Document:

EXHIBIT 10.12

 

 

 

PORTAGE BIOTECH
INC.

 

2021
EQUITY INCENTIVE PLAN

 

Restricted Share Unit Award and Dividend Equivalent Rights
Agreement

 

	Total Number of Shares Subject to this RSU:	________
	 	 
	Total Number of Dividend Equivalent Rights	________
	 	 
	Grant Date:	January 13, 2021
	 	 
	Vesting Schedule:	Fully vested
	 	 
	 Expiration Date:	January 13, 2031

 

	1.	Plan. This Agreement, which constitutes an RSU Award and Dividend Equivalent
        Rights under the Plan, is granted pursuant to and is governed by the Plan, the terms and conditions of which are incorporated into this
        Agreement by reference. To the extent there is any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan
        shall control. Unless the context otherwise requires, capitalized terms used herein without definitions shall have the respective meanings
        assigned to them in the Plan. By signing this Agreement, the Participant acknowledges receipt of a copy of the Plan.

 

	2.	Grant of RSU Award.

		a.	Grant. On the terms and conditions set forth in this Agreement, the Company grants to
        the Participant on the Grant Date RSUs as set forth above.

 

		b.	Vesting. The RSU Award is fully vested and nonforfeitable as of the Grant Date.

 

		c.	Distribution. The RSU Award shall be settled in cash or Shares, at the sole discretion
        of the Administrator, on the first to occur of the following:

		i.	Change in Control

		ii.	The Participant’s Separation from Service

		iii.	The Participant’s death, or

		iv.	The Participant’s Disability.

 

The Plan’s settlement of RSUs shall be made by the latest of: (i) the
end of the year in which the payment is due; or (ii) the 15th day of the third calendar month following the payment due date provided
that the Participant is not able, directly or indirectly, to designate the year in which such payment will be made.

 

    	 

    	 

    

	3.	Grant of Dividend Equivalent Rights.

		a.	Grant. On the terms and conditions set forth in this Agreement, the Company grants to
        the Participant on the Grant Date Dividend Equivalent Rights as set forth above.

 

		b.	Vesting. As of any date that the Company pays any dividend or distribution on its Common
        Stock, the Company make a cash payment in an amount equal to (i) the per share dividend or distribution paid by the Company on its Common
        Stock on such date, multiplied by (ii) the total number of Dividend Equivalent Rights subject to the Award, provided, however, that the
        Participant is an active employee as of the date such dividend or distribution is paid. If the Participant’s service relationship
        with the Company or a Subsidiary terminates for any reason (including death or disability) prior to the date such dividend or distribution
        is paid, neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further
        rights or interests in such Dividend Equivalent Rights.

 

		c.	Distribution. The Dividend Equivalent Right shall be settled in cash no later than the
        15th day of the third month after the month in which the dividend or distribution to which such payment relates is paid.

 

	4.	Restrictions on Transfer. The Participant shall not sell, assign, transfer,
        pledge, hypothecate or otherwise dispose of, by operation of law or otherwise except by will or the laws of descent and distribution the
        RSU Award or Dividend Equivalent Rights granted herein..

 

	5.	Withholding. No Shares shall be issued or cash payment unless and until
        the Participant pays to the Company or makes provision satisfactory to the Company for payment of any federal, state or local withholding
        taxes required by law to be withheld in respect of the RSU Award or Dividend Equivalent Rights granted herein..

 

	6.	Section 409A of the Code. This Agreement shall be interpreted in such
        a manner that all provisions relating to the settlement of the RSU Award and Dividend Equivalent Rights granted hereunder are in compliance
        with or are exempt from the requirements of Section 409A of the Code.

 

	7.	Amendment. The Board may at any time or times amend the Plan or this
        Agreement for the purpose of satisfying the requirements of any changes in applicable laws or regulations or for any other purpose which
        at the time may be permitted by law. No termination, amendment of the Plan or amendment of this Agreement shall, without the Participant’s
        consent, materially adversely affect the Participant’s rights under this Agreement.

 

	8.	Notices. All notices, requests, consents and other communications shall
        be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class
        registered or certified mail, postage prepaid. Notices to the Company or the Participant shall be addressed as set forth underneath their
        signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other.

 

	9.	Data Privacy Consent. In order to administer the Plan and this Agreement
        and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together,
        the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security
        or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable
        for the administration of the Plan and/or this Agreement (the “Relevant
                Information”). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process, register and
                transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Participant may have with respect to
                the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and
                (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.
                The Participant shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in
                accordance with applicable law.

 

    	 

    	 

    

	10.	Governing Law. This Agreement shall be governed by and construed in accordance
        with the laws of the British Virgin Islands without regard to conflict of law principles.

 

	11.
	WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND KNOWINGLY WAIVES
        (TO THE FULLEST EXTENT PERMITTED BY LAW) ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY
        COUNTERCLAIM) ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS OR TRANSACTIONS RELATED HERETO OR THERETO, INCLUDING, WITHOUT LIMITATION,
        ANY ACTION OR PROCEEDING (A) TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY INSTRUMENT, DOCUMENT OR
        AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR (B) ARISING FROM ANY DISPUTE OR CONTROVERSY IN
        CONNECTION WITH OR RELATED TO THIS AGREEMENT. EACH PARTY HERETO AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT
        AND NOT A JURY.

 

	12.	Entire Agreement. This Agreement and the Plan constitutes the full and entire
        understanding and agreement between the parties with regard the subject hereof and supersedes in their entirety all other or prior agreements
        between or among the Company and the Participant regarding the subjects hereof.

 

	13.	CONSENT TO JURISDICTION.

		a.	EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS
        OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM SUCH
        COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE RELATED
        AGREEMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION, ANY PROCEEDING RELATING TO ANCILLARY
        MEASURES IN AID OF ARBITRATION, PROVISIONAL REMEDIES AND INTERIM RELIEF, OR ANY PROCEEDING TO ENFORCE ANY ARBITRAL DECISION OR AWARD.

 

		b.	EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS TO BRING ANY SUIT, ACTION OR
        OTHER PROCEEDING IN OR BEFORE ANY COURT OR TRIBUNAL OTHER THAN THE COURTS OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS AND COVENANTS
        THAT IT SHALL NOT SEEK IN ANY MANNER TO RESOLVE ANY DISPUTE OTHER THAN AS SET FORTH IN THIS SECTION OR TO CHALLENGE OR SET ASIDE ANY DECISION,
        AWARD OR JUDGMENT OBTAINED IN ACCORDANCE WITH THE PROVISIONS HEREOF.

 

		c.	EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE
        TO VENUE, INCLUDING, WITHOUT LIMITATION, THE INCONVENIENCE OF SUCH FORUM, IN ANY OF SUCH COURTS. IN ADDITION, EACH OF THE PARTIES CONSENTS
        TO THE SERVICE OF PROCESS BY PERSONAL SERVICE OR ANY MANNER IN WHICH NOTICES MAY BE DELIVERED HEREUNDER.

 

    	 

    	 

    

	14.	Counterparts. For the convenience of the parties and to facilitate execution,
        this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute
        one and the same document.

 

 

[Signature Page Follows]

 

 

 

 

 

    	 

    	 

    

 

The undersigned executed this Agreement as of the date set forth above.

 

	PARTICIPANT	 	PORTAGE BIOTECH INC.
	 	 	 	 
	__________________________________________________	 	By: _________________________________________________	 
	Print Name: ___________________________________________	 	Print Name: __________________________________________	 
	Address: ________________________________________________

                                       
	 	Title: ________________________________________________EXHIBIT 10.13

 

 

 

PORTAGE BIOTECH INC.

 

2021 EQUITY INCENTIVE
PLAN

 

 

Share Option Agreement

 

This Share Option Agreement (this “Agreement”),
dated as of the Grant Date, is between Portage Biotech Inc., a corporation formed under the laws of the Territory of the British Virgin
Islands (the “Company”), and ___________ (the “Optionee”).

 

The Company hereby grants to the Optionee
the following option (the “Option”) to purchase Common Shares of the Company in accordance with the terms and
conditions of this Agreement and the Portage Biotech Inc. 2021 Equity Incentive Plan (the “Plan”):

 

	Total Number of Shares Subject to this Option:	___________
	Type of Option (ISO or an NQO):	NQO
	Exercise Price per Share:	$10.22
	Grant Date:	January 19, 2022
	Vesting Schedule:	1/4 each year
	Vesting Commencement Date:	January 19, 2022
	Number of Vested Shares on Grant Date:	0
	Vesting Period:	 4 years
	Number of Shares Vesting at end of each Vesting Period:	_____________
	Expiration Date:	January 19, 2032

  

1.             Plan.
This Agreement, which constitutes an Award Agreement under the Plan, is granted pursuant to and is governed by the Plan, the terms and
conditions of which are incorporated into this Agreement by reference. To the extent there is any inconsistency between the terms of
the Plan and this Agreement, the terms of the Plan shall control. Unless the context otherwise requires, capitalized terms used herein
without definitions shall have the respective meanings assigned to them in the Plan. By signing this Agreement, the Optionee acknowledges
receipt of a copy of the Plan.

 

2.             Grant
of Option. On the terms and conditions set forth in this Agreement, the Company grants to the Optionee on the Grant Date this
Option to purchase, at the Exercise Price Per Share set forth above, the Total Number of Shares Subject to this Option, as set forth
above.

 

3.             Exercisability
Schedule. The Optionee may exercise this Option for such number of Shares as have become exercisable pursuant to the Vesting
Schedule set forth above; provided that upon each vesting date the Optionee is employed with the Company or is otherwise providing services
to the Company.

 

    	 

    	 

    

4.             Exercise of Option. Prior to the Expiration Date (or such earlier date as set forth in Section 5 below), the Optionee
may exercise this Option by delivering a Notice of Share Option Exercise in the form attached hereto as Exhibit A (the “Notice”),
signed by the Optionee, and received by the Company at its principal office, accompanied by this Agreement and payment in full in the
manner provided in the Plan. The Optionee may purchase less than the number of Shares covered hereby, provided that no partial exercise
of this Option may be for any fractional Share or for fewer than ten (10) whole Shares. The Optionee (or any other person entitled to
exercise this Option) shall not be entitled to any rights as a Shareholder of the Company with respect to any Shares issuable upon exercise
of this Option until such Shares shall have been registered on the register of members of the Company in the name of the Optionee (or
such other person).

 

5.             Exercise
of Option After Termination of Employment.

 

a.              
Termination of service. Except as otherwise determined by the Board, or as may otherwise be expressly provided in any employment
agreement between the Company and the Optionee, upon the termination of the service of the Optionee to the Company (or to an Affiliate
of the Company), this Option shall expire on the earliest of the following occasions:

 

i.                 
the date that is three (3) months after the voluntary termination of the Optionee’s service;

 

ii.                 
the date that is two (2) years after the termination of the Optionee’s service by the Company (or by an Affiliate
of the Company) other than for cause;

 

iii.                  the
date of the termination of the Optionee’s service by the Company (or by an Affiliate of the Company) for Cause;

 

iv.                 
the date one (1) year after the termination of the Optionee’s service by reason of Disability;

 

v.                 
  the date one (1) year after the termination of the Optionee’s service by reason of the Optionee’s death; or

 

vi.                  the
specified Expiration Date of the Option, as set forth above.

 

vii.                 Any
portion of this Option that is not exercisable on the date of termination of the Optionee’s service with the Company, for any reason,
shall terminate immediately and automatically be null and void and of no further force and effect.

 

6.             Restrictions
on Transfer. The Optionee shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law
or otherwise except by will or the laws of descent and distribution, and during the lifetime of the Optionee, this Option shall be exercisable
only by the Optionee.

 

7.             Withholding.
No Shares shall be issued pursuant to the exercise of this Option unless and until the Optionee pays to the Company or makes provision
satisfactory to the Company for payment of any federal, state or local withholding taxes required by law to be withheld in respect of
this Option.

 

8.             Section
409A of the Code. This Agreement shall be interpreted in such a manner that all provisions relating to the settlement of the
RSU Award and Dividend Equivalent Rights granted hereunder are in compliance with or are exempt from the requirements of Section 409A
of the Code.

 

9.             Amendment.
The Board may at any time or times amend the Plan or this Agreement for the purpose of satisfying the requirements of any changes in
applicable laws or regulations or for any other purpose which at the time may be permitted by law. No termination, amendment of the Plan
or amendment of this Agreement shall, without the Optionee’s consent, materially adversely affect the Optionee’s rights under
this Agreement.

 

    	 

    	 

    

10.          
Notices. All notices, requests, consents and other communications shall be in writing and be deemed given when delivered
personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid.
Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures below, or to such other address or
addresses as may have been furnished by such party in writing to the other.

 

11.          
Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity
grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process
any and all personal or professional data, including but not limited to Social Security or other identification number, home address and
telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement
(the “Relevant Information”). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process,
register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Participant may have with
respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form;
and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.
The Participant shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance
with applicable law.

 

12.          
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Brisih Virgin Islands
without regard to conflict of law principles.

 

13.          
WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND KNOWINGLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY LAW) ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY COUNTERCLAIM) ARISING OUT OF THIS AGREEMENT OR
ANY OTHER AGREEMENTS OR TRANSACTIONS RELATED HERETO OR THERETO, INCLUDING, WITHOUT LIMITATION, ANY ACTION OR PROCEEDING (A) TO ENFORCE
OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR (B) ARISING FROM ANY DISPUTE OR CONTROVERSY IN CONNECTION WITH OR RELATED TO THIS AGREEMENT.
EACH PARTY HERETO AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY.

 

14.          
Entire Agreement. This Agreement and the Plan constitutes the full and entire understanding and agreement between the
parties with regard the subject hereof and supersedes in their entirety all other or prior agreements between or among the Company and
the Optionee regarding the subjects hereof.

 

15.           CONSENT
TO JURISDICTION.

 

a.              
EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS,
AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR
OTHER PROCEEDING ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION, ANY PROCEEDING RELATING TO ANCILLARY MEASURES IN AID OF

ARBITRATION,PROVISIONALREMEDIESANDINTERIMRELIEF,ORANY
PROCEEDING TO ENFORCE ANY ARBITRAL DECISION OR AWARD.

 

    	 

    	 

    

b.              
EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS TO BRING ANY SUIT, ACTION OR OTHER PROCEEDING IN OR BEFORE ANY COURT OR
TRIBUNAL OTHER THAN THE COURTS OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS AND COVENANTS THAT IT SHALL NOT SEEK IN ANY MANNER TO
RESOLVE ANY DISPUTE OTHER THAN AS SET FORTH IN THIS SECTION OR TO CHALLENGE OR SET ASIDE ANY DECISION, AWARD OR JUDGMENT OBTAINED IN
ACCORDANCE WITH THE PROVISIONS HEREOF.

 

c.              
EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE TO VENUE, INCLUDING, WITHOUT LIMITATION,
THE INCONVENIENCE OF SUCH FORUM, IN ANY OF SUCH COURTS. IN ADDITION, EACH OF THE PARTIES CONSENTS TO THE SERVICE OF PROCESS BY PERSONAL
SERVICE OR ANY MANNER IN WHICH NOTICES MAY BE DELIVERED HEREUNDER.

 

16.          
Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

 

 

[Signature Page Follows]

 

 

	The undersigned executed this

                                             

	By:	 
	Agreement as of the date set	Print Name:	 
	forth above.	Title:	 

 

 

	OPTIONEE	 	 
	 	 	 
	PORTAGE BIOTECH INC.	 	 
	 	 	 
	Print Name: __________________________________________ 	 	 
	 	 	 
	Address: _____________________________________________	 	 
	 	 	 
	Email: _______________________________________________	 	 

 

 

 

    	 

    	 

    

Exhibit A

 

NOTICE OF SHARE OPTION EXERCISE

 

[DATE]

 

[ ]

[INSERT ADDRESS]

Attention: Treasurer

 

Dear Sir or Madam

 

Pursuant to the terms of the share option
agreement between myself and Portage Biotech Inc. (the “Company”) dated(the “Agreement”),
under the Company’s 2021 Equity Incentive Plan, I, [Insert Name], hereby [Circle One] partially/fully exercise such Option
by including herein payment in the amount of $representing the purchase price for [Fill in number of Underlying Shares]Shares.
I have chosen the following form(s) of payment:

 

[ ]       1.       Cash

[ ]       2.       Certified
or bank check payable to [ ]

[ ]       3.       Other
(as described in the Plan (please describe))

 

___________________________________________________________.

.

In connection with my exercise of the Option as set forth above,
I hereby represent and warrant to the Company as follows:

 

(i)                 
I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any
distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.

 

(ii)               
I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit
me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment
in the Company.

 

(iii)             
  I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase
of the Shares and to make an informed investment decision with respect to such purchase.

 

(iv)             
  I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Option Shares for
an indefinite period of time.

 

(v)                
I understand that the Shares have not be registered under the Securities Act (it being understood that the Shares are being issued
and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws
and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities
Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements
thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing.

 

    	 

    	 

    

(vi)                I understand and agree that the Shares when issued will continue to be subject to the Plan.

 

	 	Sincerely yours,
	 	 
	 	 
	 	_______________________________________
	 	Name 
	 	 
	 	Address:
	 	 
	 	______________________________________
	 	 
	 	______________________________________

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