreement. With respect to any claim for indemnity pursuant to this Section 7, the Party making such claim shall notify
the Party from whom it is seeking indemnification (the “Indemnifying Party”) of the claim in writing as soon practicable after
becoming aware of the matter or claim. Failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
hereunder except to the extent such failure shall have actually prejudiced the Indemnifying Party. The Indemnifying Party shall be entitled
to assume and control (with counsel of its choice) the defense of such action, lawsuit, proceeding, investigation, or other claim at its
sole cost and expense.

 

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7.             Ownership of Intellectual Property.

 

(a)           Licensees acknowledge Licensor’s exclusive rights of ownership of all right, title, and interest in and to the Name and Likeness.
Licensees further acknowledge and agree that it will not at any time challenge or contest Licensor’s exclusive rights in or ownership
of all rights in the Name and Likeness anywhere in the world, and will not take any action that is inconsistent with Licensor’s
ownership of the Name and Likeness, including Licensor’s exclusive ownership of the right (subject to the license granted herein)
to include the Name and Likeness in trademarks.

 

(b)          As soon as practicable following the Effective Date, but in no event later than 20 days following the Effective Date, Licensees
will assign to Licensor any trademarks registrations or other properties it owns that exclusively use the Name and Likeness and abandon
the pending Composite Mark Applications.

 

8.             Term
and Termination.

 

(a)           Term. Unless otherwise terminated in accordance with the provisions of this Section 9, this Agreement shall commence on
the Effective Date and shall continue for a period of thirty-six (36) months (the “Initial Term”).

 

(b)          Termination
by Licensor for Cause. Licensor shall have the right to terminate this Agreement in the event of any of the following:

 

(i)              Licensees
conduct themselves in a manner that brings Licensees or Licensor into material disrepute and degradation in the eyes of the public and
the media;

 

(ii)             Licensees become subject to court-filed charges by any governmental entity for fraud, mismanagement, criminal activity, or other
similar bad acts;

 

(iii)            Subject
to Section 1(b)(iii) of this Agreement, Licensees fail to comply in material respects with the quality control provisions set forth herein
with respect to the use of the Name and Likeness on products under the Business;

 

(iv)           Except
in the Merger, Licensees enter into, or publicly announces its intention to enter into or support, any agreement, binding letter of intent,
memorandum of understanding or other contract related to (i) the sale of all or substantially all of Licensees’ assets to a third-party(ies),
(ii) any merger, consolidation, plan of arrangement, share exchange, tender offer or other acquisition of Licensees or its material subsidiaries
where the voting shareholders of the Licensees would have less than 50% of the voting power of the resulting entity or (iii) any change
in the ownership of more than 50% of the voting capital stock of the Licensees in one or more related transactions;

 

(v)             Except in the Merger, the accumulation, whether directly, indirectly, beneficially or of record, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the United States Securities Exchange Act of 1934, as amended) of 20% or more of
the shares of the outstanding voting securities of the Pubco.

 

(c)           Termination
by Licensee for Cause. Licensees shall have the right to terminate this Agreement if (i) any Brother is found guilty, whether by
conviction or plea agreement, of a Class A or B federal felony crime or similar class felony crime under state or local laws,
excluding any federal crimes for Marijuana cultivation, possession or distribution where such activities are being conducted in
accordance with duly adopted state and local laws and regulations or (ii) upon material breach of Licensor’s obligations under
this Agreement.

 

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(d)           Meet
and Confer. If either Party believes the Agreement may be terminated for any of the reasons identified in this Section 9, the terminating
Party shall notify the other Party of the same, and the Parties shall meet and confer within seven (7) business days regarding such issues
and potential solutions thereto. If the Parties are unable, despite the reasonable and good faith efforts of both Parties, to resolve
such issues within thirty (30) days of the receipt of such notice, the terminating Party may, for good cause, elect to terminate this
Agreement.

 

(e)           Rights
Upon Expiration or Termination. Licensees shall, within thirty (30) days of expiration or termination of this Agreement, cease all
use of the Licensed IP, including without limitation, by taking the following actions (the actions, collectively “Debranding”):

 

(i)              updating
all websites owned or controlled by Licensees to remove any reference to the Name and Likeness, including any use of the Name or Likeness
in connection with the CW Brands;

 

(ii)             filing appropriate documents with all governmental bodies to amend or voluntarily abandon any trademark applications or registrations,
business name filings or trade name filings in which the Name or Likeness are included;

 

(iii)            ceasing
all use of any Licensee-Created Content that includes or is combined with Licensor Content in any media, for any purpose, and in any
format; and

 

(iv)            transferring
to Licensor any domain names, social media accounts (unless the names of such accounts can easily be changed), or other online identifiers
that Licensor has allowed Licensees to register or obtain that consist of or contain the Name or Likeness.

 

Notwithstanding the foregoing, Licensees shall
have one hundred eighty (180) days after termination to sell off any existing merchandise or inventory bearing the Name or Likeness.

 

9.            Limitation of Liability. IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT,
SPECIAL, OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION, LOSS OF BUSINESS, BUSINESS INTERRUPTION, OR OTHER PECUNIARY LOSS),
IN CONNECTION WITH THIS AGREEMENT, WHETHER BASED UPON CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, INCLUDING NEGLIGENCE, EVEN IF SUCH PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS LIMITATION SHALL APPLY NOTWITHSTANDING ANY FAILURE OF THE ESSENTIAL PURPOSE
OF ANY LIMITED REMEDY PROVIDED HEREIN. THE LIMITATIONS OF THIS SECTION 8 SHALL NOT APPLY TO EITHER PARTY’S: (A) ABILITY TO OBTAIN
INJUNCTIVE OR OTHER EQUITABLE RELIEF OR (B) CONFIDENTIALITY OR INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT.

 

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10.          Confidentiality.
Each of the parties agrees that any documents or materials conveyed from one party to the other that is conspicuously marked as “Confidential”
and the specific terms of this Agreement are confidential and shall not be disclosed to any other party for any purpose whatsoever, except
to those employees, agents, advisors, current or potential investors or lenders, or current or potential acquirers who have a need to
know and who have been informed of such party’s obligations under this Agreement and have agreed not to disclose such information
or except in response to a valid order by a court or other governmental body, where otherwise required by law or where necessary to establish
or confirm the rights of either party under this Agreement.

 

11.           General Provisions.

 

(a)           Unique Services. Licensees acknowledge that the services to be furnished by Licensor and the rights and privileges granted
to Licensees hereunder are of a special, unique, and unusual character which gives them a peculiar value, the loss of which cannot reasonably
or adequately be compensated for in damages in an action at law, and that, in the event of any material breach by any party of any of
the provisions hereof, the other party shall be entitled to injunctive and other equitable relief to prevent such breach. The foregoing
provisions shall not constitute a waiver by either party of any right which such party may have to damages or other relief.

 

(b)           Entire Agreement. This Agreement sets forth the entire agreement between the parties in connection with the subject matter
hereof and thereof and incorporates, replaces, and supersedes all prior agreements, promises, proposals, representations, understandings,
and negotiations, written or not, between the parties in connection therewith.

 

(c)           Assignment. No party shall assign or sublicense its rights under this Agreement to any third party, without first obtaining
the other parties written consent. This provision shall not prohibit a transfer by operation of law of all of the rights and obligations
under this Agreement related to any corporate reorganization of Licensees.

 

(d)           Relationship
of the Parties. Nothing in this Agreement shall constitute a partnership, joint venture, or franchisor/franchisee relationship between
the parties and no party shall be deemed an agent of the other. No party shall have authority to bind or otherwise obligate any other
party.

 

(e)           Binding Effect. This Agreement is binding on and inures to the benefit of the parties and, as the case may be, their respective
affiliates, heirs, executors, administrators, legal representatives, successors, employees, agents, and assigns, or their respective owners,
partners, officers, directors, shareholders, employees, agents, representatives, insurers, successors, and permitted assigns.

 

(f)           Notices.
All notices and other communications under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall
be delivered or transmitted by reliable overnight courier or other reliable delivery service, and shall be addressed as follows:

 

If to Licensor:

 

Dorsey & Whitney LLP

Attention: Jason K. Brenkert

1400 Wewatta Street, Suite 400

Denver, CO 80202

 

    	CW-Stanley Name & Likeness Agreement
	Page 11 of 15 

     

    

 

If to Licensees:

 

Charlotte’s Web Holdings, Inc.

Attention: Chief Executive Officer

2425 55th Street, Suite 200

Boulder, CO 80301

 

With copy to:

 

Cooley LLP

c/o Charlotte’s Web Holdings, Inc.

Attention: David J. Wittenstein

1299 Pennsylvania Avenue, NW Suite 700

Washington, DC 20004

 

Such notices and other communications
shall be deemed given on the day on which received or upon tender and rejection. Any party may change his or its address for receipt of
notices and requests hereunder by notice duly given to the other party in accordance with these provisions.

 

(g)           Choice of Law, Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado,
without regard to principles of conflicts of laws. Each of the parties hereto hereby irrevocably and unconditionally agrees and consents
to submit to the non-exclusive personal jurisdiction of the U.S. federal and state courts located in Denver County, Colorado for purposes
of disputes arising under this Agreement.

 

(h)           Modification. No modification, amendment or waiver of any of the provisions contained in this Agreement, or any future representations,
promise, or condition in connection with the subject matter of this Agreement, shall be binding upon any party to this Agreement unless
made in writing and signed by such party or by a duly authorized officer or agent of such party.

 

(i)            Waiver.
A failure of either party to exercise any right provided for herein shall not be deemed to be a waiver of any right hereunder.

 

(j)            Severability. If any provision of this Agreement is found to be prohibited by law and invalid, or for any reason such provision
is held unenforceable, in whole or in part, that provision shall be considered severable and its invalidity or unenforceability shall
not affect the remainder of this Agreement, which shall continue in full force and effect.

 

(k)           Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to
be an original and all of which together will constitute a single agreement. Documents signed and transmitted through electronic means
that accurately reproduce the content of this Agreement at the time it was executed (e.g. DocuSign, rightfax, PDF, etc.) shall be considered
binding manifestations of assent to the terms and conditions of this Agreement.

 

[Signature page follows]

 

    	CW-Stanley Name & Likeness Agreement
	Page 12 of 15 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement individually or by their duly authorized representative as of the dates below, to be effective as of the
Effective Date.

 

	Licensees:	 	Licensor:
	 	 	 
	CWB Holdings, Inc.	 	Leeland & Sig LLC d/b/a Stanley Brothers Brand Holding Co
	 	 	 
	By:	 (s) “Hesaam Moallem”	 	By:	 (s) “Jesse Stanley”
	 	 	 	 	 
	Name: Hesaam Moallem	 	Name: Jesse Stanley
	 	 	 
	Title: Chief Executive Officer	 	Title: Brand Ambassador
	 	 	 
	Date: August 21, 2018	 	Date: August 22, 2018
	 	 	 
	Charlotte’s Web Holdings, Inc.	 	 
	 	 	 
	By:	(s) “Hesaam Moallem”	 	 
	 	 	 	 
	Name: Hesaam Moallem	 	 
	 	 	 
	Title: Chief Executive Officer	 	 
	 	 	 
	Date: August 21, 2018	 	 

 

    	CW-Stanley Name & Likeness Agreement
	Page 13 of 15 

     

    

 

This Schedule A is attached to and made part of
the Trademark Assignment and License Agreement (the “Agreement”) between Leeland & Sig, LLC (“Licensor”) on
the one hand, and CWB Holdings, Inc. and Charlotte’s Web Holdings, Inc. (collectively, “Licensees”) on the other hand,
dated August 1, 2018.

 

SCHEDULE A

 

Inducement Letter

 

Date: August 23, 2018

 

In consideration of Licensees entering into the
Agreement with Licensor, and in order to induce Licensees’ execution hereof, I hereby confirm that I have read said Agreement and
that I agree to perform all of the obligations and undertakings required of me and required of Licensor thereunder and to abide by all
the restrictions contained therein as they are applicable to Licensor or me. I confirm that Licensor is authorized by me to contract my
services, Name and Likeness, as defined in the Agreement, including any right of publicity, and I acknowledge that consideration provided
by Licensees to Licensor shall fully discharge Licensees’ obligations to me.

 

Very truly,

 

	(s) “Josh Stanley”	 	(s) “Jordan Stanley”
	 	 	 
	Josh Stanley	 	Jordan Stanley
	 	 	 
	(s) “J Austin Stanley”	 	(s) “Jonathan Stanley”
	 	 	 
	J Austin Stanley	 	Jonathan Stanley
	 	 	 
	(s) “Jared Stanley”	 	(s) “Joel Stanley”
	 	 	 
	Jared Stanley	 	Joel Stanley
	 	 	 
	(s) “Jesse Stanley”	 	 
	 	 	 
	Jesse Stanley	 	 

 

    	CW-Stanley Name & Likeness Agreement
	Page 14 of 15 

     

    

 

SCHEDULE B

 

	Country	Mark	App. No.	App. Date	Applicant
	United States	
    CHARLOTTE’S WEB BY THE STANLEY BROTHERS & Design

     

    

     

    
	87049355	May 25, 2016	CWB Holdings, Inc.
	United States	
    CW CHARLOTTE’S WEB BY THE STANLEY BROTHERS & Design

     

    

     
	87049342	May 25, 2016	CWB Holdings, Inc.
	Canada	
    CW CHARLOTTE’S WEB BY THE STANLEY BROTHERS & Design

     

    

     
	1782555	May 16, 2016	CWB Holdings, Inc.
	Canada	
    CHARLOTTE’S WEB BY THE STANLEY BROTHERS & Design

     

    

     
	1782505	May 16, 2016	CWB Holdings, Inc.

 

    	CW-Stanley Name & Likeness Agreement
	Page 15 of 15Exhibit 10.2

 

AMENDING AGREEMENT TO NAME AND LIKENESS AND
LICENSE AGREEMENT

 

This Amending Agreement to the
Name and Likeness and License Agreement (this "Amending Agreement") is made to effective as of April 16, 2021
("Effective Date"), by and between Leeland & Sig LLC d/b/a Stanley Brothers Brand Company, a Colorado limited liability
company ("Licensor"), Charlotte's Web, Inc., a Delaware corporation ("CWB"), and Charlotte's Web Holdings,
Inc., a British Columbia corporation ("Pubco" and together with CWB, the "Licensees"). Licensor and
Licensees shall be referred to herein collectively as the "Parties" and each may be referred to individually as a "Party."

 

RECITALS

 

WHEREAS the Licensor, CWB
Holdings, Inc. and Pubco entered into a Name and Likeness and License Agreement dated August 1, 2018 (the "Original Agreement");
and

 

WHEREAS on August 30, 2018,
CWB Holdings, Inc. merged into Stanley Brothers Inc. pursuant to a merger agreement, with the surviving entity changing its name to Charlotte's
Web, Inc. and being a wholly-owned subsidiary of Pubco; and

 

WHEREAS the Parties wish to
amend the Original Agreement to extend the Initial Term (as defined in the Original Agreement);

 

NOW, THEREFORE, in consideration
of the mutual promises herein contained, it is hereby agreed:

 

ARTICLE
1 - INTERPRETATION

 

1.1              
Incorporation of Original Agreement. This Amending Agreement is supplemental to and shall be read in conjunction
with the Original Agreement, and the Original Agreement and this Amending Agreement shall have effect so far as practicable as if all
the provisions thereof and hereof were contained in one document.

 

1.2              
Effect on the Original Agreement. Except as specifically amended in this Amending Agreement, the Parties hereby confirm
that the Original Agreement and its terms and conditions are and shall remain in full force and effect and are hereby ratified. To the
extent there is any inconsistency between the Original Agreement and this Amending Agreement, the terms of the Amending Agreement shall
supersede the Original Agreement.

 

1.3              
Defined Terms. All terms used but not defined herein shall find their meaning in the Original Agreement.

 

ARTICLE
2 - EFFECTIVE DATE OF AMENDMENTS

 

2.1              
The amendments contained in this Amending Agreement shall become effective as of the Effective Date of this Amending Agreement.

 

ARTICLE
3 - AMENDMENTS

 

3.1              
The third WHEREAS clause of Original Agreement Recitals shall have the following language deleted: “excluding such formulations
that contain cannabinoids from hemp”.

 

    1 

     

    

 

3.2              
Two new WHEREAS clauses shall be added after the third WHEREAS clause of the Original Agreement Recitals, stating:

 

“WHEREAS, the Brothers have formed Stanley
Brothers USA Holdings, Inc. (“SB”), which is (and/or expects to be) engaged in (i) research, development, creation, formulation,
testing, manufacture, advertising, promotion, marketing, offer for sale, sale, and/or distribution of products containing or constituting
Marijuana (whether medicinal, recreational, or otherwise) (“Marijuana Products”) and/or constituting non-cannabis plant medicines
(“Plant Medicine”), presently and/or potentially including without limitation, in the form of foods (including chocolates
and gummies), beverages, dietary and nutritional supplements (including in the form of tinctures), smoking articles (including vaporizers
and cartridges), and plant material/parts, (ii) related education and outreach services, and (iii) advertising and sale of related clothing,
accessories, and merchandise (subsections (i), (ii), and (iii) collectively, the “SB Business”);

 

“WHEREAS, the Brothers propose to form a
new company for the purpose of engaging in non-dietary supplement hemp and/or CBD-based foods (including chocolates and those products
more particularly described in the SB Hemp Co. Option Agreement, as defined in Section 3.16 below ), beverages, and smoking articles (including
vaporizers, cartridges, and/or combustible inhalables (including cigarettes)) (“SB Hemp Co.”);

 

3.3              
A new WHEREAS clause shall be added after the final WHEREAS clause of the Original Agreement Recitals, stating:

 

“WHEREAS, the Parties acknowledge that the
intent of this Amending Agreement and the license hereunder is to permit, subject to the terms hereof, Licensees to continue to use the
Name and Likeness (which this Amending Agreement clarifies and confirms includes the Heptagonal Design, as defined below), which Name
and Likeness are owned exclusively by Licensor, in connection with Licensees’ Business (as defined in the Original Agreement.”

 

3.4              
Section 1(a)(i) of the Original Agreement shall include as part of the defined term “Likeness” the following, to be
added immediately before “(collectively, the “Likeness”)”: “all graphic design depictions and abstract design
representations of the Brothers such as but not limited to seven-sided designs, including such design as depicted in U.S Trademark Serial
No. 88/326,254, filed by Licensor on March 5, 2019 (“Heptagonal Design”)”.

 

3.5              
Subject to Section 3.16 of this Amending Agreement, Section 1(a)(ii) of the Original Agreement shall be amended by adding at the
end after the final sentence the following:

 

“Notwithstanding the foregoing, and notwithstanding
the “exclusive” “Trademark License Grant” of Section 1b)(i) of the Original Agreement, Licensor and the Brothers
shall be entitled to use, through SB Hemp Co., the Name and/or Likeness in connection with any products in any product categories within
the definition of SB Hemp Co. which Licensees presently (i.e., as of the Effective Date of this Amending Agreement) do not sell, including
without limitation hemp foods and beverages. During the period of time of the non-compete of Section 1(a)(ii) of the Original Agreement
as amended (i.e., the term of this Amending Agreement and for a one-year period thereafter), Licensees shall have the right of first refusal
(“ROFR”) to sell to Licensor, the Brothers, SB for SB Business, and SB Hemp Co. (collectively, “Purchaser”), all
CBD/hemp extract at fair market value or at prices offered to unrelated third parties, whichever is less. In response to a bona fide offer
for the sale of CBD/hemp extract, Purchaser shall send an email notice to Licensee’s CFO at *** , identifying the price, quantity,
and other material terms of the offer, and Licensee shall, within 15 days of the date of the email, reply by email whether it wishes to
sell the same to Purchaser at the price and on the terms set forth in Purchaser’s email notice. For avoidance of doubt, (i) the
Parties recognize that Licensee shall not sell any CBD/hemp extract to Licensor, the Brothers, or SB unless and until federal, adult-use
recreational THC legalization in the United States, and therefore all provisions herein regarding Licensees’ ROFR shall not be effective
until such legalization or until Licensees waive the legalization requirement in writing, (ii) subject to Licensees’ ROFR, this
confirms that Licensor, the Brothers, SB, and any other Brother-related entity, including (subject only to Section 3.16) SB Hemp Co.,
have the right to purchase or otherwise source CBD/hemp extract (i.e., less than 0.3% THC) on the open market, and (iii) Purchaser shall
not sell any finished CBD/hemp products (i.e., less than 0.3% THC) except through SB Hemp Co. subject to the SB Hemp Option Agreement
as defined in Section 3.16 below.

 

    2 

     

    

 

3.6              
Section 1(b)(i) of the Original Agreement shall be amended by adding after the final sentence the following:

 

“Nothing in this Section permits Licensees
(or its related entities) to file in any jurisdiction trademark applications or any other application (such as for dba’s or otherwise)
incorporating any aspect of the Name and/or Likeness. Licensees shall expressly abandon (including where applicable filing Notice(s) of
Express Abandonment) any such applications, including U.S. Trademark Serial No. 88/978,401, filed March 17, 2019, and any other applications
to register the Heptagonal Design, any other seven-sided design, and/or any six-sided or other design that is similar to the Heptagonal
Design). Licensees shall not oppose or otherwise interfere in any manner with Licensor’s and/or the Brothers’ pursuit of registration
of any mark constituting or including any aspect of the Name and/or Likeness, including without limitation U.S Trademark Serial No. 88/326,254,
filed by Licensor on March 5, 2019 for the Heptagonal Design. Licensees shall reasonably cooperate with Licensor efforts to register any
such trademarks (for example, including without limitation assisting in determining dates of first use and providing specimens of use.”

 

3.7              
Section 1(e) of the Original Agreement shall be amended as follows: (i) by adding in the title after the words “Marijuana
Use” the following: “and other SB Business”, (ii) by adding after each reference to “Marijuana Use” the
following: “and all other activities relating to the SB Business”, (iii) by adding “Amending” before “Agreement”,
and (iv) by adding after “with the exception of alcoholic formulations” the following: “and all other products and activities
relating in any manner to SB Business”.

 

3.8              
Section 2(b) of the Original Agreement shall be amended by deleting the phrase “(subject to the license granted herein)”
and adding as a final sentence the following:

 

“The Parties acknowledge and agree that
the aforementioned employment agreement may be amended by the parties thereto, or otherwise reconstituted, including by way of transferring
the key rights and obligations thereunder to a form of consulting or similar contractual arrangement (collectively, the “Substituted
Promotion Agreement”), and references in this Agreement to “employment agreement” shall be deemed to include reference
to any such Substituted Promotion Agreement, mutatis mutandis.”

 

3.9              
Section 2(c) of the Original Agreement shall be amended to add as a final sentence to each the following:

 

“This section 2(c) is subject to any contrary
or more specific term set out in any employment agreement (or Substituted Promotion Agreement), the terms of which shall prevail.”

 

3.10          
Section 2(d) of the Original Agreement shall be amended to add as a final sentence to each the following:

 

“This section 2(d) is subject to any contrary
or more specific term set out in any employment agreement (or Substituted Promotion Agreement), the terms of which shall prevail.”

 

    3 

     

    

 

3.11          
 Section 5(b)(vi) of the Original Agreement shall be amended as follows: by adding after “Marijuana Use” the phrase
 “and/or any other activities relating to the SB Business”; to exclude all references to “Web Design” as part of
the list of “marks”; and to add as a final sentence the following:

 

“The trademarks identified in this Paragraph,
namely CHARLOTTE’S WEB, CW, CW SIMPLY, and CW HEMP, refer only to “word” marks incorporating no design elements, with
the sole exception being designs that are not seven-sided or six-sided or otherwise similar in any manner to any aspect of the Name and/or
Likeness (including without limitation the Heptagonal Design and variations thereof).

 

3.12          
Section 4 of the Original Agreement shall be amended to replace the second sentence with the following: “Licensees appoint
Jesse Stanley, Matt Lindsey, and one employee of one of the Licensees nominated from time to time by Jesse Stanley and approved in writing
by the Chief Executive Officer or Chief Financial Officer of one of the Licensees, such approval not to be unreasonably withheld, as the
 “Corporate Social Responsibility Committee”, which shall, based on consensus or where necessary majority vote, have sole discretion
over the direction of the CWB’s previously committed 2%, pre-corporate tax earnings, charitable contributions.”

 

3.13          
Section 7(a) of the Original Agreement shall be amended by deleting the phrase “(subject to the license granted herein)”.

 

3.14          
Section 8(a) of the Original Agreement shall be deleted in its entirety and replaced with the following:

 

“(a) Term. Unless otherwise terminated
in accordance with the provisions of this Section 8, this Agreement shall commence on the Effective Date and shall terminate on July 31,
2022 (the "Term").”

 

3.15          
Section 8(b)(v) of the Original Agreement shall be amended to add as a final sentence the following:

 

“The foregoing sentence shall exclude accumulations
by any Brother or group of Brothers, either directly or indirectly or by any entity or entities affiliated with, or controlled by, one
or more Brothers.”

 

3.16          
Notwithstanding Section 3.5 above, the provisions of Section 3.5 as they pertain only to SB Hemp Co. shall not come into effect
until such time as Licensees and SB Hemp Co. enter into a form of option agreement providing Licensees with a right to purchase SB Hemp
Co. on mutually agreeable terms (“SB Hemp Co. Option Agreement”). The Parties agree to cooperate in good faith to make reasonable
commercial efforts to negotiate and execute a binding SB Hemp Co. Option Agreement on or before May 28, 2021. For avoidance of doubt,
nothing in this Section 3.16 limits the rights in Section 3.5 of Licensor, the Brothers, SB, and any Brother-related entity (other than
SB Hemp Co.) to purchase or otherwise source CBD on the open market, which is subject only to Licensees’ ROFR to be the source for
same.

 

3.17          
Section 8(d) of the Original Agreement shall be corrected by changing “this Section 9” to “this Section 8”.

 

3.18          
Section 11(f) of the Original Agreement shall be amended by adding (a) the following directly under the name and address of Licensor’s
Dorsey & Whitney LLP contact for Notices: “With hard copy (and email copy) to: Thomas A. Canova, 488 Madison Avenue, Suite
1120, New York, NY 10022 (tom@canovalaw.com)”; and (b) the following directly under the name and address of Licensee’s
Cooley LLP contact for Notices: “With hard copy (and email copy) to: DLA Piper (Canada) LLP, Attn: Jarrod Isfeld, Suite 1000, 250
 – 2nd St SW, Calgary, AB T2P 0C1 (jarrod.isfeld@ca.dlapiper.com)”.

 

    4 

     

    

 

ARTICLE
4 - REPRESENTATIONS AND WARRANTIES

 

4.1              
Each Licensee hereby represents and warrants as follows to the Licensor and acknowledges and confirms that the Licensor is relying
upon such representations and warranties:

 

		(a)	such Licensee has the requisite corporate power and authority to enter into this Amending Agreement and
to perform its obligations hereunder and its board of directors has duly authorized the execution and delivery of this Amending Agreement
and the completion of its obligations hereunder;

 

		(b)	this Amending Agreement has been duly executed and constitutes a valid and binding obligation of such
Licensee, enforceable by Licensor against such Licensee in accordance with its terms, except as the enforcement thereof may be limited
by bankruptcy, insolvency and other applicable laws affecting the enforcement of creditors’ rights generally and subject to the
qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction. There are no other agreements,
written or oral, with any third party in conflict herewith; and

 

		(c)	the representations and warranties set forth in the Original Agreement are true and correct in all respects
on and as of the date hereof as though made on and as of such date, unless stated to be made as of a specified date.

 

4.2              
The Licensor hereby represents and warrants as follows to the Licensees and acknowledges and confirms that the Licensees are relying
upon such representations and warranties:

 

		(a)	the Licensor has the requisite corporate power and authority to enter into this Amending Agreement and
to perform its obligations hereunder and its board of directors has duly authorized the execution and delivery of this Amending Agreement
and the completion of its obligations hereunder;

 

		(b)	this Amending Agreement has been duly executed and constitutes a valid and binding obligation of the Licensor,
enforceable by the Licensees against such Licensor in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency and other applicable laws affecting the enforcement of creditors’ rights generally and subject to the qualification that
equitable remedies may be granted only in the discretion of a court of competent jurisdiction. There are no other agreements, written
or oral, with any third party in conflict herewith; and

 

		(c)	the representations and warranties set forth in the Original Agreement are true and correct in all respects
on and as of the date hereof as though made on and as of such date, unless stated to be made as of a specified date.

 

ARTICLE
5 - MISCELLANEOUS

 

5.1              
Further Assurances. The Parties hereto shall from time to time do all such further acts and things and execute and
deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Amending
Agreement.

 

5.2              
Inurement. This Amending Agreement shall inure to the benefit of and shall be binding upon the Parties hereto and
their respective successors and permitted assigns.

 

5.3              
Counterparts. This Amending Agreement may be executed in any number of counterparts and delivered by facsimile or
electronic mail and all such counterparts taken together shall be deemed to constitute one and the same instrument.

 

    5 

     

    

 

5.4              
 Whole Agreement; Only Written Amendments. The Original Agreement (as amended hereby) and this Amending Agreement
constitute the whole and entire agreement between the Parties hereto regarding the subject matter hereof and cancel and supersede any
prior agreements, undertakings, declarations, commitments, representations, written or oral, in respect thereof. Any provision of this
Amending Agreement may only be amended if the Parties so agree in writing.

 

5.5              
Time. Time is of the essence for all purposes of this Amending Agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    6 

     

    

 

IN WITNESS WHEREOF the Parties have executed this
Amending Agreement as of the date first written above.

 

	Licensees:	 	Licensor:
	 	 	 
	Charlotte's Web, Inc.	 	Leeland & Sig LLC d/b/a Stanley
	 	 	Brothers Brand Holding Co
	 	 	 
	By:	/s/ Deanie Elsner	 	By:	/s/ Jesse Stanley
	Name:	Deanie Elsner	 	Name:	Jesse Stanley
	Title:	CEO, Director	 	Title:	Board of Managers
	 	 	 
	Charlotte's Web Holdings, Inc.	 	 
	 	 	 
	By:	/s/ Deanie Elsner	 	 
	Name:	Deanie Elsner	 	 
	Title:	CEO, Director	 	 
	 	 	 

 

    7

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