Document:

Exhibit 10.5

 

VIREO HEALTH INTERNATIONAL, INC.

INCENTIVE STOCK OPTION AGREEMENT

UNDER THE 2019 EQUITY INCENTIVE PLAN

(DIRECTORS)

 

I.       NOTICE
OF GRANT

 

	Name of Optionee: 	[NAME]
	 	 
	Number of Shares:  	[•]
	 	 
	Date of Grant: 	[•]
	 	 
	Exercise Price per Share: 	$[•]
	 	 
	Expiration Date:   	[•]

 

Exercise Schedule: Subject to Section
4 hereof and the terms of the Vireo Health International, Inc. 2019 Equity Incentive Plan (the “Plan”),
100% of the Shares shall become exercisable and vest on the one-year anniversary of the date of grant identified above (the “Grant
Date”).

 

This is an Incentive Stock Option Agreement
(the “Agreement”), by and between Vireo Health International, Inc., a British Columbia corporation and
successor to Vireo Health, Inc. (the “Company”), and the optionee identified above (“Optionee”),
entered into and effective as of Grant Date. Any capitalized term that is not defined in this Agreement shall have the meaning
set forth in the Plan as it currently exists or as it is amended in the future.

 

II.     BACKGROUND

 

1.    The
Company has adopted and maintains the Plan authorizing the Administrator to, among other things, grant Incentive Stock Options
to certain Employees, Directors, Consultants and other persons providing services to the Company and its Subsidiaries.

 

2.    The
Administrator has determined that Optionee is eligible to receive an award under the Plan in the form of an Incentive Stock Option
(the “Option”) to purchase shares of the Company’s common stock (the “Common Stock”),
as further described in this Agreement.

 

III.   AGREEMENT.
Subject to the Plan, the Company hereby grants the Option to Optionee under the terms and conditions as follows.

 

11. 
Grant of Option. The Company hereby grants to Optionee an Option to purchase the Shares specified above, according
to the terms and subject to the conditions hereinafter set forth and as set forth in the Plan. The Option is intended to be an
 “incentive stock option” as that term is defined in Section 422 of the Code and is subject to the $100,000 limitation
described in Section 6(c) of the Plan, including the provisions of that Section 6(c) that treat any portion of the Option that
exceeds such limitation, or does not otherwise qualify as an incentive stock option, as a Nonstatutory Stock Option that is not
an incentive stock option but otherwise exercisable on, and subject to, the same terms as the Option.

 

    	 	 	 

     

    

 

12.  Exercise
Price per Share. The Exercise Price per Share shall not be less than the Fair Market Value per Share as of the Grant Date,
or if Optionee owns stock representing greater than 10% of the voting power of the Company or any Parent or Subsidiary (a “10%
Owner”), 110% of the Fair Market Value per Share as of the Grant Date, as may be further adjusted pursuant to the
Plan.

 

3.    Expiration.
The Option shall expire at 5:00 p.m. Central Time on the earliest of (i) the Expiration Date (which date may be no later than
ten years after the Grant Date, or, for a 10% Owner, five years after the Grant Date), (ii) upon the expiration of any termination
set forth in Section 6(f) of the Plan, or (iv) pursuant to Section 13(a) or (c) of the Plan; provided, that unless otherwise provided
by the Administrator, if on the date of termination Optionee is not vested as to the entire Option, the Shares covered by the
unvested portion of the Option will revert to the Plan.

 

4.    
Vesting and Exercise.

 

4.1       Vesting
Schedule. The Option will vest and become exercisable as to the number of Shares and on the dates specified in the
Notice of Grant above, but only if Optionee is employed by the Company on such dates. The exercise schedule will be cumulative,
meaning that to the extent the Option has not been exercised and has not expired, terminated, or been cancelled, the Option may
be exercised to purchase all or any portion of the Shares available under the exercise schedule.

 

4.2       Change
in Control. If a Change in Control occurs, effective upon such Change in Control, the Option shall be treated as determined
by the Administrator under Section 13(c) of the Plan.

 

4.3       Termination
of Relationship as a Service Provider. If Optionee ceases to be a Service Provider, other than upon Optionee’s
termination as the result of Optionee’s Disability or death, the Option shall be treated as set forth under Section 6(f)(ii)
of the Plan.

 

4.4       Disability
or Death of Optionee. If Optionee ceases to be a Service Provider as a result of Optionee’s death or Disability, the
Option shall be treated as set forth under Section 6(f)(iii) or (iv) of the Plan, respectively.

 

5.    
Manner of Option Exercise.

 

5.1       Notice.
This Option may be exercised by Optionee in whole or in part from time to time, subject to the conditions contained in the Plan
and in this Agreement, by delivery, in person, by electronic transmission, or through the mail, to the Company at its principal
executive office in Minneapolis, Minnesota (Attention: Chief Financial Officer), of a written notice of exercise. Such notice
must be in a form satisfactory to the Administrator, must identify the Option, must specify the number of Shares with respect
to which the Option is being exercised, and must be signed by the person so exercising the Option. Such notice must be accompanied
by payment in full of the total exercise price of the Shares purchased based on the Exercise Price per Share. In the event that
the Option is being exercised, as provided by the Plan and Section 6 below, by any person or persons other than Optionee,
the notice must be accompanied by appropriate proof of right of such person or persons to exercise the Option.

 

5.2       Payment.
At the time of exercise of this Option, Optionee shall pay the total exercise price of the Shares to be purchased entirely in
cash (including a check, bank draft or money order, payable to the order of the Company); provided, however, that the Administrator,
in its sole discretion and to the extent permitted by law, may allow such payment to be made, in whole or in part, through a cashless
exercise in which Optionee simultaneously exercises the Option and sells all or a portion of the Shares thereby acquired; by delivery
to the Company of unencumbered Shares having an aggregate Fair Market Value on the date of exercise equal to the exercise price
of such Shares; or by authorizing the Company to retain, from the total number of Shares as to which the Option is exercised,
that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares
as to which the Option is exercised.

 

    	 	-2-	 

     

    

 

5.3       Delivery
of Certificates. As soon as practicable after the effective exercise of the Option, Optionee shall be recorded on the
stock transfer books of the Company as the owner of the Shares purchased, and the Company shall deliver to Optionee one or more
duly issued stock certificates evidencing such ownership, electronic delivery of such Shares to a brokerage account designated
by such person, or book-entry registration of such Shares with the Company’s transfer agent. Notwithstanding anything to
the contrary in this Agreement, no certificate, electronic delivery or book-entry registration representing the Shares distributable
under the Plan shall be issued and delivered unless the issuance thereof complies with all applicable legal requirements including,
without limitation, compliance with the provisions of applicable state securities laws, the Securities Act and the Exchange Act.
All Shares so issued shall be fully paid and nonassessable

 

6.  
Transferability. During the lifetime of Optionee, only Optionee or his/her guardian or legal representative may
exercise the Option. The Option may not be assigned or transferred by Optionee otherwise than by will or the laws of descent and
distribution. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable
to the Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option has
become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

 

7.     No
Shareholder Rights. Neither Optionee nor any permitted transferee of this Option will have any of the rights of a stockholder
of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic
delivery of such Shares has been made to Optionee’s designated brokerage account, or an appropriate book entry in the Company's
stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs
before a stock certificate has been issued, electronic delivery of the Shares has been made to Optionee’s designated brokerage
account, or an appropriate book entry in the Company's stock register has been made, except as otherwise described in the Plan.

 

8.     Service
Provider Status. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary
to terminate Optionee as a Service Provider at any time, nor confer upon Optionee any right to continue in the service or employ
of the Company or any Subsidiary at any particular position or rate of pay or for any particular period of time.

 

9.     Securities
Law and Other Restrictions. Notwithstanding any other provision of the Plan or this Agreement, the Company shall not be required
to issue, and Optionee may not sell, assign, transfer or otherwise dispose of, any Shares, unless (a) there is in effect
with respect to the Shares a registration statement under the Securities Act and any applicable state or foreign securities laws
or an exemption from such registration, and (b) there has been obtained any other consent, approval or permit from any other
regulatory body that the Administrator, in its sole discretion, deems necessary or advisable. The Company may condition such issuance,
sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends
on certificates representing the Option, as may be deemed necessary or advisable by the Company in order to comply with such securities
law or other restrictions.

 

    	 	-3-	 

     

    

 

10. 
Tax Withholding. The Company is entitled to (a) withhold and deduct from future fees or wages of Optionee (or from
other amounts that may be due and owing to Optionee from the Company), or make other arrangements for the collection of, all legally
required amounts necessary to satisfy any federal, state or local withholding and employment-related tax requirements attributable
to the Option, including, without limitation, the grant or exercise of this Option or a disqualifying disposition of any Shares,
or (b) require Optionee promptly to remit the amount of such withholding to the Company before acting on Optionee's notice of
exercise of this Option. In the event that the Company is unable to withhold such amounts, for whatever reason, Optionee agrees
to pay to the Company an amount equal to the amount the Company would otherwise be required to withhold under federal, state or
local law.

 

11. 
Adjustments. Subject to the terms and conditions set forth in the Plan, in the event of any reorganization, merger,
consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering,
divestiture or extraordinary dividend (including a spin-off), or any other change in the corporate structure or shares of the
Company, the Administrator, in order to prevent dilution or enlargement of the rights of Optionee, shall make appropriate adjustment
(which determination shall be conclusive) as to the number and kind of securities or other property (including cash) subject to,
and the exercise price of, this Option.

 

12.  
Subject to Plan. The Option and the Shares granted and issued pursuant to this Agreement have been granted and issued
under, and are subject to the terms of, the Plan. The terms of the Plan are incorporated by reference in this Agreement in their
entirety, and Optionee, by execution of this Agreement, acknowledges having received a copy of the Plan. The provisions of this
Agreement shall be interpreted as to be consistent with the Plan, and any ambiguities in this Agreement shall be interpreted by
reference to the Plan. If any provisions of this Agreement are inconsistent with the terms of the Plan, the terms of the Plan
shall prevail.

 

13. 
Shareholder Agreements. Upon the exercise of the Option, Optionee shall, at the request of the Company, execute
and deliver such voting, co-sale and other agreements as the Company requests generally of holders of amounts of stock corresponding
to that of such Optionee; and if Optionee fails to execute and deliver any such agreement, such Optionee shall nevertheless hold
all stock subject to, and be bound by, such agreement.

 

14. 
Market Stand-off Agreement. In connection with any underwritten public offering by the Company of its equity securities,
including the initial public offering of the Company’s securities on a U.S. exchange, and upon request of the Company or
the underwriters managing such underwritten offering, you agree not to sell, make any short sale of, loan, hypothecate, pledge,
grant any option for the purchase of, or otherwise dispose of or transfer for value any securities of the Company (other than
those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be,
for such period of time (not to exceed 180 days) after the effective date of such registration as may be requested by the Company
or such managing underwriters, and to execute an agreement reflecting the foregoing as may be requested by the underwriters at
the time of such public offering.

 

15.  
General Terms.

 

15.1    
Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the
parties to this Agreement.

 

    	 	-4-	 

     

    

 

15.2    
Governing Law. This Agreement and all rights and obligations under this Agreement shall be construed in accordance
with the Plan and governed by the laws of the State of Delaware, without regard to conflicts of laws provisions.

 

15.3    
Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties to
this Agreement with respect to the grant and exercise of this Option and the administration of the Plan and supersede all prior
agreements, arrangements, plans and understandings relating to the grant and exercise of this Option and the administration of
the Plan.

 

15.4    
Amendment and Waiver. Other than as provided in the Plan and subject to applicable law, this Agreement may be amended,
waived, modified or canceled only by a written instrument executed by the parties to this Agreement or, in the case of a waiver,
by the party waiving compliance. Notwithstanding the preceding, the Optionee agrees that the Administrator may amend the Plan
or this Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the
Plan or the Agreement to any present or future law relating to plans of this or similar nature (including, but not limited to,
Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder.

 

15.5    
Tax Consequences. Optionee acknowledges that Optionee may incur tax liability as a result of the purchase or disposition
of the Shares and that if any Shares received upon exercise of the Option are sold within one year of exercise or two years of
the Grant Date, the Option will not be treated as an incentive stock option for tax purposes under the Code. The Company shall
not be liable in the event the Option is for any reason deemed not to be an incentive stock option. In addition, although the
Option is intended to be exempt from Section 409A of the Code, the Company shall not be liable to the Optionee in the event the
Option is considered to be subject to Section 409A, which may subject Optionee to additional taxes, interest, and possible penalties.
Optionee should seek professional tax advice before exercising the Option or disposing of the Shares.

 

15.6    
Electronic Delivery and Acceptance. The Company may deliver any documents related to this Agreement by electronic
means and request Optionee’s acceptance of this Agreement by electronic means. Optionee hereby consents to receive all applicable
documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established
and maintained by the Company or the Company’s third-party stock plan administrator.

 

[Signature Page Follows]

 

    	 	-5-	 

     

    

 

The parties hereto have executed this
Agreement effective as of the Grant Date.

 

	 	VIREO HEALTH INTERNATIONAL,
    INC.	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Kyle
    Kingsley 	 	 
	 	 	Kyle Kingsley 	 	 
	 	 	 	 	 
	 	Its:  Chief
    Executive Officer	 	 
	 	 	 	 	 
	 	 	 	 	 
	By execution of this Agreement,	OPTIONEE	 	 
	Optionee acknowledges having	 	 	 	 
	received a copy of the Plan and
    	 	 	 	 
	agrees to all of the terms and	 	 	 	 
	conditions described in this	 	 	 	 
	Agreement and in the Plan.	 	 	 
	 	[Name]	 	 

 

    	 	-6-Exhibit 10.6

 

VIREO HEALTH INTERNATIONAL, INC.

INCENTIVE STOCK OPTION AGREEMENT

 

I.       NOTICE
OF GRANT

 

	Name of Optionee: 	[insert name]
	 	 
	Number of Shares:  	[XX,XXX]  Subordinate Voting Shares (US residents
    may be required to receive Multiple Voting Shares in a quantity equal to 1/100 of the Subordinate Voting Share quantity, at
    the Company’s reasonable discretion)
	 	 
	Date of Grant: 	[month] __, 202_
	 	 
	Exercise Price per Share: 	USD$[amount] (Multiple Voting Shares have an exercise
    price equal to 100x this number)
	 	 
	Expiration Date:  	[month] __, 203_ (5:00 p.m., Central Time on the day
    preceding the tenth anniversary of the Date of Grant.)

 

Exercise Schedule: Subject to Section
4 hereof and the terms of the Vireo Health International, Inc. 2019 Equity Incentive Plan (the “Plan”),
25% of the Shares covered by the Option shall become exercisable and vest on [end of calendar quarter 1 year after Date of Grant],
202_, and an additional 6.25% of the Shares covered by the Option shall become exercisable and vest on the last day of each subsequent
calendar quarter, such that 100% of the Shares covered by the Option shall be exercisable and vested on [end of calendar quarter
4 years after Date of Grant], 202_. In no case shall greater than 100% of the Shares covered by the Option vest.

 

This is an Incentive Stock Option Agreement
(the “Agreement”), by and between Vireo Health International, Inc., a British Columbia corporation and
successor to Vireo Health, Inc. (the “Company”), and the optionee identified above (“Optionee”),
entered into and effective as of date of grant identified above (the “Grant Date”). Any capitalized
term that is not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended
in the future.

 

II.     BACKGROUND

 

1.    The
Company has adopted and maintains the Plan authorizing the Administrator to, among other things, grant Incentive Stock Options
to certain Employees, Directors, Consultants and other persons providing services to the Company and its Subsidiaries.

 

2.     The
Administrator has determined that Optionee is eligible to receive an Award under the Plan in the form of an Option, as further
described in this Agreement.

 

III.   AGREEMENT.
Subject to the Plan, the Company hereby grants the Option to Optionee under the terms and conditions as follows.

 

1.     Grant
of Option. The Company hereby grants to Optionee an Option to purchase the Shares specified above, according to the terms and
subject to the conditions hereinafter set forth and as set forth in the Plan. The Option is intended to be an “incentive
stock option” as that term is defined in Section 422 of the Code and is subject to the $100,000 limitation described in Section
6(c) of the Plan, including the provisions of that Section 6(c) that treat any portion of the Option that exceeds such limitation,
or does not otherwise qualify as an incentive stock option, as a Nonstatutory Stock Option that is not an incentive stock option
but otherwise exercisable on, and subject to, the same terms as the Option.

 

     

     

    

 

2.     Exercise
Price per Share. The Exercise Price per Share shall not be less than the Fair Market Value per Share as of the Grant Date,
or if Optionee owns stock representing greater than 10% of the voting power of the Company or any Parent or Subsidiary (a “10%
Owner”), 110% of the Fair Market Value per Share as of the Grant Date, as may be further adjusted pursuant to the
Plan.

 

3.      Expiration.
The Option shall expire at 5:00 p.m. Central Time on the earliest of (i) the Expiration Date (which date may be no later than ten
years after the Grant Date, or, for a 10% Owner, five years after the Grant Date), (ii) upon the expiration of any termination
set forth in Section 6(f) of the Plan, or (iii) pursuant to Section 13(a) or (c) of the Plan; provided, that unless otherwise provided
by the Administrator, if on the date of termination Optionee is not vested as to the entire Option, the Shares covered by the unvested
portion of the Option will revert to the Plan.

 

4.    Vesting
and Exercise.

 

4.1       Vesting
Schedule. The Option will vest and become exercisable as to the number of Shares and on the dates specified in the Notice
of Grant above, but only if Optionee is employed by the Company on such dates. The exercise schedule will be cumulative, meaning
that to the extent the Option has not been exercised and has not expired, terminated, or been cancelled, the Option may be exercised
to purchase all or any portion of the Shares available under the exercise schedule.

 

4.2      Change
in Control. If a Change in Control occurs, effective upon such Change in Control, the Option shall be treated as determined
by the Administrator under Section 13(c) of the Plan.

 

4.3      Termination
of Relationship as a Service Provider. If Optionee ceases to be a Service Provider, other than upon Optionee’s
termination as the result of Optionee’s Disability or death, the Option shall be treated as set forth under Section 6(f)(ii)
of the Plan.

 

4.4      Disability
or Death of Optionee. If Optionee ceases to be a Service Provider as a result of Optionee’s death or Disability, the
Option shall be treated as set forth under Section 6(f)(iii) or (iv) of the Plan, respectively.

 

5.     Manner of Option
Exercise.

 

5.1      Notice.
This Option may be exercised by Optionee in whole or in part from time to time, subject to the conditions contained in the Plan
and in this Agreement, by delivery, in person, by electronic transmission, or through the mail, to the Company at its principal
executive office in Minneapolis, Minnesota (Attention: Chief Financial Officer), of a written notice of exercise. Such notice must
be in a form satisfactory to the Administrator, must identify the Option, must specify the number of Shares with respect to which
the Option is being exercised, and must be signed by the person so exercising the Option. Such notice must be accompanied by payment
in full of the total exercise price of the Shares purchased based on the Exercise Price per Share. In the event that the Option
is being exercised, as provided by the Plan and Section 6 below, by any person or persons other than Optionee, the notice
must be accompanied by appropriate proof of right of such person or persons to exercise the Option.

 

    	 	-2-	 

     

    

 

5.2      Payment.
At the time of exercise of this Option, Optionee shall pay the total exercise price of the Shares to be purchased entirely in cash
(including a check, bank draft or money order, payable to the order of the Company); provided, however, that the Administrator,
in its sole discretion and to the extent permitted by law, may allow such payment to be made, in whole or in part, through a cashless
exercise in which Optionee simultaneously exercises the Option and sells all or a portion of the Shares thereby acquired; by delivery
to the Company of unencumbered Shares having an aggregate Fair Market Value on the date of exercise equal to the exercise price
of such Shares; or by authorizing the Company to retain, from the total number of Shares as to which the Option is exercised, that
number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares
as to which the Option is exercised.

 

5.3      Delivery
of Certificates. As soon as practicable after the effective exercise of the Option, Optionee shall be recorded on the
stock transfer books of the Company as the owner of the Shares purchased, and the Company shall deliver to Optionee one or more
duly issued stock certificates evidencing such ownership, electronic delivery of such Shares to a brokerage account designated
by such person, or book-entry registration of such Shares with the Company’s transfer agent. Notwithstanding anything to
the contrary in this Agreement, no certificate, electronic delivery or book-entry registration representing the Shares distributable
under the Plan shall be issued and delivered unless the issuance thereof complies with all applicable legal requirements including,
without limitation, compliance with the provisions of applicable state securities laws, the Securities Act and the Exchange Act.
All Shares so issued shall be fully paid and nonassessable. Notwithstanding anything to the contrary, the Company may deliver the
Company’s multiple voting shares (“MVS”) (which are equivalent in right to 100 Shares) in a quantity equal to
the number of Shares as to which the Option is exercised, divided by 100. In this instance, no partial MVS will be delivered and,
instead, the Optionee shall receive cash for any fractional MVS that would otherwise be provided. As an example, an Optionee gives
a notice pursuant to section 5.1 that she intends to exercise the Option for 2,170 shares. The Company then elects to provide MVS
to the Optionee 21 MVS and cash equal to 70 (leftover Shares) multiplied by the closing price of the Shares on the trading day
immediately preceding the notice of exercise.

 

6.   
Transferability. During the lifetime of Optionee, only Optionee or his/her guardian or legal representative may exercise
the Option. The Option may not be assigned or transferred by Optionee otherwise than by will or the laws of descent and distribution.
The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the
Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option has become
exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

 

7.     No
Shareholder Rights. Neither Optionee nor any permitted transferee of this Option will have any of the rights of a stockholder
of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic
delivery of such Shares has been made to Optionee’s designated brokerage account, or an appropriate book entry in the Company's
stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs before
a stock certificate has been issued, electronic delivery of the Shares has been made to Optionee’s designated brokerage account,
or an appropriate book entry in the Company's stock register has been made, except as otherwise described in the Plan.

 

    	 	-3-	 

     

    

 

8.     Restrictive
Covenants Agreement. As an inducement to the Company to enter into this Agreement and grant the Option to Optionee, Optionee
has executed or shall duly execute a Confidential Information, Intellectual Property Rights, Non-Competition and Non-Solicitation
Agreement (the “Restrictive Covenants Agreement”), in a form approved by the Company. Optionee acknowledges
and agrees that the Company’s execution of this Agreement and the grant of the Option to Optionee are conditioned upon Optionee
executing the Restrictive Covenants Agreement.

 

9.     Securities
Law and Other Restrictions. Notwithstanding any other provision of the Plan or this Agreement, the Company shall not be required
to issue, and Optionee may not sell, assign, transfer or otherwise dispose of, any Shares, unless (a) there is in effect with
respect to the Shares a registration statement under the Securities Act and any applicable state or foreign securities laws or
an exemption from such registration, and (b) there has been obtained any other consent, approval or permit from any other
regulatory body that the Administrator, in its sole discretion, deems necessary or advisable. The Company may condition such issuance,
sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends
on certificates representing the Option, as may be deemed necessary or advisable by the Company in order to comply with such securities
law or other restrictions.

 

10.   Tax
Withholding. The Company is entitled to (a) withhold and deduct from future fees or wages of Optionee (or from other amounts
that may be due and owing to Optionee from the Company), or make other arrangements for the collection of, all legally required
amounts necessary to satisfy any federal, state or local withholding and employment-related tax requirements attributable to the
Option, including, without limitation, the grant or exercise of this Option or a disqualifying disposition of any Shares, or (b)
require Optionee promptly to remit the amount of such withholding to the Company before acting on Optionee's notice of exercise
of this Option. If the Company is unable to withhold such amounts, for whatever reason, Optionee agrees to pay to the Company an
amount equal to the amount the Company would otherwise be required to withhold under federal, state or local law.

 

11.   Adjustments.
Subject to the terms and conditions set forth in the Plan, in the event of any reorganization, merger, consolidation, recapitalization,
liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary
dividend (including a spin-off), or any other change in the corporate structure or shares of the Company, the Administrator, in
order to prevent dilution or enlargement of the rights of Optionee, shall make appropriate adjustment (which determination shall
be conclusive) as to the number and kind of securities or other property (including cash) subject to, and the exercise price of,
this Option.

 

12.       Subject
to Plan. The Option and the Shares granted and issued pursuant to this Agreement have been granted and issued under, and are
subject to the terms of, the Plan. The terms of the Plan are incorporated by reference in this Agreement in their entirety, and
Optionee, by execution of this Agreement, acknowledges having received a copy of the Plan. The provisions of this Agreement shall
be interpreted as to be consistent with the Plan, and any ambiguities in this Agreement shall be interpreted by reference to the
Plan. If any provisions of this Agreement are inconsistent with the terms of the Plan, the terms of the Plan shall prevail.

 

13.   Shareholder
Agreements. Upon the exercise of the Option, Optionee shall, at the request of the Company, execute and deliver such voting,
co-sale and other agreements as the Company requests generally of holders of amounts of stock corresponding to that of such Optionee;
and if Optionee fails to execute and deliver any such agreement, such Optionee shall nevertheless hold all stock subject to, and
be bound by, such agreement.

 

    	 	-4-	 

     

    

 

14.   Binding
Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties to this Agreement.

 

15.   Governing
Law. This Agreement and all rights and obligations under this Agreement shall be construed in accordance with the Plan and
governed by the laws of the State of Delaware, without regard to conflicts of laws provisions.

 

16.       Entire
Agreement. This Agreement, the Restrictive Covenants Agreement the Plan set forth the entire agreement and understanding of
the parties to this Agreement with respect to the grant and exercise of this Option and the administration of the Plan and supersede
all prior agreements, arrangements, plans and understandings relating to the grant and exercise of this Option and the administration
of the Plan.

 

17.   Amendment
and Waiver. Other than as provided in the Plan and subject to applicable law, this Agreement may be amended, waived, modified
or canceled only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving
compliance. Notwithstanding the preceding, the Optionee agrees that the Administrator may amend the Plan or this Agreement, to
take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or the Agreement
to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code),
and to the administrative regulations and rulings promulgated thereunder.

 

18.  Tax
Consequences. Optionee acknowledges that Optionee may incur tax liability as a result of the purchase or disposition of the
Shares and that if any Shares received upon exercise of the Option are sold within one year of exercise or two years of the Grant
Date, the Option will not be treated as an incentive stock option for tax purposes under the Code. The Company shall not be liable
in the event the Option is for any reason deemed not to be an incentive stock option. In addition, although the Option is intended
to be exempt from Section 409A of the Code, the Company shall not be liable to the Optionee in the event the Option is considered
to be subject to Section 409A, which may subject Optionee to additional taxes, interest, and possible penalties. Optionee should
seek professional tax advice before exercising the Option or disposing of the Shares.

 

19.   Electronic
Delivery and Acceptance. The Company may deliver any documents related to this Agreement by electronic means and request Optionee’s
acceptance of this Agreement by electronic means. Optionee hereby consents to receive all applicable documentation by electronic
delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company
or the Company’s third-party stock plan administrator.

 

[Signature Page Follows]

 

    	 	-5-	 

     

    

 

The parties hereto have executed this Agreement
effective as of the Grant Date.

 

 

	 	VIREO HEALTH INTERNATIONAL, INC.	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Kyle
    Kingsley     	 	 
	 	 	Kyle Kingsley 	 	 
	 	 	 	 	 
	 	Its:  Chief Executive Officer	 	 
	 	 	 	 	 
	 	 	 	 	 
	By execution of this Agreement,	OPTIONEE	 	 
	Optionee acknowledges having	 	 	 	 
	received a copy of the Plan and 	 	 	 	 
	agrees to all of the terms and	 	 	 	 
	conditions described in this	 	 	 	 
	Agreement and in the Plan.	 	 	 
	 	[NAME]	 	 

 

 

    	 	-6-

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