Document:

Exhibit 10.1

 

 

25-Jul-2022

 

DELIVERED ELECTONICALLY

Alessandro Annoscia

alessnam@1apeiron.com

561-221-4409

 

		RE:	Offer of Employment

 

Dear Alessandro:

 

We appreciate your interest in Veritas Farms,
Inc. (the “Company”). Given your interest in the Company’s products and services, we believe that it would benefit both
of us to expand our relationship. As we discussed, we are offering you the position of Chief Executive Officer at the Company’s
office in Dania Beach, FL contingent upon successful completion of a background check.

 

We anticipate your start date will be on or about
25-Jul-2022

 

Also, as we discussed, your compensation is described
on the attached exhibit, entitled “Compensation Structure”.

 

As an employee at the Company, you are also entitled
to participate in employee benefit plans or programs, if any, to the extent you are eligible to participate under the specific plan’s
provisions. Employees become eligible for health, dental, and vision insurance after one full calendar month of employment. These benefits
are governed by the rules of each policy. The Company policies and benefit plans, which may be modified in the Company’s discretion
in the future, describe what contributions, if any, are made to the plans on the employee’s behalf.

 

In addition to the foregoing benefits, you are
eligible for three weeks (15 days) vacation annually, accrued on a bi-weekly basis.

 

The terms of your employment will be governed
by the policies and procedures outlined in the Company’s Employee Handbook. Your employment with the company is “at will”,
which means that either you or the Company may terminate the employment relationship at any time. While we have outlined the general benefits
and terms of the employment relationship in this letter, this letter is not a contract of employment for any specified period of time
and should not be construed as such.

 

In order to accept employment with the Company,
you will need to sign and return this letter along with the signed originals of the documents listed below:

 

		●	Proprietary Information and Non-Compete Agreement

 

		●	Background Screening Release Form

 

We look forward to a mutually beneficial employment
relationship with you. Should you have any questions regarding the documents you need to return to accept this offer of employment, please
do not hesitate to contact me at your earliest convenience.

 

	 	Very truly yours,
	 	 
	 	/s/ Thomas E. Vickers
	 	Thomas E. Vickers
	 	Chairman
	 	Enclosures (as stated)

 

I hereby accept the offer of employment stated
in this letter and acknowledge that my employment will be at-will.

 

	/s/ Alessandro Annoscia 	 	25-Jul-2022	 
	Alessandro Annoscia	 	Date	 

 

 

1815 Griffin Road ● Ste 401 ●
Dania Beach, FL 33004

Phone: 833-691-4367 ● www.TheVeritasFarms.com

 

     

     

    

 

 

Compensation Structure

 

		●	Base Annual Salary: $240,000

 

		●	The Company will issue you 2,000,000 Restricted Shares upon approval of the 2022 Equity Incentive Plan
which will be subject to the achievement of performance goals in Year One and Year Two. The restrictions will lapse ratably over two years
on the subsequent two anniversaries of the issuance date.

 

This Position is Exempt and
is not eligible for overtime pay.

 

This position is eligible to participate
in any equity incentive compensation or bonus compensation plans the Company has in effect, subject to the specific plan’s rules.

 

 

1815 Griffin Road ● Ste 401 ●
Dania Beach, FL 33004

Phone: 833-691-4367 ● www.TheVeritasFarms.com

 

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Proprietary Information and Non-Compete

Agreement 

 

As part of my application to work for Veritas Farms, Inc. (the “Company”)
and for valuable consideration, the receipt and sufficiency of which I hereby acknowledge, I, Alessandro Annoscia, hereby agree as follows:

 

1. Company’s
Trade Secrets: I understand that in performance of my job duties with and/or services to the Company, I will be exposed to the Company’s
trade secrets. “Trade secrets” means information or material that is commercially valuable to the Company and not generally
known in the industry. This includes:

 

(a) any
and all versions of the Company’s proprietary computer software (including source code and object code), hardware, firmware and
documentation;

 

(b) technical
information concerning the Company’s products and services, including product data and specifications, diagrams, flow charts, drawings,
test results, know-how, processes, inventions, research projects and product development;

 

(c) information
concerning the Company’s business, including cost information, profits, sales information, accounting and unpublished financial
information, business plans, markets and marketing methods, customer lists and customer information, purchasing techniques, supplier lists
and supplier information and advertising strategies;

 

(d) information
concerning the Company’s employees, including their salaries, strengths, weaknesses and skills;

 

(e) information
submitted by the Company’s customers, suppliers, employees, consultants, or co-venturers with the Company for study, evaluation
or use; and

 

(f) any
other information not generally known to the public which, if misused or disclosed, could reasonably be expected to adversely affect the
Company’s business.

 

2. Nondisclosure
of Trade Secrets: I will keep the Company’s trade secrets, whether or not prepared or developed by me, in the strictest confidence.
I will not use or disclose such secrets to others without the Company’s written consent, except when necessary to perform my job.
However, I shall have no obligation to treat as confidential any information which:

 

(a) was
in my possession or known to me, without an obligation to keep it confidential, before the Company disclosed such information to me;

 

(b) is
or becomes public knowledge through a source other than me and through no fault of mine; or

 

(c) is
or becomes lawfully available to me from a source other than the Company.

 

In the event an action is instituted, and prior
knowledge is an issue, it shall be my obligation to prove by clear and convincing evidence that the confidential information disclosed
was in the public domain, was already known by me, or was developed independently by me.

 

 

1815 Griffin Road ● Ste 401 ●
Dania Beach, FL 33004

Phone: 833-691-4367 ● www.TheVeritasFarms.com

 

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3. Confidential
Information of Others: I will not disclose to the Company, use in the Company’s business, or cause the Company to use, any information
or material that is a trade secret of others.

 

4. Return
of Materials: When my employment with and/or services to the Company ends, for whatever reason, I will promptly deliver to the Company
all originals and copies of all documents, records, software programs, media and other materials containing any of the Company’s
trade secrets. I will also return to the Company all equipment, files, software programs and other property (personal or other) belonging
to the Company.

 

5. Confidentiality
Obligation Survives Termination: I understand that my obligation to maintain the confidentiality and security of the Company’s trade
secrets remains with me even after my employment with and/or services to the Company ends and continues for so long as such material remains
a trade secret.

 

6. Computer
Programs Are Works Made for Hire: I understand that as part of my job duties I may be asked to create, or contribute to the creation of,
computer programs, documentation, and other copyrightable works. I also understand that the Company provides me with facilities and time
to create such computer programs, documentation, and other copyrightable works. I agree that any and all computer programs, documentation
and other copyrightable materials that I (a) have worked or will work on during the term of my employment with the Company or (b) have
been or will be asked to prepare or work on as part of my employment with the Company, shall be “works made for hire” and
that the Company shall own the exclusive right, title and interest, including copyright, in and to such works. IF AND TO THE EXTENT ANY
SUCH MATERIAL DOES NOT SATISFY THE LEGAL REQUIREMENTS TO CONSTITUTE A WORK MADE FOR HIRE, I HEREBY ASSIGN ALL OF MY RIGHT, TITLE AND INTEREST,
INCLUDING COPYRIGHT, IN AND TO THE WORK TO THE COMPANY.

 

7. Disclosure
of Developments: While I am employed by the Company, I will promptly inform the Company of the full details of all my inventions, discoveries,
improvements, innovations, and ideas (collectively called “Developments”) --whether or not patentable, copyrightable or otherwise
protectable--that I conceive, complete or reduce to practice (whether jointly or with others) and which:

 

(a) relate
to the Company’s present or prospective business, or actual or demonstrably anticipated research and development; or

 

(b) result
from any work I do using any equipment, facilities, materials, trade secrets or personnel of the Company; or

 

(c) result
from or are suggested by any work that I may do for the Company.

 

I will provide the Company with a written record
of all such disclosures which it shall keep for at least two years.

 

8. Assignment
of Developments: I hereby assign to the Company or the Company’s designee, my entire right, title, and interest in all of the following
that I conceive or make (whether alone or with others) while employed by the Company and for one year after my employment with the Company
ends:

 

(a) all
Developments;

 

(b) all
copyrights, trade secrets, trademarks, and mask work rights in Developments; and

 

(c) all
patent applications filed, and patents granted on any Developments, including those in foreign countries.

 

9. Execution
of Documents: Both while employed by the Company and afterwards, I agree to execute and aid in the preparation of any papers that the
Company may consider necessary or helpful to obtain or maintain any patents, copyrights, trademarks, or other proprietary rights at no
charge to the Company, but at its expense.

 

10. Extent
of Services. During my employment with the Company I shall devote my entire time, attention and energies to the business of the Company
and shall not during the term of this Agreement be engaged, whether or not during normal business hours, in any other business or professional
activity, whether or not such activity is pursued for gain, profit, or other pecuniary advantage, unless I obtain the prior written consent
of the Company to perform such other business or professional activity.

 

 

1815 Griffin Road ● Ste 401 ●
Dania Beach, FL 33004

Phone: 833-691-4367 ● www.TheVeritasFarms.com

 

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11. Conflict
of Interest: During my employment by and/or services to the Company, I will not engage in any business activity competitive with the Company’s
business activities. Nor will I engage in any other activities that conflict with the Company’s best interests.

 

12. Covenant
Not to Compete. During the term hereof and, if this Agreement is terminated for any reason, for a period of one (1) year thereafter, I
shall not compete, directly or indirectly, with the Company, interfere with, disrupt or attempt to disrupt the relationship, contractual
or otherwise, between the Company and any customer, client, supplier, consultant, or employee of the Company, including, without limitation,
employing or being an investor (representing more than 5% equity interest) in, or officer, director, or consultant to, any person or entity
which employs any former key or technical employee whose employment with the Company was terminated after the date which is one year prior
to the date of termination of my employment therewith. An activity competitive with an activity engaged in by the Company shall mean performing
services whether as an employee, officer, consultant, director, partner, or sole proprietor for any person or entity engaged in the business
then engaged in by the Company, which services involve the development and marketing of an Internet based system to collect, manage, and
compile clinical trial and research data. Notwithstanding the above, covenant not to compete will be shortened to six (6) months if I
am terminated by the company or I terminate my employment due to non-payment of salary.

 

13. Enforcement:
I agree that in the event of a breach or threatened breach of this Agreement, money damages would be an inadequate remedy and extremely
difficult to measure. I agree, therefore, that the Company shall be entitled to an injunction to restrain me from such breach or threatened
breach. Nothing in this Agreement shall be construed as preventing the Company from pursuing any remedy at law or in equity for any breach
or threatened breach.

 

14. General
Provisions:

 

(a) Successors:
The rights and obligations under this Agreement shall survive the termination of my service to the Company in any capacity and shall inure
to the benefit and shall be binding upon: (i) my heirs and personal representatives, and (ii) the successors and assigns of the Company.

 

(b) Governing
Law: This Agreement shall be construed and enforced in accordance with the laws of the State of Florida. All questions with respect to
the construction hereof and the rights and liabilities of the parties hereto shall be governed by the laws of the State of Florida. Any
action or proceeding arising out of or relating hereto shall be brought in Broward County, State of Florida.

 

(c) Severability:
If any provision of this Agreement is determined to be invalid or unenforceable, the remainder shall be unaffected and shall be enforceable
against both the Company and me.

 

(d) Entire
Agreement: This Agreement supersedes and replaces all former agreements or understandings, oral or written, between the Company and me,
except for prior confidentiality agreements, non-compete and any assignment I have signed relating to information not covered by this
Agreement.

 

(e) Modification:
This Agreement may not be modified except by a written document signed both by the Company and me.

 

I have carefully read and
considered all provisions of this Agreement and agree that all of the restrictions set forth are fair and reasonably required to protect
the Company’s interests. I acknowledge that I have received a copy of this Agreement as signed by me.

 

	/s/ Alessandro Annoscia	Date: 25-Jul-2022
	Alessandro Annoscia	 

 

 

1815 Griffin Road ● Ste 401 ● Dania Beach, FL 33004

Phone: 833-691-4367 ● www.TheVeritasFarms.com

 

 

5Exhibit 10.2

 

SEPARATION AGREEMENT

 

THIS SEPARATION AGREEMENT
(the “Agreement”) is entered into this 25th day of July, 2022, effective July 25, 2022 (the “Effective Date”),
by and between VERITAS FARMS, INC., a Nevada corporation (“VFRM” or the “Company”) and STEPHEN
E. JOHNSON, an individual (“Executive”). VFRM and Executive are sometimes referred to herein individually, as a
“Party” and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, VFRM and Executive
entered into that certain employment agreement dated August 11, 2021, under which Executive was employed as VFRM’s Chief Executive
Officer (the “Employment Agreement”); and

 

WHEREAS, Executive
also serves as a member of VFRM’s board of directors (the “Board”); and

 

WHEREAS, VFRM and Executive
wish to mutually terminate the Employment Agreement and Executive wishes to step down as a member of the Board and as VFRM’s Chief
Executive Officer and President, on and subject to the terms and conditions set forth below; and

 

WHEREAS, capitalized
terms used but not defined herein shall have the meaning ascribed thereto in the Employment Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the promises and agreements below and other good and valuable consideration, the Parties agree as follows:

 

1. The Employment Agreement
is hereby mutually terminated, effective as of the Effective Date, on and subject to the terms of and except as provided in this Agreement.

 

2. As of the Effective Date,
Executive resigns as the Company’s Chief Executive Officer and President, and a member of the Board, and from any and all other
positions the Executive holds with the Company and its subsidiary, 271 Lake Davis Holdings, LLC, a Delaware limited liability company.

 

3. Commencing on the Effective
Date, and provided the Employment Agreement was not terminated prior to the Effective Date by the Company for Cause (as defined in the
Employment Agreement) or as a result of Executive’s resignation (for any reason or for no reason) or Disability (as defined in the
Employment Agreement), Executive shall enter into a Consulting Agreement with the Company in the form attached hereto as Exhibit A
(“Consulting Agreement”).

 

     

     

    

 

4. Upon the expiration or
termination of the Consulting Agreement, and provided the Consulting Agreement has not been terminated by the Company for Cause (as defined
in the Consulting Agreement), the Executive shall receive the following :

 

In satisfaction of all obligations, financial
and otherwise, of VFRM to Executive under the Employment Agreement, VFRM shall:

 

		●	pay the COBRA premiums for Executive and his family on Executive’s
health insurance as in effective immediately prior to the Effective Date at the same cost to the Executive as such benefits were provided
prior to the Effective Date for three (3) months after the Effective Date, provided, however, that such obligation shall
terminate if at any time during such three (3) month period, Executive becomes covered by another health insurance plan, whereupon Executive
shall notify VFRM within ten (10) days prior thereto setting forth the commencement date of such alternative coverage; and

 

		●	allow Executive to exercise the following vested options (the
“Options”) previously granted to him under VFRM’s 2017 Stock Incentive Plan (the “2017 Plan”)
at any time and from time to time, prior to the date that is six (6) months from the Effective Date, without regard to Executive’s
Continuous Service (as such term is defined in the 2017 Plan):

 

		o	options to purchase 150,000 shares of VFRM’s common stock at an exercise price of $0.16 per share
granted to the Executive effective May 12, 2021.

 

The foregoing under Section
4 shall be subject to all required federal, state and local withholding, payroll and insurance taxes.

 

5. VFRM and Executive agree
that except for Executive’s final paycheck, unused vacation days, and accrued Business Expenses (which for purposes of this Agreement,
shall be as defined in the Employment Agreement), which shall be paid on or before the Company’s next payroll date following the
Effective Date, and as otherwise specifically set forth in this Agreement, VFRM shall have no further obligations, financial or otherwise,
to Executive under the Employment Agreement or otherwise, including without limitation, the award and payment of any bonuses or cash or
equity incentive under the Company’s cash incentive program.

 

6. On the Effective Date of
this Agreement, Executive shall deliver to the Company (and will not keep in Executive's possession or deliver to anyone else) all Confidential
Information (as defined in the Employment Agreement) of the Company related to the business of the Company and all devices, records, data,
notes, reports, proposals, lists, correspondence, specifications, drawings, materials, equipment, computer software, other documents or
property, or reproductions of any aforementioned items developed by Executive as part of or in connection with his employment or otherwise
belonging to the Company.

 

7. The provisions of the Employment
Agreement which survive the termination thereof pursuant to its terms, including, without limitation, the provisions of Sections 8,
9, 12, 13, 14, 16, 19, 20 and 22, of the Employment Agreement shall survive the termination
of the Employment Agreement and shall be deemed incorporated by reference into this Agreement. In the event of a conflict between the
surviving provisions of the Employment Agreement and any provision of this Agreement, the provision of this Agreement shall control.

 

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8. On behalf of himself, his
heirs, executors, administrators, and assigns, Executive fully releases VFRM and all of its affiliated and related entities, and their
respective successors, assigns, officers, directors, agents, and employees, of and from any and all potential or actual known or unknown,
actions, causes of actions, claims, demands, lawsuits, judgments, debts, accounts, covenants, agreements, actions, cross-actions, liabilities,
obligations, losses, damages, costs, compensation, expenses, attorneys’ fees, remedies, causes of action of any nature, whether
in tort or contract, or based on any wrongful or intentional act, fraud or misrepresentation, breach of duty or common law, or arising
under or by virtue of any judicial decision, statute or regulation, for past, present, or future injuries, physical or mental or property
or economic damage, and for all other losses and damages of any kind, including, but not limited to the following: actual damages, all
exemplary and punitive damages, all penalties of any kind, including, without limitation, any statutory or other penalties or liabilities,
tax liability, damage to physical or mental health, business reputation, lost earnings, profits or good will, consequential damages, damages
ensuing from loss of credit and prejudgment and post-judgment interest and costs and attorneys’ fees, from the beginning of time
to the Effective Date, other than claims arising pursuant to this Agreement. This Release includes, but is not limited to, all liabilities,
for the payment of any sums or accrued earnings, bonuses, severance pay, salary, accruals under any vacation, sick leave or holiday plans,
any employee benefits, any employment related charge, claim or lawsuit under any federal, state, or local law, including but not limited
to claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Age Discrimination
in Employment Act, as amended by the Older Workers’ Benefit Protection Rights, the Americans With Disabilities Act, the Worker Adjustment
Retraining and Notification Act, the Family and Medical Leave Act of 1993, and any tort, contract, quasi-contract claims, and attorneys’
fees. Notwithstanding the foregoing, nothing contained in this Section 8 will operate to release any releasees hereunder from claims
based on statutory or common law fraud.

 

9. Neither Party, including
in the case of VFRM, its officers, directors, employees, consultants and advisors will disparage, portray in a negative light, or make
any statement which could be construed as defamatory to the other Party or injurious to its reputation. Notwithstanding the foregoing,
for the avoidance of doubt, nothing in this Agreement limits, restricts or in any other way affects Executive’s communicating with
any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters
relevant to the governmental agency or entity.

 

10. In the event of a Party’s
breach or threatened breach of Sections 7, 8, 9 or 12 of this Agreement, the non-breaching Party may enforce such sections by obtaining
an injunction to restrain the violation. Injunctive relief shall be in addition to, and not in lieu of, any other remedies or damages
available at law or in equity, including the recovery of compensatory and punitive damages from the breaching Party.

 

11. The Parties intend for
the compensation provided under this Agreement to comply with, or be exempt from, the provisions of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) (together with the regulations thereunder, “Section 409A”). If any payment
or benefit hereunder constituting “nonqualified deferred compensation” subject to Section 409A would be subject to subsection
(a)(2)(B)(i) of Section 409A (relating to payments made to “specified employees” of publicly-traded companies upon separation
from service), any such payment or benefit to which Executive would otherwise be entitled during the six (6)-month period following Executive’s
separation from service will instead be provided or paid without interest on the first business day following the expiration of such six
(6)-month period, or if earlier, the date of Executive’s death. Each payment made under this Agreement shall be treated as a separate
payment. Notwithstanding anything to the contrary in this Agreement, any reimbursement that constitutes or could constitute nonqualified
deferred compensation subject to Section 409A will be subject to the following additional requirements: (a) the expenses eligible for
reimbursement will have been incurred during the term of this Agreement; (b) the amount of expenses eligible for reimbursement during
any calendar year will not affect the expenses eligible for reimbursement in any other taxable year; (c) reimbursement will be made not
later than December 31 of the calendar year following the calendar year in which the expense was incurred; and (d) the right to reimbursement
will not be subject to liquidation or exchange for any other benefit.

 

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12. In no event shall any
alternative source of income or other monies to Executive from outside of the Company, whether through other employment, consultancy,
investments or otherwise, be deemed to offset the payments owed to Executive hereunder; and no cash compensation received by Executive
under this Agreement shall be subject to clawback or recoupment by the Company following its payment.

 

13. The Company agrees that all rights to indemnification
or exculpation now existing in favor of Executive, as provided in the Company’s organizational documents, shall survive the Effective
Date and shall continue in full force and effect for a period of three (3) years after the Effective Date and that the Company will perform
and discharge the obligations to provide such indemnity and exculpation after the Effective Date during such period; provided,
however, that all rights to indemnification and exculpation in respect of any action arising out of or relating to matters existing or
occurring at or prior to the termination of Executive’s service and asserted or made within such three (3) year period shall continue
until the final disposition of such action. Until the termination of all such indemnification and exculpation obligations, except as required
by law, the Company shall not, amend, repeal or otherwise modify the indemnification provisions of the Company’s articles of incorporation,
bylaws, or other similar governing documents as in effect on the date hereof in any manner that would adversely affect the rights thereunder
of Executive.

 

In the event the Company or
any of the Company’s successors or assigns (i) consolidates with or merges into any other person and shall not be the continuing
or surviving corporation or entity in such consolidation or merger; or (ii) transfers all or substantially all of its properties
and assets to any person, then and in either such case, the Company shall make proper provision so that the successors and assigns shall
assume the obligations set forth herein (to the extent they do not terminate pursuant to the terms set forth herein).

 

14. Any
other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to
indemnify Executive:

 

(a)
for any acts or omissions or transactions from which a director may not be relieved of liability under applicable law;

 

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(b)
with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect
to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise
as required under Nevada Revised Statutes 78, but such indemnification may be provided by the Company in specific cases if the
board of directors has approved the initiation or bringing of such suit;

 

(c)
for any expenses incurred by Executive with respect to any proceeding instituted by Executive to enforce or interpret this Agreement,
if a court of competent jurisdiction determines that each of the material assertions made by the Executive in such proceeding was not
made in good faith or was frivolous; 

 

(d)
for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties,
and amounts paid in settlement) which have been paid directly to or on behalf of Executive by an insurance carrier under a policy of directors’
and officers’ liability insurance maintained by the Company or any other policy of insurance maintained by the Company or Executive;
or

 

(e)
 for Expenses and the payment of profits arising from the purchase and sale by Executive of securities in violation of Section
16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.”

 

15. Until three (3) years
after the Effective Date, the Company shall use commercially reasonable efforts to promptly notify Executive of any action brought by
any persons against the Company or any of its directors, officers or the other representatives to the extent Executive is included as
a party to such action (such action, a “Board Litigation”), and shall use commercially reasonable efforts to keep Executive
reasonably and promptly informed with respect to the status thereof. The Company will provide Executive with the right to consult on any
settlement with respect to such Board Litigation.

 

16. Provided that Executive
cooperates with the Company, the Company shall cooperate with Executive in connection with and facilitate, at the Company’s sole
cost, the timely preparation and filing of any and all beneficial ownership reports required to be filed by Executive with the SEC pursuant
to Sections 13 and 16 of the Exchange Act and the rules and regulations of the SEC, until the end of the Severance Period.

 

17. This Agreement does not
prevent Executive from (a) filing a charge of discrimination with the EEOC (b) reporting any information to the SEC or any other government
agency or regulatory authority having jurisdiction over the Company, or in accordance with any applicable state or federal laws providing
for whistleblower protection or (c) cooperating with any governmental investigation of the Company. However, by reason of the release
contained in Section 8, Executive agrees that he will not seek or accept any award of damages or attorneys’ fees of any kind
arising out of a charge or complaint filed by Executive, provided that this does not limit Executive’s right to recover an award
from the SEC.

 

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18. This Agreement constitutes
the entire agreement between the Parties relating to the mutual termination of the Employment Agreement and supersedes any and all prior
agreements or oral representations by either Party related thereto. This Agreement shall not be changed, modified or amended in any respect
except by a written instrument signed by the Parties.

 

19. Except as otherwise contemplated
herein, the Parties agree that the facts relating to the existence of this Agreement, the negotiations leading to the execution of this
Agreement, and the terms of this Agreement shall be held in confidence by the parties and, except as necessary to enforce this Agreement
or as required by law or court process, shall not be disclosed, communicated, offered into evidence in any legal proceedings or divulged
to any person, other than to Executive’s spouse and each Party’s tax advisors, legal advisors and accountants and to those
who must perform tasks to effectuate this Agreement, in any case, without first advising such persons to whom disclosure is made of the
confidential nature of this Agreement. Notwithstanding the foregoing, if the Company is contacted by the media or as a reference or Executive
is contacted directly by, or Executive directly contacts, Executive’s prospective employers, the Company and Executive agree to
respond, orally or in writing to such media or prospective employers, only refer such party to the Current Report on Form 8-K (the “Form
8-K”) to be filed by the Company with the SEC in connection with Executive’s separation or, in the event of communications
with a prospective employer, confirm Executive’s title and dates of employment. Such Form 8-K will be timely filed on or after the
Effective Date. The Company shall provide to Executive, for Executive’s review and comment, an advance draft of the Form 8-K that
the Company is required to file with the SEC with respect to the cessation of Executive’s service as a director, CEO and President
and his employment as contemplated herein, and any press release related thereto (“Press Release”). Other than the Form 8-K
and Press Release, the Company has no intention to make any further SEC filings or to issue any written statement in connection with the
matters contemplated herein.

 

20. Each Party has had independent
counsel and as such, each party shall bear his, her or its respective legal fees and expenses relating to this Agreement.

 

21. Executive represents
and warrants that Executive has read this entire Agreement; has been provided at least twenty-one (21) days to consider it; has been given
the opportunity and has had this Agreement reviewed by an attorney; understands the meaning and application of each and every provision
of this Agreement; and is signing of Executive’s own free will with the intent of being bound by each and every provision of this
Agreement. Executive acknowledges that if Executive signs this Agreement prior to the expiration of twenty-one (21) days, Executive has
done so voluntarily and knowingly. Executive agrees that any modification to this Agreement, material or otherwise, does not restart,
extend or affect in any way the original twenty-one (21) day consideration period. Executive further understands that Executive has seven
(7) days to revoke this Agreement after signing it by delivering a notice of rescission by to the Company in accordance with the provisions
of Section 28.

 

22. This Agreement is made
and delivered in, and shall be governed by, and construed in accordance with, the applicable laws of the State of Florida and if any term
or part of this Agreement shall be determined to be invalid, illegal or unenforceable, in whole or in part, the validity of the remaining
part of such term or the validity of any other term of this Agreement shall not in any way be affected. If any invalidity or unenforceability
is caused by the length of any period of time or the size of any area set forth in any part of this Agreement, the period of time or area,
or both, shall be considered to be reduced to a period or area that would cure the invalidity or unenforceability.

 

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23. This Agreement shall be
binding upon and inure to the benefit of the Parties and their respective heirs, legal representatives, successors and Assigns.

 

24. A waiver by any Party
of any of the terms and conditions hereof shall not be construed as a general waiver by such Party and such Party shall be free to reinstate
any such term or condition, with or without notice to the other Party.

 

25. This Agreement shall be
construed without regard to any presumption or other rule requiring construction against the Party causing this Agreement to be drafted.
All sections or subsections in this Agreement are for convenience only and are not deemed part of the content of this Agreement.

 

26. Any suit, action or proceeding
brought to interpret, enforce or otherwise arising under this Agreement shall be brought in the Broward County Circuit Court for the Eleventh
Judicial Circuit, in and for Broward County, Florida, or in the U.S. District Court for the Southern District of Florida, Fort Lauderdale
Division, and the Parties accept the exclusive personal jurisdiction of those courts for the purpose of any suit, action or proceeding.
Each Party waives all rights to any trial by jury in all litigation relating to or arising out of this Agreement. In any suit, action
or proceeding brought to interpret or enforce or otherwise arising under this to this Agreement, the prevailing Party shall be entitled
to recover attorneys’ fees and costs at both the trial and appellate levels.

 

27. The Parties acknowledge
that by entering into this Agreement, VFRM does not admit it has any liability whatsoever to Executive concerning Executive’s employment
or the separation of that employment, nor does Executive admit that any wrongdoing was the cause of the separation of his employment with
the Company.

 

28.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service, to Executive at the last address the Executive has filed in writing
with the Company or, in the case of the Company, at its main offices, attention of the Chief Executive. Notices shall be effective on
receipt.

 

29. This Agreement may be
executed in multiple counterparts (including by facsimile, .pdf or other electronic transmission, each of which shall be deemed an original
and all of which shall constitute a single agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the date first written above.

 

	 	VFRM:
	 	 
	 	VERITAS FARMS, INC.
	 	 
	 	By:	/s/ Thomas E. Vickers
	 	 	Name: 	Thomas E. Vickers
	 	 	Title:	Chairman of the Board of Directors
	 	 	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Stephen E. Johnson 
	 	Stephen E. Johnson

 

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Exhibit A

 

Consulting Agreement

 

 

 

 

 

 

 

 

 

 

 

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