Document:

Exhibit 10.16

 

 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into this the 28th day of October 2020, (the “Effective Date”), by and between TILT
Holdings, Inc. (the “Company”), and Gary Santo (the “Executive”).

 

RECITALS

 

THE PARTIES ENTER
THIS AGREEMENT on the basis of the following facts, understandings and intentions:

 

A.       The
Company desires to further employ the Executive, and the Executive desires to accept such employment, on the terms and conditions set
forth in this Agreement.

 

B.       This
Agreement shall govern the employment relationship between the Employee and the Company from and after the Effective Date and, as of the
Effective Date, supersedes and negates all previous agreements and understandings with respect to such relationship.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

1.       Retention and
Duties.

 

1.1        Retention.
The Company does hereby hire, engage and employ the Executive for the Period of Employment (as such term is defined in Section 2) on the
terms and conditions expressly set forth in this Agreement. The Executive does hereby accept and agree to such hiring, engagement and
employment, on the terms and conditions expressly set forth in this Agreement. Certain capitalized terms used herein are defined in Section
5.5 of this Agreement.

 

1.2       Duties.
During the Period of Employment, the Executive shall serve the Company as its President and shall have the powers, authorities, duties
and obligations of management usually vested in the office of the President of a company of a similar size and similar nature of the Company,
and such other powers, authorities, duties and obligations commensurate with such positions as the Company may assign from time to time,
all subject to the directives and corporate policies of the Company as they are in effect from time to time throughout the Period of Employment.
During the Period of Employment, the Executive shall report to the Chief Executive Officer.

 

1.3
        No Other Employment; Minimum Time Commitment. During the Period of Employment,
the Executive shall (i) devote substantially all of the Executive’s business time, energy and skill to the performance of the
Executive’s duties for the Company, (ii) perform such duties in a faithful, effective and efficient manner to the best of his
abilities, and (iii) hold no other employment. The Executive’s service on the boards of directors (or similar body) of other
business entities is subject to the prior written approval of the Board. The Company shall have the right to require the Executive
to resign from any board or similar body (including, without limitation, any association, corporate, civic or charitable board or
similar body) which he may then serve if the Company reasonably determines that the Executive’s service on such board or body
interferes with the effective discharge of the Executive’s duties and responsibilities to the Company, creates an actual or
apparent conflict of interest with the Executive’s duties, responsibilities or role at the Company, or that any business
related to such service is then in direct or indirect competition with any business of the Company or any of its Affiliates,
successors or assigns..

 

     

     

    

 

1.4       No
Breach of Contract. The Executive hereby represents to the Company and agrees that: (i) the execution and delivery of this Agreement
by the Executive and the Company and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute
a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which the
Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) the Executive will not
enter into any new agreement that would or reasonably could contravene or cause a default by the Executive under this Agreement; (iii)
the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other Person
which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iv) to the extent
the Executive has any confidential or similar information that he is not free to disclose to the Company, he will not disclose such information
to the extent such disclosure would violate applicable law or any other agreement or policy to which the Executive is a party or by which
the Executive is otherwise bound; and (v) the Executive understands the Company will rely upon the accuracy and truth of the representations
and warranties of the Executive set forth herein and the Executive consents to such reliance.

 

1.5        Travel.
The Executive acknowledges that the Company is headquartered in Arizona and he will be required to travel to Arizona and elsewhere from
time to time in the course of performing his duties for the Company. All such travel is subject to written Company policy.

 

2.       Period
of Employment. The “Period of Employment” shall commence on the Effective Date, and end at the close of business
on July 12, 2022 (the “Anniversary Date”). Notwithstanding the foregoing, the Period of Employment is subject to earlier
termination as provided below in this Agreement. For the sake of clarity, at the conclusion of the Period of Employment, this Agreement
shall terminate without further action by either party hereto, and no extension of this Agreement is valid except as memorialized in a
writing signed by the Executive and the Chief Executive Officer. For the sake of clarity, if the Company or the Executive do not renew
the terms of this Agreement or execute a new agreement following the expiration of the Period of Employment, the Executive’s employment
by the Company following the expiration of the Period of Employment shall be on an at-will basis and may be terminated by the Company
or by the Executive at any time, for any reason (or for no reason), with or without advance notice.

 

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3.         Compensation.

 

3.1       Base
Salary. During the Period of Employment, the Company shall pay the Executive a base salary (the “Base Salary”),
which shall be paid in accordance with the Company’s regular payroll practices in effect from time to time but not less frequently
than in monthly installments. The Executive’s Base Salary shall be at an annualized rate of three-hundred and sixty thousand US
Dollars ($360,000.00). The Board (or a committee thereof) may, in its sole discretion, increase the Executive’s rate of Base Salary.

 

3.2       Equity
Award. On June 26, 2020 the Executive was granted an option to purchase shares of common stock in accordance with the Company’s
Equity and Incentive Plan, in the amount of 600,000 incentive stock options (the “2020 Options”). Nothing contained
in this agreement in anyway changes, alters, forfeits, or otherwise modifies the terms of the 2020 Options.

 

3.3      Incentive Bonus. Commencing
with 2020 the Executive shall be eligible to receive an incentive bonus for each fiscal year of the Company that occurs during the Period
of Employment (“Incentive Bonus”). Notwithstanding the foregoing and except as otherwise expressly provided in this
Agreement, the Executive must be employed by the Company at the time the Company pays incentive bonuses to executives generally with respect
to a particular fiscal year in order to earn and be eligible for an Incentive Bonus for that year (and, if the Executive is not so employed
at such time, in no event shall he have been considered to have “earned” any Incentive Bonus with respect to the fiscal year).
The Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board (or a committee thereof)
in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic,
individual or other objectives) established with respect to that particular fiscal year by the Board (or a committee thereof), using targeted
guidance of 0-100% of annualized salary. The Incentive Bonus will be paid to the Executive upon the earlier of: (x) the date when bonuses
are paid to any other executive level employee or (y) 60 days after the end of the prior calendar year to which the Incentive Bonus relates.

 

4.       Benefits.

 

4.1        Retirement,
Welfare and Fringe Benefits. During the Period of Employment, the Executive shall be entitled to participate in all employee pension
and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s employees
generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect
from time to time. Except as explicitly stated otherwise in this Agreement, the Company may modify, suspend or discontinue any benefit
plans, policies and practices at any time without notice to, or recourse by, the Executive, so long as such action is taken generally
with respect to other similarly situated executives employed by the Company.

 

4.2       Reimbursement
of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties
for the Company under this Agreement and shall be entitled to reimbursement for all reasonable business expenses the Executive
incurs during the Period of Employment in connection with carrying out the Executive’s duties for the Company, subject to the
Company’s written expense reimbursement policies and any pre-approval policies in effect from time to time. The Executive
agrees to promptly submit and document any reimbursable expenses in accordance with the Company’s expense reimbursement
policies to facilitate the timely reimbursement of such expenses.

 

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4.3       Paid
Time Off and Other Leave. During the Period of Employment, the Executive’s annual rate of paid time off accrual shall be
one-hundred and twenty hours (120) per year, with such time off to accrue and be subject to the Company’s PTO policies in effect
for executives of the Company from time to time, including any policy which may limit time off accruals and/or limit the amount of accrued
but unused time off to carry over from year to year. The Executive shall also be entitled to all other holiday and leave pay generally
available to other executives of the Company.

 

5.       Termination.

 

5.1        Termination
by the Company. During the Period of Employment, the Executive’s employment by the Company, and the Period of Employment,
may be terminated at any time by the Company: (i) with Cause, or (ii) with no less than thirty (30) days’ advance written notice
to the Executive (such notice to be delivered in accordance with Section 18), without Cause, or (iii) in the event of the Executive’s
death, or (iv) in the event that the Board determines in good faith that the Executive has a Disability.

 

5.2        Termination
by the Executive. During the Period of Employment, the Executive’s employment by the Company, and the Period of Employment,
may be terminated by the Executive with thirty (30) days’ advance written notice to the Company (such notice to be delivered in
accordance with Section 18), unless the necessity of such advance written notice is waived by the Company. In the case of a termination
for Good Reason, the Executive may provide immediate written notice of termination (or verbal notice of termination if the necessity of
written notice is waived by the Company) once the applicable cure period (as contemplated by the definition of Good Reason) has lapsed
if the Company has not reasonably cured the circumstances that gave rise to the basis for the Good Reason termination. The Company may
direct the Executive to refrain from performing the Executive’s duties, and/or place the Executive on paid administrative leave,
during the thirty (30) day notice period (or any portion thereof), and such action shall not constitute a breach by the Company of this
Agreement nor shall it constitute Good Reason.

 

5.3        Benefits
upon Termination. If the Executive’s employment by the Company is terminated for any reason by the Company or by the Executive
(the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”),
the Company shall have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive
or obtain from the Company, any payments or benefits except as follows:

 

(a)       The
Company shall pay the Executive (or, in the event of his death, the Executive’s estate) any Accrued Obligations;

 

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(b)       If
the Executive’s employment with the Company terminates during the Period of Employment as a result of a termination by the Company
without Cause (other than due to the Executive’s death or Disability) or a resignation by the Executive for Good Reason, the Executive
shall be entitled to the following benefits:

 

(i)       The
Company shall pay or reimburse the Executive (in addition to the Accrued Obligations) for the employer-paid portion of the premiums charged
to continue medical coverage, plus a severance payment which is detailed in Section 5.3(b)(ii). Such amount is referred to hereinafter
as the “Severance Benefit.” The coverage of medical premiums is pursuant to the Consolidated Omnibus Budget Reconciliation
Act (“COBRA”), at the same or reasonably equivalent medical coverage for the Executive (and, if applicable, the Executive’s
eligible dependents) as in effect immediately prior to the Severance Date, to the extent that the Executive elects such continued coverage;
provided that the Company’s obligation to make any payment or reimbursement pursuant to this clause (i) shall, subject to Section
21(b), commence with continuation coverage on the day immediately following the date the Executive’s separation from service occurs
and shall cease with continuation coverage for the sixth month following the month in which the Executive’s Separation from Service
occurs (or, if earlier, shall cease upon the first to occur of the Executive’s death, the date the Executive becomes eligible for
coverage under the health plan of a future employer, or the date the Company ceases to offer group medical coverage to its active executive
employees or the Company is otherwise under no obligation to offer COBRA continuation coverage to the Executive). To the extent the Executive
elects COBRA coverage, he shall notify the Company in writing of such election prior to such coverage taking effect and complete any other
continuation coverage enrollment procedures the Company may then have in place. The Company’s obligations pursuant to this Section
5.3(b)(i) are subject to the Company’s ability to comply with applicable law and provide such benefit without resulting in material
adverse tax consequences.

 

(ii)       Based
upon the Company pay practices at the time of separation; on the next regularly scheduled pay date following the Executive’s
Separation from Service, subject to the execution of the general release attached as Exhibit A and other requirements of Paragraph
5.4 below, if the Executive has completed at least six months active and continuous employment with the Company, the Company shall
pay the Executive the amount of Base Salary equal to one (1) week at the rate of pay upon separation per every one (1) month that
the Executive was actively and continuously employed by the Company up to a maximum of twelve (12) months; provided, however, the
amount of these additional severance payments will be reduced dollar-for-dollar by the amount of compensation for providing services
(whether as employee, consultant, independent contractor or otherwise) earned by Executive from any source following the Severance
Date. In no case shall the total payment owed under this Paragraph 5.3(b)(ii) exceed the total Base Salary earned by the Executive
in the prior twelve (12) months, regardless of the Executive’s tenure at the time of separation. For the purposes of clarity,
any calendar month in which the Executive is actively employed by the Company for at least one (1) business day counts as a full
month for the purposes of this payment. The duration of Executive’s active and continuous employment with the Company shall be
calculated without regard to the employment agreement then in effect, so long as the Executive was actively and continuously
employed by the Company.

 

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(iii) Subject to the requirements
of any award agreement between Executive and the Company, any other stock option or other equity-based award granted by the Company to
the Executive that is then-outstanding and unvested on the Severance Date shall terminate on the Severance Date and the Executive shall
have no further right with respect thereto or in respect thereof.

 

(c)       If
the Executive’s employment with the Company terminates during the Period of Employment as a result of the Executive’s death
or Disability, the Company’s obligation to pay the Executive shall terminate on the date of the death or Disability. The Executive’s
then-outstanding stock option and other equity-based awards granted by the Company to Executive shall be treated as provided in Section
5.3(b)(iii).

 

(d)       Notwithstanding
the foregoing provisions of this Section 5.3, if the Executive breaches his obligations under Section 6 of this Agreement at any time,
from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, the
Executive will no longer be entitled to, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance
Benefit, or to any continued Company-paid or reimbursed coverage pursuant to Section 5.3(b)(i); provided that, if the Executive provides
the Release contemplated by Section 5.4, in no event shall the Executive be entitled to benefits pursuant to Section 5.3(b) of less than
$5,000 (or the amount of such benefits, if less than $5,000), which amount the parties agree is good and adequate consideration, in and
of itself, for the Executive’s Release contemplated by Section 5.4.

 

(e)       The
foregoing provisions of this Section 5.3 shall not affect: (i) the Executive’s receipt of benefits otherwise due terminated employees
under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; (ii) the Executive’s rights
under COBRA to continue health coverage; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms
of the Company’s 401(k) plan (if any).

 

5.4        Release;
Exclusive Remedy; Leave.

 

(a)       This
Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based award
agreement to the contrary. As a condition precedent to any Company obligation to the Executive pursuant to Section 5.3(b) or any
other obligation contained herein, the Executive shall provide the Company with a valid, executed general release agreement in
substantially the form attached hereto as Exhibit A (with such changes as may be reasonably required to such form to help
ensure its enforceability in light of any changes in applicable law) (the “Release”), and such Release shall have
not been revoked by the Executive pursuant to any revocation rights afforded by applicable law. The Company shall provide the final
form of Release to the Executive not later than seven (7) days following the Severance Date, and the Executive shall be required to
execute and return the Release to the Company within seven (7) days (or such longer period of time as may be required to make the
Release maximally enforceable under the Older Workers Benefit Protection Act or other applicable law) after the Company provides the
form of Release to the Executive.

 

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(b)       The
Executive agrees that the payments and benefits contemplated by Section 5.3 shall constitute the exclusive and sole remedy for any termination
of his employment and the Executive covenants not to assert or pursue any other remedies at law or in equity, with respect to of the Executive’s
employment with the Company or its Affiliates. The Executive agrees to resign, on the Severance Date, as an officer and director of the
Company and any Affiliate of the Company, and as a fiduciary of any benefit plan of the Company or any Affiliate of the Company, and to
promptly execute and provide to the Company any further documentation, as requested by the Company, to confirm such resignation, and to
remove himself as a signatory on any accounts maintained by the Company or any of its Affiliates (or any of their respective benefit plans).

 

(c)       In
the event that the Company provides the Executive notice of termination without Cause pursuant to Section 5.1 or the Executive provides
the Company notice of termination pursuant to Section 5.2, the Company will have the option to place the Executive on paid administrative
leave during the notice period.

 

5.5        Certain Defined
Terms.

 

(a)       As used
herein, “Accrued Obligations” means:

 

(i)       any
Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; and

 

(ii)       any
reimbursement due to the Executive pursuant to Section 4.2 for expenses reasonably incurred by the Executive on or before the Severance
Date and documented and pre-approved, to the extent applicable, in accordance with the Company’s expense reimbursement policies
in effect at the applicable time.

 

(b)        As
used herein, “Affiliate” of the Company means a Person that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Company. As used in this definition, the term “control,”
including the correlative terms “controlling,” “controlled by” and “under common control with,” means
the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership
of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.

 

(c)       As
used herein, “Cause” shall mean that one or more of the following has occurred:

 

(i)       the
Executive is convicted of, pled guilty or pled nolo contendere to a felony (under the laws of the United States or any relevant
state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction);

 

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(ii)       the
Executive has engaged in acts of fraud, dishonesty or other acts of misconduct or moral turpitude in the course of his duties hereunder;

 

(iii)       the
Executive fails to perform or uphold his duties under this Agreement and/or willfully fails to comply with reasonable directives of the
Board;

 

(iv)       a
breach by the Executive of any provision of Section 6, or any material breach by the Executive of any other provision of this Agreement
or of any other contract he is a party to with the Company or any of its Affiliates;

 

(v)       the
disregard by the Executive of any written or unwritten policy of the Company; or

 

(vi)       the
Executive’s commission of any act, occurring or coming to light during the Executive’s employment with the Company, that is
materially injurious to the goodwill and reputation of the Company.

 

The condition or conditions referenced
in clauses (iii) and (iv) above, as applicable, shall not constitute Cause unless the Company provides written notice to the Executive
of the condition claimed to constitute Cause (such notice to be delivered in accordance with Section 18), and the Executive fails to remedy
to the reasonable satisfaction of the Company such condition(s) within thirty (30) days of receiving such written notice thereof.

 

(d)       As
used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined by the Board,
renders the Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation
that does not impose an undue hardship on the Company, for more than 90 days in any 180-day period, unless a longer period is required
by federal or state law, in which case that longer period would apply.

 

(e)       As
used herein, “Good Reason” shall mean the occurrence (without the Executive’s consent) of any one or more of
the following conditions:

 

(i)       a
material diminution in the Executive’s rate of Base Salary, except that any agreement by Executive to defer Base Salary for a period
of time shall not constitute a material diminution in the rate of Base Salary, and in no case shall the Executive’s adjustment in
Base Salary in accordance with this Agreement constitute Good Reason;

 

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

 

(iii)       a
material breach by the Company of this Agreement;

 

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provided, however,
that any such condition or conditions, as applicable, shall not constitute Good Reason unless the Executive provides written notice
to the Company of the condition claimed to constitute Good Reason within sixty (60) days of the initial existence of such
condition(s) (such notice to be delivered in accordance with Section 18), and the Company fails to remedy to the reasonable
satisfaction of the Executive such condition(s) within thirty (30) days of receiving such written notice thereof; and provided,
further, that in all events the termination of the Executive’s employment with the Company shall not constitute a termination
for Good Reason unless such termination occurs not more than one hundred and twenty (120) days following the initial existence of
the condition claimed to constitute Good Reason and the Executive complies with all other terms of this paragraph 5.5(e).

 

(f)       As
used herein, the term “Person” shall be construed broadly and shall include, without limitation, an individual, a partnership,
a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization
and a governmental entity or any department, agency or political subdivision thereof.

 

(g)       As
used herein, a “Separation from Service” occurs when the Executive dies, retires, or otherwise has a termination of
employment with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section
1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.

 

5.6.       Notice of Termination;
Employment Following Expiration of Period of Employment.

 

Any termination of the Executive’s
employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.
This notice of termination must be delivered in accordance with Section 18 and must indicate the specific provision(s) of this Agreement
relied upon in effecting the termination. For the sake of clarity, at the conclusion of the Period of Employment, this Agreement shall
terminate without further action by either party hereto, and no extension of this Agreement is valid except as memorialized in a writing
signed by the Executive and the Chief Executive Officer. If the Company or the Executive do not renew the terms of this agreement or execute
a new agreement following the expiration of the Period of Employment, the Executive’s employment by the Company following the expiration
of the Period of Employment shall be on an at-will basis and may be terminated by the Company or by the Executive at any time, for any
reason (or for no reason), with or without advance notice.

 

6.          Protective Covenants.

 

6.0        Acknowledgement.

 

(a)        The
Executive understands that the nature of the Executive’s position gives him access to and knowledge of Confidential Information
and places him in a position of trust and confidence with the Company.

 

The Executive further understands
and acknowledges that the Company’s ability to reserve the Confidential Information for the exclusive knowledge and use of the Company
is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely
to result in unfair or unlawful competitive activity.

 

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6.1       Confidential Information;
Inventions.

 

(a)       The
Executive shall not disclose or use at any time, either during the Period of Employment or thereafter, any Confidential Information (as
defined below) of which the Executive is or becomes aware, whether or not such information is developed by him, except to the extent that
such disclosure or use is directly related to and required by the Executive’s performance in good faith of duties for the Company.
The Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure,
misuse, espionage, loss and theft. The Executive shall deliver to the Company at the termination of the Period of Employment, or at any
time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and data
(and copies thereof) relating to the Confidential Information or the Work Product (as hereinafter defined) of the business of the Company
or any of its Affiliates which the Executive may then possess or have under his control. Notwithstanding the foregoing, the Executive
may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice
thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other
information sought, and shall assist the Company and such counsel in resisting or otherwise responding to such process.

 

(b)       The
Executive understands that nothing in this Agreement is intended to limit the Executive’s right (i) to discuss the terms, wages,
and working conditions of the Executive’s employment to the extent permitted and/or protected by applicable labor laws, (ii) to
report Confidential Information in a confidential manner either to a federal, state or local government official or to an attorney where
such disclosure is solely for the purpose of reporting or investigating a suspected violation of law, (iii) testify in an administrative,
legislative or judicial proceeding about alleged criminal conduct or alleged sexual harassment; or (iv) to disclose Confidential Information
in an anti-retaliation lawsuit or other legal proceeding, so long as that disclosure or filing is made under seal and the Executive does
not otherwise disclose such Confidential Information, except pursuant to court order. The Company encourages Executive, to the extent
legally permitted, to give the Company the earliest possible notice of any such report or disclosure.

 

(i)
        Pursuant to the Defend Trade Secrets Act of 2016, the Executive acknowledges that he may
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of Confidential Information
that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney
solely for the purpose of reporting or investigating a suspected violation of law; or is made in a complaint or other document that
is filed in a lawsuit or other proceeding, provided that such filing is made under seal. Further, the Executive understands that the
Company will not retaliate against him in any way for any such disclosure made in accordance with the law. In the event a disclosure
is made, and the Executive files any type of proceeding against the Company alleging that the Company retaliated against him because
of his disclosure, the Executive may disclose the relevant Confidential Information to his attorney and may use the Confidential
Information in the proceeding if (i) the Executive files any document containing the Confidential Information under seal, and (ii)
the Executive does not otherwise disclose the Confidential Information except pursuant to court or arbitral order.

 

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(ii)        Nothing
in this Agreement or any other agreement that Executive has with the Company shall prohibit Executive from (i) disclosing the underlying
facts or circumstances relating to claims of sexual harassment, sex discrimination, sexual assault, failure to prevent an act of workplace
harassment or discrimination based on sex or an act of retaliation against a person for reporting harassment or discrimination based on
sex or any other unlawful or potentially unlawful conduct or (ii) responding to a valid subpoena, court order or similar legal process;
provided, however, that prior to making any such disclosure, Executive shall provide the Company with written notice of the subpoena,
court order or similar legal process sufficiently in advance of such disclosure to afford the Company a reasonable opportunity to challenge
the subpoena, court order or similar legal process.

 

(c)       As
used in this Agreement, the term “Confidential Information” means information that is not generally known to the public
and that is used, developed or obtained by the Company or its Affiliates in connection with their respective businesses, including, but
not limited to, information, observations and data obtained by the Executive while employed by the Company or its Affiliates or any predecessors
thereof (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company or its Affiliates
(or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures and strategies, (iv) designs, (v) analyses,
(vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii)
flow charts, manuals and documentation, (ix) databases, (x) accounting and business methods, (xi) inventions, devices, new developments,
product roadmaps, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and
clients, customer or client lists, and the preferences of, and negotiations with, customers and clients, (xiii) personnel information
of other employees and independent contractors (including their compensation, unique skills, experience and expertise, and disciplinary
matters), (xiv) other copyrightable works, (xv) all production methods, processes, technology and trade secrets, and (xvi) all similar
and related information in whatever form. Confidential Information will not include any information that has been published (other than
a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to the date the Executive
proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because individual
portions of the information have been separately published, but only if all material features comprising such information have been published
in combination.

 

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(d)       As
used in this Agreement, the term “Work Product” means all inventions, innovations, improvements, technical
information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names,
logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark,
reduced to writing, or otherwise) which relates to the Company’s or any of its Affiliates’ actual or anticipated
business, research and development or existing or future products or services and which are conceived, developed or made by the
Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company or any of its
Affiliates, and whether or not alone or in conjunction with any other person) while employed by the Company or its Affiliates
(including those conceived, developed or made prior to the Effective Date) together with all patent applications, letters patent,
trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or
upon any of the foregoing. All Work Product that the Executive may have discovered, invented or originated during his employment by
the Company or any of its Affiliates prior to the Effective Date, that he may discover, invent or originate during the Period of
Employment or at any time in the period of twelve (12) months after the Severance Date, shall be the exclusive property of the
Company and its Affiliates, as applicable, and Executive hereby assigns all of Executive’s right, title and interest in and to
such Work Product to the Company or its applicable Affiliate, including all intellectual property rights therein. Executive shall
promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents
the Company may deem necessary to protect or perfect its (or any of its Affiliates’, as applicable) rights therein, and shall
assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any of its
Affiliates’, as applicable) rights therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on
his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company, the Company’s
(and any of its Affiliates’, as applicable) rights to any Work Product.

 

6.2       Restriction
on Competition. The Executive agrees that if the Executive were to become employed by, or substantially involved in, the
business of a competitor of the Company or any of its Affiliates during the twelve (12) month period following the Severance Date,
it would be very difficult for the Executive not to rely on or use the Company’s and its Affiliates’ trade secrets and
confidential information. Thus, to avoid the inevitable disclosure of the Company’s and its Affiliates’ trade secrets
and confidential information, and to protect such trade secrets and confidential information and the Company’s and its
Affiliates’ relationships and goodwill with customers, during the Period of Employment and for a period of twelve (12) months
after the Severance Date, the Executive will not directly or indirectly through any other Person engage in, enter the employ of,
render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, the
financial operations or management of any Competing Business, except as otherwise authorized under section 1.3. For purposes of this
Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any
direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner,
joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant,
director, officer, licensor of technology or otherwise. For purposes of this Agreement, “Competing Business”
means a Person anywhere in the continental United States and Canada where the Company and its Affiliates engage in business, or
reasonably anticipate engaging in business, on the Severance Date (the “Restricted Area”) that at any time during
the Period of Employment has competed, or any and time during the twelve (12) month period following the Severance Date competes,
with any business engaged in by the Company or any of its Affiliates. After the expiration of the term, the Company maintains the
right to waive any or all of this requirement. Nothing herein shall prohibit the Executive from being a passive owner of not more
than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active
participation in the business of such corporation.

 

    - 12 - 

     

    

 

6.3       Non-Solicitation
of Employees and Consultants. During the Period of Employment and for a period of twelve (12) months after the Severance Date,
the Executive will not directly or indirectly through any other Person solicit, induce or encourage, or attempt to solicit, induce or
encourage, any employee or independent contractor of the Company or any Affiliate of the Company to leave the employ or service, as applicable,
of the Company or such Affiliate, or become employed or engaged by any third party, or in any way interfere with the relationship between
the Company or any such Affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand.

 

6.4       Non-Interference
with Customers. During the Period of Employment and for a period of twelve (12) months after the Severance Date, the Executive
will not, directly or indirectly through any other Person, influence or attempt to influence customers, vendors, suppliers, licensors,
lessors, joint venturers, associates, consultants, agents, or partners of the Company or any Affiliate of the Company to divert their
business away from the Company or such Affiliate, and the Executive will not otherwise interfere with, disrupt or attempt to disrupt the
business relationships, contractual or otherwise, between the Company or any Affiliate of the Company, on the one hand, and any of its
or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consultants, managers, partners,
members or investors, on the other hand, in the Restricted Area.

 

The Executive
understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm.

 

The Executive agrees and covenants,
during twelve (12) months, to run consecutively, beginning on the last day of the Executive’s employment with the Company, not to
directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant
message), attempt to contact, or meet with the Company’s current customers for purposes of offering or accepting goods or services
similar to or competitive with those offered by the Company.

 

This restriction shall only apply to:

 

(a)       Customers
the Executive contacted in any way during the past twelve (12) months prior to the termination of Executive’s employment;

 

(b)       Customers
about whom the Executive has Trade Secret or Confidential Information; and

 

(c)       Customers
who did business with the Company during the Executive’s employment with the Company.

 

    - 13 - 

     

    

 

6.5       Cooperation;
Social Media. Following the Executive’s last day of employment by the Company, the Executive shall reasonably
cooperate with the Company and its Affiliates in connection with the transition of the Executive’s duties, with respect to any
internal or governmental investigation or administrative, regulatory, arbitral or judicial proceeding involving the Company and any
Affiliates with respect to matters relating to the Executive’s employment with, or service as a member of the board of
directors of the Company or any Affiliate, and with respect to any audit of the financial statements of the Company or any Affiliate
with respect to the period of time when the Executive was employed by the Company or any Affiliate. The Company will reimburse the
Executive for any expenses that he reasonably incurs in connection with such cooperation. In addition, on the last day of
Executive’s employment, Executive agrees to update Executive’s profile on social media websites (such as LinkedIn) to
reflect that Executive is no longer an employee of the Company.

 

6.6        Understanding
of Covenants. The Executive acknowledges that, in the course of his employment with the Company and/or its Affiliates and their
predecessors, he has become familiar, or will become familiar with the Company’s and its Affiliates’ and their predecessors’
trade secrets and with other confidential and proprietary information concerning the Company, its Affiliates and their respective predecessors
and that his services have been and will be of special, unique and extraordinary value to the Company and its Affiliates. The Executive
agrees that the foregoing covenants set forth in this Section 6 (together, the “Restrictive Covenants”) are reasonable
and necessary to protect the Company’s and its Affiliates’ trade secrets and other confidential and proprietary information,
good will, stable workforce, and customer relations.

 

Without limiting the generality of the Executive’s
agreement in the preceding paragraph, the Executive (i) represents that he is familiar with and has carefully considered the Restrictive
Covenants, (ii) represents that he is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time,
scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company and its Affiliates currently
conducts business throughout the continental United States and Canada, and (v) agrees that the Restrictive Covenants will continue in
effect for the applicable periods set forth above in this Section 6 regardless of whether the Executive is then entitled to receive severance
pay or benefits from the Company. The Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood
in a business similar to the business of the Company and any of its Affiliates, but he nevertheless believes that he has received and
will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described
in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), the Executive
does not believe would prevent him from otherwise earning a living. The Executive agrees that the Restrictive Covenants do not confer
a benefit upon the Company disproportionate to the detriment of the Executive.

 

6.7       Enforcement.
The Executive agrees that the Executive’s services are unique and that he has access to Confidential Information and Work
Product. Accordingly, without limiting the generality of Section 17, the Executive agrees that a breach by the Executive of any of
the covenants in this Section 6 may cause immediate and irreparable harm to the Company that would be difficult or impossible to
measure, and that damages to the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore,
the Executive agrees that in the event of any breach or threatened breach of any provision of this Section 6, the Company shall be
entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or
otherwise, to seek specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in
order to enforce or prevent any violations of the provisions of this Section 6, or require the Executive to account for and pay over
to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any
transactions constituting a breach of this Section 6 if and when final judgment of a court of competent jurisdiction or arbitrator,
as applicable, is so entered against the Executive. The Executive further agrees that the applicable period of time any Restrictive
Covenant is in effect following the Severance Date, as determined pursuant to the foregoing provisions of this Section 6, shall be
extended by the same amount of time that Executive is in breach of any Restrictive Covenant following the Severance Date.

 

    - 14 - 

     

    

 

7.          Withholding
Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case
may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation. Except for such withholding rights, the
Executive is solely responsible for any and all tax liability that may arise with respect to the compensation provided under or pursuant
to this Agreement.

 

8.          Successors
and Assigns.

 

(a)       This
Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
legal representatives.

 

(b)       This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Without limiting the generality
of the preceding sentence, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in
this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assignee, as applicable, which
assumes and agrees to perform this Agreement by operation of law or otherwise.

 

9.          Number
and Gender; Examples. Where the context requires, the singular shall include the plural, the plural shall include the singular,
and any gender shall include all other genders. Where specific language is used to clarify by example a general statement contained herein,
such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which
it relates.

 

10.        Section
Headings. The section headings, and titles of paragraphs and subparagraphs contained in this Agreement are for the purpose of
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.

 

11.        Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the state of Arizona, without giving
effect to any choice of law or conflicting provision or rule (whether of the state of Arizona or any other jurisdiction) that would
cause the laws of any jurisdiction other than the state of Arizona to be applied. In furtherance of the foregoing, the internal law
of the state of Arizona will control the interpretation and construction of this Agreement, even if under such jurisdiction’s
choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

    - 15 - 

     

    

 

12.         Severability.
It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
of this Agreement shall be adjudicated by a court of competent jurisdiction or determined by an arbitrator pursuant to Section 16 to be
invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Agreement
will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and
to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision
there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid
or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic
scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction.

 

13.         Entire
Agreement. This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope. This Agreement
supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof,
including any prior employment agreements with the Company or any of its Affiliates, including and without limitation the employment agreement
between the Executive and the Company dated July 13, 2020. Any prior negotiations, correspondence, agreements, proposals or understandings
relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith,
such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no
representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof,
except as expressly set forth herein.

 

14.       Modifications.
This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

15.       Waiver.
Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect
to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall
be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

    - 16 - 

     

    

 

16.       Arbitration.
Except as provided in Sections 6.7 and 17, any non-time barred, legally actionable controversy or claim arising out of or relating to
this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or misrepresentation in connection
with any of its provisions, or any other non-time barred, legally actionable controversy or claim arising out of or relating to the Executive’s
employment or association with the Company or termination of the same, including, without limiting the generality of the foregoing, any
alleged violation of state or federal statute, common law or constitution, shall be submitted to individual, final and binding arbitration,
to be held in Maricopa County, Arizona, before a single arbitrator selected from Judicial Arbitration and Mediation Services, Inc. (“JAMS”),
in accordance with the then-current JAMS Arbitration Rules and Procedures for employment disputes, as modified by the terms and conditions
in this Section (which may be found at www.jamsadr.com under the Rules/Clauses tab). The parties will select the arbitrator by mutual
agreement or, if the parties cannot agree, then by striking from a list of qualified arbitrators supplied by JAMS from their labor and
employment law panel. Final resolution of any dispute through arbitration may include any remedy or relief that is provided for through
any applicable state or federal statutes, or common law. Statutes of limitations shall be the same as would be applicable were the action
to be brought in court. The arbitrator selected pursuant to this Agreement may order such discovery as is necessary for a full and fair
exploration of the issues and dispute, consistent with the expedited nature of arbitration. At the conclusion of the arbitration, the
arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the arbitrator’s award
or decision is based. Any award or relief granted by the arbitrator under this Agreement shall be final and binding on the parties to
this Agreement and may be enforced by any court of competent jurisdiction. The Company will pay those arbitration costs that are unique
to arbitration, including the arbitrator’s fee (recognizing that each side bears its own deposition, witness, expert and attorneys’
fees and other expenses to the same extent as if the matter were being heard in court). If, however, any party prevails on a statutory
claim, which affords the prevailing party attorneys’ fees and costs, then the arbitrator may award reasonable fees and costs to
the prevailing party. The arbitrator may not award attorneys’ fees to a party that would not otherwise be entitled to such an award
under the applicable statute. The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost. Except as provided
in Section 6.7 and 17, the parties acknowledge and agree that they are hereby waiving any rights to trial by jury or a court in any action
or proceeding brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way
connected with this Agreement or the Executive’s employment.

 

17.       Remedies.
Each of the parties to this Agreement and any such person or entity granted rights hereunder whether or not such person or entity is
a signatory hereto shall be entitled to enforce its rights under this Agreement specifically to recover damages and costs for any
breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each party
may in its sole discretion apply to any court of law or equity of competent jurisdiction for provisional injunctive or equitable
relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations
of the provisions of this Agreement. Each party shall be responsible for paying its own attorneys’ fees, costs and other
expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding or any judgment or
verdict thereon is entered against either party.

 

    - 17 - 

     

    

 

18.       Notices.
Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier or email,
mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid)
to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party
has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered
personally, when received if transmitted via telecopier, five days after deposit in the U.S. mail and one day after deposit with a reputable
overnight courier service.

 

if to the Company:

 

Tilt Holdings, Inc.

2801 E Camelback Rd Suite 180

Phoenix, AZ 85016

Attention: General Counsel

Or legal@tiltholdings.com

 

if to the Executive, to the address
most recently on file in the payroll records of the Company.

 

19.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one
or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as signatories.
Photographic or electronic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

20.       Legal
Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they
have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation
of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the
basis of that party being the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement,
is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample
opportunity to do so. Executive hereby acknowledges that neither the Company nor any of its Affiliates, shareholders, directors, managers,
officers, employees, agents or representatives have provided Executive with any tax-related advice with respect to the matters covered
by this Agreement. Executive understands and acknowledges that Executive is solely responsible for obtaining Executive’s own tax
advice with respect to the matters covered by this Agreement.

 

21.       Section
409A.

 

(a)       It
is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code
(including the Treasury regulations and other published guidance relating thereto) (“Code Section 409A”) so as
not to subject the Executive to payment of any additional tax, penalty or interest imposed under Code Section 409A. The provisions
of this Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under
Code Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Executive. Any
installment payments provided for in this Agreement shall be treated as a series of separate payments for purposes of Code Section
409A. Except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or
provided to Executive, the Company will not be responsible for the payment of any applicable taxes on compensation paid or provided
pursuant to this Agreement. Notwithstanding any other provision of this Agreement to the contrary, neither the time nor schedule of
any payment under this Agreement may be accelerated or subject to further deferral except as permitted by Code Section 409A. Except
as set forth herein and as permitted by Code Section 409A, Executive does not have any right to make any election regarding the time
or form of any payment due under this Agreement.

 

    - 18 - 

     

    

 

(b)       If
the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the
Executive’s Separation from Service, the Executive shall not be entitled to any payment or benefit pursuant to Section 5.3(b) or
(c) until the earlier of (i) the date which is six (6) months after his or her Separation from Service for any reason other than death,
or (ii) the date of the Executive’s death. The provisions of this Section 21(b) shall only apply if, and to the extent, required
to avoid the imputation of any tax, penalty or interest pursuant to Code Section 409A. Any amounts otherwise payable to the Executive
upon or in the six (6) month period following the Executive’s Separation from Service that are not so paid by reason of this Section
21(b) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6)
months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30)
days, after the date of the Executive’s death).

 

(c)       To
the extent that any benefits pursuant to Section 5.3(b)(ii) or reimbursements pursuant to Section 4.2 are taxable to the Executive, any
reimbursement payment due to the Executive pursuant to any such provision shall be paid to the Executive on or before the last day of
the Executive’s taxable year following the taxable year in which the related expense was incurred. The benefits and reimbursements
pursuant to such provisions are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements
that the Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that the Executive receives
in any other taxable year.

 

[The remainder of this page has intentionally
been left blank]

 

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IN WITNESS WHEREOF, the Company
and the Executive have executed this Agreement as of the Effective Date.

 

	 	“COMPANY”
	 	 	 
	 	TILT Holdings, Inc.
	 	a British Columbia corporation
	 	 	 
	 	By:	/s/
    Mark Scatterday
	 	 	Name:	Mark Scatterday
	 	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	“EXECUTIVE”
	 	 	 
	 	By:	/s/
    Gary F Santo Jr
	 	 	Name:	Gary Santo

 

    - 20 - 

     

    

 

EXHIBIT A

 

FORM OF GENERAL RELEASE AGREEMENT

 

1. Release. Gary
Santo (“Executive”), on his own behalf and on behalf of his descendants, dependents, heirs, executors,
administrators, assigns and successors, and each of them, hereby acknowledges full and complete satisfaction of and releases and
discharges and covenants not to sue Tilt Holdings, Inc. (the “Company”), its divisions, subsidiaries,
parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors,
officers, stockholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and
collectively, “Releasees”), from and with respect to any and all claims, agreements, obligations, demands and
causes of action, known or unknown, suspected or unsuspected, arising out of or in any way connected with Executive’s
employment or any other relationship with or interest in the Company or the termination thereof, including without limiting the
generality of the foregoing, any claim for severance pay, profit sharing, bonus or similar benefit, pension, retirement, life
insurance, health or medical insurance or any other fringe benefit, or disability, or any other claims, agreements, obligations,
demands and causes of action, known or unknown, suspected or unsuspected resulting from any act or omission by or on the part of
Releasees committed or omitted prior to the date of this General Release Agreement (this “Agreement”) set forth
below, including, without limiting the generality of the foregoing, any claim under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act, the Family and Medical Leave Act, or any other federal, state or local law, regulation, ordinance,
constitution or common law (collectively, the “Claims”); provided, however, that the foregoing release does not
apply to any obligation of the Company to Executive pursuant to any of the following: (1) any right to indemnification that
Executive may have pursuant to the Company’s bylaws, its corporate charter or under any written indemnification agreement with
the Company (or any corresponding provision of any subsidiary or affiliate of the Company) with respect to any loss, damages or
expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future
incur with respect to his service as an employee, officer or director of the Company or any of its subsidiaries or affiliates; (2)
with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under any Company (or
subsidiary or affiliate) directors and officers liability insurance policy; (3) any rights to continued medical and dental coverage
that Executive may have under COBRA; or (4) any rights to payment of benefits that Executive may have under a retirement plan
sponsored or maintained by the Company that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as
amended. In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law.
Notwithstanding anything to the contrary herein, nothing in this Agreement prohibits Executive from filing a charge with or
participating in an investigation conducted by any state or federal government agencies. However, Executive does waive, to the
maximum extent permitted by law, the right to receive any monetary or other recovery, should any agency or any other person pursue
any claims on Executive’s behalf arising out of any claim released pursuant to this Agreement. For clarity, and as required by
law, such waiver does not prevent Executive from accepting a whistleblower award from the Securities and Exchange Commission
pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. Executive acknowledges and agrees that he has received
any and all leave and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act of 1993.

 

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2.       Acknowledgement
of Payment of Wages. Except for accrued vacation (which the parties agree totals approximately [____] days of pay) and salary
for the current pay period, Executive acknowledges that he has received all amounts owed for his regular and usual salary (including,
but not limited to, any bonus, incentive or other wages), and usual benefits through the date of this Agreement.

 

3.       Waiver
of Unknown Claims. This Agreement is intended to be effective as a general release of and bar to each and every Claim hereinabove
specified. Executive acknowledges that he later may discover claims, demands, causes of action or facts in addition to or different from
those which Executive now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected
at the time of executing this Agreement, may have materially affected its terms. Nevertheless, Executive hereby waives, as to the Claims,
any claims, demands, and causes of action that might arise as a result of such different or additional claims, demands, causes of action
or facts.

 

4.       ADEA
Waiver. Executive expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims
that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), and that
this waiver and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any
rights or claims that may arise under the ADEA after the date Executive signs this Agreement. Executive further expressly acknowledges
and agrees that:

 

(a)                 In return for this Agreement,
he will receive consideration beyond that which he was already entitled to receive before executing this Agreement;

 

(b)                He is hereby advised in writing
by this Agreement to consult with an attorney before signing this Agreement;

 

(c)                He was given a copy of this Agreement
on [______, 2021], and informed that he had [twenty-one (21)] days within which to consider this Agreement and that if he
wished to execute this Agreement prior to the expiration of such [21]-day period he will have done so voluntarily and with full knowledge
that he is waiving his right to have [twenty-one (21)] days to consider this Agreement; and that such [twenty-one (21)] day period to
consider this Agreement would not and will not be re-started or extended based on any changes, whether material or immaterial, that are
or were made to this Agreement in such [twenty-one (21)] day period after he received it;

 

(d)               He was
informed that he had seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this
Agreement will become null and void if Executive elects revocation during that time. Any revocation must be in writing and must be
received by the Company during the seven-day revocation period. In the event that Executive exercises this revocation right, neither
the Company nor Executive will have any obligation under this Agreement. Any notice of revocation should be sent by Executive in
writing to the Company (attention Tim Conder), 2801 E Camelback Road Suite 180, Phoenix, AZ 85016, so that it is received within the
seven-day period following execution of this Agreement by Executive.

 

    - 22 - 

     

    

 

(e)                 Nothing
in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver
under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal
law.

 

5.       No
Transferred Claims. Executive represents and warrants to the Company that he has not heretofore assigned or transferred to any person
not a party to this Agreement any released matter or any part or portion thereof.

 

6.       Return
of Property. Executive represents and covenants that he has returned to the to the Company (a) all physical, computerized, electronic
or other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized electronic
information, that refer, relate or otherwise pertain to the Company or any of its Affiliates (as defined in the Employment Agreement)
that were in Executive’s possession, subject to Executive’s control or held by Executive for others; and (b) all property
or equipment that Executive has been issued by the Company or any of its Affiliates during the course of his employment or property or
equipment that Executive otherwise possessed, including any keys, credit cards, office or telephone equipment, computers (and any software,
power cords, manuals, computer bag and other equipment that was provided to Executive with any such computers), tablets, smartphones,
and other devices. Executive acknowledges that he is not authorized to retain any physical, computerized, electronic or other types of
copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials,
and is not authorized to retain any property or equipment of the Company or any of its Affiliates. Executive further agrees that Executive
will immediately forward to the Company (and thereafter destroy any electronic copies thereof) any business information relating to the
Company or any of its Affiliates that has been or is inadvertently directed to Executive following the date of the termination of Executive’s
employment.

 

7.       Miscellaneous.
The following provisions shall apply for purposes of this Agreement:

 

(a)                 Number and
Gender. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender
shall include all other genders.

 

(b)                 Section
Headings. The section headings, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation
thereof.

 

(c)                  Governing
Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement, as well as the
legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted and enforced in
accordance with, the laws of the State of Arizona notwithstanding any other conflict of law provision to the contrary.

 

    - 23 - 

     

    

 

(d)                 Severability.
If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the
provisions of this Agreement are declared to be severable.

 

(e)                Modifications.
This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

(f)                 Waiver. No
waiver of any breach of any term or provision of this Agreement shall be construed to be, nor shall be, a waiver of any other breach
of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach.

 

(g)                Arbitration.
Any controversy arising out of or relating to this Agreement shall be submitted to arbitration in accordance with the arbitration provisions
of the Employment Agreement.

 

(h)                Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

[Remainder of page intentionally left blank]

 

    - 24 - 

     

    

 

 

The undersigned have read and understand
the consequences of this Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws of the State
of Arizona that the foregoing is true and correct.

 

EXECUTED this _________ day of ____________ 20____.

 

	 	“EXECUTIVE”
	 	 
	 	Gary Santo

 

EXECUTED this _________ day of ____________ 20____.

  

	 	“COMPANY”

 

	 	Tilt Holdings, Inc.

 

	By:	
	 	[Name]
	 	[Title]

 

    - 25 -Exhibit 10.17 

 

TILT EXECUTIVE EMPLOYMENT AGREEMENT WITH
DANA R. ARVIDSON

 

This TILT EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) dated as of June 23, 2021, with effect on July 12, 2021 (the “Effective
Date”), is by and between TILT HOLDINGS INC. (the “Company”) and DANA R. ARVIDSON (the “Executive”).
The Company and Executive are collectively referred to herein as “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS, the Company
desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

TERMS

 

		1.	INCORPORATION OF RECITALS.

 

The Recitals above are incorporated herein as terms and conditions
of this Agreement.

 

		2.	EMPLOYMENT TERM. 

 

2.1      Commencement
and Duration of Employment Term.  The period during which the Executive is employed by the Company hereunder shall be referred to
as the “Employment Term,” which shall cover a period of approximately forty-one (41) months (the “Initial
Term”), commencing on the “Effective Date,” as set forth above, and ending at the close of business on
December 31, 2024. Notwithstanding the foregoing, the Employment Term is subject to earlier termination, as provided herein.

 

2.2      Conclusion
of Employment Term. At the conclusion of the Employment Term, this Agreement shall terminate without further action by either
party, and no extension of this Agreement shall be valid, except as memorialized in a writing, signed by the Executive and the Chief
Executive Officer (the “CEO”). If the Company or the Executive do not renew the terms of this Agreement, or
execute a new agreement, following the expiration of the Employment Term, which may occur intentionally, based on a verbal agreement
between the parties, or unintentionally, based on oversight by both parties; however, neither party plans for such a lapse in
formality, but if it should occur, the Executive’s employment by the Company following the expiration of the
Employment Term shall convert to a “day-to-day” and “at-will” basis, meaning either the Company or the
Executive, under that condition, shall have rights to terminate Executive’s employment by the Company at any time, for any
lawful reason (or for no reason at all), with or without advance verbal or written notice, all in accordance with applicable law and
regulations. For the avoidance of doubt, termination of employment upon the expiration of this Agreement, or the failure to renew or
executive a new Agreement upon expiration, shall not constitute termination without Cause by the Company or be grounds for
termination for Good Reason by the Executive within the meaning of this Agreement.

 

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		3.	POSITION, DUTIES, EXCLUSIVITY, NO BREACH OF CONTRACT CAUSED, TRAVEL REQUIREMENT.

 

3.1            Position.
During the Employment Term, the Executive shall serve as the Chief Operating Officer (“COO”) of the Company. In that
position, the Executive shall have the powers, authorities, duties and obligations commensurate with such position, as the Board may assign
from time to time. During the Employment Term, the Executive shall report to the CEO. A summary of Executive’s job responsibilities
is attached to this Agreement as EXHIBIT “A” (“SUMMARY OF EXECUTIVE’S JOB RESPONSIBILITIES”).

 

3.2            Commitment
to Duties. During the Employment Term, the Executive shall devote substantially all of their business time and attention to the performance
of the Executive's duties hereunder and will not engage in any other business, profession or occupation without the prior written consent
of the Board, as is the practice at that time. Notwithstanding the foregoing, the Executive shall be permitted to serve on up to two (2) advisory
boards, informal organizations and boards of directors (or similar body) of other business entities, with prior written approval of the
Board, which shall not be unreasonably withheld; provided, however, that such activities do not individually or in the aggregate
conflict with the performance of the Executive’s duties under this Agreement, and do not cause the Executive to violate their commitment
to devote substantially all of their business time and attention to their duties hereunder. Nothing herein shall prohibit Executive from
purchasing or owning up to five (5%) percent of the publicly traded securities of any corporation; provided, however, that such
ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls,
such corporation; provided further that, the activities described do not interfere with the performance of the Executive's duties
and responsibilities to the Company as provided hereunder, including, but not limited to, the obligations set forth in this Section 3.2.

 

3.3           Exclusivity.
During the Employment Term, the Executive shall work with the Company on an exclusive basis and will not engage in any other business
activity which is in conflict with Executive’s duties hereunder. Executive agrees that during the Employment Term, they shall not
directly or indirectly engage in or participate as an owner, partner, shareholder, officer, executive, director, agent of or consultant
for any business that competes with any of the principal activities of the Company. 

 

3.4           No
Breach of Contract Caused. The Executive hereby represents to the Company and agrees that: (i) the execution and delivery of
this Agreement by the Executive and the Company, and the performance by the Executive of the duties hereunder, do not and shall not
constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy
to which the Executive is a party or otherwise bound, or any judgment, order or decree to which the Executive is subject; (ii) the
Executive will not enter into any new agreement that would or reasonably could contravene or cause a default by the Executive under
this Agreement; (iii) the Executive has no information (including, without limitation, confidential information and trade secrets)
relating to any other Person which would prevent, or be violated by, the Executive entering into this Agreement or carrying out
their duties hereunder; (iv) to the extent the Executive has any confidential or similar information that they are not free to
disclose to the Company, they will not disclose such information to the extent such disclosure would violate applicable law or any
other agreement or policy to which the Executive is a party, or by which the Executive is otherwise bound; and (v) the Executive
understands the Company will rely upon the accuracy and truth of the representations and warranties of the Executive set forth
herein, and the Executive consents to such reliance.

 

3.5           Travel Requirement. The
Executive acknowledges that they shall be required to travel from time to time in the course and scope of performing their duties for
the Company. All such travel is subject to Company policy applicable to executives, except as otherwise authorized by the Board.

 

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4.        PLACE
OF EMPLOYMENT.

 

The principal place of
Executive's employment shall be Wenham, Massachusetts, which is a remote location from the Company’s principal executive
office; provided, however, that (A) the Executive shall often be required to travel on Company business during the Employment Term,
and (B) the Executive’s authorization to work from a remote location could be rescinded at any time during the Employment Term,
at the sole discretion of the Board, as is appropriate at that time, and if such a decision is made, it shall not serve as grounds for
the Executive to claim material breach of this Agreement or grounds for termination of this Agreement for Good Reason under Section 6.1(e)
below. For the avoidance of doubt, the foregoing is intended to mean that the CEO may in the future require that Executive work from the
Company’s headquarters in or near Phoenix, Arizona.

 

5.        COMPENSATION.

 

5.1          Base
Salary. During the Employment Term, the Company shall pay the Executive base compensation (the “Base Salary”),
which shall be paid in accordance with the Company’s regular payroll practices and applicable wage payment laws in effect from time
to time, but no less frequently than a monthly basis. The Executive’s Base Salary shall be paid at an annualized rate of Three
Hundred Twenty-Five Thousand ($325,000.00) US Dollars, minus applicable payroll deductions and taxes. The Executive’s
Base Salary shall be subject to annual review by the Board. Nevertheless, the Executive’s Base Salary shall not be decreased during
the Employment Term, other than as part of an across-the-board salary reduction, applicable in the same manner to all executives, as determined,
in its sole discretion, by the Board.

 

5.2          Short-term
Incentive Compensation/Incentive Bonus. The Executive shall be eligible to receive short-term incentive compensation/incentive
bonus for each fiscal year of the Company that occurs during the Employment Term (“Incentive Bonus”). The
Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board, in its sole
discretion, and paid to the Executive at least by the end of April of the following fiscal year (based on the completed
calculation of fourth quarter and fiscal year-end financial results). The Incentive Bonus shall be based on performance objectives
and targets set at the start of the fiscal year, but, alternatively, no later than the beginning of April in that fiscal year and
shall be clearly communicated by the Executive’s direct manager, from the Company’s CEO or Board, at the start of the
fiscal year – which may include corporate, business unit or division, financial, strategic, individual or other performance
objectives. Executive’s anticipate Incentive Bonus shall have a 60% payout at target, and consist of two (2) components:
(i) 80% of the Incentive Bonus shall be based upon Company financial performance, and (ii) 20% of the Incentive Bonus shall be
comprised of individual performance goals agreed upon between the Executive and their direct manager. Notwithstanding the
foregoing and except as otherwise expressly provided in this Agreement, the Executive must be employed by the Company at the time
the Company pays incentive bonuses to executives generally with respect to a particular fiscal year in order to earn and be eligible
for an Incentive Bonus for that fiscal year (and, if the Executive is not so employed at such time, in no event shall he have been
considered to have “earned” any Incentive Bonus for that fiscal year). However, the Company’s CEO or Board, in its
sole discretion, may make an exception to the rule previously stated, and in fact authorize payment of Executive’s Incentive
Bonus, in the event of Executive’s death or disability occurring after the end of the fiscal year to which an Incentive Bonus
is attributable and before the time the Company ordinarily pays an Incentive Bonus to Executives.

 

5.3          Long-term
Incentive Compensation/Equity Award. During the Employment Term, the Executive shall be eligible to participate in the Company’s
equity incentive plan(s) or any successor plan and receive long-term incentive compensation/equity award (an “Equity Award”),
subject to the terms of the plan(s), as determined by the Board. Within a reasonable period after the Company is able to grant
equities, pursuant to its Insider Trading Policy, and subject to approval by the Board, the Company shall grant to the Executive
equity in the amount of one million (1,000,000) stock units (specifically called the “2021 Equity Awards”),
in accordance with the Company’s Amended and Restated 2018 Stock and Incentive Plan (the “Plan”), and the policies
of the Canadian Securities Exchange. The Equity Award shall consist of two (2) components: (i) 80% shall be Performance Stock Units
(PSUs), which are performance-based and awarded if the Company meets the stock price target for a particular year, and (ii) 20% shall
be Restricted Stock Units (RSUs), which are timed-based and awarded if the Executive meets their tenure requirement. And the 2021
Equity Awards shall vest, subject to the Executive’s continued employment by the Company, over a total period of four (4)
years or forty-one (41) months. The vesting schedule for the Executive’s Equity Award shall be accelerated if Executive’s
Employment Term is terminated either by the Company Without Cause, by the Executive For Good Reason, as a result of the death or Disability
of the Executive, or if the Executive’s Employment Term is terminated as a result of a Change in Control, all as defined herein
and set forth below. The details of Executive’s Equity Award are set forth in EXHIBIT “B” (“COO EQUITY
AWARD MODEL – DANA R. ARVIDSON”).

 

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 5.4          Benefits.
During the Employment Term, the Executive shall be entitled to all group welfare benefit and retirement plans and programs, and other
fringe benefit plans and programs, that are made available by the Company to executives generally, in accordance with the eligibility
and participation provisions of such plans, and as such plans or programs may be in effect from time to time.

 

5.5          Reimbursement
of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties for
the Company under this Agreement and shall be entitled to reimbursement for all reasonable business expenses the Executive incurs
during the Employment Term, in connection with carrying out the Executive’s duties for the Company, subject to the
Company’s expense reimbursement policies and any pre-approval policies in effect from time to time. The Executive agrees to
promptly submit and document any reimbursable expenses, in accordance with the Company’s expense reimbursement policies, to
facilitate the timely reimbursement of such expenses.

 

5.6          Paid
Time-Off. In lieu of separate and distinct days allocated for sick time, vacation time and personal time, during the Employment Term,
the Executive shall accrue twenty (20) days of paid time-off per calendar year, (“Paid Time-Off”), in accordance
with the Company policy in effect from time to time. More specifically, Executive’s annual rate of paid time-off shall accrue to
be one-hundred and sixty hours (160) per year, which is twenty (20) days per year, including any policy which may limit time-off accruals
and/or limit the amount of accrued but unused time off to carry over from year to year. The Executive shall also be entitled to all other
holiday and leave pay generally available to other executives, under Company policy in effect from time to time.

 

5.7          Withholding
Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case
may be) from any amounts otherwise due or payable under or pursuant to this Agreement, such federal, state and local income, employment,
or other taxes as may be required to be withheld, pursuant to any applicable law or regulation. Except for such withholding rights, the
Executive is solely responsible for any and all tax liability that may arise with respect to the compensation provided to them under or
pursuant to this Agreement.

 

6.    TERMINATION
OF EMPLOYMENT.

 

Upon termination of the Executive’s employment
during the Employment Term, they shall be entitled to the compensation and benefits described in this Section 6 and shall have no
further rights to any compensation or any other benefits from the Company or any of its affiliates. The date that the Executive’s
employment by the Company terminates is referred to as the “Termination Date.”

 

 6.1         For
Cause by Company or Without Good Reason by Executive.

 

(a)          The
Executive’s employment hereunder may be terminated by the Company For Cause, and in that event, with or without thirty (30)
calendar days written notice by the Company; or by the Executive Without Good Reason ,and in that event, with or without thirty
(30) calendar days written notice by the Executive. If the Executive's employment is terminated by the Company For Cause or by the Executive
Without Good Reason, the Executive shall be entitled to receive:

 

(i)            any
accrued but unpaid Base Salary and any accrued but unused Paid Time-Off, in accordance with Company policy, as of the Termination Date
(as defined below);

 

(ii)           reimbursement
for unreimbursed business expenses properly incurred by the Executive as of the Termination Date, which shall be subject to and paid in
accordance with the Company's expense reimbursement policy; and

 

(iii)          such
Executive Benefits (including an unpaid Incentive Bonus earned, as well as equity compensation, if vested), if any, to which the Executive
may be entitled under the Company’s Executive benefit plans, as of the Termination Date; provided, however, that in no event
shall the Executive be entitled to any payments in the nature of severance or termination payments, except as specifically provided herein.

 

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Henceforth,
items 6.1(a)(i) through 6.1(a)(iii) shall be referred to collectively as the “Accrued Amounts.”

 

(b)          For
purposes of this Agreement, “Cause” shall mean the following, as determined in good faith by the Board:

 

(i)           
the Executive’s willful failure to perform their duties (other than any such failure resulting from incapacity due to physical or
mental illness);

 

(ii)           the
Executive’s willful failure to comply with any valid and legal directive of the Board;

 

(iii)          the
Executive’s willful engagement in dishonesty, illegal conduct or gross misconduct, which in each case is materially injurious to
the Company or its affiliates;

 

(iv)          the
Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or
a crime that constitutes embezzlement, misappropriation or fraud, or a misdemeanor involving moral turpitude;

 

 (v)          the
Executive’s willful violation of a material policy of the Company, written notice of which shall be provided to the Executive by
Company within thirty (30) calendar days of the initial existence of such willful violation and the Executive has had at least thirty
(30) calendar days from the date on which such notice is provided to cure such circumstances, but has failed to cure such circumstances;

 

(vi)          the
Executive’s willful unauthorized disclosure of Confidential Information (as defined below); or

 

(vii)         the
Executive’s material breach of any material obligation under this Agreement written notice of which shall be provided to the Executive
by Company within thirty (30) calendar days of the initial existence of such material breach and the Executive has had at least thirty
(30) calendar days from the date on which such notice is provided to cure such circumstances, but has failed to cure such circumstances.

 

(c)          For
purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful”
unless it is done, or omitted to be done, by the Executive in bad faith or without a reasonable belief that the Executive’s
action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board, or upon the advice of legal counsel for the Company, shall be conclusively presumed to be
done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

 

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(d)           For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during the
Employment Term, without the Executive's written consent:

 

(i)            a
material reduction in the Executive’s Base Salary (except as part of an across-the-board salary reduction, applicable in the same
manner to all executives, as determined, in its sole discretion, by the Board pursuant to Section 5.1) or Incentive Bonus opportunity,
provided, however, that it is not Good Reason as to the Incentive Bonus opportunity to the extent that the Board annually or otherwise
revises the milestones needed to be met for a Incentive Bonus opportunity, so long as such revisions decrease (but not increase) the milestones
needed to be met for a Incentive Bonus opportunity for the current fiscal year;

 

(ii)          any
material breach by the Company of any material provision of this Agreement;

 

(iii)          the
Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption
occurs by operation of law; and

 

(iv)          a
material, adverse change in the Executive's title, authority, duties or responsibilities (other than temporarily while the Executive is
physically or mentally incapacitated or as required by applicable law).

 

(e)           The
Executive cannot terminate their employment for Good Reason unless they have provided written notice to the Company of the existence of
the circumstances providing grounds for termination for Good Reason within thirty (30) calendar days of the initial existence of such
grounds, and the Company has had at least thirty (30) calendar days from the date on which such notice is provided to cure such circumstances.
If the Executive does not terminate their employment for Good Reason within ninety (90) calendar days after the first occurrence of the
applicable grounds, then the Executive will be deemed to have waived their right to terminate for Good Reason with respect to such grounds; provided,
however, that such period shall be extended to six (6) months after the first occurrence of applicable grounds for Good
Reason following a “Change in Control.”

 

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6.2         Without
Cause by Company or for Good Reason by Executive. The Employment Term and the Executive’s employment hereunder may be
terminated by the Company Without Cause, and in that event, with no less than thirty (30) calendar days written notice by the
Company; or by the Executive For Good Reason, in accordance with Sections 6.1(d) and (e). Under such circumstances, the
Executive shall be entitled to receive the Accrued Amounts, and subject to the Executive’s execution of a Release of Claims in
favor of the Company, its affiliates and their respective officers and directors, in a form provided by the Company and currently
expected to be substantially similar to the document annexed to this Agreement
as EXHIBIT “B” (GENERAL RELEASE AND COVENANT NOT TO SUE (“SAMPLE
FORM”), hereinafter referred to as the “Release Agreement”), and such Release shall become
effective in accordance with Section 6.7 below, and the Executive shall be entitled to receive the following:

 

		(a)	the Accrued Amounts (as defined in Section 6.1(a) above);

 

(b)            a
severance payment (“Severance”) equal to a flat twelve (12) months or 1x of Executive’s annual Base Salary,
less lawfully required withholdings, paid in accordance with the Company’s normal payroll practices in effect at that time,
but no less frequently than monthly, which shall begin within fourteen (14) calendar days after the end of the Release Execution Period;
provided, however, that the first installment payment shall include all amounts that would otherwise have been paid to the Executive
during the period beginning on the Termination Date, and ending on the first payment date, if no delay had been imposed; further provided,
however, that Severance payments shall cease if the Executive begins employment with another organization before all Severance payments
scheduled to be paid by the Company to the Executive have been paid;

 

(c)            for
all outstanding unvested Equity Awards granted to the Executive, as described in Exhibit “B,” (A) the “time vesting
schedule” for Performance Stock Units (“PSUs”) will be accelerated to the Date of Termination, such that any
shares for which the stock price vesting conditions have been met, but not yet vested, will be accelerated, and any unvested shares for
which the stock price performance conditions have not been met as of the Date of Termination shall be forfeited, and (B) for Restricted
Stock Units (“RSUs”), Executive shall receive twelve (12) months service credit for every year of service (i.e., 12-months
acceleration in the Vesting Schedule for every year of service) for all outstanding unvested RSUs granted to the Executive during the
Employment Term; provided, however, that any delays in the settlement or payment of such Equity Awards, that are set forth
in the applicable award agreement and that are required under Section 409A of the Code (“Section 409A”),
shall remain in effect; and

  

(d)          if
the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
("COBRA"), partial reimbursement for the monthly health care insurance premiums increase paid by the Executive for themselves
and their dependents, calculated as the difference between the amount of monthly health care insurance premiums paid by the Executive
pre- and post-COBRA coverage; provided, however, that the Executive shall comply with applicable election and eligibility requirements.
The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination
Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; or (iii) the date on which the
Executive receives or becomes eligible to receive substantially similar health care coverage from another employer or other source.

 

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6.3          Death
or Disability of Executive.

 

(a)          The
Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term, and the Company
may terminate the Executive's employment on account of the Executive's Disability.

 

(b)          If
the Executive's employment is terminated during the Employment Term on account of the Executive’s death or Disability, the Executive
(or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive, subject to execution of a Release,
in accordance with the terms and conditions herein, the following:

 

		(i)	the Accrued Amounts (as defined in Section 6.1(a) above), and

 

		(ii)	for all outstanding unvested Equity Awards granted to the Executive, as described in Exhibit “B,”
(A) the “time vesting schedule” for Performance Stock Units (“PSUs”) will be accelerated to the Date of
Termination, such that any shares for which the stock price vesting conditions have been met, but not yet vested, will be accelerated,
and any unvested shares for which the stock price performance conditions have not been met as of the Date of Termination shall be forfeited,
and (B) for Restricted Stock Units (“RSUs”), Executive shall receive twelve (12) months service credit for every year
of service (i.e., 12-months acceleration in the Vesting Schedule for every year of service) for all outstanding unvested RSUs granted
to the Executive during the Employment Term; provided, however, that any delays in the settlement or payment of such Equity
Awards, that are set forth in the applicable award agreement and that are required under Section 409A of the Code (“Section 409A”),
shall remain in effect.

 

(c)          Notwithstanding
any other provision contained herein, all payments made in connection with the Executive’s Disability shall be provided in a manner
which is consistent with federal and state law.

 

(d)          For
purposes of this Agreement, “Disability” shall mean the Executive's inability, due to a physical or mental
impairment, to perform the essential functions of their job, with or without reasonable accommodation, lasting more than ninety (90)
calendar days within any one hundred and eighty (180) calendar day period, based upon a good faith determination by the Board,
unless a longer period is required by federal or state law, in which case that longer period shall apply. However, in the event
that the Company temporarily replaces the Executive or transfers the Executive's duties or responsibilities to another individual on
account of the Executive's inability to perform such duties due to a mental or physical impairment which is, or is reasonably
expected to become, a Disability, then the Executive's employment shall not be deemed terminated by the Company and the Executive
shall not be able to resign with Good Reason as a result thereof. Any question as to the existence of the Executive's Disability as
to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually
acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician,
each shall appoint such a physician and those two (2) physicians shall select a third (3rd) who shall make such
determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and
conclusive for all purposes of this Agreement. Any period for vesting shall be tolled and not included during a Disability
period.

 

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6.4          Change
in Control Termination.

 

(a)          Notwithstanding
any other provision contained herein, in the event of a Change in Control, if the Executive's employment hereunder is terminated by the
Executive For Good Reason, or by the Company Without Cause (other than on account of the Executive's death or Disability), in each case
within twelve (12) months following a Change in Control, the Executive shall be entitled to receive, subject to the Executive’s
execution of a Release, in accordance with the terms and conditions herein, the following:

 

		(i)	the Accrued Amounts (as defined in Section 6.1(a) above);

 

(ii)          a
lump sum Severance payment equal to: (A) a flat eighteen (18) months or 1.5x of Executive’s annual Base Salary, plus (B) their full
Incentive Bonus for that fiscal year in which the Termination Date occurs; and

 

(b)          Notwithstanding
the terms of any equity plans or any applicable award agreements, Executive shall also be entitled to the payment of:

 

(i)          in
the case of a Change in Control, all stock price conditions from the Equity Award described in Exhibit “B” will be deemed
to have been met. If the Equity Award is equitably assumed by the ongoing corporation based on its value at the Change in Control, vesting
will occur in accordance with the original time vesting schedule.  If the Executive’s employment terminates after the Change
in Control due to Termination by the Company Without Cause, Termination by the Executive For Good Reason, or termination as a result of
the Executive’s death or Disability, any unvested portion of the Equity Award will vest upon the Termination Date.  If the
Executive’s employment terminates after the Change in Control for any other reason, any unvested portion of the Equity Award will
be forfeited.  Notwithstanding the forgoing, if the ongoing corporation does not equitably assume the Equity Award, vesting will
accelerate to the Change in Control date; provided, however, that any delays in the settlement or payment of such awards
that are set forth in the applicable Equity Award agreement, and that are required under Section 409A, shall remain in effect; and

 

(c)          The
Executive shall also be entitled to:

 

(i)          if
the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
("COBRA"), partial reimbursement for the monthly health care insurance premiums increase paid by the Executive for themselves
and their dependents, calculated as the difference between the amount of monthly health care insurance premiums paid by the Executive
pre- and post-COBRA coverage; provided, however, that the Executive shall comply with applicable election and eligibility requirements.
The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination
Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; or (iii) the date on which
the Executive receives or becomes eligible to receive substantially similar health care coverage from another employer or other source.

 

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(e)          For
purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following after the Effective
Date:

 

(i)          one
person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such
person or group, constitutes more than fifty percent (50%) of the total voting power of the stock of such corporation; provided, however,
that a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than fifty percent (50%)
of the total voting power of the Company's stock already and simply acquires additional stock;

 

(ii)           one
person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the
most recent acquisition) ownership of the Company’s stock, who possess over thirty (30%) percent of the total voting power of the
stock of that group or corporation; or

 

(iii)          the
sale of all or substantially all of the Company's assets.

 

(iv)          Notwithstanding
the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change
in the effective control of the Company, or a change in the ownership of a substantial portion of the Company's assets under Section 409A.

 

6.5          Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Employment
Term (other than termination on account of the Executive’s death) shall be communicated by written notice of termination (“Notice
of Termination”) to the other party hereto, in accordance with the notice provision of this Agreement. The Notice of Termination
shall specify:

 

(a)          The
termination provision of this Agreement relied upon;

 

(b)          To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the
provision so indicated; and

 

(c)          The
applicable Termination Date.

 

6.6         Termination
Date. The date of the termination of Executive’s employment with the Company shall be called the “Termination Date,”
and shall be:

 

(a)          If
the Executive’s employment hereunder terminates on account of the Executive's death, the date of the Executive's death;

 

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(b)          If
the Executive’s employment hereunder is terminated on account of the Executive's Disability, the date that it is determined that
the Executive has a Disability;

 

(c)          If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive;

 

(d)          If
the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination;

 

(e)          If
the Executive terminates their employment hereunder, with or without Good Reason, the date specified in the Executive's Notice of Termination;
and

 

(f)           Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “Separation from
Service,” within the meaning of Section 409A, and as defined below in Section 6.8(d).

 

6.7       
Release Agreement. The Company shall provide the full and final form of the “Release Agreement,” but substantially
similar to the sample in EXHIBIT “C,” to the Executive not later than seven (7) calendar days following the Termination
Date. The Executive shall then be required to execute and return the Release Agreement to the Company within twenty-one (21) calendar
days (or, alternatively, forty-five (45) calendar days, if such longer period of time is required to make the Release Agreement maximally
enforceable under applicable law) after the Company provides the full and final form of the Release Agreement to the Executive, and the
Release Agreement must not be revoked by Executive within the seven (7) day revocation period, which shall be set forth in the full and
final form of the Release Agreement.

 

6.8       
Other Definitions.

 

(a)       
As used herein, “Accrued Amounts,” refers to what is defined in Section 6.1 (a) above.

 

(b)       
As used herein, “Affiliate” of the Company means a Person that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Company. As used in this definition, the term “control,”
including the correlative terms “controlling,” “controlled by” and “under common control with,” means
the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership
of securities or any partnership or other ownership interest, by contract or otherwise) of a Person. Also, when “Company”
is used herein, unless it specifically states otherwise, it refers to “Company and its Affiliates.”

 

(c)       
As used herein, the term “Person” shall be construed broadly and shall include, without limitation, an individual,
a partnership, a limited liability company, a corporation, an association, a joint stock or joint share company, a trust, a joint venture,
an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

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(d)       
As used herein, a “Separation from Service” means, either (a) termination
of Executive’s employment with the Company, or (b) a permanent reduction in the level of bona fide services Executive provides
to Company to an amount that is twenty (20%) percent or less of the average level of bona fide services Executive provided to Company
in the immediately preceding 36-months, with the level of bona fide service calculated in accordance with Treasury Regulations Section 1.409A-1(h)(1)(ii).
Solely for purposes of determining whether Executive has a “Separation from Service,” Executive’s employment relationship
is treated as continuing, and not a “Separation from Service,” while Executive is on military leave, sick leave, or other
bona fide leave of absence (if the period of such leave does not exceed six-months, or if longer, so long as Executive’s right to
reemployment with the Company is provided either by statute or contract). If Executive’s period of leave exceeds six-months and
Executive’s right to reemployment is not provided either by statute or contract, the employment relationship is deemed to terminate
on the first (1st) day immediately following the expiration of such six-month leave period.

 

6.9         Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and any amounts payable pursuant to Section 6 shall not be reduced
by compensation the Executive earns on account of employment with another employer.

 

6.10       Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to resign,
and shall be deemed to have in fact resigned, effective on the Termination Date, from all positions that the Executive holds as an officer
or member of the Board (or a committee thereof) of the Company or any of its affiliates.

 

7.        CONFIDENTIAL
INFORMATION. The Executive understands and acknowledges that during the Employment Term, they will have access to and learn about
Confidential Information, as defined below.

  

(a)          Definition
of Confidential Information. For purposes of this Agreement, “Confidential Information” includes, but is not
limited to, all information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating
directly or indirectly to: business processes, practices, methods, policies, plans, publications, documents, research, operations,
services, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations,
pending negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, software
design, web design, work-in-process, databases, manuals, records, articles, systems, material, sources of material, supplier
information, vendor information, financial information, results, analyses, accounting information, accounting records, legal
information, marketing information, advertising information, pricing information, credit information, design information, payroll
information, staffing information, personnel information, Executive lists, supplier lists, vendor lists, developments, reports,
internal controls, security procedures, graphics, drawings, photographs, sketches, market studies, sales information, revenue,
costs, formulae, notes, communications, algorithms, product plans, designs, styles, models, ideas, audiovisual programs, inventions,
unpublished patent applications, original works of authorship, discoveries, inventions, devices, new developments, product roadmaps,
experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, factory lists, databases, flow charts, distributor lists, and buyer lists of the Company Group or
its businesses or any existing or prospective customer, supplier, investor or other associated third party, or of any other person
or entity that has entrusted information to the Company Group in confidence. The term “Company Group” shall mean,
for purposes of this Agreement, the Company and its parent companies, affiliates, subsidiaries, partners, and limited partners.

 

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	 	i)	The Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used.

 

	 	ii)	The Executive understands and agrees that Confidential Information includes information developed by them (i.e., their Work Product) in the course of their employment by the Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall not include information that is generally available to and known by the public at the time of disclosure to the Executive; provided that, such knowledge of the public is through no direct or indirect fault of the Executive or person(s) acting on the Executive's behalf.

 

(b)          Definition
of Work Product. For purposes of this Agreement, “Work Product” means all inventions, innovations,
improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks,
trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable,
registerable as a trademark, reduced to writing, or otherwise) which relates to the Company Group’s actual or anticipated
business, research and development, or existing or future products or services, and which are conceived, developed or made by the
Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company or any of its
Affiliates, and whether or not alone or in conjunction with any other person) while employed by the Company Group (including those
conceived, developed or made prior to the Effective Date) together with all patent applications, letters patent, trademark, trade
name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the
foregoing. All Work Product that the Executive may have discovered, invented or originated during their employment by the Company
Group prior to the Effective Date, that they may discover, invent or originate during the Employment Term, shall be the exclusive
property of the Company Group, as applicable, and Executive hereby assigns all of Executive’s right, title and interest in and
to such Work Product to the Company Group, including all intellectual property rights therein. Executive shall promptly disclose all
Work Product to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem
necessary to protect or perfect its (or any of its Affiliates’, as applicable) rights therein, and shall assist the Company,
at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any of its Affiliates’, as
applicable) rights therein. The Executive hereby appoints the Company as their attorney-in-fact to execute on their behalf any
assignments or other documents deemed necessary by the Company to protect or perfect the Company, the Company Group’s rights
to any Work Product.

 

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(c)         Company
Creation and Use of Confidential Information.

 

The
Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized
knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training its Executives,
and improving its offerings in the field of real estate investment management. The Executive understands and acknowledges that as a result
of these efforts, the Company has created, and continues to use and create Confidential Information. This Confidential Information provides
the Company with a competitive advantage over others in the marketplace.

 

(d)         Disclosure
and Use Restrictions.

 

The
Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly
or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published,
communicated, or made available, in whole or part, to any entity or person whatsoever (including other Executives of the Company
Group) not having a need to know and authority to know and use the Confidential Information in connection with the business of the
Company Group and, in any event, not to anyone outside of the direct employ of the Company Group except as required in the
performance of the Executive's authorized employment duties to the Company or with the prior consent of a majority of the Board in
each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent);
(iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media, or other
resources containing any Confidential Information, or remove any such documents, records, files, media, or other resources from the
premises or control of the Company Group, except as required in the performance of the Executive's authorized employment duties to
the Company or with the prior consent of the Board. in each instance (and then, such disclosure shall be made only within the limits
and to the extent of such duties or consent); and (iv) The Executive shall deliver to the Company at the termination of the
Employment Term, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software
and other documents and data (and copies thereof) relating to the Confidential Information or the Work Product (as hereinafter
defined) of the business of the Company Group, which the Executive may then possess or have under their control. Nothing herein
shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, including
commercial, labor, wage and hour, employment law and other business law matters, or pursuant to a valid order or subpoena of a court
of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure
required by such law, regulation, or order, and provided that the Executive uses reasonable efforts to give the Company notice of
its disclosure so that the Company at its own expense can seek to avoid or narrow the disclosure required.

 

(e)         Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA"). Notwithstanding
any other provision of this Agreement:

 

(i)           The
Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret
that:

 

(A)          is
made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely
for the purpose of reporting or investigating a suspected violation of law; or

 

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(B)          is
made in a complaint or other document filed under seal in a lawsuit or other proceeding.

 

(ii)          If
the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the
Company's trade secrets to the Executive's attorney and use the trade secret information in the court proceeding if the Executive:

 

(A)          files
any document containing trade secrets under seal; and

 

(B)          does
not disclose trade secrets, except pursuant to court order.

 

8.        RESTRICTION ON COMPETITION. The
Executive agrees that if they were to become employed by, or substantially involved in, the business of a competitor of the Company
or any of its Affiliates during the twelve (12) month period following the Termination Date, there may be a risk that they might be
compelled to rely on or use the Company’s and its Affiliates’ trade secrets and confidential information. To avoid that
risk, and to protect such trade secrets and confidential information, as well as the Company’s and its Affiliates’
relationships and goodwill with customers, during the Employment Term, and for a period of twelve (12) months after the
Termination Date, the Executive will not, directly or indirectly through any other Person, engage in, enter the employ of,
render any services to, have any ownership interest in, or participate in the financing, operation, management or control of, the
financial operations or management of any Competing Business. For purposes of this Agreement, the phrase “directly or
indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or profit
participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint ventures or otherwise, and shall
include any direct or indirect participation in such enterprise as an Executive, consultant, director, officer, licensor of
technology or otherwise. For purposes of this Agreement, “Competing Business” means a Person anywhere in the
continental United States and in Canada (the “Restricted Area”) that at any time during the Period of Employment
has competed, or at any time during the twelve (12) month period following the Termination Date, competes with any business engaged
in by the Company or any of its Affiliates. The Executive acknowledges and agrees that, for purposes of Massachusetts law,
their Promotion to the position of CEO from the position of President constitutes mutually agreed-upon and sufficient consideration,
supporting this Section 8, Restriction on Competition. Nothing herein shall prohibit the Executive from being a passive owner of not
more than twenty (20%) percent of the outstanding stock of any class of a corporation, so long as the Executive has no active
participation in the business of such corporation. The restriction in this Section 8 shall not apply if Executive resigns
for Good Reason or is terminated by the Company Without Cause.

 

9.        NON-INTERFERENCE
WITH CUSTOMERS. During the Employment Term and for a period of twelve (12) months after the Termination Date, the Executive
will not, directly or indirectly through any other Person, influence or attempt to influence customers, vendors, suppliers, licensors,
lessors, joint venturers, associates, consultants, agents, or partners of the Company or any Affiliate of the Company to divert their
business away from the Company or such Affiliate, and the Executive will not otherwise interfere with, disrupt or attempt to disrupt the
business relationships, contractual or otherwise, between the Company or any Affiliate of the Company, on the one hand, and any of its
or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, executives, consultants, managers,
partners, members or investors, on the other hand. The restriction in this Section 9 shall not apply if Executive resigns for Good
Reason or is terminated by the Company Without Cause.

 

10.       
NON-SOLICITATION OF EXECUTIVES AND CONSULTANTS. During the Employment Term and for a period of twelve (12) months after the
Termination Date, the Executive will not, directly or indirectly through any other Person, solicit, induce or encourage, or attempt
to solicit, induce or encourage, any executive or independent contractor of the Company or any Affiliate of the Company to leave the employ
or service of the Company or any Affiliate of the Company, as applicable; or become employed or engaged by any third party, or in any
way interfere with the relationship between the Company or any such Affiliate, on the one hand, and any Executive or independent contractor
thereof, on the other hand. The restriction in this Section 10 shall not apply if Executive resigns for Good Reason or is terminated
by the Company Without Cause.

 

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11.        UNDERSTANDING
OF COVENANTS. The Executive acknowledges that, in the course of their employment with the Company and/or its Affiliates and
their predecessors, they will become familiar with the Company’s and its Affiliates’ and their predecessors’ trade
secrets and with other confidential and proprietary information concerning the Company, its Affiliates and their respective
predecessors, and that Executive’s services have been and will be of special, unique and extraordinary value to the Company
and its Affiliates. The Executive agrees that the foregoing covenants set forth in Sections 7, 8, 9, 10 and 11 (together, the “Restrictive
Covenants”) are reasonable and necessary to protect the Company’s and its Affiliates’ trade secrets and other
confidential and proprietary information, good will, stable workforce, and customer relations. Without limiting the generality of
the Executive’s agreement with the preceding paragraph, the Executive (i) represents that they are familiar with and have
carefully considered the Restrictive Covenants, (ii) represents that they are fully aware of their obligations hereunder, (iii)
agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv)
agrees that the Company and its Affiliates currently conduct business throughout the continental United States and Canada, and (v)
agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 8,
regardless of whether the Executive is then entitled to receive severance pay or benefits from the Company. The Executive
understands that the Restrictive Covenants may limit their ability to earn a livelihood in a business similar to the business of the
Company and any of its Affiliates, for a short period of time, but they nevertheless believe that they have received and will
receive sufficient consideration and other benefits as an Executive of the Company and as otherwise provided hereunder, to clearly
justify such restrictions which, in any event (given their education, skills and ability), the Executive does not believe would
prevent them from otherwise earning a living. The Executive agrees that the Restrictive Covenants do not confer a benefit upon the
Company disproportionate to the detriment of the Executive. For clarity, the restrictions in Sections 8, 9 and 10 shall not apply
if Executive resigns for Good Reason or is terminated by the Company Without Cause.

 

12.       
CLAWBACK. Subject to the Board's discretion, the Executive may, to the extent permitted by applicable
law, be required to reimburse or have cancelled any Incentive Bonus or Equity Award where all of the following factors are present: (A)
Incentive Bonus and/or Equity Award was predicated on achieving certain financial results that were subsequently the subject of a material
restatement; (B) the Board determines that the Executive engaged in fraud or intentional misconduct that was a substantial contributing
cause for the need to issue a restatement; and (C) a lower Incentive Bonus and/or equity Award would have been made to the Executive,
based on the restated financial results. In each instance set forth above, the Company shall seek to recover the Executive's entire Incentive
Bonus and/or Equity Award, including the gain from any such award received by the Executive within the relevant period, plus a reasonable
rate of interest.

 

13.       COOPERATION.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive's
cooperation in the future. Accordingly, following the termination of the Executive's employment for any reason, to the extent reasonably
requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive's service
to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's other activities. The
Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the
Executive is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on
the Executive's Base Salary on the Termination Date, with a four (4)-hour minimum daily amount.

 

14.       REMEDIES FOR
BREACH. Each of the parties to this Agreement and any such person or entity granted rights hereunder, whether or not such
person or entity is a signatory hereto, shall be entitled to enforce its rights under this Agreement, specifically to recover
damages and costs for any breach of any provision of this Agreement and to exercise all other rights existing in its favor. This
Section 14 especially applies to the Restrictive Covenants set forth in Sections 7, 8, 9, 10, 11 above. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each party
may, in its sole discretion, apply to any court of law or equity of competent jurisdiction for provisional, injunctive or equitable
relief, and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any
violations of the provisions of this Agreement. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages, or other available forms of relief. If either Party employs attorneys to enforce any rights arising out
of or relating to this Agreement, in any legal proceeding (judicial or arbitral), the losing Party shall reimburse the prevailing
Party (as defined by the courts of Massachusetts, and as decided by the court or arbitrator) for their reasonable attorneys’
fees.

 

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15.         INDEMNIFICATION. 

 

In lieu of details
set forth in this Section 15, Executive shall sign an Indemnification Agreement, made as of July 12, 2021, as an officer of the Company,
in accordance with applicable Canadian law, is fully incorporated herein, including all responsibilities, obligations, terms and conditions
of that Indemnification Agreement.

 

16.        ARBITRATION.

 

16.1          Except
as provided in Sections 7, 8, 9, 10, 11 and 14 above, any non-time barred, legally actionable controversy or claim arising out of or relating
to this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or misrepresentation in
connection with any of its provisions, or any other non-time barred, legally actionable controversy or claim arising out of or relating
to the Executive’s employment or association with the Company or termination of the same, including, without limiting the generality
of the foregoing, any alleged violation of state or federal statute, common law or constitution, shall be submitted to individual, final
and binding arbitration, to be held in Maricopa County, Arizona, before a single arbitrator selected from Judicial Arbitration and
Mediation Services, Inc. (“JAMS”), in accordance with the then-current JAMS Arbitration Rules and Procedures for employment
disputes, as modified by the terms and conditions in this Section (which may be found at www.jamsadr.com under the Rules/Clauses tab).
The parties will select the arbitrator by mutual agreement or, if the parties cannot agree, then by striking from a list of qualified
arbitrators supplied by JAMS from their labor and employment law panel. Final resolution of any dispute through arbitration may include
any remedy or relief that is provided for through any applicable state or federal statutes, or common law. Statutes of limitations shall
be the same as would be applicable were the action to be brought in court. The arbitrator selected pursuant to this Agreement may order
such discovery as is necessary for a full and fair exploration of the issues and dispute, consistent with the expedited nature of arbitration.
At the conclusion of the arbitration, the arbitrator shall issue a written decision that sets forth the essential findings and conclusions
upon which the arbitrator’s award or decision is based. Any award or relief granted by the arbitrator under this Agreement shall
be final and binding on the parties to this Agreement and may be enforced by any court of competent jurisdiction. The Company will pay
those arbitration costs that are unique to arbitration, including the arbitrator’s fee (recognizing that each side bears its own
deposition, witness, expert and attorneys’ fees and other expenses to the same extent as if the matter were being heard in court).
If, however, any party prevails on a statutory claim, which affords the prevailing party attorneys’ fees and costs, then the arbitrator
may award reasonable fees and costs to the prevailing party. The arbitrator may not award attorneys’ fees to a party that would
not otherwise be entitled to such an award under the applicable statute. The arbitrator shall resolve any dispute as to the reasonableness
of any fee or cost. Except as expressly provided in this Agreement, the parties acknowledge and agree that they are hereby waiving any
rights to trial by jury or a court in any action or proceeding brought by either of the parties against the other in connection with any
matter whatsoever arising out of or in any way connected with this Agreement or the Executive’s employment.

 

              By
initialing here, the Executive acknowledges that they have read this paragraph and agrees with the arbitration provision herein.

 

16.2          This
Agreement to arbitrate is freely negotiated between Executive and Employer and is mutually entered into between the parties. Each party
fully understands and agrees that they are giving up certain rights otherwise afforded to them by civil court actions, including but not
limited to the right to a jury trial.

 

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17.       SECURITY.

 

17.1        Security
and Access. The Executive agrees and covenants to (a) comply with all Company security policies and procedures as in force from
time to time, including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities access,
monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems, computer systems, e-mail
systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords and any and all other
Company facilities, IT resources and communication technologies (“Facilities and Information Technology Resources”);
as well as (b) not access or use any Facilities and Information Technology Resources, except as authorized by the Company; and (iii) not
access or use any Facilities and Information Technology Resources in any manner after the termination of the Executive's employment by
the Company, whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event they learn
of any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering
of, or tampering with any Facilities and Information Technology Resources or other Company property or materials by others.

 

17.2        Exit
Obligations. Upon (a) voluntary or involuntary termination of the Executive's employment or (b) the Company's request at
any time during the Executive's employment, the Executive shall (i) provide or return to the Company any and all Company property,
including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers,
cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations, work
product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives, negatives
and data and all Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those
that constitute or contain any Confidential Information or Work Product, that are in the possession or control of the Executive, whether
they were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with their
employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company
that remain in the Executive's possession or control, including those stored on any non-Company devices, networks, storage locations,
and media in the Executive's possession or control.

 

18.       PUBLICITY. The
Executive hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives and
licensees, of the Executive’s name, voice, likeness, image, appearance, and biographical information in, on or in connection
with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other
advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other
printed and electronic forms and media throughout the world, at any time during the Employment Term for all legitimate commercial
and business purposes of the Company (“Permitted Uses”) without further consent from or royalty, payment, or
other compensation to the Executive during Executive’s Employment Term. The Executive hereby forever waives and releases the
Company and its directors, officers, Executives, and agents from any and all claims, actions, damages, losses, costs, expenses, and
liability of any kind, arising under any legal or equitable theory whatsoever at any time during the Employment Term, arising
directly or indirectly from the Company’s and its agents’, representatives’, and licensees’ exercise of
their rights in connection with any Permitted Uses. After Executive’s employment ends, any Permitted Uses will require the
Executive’s prior written approval, which may be given or withheld in the Executive’s sole discretion.

 

19.       MUTUAL
NON-DISPARAGEMENT. Executive agrees, during the Employment Term and for a period of two (2) years thereafter, not to criticize, ridicule
or make any statement which disparages or is derogatory of the Company or any of its affiliates, officers, directors, shareholders, representatives,
agents, Executives, suppliers or customers. The Company agrees, and agrees to instruct its affiliates, officers, directors, representatives,
and agents, during the Employment Term and for a period of two (2) years thereafter, not to criticize, ridicule or make any statement
which disparages or is derogatory of the Executive.

 

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20.       GOVERNING
LAW, CHOICE OF FORUM, REASONABLE ATTORNEYS’ FEES.

 

20.1         Governing
Law. This Agreement, for all purposes, shall be construed in accordance with the laws of the Commonwealth of Massachusetts, without
regard to conflicts of law principles, except for the arbitration provisions which shall be governed solely by the Federal Arbitration
Act, 9 U.S.C. §§ 1-4. In furtherance of the foregoing, the internal law of the state of Arizona will control the interpretation
and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily apply.

 

20.2         Choice of Forum. Both Parties consent to the personal jurisdiction of the state and federal courts in Suffolk County, City of Boston,
Commonwealth of Massachusetts.

 

20.3         Reasonable
Attorneys’ Fees. If either Party employs attorneys to enforce any rights arising out of or relating to this Agreement, in any
legal proceeding (judicial or arbitral), the losing Party shall reimburse the prevailing Party (as defined by the courts of Massachusetts,
and as decided by the court or arbitrator) for their reasonable attorneys’ fees.

 

21.       MODIFICATION
AND WAIVER. Except by a court in accordance with Section 22 below, no provision of this Agreement may be amended or modified (in whole
or in part), unless such amendment or modification is agreed to in writing and signed by the Executive and by a majority of the Board
of the Company or its designee. No waiver by either of the parties of any breach by the other party hereto of any condition or provision
of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition
at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power,
or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such
right, power, or privilege.

 

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22.       SEVERABILITY.

 

22.1        Should
any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of
this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement,
the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though
originally set forth in this Agreement.

 

22.2        The
parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu
of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any
or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted
to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

 

22.3        The
parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In
any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not
modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set
forth herein.

 

22.4        Notwithstanding
the foregoing, if any provision of this Agreement could be more narrowly drawn (as to geographic scope, period of duration or otherwise)
so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

23.       CAPTIONS
AND SECTION HEADINGS. Captions, section headings and titles of paragraphs and subparagraphs
contained in this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be
used in the construction or interpretation thereof.

 

24.       COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one
or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as signatories.
Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

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25.       SECTION 409A
(NONQUALIFIED DEFERRED COMPENSATION).

 

25.1        General
Compliance. This Agreement is intended to comply with Internal Revenue Code Section 409A or an exemption thereunder and
shall be construed and administered in accordance with Section 409A, (which applies to compensation that an employee earns in
one year, but that is paid in a future year, and referred to as “nonqualified deferred compensation,” and if
nonqualified deferred compensation meets the requirements of Section 409A, then there is no effect on the employee’s taxes,
and the compensation is taxed in the same manner as it would be taxed if it were not covered by Section 409A; however, if the
nonqualified deferred compensation does not meet the requirements of Section 409A, the compensation is subject to certain additional
taxes, including a 20% additional income tax.)  Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any
payments under this Agreement that may be excluded from Section 409A, either as separation pay due to an involuntary separation
from service or as a short-term deferral, shall be excluded from Section 409A to the maximum extent possible. For purposes of
Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be
made under this Agreement upon a termination of employment shall only be made upon a “Separation from Service” under
Section 409A, as defined in Section 6.8(d) above. Notwithstanding the foregoing, and the Company’s intent to comply with
Section 409A, the Company makes no representations that the payments and benefits provided under this Agreement comply with
Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by the Executive on account of noncompliance with Section 409A.

 

25.2        Specified
Executives. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection
with their termination of employment is determined to constitute “nonqualified deferred compensation,” within the meaning
of Section 409A, and the Executive is determined to be a “specified Executive,” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination
Date or, if earlier, on the Executive's death (the “Specified Executive Payment Date”). The aggregate of any payments
that would otherwise have been paid before the Specified Executive Payment Date, and interest on such amounts, calculated based on the
applicable federal rate published by the Internal Revenue Service for the month in which the Executive’s separation from service
occurs, shall be paid to the Executive in a lump sum on the Specified Executive Payment Date, and, thereafter, any remaining payments
shall be paid without delay, in accordance with their original schedule.

 

25.3        Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in
accordance with the following:

 

(a)          the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)          any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year, following the calendar
year in which the expense was incurred; and

 

(c)          any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

26.       SUCCESSORS
AND ASSIGNS. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment by
the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any
successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of
the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and
assigns. Without limiting the generality of the preceding sentences, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as
hereinbefore defined and any successor or assignee, as applicable, which assumes and agrees to perform this Agreement by operation
of law or otherwise.

 

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27.       NOTICE.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally, transmitted
via electronic mail, mailed by first class mail (postage prepaid and return receipt requested), or sent by reputable overnight courier
service (charges prepaid), to the recipient at the address below indicated or at such other address or to the attention of such other
person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder
and received when delivered personally, when received if transmitted via electronic mail, five (5) days after deposit in the U.S. mail,
and one (1) day after deposit with a reputable overnight courier service.

 

If to the Company:

TILT Holdings, Inc.

2801 E Camelback Rd Suite 180

Phoenix, AZ 85016

Attention: General Counsel Or legal@TILTholdings.com

 

If to the Executive:

To the address most recently on file
in the payroll records of the Company

 

28.       REPRESENTATIONS
OF THE EXECUTIVE. The Executive represents and warrants to the Company that:

 

28.1       The
Executive’s acceptance of employment with the Company and the performance of their duties hereunder will not conflict with or result
in a violation of, a breach of, or a default under any contract, agreement, or understanding to which he/she is a party or is otherwise
bound.

 

28.2       The
Executive’s acceptance of employment with the Company and the performance of their duties hereunder will not violate any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer.

 

29.        SURVIVAL.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

30.        ACKNOWLEDGEMENT
OF FULL UNDERSTANDING. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THEY HAVE FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THEY HAVE HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN
ATTORNEY OF THEIR CHOICE BEFORE SIGNING THIS AGREEMENT.

 

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31.        ENTIRE
AGREEMENT. Unless specifically provided herein, this Agreement contains all of the understandings and representations between the
Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements,
representations and warranties, both written and oral, with respect to such subject matter. Any prior negotiations, correspondence, agreements,
proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the
extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no
force or effect. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal
proceedings alleging breach of the Agreement.

 

(The remainder of this page is
intentionally left blank. The signature page is below.)

 

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

 

	 	DANA R. ARVIDSON (“Executive”)
	 	 	 
	 	By:	Dana R. Arvidson
	 	 	 
	 	Signature:	 /s/ Dana
    R. Arvidson
	 	 	 
	 	TILT HOLDINGS INC., a British Columbia corporation (“Company”)
	 	 	 
	 	By:	Gary Santo
	 	 	 
	 	Title:	Chief Executive Officer, TILT
    Holdings Inc.
	 	 	 
	 	Signature:	 /s/ Gary
    Santo

 

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EXHIBIT “A”

 

SUMMARY OF EXECUTIVE’S
JOB RESPONSIBILITIES

 

Overview:

 

The COO will provide operational leadership for the strategic mission,
vision, core values, strategic goals and objectives and key metrics of the Company. They will bring operational, managerial and administrative
procedures, reporting structures and operation controls to the Company.  This is a vital leadership role that will drive results,
spur growth and increase the overall operational efficiency, alignments, productivity, profitability and growth of the Company.

 

Responsibilities:

 

		·	Drive company results from both an operational and financial perspective working closely with the CFO, CEO and other senior management
team members.

		·	Partner with the CFO to achieve favorable financial results with respect to sales, profitability, cash flow, mergers and acquisitions,
systems, reporting and controls.

		·	Set challenging and realistic goals for productivity, profitability and growth.

		·	Create effective measurement tools to gauge the efficiency and effectiveness of internal and external processes.

		·	Provide accurate and timely reports outlining the operational condition of the company.

		·	Spearhead the development, communication and implementation of effective growth strategies and processes.

		·	Works with other senior management team members on budgeting, forecasting and resource allocation programs.

		·	Work closely with senior management team to create, implement and roll out plans for operational processes, internal infrastructures,
reporting systems and company policies all designed to foster growth, profitably and efficiencies within the company. 

		·	Motivate and engage employees at all levels as one of the key leaders in the Company, including but not limited to professional staff,
management level employees and executive leadership team members. 

		·	Forge strategic partnerships and relationships with clients, vendors, banks, investors and all other professional business relationships.

		·	Work with the CEO and CFO in the capital raise process, participate in the company’s road shows.  Meet, interact and present
information effectively to potential investors and private equity firms.

		·	Foster a growth oriented, positive and encouraging environment while keeping employees and management accountable to company policies,
procedures and guidelines.

		·	Lead efforts to sustain a business environment that is welcoming, respectful,
equitable, and supportive for a diverse range of people

		·	Successfully lead each of the four (4) Company General Managers (GMs) to execute their job responsibilities, as set forth in summary
below

		·	Successfully support the Chief Executive Officer (CEO) to execute their job responsibilities, as set forth in summary below.
	 	·	Performing other responsibilities, as may be requested by the CEO
from time to time

 

    	25 | Page	Executive Employment Agreement: Dana R. Arvidson

     

    

 

EXHIBIT “B”

 

See the attachment
entitled, “COO Equity Award – Dana Arvidson”

 

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EXHIBIT “C”

 

GENERAL RELEASE
AND COVENANT NOT TO SUE (“SAMPLE FORM”)

 

TO WHOM IT MAY CONCERN:

 

1.            DANA
R. ARVIDSON, (“Executive”), on Executive’s own behalf and on behalf of Executive’s descendants, dependents,
heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable and benefits to
be provided to Executive under that employment agreement dated as of [date], and effective as of [date] (the “Employment
Agreement”) by and between Executive and TILT HOLDINGS INC. (“Company”), does hereby covenant not to sue
or pursue any litigation or arbitration against, and waives, releases and discharges the Company, its assigns, affiliates, subsidiaries,
parents, predecessors and successors, and the past and present executives, officers, directors, representatives and agents of any of them,
including but not limited to the Company (collectively, the “Releasees”), from any and all claims, demands, rights,
judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown,
accrued or not accrued, that Executive ever had, now has or shall or may have or assert as of the date of this General Release and Covenant
Not to Sue against the Releasees relating to their employment with the Company or the termination thereof or their service as an officer
or director of any subsidiary or affiliate of the Company or the termination of such service, including, without limiting the generality
of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action related to employment or termination
of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,” a law
that prohibits discrimination on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With
Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Executive Retirement Income Security Act of 1974, the Family
and Medical Leave Act of 1993, the Sarbanes-Oxley Act of 2002, the Massachusetts Wage Act, all as amended, and other federal, state and
local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws
for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related
claims for attorneys’ fees and costs; provided, however, that nothing herein shall release the Company from any of its
obligations to Executive under the Employment Agreement (including, without limitation, its obligation to pay the amounts and
provide the benefits upon which this General Release and Covenant Not to Sue is conditioned) or any rights Executive may have to indemnification
under any charter or by-laws (or similar documents) of any member of the Releasees or any insurance coverage under any directors and officers
insurance or similar policies.

 

2.            Executive
further agrees that their General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit or other proceeding
covered by the terms hereof that is or may be initiated, prosecuted or maintained by Executive or Executive’s heirs or assigns. 
Executive understands and confirms that Executive is executing this General Release and Covenant Not to Sue voluntarily and knowingly,
but that this General Release and Covenant Not to Sue does not affect Executive’s right to claim otherwise under ADEA.  In
addition, Executive shall not be precluded by this General Release and Covenant Not to Sue from filing a charge with any relevant federal,
state or local administrative agency, but Executive agrees to waive Executive’s rights with respect to any monetary or other financial
relief arising from any such administrative proceeding.

 

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 3.            In
furtherance of the agreements set forth above, Executive hereby expressly waives and relinquishes any and all rights under any applicable
statute, doctrine or principle of law restricting the right of any person to release claims that such person does not know or suspect
to exist at the time of executing a release, which claims, if known, may have materially affected such person’s decision to give
such a release.  In connection with such waiver and relinquishment, Executive acknowledges that Executive is aware that Executive
may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those that Executive now knows
or believes to be true, with respect to the matters released herein.  Nevertheless, it is the intention of Executive to release all
such matters fully, finally and forever, and all claims relating thereto, that now exist, may exist or theretofore have existed, as specifically
provided herein.  The parties hereto acknowledge and agree that this waiver shall be an essential and material term of the release
contained above.  Nothing in this paragraph is intended to expand the scope of the release as specified herein.

 

4.            Executive
agrees that at any time following the date hereof they will not make, endorse or solicit and shall use all reasonable endeavors to prevent
the making, endorsing or soliciting of any disparaging or derogatory statements whether or not the statements are true, whether in writing
or otherwise concerning the Company or its past or current directors or officers and the Company undertakes that at any time following
the date hereof its senior executives will not make, endorse or solicit and shall use all reasonable endeavors to prevent the making,
endorsing or soliciting of any disparaging or derogatory statements whether or not the statement is true, whether in writing or otherwise
concerning the Executive or Executive’s work on behalf of the Company, excluding in all events any statements required to be made
by law, regulation or under the public disclosure requirements of any jurisdiction. Nothing herein shall prevent Executive from making
a report, or bringing a claim, to any governmental agency, including the U.S. Equal Employment Opportunity Commission, the National Labor
Relations Board, the U.S. Department of Justice, or the Attorney General of the State where the Executive resides; provided, however,
that Executive may not personally win any damages or other relief as a result of any such reports or claims. Nothing herein shall restrict
the Company, its affiliates or any of their Executives, officers, directors, agents or representatives from providing truthful testimony
or information in response to a subpoena or investigation by a Governmental Authority or in connection with any legal action by the Company
or any of their affiliates

 

5.       Executive
represents and covenants that they have returned to the to the Company (a) all physical, computerized, electronic or other types of
records, documents, proposals, notes, lists, files and any and all other materials, including computerized electronic information,
that refer, relate or otherwise pertain to the Company or any of its Affiliates (as defined in the Employment Agreement) that were
in Executive’s possession, subject to Executive’s control or held by Executive for others; and (b) all property or
equipment that Executive has been issued by the Company or any of its Affiliates during the course of their employment or property
or equipment that Executive otherwise possessed, including any keys, credit cards, office or telephone equipment, computers (and any
software, power cords, manuals, computer bag and other equipment that was provided to Executive with any such computers), tablets,
smartphones, and other devices. Executive acknowledges that they are not authorized to retain any physical, computerized, electronic
or other types of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes,
lists, files or materials, and is not authorized to retain any property or equipment of the Company or any of its Affiliates.
Executive further agrees that Executive will immediately forward to the Company (and thereafter destroy any electronic copies
thereof) any business information relating to the Company or any of its Affiliates that has been or is inadvertently directed to
Executive following the date of the termination of Executive’s employment.

 

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6.       For
clarity, and as required by law, this General Release and Covenant Not to Sue does not prevent Executive from accepting a whistleblower
award from the Securities and Exchange Commission, pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.

 

7.       This
General Release and Covenant Not to Sue does not apply to any obligation of the Company to Executive pursuant to any of the following:
(1) the payment of any Base Salary, accrued but unused Paid Time-Off or the dollar value of any Employment Benefits due, pursuant to the
Employment Agreement dated as of [date] by and between the Company and Executive (the “Employment Agreement”); (2) any Equity
Awards previously granted by the Company to Executive, to the extent that such awards continue after the termination of Executive’s
employment with the Company, in accordance with the applicable terms of such awards; (3) any right to indemnification that Executive may
have pursuant to the Company’s bylaws, its corporate charter or under any written indemnification agreement with the Company (or
any corresponding provision of any subsidiary or affiliate of the Company) with respect to any loss, damages or expenses (including but
not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future incur with respect to their service
as an Executive, officer or director of the Company or any of its subsidiaries or affiliates; (4) with respect to any rights that Executive
may have to insurance coverage for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers
liability insurance policy; (5) any rights to continued medical and dental coverage that Executive may have under COBRA; or (6) any rights
to payment of benefits that Executive may have under a retirement plan sponsored or maintained by the Company that is intended to qualify
under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this release does not cover any claim that cannot
be so released as a matter of applicable law.

 

8.            This
General Release and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of Arizona, applicable
to agreements made and to be performed entirely within such State, without regard to principles of conflicts of laws.

 

9.            To
the extent that Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that
Executive has been offered a period of time of at least twenty-one (21) calendar days to consider whether to sign this General
Release and Covenant Not to Sue (or, alternatively, forty-five (45) calendar days, if such longer period of time is required to make
this General Release and Covenant Not to Sue maximally enforceable under applicable law), which Executive has waived, and the
Company agrees that Executive may cancel this General Release and Covenant Not to Sue at any time during the seven (7) calendar
days following the date on which this General Release and Covenant Not to Sue has been signed by all parties to this General Release
and Covenant Not to Sue.  To cancel or revoke this General Release and Covenant Not to Sue, Executive must deliver to the
Company written notice stating that Executive is canceling or revoking this General Release and Covenant Not to Sue.  Any
notice of cancellation or revocation should be sent by Executive in writing to the Company as follows: Attention: General Counsel,
2801 E Camelback Road, Suite – 180, Phoenix, AZ 85016. The writing must be received within the seven-day period following
execution of this General Release and Covenant Not to Sue by Executive. If this General Release and Covenant Not to Sue is timely
cancelled or revoked, none of the provisions of this General Release and Covenant Not to Sue shall be effective or enforceable, and
the Company shall not be obligated to make the payments to Executive or to provide Executive with the other benefits described in
the Employment Agreement and known as “Severance,” and all contracts and provisions modified, relinquished or
rescinded hereunder shall be reinstated to the extent in effect immediately prior hereto. EXECUTIVE IS HEREBY ADVISED TO SEEK LEGAL
COUNSEL PRIOR TO SIGNING THIS GENERAL RELEASE AND COVENANT NOT TO SUE.

 

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10.            Executive
acknowledges and agrees that Executive has entered this General Release and Covenant Not to Sue knowingly and willingly and has had ample
opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue.

 

IN
WITNESS WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to be executed on this [x] day of
[month] 20xx.

 

[The
signature page for the final form will be placed here.]

 

    	30 | Page	Executive Employment Agreement: Dana R. Arvidson

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