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Exhibit 10.2

AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT
This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of November 11, 2021 by and between Carlyle Secured Lending III, a Delaware statutory trust (the “Company”), and CSL III Advisor, LLC, a Delaware limited liability company (the “Adviser”), amending and restating, in its entirety, the Investment Advisory Agreement, made as of June 21, 2021, originally between the Company and Carlyle Global Credit Investment Management L.L.C., a Delaware limited liability company (the “Old Adviser”), and subsequently novated from the Old Adviser to the Adviser pursuant to the Novation of Investment Advisory Agreement, effective as of November 11, 2021, by and among the Company, the Old Adviser and the Adviser.
WHEREAS, the Company is a newly organized closed-end management investment fund that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and
WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and
WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.
NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows: 
1.Duties of the Adviser.
(a)The Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board of Trustees of the Company (the “Board”), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Company’s filings made with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Investment Company Act, and in the Company’s reports to its shareholders (as the same shall be amended from time to time); (ii) in accordance with all other applicable federal and state laws, rules and regulations, and the Company’s declaration of trust and by-laws as the same shall be amended from time to time; and (iii) in accordance with the Investment Company Act and the applicable rules and regulations thereunder. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) monitor the Company’s investments; (iv) determine the securities and other assets that the Company will purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; (vi) assist the Board with its valuation of the Company’s assets, including, if so designated by the Board, performing fair value determinations of the Company’s assets as the Board’s valuation designee; (vii) direct investment professionals of the Adviser to provide managerial assistance to portfolio 

companies of the Company as requested by the Company, from time to time and (viii) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to incur debt financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act).
(b)The Adviser hereby accepts such retention as investment adviser and agrees during the term hereof to render the services described herein for the compensation provided herein.
(c)This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Adviser acting in the ordinary course of its business and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.
(d)The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act and the rules thereunder with respect to the Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company’s request, provided that the Adviser may retain a copy of such records.
(e)Subject to the prior approval by the Board and the shareholders of the Company to the extent required under the Investment Company Act, the Adviser is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Adviser and the Company. The Company shall be responsible for any compensation payable to any Sub-Adviser. Any sub-
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advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law.
2.Company’s Responsibilities and Expenses Payable by the Company. 
All investment professionals of the Adviser, and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company. The Company shall bear all expenses of its operations and transactions, including (without limitation except as noted) those relating to: the Company’s organizational expenses and offering costs relating to the offering of the Company’s common shares of beneficial interest (“Common Shares”) incurred on or prior to the final closing date on which the Company accepts subscription agreements from shareholders of the Company (the “Final Closing Date”) (collectively, the “Organizational and Offering Costs”) (the amount of Organizational and Offering Costs in excess of 0.15% of the Company’s total capital commitments to be paid by the Adviser; it being understood that to the extent the Company’s total capital commitments later increase, the Adviser or its affiliates may be reimbursed by the Company for past payments of excess Organizational and Offering Costs made on the Company’s behalf provided that the total Organizational and Offering Costs borne by the Company do not exceed 0.15% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess Organizational and Offering Costs that were incurred more than three years prior to the proposed reimbursement); the costs associated with any offerings of the Company’s Common Shares incurred after the Final Closing Date; the costs associated with any offerings of the Company’s securities other than the Common Shares; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any independent valuation firms); expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing the Company’s rights; the base management fee and any incentive fees payable under this Agreement; certain costs and expenses relating to distributions paid on the Company’s shares; administration fees payable under the administration agreement (the “Administration Agreement”) between the Company and Carlyle Global Credit Administration L.L.C. (the “Administrator”) and sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state registration fees; any U.S. federal, state and local taxes, including any excise taxes; independent trustee fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements or other notices to the Company’s shareholders (including printing and mailing 
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costs), the costs of any shareholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of the Company’s election to be regulated as a BDC; the Company’s fidelity bond; trustees and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments; direct fees and expenses associated with independent audits, agency, consulting and legal costs; the Company’s fees and expenses related to any Liquidity Event and/or Exchange Transaction (as such terms are defined in the Company’s private placement memorandum, as amended, restated and/or supplemented as of the date of this Agreement); and all other expenses incurred by either the Administrator or the Company in connection with administering its business, including payments under the Administration Agreement for administrative services that will be equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including, compensation paid to or compensatory distributions received by its officers (including its Chief Financial Officer and Chief Compliance Officer) and any of their respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley internal control assessment. 
3.Compensation of the Adviser. 
The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth.  The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.
 
(a)The Base Management Fee shall be calculated at an annual rate of 1.50% of the Company’s gross assets, which for all purposes hereunder shall (i) be determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, (ii) include assets acquired through the incurrence of debt, and (iii) exclude cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment; provided, however, the Base Management Fee shall be calculated at an annual rate of 1.00% of the average value of the Company’s gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (A) 200% and (B) the average value of the Company’s net asset value at the end of the two most recently completed calendar quarters; provided, further, that the Adviser shall irrevocably waive its rights to receive any Base Management Fee for quarterly periods ending on or prior to the date of the closing of a Liquidity Event (as defined below).  

The Base Management Fee will be payable quarterly in arrears.  The Base Management Fee will be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed fiscal quarters. The Base Management Fee will be appropriately adjusted for any share issuances or repurchases during such fiscal quarter, and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.  
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For purposes of this Section 3(a):

“Liquidity Event” shall mean (i) an Exchange Listing (as defined below), (ii) a transaction or series of transactions, including, but not limited to, by way of merger, consolidation, share exchange (including by way of an optional exchange of the Company’s shares for shares of a publicly traded BDC), recapitalization, reorganization, or sale of securities, in each case for consideration of either cash and/or publicly listed securities, or (iii) the sale of all or substantially all of the company’s assets to, or other liquidity event with, another entity (it being understood that potential acquirers for purposes of clauses (ii) and (iii) could include counterparties, including but not limited to other business development companies, that are advised by the Adviser or its affiliates).

“Exchange Listing” shall mean shall mean a quotation or listing of the Company’s securities on a stock exchange, including through an initial public offering.
 
(b)    The Incentive Fee shall consist of two parts, as follows, provided that the Adviser shall irrevocably waive its rights to receive any Incentive Fee for quarterly periods ending on or prior to the date on which the value of the Company’s gross assets first exceeds $150,000,000:
 
(i)      One part will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee net investment income for the preceding calendar quarter.  “Pre-Incentive Fee net investment income” means consolidated interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued by the Company during the calendar quarter, minus the Company’s consolidated operating expenses for the quarter (including the Base Management Fee (for the avoidance of doubt, net of any waiver), expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).  Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.  Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
 Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Company’s Net Assets (as defined below) at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.50% per quarter (6% annualized).  “Net Assets” as used herein solely for purposes of the Incentive Fee means the Company’s gross assets less consolidated indebtedness, determined in accordance with generally accepted accounting principles in the United States.

The Company’s net investment income used to calculate this part of the Incentive Fee is also included in the amount of its gross assets used to calculate the Base Management Fee.  

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The Company will pay the Adviser an Incentive Fee with respect to the Company’s Pre-Incentive Fee net investment income in each calendar quarter as follows:
 
(A)          With the exception of the Capital Gains Fee (as defined and discussed below), no Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee net investment income does not exceed the hurdle rate of 1.50%;

(B)    100% of the Company’s Pre-Incentive Fee net investment income with respect to that portion of such Pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized); and
 
(C)    17.5% of the amount of the Company’s Pre-Incentive Fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized).
 
     These calculations will be appropriately pro rated for any period of less than three months and appropriately adjusted for any share issuances or repurchases during the current quarter.
 
(ii)     The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing with the calendar year ending on December 31, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from inception.  If such amount is positive at the end of such year, then the Capital Gains Fee for such year is equal to 17.5% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years.  If such amount is negative, then there is no Capital Gains Fee for such year.  If this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

For purposes of this Section 3(b)(ii):

The “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the sales price of each investment in the Company’s portfolio when sold, net of any selling commissions or other selling expenses (the “net sales price”) and (b) the accreted or amortized cost basis of such investment when sold.
 
The “cumulative aggregate realized capital losses” are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment when sold.
 
The “aggregate unrealized capital depreciation” is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio 
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as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment as of the applicable Capital Gains Fee calculation date.
  
(iii)    Examples of the Incentive Fee calculation are attached hereto as Annex A.  Such examples are included for illustrative purposes only and are not considered part of this Agreement.
(c)    Notwithstanding anything to the contrary contained in this Agreement, the Company and the Adviser acknowledge and agree that the provisions of this Section 3 shall be of no force and effect unless and until this Agreement has been approved by (i) the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of the Board and the vote of a majority of the Company’s Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, each in accordance with the requirements of the Investment Company Act (the “Approval Date”).  For the avoidance of doubt, the Adviser shall receive no compensation with respect to services provided hereunder prior to the Approval Date.

4.Covenants of the Adviser.
The Adviser covenants that it will remain registered as an investment adviser under the Advisers Act so long as it is the investment adviser to the Company and the Company maintains its election to be regulated as a BDC under the Investment Company Act or otherwise is an investment company registered under the Investment Company Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.
5.Excess Brokerage Commissions.
The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net results for the Company.
6.Limitations on the Employment of the Adviser. 
The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, 
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partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s ability to enter into sub-advisory agreements consistent with the requirements of this Agreement. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Adviser and its affiliates, as directors, trustees, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.
7.Responsibility of Dual Trustees, Officers and/or Employees. 
If any person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a trustee, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.
8.Limitation of Liability of the Adviser; Indemnification. 
(a)    The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its sole member) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its sole member and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (each, individually, an “Indemnified Party” and collectively, the “Indemnified Parties”) and hold each of them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by any of them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance in good faith of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company.  The Company’s indemnification of the Indemnified Parties shall, to the extent not in conflict with such insurance policy, be secondary to 
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any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued to or for the benefit of the Company and its affiliates or any Indemnified Party.  The Company’s indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or person, including under any insurance policy issued to or for the benefit of such other entity or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract.  In the event of payment by the Company under this Agreement and pursuant to its indemnification obligations, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of any Indemnified Party, including the rights of the Indemnified Parties under any insurance policies. 
(b)    For any claims indemnified by the Company under Section 8(a) above, to the fullest extent permitted by law, the Company shall promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding, including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting such advance or advances from time to time.  Each Indemnified Parties hereby undertakes to repay any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference to the financial ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified Parties other than the execution of this Agreement.   
(c)    Notwithstanding the above provisions of this Section 8, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).
9.Effectiveness, Duration and Termination of Agreement.
(a)This Agreement shall become effective as of the first date above written.  The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.  Further, notwithstanding the termination or expiration of this Agreement as set forth in this Section 9, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.
(b)This Agreement shall continue in effect for two years from June 21, 2021 and thereafter shall continue automatically for successive annual periods, provided that such 
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continuance is specifically approved at least annually by the vote of the Board and by the vote of a majority of the Company’s Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.
(c)This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Trustees or by the Adviser.
(d)This Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).
10.Notices.
Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.
11.Amendments.
This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act.
12.Entire Agreement; Governing Law. 
This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof, and in accordance with the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by the Investment Company Act and the Advisers Act, as amended, the sole and exclusive forum for any action, suit or proceeding with respect to this Agreement shall be a federal or state court located in the State of Delaware, and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United States mail addressed to the party at its principal office.
13.Disclaimer of Shareholder Liability.
The Adviser understands that the obligations of the Company under this Agreement are not binding upon any trustee or shareholder of the Company personally, but bind only the Company and the Company’s property. The Adviser represents that it has notice of the provisions of the Company’s declaration of trust (as may be amended and/or restated from time to time) disclaiming shareholder liability for acts or obligations of the Company.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

CARLYLE SECURED LENDING III

By:    /s/ Linda Pace                    
Name:    Linda Pace
Title:    Chief Executive Officer

CSL III ADVISOR, LLC

By:    /s/ Joshua Lefkowitz                
Name: Joshua Lefkowitz
Title:    Global Credit Chief Legal Officer  
[Signature Page to Investment Advisory Agreement]

ANNEX A
EXAMPLES OF INCENTIVE FEE CALCULATION

The figures provided in the following examples are hypothetical, are presented for illustrative purposes only and are not indicative of actual expenses or returns.
Example 1: Income Related Portion of Incentive Fee (*): 
General Assumptions
Hurdle rate(1) = 1.50%. 
Other expenses (legal, accounting, custodian, transfer agent, etc.)(2) = 0.20%.
The incentive fee calculated below is for a quarterly period following the date on which the value of the Company’s gross assets has first exceeded $150,000,000.(3)

Alternative 1 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 1.25%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 1.050%. 
Pre-incentive net investment income does not exceed hurdle rate, therefore there is no incentive fee.

Following a Liquidity Event:
Management fee(5) = 0.375%. 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 0.675%. 
Pre-incentive net investment income does not exceed hurdle rate, therefore there is no incentive fee. 

Alternative 2 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 2.30%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 2.100%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50% = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (2.100% – 1.82%)) 
= 0.320% + (17.5% × 0.280%) 
= 0.320% + 0.049% 
= 0.369%. 

Following a Liquidity Event:
Management fee(5) = 0.375%. 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 1.725%. 
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Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
= 100% x (1.725%-1.50%)
= 0.225%. 

Alternative 3 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 4.00%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 3.800%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50% = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (3.800% – 1.82%)) 
= 0.320% + (17.5% × 1.980%) 
= 0.320% + 0.3465% 
= 0.667%. 

Following a Liquidity Event:
Management fee(7) = 0.333%. 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 3.467%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50%. = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (3.467% – 1.82%)) 
= 0.320% + (17.5% × 1.647%) 
= 0.320% + 0.288% 
= 0.608%. 
__________________________
Notes:
(*)      The hypothetical amount of pre-Incentive Fee net investment income shown is expressed as a rate of return on the value of the Company’s total Net Assets. 
(1)    Represents 6.00% annualized hurdle rate.
(2)     Excludes organizational and offering expenses.
(3)    The Adviser shall irrevocably waive its rights to receive any Incentive Fee for quarterly periods ending on or prior to the date on which the value of the Company’s gross assets first exceeds $150,000,000.
(4)    The Adviser shall irrevocably waive its rights to receive any Base Management Fee for quarterly periods ending on or prior to the date of the closing of a Liquidity Event.
(5)    Represents 1.50% annualized Base Management Fee using leverage up to 1.0x debt to equity.
(6)    The “catch-up” provision, as described in Section 3(b)(i)(A)-(C) above, is intended to provide the Adviser with an Incentive Fee of approximately 17.5% on all of the Company’s pre-Incentive Fee net investment income as if a hurdle rate did not apply when the Company’s net investment income exceeds 1.82% in any calendar quarter.  The “catch-up” portion of our pre-incentive fee net investment income is the portion that exceeds the 1.5% hurdle rate but is less than or equal to approximately 1.82% (that is, 1.5% divided by (1 – 0.175)) in any calendar quarter.
(7)    Represents a blended 1.33% annualized Base Management Fee using leverage of 2.0x debt to equity, which represents 1.50% annualized Base Management Fee on assets financed using leverage up to 1.0x debt to equity and 1.00% annualized Base Management Fee on assets financed using leverage in excess of 1.0x debt to equity.

    A-2

Example 2: Capital Gains Portion of Incentive Fee: 
Alternative 1 - Assumptions
•Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”).

•Year 2: Investment A sold for $50 million and fair market value (“FMV”) of Investment B determined to be $32 million.

•Year 3: FMV of Investment B determined to be $25 million.

•Year 4: Investment B sold for $31 million.

The capital gains portion of the incentive fee, if any, would be:

•Year 1: None.

•Year 2: $5.25 million capital gains incentive fee, calculated as follows:
$30 million realized capital gains on sale of Investment A multiplied by 17.5%.

•Year 3: None, calculated as follows: (8)
$4.375 million cumulative fee (17.5% multiplied by $25 million ($30 million cumulative capital gains less $5 million cumulative unrealized capital depreciation)) less $5.25 million (previous capital gains fee paid in Year 2).

•Year 4: $175,000 capital gains incentive fee, calculated as follows:
$5.425 million cumulative fee ($31 million cumulative realized capital gains ($30 million from Investment A and $1 million from Investment B) multiplied by 17.5%) less $5.25 million (previous capital gains fee paid in Year 2).

Alternative 2 - Assumptions 
•Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”).

•Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million.

•Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million.

•Year 4: FMV of Investment B determined to be $35 million.

•Year 5: Investment B sold for $20 million.

The capital gains portion of the incentive fee, if any, would be: 
    A-3

•Year 1: None.

•Year 2: $4.375 million capital gains incentive fee, calculated as follows:
17.5% multiplied by $25 million ($30 million realized capital gains on sale of Investment A less                 $5 million unrealized capital depreciation on Investment B). 

•Year 3: $1.225 million capital gains incentive fee, calculated as follows: 
$5.6 million cumulative fee (17.5% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million cumulative unrealized capital depreciation)) less $4.375 million (previous capital gains fee paid in Year 2) 

•Year 4: $525,000 capital gains incentive fee, calculated as follows:
$6.125 million cumulative fee (17.5% multiplied by $35 million cumulative realized capital gains) less $5.6 million (previous cumulative capital gains fee paid in Year 2 and Year 3)

•Year 5: None 
$4.375 million cumulative fee (17.5% multiplied by $25 million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $6.125 million (previous cumulative capital gains fee paid in Years 2, 3 and 4).

________________
Note:  
(8)      If this Agreement is terminated on a date other than December 31 of any year, the Company may pay aggregate Capital Gains Fees that are more than the amount of such fees that would have been payable if this Agreement had been terminated on December 31 of such year.  This would occur if the FMV of an investment declined between the time this Agreement was terminated and December 31.

    A-4Exhibit
10.1

 

INDOOR
HARVEST CORP.

ADVISOR
AGREEMENT

 

This
Advisor Agreement (“Agreement”) is made and entered into as of August 4, 2021, by and between Indoor Harvest Corp.,
a Texas corporation (the “Company”), and Dennis G. Forchic, who resides in [ ] (“Advisor”). The
Company desires to retain Advisor as an independent contractor to serve as an advisor to perform certain advisory services for the Company,
and Advisor is willing to perform such services, on terms set forth more fully below. In consideration of the mutual promises contained
herein, the parties agree as follows:

 

1.
Services.

A.
The Company hereby engages Advisor to provide the Services (as defined below), upon the terms and subject to the conditions set forth
in this Agreement, and Advisor accepts said engagement upon said terms and subject to said conditions.

 

B.
Advisor shall (i) perform Advisor’s duties and obligations under this Agreement with good faith and integrity, (ii) serve as an
Advisor to the Company in accordance with the terms of this Agreement and (iii) perform the services as listed on Exhibit A (collectively
clauses (i) through (iii), the “Services”).

 

2.
Compensation and Expenses.

 

A.
Option. Advisor shall receive a non-statutory stock option grant as set forth in the Option Agreement being entered into
on even date herewith (the “Option”) substantially in the form as attached hereto as Exhibit B. The Option shall accelerate
and become fully exercisable in the event that Advisor is terminated without Cause or resigns for Good Reason (each as defined below).

 

B.
Expenses. The Company shall pay Advisor’s reasonable expenses incurred by Advisor in connection with Advisor’s
duties and responsibilities hereunder, including without limitation any long-distance travel costs (transportation, lodging and meals)
and telephone expenses incurred in providing services.

 

C.
Compensation/Fees. The company shall pay to Advisor by the 10th of the following month the sum of $17,500.00 per month
for services rendered.

 

3.
Confidentiality.

 

A.
Definition. “Confidential Information” means any information that relates to the actual or anticipated
business or research and development of the Company, technical data, trade secrets or know-how, including, but not limited to, research,
product plans or other information regarding the Company’s products or services and markets therefor, customer lists and customers
(including, but not limited to, customers of the Company on whom Advisor called or with whom Advisor became acquainted during the term
of this Agreement, excluding, however, customers, individuals, parties, entities, etc., that Advisor had prior knowledge of or relationship
with prior to start date of this Agreement), software, developments, inventions, processes, formulas, technology, designs, drawing, engineering,
hardware configuration information, marketing, finances or other business information. Confidential Information does not include information
that (i) is known to Advisor at the time of disclosure to Advisor by the Company, (ii) has become publicly known and made generally available
through no wrongful act of Advisor or (iii) has been rightfully received by Advisor from a third party who is authorized to make such
disclosure.

 

    	 

     

    

 

B.
Non-Use and Non-Disclosure. Advisor acknowledges, understands and agrees that this Agreement creates a relationship of
confidence and trust between Advisor and the Company with respect to Confidential Information. Advisor will not, during or subsequent
to the term of this Agreement for a period of 2 years, use the Confidential Information for any purpose whatsoever other than the performance
of the Services on behalf of the Company or disclose the Confidential Information to any third party. It is understood that said Confidential
Information shall remain the sole property of the Company. Advisor further agrees to take all reasonable precautions to prevent any unauthorized
disclosure of such Confidential Information. Without the Company’s prior written approval, Advisor will not directly or indirectly
disclose to anyone any Confidential Information (except as may be necessary in the ordinary course of Advisor performing the Services).

 

C.
Other Employer’s Confidential Information. Advisor agrees that Advisor will not, during the term of this Agreement,
improperly use or disclose any proprietary information or trade secrets of any former or current employer or other person or entity with
which Advisor has an agreement or duty to keep in confidence information acquired by Advisor, if any, and that Advisor will not bring
onto the premises of the Company any unpublished document or proprietary information belonging to such employer, person or entity unless
consented to in writing by such employer, person or entity.

 

D.
Third Party Confidential Information. Advisor recognizes that the Company has received and in the future will receive from
third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. Advisor agrees that Advisor owes the Company and such third parties,
during the term of this Agreement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence
and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out the Services for the Company
consistent with the Company’s agreement with such third party.

 

E.
Return of Materials. Upon the termination of this Agreement, or upon Company’s earlier request, Advisor will deliver
to the Company all of the Company’s property or Confidential Information that Advisor may have in Advisor’s possession or
control.

 

4.
Ownership.

 

A.
Assignment. Advisor agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements,
developments, discoveries and trade secrets (collectively, “Inventions”) conceived, made or discovered by Advisor,
solely or in collaboration with others, during the period of this Agreement which relate specifically to the “Business” of
the Company that Advisor may be directed to undertake, investigate or experiment with, or which Advisor may become associated with in
work, investigation or experimentation in the line of business of Company in performing the Services hereunder, are the sole property
of the Company. Advisor further agrees to assign (or cause to be assigned) and does hereby assign fully to the Company all Inventions
and any copyrights, patents, mask work rights or other intellectual property rights relating to the Company’s Business thereto.
(“Business” defined as “an integrated consolidation platform
offering cannabis industry companies focused on hemp and hemp-related products the potential to be part of the Company’s expanded
business networks, along with access to new capital markets and liquidity for investors”).

 

    	-2-

     

    

 

B.
Further Assurances. Advisor agrees to assist Company, or its designee, at the Company’s expense, in every proper
way to secure the Company’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with
respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall
deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns
and nominees the sole and exclusive right, title and interest in and to such Inventions, and any copyrights, patents, mask work rights
or other intellectual property rights relating thereto. Advisor further agrees that Advisor’s obligation to execute or cause to
be executed, when it is in Advisor’s power to do so, any such instrument or papers shall continue for a period of two years after
the termination of this Agreement.

 

C.
Pre-Existing Materials. Advisor agrees that if in the course of performing the Services, Advisor incorporates into any
Invention developed hereunder any invention, improvement, development, concept, discovery or other proprietary information owned by Advisor
or in which Advisor has an interest, (i) Advisor shall inform the Company, in writing before incorporating such invention, improvement,
development, concept, discovery or other proprietary information into any Invention; and (ii) the Company is hereby granted and shall
have a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, use and sell such item as part
of or in connection with such Invention. Advisor shall not incorporate any invention, improvement, development, concept, discovery or
other proprietary information owned by any third party into any Invention without Company’s prior written permission.

 

D.
Attorney in Fact. Advisor agrees that if the Company is unable because of Advisor’s unavailability, dissolution,
mental or physical incapacity, or for any other reason, to secure Advisor’s signature to apply for or to pursue any application
for any United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to the Company above,
then Advisor hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Advisor’s agent
and attorney in fact, for a period of two years after Termination of this Agreement, to act for and in Advisor’s behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents,
copyright and mask work registrations thereon with the same legal force and effect as if executed by Advisor.

 

5.
Conflicting Obligations. Advisor certifies that Advisor has no outstanding agreement or obligation that is in conflict
with any of the provisions of this Agreement, or that would preclude Advisor from complying with the provisions hereof, and further certifies
that Advisor will not enter into any such conflicting agreement during the term of this Agreement.

 

6.
Term and Termination.

 

A.
Term. This Agreement will commence on the date first written above and will continue until the earlier of (i) two years
from the date hereof or (ii) termination as provided below.

 

Termination.
Advisor and the Company may terminate this Agreement at any time including for Cause, without Cause, or by Advisor’s resignation
for Good Reason subject to the terms of this Agreement and the Option Agreement. Any such notice of termination by the Company shall
be addressed to Advisor at the address shown below or such other address as either party may notify the other of and shall be deemed
given upon delivery if personally delivered, or 48 hours after deposited in the United States mail, postage prepaid, registered or certified
mail, return receipt requested. For purposes of this Agreement, Cause shall mean shall mean: (i) the plea of guilty or nolo contendere
to, or conviction of, a felony offense by Advisor that is not in connection with Advisor’s duties or services to the Company
and which will reasonably be expected to have a material adverse impact on the Company; provided, however, that after indictment, the
Company may suspend Advisor from the rendition of services, but without limiting or modifying in any other way the Company’s obligations
under this Agreement; (ii) a knowing and material breach by Advisor of any of the covenants made by Advisor in Section 3 hereof; (iii)
the willful or gross neglect by Advisor of the material duties required by this Agreement; or (iv) a knowing and material violation by
Advisor of any Company policy pertaining to legal compliance or conflicts of interest that, in the case of the conduct described in clauses
(iii) or (iv) above, if curable, is not cured by Advisor within 30 days after Advisor is provided with written notice thereof. Upon Advisor’s
(A) termination of employment by the Company for Cause prior to the expiration of the Term or (B) resignation without Good Reason prior
to the expiration of the Term, this Agreement shall terminate without further obligation by the Company, except for the payment of any
accrued obligations (including any unpaid fees and expense reimbursements) in a lump sum in cash within 30 days of such termination.

 

    	-3-

     

    

 

As
used herein, “Good Reason” shall mean the occurrence of any of the following without Advisor’s prior written consent:
(A) the Company’s breach of any material provision of this Agreement or the failure to have this agreement assumed by any successor,
or (B) a reduction in Advisor’s total annual compensation opportunity; provided that in no event shall Advisor’s resignation
be for “Good Reason” unless (x) an event or circumstance set forth in clauses (A) or (B) shall have occurred and Advisor
provides the Company with written notice thereof within 30 days after Advisor has knowledge of the occurrence or existence of such event
or circumstance, which notice specifically identifies the event or circumstance that Advisor believes constitutes Good Reason, (y) the
Company fails to correct the circumstance or event so identified within 30 days after receipt of such notice, and (z) Advisor resigns
within 90 days after the date of delivery of the notice referred to in clause (x) above.

B.
Survival. Upon such termination all rights and duties of the parties toward each other shall cease except Section(s) 3
(Confidentiality), 4 (Ownership), 8 (Independent Contractor), 9 (Indemnification), 10 (Governing Law), 11 (Attorney’s Fees) 12
(Notices) and 13 (Severability) shall survive termination of this Agreement.

 

7.
Assignment. Neither this Agreement nor any right hereunder or interest herein may be assigned or transferred by Advisor
without the express written consent of the Company.

 

8.
Independent Contractor. It is the express intention of the parties that Advisor is an independent contractor. Nothing in
this Agreement shall in any way be construed to constitute Advisor as an agent, employee or representative of the Company, but Advisor
shall perform the Services hereunder as an independent contractor. Advisor agrees to furnish (or reimburse the Company for) all tools
and materials necessary to accomplish this contract, and shall incur all expenses associated with performance, except as expressly agreed
upon by the Company. Advisor acknowledges and agrees that Advisor is obligated to report as income all compensation received by Advisor
pursuant to this Agreement, and Advisor agrees to and acknowledges the obligation to pay all self-employment and other taxes thereon.

 

9.
Indemnification. The Company shall indemnify Advisor with respect to activities in connection with his Services hereunder to the
fullest extent provided in the Company’s governing documents.

 

    	-4-

     

    

 

10.
Exclusive Jurisdiction; Governing Law. The parties hereby expressly consent to the exclusive personal jurisdiction of the state
and federal courts located in Salt Lake County, Utah for any lawsuit arising from or relating to this Agreement. This Agreement shall
be governed by the laws of the State of Utah, without regard to the conflicts of law provisions of any jurisdiction.

 

11.
Attorney’s Fees. In any court action at law or equity which is brought by one of the parties to enforce or interpret the
provisions of this Agreement, the prevailing party will be entitled to reasonable attorney’s fees, in addition to any other relief
to which that party may be entitled.

 

12.
Notices. Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing
and shall be deemed given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by confirmed facsimile,
(iii) when sent by electronic mail, or (iv) if mailed by U.S. registered or certified mail (return receipt requested), to the party at
the party’s address written below or at such other address as the party may have previously specified by like notice. If by mail,
delivery shall be deemed effective three business days after mailing in accordance with this Section 12.

A.
If to the Company, to Indoor Harvest Corp., 7401 W. Slaughter Ln, #5078, Austin TX, 78739, Attention: CEO.

B.
If to Advisor, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last address
of Advisor provided by Advisor to the Company.

 

13.
Severability. The invalidity or unenforceability of any provision of this Agreement, or any terms thereof, shall not affect
the validity of this Agreement as a whole, which shall at all times remain in full force and effect.

 

(signature
page follows)

 

    	-5-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Advisor Agreement as of the day and year first above written.

 

	 	ADVISOR
	 	 
	 	By:	/s/Dennis
    G .Forchic
	 	 	 
	 	Name:	Dennis G. Forchic
	 	 	 
	 	Address:	

 

	 	INDOOR
    HARVEST CORP.
	 	 
	 	By:
    	/s/Leslie
    Bocskor
	 	Name:	Leslie
    Bocskor
	 	Title:
    	Chief
    Executive Officer

 

Signature
Page to the Advisor Agreement

 

    	 

     

    

 

EXHIBIT
A

 

SERVICES

 

1.
Contact. Advisor’s
principal Company contact is the CEO.

 

2.
Title. Advisor may
be referred to as an “Advisor” to the Company.

 

3.
Services. Advisor will advise the Company CEO on any matters requested by the CEO. The Services shall include advising and working
with the Company’s senior management team in the following areas and initiatives:

 

	 	●	Corporate
    Development
	 	●	Financing
	 	●	Corporate
    Strategy
	 	●	Marketing
    and Communications
	 	●	Product
    and Growth

 

    	 

     

    

 

EXHIBIT
B

 

INDOOR
HARVEST CORP.

 

STAND-ALONE
STOCK OPTION AGREEMENT

 

	I.	NOTICE
    OF STOCK OPTION GRANT

 

Name:
Dennis G. Forchic

 

Address:
[ ]

 

The
undersigned Participant has been granted a Nonstatutory Stock Option to purchase Common Stock of Indoor Harvest Corp. (the “Company”),
subject to the terms and conditions of this Agreement, as follows:

 

	Date
    of Grant:	8-4-21__________________________
	Vesting
    Commencement Date:	8-4-21__________________________
	Exercise
    Price Per Share at Commencement Date:	$.01 for 150 million
    shares_________ 
	Annual
    Vesting Date: 	8-4-22---------_________________________
	Exercise
    Price Per Share at Annual Vesting Date:	$.015
    for additional 150 million shares
	Total
    Number of Shares Granted:	300,000,000
	Total
    Exercise Price:	$3,750,000.00
	Term/Expiration
    Date:	10 years from Date
    of Grant

 

THIS
STOCK OPTION GRANT MUST BE EXERCISED BEFORE THE EXPIRATION DATE OR IT WILL TERMINATE AND YOU WILL HAVE NO FURTHER RIGHT TO PURCHASE THE
SHARES.

 

1.
Vesting Schedule:

 

This
Option shall be 50% exercisable and vested on grant and 50% exercisable and vested on one year anniversary (8-4-22) if Participant remains
a Service Provider with Company on that date, provided that the Option shall fully accelerate and become 100% vested in any termination
without Cause or resignation for Good Reason by the Participant.

 

2.
Termination Period:

 

This
Option shall be exercisable for the full Term of the Option after Participant ceases to be a Service Provider in accordance with Section
9 of this Agreement, to the extent the Option is vested on the date of termination. Notwithstanding the foregoing, in no event may this
Option be exercised after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided
in Section 12(c) of this Agreement.

 

    	 

     

    

 

II.
AGREEMENT

 

1.
Definitions. As used herein, the following definitions shall apply:

 

(a)
“Agreement” means this stock option agreement between the Company and Participant evidencing the terms and conditions
of this Option.

 

(b)
“Applicable Laws” means the requirements relating to the administration of equity compensation plans under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is
listed or quoted and the applicable laws of any other country or jurisdiction that may apply to this Option.

 

(c)
“Board” means the Board of Directors of the Company or any committee of the Board of Directors of the Company that
has been designated by the Board to administer this Agreement. The Board has full authority and discretion to administer this Agreement,
including but not limited to the authority to: (i) modify or amend the Option (subject to Section 17 of this Agreement), including, but
not limited to, the discretionary authority to extend the post-termination exercise period of the Option, (ii) authorize any person to
execute on behalf of the Company any instrument required to effect the grant or amendment of the Option previously granted or amended
by the Board, (iii) provide for the transferability of the Option, and (iv) construe and interpret the terms of the Option.

 

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

 

(i)
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%)
or more of the total voting power represented by the Company’s then outstanding voting securities.

(ii)
The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or

(iii)
If the Company has filed a registration statement declared effective pursuant to Section 12(g) of the Exchange Act with respect to any
of the Company’s securities, a change in the composition of the Board occurring within a two (2) year period, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are
Directors as of the effective date of the registration statement, or (B) are elected, or nominated for election, to the Board with the
affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include
an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors
to the Company); or

 

(iv)
The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting
power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger
or consolidation.

 

    	 

     

    

 

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

 

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

 

(f)
“Common Stock” means the common stock of the Company.

 

(g)
“Company” means Indoor Harvest Corp, a Texas corporation.

 

(h)
“Consultant” means any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory
services to such entity.

 

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

 

(j)
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.

 

(k)
“Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary
of the Company. Participant shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii)
transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. Neither service as a
Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company.

 

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

 

(m)
“Exchange Program” means a program under which (i) the outstanding Option is surrendered or cancelled in exchange
for options of the same type (which may have lower or higher exercise prices and different terms), options of a different type, and/or
cash, and/or (ii) the exercise price of the outstanding Option is reduced. The terms and conditions of any Exchange Program shall be
determined by the Board in its sole discretion. An Exchange Program can be entered into with respect to the Option if agreed to in writing
by the Participant and the Company.

 

(n)
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i)
If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, its Fair Market Value shall be the closing sales price for
such stock (or, if no closing sales price was reported on that date, as applicable, on the last trading date such closing sales price
was reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable;

 

(ii)
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks
were reported on that date, as applicable, on the last trading date such bids and asks were reported); or

 

    	 

     

    

 

(iii)
In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the
Board.

 

	 	●	“Cause”
    shall have the meaning set forth in Participant’s Advisor Agreement dated August 4, 2021.
	 	●	“Good
    Reason” shall have the meaning set forth in Participant’s Advisor Agreement dated August 4, 2021.

 

“Non-statutory
Stock Option” means an Option not intended to qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder.

 

(o)
“Notice of Grant” means a written notice, in Part I of this Agreement, evidencing certain terms and conditions
of this Option grant. The Notice of Grant is part of the Option Agreement.

 

(p)
“Option” means this option to purchase shares of Common Stock granted pursuant to this Agreement.

 

(q)
“Optioned Stock” means the Common Stock subject to this Option.

 

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

 

(s)
“Participant” means the person or entity named in the Notice of Grant or such person’s successor.

 

(t)
“Securities Act” means the Securities Act of 1933, as amended.

 

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

 

(v)
“Share” means a share of the Common Stock, as adjusted in accordance with Section 8 of this Agreement.

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

 

2.
Grant of Option. The Board hereby grants to the Participant named in the Notice of Grant attached as Part I of this Agreement
the Option to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice
of Grant (the “Exercise Price”), subject to the terms and conditions of this Agreement.

 

3.
Exercise of Option.

 

(a)
Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice
of Grant and the applicable provisions of this Agreement. Vesting of the Option shall be suspended during any unpaid leave of absence,
unless the Board provides otherwise or continued vesting during such leave of absence is required by Applicable Law.

 

(b)
Method of Exercise. This Option shall be exercisable by delivery of an exercise notice, in the form attached as Exhibit A
(the “Exercise Notice”) or in a manner and pursuant to such procedures as the Board may determine, which shall state
the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised
Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall
be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price,
together with any applicable tax withholding.

 

    	 

     

    

 

(c)
Legal Compliance. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and such exercise
comply with Applicable Laws. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to
Participant on the date on which the Option is exercised with respect to such Exercised Shares.

4.
Participant’s Representations. In the event the Shares have not been registered under the Securities Act, at the time this
Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option,
deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B.

5.
Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the
election of Participant:

 

(a)
cash;

 

(b)
check;

 

(c)
consideration received by the Company under a cashless exercise program implemented by the Company;

(d)
surrender of other Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and (ii) must be owned free
and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Board, shall
not result in any adverse accounting consequences to the Company; or

 

(e)
any combination of the foregoing methods of payment.

 

6.
Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent
or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of this Agreement shall be binding
upon the executors, administrators, heirs, successors and assigns of Participant.

 

7.
Rights as a Stockholder. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist
with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Company shall issue (or cause to be
issued) such Shares promptly after the Option is exercised. No adjustment shall be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 12 below.

8.
Term of Option. Subject to Sections 9, 10 and 11, this Option may be exercised only within the term set out in the Notice of Grant,
and may be exercised during such term only in accordance with the terms of this Agreement.

 

    	 

     

    

 

9.
Termination of Relationship as a Service Provider. If Participant ceases to be a Service Provider, other than upon Participant’s
death or Disability, the Option shall remain exercisable for the full Term of the Option following Participant’s termination (but
in no event later than the Option’s Expiration Date or as provided in Section 12{c}) to the extent that the Option is vested on
the date of such termination. Unless the Board approves otherwise, if on the date of termination, the participant is not vested as to
his or her entire option, the unvested portion of the Option shall terminate and Participant shall have no further rights to acquire
the Shares subject thereto. If, after termination, the Participant does not exercise his or her Option within the time specified herein,
the Option shall terminate and Participant shall have no further rights to acquire the Shares subject thereto.

 

10.
Disability of Participant. If Participant ceases to be a Service Provider as a result of Participant’s Disability, the Option
may be exercised for the full Term of the Option after the date of such termination (but in no event later than the expiration date of
the Option as set forth in the Notice of Grant or as provided in Section 12{c}) to the extent that the Option is vested on the date of
such termination. Unless the Board approves otherwise, if on the date of termination, the participant is not vested as to his or her
entire option, the unvested portion of the Option shall terminate and Participant shall have no further rights to acquire the Shares
subject thereto. If, after termination, the Participant does not exercise his or her Option within the time specified herein, the Option
shall terminate and Participant shall have no further rights to acquire the Shares subject thereto.

 

11.
Death of Participant. If Participant dies while a Service Provider, the Option may be exercised at any time during the Option
Term following the date of death (but in no event later than the expiration date of the Option as set forth in the Notice of Grant or
as provided in Section 12{c}), by Participant’s estate or by a person who acquired the right to exercise the Option by bequest
or inheritance, but only to the extent that Participant was entitled to exercise the Option at the date of death. If on the date of death
the Participant is not vested as to his or her entire Option, the unvested portion of the Option shall terminate and Participant’s
estate or the person who acquired the right to exercise the Option by bequest or inheritance shall have no further rights to acquire
the Shares subject thereto. If, after death, Participant’s estate or a person who acquired the right to exercise the Option by
bequest or inheritance does not exercise the Option within the time specified herein, the Option shall terminate.

 

12.
Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

(a)
Changes in Capitalization. In the event that any dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares occurs, the Board, in order to prevent diminution or enlargement of the benefits or potential benefits
intended to be made available under the Option, shall adjust the number, class, and price of Shares covered by the Option.

 

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

 

(c)
Merger or Change in Control. In the event of a merger or Change in Control, the outstanding Option shall be treated as the Board
determines, including, without limitation that the Option shall be assumed or an equivalent option substituted by the successor corporation
or a Parent or Subsidiary of the successor corporation. Notwithstanding the foregoing in the event that the successor corporation in
a merger or Change in Control refuses to assume or substitute for the Option, Participant shall fully vest in and have the right to exercise
this Option as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable. For the purposes
of this paragraph, the Option shall be considered assumed if, following the merger or Change in Control, the Option confers the right
to purchase or receive, for each Share of Optioned Stock subject to the Option immediately prior to the merger or Change in Control,
the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock
for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger
or Change in Control is not solely common stock of the successor corporation or its Parent, the Board may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Option, for each Share of Optioned Stock subject to
the Option, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration
received by holders of common stock in the merger or Change in Control.

 

    	 

     

    

 

13.
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is reasonably deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder,
shall suspend the Company’s obligation to issue or sell such Shares as to which such requisite authority shall not have been obtained
until such time when the issuance or sale can be completed lawfully.

 

14.
Notices. Any notice to be given to the Company hereunder shall be in writing and shall be addressed to the Company at its then
current principal executive office or to such other address as the Company may hereafter designate to Participant by notice as provided
in this Section. Any notice to be given to Participant hereunder shall be addressed to Participant at the address set forth beneath his
signature hereto, or at such other address as Participant may hereafter designate to the Company by notice as provided herein. A notice
shall be deemed to have been duly given when personally delivered or mailed by registered or certified mail to the party entitled to
receive it.

 

15.
Tax Obligations.

 

(a)
Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to
deliver the Shares if such withholding amounts are not delivered at the time of exercise. The Board, in its sole discretion and pursuant
to such procedures as it may specify from time to time, may allow Participant to satisfy such withholding tax obligations by electing
to have the Company withhold from the Shares to be issued upon exercise of the Option that number of Shares having a Fair Market Value
equal to the amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on the date that
the amount of tax to be withheld is to be determined. All elections by Participant to have Shares withheld for this purpose shall be
made in such form and under such conditions as the Board may deem necessary or advisable.

 

16.
Severability. In the event than any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable, or void, the remainder of this Agreement shall continue in full force and effect.

 

17.
Entire Agreement; Governing Law. This Agreement constitutes the entire agreement of the parties with respect to the subject matter
hereof and supersedes in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by the Company and
Participant. This Agreement is governed by the internal substantive laws but not the choice of law rules of Nevada.

 

    	 

     

    

 

18.
No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER
AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER
FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF
THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE
PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

By
Participant’s signature and the signature of the Company’s representative below, Participant and the Company agree that this
Option is granted under and governed by the terms and conditions of this Agreement. Participant has reviewed this Agreement in its entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of this Option.
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions
relating to this Option. Participant further agrees to notify the Company upon any change in the residence address indicated below.

 

	PARTICIPANT	 	INDOOR
    HARVEST CORP.
	 	 	 
	Signature	 	By	 
	 	 	 	 
	Dennis
    G. Forchic	 	 
	Print
    Name	 	Print
    Name	 
	 	 	 	 
	Residence
    Address	 	Title	 

 

    	 

     

    

 

STAND-ALONE
STOCK OPTION AGREEMENT

EXHIBIT
A

EXERCISE
NOTICE

 

Indoor
Harvest Corp.

[Address]

 

Attention:
[Title]

 

1.
Exercise of Option. Effective as of today, ________________, ____, the undersigned (“Participant”) hereby elects
to exercise Participant’s option (the “Option”) to purchase ________________ shares of the Common Stock (the
“Shares”) of Indoor Harvest Corp. (the “Company”) under and pursuant to the Stand-Alone Stock Option Agreement
dated ______________, _____ (the “Option Agreement”).

 

2.
Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.
Representations of Participant. Participant acknowledges that Participant has received, read and understood the Option Agreement
and agrees to abide by and be bound by its terms and conditions.

 

4.
Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired shall be issued
to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made
for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 12 of the Option
Agreement.

 

5.
Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems
advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax
advice.

 

6.
Restrictive Legends and Stop-Transfer Orders.

 

(a)
Legends. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may
be required by the Company or by state or federal securities laws:

 

    	 

     

    

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE
ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE
UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF
THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF
THE COMPANY OR THE MANAGING UNDERWRITER.

 

(b)
Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

7.
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and
this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns.

 

8.
Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company
forthwith to the Board which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Board shall
be final and binding on all parties.

 

9.
Governing Law; Severability. This Exercise Notice is governed by the internal substantive laws but not the choice of law rules,
of Nevada. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

10.
Entire Agreement. The Option Agreement is incorporated herein by reference. This Exercise Notice, the Option Agreement and the
Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and
may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.

 

    	 

     

    

 

	Submitted
    by:	 	Accepted
    by:
	 	 	 
	PARTICIPANT	 	INDOOR
    HARVEST CORP.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	Print
    Name	 	Print
    Name
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	Date
    Received

 

    	 

     

    

 

STAND-ALONE
STOCK OPTION AGREEMENT

 

EXHIBIT
B

 

INVESTMENT
REPRESENTATION STATEMENT

 

	PARTICIPANT
    	:	 
	 	 	 
	COMPANY	:	INDOOR
    HARVEST CORP.
	 	 	 
	SECURITY	:	COMMON
    STOCK
	 	 	 
	AMOUNT	:	 
	 	 	 
	DATE	:	 

 

In
connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

(a)
Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)
Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act
and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if
Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities,
or for a period of one (1) year or any other fixed period in the future. Participant further understands that the Securities must be
held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.
Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state
securities laws.

 

(c)
Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time
of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the
Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, ninety
(90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be
resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including: (1) the resale being made through
a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is
defined under the Securities Exchange Act of 1934, as amended); and, in the case of an affiliate, (2) the availability of certain public
information about the Company, (3) the amount of Securities being sold during any three (3) month period not exceeding the limitations
specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable.

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one (1) year after the
later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within
the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds
the Securities less than two (2) years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph
immediately above.

 

(d)
Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that
persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or
701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales,
and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands
that no assurances can be given that any such other registration exemption shall be available in such event.

 

		PARTICIPANT
	 	 
	 	Signature
	 	 
	 	Print
    Name
	 	 
	 	Date

 

    	A-1

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