Document:

Exhibit 10.1

(See following pages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is entered into on December 4, 2022 (“Effective Date”) by and between Vireo Health, Inc., a Delaware
corporation (the “Company”) and Joshua Rosen, an individual residing in the State of Arizona (“Executive”) (collectively
“Parties” or individually “Party”).

 

RECITALS

 

WHEREAS, Goodness Growth
Holdings, Inc., a British Columbia (Canada) corporation and the Company’s sole owner (the “Parent Company”) desires
to appoint Executive to the role of Interim President; and

 

WHEREAS, Executive
is a resident of the United States and therefore wishes to contract with a domestic party;

 

WHEREAS, the Company,
acting at the direction of the Parent Company, desires to employ Executive pursuant to the terms of this Agreement and Executive desires
to accept such employment pursuant to the terms of this Agreement; and

 

WHEREAS, during Executive’s
employment with the Company, Executive has been and will become acquainted with technical and nontechnical information which the Company
has developed, acquired and uses, or which the Company has developed, acquired or used, or will develop, acquire or use, and which is
commercially valuable to the Company and which the Company desires to protect, and Executive may contribute to such information through
inventions, discoveries, improvements or otherwise.

 

NOW, THEREFORE, in
consideration of the employment of Executive by the Company, and further in consideration of the salary, wages or other compensation and
benefits to be provided by the Company to Executive, and for additional mutual covenants and conditions, the receipt and sufficiency of
which are hereby acknowledged, the Company and Executive, intending legally to be bound, hereby agree as follows:

 

AGREEMENT

 

In consideration of the above recitals and the
mutual promises set forth in this Agreement, the Parties agree as follows:

 

1.             Nature
and Capacity of Employment.

 

1.1       Title
and Duties. Effective as of Effective Date, the Company will employ Executive as its Interim President, pursuant to the terms and
conditions set forth in this Agreement. Executive will perform such duties and responsibilities for the Parent Company and the Company
as the Parent Company’s Board of Directors (the “Board”) may assign to Executive from time to time consistent with Executive’s
position. The Executive hereby agrees to act in that capacity under the terms and conditions set forth in this Agreement. Executive shall
serve the Company faithfully and to the best of Executive’s ability and shall at all times act in accordance with the law, excepting
only the Controlled Substances Act as it applies to the state-licensed operations of the Company. Executive shall devote Executive’s
full working time, attention and efforts to performing Executive’s duties and responsibilities under this Agreement and advancing
the Company’s business interests. Executive shall follow applicable policies and procedures adopted by the Company from time to
time, including without limitation the Company’s Code of Conduct, Executive Handbook and other Company policies, including those
relating to business ethics, conflict of interest, non-discrimination and non-harassment. Executive shall not, without the prior written
consent of the Board, accept other employment, excepting only that employment described in Schedule 1.1 to this Agreement, or engage
in other business activities during Executive’s employment with the Company that may prevent Executive from fulfilling the duties
or responsibilities as set forth in or contemplated by this Agreement. Executive may participate in civic, religious and charitable activities
and personal investment activities to a reasonable extent, so long as such activities do not interfere with the performance of Executive’s
duties and responsibilities hereunder.

 

     

     

    

 

1.2       No
Restrictions. Executive hereby represents and confirms that Executive is under no contractual or legal commitments that would prevent
Executive from fulfilling Executive’s duties and responsibilities as set forth in this Agreement.

 

1.3       Location.
Executive’s employment will be based at the Company’s corporate headquarters; provided, however, that Executive will primarily
work remotely and has no specific requirement to be present at any of the Company’s locations. Executive acknowledges and agrees
that Executive’s position, duties and responsibilities may require regular travel, both in the U.S. and internationally.

 

2.             Term.
Unless terminated at an earlier date in accordance with Section 5, the term of Executive’s employment with the Company under the
terms and conditions of this Agreement will be for the period commencing at 12:01 a.m. Central Time on the Effective Date and ending at
11:59 p.m. Central Time on the day that is exactly one year after the Effective Date (the “Term”); provided, however, that
if a Change in Control (as defined in Section 6.5) occurs during the Term then the Term will expire on the one (1) year anniversary of
the date of the Change in Control. If Executive remains employed by the Company after the Term ends for any reason, then such continued
employment shall be according to the terms and conditions established by the Company from time to time (provided that any provisions of
this Agreement and the Restrictive Covenants Agreement (as defined in Section 3) that by their terms survive the termination of the Term
shall remain in full force and effect).

 

3.             Restrictive
Covenants Agreement. On the Effective Date, Executive is executing a Confidential Information, Intellectual Property Rights, Non-Competition
and Non-Solicitation Agreement, substantially in the form of Exhibit A attached hereto and made a part hereof (the “Restrictive
Covenants Agreement”). Executive acknowledges and agrees that the Company’s execution of this Agreement and agreement to employ
Executive are conditioned upon Executive executing the Restrictive Covenants Agreement. Nothing in this Agreement is intended to modify,
amend, cancel or supersede the Restrictive Covenants Agreement in any manner.

 

4.             Compensation,
Benefits and Business Expenses.

 

4.1.       Base
Salary. As of the Effective Date, the Company agrees to pay Executive an annualized base salary of USD$300,000.00 (the “Base
Salary”), which Base Salary will be earned by Executive on a pro rata basis as Executive performs services. Sixty percent (60%)
of the Base Salary shall be paid according to the Company’s normal payroll practices. The remaining forty percent (40%) of the Base
Salary shall be paid at a time determined by the Board but not later than six (6) months after the end of the Term.

 

4.2       Incentive
Compensation. Executive may be eligible to earn a cash bonus if and in an amount determined by the Board in its discretion and subject
to the terms of any written document addressing such annual cash bonus as the Board may adopt in its sole discretion. The parties acknowledge
that Executive’s target incentive compensation for the Term is equal to $300,000, based upon level of achievement of metrics and
other goals as agreed in writing between Executive and the Board. Unless specified otherwise a written cash bonus document applicable
to Executive, Executive must be employed on the date any annual cash bonus is paid in order to earn and receive each such bonus.

 

     

     

    

 

4.3       Equity
Grants. The Company shall cause the Parent Company to grant to Executive the right (the “Option”) to purchase two million
(2,000,000) subordinate voting shares of the Parent Company’s capital stock (“Shares”) at an exercise price equal to
the volume weighted-average closing price of like shares on the Canadian Securities Exchange for the two trading days immediately preceding
the Grant Date. The “Grant Date” shall be the later of (i) the day that is two trading days after the date (the “Announcement
Date”) of the public announcement of the appointment of Executive to the role contemplated herein and (ii) such date after the Announcement
Date that the Board determines is the earliest date on which a trading window for Company insiders can be opened in accordance with the
Company’s Corporate Disclosure and Insider Trading Policy (the “Insider Trading Policy”). One-fourth (1/4) of the Option
will be deemed vested on the Effective Date. Another one-fourth (1/4) of the Option will vest on March 1, 2023, June 1, 2023 and October
1, 2023. Vesting shall be contingent, on each such date, on all of the following being true as of such date: (1) Executive shall continue
to be employed by the Company unless the Company shall have terminated Executive’s employment without Cause or Executive shall have
terminated his employment with Good Reason; (2) the Company shall not have made any filing under Federal bankruptcy or state insolvency
laws, nor had a receiver appointed for any of its assets; and (3) no event of default shall have occurred under any credit agreement,
other debt instrument or material lease to which the Company is a party or guarantor.

 

4.4.       Executive
Benefits. While Executive is employed by the Company during the Term, Executive shall be entitled to participate in the retirement
plans, health plans, and all other employee benefits made available by the Company, and as they may be changed from time to time. Executive
acknowledges and agrees that Executive will be subject to all eligibility requirements and all other provisions of these benefits plans,
and that the Company is under no obligation to Executive to establish and maintain any employee benefit plan in which Executive may participate.
The terms and provisions of any employee benefit plan of the Company are matters within the exclusive province of the Board, subject to
applicable law.

 

4.5.       Paid
Time Off. While Executive is employed by the Company during the Term, Executive shall have available unlimited personal time off in
accordance with the Company’s policies then in effect. Paid time off may be used for illness or other personal business, or as vacation
time off at such times so as not to materially disrupt the operations of the Company. Paid time off is intended to be used, not stored,
and these days shall in no event be converted to cash, nor shall any unused days be paid to Executive upon termination of his employment
under this Agreement.

 

4.6       Business
Expenses. While Executive is employed by the Company during the Term, the Company shall reimburse Executive for all reasonable and
necessary out-of-pocket business, travel and entertainment expenses incurred by Executive in the performance of Executive’s duties
and responsibilities hereunder, subject to the Company’s normal policies and procedures for expense verification and documentation.

 

     

     

    

 

5.             Termination
of Employment.

 

5.1       Termination
of Employment Events. Executive’s employment with the Company is at-will. Executive’s employment with the Company will
terminate immediately upon:

 

		(a)	The date of Executive’s receipt of written notice from the Company of the termination of Executive’s
employment (or any later date specified in such written notice from the Company);

 

		(b)	Executive’s abandonment of Executive’s employment or the effective date of Executive’s
resignation for Good Reason (as defined below) or any other reason (as specified in written notice from Executive);

 

		(c)	Executive’s Disability (as defined below); or

 

		(d)	Executive’s death.

 

5.2       Termination
Date. The date upon which Executive’s termination of employment with the Company is effective is the “Termination Date.”
For purposes of Sections 6.1 or 6.2 only, with respect to the timing of the Pre-CIC Severance Payments or the Post-CIC Severance Payment
(as applicable), the Pre-CIC Benefits Continuation Payments or the Post-CIC Benefits Continuation Payments (as applicable), the Outplacement
Payments, the Termination Date means the date on which a “separation from service” has occurred for purposes of Section 409A
of the Internal Revenue Code, as amended, and the regulations and guidance thereunder (the “Code”).

 

5.3       Resignation
From Positions. Unless otherwise requested by the Board in writing, upon Executive’s termination of employment with the Company
for any reason Executive shall automatically resign as of the Termination Date from all titles, positions and appointments Executive then
holds with the Company, whether as an officer, director, trustee or employee (without any claim for compensation related thereto), and
Executive hereby agrees to take all actions necessary to effectuate such resignations.

 

6.             Payments
Upon Termination of Employment.

 

6.1.       Termination
of Employment Without Cause or for Good Reason During the Term and Before the First Change in Control. If Executive’s employment
with the Company is terminated during the Term by the Company for any reason other than for Cause (as defined in Section 6.4), or by Executive
for Good Reason (as defined in Section 6.6), and the Termination Date occurs before the first Change in Control to occur during the Term,
then the Company shall, in addition to paying Executive’s Base Salary and other compensation earned through the Termination Date,
and subject to Section 6.9,

 

		(a)	pay to Executive as severance pay an amount equal to fifty percent (50%) of Executive’s annualized
Base Salary as of the Termination Date, less all legally required and authorized deductions and withholdings, payable in substantially
equal installments in accordance with the Company’s regular payroll cycle during the twelve (12) month period immediately following
the Termination Date, provided, however, that any installments that otherwise would be payable on the Company’s regular payroll
dates between the Termination Date and the 45th calendar day after the Termination Date will be delayed until the Company’s
first regular payroll date that is more than forty-five (45) days after the Termination Date and included with the installment payable
on such payroll date (the “Pre-CIC Severance Payments”); and

 

     

     

    

 

		(b)	if Executive is eligible for and takes all steps necessary to continue Executive’s group health
insurance coverage with the Company following the Termination Date (including completing and returning the forms necessary to elect COBRA
coverage), pay for the portion of the premium costs for such coverage that the Company would pay if Executive remained employed by the
Company, at the same level of coverage that was in effect as of the Termination Date, through the earliest of: (i) the six (6) month anniversary
of the Termination Date, (ii) the date Executive becomes eligible for group health insurance coverage from any other employer, or (iii)
the date Executive is no longer eligible to continue Executive’s group health insurance coverage with the Company under applicable
law (“Pre-CIC Benefits Continuation Payments”).

 

6.2.       Termination
of Employment Without Cause or for Good Reason During the Term and Within Twelve (12) Months After the First Change in Control. If
Executive’s employment with the Company is terminated during the Term by the Company for any reason other than for Cause, or by
Executive for Good Reason, and the Termination Date occurs on the date of the first Change in Control to occur during the Term or before
the twelve (12) month anniversary of such Change in Control, then the Company shall, in addition to paying Executive’s Base Salary
and other compensation earned through the Termination Date, and subject to Section 6.9,

 

		(a)	pay to Executive as severance pay an amount equal to one hundred percent (100%) of Executive’s annualized
Base Salary as of the Termination Date, less all legally required and authorized deductions and withholdings, payable in a lump sum on
the Company’s first regular payroll date that is after the expiration of all rescission periods identified in the Release (as defined
in Section 6.9) but in no event later than seventy-five (75) days after the Termination Date (the “Post-CIC Severance Payment”);
provided, however, if the Post-CIC Severance Payment could be made in two different calendar years based on the date on which Executive
signs the Release and all rescission periods identified in the Release expire, then the Post-CIC Severance Payment shall be paid in a
lump sum in the second calendar year but no later than March 15 of such calendar year;

 

		(b)	if Executive is eligible for and takes all steps necessary to continue Executive’s group health
insurance coverage with the Company following the Termination Date (including completing and returning the forms necessary to elect COBRA
coverage), pay for the portion of the premium costs for such coverage that the Company would pay if Executive remained employed by the
Company, at the same level of coverage that was in effect as of the Termination Date, through the earliest of: (i) the twelve (12) month
anniversary of the Termination Date, (ii) the date Executive becomes eligible for group health insurance coverage from any other employer,
or (iii) the date Executive is no longer eligible to continue Executive’s group health insurance coverage with the Company under
applicable law (“Post-CIC Benefits Continuation Payments”); and

 

     

     

    

 

		(c)	pay up to $10,000.00 for outplacement services by an outplacement services provider selected by Executive,
with any such amount payable by the Company directly to the outplacement services provider or reimbursed to Executive, in either case
subject to Executive’s submission of appropriate receipts before the twelve (12) month anniversary of the Termination Date (the
“Outplacement Payments”).

 

6.3.       Other
Termination of Employment Events. If Executive’s employment with the Company is terminated by the Company or Executive for any
reason upon or following the expiration of the Term, or if Executive’s employment with the Company is terminated during the Term
by reason of:

 

		(a)	Executive’s abandonment of Executive’s employment or Executive’s resignation for any
reason other than Good Reason;

 

		(b)	termination of Executive’s employment by the Company for Cause; or

 

		(c)	Executive’s death or Disability,

 

then the Company shall pay to Executive
or Executive’s beneficiary or Executive’s estate, as the case may be, Executive’s Base Salary and other compensation
earned through the Termination Date and Executive shall not be eligible or entitled to receive any severance pay or benefits from the
Company.

 

6.4.       Cause Defined.
“Cause” hereunder means:

 

		(a)	Executive’s material failure to perform his job duties competently as reasonably determined by the
Board;

 

		(b)	gross misconduct by Executive which the Board reasonably determines is (or will be if continued) demonstrably
and materially damaging to the Company;

 

		(c)	fraud, misappropriation, or embezzlement by Executive;

 

		(d)	an act or acts of dishonesty by Executive and intended to result in gain or personal enrichment of Executive
at the expense of the Company;

 

		(e)	Executive’s conviction of or plea of nolo contendere to a felony regardless of whether involving
the Company and whether or not committed during the course of Executive’s employment, other than with respect to any criminal penalties
related to the illegality of possessing or using Marijuana under the Controlled Substance Act, 21 U.S.C. Section 812(b);

 

		(f)	Executive’s violation of the Company’s Code of Conduct, Executive Handbook or other material
written policy, as reasonably determined by the Board; or

 

		(g)	the material breach of this Agreement of the Restrictive Covenants Agreement by Executive.

 

     

     

    

 

With respect to Section 6.4(a) and Section
6.4(f), the Company shall first provide Executive with written notice and an opportunity to cure such breach, if curable, in the reasonable
discretion of the Board, and identify with specificity the action needed to cure within fifteen (15) days of Executive’s receipt
of written notice from the Company. If the Company terminates Executive’s employment for Cause pursuant to this Section 6.4, then
Executive shall not be eligible or entitled to receive any severance pay or benefits from the Company.

 

6.5.       Change
in Control Defined. “Change in Control” hereunder has the same meaning such term has in the Vireo Health International
Inc. 2019 Equity Incentive Plan, as amended from time to time (the “Equity Incentive Plan”).

 

6.6.       Good
Reason Defined. “Good Reason” hereunder means the initial occurrence of any of the following events without Executive’s
consent:

 

		(a)	a material diminution in the Executive’s responsibilities, authority or duties or a change in his
title;

 

		(b)	a material diminution in the Executive's salary, other than
a general reduction in base salaries that affects all similarly situated Company employees in substantially the same proportions;

 

		(c)	a relocation of the Executive’s principal place of employment
to a location more than fifty (50) miles from his principal place of employment on the Effective Date; or

 

		(d)	the material breach of this Agreement by the Company.

 

provided, however, that “Good
Reason” shall not exist unless Executive has first provided written notice to the Company of the initial occurrence of one or more
of the conditions under clauses (a) through (d) above within thirty (30) days of the condition’s occurrence, such condition is not
fully remedied by the Company within thirty (30) days after the Company’s receipt of written notice from Executive, and the Termination
Date as a result of such event occurs within ninety (90) days after the initial occurrence of such event.

 

6.7.       Disability
Defined. “Disability” hereunder has the same meaning such term has in the Equity Incentive Plan.

 

6.8.       The Company’s
Sole Obligation. In the event of termination of Executive’s employment, the sole obligation of the Company to provide Executive
with severance pay or benefits shall be its obligation to make the payments called for by Section 6.1 or Section 6.2, as the case may
be, and the Company shall have no other severance-related obligation to Executive or to Executive’s beneficiary or Executive’s
estate. For avoidance of doubt, nothing in this Section 6.8 affects Executive’s right to receive any amounts due under the terms
of any employee benefit plans or programs (other than any severance-related plan or program) then maintained by the Company in which Executive
participates.

 

6.9.       Conditions
To Receive Payments. Notwithstanding the foregoing provisions of this Section 6, the Company will not be obligated to make the Pre-CIC
Severance Payments or Pre-CIC Benefits Continuation Payments under Section 6.1, or the Post-CIC Severance Payment, Post-CIC Benefits Continuation
Payments or Outplacement Payments under Section 6.2, to or on behalf of Executive unless (a) Executive signs a release of claims in favor
of the Company in a form to be prescribed by the Company (the “Release”), (b) all applicable consideration periods and rescission
periods provided by law with respect to the Release have expired without Executive rescinding the Release, and (c) Executive is in strict
compliance with the terms of this Agreement and the Restrictive Covenants Agreement and any other written agreement between Executive
and the Company.

 

     

     

    

 

7.             Anticipatory
Termination without Cause. If Executive’s employment with the Company is terminated during the Term by the Company for any reason
other than for Cause or by Executive for Good Reason, and a Change in Control occurs (i) within six (6) months after Executive’s
Termination Date or (ii) within one year after Executive’s Termination Date, pursuant to an agreement executed within sixty (60)
days after Executive’s Termination Date, then Executive shall receive an additional cash payment equal to fifty percent (50%) of
Executive’s annualized Base Salary as of the Termination Date, less all legally required and authorized deductions and withholdings,
payable in a single lump sum no later than ten (10) days after the date of such Change in Control.

 

8.             Section
409A and Taxes Generally.

 

8.1       Taxes.
The Company is entitled to withhold on and report the making of such payments as may be required by law as determined in the reasonable
discretion of the Company. Except for any tax amounts withheld by the Company from any compensation that Executive may receive in connection
with Executive’s employment with the Company and any employer taxes required to be paid by the Company under applicable laws or
regulations, Executive is solely responsible for payment of any and all taxes owed in connection with any compensation, benefits, reimbursement
amounts or other payments Executive receives from the Company under this Agreement or otherwise in connection with Executive’s employment
with the Company. The Company does not guarantee any particular tax consequence or result with respect to any payment made by the Company.

 

8.2       Section
409A. This Agreement is intended to provide for payments that satisfy, or are exempt from, the requirements of Section 409A, including
Sections 409A(a)(2), (3) and (4) of the Code and current and future guidance and regulations interpreting such provisions, and should
be interpreted accordingly. In furtherance of the foregoing, the provisions set forth below shall apply notwithstanding any other provision
in this Agreement:

 

		(a)	all payments to be made to Executive hereunder, to the extent they constitute a deferral of compensation
subject to the requirements of Section 409A (after taking into account all exclusions applicable to such payments under Section 409A),
shall be made no later, and shall not be made any earlier, than at the time or times specified in this Agreement or in any applicable
plan for such payments to be made, except as otherwise permitted or required under Section 409A;

 

		(b)	the date of Executive’s “separation from service”, as defined in Section 409A (and as
determined by applying the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii)), shall be treated as the date of Executive’s
termination of employment for purposes of determining the time of payment of any amount that becomes payable to Executive related to Executive’s
termination of employment under Sections 10(a), 10(b) or 10(c), and any reference to Executive’s “Termination Date”
or “termination” of Executive’s employment in Section 6.1 or Section 6.2 shall mean the date of Executive’s “separation
from service”, as defined in Section 409A (and as determined by applying the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii));

 

     

     

    

 

		(c)	in the case of any amounts payable to Executive under this Agreement that may be treated as payable in
the form of “a series of installment payments”, as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Executive’s right
to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg. §1.409A-2(b)(2)(iii);

 

		(d)	to the extent that the reimbursement of any expenses eligible for reimbursement or the provision of any
in-kind benefits under any provision of this Agreement would be considered deferred compensation under Section 409A (after taking into
account all exclusions applicable to such reimbursements and benefits under Section 409A): (i) reimbursement of any such expense shall
be made by the Company as soon as practicable after such expense has been incurred, but in any event no later than December 31st
of the year following the year in which Executive incurs such expense; (ii) the amount of such expenses eligible for reimbursement, or
in-kind benefits to be provided, during any calendar year shall not affect the amount of such expenses eligible for reimbursement, or
in-kind benefits to be provided, in any calendar year; and (iii) Executive’s right to receive such reimbursements or in-kind benefits
shall not be subject to liquidation or exchange for another benefit;

 

		(e)	to the extent any payment or delivery otherwise required to be made to Executive hereunder on account
of Executive’s separation from service is properly treated as a deferral of compensation subject to Section 409A after taking into
account all exclusions applicable to such payment and delivery under Section 409A, and if Executive is a “specified employee”
under Section 409A at the time of Executive’s separation from service, then such payment and delivery shall not be made prior to
the first business day after the earlier of (i) the expiration of six months from the date of Executive’s separation from service,
or (ii) the date of Executive’s death (such first business day, the “Delayed Payment Date”), and on the Delayed Payment
Date, there shall be paid or delivered to Executive or, if Executive has died, to Executive’s estate, in a single payment or delivery
(as applicable) all entitlements so delayed, and in the case of cash payments, in a single cash lump sum, an amount equal to aggregate
amount of all payments delayed pursuant to the preceding sentence. Except for any tax amounts withheld by the Company from the payments
or other consideration hereunder and any employment taxes required to be paid by the Company, Executive shall be responsible for payment
of any and all taxes owed in connection with the consideration provided for in this Agreement; and

 

     

     

    

 

		(f)	the Parties agree that this Agreement may be amended, as may be necessary to fully comply with, or to
be exempt from, Section 409A and all related rules and regulations in order to preserve the payments and benefits provided hereunder without
additional cost to either Party.

 

9.             Change-in-Control.

 

9.1       Retention
Bonus. Executive will receive a retention bonus (the “Retention Bonus”) in an amount equal to fifty percent (50%)
of Executive’s Base Salary on the date of the closing of a CIC Transaction (the “CIC Closing Date”), subject
to the conditions and on the terms described in this Section 9. If, during the Term and prior to the CIC Closing Date, the Company terminates
Executive’s employment without Cause Base Salary will be defined as Executive’s annual base salary immediately prior to the
date of termination of employment. If, during the Term and prior to the CIC Closing Date, or Executive voluntarily terminates his employment
with Good Reason, Base Salary will be defined as Executive’s annual base salary immediately prior to the occurrence of the initial
event that gave rise to Good Reason. Company will pay the Retention Bonus to Executive only if Executive’s employment is not terminated
by the Company for Cause or by Executive without Good Reason. The Retention Bonus will be paid within thirty (30) days after the date
of the Change in Control and will be subject to required withholdings and deductions.

 

9.2       Options
and Restricted Stock Units. The provisions of this paragraph 9.2 apply if Employee has been granted any stock options (“Options”)
or restricted stock units (“RSUs”) under the Vireo Health, Inc. 2018 Equity Incentive Plan (the “2018 Plan”),
the Vireo Health International, Inc. 2019 Equity Incentive Plan (the “2019 Plan”), or under Section 4.3 of this Agreement,
which Options and/or RSUs have not vested as of the CIC Closing Date.

 

a.        
Accelerated Vesting. All unvested Options and RSUs held by Employee will vest immediately prior to the Change in Control,
provided that Employee’s employment shall not have been terminated by Employer for Cause or by Employee without Good Reason on or
prior to such date.

 

b.        
Time to Exercise. Consistent with and confirming a resolution of Parent Company’s board of directors that was unanimously
approved on August 10, 2021, and notwithstanding the provisions of the 2018 Plan, the 2019 Plan, or the incentive option agreement or
other instrument by which Employer or Parent granted Options to Executive (“Grant Agreement”), provided that Executive’s
employment shall not have been terminated for Cause, Executive shall be entitled to exercise, by completing all steps listed in the respective
Grant Agreement, any vested, unexercised Option or Options, through the day that is the earlier of (i) the day that is two (2) years after
the last date of employment of Executive by the Company or any parent, subsidiary or affiliated company of the Company and (ii) the expiration
date applicable to such Option.

 

c.        
The provisions of this Section 9.2 shall survive the expiration or earlier termination of this Agreement.

 

9.3       Termination. If
the Company terminates Executive’s employment for Cause or Executive voluntarily terminates his employment without Good Reason,
in each case prior to the date of a Change in Control, the Executive shall forfeit any right or claim to the Retention Bonus or any portion
thereof.

 

     

     

    

 

10.            Miscellaneous.

 

10.1.       Integration.
This Agreement and the Restrictive Covenants Agreement embody the entire agreement and understanding among the Parties relative to subject
matter hereof and combined supersede all prior agreements and understandings relating to such subject matter, including but not limited
to any earlier offers to Executive by the Company; provided, however, this Agreement and the Restrictive Covenants Agreement are not intended
to supersede or otherwise affect the Equity Incentive Plan or any Award Agreement (as defined in the Equity Incentive Plan), each of which
shall remain in effect in accordance with its terms.

 

10.2.       Applicable
Law. All matters relating to the interpretation, construction, application, validity and enforcement of this Agreement are governed
by the laws of the State of Arizona without giving effect to any choice or conflict of law provision or rule, whether of the State of
Arizona or any other jurisdiction, which would cause the application of laws of any jurisdiction other than the State of Arizona.

 

10.4.       Executive’s
Representations. Executive represents that Executive is not subject to any agreement or obligation that would prevent or limit Executive
from entering into this Agreement or that would be breached upon performance of Executive’s duties under this Agreement, including
but not limited to any duties owed to any former employers not to compete. If Executive possesses any information that Executive knows
or should know is considered by any third party, such as a former employer of Executive’s, to be confidential, trade secret, or
otherwise proprietary, Executive shall not disclose such information to the Company or use such information to benefit the Company in
any way.

 

10.4.       Counterparts.
This Agreement may be executed in several counterparts and as so executed shall constitute one agreement binding on the Parties.

 

10.5.       Assignment
and Successors. The rights and obligations of the Company under this Agreement shall inure to the benefit of and will be binding upon
the successors and assigns of the Company. Neither party may, without the written consent of the other party, assign or delegate any of
its rights or obligations under this Agreement except that the Company may, without any further consent of Executive, assign or delegate
any of its rights or obligations under this Agreement to any corporation or other business entity (a) with which the Company may merge
or consolidate, (b) to which the Company may sell or transfer all or substantially all of its assets or capital stock or equity, or (c)
any affiliate or subsidiary of the Company. After any such assignment or delegation by the Company, the Company will be discharged from
all further liability hereunder and such assignee will thereafter be deemed to be the “Company” for purposes of all terms
and conditions of this Agreement, including this Section 9.6. Executive may not assign this Agreement or any rights or obligations hereunder.
Any purported or attempted assignment or transfer by Executive of this Agreement or any of Executive’s duties, responsibilities,
or obligations hereunder is void.

 

10.6.        Modification.
This Agreement shall not be modified or amended except by a written instrument signed by the Parties.

 

10.7.        Severability.
The invalidity or partial invalidity of any portion of this Agreement shall not invalidate the remainder thereof, and said remainder shall
remain in fully force and effect.

 

     

     

    

 

10.8.        Opportunity
to Obtain Advice of Counsel. Executive acknowledges that Executive has been advised by the Company to obtain legal advice prior to
executing this Agreement, and that Executive had sufficient opportunity to do so prior to signing this Agreement.

 

10.9.       280G
Limitations. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (a)
constitute “parachute payments” within the meaning of Section 280G of the Code and (b) would be subject to the excise tax
imposed by Code Section 4999, then such benefits shall be either be: (i) delivered in full, or (ii) delivered as to such lesser extent
which would result in no portion of such severance benefits being subject to excise tax under Code Section 4999, whichever of the foregoing
amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Code Section
4999, results in the receipt by Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some
portion of such benefits may be subject to excise tax under Code Section 4999. Any determination required under this Section 9.10 will
be made in writing by an accounting firm selected by the Company or such other person or entity to which the parties mutually agree (the
“Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes
of making the calculations required by this Section 9.10, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The
Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in
order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection
with any calculations contemplated by this Section 9.10. Any reduction in payments and/or benefits required by this Section 9.10 shall
occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed
on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B)
accelerated vesting of stock awards, if any, shall be cancelled/reduced next and in the reverse order of the date of grant for such stock
awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value awards reversed before any
stock option or stock appreciation rights are reduced; and (C) deferred compensation amounts subject to Section 409A shall be reduced
last.

 

[Signature Page Follows]

 

     

     

    

 

THIS EMPLOYMENT AGREEMENT
was voluntarily and knowingly executed by the Parties effective as of the Effective Date first set forth above.

 

 

	 	VIREO HEALTH, INC.	 
	 	 	 
	 	/s/ Kyle Kingsley	 
	 	By: Kyle Kingsley	 
	 	Its:  Chief Executive Officer	 
	 	 	 
	 	 	 
	 	 	 
	 	EMPLOYEE:	 
	 	 	 
	 	 	 
	 	/s/ Joshua Rosen	 
	 	Joshua Rosen	 

 

 

 

 

 

 

[Signature Page to Employment Agreement]

     

     

    

 

Exhibit A

to Employment Agreement

 

FORM OF 

Confidential Information, Intellectual Property
Rights, Non-Competition and

Non-Solicitation Agreement

 

 

 

 

 

 

     

     

    

 

Confidential
Information, Intellectual Property Rights, 

Non-Competition
and Non-Solicitation Agreement

 

This Confidential Information, Intellectual Property Rights, Non-Competition
and Non-Solicitation Agreement (the “Agreement”) is made and entered into by and between Vireo Health, Inc., a Delaware
corporation (“Company”) and ________________________ (“Employee”), as of ____________________,
(the “Effective Date”). Each of Company and Employee hereinafter may be referred to individually as a “Party”
or, collectively, as the “Parties.” In consideration of Employee’s employment with Company, the compensation
Employee will earn in connection with such employment, Company entering into an Employment Agreement with Employee (the “Employment
Agreement”), Company providing Employee with ongoing access to Confidential Information (as defined below), and other good and
valuable consideration, the sufficiency and receipt of which Employee acknowledges, Employee agrees as follows:

 

		1.	Confidential Information

 

		1.1	Confidential Information and Trade Secrets Defined. Employee hereby acknowledges and understands
the term “Confidential Information” means any data, information, or material of Company or its owners or its Affiliates
relating directly or indirectly to Company or its owners or Affiliates: clients and customers or potential clients and customers (collectively
“Customer(s)”); competitors; vendors; advertisers; employees; contractors; suppliers; or business partners, that is
discovered or developed by, or disclosed to, Employee through Employee’s relationship with Company, that is not generally ascertainable
from public information, whether it is expressly identified as “confidential” or “trade secret,” that includes,
but is not limited to: financial information; invoices; business plans; business and contract applications; contracts; forms; research;
price lists; marketing materials; advertising materials and developments; sales materials and reports; copyrighted materials; Trade Secrets;
the particular needs and requirements of Customers; identities of potential Customers; and all accompanying Customer data. Employee hereby
acknowledges and understands the term “Trade Secret(s)” includes, but is not limited to, a confidential, proprietary,
and/or sensitive: formula; software; methodology; model; architecture; pattern; compilation; program; device; method; technique; or process,
that is discovered, developed in whole or part by Employee, or disclosed to Employee, through Employee’s relationship with Company,
including any information, data, or material concerning the Business (as defined in Subsection 3.2), and all other information related
to Company and its owner and Affiliates businesses, that is not generally known and readily ascertainable by proper means by any other
person and/or Employee. This includes, but is not limited to, all inventions or discoveries made by Employee and/or Company (or its owners
or Affiliates) resulting in whole or part from Employee’s relationship with Company. The term “Trade Secret(s)”
also includes, but is not limited to, Customer lists, invoices and reports containing specifically developed information, such as the
name, address, phone number, buying history and other traits of Customers, along with any other information that Company derives a competitive
advantage from and that Company makes reasonable efforts to maintain as secret. For purposes of this Agreement, “Affiliate”
means, for any individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
or unincorporated organization (each, a “Person”), another Person that directly, or indirectly through one or more intermediaries,
controls, or has been or is controlled by, or is under common control with, such Person. For avoidance of doubt, the Affiliates of Company
include, without limitation, Goodness Growth Holdings International, Inc.

 

     

     

    

 

		1.2	Use & Restriction. Employee acknowledges that Employee
will have access to and be provided with Confidential Information in connection with performing services for Company. Employee expressly
recognizes that the efficacy and profitability of Company and Affiliates is dependent in part upon Employee’s protection of the
Confidential Information. Employee may use the Confidential Information solely in connection with performing services for Company and
its Affiliates. To ensure the continued confidentiality of the Confidential Information, Employee agrees to hold the Confidential Information
in strict confidence. Employee shall not, either during Employee’s relationship with Company, or for such period as such information
remains Confidential Information after termination, disclose or use for Employee’s own benefit or for the benefit of any other
individual or third party, directly or indirectly, any of the Confidential Information, except as such disclosure or use is expressly
authorized by Company in writing. Employee hereby agrees to adhere to the method and form of protection of Confidential Information required
by Company, subject to change at Company’s sole discretion. Employee shall not communicate any Confidential Information, even in
furtherance of Company’s business, to any individual or third party not privy to the Confidential Information, without express
consent by Company and the individual or third party’s agreement to be bound by confidentiality terms that adequately protect Company’s
Confidential Information.

 

		1.3	Exceptions. The confidentiality and restriction on the
use of Confidential Information under this Agreement shall not apply to Confidential Information to the extent that such Confidential
Information: is now, or hereafter becomes, through no breach of this Agreement by Employee, generally known or available to the public;
was known to Employee without an obligation to hold it in confidence prior to the time such Confidential Information was disclosed to
Employee by Company; is disclosed or used, as applicable, with the prior written consent of Company and in accordance with any limitations
or conditions on such disclosure or use that may be imposed in such written consent; or was or is independently developed by Employee
without any use of or reference to the Confidential Information. In addition, notwithstanding any other language in this Agreement to
the contrary, Employee understands that Employee may not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made (a) in confidence to a federal, state or local government official, either directly
or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation
of law or for pursuing an anti-retaliation lawsuit; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if
such filing is made under seal and Employee does not disclose the trade secret except pursuant to a court order.

 

		1.4	Required Disclosure. The confidentiality obligations
under this Agreement shall not apply to Confidential Information to the extent that such Confidential Information is required to be disclosed
pursuant to the order or requirement of a court, administrative agency, or other authority, or otherwise by operation of applicable law.
In the event of such order or requirement, Employee, if and to the extent permitted by law, shall give Company written notice thereof
and of the Confidential Information to be disclosed as soon as practicable prior to disclosure of such Confidential Information and shall
provide such reasonable assistance as Company may request, at Company’s sole expense, in seeking a protective order or other appropriate
relief in order to protect the confidentiality of the Confidential Information.

 

		1.5	Other Nondisclosure Agreements. If Company is subject
to the terms of any confidentiality or nondisclosure agreement relating to some or all of the Confidential Information that imposes greater
restrictions on the disclosure and/or use of such Confidential Information, then Employee shall comply with such greater restrictions
to the extent that Employee is made aware of them.

 

     

     

    

 

		1.6	Property of Company. Employee specifically acknowledges
and understands that all Confidential Information and all of Company’s and its Affiliates’ strategies and files, including,
but not limited to, computer data, reports, materials, records, documents, notes, memoranda, and other items, and any originals or copies
thereof, related to the business of Company or its Affiliates, which Employee either is provided, prepares, uses, or simply acquires
during the term of this Agreement, are and shall remain the sole and exclusive property of Company and, to the extent applicable, shall
not be removed from Company’s premises or systems without the prior consent of Company.

 

		1.7	Return or Destroy Confidential Information. Employee
agrees, immediately upon the termination of the relationship between Employee and Company for any reason or upon earlier request by Company
to make a diligent search for any and all documents, computer discs, electronic files, software, tapes, computer printouts, or any other
material constituting Confidential Information described in this Section 1, and shall: cease using the Confidential Information; promptly
return to Company or destroy all Confidential Information and any copies thereof; and certify in writing that Employee has complied with
the obligations of this Subsection 1.7.

 

		1.8	Return of Company Property. Employee agrees, immediately
upon the termination of the relationship between Employee and Company for any reason or upon earlier request by Company to promptly deliver
to Company all Company property not covered by Subsection 1.7.

 

		2.	Intellectual Property 

 

		2.1	Prior Inventions. Any intellectual property, including, but not limited to, any ideas, inventions, patents, trademarks, service
marks, copyrights, creations, know how, work product, and other developments or improvements, if any, patented or unpatented, that Employee,
alone or with others, conceived, created, invented, developed, reduced to practice, or caused to be conceived and or caused to be reduced
to practice prior to the earlier of (a) commencement of Employee’s employment with Company or (b) when Employee first provided services
to Company, is listed on Schedule 1 attached hereto (“Prior Inventions”).

 

		2.2	Ownership. Except with respect to Prior Inventions, all right, title, and interest of every kind and nature, whether now known
or unknown, in and to any and all intellectual property, including, but not limited to, any ideas, inventions, patents, trademarks, service
marks, copyrights, creations, know how, work product, properties and other developments or improvements, patented or unpatented, conceived,
created, invented, written, developed, furnished, produced, disclosed, reduced to practice, or caused to be conceived and or caused to
be reduced to practice in whole or in part, alone or with others, whether or not during working hours, by Employee during the term of
Employee’s employment with Company and for six (6) months thereafter, that are within the scope of Company’s business operations
or that relate to any of Company’s work or projects, will, as and between Company and Employee, be and remain the sole and exclusive
property of Company for any and all purposes and uses, and Employee hereby agrees to assign and assigns all rights thereto to Company.
Intellectual property may be in any form including, but not limited to, written, oral, electronic, digital, or other form.

 

		2.2	Work Made for Hire. Any work of Employee for which a copyright could be claimed developed in the course of employment with
the Company will be deemed “work made for hire” under federal copyright law and all ownership rights to such work belong exclusively
to Company. To the extent any invention does not qualify as a work for hire under applicable law, and to the extent any invention is subject
to copyright, patent, trade secret, or other proprietary right protection, Employee hereby assigns, and agrees to assign, all rights therein
to Company.

 

     

     

    

 

		2.3	Pre-Existing Work. If, in the course of Employee’s relationship with Company, Employee has used or uses, has relied upon
or relies upon, has provided or provides, or has incorporated or incorporates any Prior Invention or any other intellectual property Employee
owns, or in which Employee has had or has an interest, into any idea, invention, patent, trademark, service mark, copyright, creation,
know how, work product, and other development or improvement conceived, created, invented, written, developed, furnished, produced, or
disclosed in whole or in part, alone or with others, whether or not during working hours, by Employee during the term of Employee’s
employment with Company, Employee hereby grants Company, under all of Employee’s intellectual property and proprietary rights, the
following worldwide, non-exclusive, perpetual, irrevocable, royalty free, fully paid up rights: (a) to make, use, copy, modify, and create
derivative works of such intellectual property; (b) to publicly perform or display, import, broadcast, transmit, distribute, license,
offer to sell, and sell, rent, lease or lend copies of the intellectual property, and derivative works of the intellectual property; and
(c) to sublicense the rights in this Subsection 2.3 to third parties.

 

		2.4	Required Undertakings. Employee agrees, both while an employee of Company and thereafter, to assist Company and its Affiliates,
at Company’s expense, in any and all attempts to obtain patents, copyrights, and/or trademarks or other intellectual property protection
on any work Employee participated in developing and agrees to execute all documents necessary to obtain such rights in the name of or
to transfer such rights to Company. If, because of Employee’s mental or physical incapacity or for any other reason whatsoever,
Company is unable to secure Employee’s signature to apply for or pursue any patents, copyrights, or other protection for any invention
assigned to Company under this Agreement or otherwise, Employee irrevocably designates and appoints Company and its duly authorized officers
and agents as Employee’s agent and attorney-in-fact to act for Employee and on Employee’s behalf and stead to file any applications
and to do all other lawfully-permitted acts to further the prosecution and issuance of any patents, copyrights, or other protections with
the same legal force and effect as if executed by Employee.

 

		2.5	Limited Exclusion. This Section 2 does not apply to any inventions or intellectual property for which no equipment, supplies,
facility or Confidential Information of Company was used, and which was developed entirely on Employee’s own time, and (a) which
does not relate (i) directly or indirectly to the business of Company or (ii) to Company’s actual or demonstrably anticipated research
or development, or (b) which does not result from any work performed by Employee for Company.

 

		3.	Non-competition and Non-solicitation 

 

		3.1	No Existing Restrictions. Employee represents and warrants that Employee is not a party to any
confidentiality agreement, non-competition agreement, non-solicitation agreement, intellectual property rights agreement, or any other
agreement with any former employer or other entity that in any way prohibits or inhibits Employee’s ability to (a) be employed by
Company; (b) perform services for Company; (c) enter into this Agreement; or (d) comply with Employee’s obligations under this Agreement.

 

		3.2	Non-competition and Non-solicitation. Employee acknowledges that Company is engaged in the business
of the promotion, manufacture, cultivation, marketing or distribution of cannabis (the “Business”). Employee agrees
that during the term of Employee’s employment with Company (the “Restricted Period”), regardless of the reason
for such termination and whether such termination is at the initiative of Employee or Company, Employee will not, directly or indirectly,
individually or in connection with other individuals or entities, without the prior written consent of Company:

 

     

     

    

 

		(a)	Other than on behalf of Company, anywhere within a Market Area (as defined herein) in which Company or
any of its Affiliates is then operating or doing business or in which the Company has then or within the prior six (6) months identified
an intention of doing business (as confirmed by reasonable written support including, but not limited to, having begun the application
or certification process to enable such Company or an Affiliate to do business in such Market Area) (the “Restricted Area”),
control, manage, operate, be employed or engaged by, or otherwise participate, assist, or engage in business as, or own an interest in
or provide active, direct material financial or other assistance to, , any individual proprietorship or business entity, if such entity
is engaged as its primary business , in business or operations that compete with any business then engaged in by Company or Company’s
Affiliates in in the Restricted Area; provided, however, this Section 3.2(a) does not prohibit or restrict Employee or any of Employee’s
Affiliates from holding a passive investment of not more than ten percent (10%) of the outstanding shares of the capital stock of any
publicly held corporation. For purposes of this Agreement, “Market Area” shall mean an imaginary circle with a fifty-mile
radius centered on a cultivation, manufacturing, or retail facility operated by the Company or any of its Affiliates in the States of
Minnesota, New York or Maryland, or such smaller area as may be finally determined by a court of competent jurisdiction to be a reasonable
area from which to exclude Employee from engaging in a competitive activity;

 

		(b)	Other than on behalf of Company, solicit any person who is then an employee of Company or Company’s
Affiliates, or who was an employee of Company or Company’s Affiliates, within the prior six (6) months, to perform services, as
an employee, contractor, consultant or otherwise, or take any actions which are intended to persuade any such employee of Company or Company’s
Affiliates, to terminate his or her employment with Company or Company’s Affiliates; or

 

		(c)	Other than on behalf of Company, solicit any then-current customer, potential customer, affiliate, or
strategic partner of, or investor in, Company, for business that is the same as or substantially similar to that of the Company or any
of the Company’s Affiliates in the Restricted Area, or otherwise knowingly interfere with the relationships of Company, or Company’s
Affiliates, with any then-current customer, potential customer, affiliate, or strategic partner of, or investor in, Company, or Company’s
Affiliate, or otherwise seek to cause a change in any such relationships.

 

		3.3	Notice. Employee agrees that during the Restricted Period Employee will notify the Company’s
General Counsel and chair of the audit committee of the Board, in writing, of any opportunities that may involve a competitive activity
or opportunity as set forth in Subsection 3.2(a) prior to accepting an offer to perform such services.

 

		3.4	Affirmative Disclosure Obligation. Employee agrees that during the Restricted Period Employee will
disclose the existence and terms of this Agreement to any prospective third party or other contracting party for whom Employee is considering
providing services that constitute a competitive activity as set forth in Subsection 3.2.

 

		3.5	Reasonableness. Employee agrees that the covenants contained
in this Section 3 are necessary to protect Company’s legitimate and protectable business interests and are reasonable with respect
to their duration and scope. If, at the time of enforcement of this Section 3, a court holds that any restriction identified herein is
unreasonable under the circumstances then existing, Company and Employee agree that such restriction shall be modified by the court such
that the maximum period or scope legally permissible under such circumstances will be substituted for the period or scope identified
herein.

 

     

     

    

 

		3.6	Tolling. In the event that Employee violates any provision of this Section 3 to which there is
a specific time period during which Employee is prohibited from taking certain actions or from engaging in certain activities as set forth
herein, a violation of this Section 3 will toll the running of that time period from the date the violation commences until the date of
its cessation. The period of time will also be tolled during any time period required for litigation during which Company seeks to enforce
this Section 3.

 

		4.	Non-disparagement

 

Subject to Section 6, Employee agrees that, during and after Employee’s
period of employment with Company, Employee will not, publicly or privately, disparage or defame Company or its Affiliates, or any of
Company’s or its Affiliates’ employees, officers, directors, governors, members or agents.

 

During and after Employee’s period of employment with the Company,
neither Company nor any of Company’s officers or directors will, publicly or privately, disparage or defame Employee.

 

		5.	Injunctive Relief

 

In the event of a breach or threatened breach of any covenant in Sections
1, 2, 3 or 4, Employee agrees that Company will be irreparably harmed, that money damages alone cannot adequately compensate Company,
and that Company shall be entitled to temporary and injunctive relief as well as all applicable remedies at law or in equity available
to Company against Employee including, but not limited to, reasonable attorneys’ fees and costs incurred in bringing any action
against Employee or otherwise enforcing the terms of this Agreement. Employee further agrees that in any such action, Company shall be
entitled to relief without posting any bond or security.

 

		6.	No Unlawful Restriction

 

Employee understands and agrees that nothing in this Agreement is intended
to or will prevent or interfere with Employee’s ability or right to (a) provide truthful testimony if under subpoena to do so, (b)
file any charge with or participate in any investigation or proceeding before the U.S. Equal Employment Opportunity Commission or any
other federal, state or local governmental agency, (c) engage in any conduct protected under the National Labor Relations Act, or (d)
respond to a subpoena, court order or as otherwise provided by law.

 

		7.	Miscellaneous

 

		7.1	At Will Employment. Employee’s employment with Company is “at will,” which means
it may be terminated at any time, with or without notice and for any or no reason, at the option of either Employee or Company, subject
to the provisions of any employment agreement between Employee and Company.

 

		7.2	Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure to
the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of
the Parties, except that the duties and responsibilities of Employee under this Agreement are of a personal nature and shall not be assignable
or delegable in whole or in part by Employee.

 

     

     

    

 

		7.3	Severability. Subject to Subsection 3.5, if any provision
of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without
the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application
in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall
nevertheless remain in full force and effect in all other circumstances.

 

		7.4	Entire Agreement. This Agreement and the Employment Agreement embody the entire agreement and understanding
among the Parties relative to subject matter hereof and combined supersede all prior agreements and understandings relating to such subject
matter, including but not limited to any earlier offers to Employee by Company; provided, however, this Agreement and the Employment Agreement
are not intended to supersede or otherwise affect the Equity Incentive Plan (as defined in the Employment Agreement) or any Award Agreement
(as defined in the Equity Incentive Plan), each of which shall remain in effect in accordance with its terms.

 

		7.5	Applicable Law. All matters relating to the interpretation,
construction, application, validity and enforcement of this Agreement are governed by the laws of the State of Minnesota without giving
effect to any choice or conflict of law provision or rule, whether of the State of Minnesota or any other jurisdiction, that would cause
the application of laws of any jurisdiction other than the State of Minnesota.

 

		7.6	Choice of Jurisdiction. Employee and Company consent to jurisdiction of the courts of the State
of Minnesota and/or the federal district courts, District of Minnesota, for the purpose of resolving all issues of law, equity, or fact,
arising out of or in connection with this Agreement. Any action involving claims for interpretation, breach or enforcement of this Agreement
shall be brought in such courts. Each party consents to personal jurisdiction over such party in the state and/or federal courts of Minnesota
and hereby waives any defense of lack of personal jurisdiction or inconvenient forum.

 

		7.7	Attorneys’ Fees. In the event of any litigation
or other proceeding concerning any controversy, claim or dispute between the parties hereto, arising out of or relating to this Agreement,
the breach hereof or the interpretation hereof, the prevailing party will be entitled to recover from the other party reasonable expenses,
attorneys' fees, and costs incurred therein or in the enforcement or collection of any judgment or award rendered therein. The “prevailing
party” means the party determined by the court to have most nearly prevailed, even if such party did not prevail in all matters,
not necessarily the party in whose favor a judgment is rendered. Further, in the event of any breach by Employee under this Agreement,
Employee shall pay all the expenses and attorneys’ fees incurred by Company in connection with such breach, whether or not any
litigation is commenced.

 

		7.8	Counterparts. This Agreement may be executed in any number of counterparts (including facsimile
counterparts or counterparts delivered by electronic transmission (e.g., .PDF attachment)), each of which shall be an original, but all
of which together shall constitute one instrument.

 

 

 

*    *    *    *    *

 

[signature page follows]

 

     

     

    

 

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement as of the Effective Date first above written.

 

	 	VIREO HEALTH, Inc.	 
	 	 	 
	 	 	 
	 	By:	             	 
	 	Name:  Kyle Kingsley	 
	 	Title: Chief Executive Officer	 
	 	 	 
	 	 	 
	 	EMPLOYEE	 
	 	 	 
	 	 	 
	 	Print Name:  Joshua RosenDocument

Exhibit 10.1

			
	CALL OPTION PARTIAL UNWIND AGREEMENT 
dated as of December 7, 2022

with respect to
 Base Call Option Confirmation, dated April 14, 2020, as amended

and

Additional Call Option Confirmation, dated April 20, 2020, as amended

between 

DICK’S Sporting Goods, Inc. 
and 
[Dealer]

THIS CALL OPTION PARTIAL UNWIND AGREEMENT (this “Agreement”) is made as of December 7, 2022, between DICK’S Sporting Goods, Inc. (the “Company”) and [              ] (“Dealer”).
WHEREAS, the Company and Dealer are party to a Base Call Option Transaction pursuant to an ISDA confirmation, dated April 14, 2020 (as amended, modified, adjusted or supplemented from time to time, the “Base Call Option Confirmation”), relating to the Company’s 3.25% Convertible Senior Notes due 2025 (the “Convertible Notes”);
WHEREAS, the Company and Dealer are party to an Additional Call Option Transaction pursuant to an ISDA confirmation, dated April 20, 2020 (as amended, modified, adjusted or supplemented from time to time, the “Additional Call Option Confirmation” and, collectively with the Base Call Option Confirmation, the “Call Option Confirmations”), also relating to the Convertible Notes;
WHEREAS, the Company and certain holders (each, a “Holder”) of the Convertible Notes, have entered into privately negotiated transactions, through the Company’s broker-dealer agent, pursuant to which the Company has agreed as of the date hereof to repurchase from such Holders (the “Repurchase”) an aggregate of $95,307,000 principal amount of Convertible Notes for a combination of cash and common stock of the Company;
WHEREAS, in connection with the Repurchase, the Company has requested, and Dealer has agreed, to unwind the Call Option Confirmations with respect to a portion of the Number of Options included therein; 
NOW, THEREFORE, in consideration of their mutual covenants herein contained, the parties hereto, intending to be legally bound, hereby mutually covenant and agree as follows:
1.    Defined Terms.  Any capitalized term not otherwise defined herein shall have the meaning set forth for such term in the Base Call Option Confirmation or the Additional Call Option Confirmation, as the case may be.

2.    Base Call Option Partial Unwind.  On the Settlement Date (as such term is defined below), the Number of Options in the Base Call Option Confirmation shall be reduced by [●] Options (the “Unwound Base Call Options”) to [●] Options.  Effective as of the Settlement Date, all of the respective rights and obligations of the parties under the Base Call Option Confirmation with respect to the Unwound Base Call Options shall be terminated, cancelled and extinguished.  In addition, the parties acknowledge and agree that the provisions of Sections 9(j)(ii) and 9(m) of each of the Call Option Confirmations will not apply to any Convertible Notes subject to the Repurchase or to the Unwound Base Call Options.

3.    Additional Call Option Partial Unwind.  On the Settlement Date, the Number of Options in the Additional Call Option Confirmation shall be reduced by [●] Options (the “Unwound Additional Call Options” and, collectively with the Unwound Base Call Options, the “Unwound 

Call Options”) to [●] Options.  Effective as of the Settlement Date, all of the respective rights and obligations of the parties under the Additional Call Option Confirmation with respect to the Unwound Additional Call Options shall be terminated, cancelled and extinguished.  In addition, the parties acknowledge and agree that the provisions of Sections 9(j)(ii) and 9(m) of each of the Call Option Confirmations will not apply to any Convertible Notes subject to the Repurchase or to the Unwound Additional Call Options.

4.    Settlement.      (a)  In consideration for the foregoing partial unwinds, no later than 1:00 p.m., New York City time, on the date two Scheduled Trading Days immediately following the last day of the Hedge Unwind Period (the “Settlement Date”), Dealer shall deliver a number of Shares to the Company equal to the product of [●] and the applicable Cash Settlement Amount divided by the Average VWAP Price (the “Call Option Settlement Amount”).  For the avoidance of doubt, no additional amount shall be payable or deliverable by either party pursuant to the Equity Definitions, either of the Call Option Confirmations, or the Agreement (as such term is defined in each of the Call Option Confirmations) in respect of the amendments to, and partial unwind of, each of the Call Option Confirmations pursuant to Sections 2 and 3 above.  “Hedge Unwind Period” means the five Scheduled Trading Day period commencing on and including December 8, 2022 (the “Initial Unwind Date”), subject to Section 4(c) of this Agreement.  “Warrants Settlement Amount” has the meaning assigned to such term in that certain Warrants Partial Unwind Agreement, dated as of the date hereof, between Dealer and the Company (the “Warrants Unwind Agreement”).  “Cash Settlement Amount” has the meaning assigned to such term in Exhibit A hereto.

(b)  Notwithstanding anything to the contrary herein, the Company and Dealer agree to net the Call Option Settlement Amount and the Warrants Settlement Amount such that a single delivery of Shares shall be made in respect of this Agreement and the Warrants Unwind Agreement (such net delivery, the “Net Termination Payment”), and such Net Termination Payment shall satisfy (i) Dealer’s obligation to deliver the Call Option Settlement Amount pursuant to this Agreement and (ii) the obligation of the Company to deliver the Warrants Settlement Amount pursuant to the Warrants Unwind Agreement.  Dealer shall (i) notify the Company of the applicable Call Option Settlement Amount, Warrants Settlement Amount and the amount of the Net Termination Payment as soon as reasonably practicable after 5:00 p.m., New York City time, on the last Scheduled Trading Day of the Hedge Unwind Period, and (ii) deliver to the Company the Net Termination Payment by 1:00 p.m., New York City time, on the Settlement Date; provided that Dealer may make such delivery to the Company on the Settlement Date after 1:00 p.m., New York City time, if the requisite administrative or operational requirements have not been completed prior to such time.

(c)  Notwithstanding anything to the contrary in this Agreement, (i) Dealer may postpone the Initial Unwind Date or extend the Hedge Unwind Period by one or more Scheduled Trading Days if Dealer determines, in its reasonable discretion, that such postponement or extension is reasonably necessary or advisable to preserve Dealer’s hedge unwind activity hereunder in light of existing liquidity conditions or, based upon the advice of counsel, to enable Dealer or its affiliate or agent to effect transactions with respect to Shares in connection with its hedge unwind or settlement activity hereunder in a manner that would be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer, and (ii) if a Disrupted Day occurs in the Hedge Unwind Period, (a) the Calculation Agent may extend the Hedge Unwind Period and (b) the Calculation Agent may also determine that (1) such Disrupted Day is a Disrupted Day in full, in which case the Daily VWAP Price for such Disrupted Day shall not be included for purposes of determining the Average VWAP Price or (2) such Disrupted Day is a Disrupted Day in part, in which case the Daily VWAP Price for such Disrupted Day shall be determined by the Calculation Agent taking into account the nature and duration of the relevant Market Disruption Event, and the volume, historical trading patterns and price of the Shares.  If a Disrupted Day occurs in the Hedge Unwind Period, and each of the eight immediately following Scheduled Trading Days is a Disrupted Day, then the Calculation Agent may determine such eighth Scheduled Trading Day to be an Exchange Business Day that is not a Disrupted Day and determine the Daily VWAP Price for such eighth Scheduled Trading Day using its good faith estimate of the value of the Shares on such eighth Scheduled Trading Day.  For purposes of this Agreement, “Market Disruption Event” shall have the meaning assigned to such term in the Equity Definitions; provided that Section 6.3(a) of the Equity Definitions shall be amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) the phrase “; in each case that the Calculation Agent determines is material” and Section 6.3(d) of the Equity Definitions shall be amended by deleting the remainder of the provision following the words “Scheduled Closing Time” in the fourth line thereof. 
2

(d)    The parties acknowledge that the Calculation Agent will be subject to the applicable requirements under the Call Option Confirmations, including under the provisions of Section 4 of each of the Call Option Confirmations.  Dealer shall use its reasonable efforts to notify the Company in writing of any extension or postponement of the Hedge Unwind Period pursuant to this Section 4.

5.    Representations and Warranties of the Parties.  Each party hereto re-makes, as of the date hereof, the representations and warranties contained in Section 3(a) of the “Agreement” (as such term is defined in the Call Option Confirmations) as if such representations and warranties applied to this Agreement.

6.    Representations, Warranties and Agreements of the Company.  The Company represents and warrants to, and agrees with, Dealer as of the date hereof that:

a.The Company is entering into this Agreement in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act or any other antifraud or anti-manipulation provisions of the federal or applicable state securities laws and has not entered into or altered and will not enter into or alter any “corresponding or hedging transaction or position” (within the meaning of Rule 10b5-1 under the Exchange Act) with respect to the Shares.
b.The Company does not have, and shall not attempt to exercise, any control or influence over how, when or whether Dealer (or its agents or affiliates) makes any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3) under the Exchange Act) in connection with this Agreement.
c.The Company is not in possession of any material non-public information regarding the Company or the Shares.
d.The Company (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least $50 million.
e.The Company is not entering into this Agreement to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares).
f.On each of the date hereof and the Settlement Date, the Company is not, or will not be, “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code).
g.The Company is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
h.Upon consummation of the Repurchase, the Convertible Notes subject to the Repurchase will be deemed to be cancelled in accordance with the applicable provisions of the Indenture and disregarded and no longer outstanding for all purposes under the Call Option Confirmations (including for the calculation of any amount in respect of any termination of the Call Option Confirmations under the “Agreement” (as such term is defined in each of the Call Option Confirmations), the Equity Definitions or otherwise).    
i.Neither the Company nor any of its Affiliates or agents shall take any action that would cause Regulation M under the Exchange Act (“Regulation M”) to be applicable to any purchases of Shares, or any security for which the Shares are a reference security (as defined in Regulation M), by Company or any of its affiliated purchasers (as defined in Regulation M) on any Trading Day during the Hedge Unwind Period.
3

j.The Company (A) will not during the Hedge Unwind Period make, or (to the extent within Company’s control) permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act of 1933, as amended (the “Securities Act”)) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares; (B) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such announcement that such announcement has been made; and (C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (x) the Company’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through Dealer or its affiliates and (y) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date.  Such written notice shall be deemed to be a certification by the Company to Dealer that such information is true and correct.  In addition, the Company shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders.  “Merger Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act.
k.Except in connection with the Repurchase, the Company shall not, and shall cause its affiliates and affiliated purchasers (each as defined in Rule 10b-18) not to, directly or indirectly (including, without limitation, by means of a cash-settled or other derivative instrument), without the prior written consent of Dealer,  purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares during the Hedge Unwind Period.
l.On the date hereof, and on each day during the Hedge Unwind Period and on the Settlement Date, the Company is not, and will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code)) and Company would be able to purchase a number of Shares equal to the Call Option Settlement Amount in compliance with the corporate laws of the jurisdiction of its incorporation.
7.    Agreements and Acknowledgements Regarding Hedge Unwind.  The Company understands, acknowledges and agrees that: (A) at any time during the Hedge Unwind Period, Dealer and its affiliates or agents may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to each Transaction and this Agreement; (B) Dealer and its affiliates or agents also may be active in the market for Shares other than in connection with hedging activities in relation to each Transaction and this Agreement; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to each Transaction and this Agreement; and (D) any market activities of Dealer and its affiliates or agents with respect to Shares may affect the market price and volatility of Shares, as well as the Average VWAP Price and/or any Daily VWAP Price, each in a manner that may be adverse to the Company.
8.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine).

9.    No Other Changes.  Except as expressly set forth herein, all of the terms and conditions of each of the Call Option Confirmations shall remain in full force and effect and are hereby confirmed in all respects.

10.     Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument.

11.    No Reliance, etc.  The Company hereby confirms that it has relied on the advice of its own counsel and other advisors (to the extent it deems appropriate) with respect to any legal, tax, 
4

accounting, or regulatory consequences of this Agreement, that it has not relied on Dealer or its affiliates or agents in any respect in connection therewith, and that it will not hold Dealer or its affiliates accountable for any such consequences.

12.    Adjustment of Unwound Call Options.  The parties agree that, upon the occurrence of any event that would result in an adjustment of the Warrants Settlement Amount under the Warrants Unwind Agreement, the Calculation Agent may adjust the Call Option Settlement Amount to account for the economic effect of such adjustment event on the unwind contemplated by this Agreement, as determined in good faith and in a commercially reasonable manner by the Calculation Agent.

13.    Designation by Dealer.  Notwithstanding any other provision in this Agreement to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from the Company, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and otherwise to perform Dealer’s obligations in respect of the transactions contemplated by this Agreement and any such designee may assume such obligations.  Dealer shall be discharged of its obligations to the Company to the extent of any such performance.
 

[Signature pages follow.]

    
5

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

															
	DICK’S SPORTING GOODS, INC.
	By:	
		Name: 

		
		Title: 
		
		
	[              ]	
	By:		
		Name:		
		Title:		

[Signature Page to Call Option Partial Unwind Agreement]

EXHIBIT A

						
	Average VWAP Price	Cash Settlement Amount
		
		
		
		
		
		
		
		
		
		
		

“Cash Settlement Amount” means the amount of cash in USD set forth above in the “Cash Settlement Amount” column opposite the applicable Average VWAP Price, subject to adjustment pursuant to Sections 4 and 12 of this Agreement.  If the Average VWAP Price is not specified on the grid above, the Cash Settlement Amount shall be determined by the Calculation Agent based on a straight-line interpolation between the Average VWAP Prices or extrapolation from the Average VWAP Prices (as the case may be) specified on the grid above.
“Average VWAP Price” means the arithmetic average of the Daily VWAP Prices for each of the Exchange Business Days in the Hedge Unwind Period, as determined by the Calculation Agent in good faith and a commercially reasonable manner, subject to adjustment pursuant to Section 4(c) of this Agreement.

“Daily VWAP Price” for any Exchange Business Day means the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “DKS <equity> AQR” (or any successor thereto) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Exchange Business Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Exchange Business Day, as determined by the Calculation Agent using, if practicable, a volume-weighted method), subject to adjustment pursuant to Section 4(c) of this Agreement and provided that the Daily VWAP Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]