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Exhibit 10.1

AMENDED & RESTATED EMPLOYMENT AGREEMENT

This Amended & Restated Employment Agreement (this “Agreement”), dated and effective as of January 1, 2022 (the “Effective Date”), is made by and between Essential Properties Realty Trust, Inc., a Maryland corporation (together with any successor thereto, the “Company”), and Peter M. Mavoides (the “Executive”). This Agreement amends and restates in its entirety the Employment Agreement, dated and effective as of June 25, 2018, by and between the Company and the Executive (the “Prior Agreement”).

RECITALS
The parties have entered into this Agreement to set forth the terms of continued employment of the Executive in accordance with the terms and conditions contained in this Agreement.

AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, and other good and valuable consideration, the parties hereto agree as follows:

1.Employment. Employment Term.  The Company shall continue to employ the Executive, and the Executive hereby accepts continued employment with the Company, upon the terms and conditions set forth in this Agreement, for the period beginning on the Effective Date and, subject to Section 3, ending on the five-year anniversary of the Effective Date (the “Initial Term”).  This Agreement shall automatically renew and extend for successive one-year periods (each such one-year period, a “Renewal Term”) unless either party elects not to renew this Agreement and gives written notice thereof to the other party not less than 60 days prior to the expiration of the then-existing Initial Term or Renewal Term; provided, however, that if either the Executive or the Company has provided a notice of non-renewal hereunder, the Company may determine, in its sole discretion, that such termination shall be effective on any date prior to the end of the then-existing Initial or Renewal Term (and in such event, the Company shall pay the Executive through the end of such 60-day period regardless of the Company’s election to commence such termination earlier than specified in the notice of non-renewal), and it shall not change the basis for the Executive’s termination of employment nor be construed or interpreted as a termination of employment pursuant to Section 3 below.  Notwithstanding any other provision of this Agreement, the Executive’s employment pursuant to this Agreement may be terminated at any time in accordance with Section 3.  The period during which the Executive is employed shall be referred to herein as the “Employment Term.”  Position and Duties.  The Executive shall serve as the President and Chief Executive Officer, with such responsibilities, duties and authority as are customarily assigned to such position and such other duties and responsibilities as may from time to time be assigned to the Executive by the Board of Directors of the Company (the “Board”).  The Executive shall report directly to the Board.  The Executive shall devote the Executive’s full business time and efforts to the business and affairs of the Company.  The Executive also agrees to observe and comply with the rules, procedures and policies of the Company as adopted by the Company from time to time.  As long as the Executive remains employed by the Company, the Executive shall not engage in any other business enterprises or commercial activities; provided, however, that the foregoing shall not restrict the Executive from (i) managing passive investments for personal and family accounts in accordance with the Company’s compliance procedures, or (ii) serving on civic or charitable boards or committees, provided, that such activities do not interfere with the performance of the Executive’s duties and responsibilities to the Company or its affiliates.  Notwithstanding anything herein to the contrary, the Executive shall not become a director of any for-profit entity without first receiving the approval of the Nominating and Corporate Governance Committee of the Board.

2.Compensation and Related Matters.

(a)Base Salary.  During the Employment Term, the Executive shall receive a base salary at a rate of $600,000 per annum (the “Base Salary”), less applicable deductions and withholdings, which shall be paid in arrears in accordance with the customary payroll practices of the Company (as in effect from time to time).  The Company, in its sole and absolute discretion, may increase the Executive’s Base Salary during the Employment Term, in which case such increased base salary shall be the “Base Salary” for purposes of this Agreement.

(b)Annual Bonus.  Beginning in fiscal year 2022, for each fiscal year during the Employment Term, the Executive shall be eligible to receive an annual performance bonus (the “Annual Performance Bonus”), with a minimum target annual bonus equal to 125% of Base Salary for each year during the Employment Term in which Executive participates in the Annual Performance Bonus program.  The actual amount of the Annual Performance Bonus earned by and payable to Executive for any year shall be determined based upon the achievement of annual performance targets of the Executive and the Company and its affiliates, as established by the Compensation Committee of the Board (the “Compensation Committee”).    The Executive’s eligibility to receive any Annual Performance Bonus, and the amount of any such bonus (including whether above or below the target established by the Compensation Committee), shall be subject to the approval of the Compensation Committee in its sole discretion.  The Annual Performance Bonus, if any, shall be payable in a lump sum (less applicable deductions and withholdings) on or before March 15th of the year following the fiscal year to which such bonus relates; provided, however, that the Executive must be employed on the date any such Annual Performance Bonus payment is made to receive such payment (except as otherwise specifically provided in Section 4, below).

(c)Long-Term Incentive Program.   Subject to the approval of the Compensation Committee, the Executive shall be eligible to participate in the Company’s annual long-term incentive program (in such amount, form and with such terms as determined by the Compensation Committee in its sole discretion) in respect of each fiscal year during the Employment Term.

(d)Retention Equity Award.  Following the Effective Date, the Executive shall receive a one-time retention equity award with a target grant date fair value of $3,000,000 (the “Retention Award”) and delivered as follows: (i) $1,000,000 of the target grant date fair value of the Retention Award shall be delivered in the form of time-based restricted stock units (the “Time Based Retention Award”) and vesting in 50% increments on each of the four-year and five-year anniversary of the grant date, subject to the Executive’s continued employment through the applicable vesting date,  and (ii) $2,000,000 of the target grant date fair value of the Retention Award shall be delivered as performance-based restricted stock units (“Performance-Based Retention Award”), with vesting based on the Company’s adjusted funds from operations over a four-year performance period, as calculated based on the terms in the underlying equity award agreement, and the opportunity to earn up to 200% payout of the Performance-Based Retention Award based on such performance and, to the extent the performance goals are achieved, and vesting in 50% increments on each of the four-year and five-year anniversary of the grant date, subject to the Executive’s continued employment through the applicable vesting date.   The Retention Awards shall be subject to the terms and conditions of the Company’s standard form of equity award agreement, as modified to reflect the foregoing provisions.  

(e)Benefits.  During the Employment Term, the Executive shall be eligible to participate in employee benefit plans and programs of the Company, as may be in effect from time to time, which are applicable to similarly situated senior officers of the Company, subject to the terms and conditions of the applicable plan documents.  The Company expressly reserves the right to modify, substitute, or eliminate such employee benefit plans and programs, including its healthcare plans, at any time.

(f)Expenses.  During the Employment Term, the Company shall reimburse the Executive for all reasonable business-related expenses, in accordance with the Company’s expenses policy applicable to similarly situated senior officers of the Company and in accordance with Section 25 hereof.  Such expenses shall be submitted and processed in accordance with the Company’s expense reimbursement policy, as may be in effect from time to time.

(g)Indemnification.  The Executive shall be indemnified by the Company as provided in the Company’s Bylaws and Certificate of Incorporation and pursuant to applicable law.  During the Employment Term and thereafter (with respect to events occurring during the Employment Term), the Company also shall provide the Executive with coverage under its current directors’ and officers’ liability policy to the same extent that it provides such coverage to its other executive officers.

3.Termination.  The Executive’s employment hereunder may be terminated prior to the expiration of any then-existing Initial Term or Renewal Term by the Company or the Executive, as applicable, under the following circumstances:

(a)Circumstances. 

(i)Death.  The Executive’s employment hereunder shall terminate upon the Executive’s death, subject to the provisions of Section 4(a), below.

(ii)Disability.  The Executive’s employment hereunder may be terminated by the Company by reason of the Executive’s Disability (as defined in Section 13(d)), subject to the provisions of Section 4(a), below.

(iii)Termination for Cause.  The Company may terminate the Executive’s employment for Cause (as defined in Section 13(a)).

(iv)Termination without Cause.  The Company may terminate the Executive’s employment without Cause, subject to the provisions of Section 4(b), below.

(v)Resignation for Good Reason.  The Executive may resign his employment for Good Reason (as defined in Section 13(e)).

(vi)Resignation without Good Reason.  The Executive may resign his employment without Good Reason, subject to the provisions of Section 3(e), below.

(b)Notice of Termination.  Any termination of the Executive’s employment by the Company or by the Executive under this Section 3 (other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other party hereto indicating the specific termination provision in this Agreement relied upon, setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated (if applicable), and specifying a Date of Termination (as defined in Section 13) (a “Notice of Termination”).  Upon the Company’s receipt of Notice of Termination from the Executive to terminate this Agreement by resignation with or without Good Reason, the Company may, in its sole discretion, elect that the Executive’s resignation be effective prior to the date provided by the Executive in the Notice of Termination, and such election shall not affect the reason for the termination of the Executive’s employment under this Section 3.

(c)Company Obligations upon Termination.  Upon termination of the Executive’s employment, the Executive (or the Executive’s estate or beneficiaries, as applicable) shall be entitled to 

receive the sum of the Executive’s Base Salary through the Date of Termination not theretofore paid (payable no later than the next payroll date following the Date of Termination), any expenses accrued prior to the Date of Termination owed to the Executive under Section 2(f), and any amount accrued and arising from the Executive’s participation in, or benefits accrued and fully vested, under any employee benefit plans and programs under Section 2(e), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans or programs.  Other than the payments described in Section 4 (if applicable), the Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

(d)Executive’s Termination Obligations.

(i)Resignation as Director and Officer.  Except as otherwise agreed to between the Company and the Executive, effective as of the Date of Termination of the Executive’s employment with the Company for any reason, the Executive shall be deemed to have resigned from all officer and board positions, if any, then held with the Company or any of its affiliates.  At the Company’s request, the Executive shall execute and deliver such documentation as the Company may prescribe in order to effectuate such resignation(s).

(ii)Return of Property.  The Executive hereby agrees to return to the Company, no later than the Date of Termination, all files, Confidential Information (as defined in Section 5) (in any form contained, including any copies thereof), access keys, desk keys, identity badges, computers, electronic devices, passwords and passcodes, telephones, credit cards, automobile, and such other property of the Company or its affiliates as may be in the Executive’s possession.  Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company all property of the Company and its affiliates.

(e)Notice Period.  The Company may terminate the Executive’s employment without Cause, or the Executive may resign from employment without Good Reason, at any time on 75 days’ prior written notice.  The Company reserves the right, in its sole discretion, to waive all or part of this 75-day notice period (the “Notice Period”) and terminate the Executive’s employment prior to the conclusion of this period, and will not be required to pay the Executive’s Base Salary (or any other amounts) following the effective date of such termination.  To the extent the Company does not waive all or part of the Notice Period, then the Executive shall remain employed through the Notice Period (or portion thereof), but the Company may, in its sole discretion, direct the Executive to cease performing some or all of the Executive’s duties, transition the Executive’s duties to other individuals, perform other or different duties as the Company deems appropriate, and/or refrain from entering the Company’s premises through the Notice Period.  For avoidance of doubt, subject to Section 25, the Executive will remain a Company employee, continue to be paid the Executive’s then-current Base Salary, and continue to be bound by the terms of this Agreement during any Notice Period.

4.Severance Payments.

(a)Termination Due to Death or Disability.  If the Executive’s employment is terminated due to the Executive’s death or by the Company due to the Executive’s Disability, the Executive shall receive the following payments, subject to and conditioned upon the Executive’s (or the Executive’s estate’s or beneficiaries’) compliance with Section 4(d), below:

(i)any Annual Performance Bonus that had been awarded for the preceding fiscal year but not yet paid, which Annual Performance Bonus shall be payable at the same time and in the same manner as those paid to similarly situated executives, but in 

any event no later than March 15th of the calendar year following the applicable performance year;

(ii)any Annual Performance Bonus for the fiscal year in which the Executive’s employment is terminated based on actual Company performance and prorated for the portion of the fiscal year the Executive was employed prior to the Date of Termination, payable at the same time and in the same manner as those paid to similarly situated executives, but in any event no later than March 15th of the calendar year following the year in which the Executive’s termination occurs;

(iii)during the 12-month period commencing immediately after the Date of Termination and subject to the Executive’s timely and proper election of COBRA benefits, monthly reimbursement to the Executive (or his estate or beneficiaries, as applicable) for the costs of maintaining coverage for health benefits at the Executive’s current levels of benefits in effect immediately prior to the Date of Termination (including family coverage, if such coverage was in effect immediately prior to the Date of Termination) under COBRA, payable in accordance with the terms of Section 4(e), below; and

(iv)if upon the Date of Termination, the Executive holds any awards granted under any equity plan maintained by the Company that were granted after the Effective Date, including stock options, restricted stock units, performance-based restricted stock units, and any other stock-based award, all such awards shall become fully vested, exercisable, and payable upon such Date of Termination, with such awards to be payable within 60 days following such Date of Termination (or, if later, within 60 days following the lapse of the substantial risk of forfeiture with respect to such award) or exercisable in the case of stock options for the post-termination exercise period set forth in such stock option agreement, with the achievement of any performance-based vesting conditions determined based on actual performance through the Date of Termination, as determined by the Compensation Committee, unless otherwise set forth in the underlying equity award agreement.

(b)Termination without Cause or Resignation for Good Reason.  If the Executive’s employment is terminated by the Company without Cause or if the Executive Resigns for Good Reason, then the Executive shall receive the following payments, subject to and conditioned upon the Executive’s compliance with Section 4(d), below:

(i)any Annual Performance Bonus that had been awarded for the preceding fiscal year but not yet paid, which Annual Performance Bonus shall be payable at the same time and in the same manner as those paid to similarly situated executives, but in any event no later than March 15th of the calendar year following the applicable performance year;

(ii)a severance payment (the “Cash Severance”) equal to two times the sum of (a) the Executive’s Base Salary then in effect under Section 2(a), plus (b) the average Annual Performance Bonus actually paid to the Executive pursuant to Section 2(b) for the three years prior to the year in which the Date of Termination occurs; provided, however, that if the Date of Termination occurs during the 24 months following a Change in Control (the “CIC Period”), then the Cash Severance shall equal three times the sum of (a) the Executive’s Base Salary then in effect under Section 2(a), plus (b) the Executive’s target Annual Performance Bonus for the year in which the Date of Termination occurs, and in each case, the Cash Severance shall be payable in equal 

installments over 24 months following the Date of Termination or, in the case of a termination during the CIC Period, 36 months following the Date of Termination, and payable in accordance with the Company’s regular payroll practices commencing within 60 days following the Date of Termination; provided, that if the payment of any amounts under this Section 4(b)(ii) is delayed pending the Executive’s  execution and non-revocation of the Release (as defined in Section 4(d)), on the next payroll date first following the effective date of the Release, the Company shall pay the Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been previously paid to the Executive under this Section 4(b)(ii) prior to the effectiveness of such Release;

(iii)during the 18-month period commencing immediately after the Date of Termination and subject to the Executive’s timely and proper election of COBRA benefits, monthly reimbursement to the Executive for the costs of maintaining coverage for health benefits at the Executive’s current levels of benefits in effect immediately prior to the Date of Termination (including family coverage, if such coverage was in effect immediately prior to the Date of Termination) under COBRA, payable in accordance with the terms of Section 4(e), below; 

(iv)the Company shall pay a bonus, based on actual performance and prorated for the portion of the fiscal year the Executive was employed prior to the Date of Termination, payable at the same time and in the same manner as those paid to similarly situated executives, but in any event no later than March 15th of the calendar year following the year in which the Executive’s termination occurs; provided, however, if the termination occurs during the CIC Period, the pro rata bonus under this Section 4(b)(iv) shall be determined based on the Executive’s target Annual Performance Bonus, prorated for the portion of the fiscal year the Executive was employed prior to the Date of Termination and payable within 60 days following the Date of Termination; and 

(v)if upon the Date of Termination, the Executive holds any awards granted under any equity plan maintained by the Company that were granted after the Effective Date, including stock options, restricted stock units, performance-based restricted stock units, and any other stock-based award, all such awards shall become fully vested, exercisable, and payable upon such Date of Termination, with such awards to be payable within 60 days following such Date of Termination (or, if later, within 60 days following the lapse of the substantial risk of forfeiture with respect to such award) or exercisable in the case of stock options for the post-termination exercise period set forth in such stock option agreement, with the achievement of any performance-based vesting conditions determined based on actual performance through the Date of Termination, as determined by the Compensation Committee, unless otherwise set forth in the underlying equity award agreement; provided, however, that if the Date of Termination occurs during the CIC Period and during the first year of any performance period, then the performance level for such performance-based equity award will be deemed achieved at the target performance level unless otherwise set forth in the underlying equity award agreement. 

(c)Termination as a Result of Non-Renewal.  If the Executive’s employment is terminated pursuant to the Company’s or the Executive’s non-renewal election as provided for in Section 1(a), then the Executive shall receive (i) any Annual Performance Bonus that had been awarded for the preceding fiscal year but not yet paid, which Annual Performance Bonus shall be payable at the same time and in the same manner as those paid to similarly situated executives, but in any event no later than March 15th of the calendar year following the applicable performance year, and (ii) reimbursement of expenses in accordance with Section 2(f).

(d)Release.  The Executive’s right to the payments under Sections 4(a) and (b), above, is conditioned upon (i) the Executive’s (or the Executive’s estate’s or beneficiaries’) execution and non-revocation of a general release in favor of the Company and all related persons and entities from any and all claims relating to the Executive’s employment or its termination in a customary form provided by the Company (the “Release”) within 52 days following the Date of Termination; and (ii) the Executive’s compliance with the terms and obligations of this Agreement, including, but not limited to, Sections 5 and 6 hereof.  For the avoidance of doubt, no payments pursuant to Sections 4(a) or (b) will be made to the Executive until the Executive (or the Executive’s estate or beneficiaries) has signed the Release and it has become irrevocable.  In the event of a material breach by the Executive of the material terms or obligations of this Agreement or the Release, the Company shall have the right to cease making further payments to the Executive, in addition to any other remedies it may have at law or in equity.

(e)COBRA Reimbursements.  To receive reimbursement of COBRA premiums under Sections 4(a)(iii) and 4(b)(iii), above, the Executive (or the Executive’s estate or beneficiaries, as applicable) must submit satisfactory proof of payment of COBRA premiums within 30 days of making the applicable payment (except that in the case of COBRA coverage for the month during which the Executive’s employment is terminated, the Executive shall have 60 days from the date of payment of such premiums to submit such proof).  To the extent reimbursement is due hereunder, the Company will make such reimbursement within 30 days of receiving such proof from the Executive.  If the payment of any amounts under this Section 4(e) is delayed pending the Executive’s (or the Executive’s estate’s or beneficiaries’) execution of the Release, on the next payroll date first following the date the Release becomes effective, the Company will pay the Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been previously paid to the Executive under this Section 4(e) prior to the execution of such Release.  Payments and benefits provided pursuant to this Section 4(e) shall be subject to the terms of Sections 24 and 25 below.  Notwithstanding any other provision to the contrary, the Company’s reimbursement of COBRA continuation coverage may cease at any time the Executive (or the Executive’s family members or dependents, as applicable) is deemed eligible for group medical and/or dental coverage from another employer.

(f)Survival.  The expiration or termination of the Employment Term shall not impair the rights or obligations of either party hereto that accrued prior to such expiration or termination, including, without limitation, the obligations set forth in Sections 5 and 6 of this Agreement.

(g)No Mitigation or Offset.  Following the termination of the Executive’s employment with the Company, the Executive shall have no duty to mitigate the obligation of the Company to pay the amounts described in this Section 4, and all compensation and benefits received by the Executive after such termination date shall not be subject to any offset or reduction, except as provided in Section 4(e), above.

5.Nondisclosure of Proprietary Information.

(a)Confidential Information.  Except in connection with the faithful performance of the Executive’s duties hereunder, the Executive shall, during the Employment Term and at all times after the Date of Termination, maintain in strict confidence and shall not directly, indirectly or otherwise, use, copy, disseminate, disclose, publish, exploit, make available to any other person, firm, corporation or entity, or use for his benefit or the benefit of any other person, firm, corporation or other entity, any Confidential Information (as defined herein) of or relating to the Company, any of its affiliates (including, but not limited to the Company’s subsidiaries and its direct or indirect parents), or any of its or their collective officers, directors, partners, principals, members, employees, customers, or agents (collectively, the “Company Parties,” and each, a “Company Party”).  “Confidential Information” means and includes information or trade secrets which are confidential and proprietary to the Company Parties, 

whether (without limitation) in written, oral or electronic form, including, but not limited to, corporate information, including plans, strategies, methods, policies; marketing information, including strategies, methods, customer identification lists, pricing data, billing practices, sources of supply, prospects, sales and marketing policies, plans, forecasting information, or market research data; financial information, including cost and performance data, budgets, debt arrangement, equity structure, investors and holdings; operational and technological information, including software, designs, computer programs and systems, know-how, techniques, product and component specifications, methods, processes, formulas, algorithms, compositions, procedures, formulas, discoveries, inventions, improvements, new products, and cost information; and personnel information; provided, however, that “Confidential Information” does not include information that (i) is already in the Executive’s possession, provided that such information is not subject to another confidentiality agreement with or other obligation of secrecy to any person or (ii) becomes generally available to the public other than as a result of a disclosure, directly or indirectly, by the Executive in breach of this Agreement and/or of any other agreement to which the Executive is bound or (iii) is or becomes available to the Executive on a non-confidential basis from a source other than the Company or any of its equityholders or representatives, provided that such source is not known by the Executive to be bound by a confidentiality agreement with or other obligation of secrecy to any person.  The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company (and any successor or assignee of the Company).  Nothing herein shall prevent the Executive from disclosing Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of any regulatory agency or authority having jurisdiction over such party, (iii) to the extent required by law or regulation, (iv) to the extent necessary in connection with any suit, action or proceeding relating to this Agreement or the exercise of any remedy hereunder and (v) to the Executive’s representatives that need to know such information and who agree to keep such information confidential on the terms set forth herein (it being understood and agreed that, in the case of clause (i), (ii) or (iii), unless prohibited by law, regulation, or any regulatory authority, to the extent not prohibited by applicable law, the Executive shall notify the Company of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any information so disclosed is accorded confidential treatment, when and if available); provided, further, nothing contained in this Agreement is intended to limit the Executive’s ability to (x) report possible violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, Congress, any Inspector General, or any other federal, state or local governmental agency or commission (“Government Agencies”), (y) communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company or (z) under applicable United States federal law to (A) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or (B) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

(b)Work Product.  The Executive agrees that any and all improvements, inventions, discoveries, developments, creations, formulae, processes, methods, or designs, and any documents, things, or information relating thereto, whether patentable or not (individually and collectively, “Work Product”) within the scope of or pertinent to any field of business or research in which the Company or any of its affiliates are engaged or (if such is known to or ascertainable by the Executive) considering engaging, which the Executive may conceive or make, or may have conceived or made during the Executive’s employment with the Company, in whole or in part, whether alone or with others, at any time within or outside normal working hours, whether inside or outside of the Company’s offices, and whether with or without the use of the Company’s computers, systems, materials, equipment, or other property, shall be and remain the sole and exclusive property of the Company.  The Company shall have the full 

right to use, assign, license, and/or transfer all rights in, with, to, or relating to Work Product.  The Executive shall, whenever requested to do so by the Company (whether during the Executive’s employment or thereafter), at the Company’s expense, execute any and all applications, assignments, and/or other instruments, and do all other things (including giving testimony in any legal proceeding) which the Company may deem necessary or appropriate in order to (i) apply for, obtain, maintain, enforce, or defend patent, trademark, copyright, or similar registrations of the United States or any other country for any Work Product, and/or (ii) assign, transfer, convey, or otherwise make available to the Company any right, title or interest which the Executive might otherwise have in any Work Product.  The Executive shall promptly communicate, disclose, and, upon request, report upon and deliver all Work Product to the Company, and shall not use or permit any Work Product to be used for any purpose other than on behalf of the Company, whether during the Executive’s employment or thereafter.  Notwithstanding the terms and conditions of this Section 5(b) relating to Work Product, the Executive may use, during the Employment Term and thereafter, in the Executive’s business and personal affairs, any Residual Information.  “Residual Information” means the ideas, know-how, methodologies, and techniques retained in the Executive’s unaided memory.

(c)Return of Confidential Information.  In the event of a termination of the Executive’s employment with the Company for any reason, or at any other time at the Company’s written request, the Executive will promptly deliver to the Company all property, proprietary materials, Confidential Information, Work Product, documents and computer media in any form (and all copies thereof) relating or belonging to any Company Party that are in the Executive’s possession, custody or control, including, but not limited to, all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the Company’s customers, business plans, marketing strategies, products or processes and any copies thereto.

(d)Legal Process.  In the event the Executive is served with a subpoena, document request, interrogatory, or any other legal process that will or may require the Executive to disclose any Confidential Information, whether during the Executive’s employment or thereafter, the Executive shall immediately notify the Company of such fact, in writing, and provide a copy of such subpoena, document request, interrogatory, or other legal process, and the Executive agrees to thereafter cooperate with the Company (at its expense) in any lawful response to such subpoena, document request, interrogatory, or legal process as the Company may request, in which event the Executive may disclose only that portion of such information which the Executive is advised by his counsel in writing is legally required to be disclosed pursuant to the applicable subpoena or legal process.

(e)As used in this Section 5, the term “Company” shall include the Company and its affiliates (including, without limitation, subsidiaries and direct or indirect parents).

6.Non-Competition: Non-Solicitation; Non-Disparagement.

(a)The Executive acknowledges that due to the Executive’s position with and relationship to the Company, the Executive has been responsible for developing and maintaining (in whole or in part) the goodwill of the Company.  To protect the Company’s trade secrets and relationships and goodwill with customers, for a period of two years following the Date of Termination (regardless of whether the Executive resigns or is terminated, or the reason for any such resignation or termination), the Executive shall not, in any manner within the Restricted Territory, directly or indirectly, participate or engage in, or manage, operate, consult with, render services for or represent or own, directly or indirectly, alone or as a partner, joint venturer, member, equityholder, employee or otherwise, any entity that is engaged in the Business, except as an employee or consultant to the Company.  Notwithstanding the foregoing, this Section 6(a) shall not restrict the Executive from passive ownership of 5% or less of any entity whose securities have been registered under the Securities Act of 1933, as amended, or Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(i)“Business” means the business of acquiring, developing, investing, structuring or managing net lease or similarly structured real estate properties.  For the avoidance of doubt, “Business” shall not include real estate lending activities to the extent such activities are not part of a broader strategy or platform that is directly or indirectly competitive with the Business of the Company.

(ii)“Territory” means the (y) United States of America and (z) Canada.

(b)The Executive agrees that he shall not, for a period of two years following the Date of Termination (regardless of whether the Executive resigns or is terminated, or the reason for any such resignation or termination), directly or indirectly through another person (i) induce or attempt to induce any employee, officer, director or manager of the Company or any of its affiliates to leave the employee of the Company, or in any way interfere with the relationship between the Company or any of its affiliates, on the one hand, and any employee, officer, manager or director thereof, on the other hand, (ii) solicit to hire any person who was an employee, officer, manager or director of the Company or any of its affiliates until one year after such individual’s employment or other relationship with the Company or its affiliates has been terminated or (iii) induce or attempt to induce any customer, supplier, or licensee of the Company to cease doing business with the Company or in any way interfere with the relationship between the Company, on the one hand, and any such customer, supplier, or licensee, on the one hand; provided, however, that the foregoing prohibition set forth in clause (ii) shall not be deemed to have been breached by general solicitations or advertisements that are not directly targeted at the applicable person or persons.

(c)Mutual Non-Disparagement.

(i)The Executive agrees that the Executive will not at any time, whether during the Employment Term or after the Date of Termination, whether in public or in private:

(A)make or publish, or assist any other person or entity in making or publishing, any statement that in any way disparages, criticizes, ridicules, or reflects negatively on any of the Company Parties to any third party, including, but not limited to, any individuals or entities with whom the Company has or may have a business relationship; or

(B)make or publish any negative public comments regarding any of the Company Parties (whether or not done anonymously) to, through or on any media source or outlet, including, but not limited to any reporters, news outlets, television stations, bloggers, weblogs, websites, magazines, periodicals, journals, “apps,” or the like, or in any movie, book, or theatrical production, nor will the Executive assist any other person or entity to do any of the foregoing.

(ii)The Company agrees that it will instruct its “executive officers,” as defined under Section 16 of the Exchange Act, and members of the Board not to, at any time, whether during the Employment Term or after the Date of Termination, whether in public or in private:

(A)make or publish, or assist any other person or entity in making or publishing, any statement that in any way disparages, criticizes, ridicules, or reflects negatively on the Executive to any third party, including, but not limited 

to, any individuals or entities with whom the Executive has or may have a business relationship; or

(B)make or publish any negative public comments regarding the Executive (whether or not done anonymously) to, through or on any media source or outlet, including, but not limited to any reporters, news outlets, television stations, bloggers, weblogs, websites, magazines, periodicals, journals, “apps,” or the like, or in any movie, book, or theatrical production, nor assist any other person or entity to do any of the foregoing.

(iii)For avoidance of doubt, nothing in this Section 6(c) shall be construed in a manner that would violate any law.

(d)The Executive acknowledges that the limitations set forth in this Section 6 are fair and reasonable and will not prevent the Executive from earning a livelihood after the Executive leaves the Company’s employ.  The Executive recognizes that these restrictions are appropriate based on the special and unique nature of the services the Executive will render, the access to the Company’s Confidential Information that the Executive will enjoy, the access to the Company’s customers that the Executive will have as a result of the Executive’s employment and position with the Company, and the risk of unfair competition that the Company will face absent such restrictions.

(e)As used in this Section 6, the term “Company” shall include the Company and its affiliates (including, without limitation, subsidiaries and direct or indirect parents).

7.Injunctive Relief.  It is recognized and acknowledged by the Executive that a breach of the covenants contained in Sections 5 and 6 will cause irreparable and continuing damage to Company and its goodwill, the exact amount of which will be impossible to ascertain, and that there are no adequate remedies at law for any such breach.  Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in Sections 5 or 6, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to obtain emergency equitable relief, including specific performance and injunctive relief, without (i) the necessity of posting bond or other security, (ii) the necessity of showing actual damages, and (iii) the necessity of showing that monetary damages are inadequate.  Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any damages.  Upon the issuance (or denial) of an injunction, the underlying merits of any dispute will be resolved in accordance with the arbitration provisions of Section 8 of this Agreement.

8.Arbitration.

(a)Except as provided in Section 7 of this Agreement, the Executive and the Company irrevocably and unconditionally agree that any past, present, or future dispute, controversy, or claim arising under or relating to this Agreement; arising under any federal, state, or local statute, regulation, law, ordinance, or the common law (including but not limited to any law prohibiting discrimination); or arising in connection with the Executive’s employment or the termination thereof; involving the Executive on the one hand and the Company or any of the other Company Parties on the other hand, including both claims brought by the Executive and claims brought against the Executive, shall be submitted for resolution to binding arbitration as provided herein.  Any arbitration pursuant to this Agreement shall be administered by the American Arbitration Association (“AAA”); shall be conducted in accordance with AAA’s Arbitration Rules in connection with Employment Disputes, as modified herein; and shall be conducted by a single arbitrator, selected in accordance with such AAA Rules.  Such arbitration will be conducted in New York, New York, and the arbitrator will apply Delaware law, including federal statutory law as applied in Delaware courts.  Except as set forth in 

Section 7, above, the arbitrator, and not any federal, state, or local court or adjudicatory authority, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability, and/or formation of this Agreement, including but not limited to any dispute as to whether (i) a particular claim is subject to arbitration hereunder, and/or (ii) any part of this Section 8 is void or voidable.  The arbitral award shall be in writing, state the reasons for the award, and be final and binding on the parties.  The arbitration shall be conducted on a strictly confidential basis, and neither the Executive nor the Company shall disclose the existence or nature of any claim; any documents, correspondence, pleadings, briefings, exhibits, or information exchanged or presented in connection with any claim; or any rulings, decisions, or results of any claim or argument (collectively, “Arbitration Materials”) to any third party, with the sole exception of the their respective legal counsel (who each party shall ensure complies with these confidentiality terms), and, with respect to the Company, its affiliates, limited partners, and investors (which parties the Company shall ensure comply with these confidentiality terms).  In any claim regarding the Executive’s alleged breach of any provision of Sections 5 or 6 hereunder, the prevailing party shall be entitled to an award including its reasonable attorneys’ fees and costs, to the extent such an award is permitted by law.  The arbitrator otherwise shall not have authority to award attorneys’ fees or costs, punitive damages, compensatory damages, damages for emotional distress, penalties, or any other damages or relief not measured by the prevailing party’s actual out-of-pocket losses, except to the extent such relief is explicitly available under a statute, ordinance, or regulation pursuant to which a claim is brought.  The arbitrator also shall not have authority to entertain claims for class or collective relief.

(b)In the event of any court proceeding to challenge or enforce an arbitrator’s award, the parties hereby consent to the exclusive jurisdiction of the state and federal courts sitting in New York, New York; agree to exclusive venue in that jurisdiction; and waive any claim that such jurisdiction is an inconvenient or inappropriate forum.  There shall be no interlocutory appeals to any court, or any motions to vacate any order of the arbitrator that is not a final award dispositive of the arbitration in its entirety, except as required by law.  The parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any court proceeding, agree to use their best efforts to file all Confidential Information (and documents containing Confidential Information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.

9.Modification; Blue Pencil.  If any court or arbitrator of competent jurisdiction at any time deems the term of any particular restrictive covenant contained in Sections 5 or 6 too lengthy or the geographic area covered too extensive, the other provisions of Sections 5 or 6 shall nevertheless stand, the term shall be deemed to be the longest period permissible by law under the circumstances and the geographic area covered shall be deemed to comprise the largest territory permissible by law under the circumstances.  The court or arbitrator in each case shall reduce the term and/or geographic area covered to permissible duration or size.

10.Executive Representations.  The Executive represents and warrants that the Executive is not subject to any restrictive covenant notice, non-competition or non-solicitation provision with any former employer or any agreement that prevents the Executive from entering into employment by the Company or otherwise performing the services that the Executive will be performing for the Company.  The Executive further warrants that should the Executive become aware of any reason the Executive cannot remain employed by the Company, or fully execute the Executive’s responsibilities for the Company, the Executive will immediately notify the Company in writing.  The Executive represents that the Executive will abide by all contractual obligations the Executive may have to all prior employers and third parties and that the Executive will not retain, review, or utilize any other person’s or entity’s confidential or proprietary information or share or disclose any such information with or to any other person or entity.  The Company disclaims any interest in any confidential or proprietary information of any person or entity other than the Company and instructs the Executive not to disclose or use any such confidential or proprietary information.

11.Executive Cooperation.  During the Employment Term and for two years after the Executive’s employment with the Company or any of its affiliates, the Executive agrees to provide thorough and accurate information and testimony to or on behalf of the Company or any of its affiliates regarding any threatened, pending or future investigation, court case or action by or against the Company or any of its affiliates that is initiated or pursued by any person or entity or by any government agency; provided, the Executive agrees not to disclose to or discuss with anyone who is not, on behalf of the Company or any of its affiliates, directing or assisting in such investigation, court case or action, other than the Executive’s attorney, if any, the fact of or the subject matter of any such investigation, court case or action, except as required by law.  The Company and its affiliates will cooperate with the Executive to arrange times that reasonably accommodate the Executive’s schedule and will reimburse the Executive for any out-of-pocket costs incurred as a result of the Executive’s compliance with this Section 11, provided such costs are pre-approved by the Company.

12.Assignment and Successors.  The Company shall assign its rights and obligations under this Agreement to its affiliates or any successor to all or a material portion of the business or the assets of the Company (including by merger or otherwise).  This Agreement shall be binding upon and inure to the benefit of the Company, the Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators and heirs, as applicable.  None of the Executive’s rights or obligations may be assigned or transferred by the Executive, other than the Executive’s rights to payments hereunder, which may be transferred only by will or operation of law.

13.Certain Definitions.

(a)Cause.  “Cause” shall be defined as the Executive’s (i) conviction or indictment of, or plea of guilty or nolo contendere to, a felony, or any other crime involving moral turpitude; (ii) willful failure or refusal to perform, or gross neglect of, the Executive’s material duties and responsibilities to the Company Parties; provided, however, that any such failure resulting from the Executive’s Disability shall not provide the Company with a basis for Cause; (iii) engaging in conduct involving fraud, dishonesty, gross negligence, willful misconduct, or breach of fiduciary duty; or (iv) breach of a material term of (A) this Agreement (including any representation made under this Agreement), (B) any other written agreement between the Executive and the Company Parties, or (C) any written policy, procedure, or code of conduct established by the Company Parties, which breach (if curable, as reasonably determined by the Board in its sole discretion) is not cured by the Executive upon 30 days’ written notice thereof by the Company.

(b)Change in Control.  “Change in Control” shall mean:

(i)An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “Person” (having the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act, and as used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)) immediately after which such Person has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial Ownership” and/or “Beneficially Owned”) of 50% or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a Non-Control Acquisition shall not constitute an acquisition which would cause a Change in Control;

(ii)The individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, that if the election, or nomination for election by the Company’s 

stockholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall, for purposes of this clause (ii), be considered a member of the Incumbent Board; and provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened election contest (as described in former Rule 14a-11 promulgated under the Exchange Act) (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest;

(iii)Consummation of a merger, consolidation or reorganization involving the Company, unless such transaction is a Non-Control Transaction;

(iv)A complete liquidation or dissolution of the Company; or

(v)The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary).

(c)Date of Termination.  “Date of Termination” shall mean (i) if the Executive’s employment is terminated by his death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated by reason of his Disability, the date of the Executive’s Disability as determined pursuant to subsection 3(c), below; or (iii) if the Executive’s employment is terminated pursuant to Sections 3(a)(iii)-(vi), either the date indicated by the Company or the Executive, as applicable, in the Notice of Termination, or the date specified by the Company pursuant to Sections 3(b) or 3(e) whichever is earlier.

(d)Disability.  “Disability” shall mean the occurrence of a condition that, in the reasonable judgment of a licensed physician satisfactory to the Company, will prevent the Executive from performing the Executive’s duties for a period of more than 120 days in any 12-month period or that actually results in the Executive’s failure to perform the Executive’s duties for a period of more than 120 days in any 12-month period.

(e)Good Reason.  “Good Reason” shall be defined as (i) any material reduction by the Company of the Executive’s Base Salary; (ii) a material adverse diminution of the Executive’s duties, responsibilities or authority without the Executive’s consent; provided, however, that any diminution resulting from the termination of this Agreement (including any diminution occurring during any Notice Period) shall not provide the Executive with a basis for Good Reason; or (iii) breach of a material term by the Company of (A) this Agreement (including any representation made under this Agreement) or (B) any other material written agreement between the Executive and the Company.  Notwithstanding the foregoing, no Good Reason shall exist unless the Executive (1) has given the Company written notice of the occurrence of such Good Reason event within 30 days after the initial existence of such event; (2) the Company has failed to cure such Good Reason event within 30 days of receiving such notice from the Executive; and (3) the Executive’s resignation of employment is effective within 30 days after the end of such 30-day cure period.  If the Company cures the Good Reason event during such cure period, Good Reason shall be deemed not to have occurred.

(f)Non-Control Acquisition.  “Non-Control Acquisition” shall mean an acquisition by (i) the Company or any Subsidiary, (ii) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any Subsidiary, or (iii) any Person in connection with a Non-Control Transaction.

(g)Non-Control Transaction.  “Non-Control Transaction” shall mean a merger, consolidation or reorganization of the Company in which: (i) the stockholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least 50% of the combined voting power of the voting securities of the corporation or entity resulting from such merger, consolidation or reorganization (the “Surviving Company”) over which any Person has Beneficial Ownership in substantially the same proportion as their Beneficial Ownership of the Voting Securities immediately before such merger, consolidation or reorganization; (ii) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members of the board of directors or equivalent body of the Surviving Company; and (iii) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Company or any Person who, immediately prior to such merger, consolidation or reorganization, had Beneficial Ownership of 50% or more of the then outstanding Voting Securities) has Beneficial Ownership of 50% or more of the combined voting power of the Surviving Company’s then outstanding voting securities.

(h)Subsidiary.  “Subsidiary” shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns, directly or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests of such entity.

14.Governing Law.  This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the State of New Jersey, without reference to the principles of conflicts of law of the State of New Jersey or any other jurisdiction, and, where applicable, the laws of the United States.

15.Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

16.Notices.  Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and shall be (a) personally delivered or (b) sent in PDF form by electronic mail (with a confirmation copy sent by one of the other methods authorized in this Section 16), or (c) sent by commercial overnight delivery service or certified or registered mail (return receipt requested), to the parties at the addresses set forth below (postage prepaid):

(a)If to the Company:  
Essential Properties Realty Trust, Inc.  
902 Carnegie Center Blvd, Suite 520  
Princeton, New Jersey 08540  
Attention: Board of Directors

(b)If to the Executive, at the address last provided by the Executive for his employee records.  

17.Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  The parties hereto agree to accept a signed facsimile or PDF copy of this Agreement as a fully binding original.

18.Entire Agreement.  The terms of this Agreement are intended by the parties to be the final expression of their agreement with respect to the employment of the Executive by the Company and replace and supersede all prior understandings and agreements, whether written or oral, including, without limitation, the Prior Agreement.  The parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative or other legal proceeding to vary the terms of this Agreement.  The parties specifically acknowledge and agree that they are not relying on any promises or assurances by the other party or parties, other than those expressly contained in this Agreement.

19.Clawbacks.  The payments to the Executive pursuant to this Agreement are subject to forfeiture or recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy or provision that the Company has included in any of its existing compensation programs or plans or that it may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

20.Company Policies.  The Executive shall be subject to additional Company policies as they may exist from time-to-time, including policies with regard to stock ownership by senior executives and policies regarding trading of securities.

21.Amendments; Waivers.  This Agreement may not be modified, amended, waived, or terminated except by an instrument in writing, signed by the Executive and a duly authorized officer of the Company.  By an instrument in writing similarly executed, the Executive or a duly authorized officer of the Company may waive compliance by the other party or parties with respect to any specifically identified provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy or power hereunder precludes any other or further exercise of any other right, remedy or power provided herein or by law or in equity.  Except as otherwise set forth in this Agreement, the respective rights and obligations of the parties under this Agreement shall survive any termination of the Executive’s employment, regardless of the reason for such termination.

22.Construction.  This Agreement shall be deemed drafted equally by both the parties.  Its language shall be construed as a whole and according to its fair meaning.  Any presumption or principle that the language is to be construed for or against any party shall not apply.  The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation of the terms herein.

23.Enforcement.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.  Furthermore, the patties agree that any court or arbitrator of competent jurisdiction shall have the authority to modify or “blue pencil” any such illegal, invalid or unenforceable provision so as to render it enforceable while maintaining the parties’ original intent to the maximum extent possible to make such provision legal, valid and enforceable.

24.Withholding.  The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold.

25.Section 409A Compliance.

(a)This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted and construed consistently with such intent.  The payments to the Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4).  Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any compensation or benefits payable or provided under this Agreement may be subject to Section 409A of the Code, the Company shall adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company reasonably determines are necessary or appropriate to (i) exempt the compensation and benefits payable under this Agreement from Section 409A of the Code and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (ii) comply with the requirements of or correct the Agreement to reduce the penalties under Section 409A of the Code.

(b)Any reimbursement payments will be made promptly and in accordance with Company policy; however, in no event will reimbursement payments be made later than the end of the year following the year in which the expense was incurred.  The amounts eligible for reimbursement provided in one taxable year will not affect the amounts eligible for reimbursement provided in any other taxable year, and the right to reimbursement will not be subject to liquidation or exchange for another benefit.

(c)For purposes of Section 409A of the Code, the Executive’s right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.

(d)To the extent any amounts under this Agreement are payable by reference to termination of employment, Date of Termination, or similar terms, such term shall be deemed to refer to a “separation from service,” within the meaning of Section 409A of the Code.

(e)Any provision of this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service, the Company determines that the Executive is a “specified employee” (within the meaning of Section 409A of the Code), then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of such separation from service would be considered nonqualified deferred compensation under Section 409A of the Code, such payment or benefit shall be paid or provided at the date which is the earlier of (i) six months and one day after such separation from service and (ii) the date of the Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or provided to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(f)If the 60-day release timing period following a “separation from service” begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”), then any payments subject to Section 409A of the Code that would otherwise occur during the portion of the Crossover 60-Day Period that falls within the first year will be delayed and paid in a lump sum during the portion of the Crossover 60-Day Period that falls within the second year.

26.Section 280G.  Notwithstanding anything to the contrary in this Agreement, the Executive expressly agrees that if the payments and benefits provided for in this Agreement or any other payments and benefits which the Executive has the right to receive from the Company and its affiliates (collectively, the “Payments”), would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the Payments shall be either (a) reduced (but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by the Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to the Executive.  The reduction of Payments, if any, shall be made by reducing first any Payments that are exempt from Section 409A of the Code and then reducing any Payments subject to Section 409A of the Code in the reverse order in which such Payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time).  The determination as to whether any such reduction in the Payments is necessary shall be made by the Compensation Committee in good faith.  If a reduced Payment is made or provided and, through error or otherwise, that Payment, when aggregated with other payments and benefits from Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times the Executive’s base amount, then the Executive shall immediately repay such excess to the Company.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties have executed this Amended & Restated Employment Agreement on the date and year first above written.

																					
		THE COMPANY:
							
		By:		/s/ Paul T. Bossidy
				Name:	Paul T. Bossidy
				Title:	Chairman of the Board
							
		EXECUTIVE
				/s/ Peter M. Mavoides
				Name:	Peter M. MavoidesExhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is made as of December 31, 2021 among The Greenrose Holding Company Inc.., a Delaware corporation
(the “Company”), each of the individuals listed on the signature pages hereto (collectively, the “Holders”),
and each other Person who executes a Joinder as an “Other Holder” (collectively, the “Other Holders”).
Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Exhibit A attached hereto. Capitalized
but undefined terms used in this Agreement shall have the meaning set forth in the Asset Purchase Agreement (as defined below).

 

WHEREAS, the Company is a
party to that certain Asset Purchase Agreement (as amended, the “Asset Purchase Agreement,” dated as of March 12, 2021,
as amended by Amendment 1 thereto dated July 2, 2021, as further amended by Amendment 2 thereto dated October 28, 2021, as further amended
by Amendment 3 thereto dated December 31, 2021) by and among the Company, True Harvest Holdings, Inc. (“Acquisition Sub”),
and True Harvest, LLC (“True Harvest”), pursuant to which, inter alia, Acquisition Sub will acquire the assets
of, and assume certain liabilities of True Harvest (the “Acquisition”);

 

WHEREAS, in connection with
the Acquisition, the Company will issue the Holders shares of the Company’s Common Stock as further set forth in the Asset Purchase
Agreement; and

 

WHEREAS, the Company has agreed
to provide the Holders with registration rights with respect to their shares of the Company’s Common Stock as set forth in this
Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

Section 1 Demand Registrations.

 

(a) Requests for Registration.
Subject to the terms and conditions of this Agreement, the Majority Holders may request registration under the Securities Act of all or
any portion of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”)
or on Form S-3 or any similar short-form registration (“Short-Form Registrations“), if available (any such requested
registration, a “Demand Registration”). Each request for a Demand Registration must specify the approximate number
or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution.
Notwithstanding the foregoing, the Company acknowledges that immediately upon the effectiveness of this Agreement, the Majority Holders
will be deemed to have requested registration of all of their Registrable Securities for resale on Form S-1 (such registration, the “Pending
Registration”). The Company agrees that it will undertake to use commercially reasonable efforts to file such a Form S-1 Registration
Statement, which will allow for True Harvest to sell its shares through public or private transactions at market prices prevailing at
the time of sale or at negotiated prices, on or before January 12, 2022.

 

(b) Notice to Other Holders.
Within ten (10) days after receipt of any such request, the Company will give written notice of the Demand Registration to all other Holders
and, subject to the terms of Section 1(e), will include in such Demand Registration (and in all related registrations and qualifications
under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within fifteen (15) days after the receipt of the Company’s notice; provided that, with the
consent of the Majority Holders, the Company may instead provide notice of the Demand Registration to all other Holders within three (3)
business days following the non-confidential filing of the registration statement with respect to the Demand Registration so long as such
registration statement is not an Automatic Shelf Registration Statement. Notwithstanding the foregoing, in light of the fact that
as of the effectiveness of this Agreement, True Harvest is the only Holder, the Company and True Harvest agree that this Section 1(b)
is moot for purposes of the Pending Registration, and the Company shall use commercially reasonable best efforts to proceed to filing
of the Form S-1 Registration Statement in respect of the Pending Registration on or before January 12, 2022.

 

     

     

    

 

(c) Form of Registrations.
Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form. The Company
will use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities.

 

(d) Shelf Registrations.

 

 (i) For so long as a registration
statement for a Shelf Registration (a “Shelf Registration Statement”) is and remains effective, the Holders will have
the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities
available for sale pursuant to such registration statement (“Shelf Registrable Securities”). A Holder may elect to
sell Registrable Securities under a Shelf Registration Statement by delivering to the Company a written notice (a “Shelf Offering
Notice”) specifying the number of Shelf Registrable Securities that the Holder desires to sell (the “Shelf Offering”).
As promptly as practicable, but in no event later than five (5) business days after receipt of a Shelf Offering Notice, the Company will
give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling
stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering. The Company, subject to
Section 1(e) and Section 7, may include in such Shelf Offering any number of shares of Common Stock the Company desires
to sell in such Shelf Offering and will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company
has received written requests for inclusion (which request will specify the maximum number of Shelf Registrable Securities intended to
be disposed of by such Holder) within seven (7) days after the receipt of the Shelf Offering Notice. The Company will, as expeditiously
as possible (and in any event within thirty (30) days after the receipt of a Shelf Offering Notice), but subject to Section 1(e),
use its reasonable best efforts to facilitate such Shelf Offering.

 

 (ii) All determinations
as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of any Shelf Offering contemplated by
this Section 1(d) shall be determined by the Majority Participating Holders, and the Company shall use its reasonable best efforts
to cause any Shelf Offering to occur as promptly as practicable.

 

 (iii) The Company will,
at the request of the Majority Participating Holders, file any prospectus supplement or any post-effective amendments and otherwise take
any action necessary to include therein all disclosure and language deemed necessary or advisable by the Majority Participating Holders
to effect such Shelf Offering.

 

(e) Priority on Demand
Registrations and Shelf Offerings.

 

 (i) The Company will not
include in any Demand Registration any securities which are not Registrable Securities (other than securities to be included by the Company
for its own account, securities issued by the Company to the PIPE Investors in connection with the PIPE Offering or securities issued
to other stockholders of the Company pursuant to the terms of any merger agreement entered into by the Company on or about the date of
the Merger Agreement) without the prior written consent of the Majority Participating Holders. If a Demand Registration or a Shelf Offering
is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable
Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities
and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing
or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of any securities which
are not Registrable Securities): (i) first, the number of Registrable Securities requested by the Holders to be included, which,
in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective Holders on the basis
of the number of Registrable Securities owned by each such Holder; (ii) second, the securities that the Company proposes to sell;
and (iii) third, the number of Registrable Securities requested to be included by the PIPE Holders which, in the opinion of such
underwriters, can be sold, without any such adverse effect, pro rata among the respective PIPE Holders on the basis of the number of Registrable
Securities owned by each such PIPE Holder. For the avoidance of doubt, however, the Pending Registration is not an underwritten offering.

 

    2

     

    

 

(f) Restrictions on Demand
Registration and Shelf Offerings.

 

 (i) The Company shall
not be obligated to effect any Demand Registration or underwritten Shelf Offering within one-hundred eighty (180) days after the effective
date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to Section
3 (understanding, however, that the Company will use commercially reasonable best efforts to file the Form S-1 related to the Pending
Registration on or before January 12, 2022). 

 

 (ii) The Company may postpone,
for up to ninety (90) days from the date of the request (the “Suspension Period”), the filing or the effectiveness
of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement
(and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the Company determines
that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan
by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business)
or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company
and upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of material
non-public information not otherwise required to be disclosed under applicable law, and (x) the Company has a bona fide business purpose
for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s
ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with SEC requirements, in each case
under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective
or to promptly amend or supplement the registration statement on a post-effective basis, as applicable. The Company may delay or suspend
the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this Section 1(f)(i) only once in any twelve
(12)-month period (for avoidance of doubt, in addition to the Company’s rights and obligations under Section 4(a)(vi)).

 

 (iii) In the case of an
event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(ii) above or pursuant
to Section 4(a)(vi) (a “Suspension Event”), the Company will give a notice to the Holders whose Registrable
Securities are registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of
the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for
so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities
pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company
and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to
the Shelf Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”)
from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any
Suspension Event.

 

(g) Selection of Underwriters.
The Majority Participating Holders, with the consent of the Company, not to be unreasonably withheld or delayed, will have the right to
select the investment banker(s) and manager(s) to administer any underwritten offering in connection with a Demand Registration or Shelf
Offering.

 

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(h) Revocation of Demand
Notice or Shelf Offering Notice. At any time prior to the effective date of the registration statement relating to a Demand Registration
or the “pricing” of any offering relating to a Shelf Offering Notice, the Majority Participating Holders may revoke such notice
of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering
without liability to such Holders, in each case by providing written notice to the Company.

 

(i) Confidentiality.
Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering
Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such
notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein
is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement).

 

Section 2 Piggyback Registrations.

 

(a) Right to Piggyback.
Whenever the Company proposes to register any of its equity securities under the Securities Act (including primary and secondary registrations,
and other than pursuant to an Excluded Registration) (each, a “Piggyback Registration”), the Company will give prompt
written notice to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 2(b) and
Section 2(c), will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws
and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion
therein within ten (10) days after delivery of the Company’s notice.

 

(b) Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters
advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the
number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of
distribution of the offering, the Company will include in such registration (i) first, the number of Registrable Securities requested
by the Holders to be included, which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among
the respective Holders on the basis of the number of Registrable Securities owned by each such Holder; (ii) second, the securities
that the Company proposes to sell; (iii) third, the number of Registrable Securities requested to be included by the PIPE Holders
which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective PIPE Holders on
the basis of the number of Registrable Securities owned by each such PIPE Holder and (iv) fourth, other securities requested to
be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

 

(c) Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s equity
securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed
offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the
number of Registrable Securities requested by the Holders to be included, which, in the opinion of such underwriters, can be sold, without
any such adverse effect, pro rata among the respective Holders on the basis of the number of Registrable Securities owned by each such
Holder; (ii) second, the securities that the Company proposes to sell; and (iii) third, the number of Registrable Securities
requested to be included by the PIPE Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect,
pro rata among the respective PIPE Holders on the basis of the number of Registrable Securities owned by each such PIPE Holder; and (iv)
fourth, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without
any such adverse effect.

 

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(d) Right to Terminate
Registration. The Company will have the right to terminate or withdraw any registration initiated by it under this Section 2,
whether or not any holder of Registrable Securities has elected to include securities in such registration.

 

Section 3 Stockholder Lock-Up Agreements and
Company Holdback Agreement.

 

(a) Stockholder Lock-up
Agreements. In connection with any underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements
(which shall be identical in form and substance for all Holders) requested by the underwriter(s) managing such offering, in each case
with such modifications and exceptions as may be approved by the Majority Participating Holders. Without limiting the generality of the
foregoing, each Holder hereby agrees that in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is
an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to
Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed
to be owned beneficially by such Holder in accordance with the rules and regulations of the SEC) (collectively, “Securities”),
or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, “Other Securities”),
(ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other
arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities,
whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii)
and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the intention to enter into any Sale Transaction,
commencing on the date on which the Company gives notice to the Holders that a preliminary prospectus has been circulated for such underwritten
Public Offering or the “pricing” of such offering and continuing to the date that is ninety (90) days following the date of
the final prospectus in the case of any underwritten Public Offering (each such period, or such shorter period as agreed to by the managing
underwriters, a “Holdback Period”), in each case with such modifications and exceptions as may be approved by the Majority
Participating Holders. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to
the restrictions set forth in this Section 3(a) until the end of such Holdback Period. For the avoidance of doubt, no lock-up will
be required of True Harvest in connection with the Pending Registration.

 

(b) Company Holdback Agreement.
The Company (i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective,
or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such
underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or
(y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will use commercially
reasonable efforts to cause each holder of Securities and Other Securities (including each of its directors and executive officers) to
agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if otherwise permitted),
unless approved in writing by the Majority Participating Holders and the underwriters managing the Public Offering and to enter into any
lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and
exceptions as may be approved by the Majority Participating Holders.

 

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Section 4 Registration Procedures.

 

(a) Company Obligations.
Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement
or have initiated a Shelf Offering, the Company will use its reasonable best efforts to effect the registration and the sale of such Registrable
Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible:

 

 (i) prepare and file with
(or submit confidentially to) the SEC a registration statement, and all amendments and supplements thereto and related prospectuses, with
respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective, all
in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or
confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to
the counsel selected by the Majority Participating Holders copies of all such documents proposed to be filed or submitted, which documents
will be subject to the review and comment of such counsel);

 

 (ii) notify each Holder
of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings
for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification
of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C)
the effectiveness of each registration statement filed hereunder; 

 

 (iii) prepare and file
with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be
necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement
have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement
(but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement
relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required
by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such registration statement;

 

 (iv) furnish, without
charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus)
(in each case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free
Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of
each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement
thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the
offering and sale of the Registrable Securities covered by such registration statement or prospectus);

 

 (v) use its reasonable
best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as
any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the
Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this subparagraph or (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any
such jurisdiction);

 

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 (vi) notify each seller
of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and
each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration
statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any
exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing
of such registration statement or prospectus or for additional information, (C) at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the
prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make
the statements therein not misleading, and, subject to Section 1(f), if required by applicable law or to the extent requested by
the Majority Participating Holders, the Company will use its reasonable best efforts to promptly prepare and file a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at
any time the representations and warranties contemplated by any underwriting agreement, securities sale agreement, or other similar agreement,
relating to the offering shall cease to be true and correct;

 

 (vii) (A) use reasonable
best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the
Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing,
to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, and (B) comply
(and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation
all corporate governance requirements;

 

 (viii) use reasonable
best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration
statement;

 

 (ix) enter into and perform
such customary agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the
holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or
facilitate the disposition of such Registrable Securities (including, without limitation, participating in “road shows,” investor
presentations, marketing events and other selling efforts and effecting a stock or unit split or combination, recapitalization or reorganization);

 

 (x) make available for
inspection by any seller of Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration
statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent
corporate and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s officers, directors, employees, agents, representatives and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and
the disposition of such Registrable Securities pursuant thereto;

 

 (xi) take all reasonable
actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback Registration or Shelf
Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent
required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related
prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

    7

     

    

 

(xii) otherwise use its reasonable
best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s
first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

 (xiii) to the extent that
any Holder, in its sole and exclusive judgment, might be deemed to be an underwriter of any Registrable Securities or a controlling person
of the Company, permit such Holder to participate in the preparation of such registration or comparable statement and to allow such Holder
to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such
Holder and its counsel should be included;

 

 (xiv) in the event of
the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing
the use of any related prospectus or suspending the qualification of any Common Stock included in such registration statement for sale
in any jurisdiction, use reasonable best efforts to promptly obtain the withdrawal of such order;

 

 (xv) use its reasonable
best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable
Securities;

 

 (xvi) cooperate with the
Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or
the removal of any restrictive legends associated with any account at which such securities are held, and enable such securities to be
in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;

 

 (xvii) if requested by
any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information for the Company’s
most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing
the offering in the view of the managing underwriter;

 

 (xviii) take no direct
or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition
is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

 

 (xix) cooperate with each
Holder covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities
and their respective counsel in connection with the preparation and filing of any applications, notices, registrations and responses to
requests for additional information with FINRA, NYSE American or any other national securities exchange on which the shares of Common
Stock are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter
acceptable to the managing underwriter;

 

    8

     

    

 

 (xx) in the case of any
underwritten offering, use its reasonable best efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided
for in the applicable underwriting agreement, one or more cold comfort letters from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by cold comfort letters;

 

 (xxi) use its reasonable
best efforts to provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement
addressed to the Company, (i) on the date that such Registrable Securities are delivered to the underwriters for sale in connection with
a Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being
sold through underwriters, on the closing date of the applicable sale, (A) one or more legal opinions of the Company’s outside counsel,
dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten
offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (B) one
or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is
customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement
agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters,
if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting
in the sale of the Registrable Securities and (ii) customary certificates executed by authorized officers of the Company as may be requested
by any Holder or any underwriter of such Registrable Securities;

 

 (xxii) if the Company
files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain a WKSI
(and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic
Shelf Registration Statement is required to remain effective;

 

 (xxiii) if the Company
does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such
fee at such time or times as the Registrable Securities are to be sold; and

 

 (xxiv) if the Automatic
Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf
Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status
the Company determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and,
if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration
statement is required to be kept effective.

 

(b) Automatic Shelf Registration
Statements. If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities
other than the Holders, the Company agrees that, at the request of the Majority Holders, it will include in such Automatic Shelf Registration
Statement such disclosures as may be required by Rule 430B in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed
any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company
shall, at the request of the Majority Holders, file any post-effective amendments necessary to include therein all disclosure and language
necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement.

 

(c) Additional Information.
The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such
information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing,
as a condition to such seller’s participation in such registration.

 

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(d) In-Kind Distributions.
If a Holder seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect
equityholders, the Company will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such in-kind distribution
in the manner reasonably requested and consistent with the Company’s obligations under the Securities Act.

 

(e) Suspended Distributions.
Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 4(a)(vi), such Person will immediately discontinue the disposition of its Registrable Securities
pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated
by Section 4(a)(vi), subject to the Company’s compliance with its obligations under Section 4(a)(vi).

 

Section 5 Registration Expenses.

 

Except as expressly provided
herein (including, without limitation, Section 1(a)), all out-of-pocket expenses incurred by the Company in connection with the
performance of or compliance with this Agreement and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering,
whether or not the same shall become effective, shall be paid by the Company, including, without limitation, (i) all registration and
filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses
in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger,
telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses),
(iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including
the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities Act liability
insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting
practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange
on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed
in the case of the Company’s initial Public Offering), (vii) all applicable rating agency fees with respect to the Registrable Securities,
(viii) all reasonable fees and disbursements of one legal counsel for selling Holders selected by the Majority Participating Holders,
(ix) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses of any
special experts or other Persons retained by the Company in connection with any Registration (xi) all of the Company’s internal
expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xii) all expenses
of the Company related to the “road-show” for any underwritten offering, including all travel, meals and lodging. All such
expenses are referred to herein as “Registration Expenses.” The Company shall not be required to pay, and each Person
that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting
discounts and commissions applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any)
attributable to the sale of Registrable Securities.

 

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Section 6 Indemnification and Contribution.

 

(a) By the Company.
The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to time, each Holder, such
Holder’s officers, directors employees, agents, fiduciaries, stockholders, partners, members, affiliates, consultants and representatives,
and any successors and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the “Indemnified
Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings,
whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, “Losses”) caused
by, resulting from, arising out of, based upon or related to any of the following (each, a “Violation”) by the Company:
(i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus
or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in
this Section 6, collectively called an “application”) executed by or on behalf of the Company or based upon
written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such
registration under the “blue sky” or securities laws thereof, (ii) any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company
of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable
to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance.
In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection
with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the
extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration
statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application,
in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party
expressly for use therein or by such Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or
any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the
same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and each
Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to
the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such
underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation
made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller.

 

(b) By Holders. In
connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus
and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each
Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final
and appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided
that the obligation to indemnify will be individual, not joint and several, for each holder and will be limited to the net amount of proceeds
received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

 

(c) Claim Procedure.
Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person’s right to indemnification
hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable
judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such
consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted
indemnified parties will have a right to retain one separate counsel, chosen by the Majority Holders, at the expense of the indemnifying
party.

 

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(d) Contribution. If
the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to, or is insufficient
to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such indemnifying
party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in
connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii)
if the allocation provided by clause (i) of this Section 6(d) is not permitted by applicable law, then in such proportion as is
appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of
Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement
or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided that the maximum amount
of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal
to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The
relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether
the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the
contribution pursuant to this Section 6(d) were to be determined by pro rata allocation or by any other method of allocation that
does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses
referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent
misrepresentation.

 

(e) Release. No indemnifying
party will, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

(f) Non-exclusive Remedy;
Survival. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification
or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered
the indemnitors of first resort in all such circumstances to which this Section 6 applies) and will remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified
party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

 

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Section 7 Cooperation with Underwritten Offerings.
No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements
(including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the underwriters;
provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include
in such registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements,
indemnities, underwriting agreements and other documents and agreements required under the terms of such underwriting arrangements or
as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into
pursuant to, and consistent with, Section 3, Section 4 and/or this Section 7, the respective rights and obligations
created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the underwriters created
thereby with respect to such registration.

 

Section 8 Subsidiary Public Offering. If,
after an initial Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such
Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, mutatis mutandis,
to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement
as if it were the Company hereunder.

 

Section 9 Joinder; Additional Parties; Transfer
of Registrable Securities.

 

(a) Joinder. The Company
may from time to time (with the prior written consent of the Majority Holders) permit any Person who acquires Common Stock (or rights
to acquire Common Stock) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as
a Holder by obtaining an executed joinder to this Agreement from such Person in the form of Exhibit B attached hereto (a “Joinder”).
Upon the execution and delivery of a Joinder by such Person, the Common Stock held by such Person shall become Registrable Securities,
and such Person shall be deemed a Holder.

 

(b) Restrictions on Transfers.
Prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring
Holder must first cause the prospective transferee to execute and deliver to the Company a Joinder, except that such consent and Joinder
shall not be required in the case of (i) a transfer to the Company, (ii) a Public Offering, (iii) a sale pursuant to Rule 144 and/or (iv)
a transfer in connection with a Sale of the Company. Any transfer or attempted transfer of Registrable Securities in violation of any
provision of this Agreement will be void, and the Company will not record such transfer on its books or treat any purported transferee
of such Registrable Securities as the owner thereof for any purpose (but the Company will be entitled to enforce against such Person the
obligations hereunder).

 

Section 10 General Provisions.

 

(a) Amendments and Waivers.
Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent
of the Company and the Majority Holders (which consent of the Majority Holders must include the consent of True Harvest for so long as
True Harvest holds Registrable Securities); provided that no such amendment, modification or waiver that would treat a specific
Holder in a manner materially and adversely different than any other Holder will be effective against such Holder without the consent
of such Holder; provided further that the foregoing provision shall not apply to any amendments or modifications otherwise expressly permitted
by this Agreement, including any required to add a party hereto. The failure or delay of any Person to enforce any of the provisions of
this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce
each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person
in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to
or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

 

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(b) Remedies. The parties
to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security),
to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their
favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not
be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be
entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting
any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

 

(c) Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or
regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability will not affect the validity, legality or
enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been
contained herein.

 

(d) Entire Agreement.
Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect
to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties
hereto, written or oral, which may have related to the subject matter hereof in any way.

 

(e) Successors and Assigns.
Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors
and permitted assigns and the Holders and their respective successors and permitted assigns (whether so expressed or not).

 

(f) Notices. Any notice,
demand or other communication to be given under or by reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient; but if not, then on the next Business Day, (iii) one (1) Business Day after it is sent to the
recipient by reputable overnight courier service (charges prepaid) or (iv) three (3) Business Days after it is mailed to the recipient
by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address
specified on the signature page hereto or any Joinder and to any holder, or at such address or to the attention of such other Person as
the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt
of notice by giving prior written notice of the change to the sending party as provided herein. The Company’s address is:

 

The Greenrose Holding Company Inc.

111 Broadway

Amityville, NY 11701

Attention: Chief Executive Officer

 

(g) Business Days.
If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period will automatically
be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

 

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(h) Governing Law.
All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and
schedules hereto will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any
choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State
of New York.

 

(i) MUTUAL WAIVER OF JURY
TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY
TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING
IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(j) CONSENT TO JURISDICTION
AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS,
NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS
FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT
OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM
IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(k) No Recourse. Notwithstanding
anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement
or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer,
employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment
or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and
acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer,
agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner
or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any
documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations
or their creation.

 

(l) Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation.

 

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(m) No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and
no rule of strict construction will be applied against any party.

 

(n) Counterparts. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such
counterparts taken together will constitute one and the same agreement.

 

(o) Electronic Delivery.
This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith
or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic,
photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in
all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each
other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any
such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense
to the formation or enforceability of a contract and each such party forever waives any such defense.

 

(p) Further Assurances.
In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents
and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this
Agreement and the transactions contemplated hereby.

 

(q) Dividends, Recapitalizations,
Etc.. If at any time or from time to time there is any change in the capital structure of the Company by way of a stock split, stock
dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means,
appropriate adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue.

 

(r) No Third-Party Beneficiaries.
No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other
Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein.

 

(s) Current Public Information.
At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act
or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will
take such further action as the Majority Holders (which Majority Holders must include the request of True Harvest) may reasonably request,
all to the extent required to enable such Holders to sell Registrable Securities (or securities that would be Registrable Securities but
for the final sentence of the definition of Registrable Securities) pursuant to Rule 144.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties
have executed this Registration Rights Agreement as of the date first written above.

 

	 	COMPANY
	 	 
	 	THE GREENROSE HOLDING COMPANY INC.
	 	 	
	 	By:	/s/William F. Harley III
	 	Name:	William F. Harley III
	 	Title:	Chief Executive Officer 
	 	 	 
	 	HOLDER
	 	 	 
	 	True Harvest, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Michael Macchiaroli
	 	Name:	Michael Macchiaroli 
	 	Title:	Manager
	 	 	 
	 	Address:
	 	 	 
	 	 
	 	 

 

[Signature Page to Registration Rights Agreement]

 

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EXHIBIT A

 

DEFINITIONS

 

Capitalized terms used in
this Agreement have the meanings set forth below.

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person and, in the case of an individual,
also includes any member of such individual’s Family Group; provided that the Company and its Subsidiaries will not be deemed
to be Affiliates of any holder of Registrable Securities. As used in this definition, “control” (including, with its correlative
meanings, “controlling,” “controlled by” and “under common control with”) will mean possession, directly
or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract
or otherwise).

 

“Acquisition”
means the acquisition of the assets and assumption of certain liabilities of True Harvest pursuant to the Agreement.

 

“Agreement”
has the meaning set forth in the recitals.

 

“Automatic Shelf
Registration Statement” has the meaning set forth in Section 1(a).

 

“Common Stock”
means the Company’s common stock, par value $0.0001 per share.

 

“Company”
has the meaning set forth in the preamble and shall include its successor(s).

 

“Demand Registrations”
has the meaning set forth in Section 1(a).

 

“End of Suspension
Notice” has the meaning set forth in Section 1(f)(iii).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all
rules and regulations promulgated thereunder.

 

“Excluded Registration”
means any registration (i) pursuant to a Demand Registration (which is addressed in Section 1(a)), (ii) in connection with registrations
on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms) or (iii) on any form that does not permit the registration
of Registrable Securities.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free Writing Prospectus”
means a free-writing prospectus, as defined in Rule 405.

 

“Holdback Period”
has the meaning set forth in Section 3(a).

 

“Holder”
means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder).

 

“Indemnified Parties”
has the meaning set forth in Section 6(a).

 

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“Joinder”
has the meaning set forth in Section 9(a).

 

“Long-Form Registrations”
has the meaning set forth in Section 1(a).

 

“Losses”
has the meaning set forth in Section 6(c).

 

“Majority Holders”
means the holders of a majority of the aggregate Registrable Securities.

 

“Majority Participating
Holders” means the holders of a majority of the aggregate Registrable Securities to be included in a Public Offering.

 

“Other Holders”
has the meaning set forth in the recitals.

 

“Piggyback Registrations”
has the meaning set forth in Section 2(a).

 

“PIPE Investor”
means any Person who purchased any of the Company’s equity in the PIPE Offering.

 

“PIPE Offering”
means the private investment offering consummated by the Company in connection with the Merger.

 

“Public Offering”
means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of Common Stock or other securities
convertible into or exchangeable for Common Stock pursuant to an offering registered under the Securities Act.

 

“Registrable Securities”
means: (i) any Common Stock issued to a Holder pursuant to the Merger Agreement, and (ii) any equity securities of the Company issued
or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination
of securities, or any recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such
securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold
in compliance with Rule 144, or (c) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person
will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such
Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not
such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities
hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common
Stock be registered pursuant to this Agreement). Notwithstanding the foregoing, any Registrable Securities held by any Person that may
be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will not be deemed to be Registrable
Securities.

 

“Registration Expenses”
has the meaning set forth in Section 5.

 

“Rule 144”,
“Rule 158”, “Rule 405”, “Rule 415”, “Rule 430B” and “Rule
462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same
will be amended from time to time, or any successor rule then in force.

 

“Sale Transaction”
has the meaning set forth in Section 3(a).

 

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“SEC” means
the United States Securities and Exchange Commission.

 

“Securities”
has the meaning set forth in Section 3(a).

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and
regulations promulgated thereunder.

 

“Shelf Offering”
has the meaning set forth in Section 1(d)(i).

 

“Shelf Offering Notice”
has the meaning set forth in Section 1(d)(i).

 

“Shelf Registrable
Securities” has the meaning set forth in Section 1(d)(i).

 

“Shelf Registration”
means the offer and sale of the Company’s securities pursuant to Rule 415 under the Securities Act.

 

“Shelf Registration
Statement” has the meaning set forth in Section 1(d).

 

“Short-Form Registrations”
has the meaning set forth in Section 1(a).

 

“Subsidiary”
means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the
Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership,
association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof
is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination
thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability company,
partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such
limited liability company, partnership, association or other business entity.

 

“Suspension Event”
has the meaning set forth in Section 1(f)(iii).

 

“Suspension Notice”
has the meaning set forth in Section 1(f)(iii).

 

“Suspension Period”
has the meaning set forth in Section 1(f)(i).

 

“Violation”
has the meaning set forth in Section 6(a).

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

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EXHIBIT B

 

The undersigned is executing
and delivering this Joinder pursuant to the Registration Rights Agreement dated as of __________________, 2021 (as amended, modified and
waived from time to time, the “Registration Agreement”), among Greenrose Acquisition Corp., a Delaware corporation
(the “Company”), and the other persons named as parties therein (including pursuant to other Joinders). Capitalized
terms used herein have the meaning set forth in the Registration Agreement.

 

By executing and delivering
this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of,
the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Agreement,
and the undersigned will be deemed for all purposes to be a Holder, and the undersigned’s _________ shares of Common Stock will
be deemed for all purposes to be Registrable Securities under the Registration Agreement.

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the ___ day of ____________, 20___.

 

	 	 
	 	Signature
	 	 
	 	 
	 	Print Name

 

	 	Address:	 
	 	 
	 	 

 

Agreed and Accepted as of

 

______________, 20___:

 

	THE GREENROSE HOLDING COMPANY INC.	 
	 	 	 
	 	                    	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

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