Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 HOLDINGS
GUARANTY AGREEMENT 
 dated as of 

August 5, 2022, 
 among 

CBRE SERVICES, INC., 
 CBRE GROUP,
INC. 
 and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	
	ARTICLE I	  

	
	Definitions	  

	 SECTION 1.01. Credit Agreement
	  	 	1	 
	
	ARTICLE II	  

	
	Guarantee	  

		
	 SECTION 2.01. Guarantee
	  	 	1	 
	 SECTION 2.02. Guarantee of Payment
	  	 	2	 
	 SECTION 2.03. No Limitations, etc.
	  	 	2	 
	 SECTION 2.04. Reinstatement
	  	 	2	 
	 SECTION 2.05. Agreement To Pay; Subrogation
	  	 	3	 
	 SECTION 2.06. Information
	  	 	3	 
	
	ARTICLE III	  

	
	[INTENTIONALLY OMITTED]	  

	
	ARTICLE IV	  

	
	[INTENTIONALLY OMITTED]	  

	
	ARTICLE V	  

	
	Remedies; Application of Proceeds	  

		
	 SECTION 5.01. Remedies
	  	 	3	 
	 SECTION 5.02. Application of Proceeds
	  	 	4	 
	
	ARTICLE VI	  

	
	Indemnity, Subrogation and Subordination	  

	 SECTION 6.01. Indemnity and Subrogation
	  	 	4	 
	 SECTION 6.02. [Intentionally Omitted]
	  	 	4	 
	 SECTION 6.03. Subordination
	  	 	4	 

  
 i 

					
	ARTICLE VII	  

	
	Miscellaneous	  

	 SECTION 7.01. Notices
	  	 	4	 
	 SECTION 7.02. Rights Absolute
	  	 	4	 
	 SECTION 7.03. Survival of Agreement
	  	 	5	 
	 SECTION 7.04. Binding Effect; Several Agreement
	  	 	5	 
	 SECTION 7.05. Successors and Assigns
	  	 	5	 
	 SECTION 7.06. Administrative Agent’s Fees and Expenses;
Indemnification
	  	 	5	 
	 SECTION 7.07. [Intentionally Omitted]
	  	 	6	 
	 SECTION 7.08. Applicable Law
	  	 	6	 
	 SECTION 7.09. Waivers; Amendment
	  	 	6	 
	 SECTION 7.10. WAIVER OF JURY TRIAL
	  	 	7	 
	 SECTION 7.11. Severability
	  	 	7	 
	 SECTION 7.12. Counterparts
	  	 	7	 
	 SECTION 7.13. Headings
	  	 	7	 
	 SECTION 7.14. Jurisdiction; Consent to Service of Process
	  	 	8	 
	 SECTION 7.15. Termination
	  	 	8	 
	 SECTION 7.16. Additional Credit Parties
	  	 	8	 

  
 ii 

 HOLDINGS GUARANTY AGREEMENT dated as of August 5, 2022 (this
“Agreement”), among CBRE SERVICES, INC., a Delaware corporation (the “Borrower”), CBRE GROUP, INC., a Delaware corporation (“Holdings” or the
“Guarantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, the “Administrative Agent”) for the Guaranteed Parties (as defined in the Credit Agreement (as
defined below)). 
 PRELIMINARY STATEMENT 

Reference is made to the Revolving Credit Agreement dated as of August 5, 2022 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders from time to time party thereto (the “Lenders”), the issuing lenders from time to time party thereto (the
“Issuing Lenders”) and the Administrative Agent. 
 The Lenders and the Issuing Lenders have agreed to extend credit
to the Borrower, subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the Issuing Lenders to extend credit to the Borrower are conditioned upon, among other things, the execution and delivery of
this Agreement. Holdings is an affiliate of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the
Lenders and the Issuing Lenders to extend such credit. 
 Accordingly, the parties hereto agree as follows: 

ARTICLE I 

Definitions 

SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have
the meanings specified in the Credit Agreement. 
 (b) The rules of construction specified in Section 1.2 of the Credit Agreement also
apply to this Agreement. 
 ARTICLE II 

Guarantee 

SECTION 2.01. Guarantee. The Guarantor unconditionally guarantees as a primary obligor and not merely as a surety,
the due and punctual payment and performance of the Guaranteed Obligations. The Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will
remain bound upon its guarantee notwithstanding any extension or renewal of any Guaranteed Obligation. The Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Credit Party of any of the Guaranteed
Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 

 SECTION 2.02. Guarantee of Payment. The Guarantor further agrees that
its guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Guaranteed Party party to any security held for the payment of
the Guaranteed Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of the Borrower or any other person. 

SECTION 2.03. No Limitations, etc. (a) Except for termination of the Guarantor’s obligations hereunder as
expressly provided in Section 7.15, the obligations of the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality
of the foregoing, the obligations of the Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or to enforce any
right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement; (iii) any
default, failure or delay, wilful or otherwise, in the performance of the Guaranteed Obligations; (iv) any law, regulation, decree or order of any jurisdiction or any other event, to the extent the Guarantor can lawfully waive application
thereof; or (v) any other act or omission that may or might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor as a matter of law or equity (other than the indefeasible payment in
full in cash of all the Guaranteed Obligations). 
 (b) To the fullest extent permitted by applicable law, the Guarantor waives any defense
based on or arising out of any defense of the Borrower or any other Credit Party or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other
Credit Party, other than the indefeasible payment in full in cash of all the Guaranteed Obligations. The Administrative Agent and the other Guaranteed Parties may, at their election, compromise or adjust any part of the Guaranteed Obligations, make
any other accommodation with the Borrower or any other Credit Party or exercise any other right or remedy available to them against the Borrower or any other Credit Party, without affecting or impairing in any way the liability of the Guarantor
hereunder except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in full in cash. To the fullest extent permitted by applicable law, the Guarantor waives any defense arising out of any such election even though such
election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantor against the Borrower or any other Credit Party, as the case may be. 

SECTION 2.04. Reinstatement. The Guarantor agrees that its guarantee hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Guaranteed Party upon the bankruptcy or reorganization of
the Borrower, any other Credit Party or otherwise. 

  
 2 

 SECTION 2.05. Agreement To Pay;
Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Guaranteed Party has at law or in equity against the Guarantor by virtue hereof, upon the failure of the
Borrower or any other Credit Party to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or
cause to be paid, to the Administrative Agent for distribution to the applicable Guaranteed Parties in cash the amount of such unpaid Obligation. Upon payment by the Guarantor of any sums to the Administrative Agent as provided above, all rights of
the Guarantor against the Borrower arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article VI. 

SECTION 2.06. Information. The Guarantor assumes all responsibility for being and keeping itself informed of the
Borrower’s and any other Credit Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that the Guarantor
assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any other Guaranteed Party will have any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks. 

ARTICLE III 

[INTENTIONALLY OMITTED] 

ARTICLE IV 
 [INTENTIONALLY
OMITTED] 
 ARTICLE V 

Remedies; Application of Proceeds 

SECTION 5.01. Remedies. The obligations of the Guarantor hereunder are independent of and separate from the Guaranteed
Obligations. Subject to Article X of the Credit Agreement in all respects, upon any Event of Default which results in the Administrative Agent taking the actions and making the declaration described in Section 10.2(a) of the Credit Agreement,
the Administrative Agent may proceed directly and at once against the Guarantor to collect and recover the full amount or any portion of the Guaranteed Obligations then due in accordance with Article II hereof, without first proceeding against the
Borrower or any other guarantor of the Guaranteed Obligations, or joining the Borrower or any other guarantor in any proceeding against the Guarantor. 

  
 3 

 SECTION 5.02. Application of Proceeds. The Administrative Agent shall
apply the proceeds of any collection or enforcement against the Guarantor following any Event of Default in accordance with Section 10.4 of the Credit Agreement. 

ARTICLE VI 

Indemnity, Subrogation and Subordination 

SECTION 6.01. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantor may
have under applicable law (but subject to Section 6.03), the Borrower agrees that in the event a payment shall be made by the Guarantor under this Agreement, the Borrower shall indemnify the Guarantor for the full amount of such payment and the
Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment. 

SECTION 6.02. [Reserved]. 

SECTION 6.03. Subordination. Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantor
under Section 6.01 and all other rights of indemnity or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Guaranteed Obligations. No failure on the part of the Borrower
to make the payments required by Section 6.01 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations hereunder, and the
Guarantor shall remain liable for the full amount of its obligations hereunder. 
 ARTICLE VII 

Miscellaneous 

SECTION 7.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be
in writing and given as provided in Section 12.1 of the Credit Agreement. All communications and notices hereunder to the Guarantor shall be given to it in care of the Borrower as provided in Section 12.1 of the Credit Agreement. 

SECTION 7.02. Rights Absolute. All rights of the Administrative Agent hereunder and all obligations of the Guarantor
hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or
instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or any consent to any departure from
the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee of all or any of the Guaranteed Obligations, or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect of the Guaranteed Obligations or this Agreement. 

  
 4 

 SECTION 7.03. Survival of Agreement. All covenants, agreements,
representations and warranties made by the Credit Parties in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the Guaranteed Parties and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any Guaranteed Party or on
its behalf and notwithstanding that the Administrative Agent, the Issuing Lenders or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement,
and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or the aggregate L/C Obligations does not equal zero
and so long as the Commitments have not expired or terminated. 
 SECTION 7.04. Binding Effect; Several Agreement. This
Agreement shall become effective as to any Credit Party party hereto when a counterpart hereof executed on behalf of such Credit Party shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf
of the Administrative Agent, and thereafter shall be binding upon such Credit Party and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Credit Party, the Administrative Agent and
the other Guaranteed Parties and their respective successors and assigns, except that no Credit Party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be
void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Credit Party party hereto and may be amended, modified, supplemented, waived or released
with respect to such Credit Party without the approval of any other Credit Party and without affecting the obligations of any other Credit Party hereunder. 

SECTION 7.05. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor or the Administrative Agent that are contained in this Agreement shall bind and inure to the
benefit of their respective successors and assigns. 
 SECTION 7.06. Administrative Agent’s
Fees and Expenses; Indemnification. (a) The Guarantor agrees to pay upon demand to the Administrative Agent the amount of any and all reasonable and documented expenses, including the reasonable fees, disbursements and other charges of
one single firm of counsel and of any experts or agents, which the Administrative Agent may incur in connection with (i) the preparation and administration of this Agreement or in connection with any amendments, modifications or waivers of the
provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) the exercise, enforcement or protection of any of the rights of the Administrative Agent hereunder or (iii) the failure of the
Guarantor to perform or observe any of the provisions hereof. 

  
 5 

 (b) Without limitation of its indemnification obligations under the other Loan Documents,
the Guarantor agrees to indemnify the Administrative Agent and the other Indemnitees (as defined in Section 12.3 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including reasonable fees, charges and disbursements, of one single firm of counsel, and, to the extent necessary, a single firm of local counsel in each appropriate local jurisdiction (which may include a single special counsel
acting in multiple jurisdictions) and, in the case of an actual or perceived conflict of interest, a single firm of counsel for all affected Indemnitees, any actual or prospective claim, litigation, investigation or proceeding, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower, any other Credit Party or any of their respective Affiliates, and regardless of whether or not any Indemnitee is a party thereto, relating to, arising out of,
in connection with, or as a result of the execution, delivery or performance of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations
thereunder; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction by final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (ii) result from a claim brought by any Credit Party or any Subsidiary thereof against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if such Credit Party or any of its Subsidiaries has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction.
To the extent permitted by law, the Guarantor shall not assert, and the Guarantor hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of proceeds thereof. 

(c) Any such amounts payable as provided hereunder shall be additional Guaranteed Obligations hereunder. The provisions of this
Section 7.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Guaranteed
Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Guaranteed Party. All amounts due under this
Section 7.06 shall be payable on written demand therefor. 
 SECTION 7.07. [Intentionally Omitted]. 

SECTION 7.08. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 7.09. Waivers; Amendment. (a) No failure or delay by the Administrative Agent,
any Issuing Lender or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Lenders and the Lenders hereunder
and under the other Loan Documents are cumulative 

  
 6 

 
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Credit Party therefrom shall in
any event be effective unless the same shall be permitted by Section 7.09(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Credit Party in any
case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Credit Party or Credit Parties with respect to which such waiver, amendment or
modification is to apply, subject to any consent required in accordance with Section 12.2 of the Credit Agreement. 
 SECTION
7.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.11. Severability. In the event any one or more of the
provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.12. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 7.04. Delivery of an executed signature page to this Agreement
by facsimile transmission or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 7.13. Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

  
 7 

 SECTION 7.14. Jurisdiction; Consent to Service of Process.
(a) Each of the Credit Parties party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New
York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each of the Credit Parties party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 7.14(a). Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing in
this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 7.15. Termination. (a) This Agreement and the guarantee hereunder shall terminate when all the Obligations
have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the aggregate L/C Obligations have been reduced to zero and the Issuing Lenders have no further obligations to issue Letters of Credit
under the Credit Agreement and no payment of any amounts outstanding and due under any Hedge Agreement is in default. 
 (b) In connection
with any termination pursuant to Section 7.15(a), the Administrative Agent shall execute and deliver to the Guarantor, at the Guarantor’s expense, all documents that the Guarantor shall reasonably request to evidence such termination. Any
execution and delivery of documents pursuant to this Section 7.15 shall be without recourse to or representation or warranty by the Administrative Agent or any Guaranteed Party. 

SECTION 7.16. Additional Credit Parties. (a) Pursuant to Section 12.9(f) of the Credit Agreement,
the Borrower may designate certain Subsidiary Borrowers as additional borrowers under the Credit Agreement. The Administrative Agent may amend this Agreement to make any technical, administrative or operational changes related thereto that the
Administrative Agent, after consultation with the Borrower, decides may be appropriate. 
 (b) Pursuant to Section 8.7 of the Credit
Agreement, certain Subsidiaries may be required from to time to enter into a Subsidiary Guaranty Agreement or supplement thereto. The Administrative Agent may amend this Agreement to make any technical, administrative or operational changes related
thereto that the Administrative Agent, after consultation with the Borrower, decides may be appropriate. 
 [Remainder of this page
intentionally left blank] 

  
 8 

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

			
	CBRE SERVICES, INC.,
		
	By	 	            
	
	 /s/ Emma Giamartino

	Name: Emma Giamartino
	Title: Global Group President, Chief Financial Officer & Chief Investment Officer
	
	CBRE GROUP, INC.,
		
	By	 	            
	
	 /s/ Emma Giamartino

	Name: Emma Giamartino
	Title: Global Group President, Chief Financial Officer & Chief Investment Officer

 [Signature Page to Holdings Guaranty Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent 
		
	by	 	            
	
	 /s/ Brian Gilstrap

	 Name: Brian Gilstrap

	 Title: Senior Vice President

 [Signature Page to Holdings Guaranty Agreement] 

  
 3Exhibit 10.21

 

[***] = CERTAIN PERSONALLY IDENTIFIABLE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN OMITTED FROM THIS EXHIBIT
PURSUANT TO ITEM 601(A)(6) UNDER REGULATION S-K.

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this
 “Agreement”) is effective the later of May 1, 2019 or the date the Executive signs the Agreement (the “Effective
Date”), by and between JGMT, LLC, a Florida limited liability company (the “Company”), and Louis J. Barack
(the “Executive”). (Company and Executive are sometimes individually referred to herein as a “Party”
and collectively as the “Parties.”)

 

WHEREAS, the Executive was hired by the
Company on April 1, 2018.

 

WHEREAS, the Executive agrees
to continue to provide services for the benefit of the Company for the additional period provided herein, and the Company wishes to procure
such services as provided herein; and

 

NOW, THEREFORE, in consideration
of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

1.            Employment
Term. This Agreement shall become effective as of the Effective Date and Executive’s employment with the Company shall continue
in accordance with the terms of this Agreement until such employment is terminated pursuant to Section 4 hereof (the “Term”).

 

2.            Position
and Duties; Exclusive Employment; No Conflicts.

 

(a)            Position
and Duties; Exclusive Employment. During the Term, Executive shall serve as EVP of Business Development, reporting directly to the
Company’s Chief Executive Officer (the “CEO”), or the CEO’s designee (such designation to be made in writing),
and shall have such duties, authority, and responsibility as shall be assigned and determined from time to time by the CEO, or the CEO’s
designee, including duties and responsibilities for the Company, its current parent, Jushi Inc (“Parent”), any future
parent of the Company, and each of their current and future subsidiaries and affiliates (collectively referred to herein as the “Company
Group”). Executive acknowledges that Executive’s duties and responsibilities for Company Group shall include, but shall
not be limited to, identifying, strategizing and developing new business opportunities for the Company Group. Executive agrees to devote
Executive’s full business time and attention exclusively to the performance of Executive’s duties hereunder and in furtherance
of the business of Company Group. Executive also acknowledges that Executive’s position, title, duties and/or responsibilities
may change from time to time as needed and determined by the CEO and such change(s) shall not constitute a termination by the Company.
During the Employment term, Executive shall (i) perform Executive’s duties and responsibilities hereunder faithfully and to
the best of Executive’s abilities in a diligent manner and in accordance with the Company Group’s policies and applicable
law, (ii) use Executive’s commercially reasonable best efforts to promote the success of the Company Group, (iii) not
do anything, or permit anything to be done at Executive’s direction, that is intended to be inconsistent with Executive’s
duties to the Company Group or opposed to the best interests of the Company Group or which is a conflict of interest, in each case, subject
to applicable law, and (iv) not be or become an officer, director, manager, employee, advisor, or consultant of any business other
than that of the Company Group without prior written authorization from the CEO. Notwithstanding the foregoing, Executive may engage
in religious, charitable or other community activities as long as such services and activities do not interfere with Executive’s
performance of Executive’s duties to Company Group.

 

    

     

    

 

(b)            Principal
Office. Executive’s principal office will be located in Boca Raton, FL but Executive will be expected to travel extensively
on behalf of the Company.

 

(c)            No
Conflict. Executive represents and warrants to the Company that Executive has the capacity to enter into this Agreement, and that
the execution, delivery and performance of this Agreement by Executive will not violate any agreement, undertaking or covenant to which
Executive is party or is otherwise bound, including any obligations with respect to non-competition, non-solicitation, or proprietary
or confidential information of any other person or entity.

 

		3.	Compensation;
                                            Benefits.

 

(a)            Base
Salary. During the Employment Term, the Company shall pay to Executive an annual base salary of Two-Hundred Fifty Thousand and No/100
Dollars ($250,000) (as the same may be increased from time to time, the “Base Salary”), which shall be payable in
regular installments in accordance with the Company’s customary payroll practices and procedures or, at the Company’s election,
in cash, but in no event less frequently than monthly, and prorated for any partial year worked.

 

(b)            Anniversary
Bonus. During the Employment Term, the Company shall pay to Executive a bonus of Fifty Thousand and No/100 Dollars ($50,000.00) following
each continuous year of employment with the Company measured from the Executive’s date of hire (“Anniversary Date”),
such bonus is the “Anniversary Bonus”. As a condition of receipt of the Anniversary Bonus, the Executive must be employed
by the Company in a full-time and continuous manner through the Anniversary Date.

 

(c)            Welfare
Benefit Plans. During the Employment Term, Executive shall be eligible for participation in the welfare benefit plans, practices,
policies and programs (including, if applicable, medical, dental, disability, employee life, group life and accidental death insurance
plans and programs) maintained by the Company or its affiliates for Executives of the Company, subject in each instance to the terms
and conditions of such plans, practices, policies and programs.

 

(d)            Expenses.
During the Employment Term, Executive shall be entitled to reimbursement of all documented reasonable business expenses incurred by Executive
in accordance with the policies, practices and procedures of the Company applicable to employees of the Company, as in effect from time
to time. To the extent that any reimbursement of expenses under this Section 3(e) constitutes “deferred compensation”
under Section 409A of the Internal Revenue Code of 1986 and the regulations and guidance promulgated thereunder (as amended, the
 “Code” and such section of the Code, “Code Section 409A”), such reimbursement shall be provided
no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in
one year shall not affect the amount eligible for reimbursement in any subsequent year and the right to payment or reimbursement or in-kind
benefits hereunder may not be liquidated or exchanged for any other benefit.

 

    2

     

    

 

(e)            Vacation.
During the Employment Term, Executive shall be entitled to time off as needed, in accordance with the plans, policies, programs and practices
of the Company applicable to its employees, and, in each case, subject to the consent of the CEO.

 

(f)            Equity
Compensation. Executive shall be eligible to receive such equity- based compensation awards from the Parent at such time, in such
amounts and subject to such terms and conditions as the Parent’s board of directors (or the compensation committee of such board
of directors) may decide; provided, however, that all such equity-based compensation awards outstanding as of the closing date of a Change
in Control of the Company (as defined in Section 4(g)) shall become fully vested, exercisable and nonforfeitable immediately
upon closing of such Change in Control.

 

(g)            Withholding
Taxes. All forms of compensation paid or payable to Executive, whether under this Agreement or otherwise, are subject to reduction
to reflect applicable withholding and payroll taxes pursuant to any applicable law or regulation.

 

4.            Termination.
This Agreement and Executive’s employment with the Company may be terminated in accordance with any of the following provisions.

 

(a)            Termination
by the Company Without Cause. The Company may terminate Executive’s employment and this Agreement without Cause (as defined
in Section 4(g)) by providing written notice to the Executive at least fourteen (14) days prior to the effective date of
termination (the “Notice Period”). During the Notice Period, Executive shall continue to perform the duties of Executive’s
position and the Company shall continue to compensate Executive as set forth herein. Notwithstanding the foregoing, the Company will
have the option of requiring Executive to immediately vacate the Company’s premises and cease performing Executive’s duties
hereunder. If the Company so elects this option, then the Company will be obligated to compensate the Executive for the duration of the
Notice Period. In the event Company terminates Executive’s employment and this Agreement without Cause and Executive executes a
general release of all claims in a form prescribed by the Company and such Release becomes final, binding and irrevocable no more than
55 days after Executive’s termination of employment (“Release”), the Company shall pay Executive a one-time
lump sum payment equal to six (6) months of Executive’s Base Salary (the “Severance Payment”) within five
(5) business days after the expiration of the applicable revocation period with respect to such Release; provided that if Executive’s
employment is terminated on or after November 1 of any taxable year and prior to January 1 of the following taxable year, such
Severance Payment shall not be paid to Executive until the beginning of the taxable year following the taxable year in which Executive’s
employment is terminated but shall include all amounts that would otherwise have been paid to the Executive during the period beginning
on the date of the Executive's termination and ending on the Severance Payment date as if no delay had been imposed.

 

(b)            Termination
by Executive. Executive may terminate his employment and this Agreement by providing written notice to the Company at least thirty
(30) days prior to the effective date of termination (the “Notice Period”). During the Notice Period, Executive shall
continue to perform the duties of Executive’s position and the Company shall continue to compensate Executive as set forth herein.
Notwithstanding the foregoing, the Company will have the option of requiring Executive to immediately vacate the Company’s premises
and cease performing Executive’s duties hereunder. If the Company so elects this option, then the Company will be obligated
to compensate the Executive for the duration of the Notice Period.

 

    3

     

    

 

(c)            Termination
By the Company for Cause. The Company may terminate Executive’s employment and this Agreement for Cause, which shall be effective
upon delivery by the Company of written notice to Executive of such termination, subject to any cure period as required within the definition
of Cause.

 

(d)            Termination
Due to a Change in Control. If a Change in Control (as defined in Section 4(g)) occurs during the Employment Term, the
Executive’s employment shall be terminated, and if the Executive signs the Release (as defined in Section 4(a), the
Company shall pay to the Executive the Severance Payment (described in Section 4(a)) within five (5) business days after
the expiration of the applicable revocation period in the Release.

 

(e)            Death
of Executive. Executive’s employment and this Agreement shall terminate automatically upon the date of Executive’s death.

 

(f)            
Disability of Executive     This Agreement shall be terminated upon thirty (30) days’ written
notice by Company to Executive that Company has made a good faith determination that Executive has a Disability (as defined in Section 4(g)).

 

(g)            Definitions.
The terms set forth below have the following meanings, except where otherwise expressly indicated:

 

(i)            “Cause”
shall mean, with respect to Executive, one or more of the following: (i) commission of a felony or other crime involving moral
turpitude, including crimes related to compliance with applicable laws related to cannabis; provided, that for the sake of clarity,
no action or inaction by Executive that may be considered a violation of any U.S. federal law prohibiting the sale of cannabis
products shall be grounds for any termination by the Company for Cause, nor shall such action or inaction be a violation of this
Agreement for any reason; (ii) the commission of any act or omission involving moral turpitude, misappropriation, embezzlement,
dishonesty, or fraud; (iii) the commission of any act or omission which is significantly injurious to the Company Group,
monetarily; (iv) reporting to
work under the influence of alcohol or illegal drugs, or other conduct causing the Company Group public disgrace or disrepute or
significant economic harm, whether such conduct occurred in conjunction with the performance of Executive’s duties for the
Company Group, or otherwise; (v) willful and repeated failure to perform material duties as reasonably directed by the CEO
(other than as a result of illness or injury); (vi) any act or omission aiding or abetting a competitor, supplier or customer
of the Company Group to the disadvantage or detriment of the Company Group; (vii) breach of any applicable fiduciary duty with
respect to the Company Group, or gross negligence or willful misconduct; (viii) any other material breach of this Agreement or
(ix) material failure to comply with the Company’s material policies governing business ethics or code of conduct. The
Company shall provide twenty-one (21) days’ notice prior to terminating for Cause under clause (iii), (v), (viii) or
(ix) of this paragraph to provide the Executive with an opportunity to cure any act or omission constituting Cause pursuant to
such subsections (iii), (v), (viii) or (ix) of this paragraph, to the extent such act or omission is curable. In no event
shall the Executive have more than one cure opportunity with respect to the recurrence of the same or similar actions or inactions
constituting Cause.

 

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		(ii)	“Change
                                            of Control” means the occurrence of any one of the following:

 

(A)            
any one person (or more than one person acting as a group) other than any trustee or other fiduciary holding securities of the Parent
under an employee benefit plan of the Parent, an underwriter temporarily holding securities pursuant to an offering of such securities
or any corporation owned, directly or indirectly, by the stockholders of the Parent in substantially the same proportions as their ownership
of stock of the Parent, directly or indirectly acquires equity securities representing more than 50% of the combined voting power of
the Parent’s then outstanding equity securities;

 

(B)            the
consummation of a reorganization, merger, statutory share exchange, consolidation, amalgamation or similar corporate transaction (each,
a “Business Combination”) other than a Business Combination in which all or substantially all of the persons who were the
beneficial owners of the Parent’s voting securities immediately prior to such Business Combination beneficially own, directly or
indirectly, 50% or more of the combined voting power of the voting securities of the entity resulting from such Business Combination
(including, without limitation, an entity which as a result of the Business Combination owns the Parent or all or substantially all of
the Parent’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership
of the Parent’s voting securities immediately prior to such Business Combination; or

 

(C)            any
one person (or more than one person acting as a group) acquires all or substantially all of the assets of the Parent within any twelve
(12) consecutive month period.

 

Notwithstanding the forgoing, none of
the foregoing events shall constitute a Change of Control of the Parent unless such event also constitutes a change in ownership of the
Parent within the meaning of Treasury Regulation Section 1.409A- 3(i)(5)(v) or a change in ownership of a substantial portion
of the assets of the Parent within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii).

 

(iii)            “Disability”
means (i) the Executive has been incapacitated by bodily injury, illness or disease so as to be prevented thereby from engaging
in the performance of the Executive’s duties (provided, however, that the Company acknowledges its obligations to provide reasonable
accommodation to the extent required by applicable law); (ii) such total incapacity shall have continued for a period of six (6) consecutive
months; and (iii) such incapacity will, in the opinion of a qualified physician, be permanent and continuous during the remainder
of the Executive’s life.

 

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5.            Payments
of Accrued Obligations Upon Termination. In the event that Executive’s employment with the Company terminates for any reason,
the Company’s obligation to compensate Executive shall in all respects cease as of the date of termination, except that the Company
shall pay to Executive through the date of termination (i) any accrued but unpaid Base Salary, (ii) any payments Executive
is entitled to receive pursuant to Section 4, or (iii) any rights or payments that are vested benefits or that Executive
is otherwise entitled to receive at or subsequent to the date of termination of employment under any benefit plan or any other contract
or agreement with the Company, which shall be payable in accordance with the terms of such benefit plan, contract or agreement, except
as explicitly modified by this Agreement, including, without limitation, any of Executive’s business expenses that are reimbursable,
but have not been reimbursed as of the date of termination of employment (the “Accrued Obligations”). The Company
shall pay to Executive (or to Executive’s estate in the event of Executive’s death), the Accrued Obligations (other than
the Severance Payments described in Section 4(a) and (b)) within thirty (30) days after the date of termination of Executive’s
employment with the Company.

 

6.            
Non-Disclosure of Confidential Information.

 

(a)            Confidential
Information. Executive acknowledges that in the course of Executive’s employment with the Company, Executive will be provided
with, have access to, access, use, and develop Confidential Information (as defined herein) of the Company Group. For purposes of this
Agreement, “Confidential Information” shall mean and include all information, whether written or oral, tangible or
intangible (in any form or format), of a private, secret, proprietary or confidential nature, of or concerning the Company Group or the
business or operations of the Company Group, including without limitation: any trade secrets or other confidential or proprietary information
which is not publicly known or generally known in the industry; the identity, background, and preferences of any current or prospective
clients, investors, distributors, suppliers, vendors, referral sources, and business affiliates; pricing and financial information; current
and prospective client, investor, distributor, supplier, or vendor lists and leads; proposals with prospective clients, investors, distributors,
suppliers, vendors, or business affiliates; contracts with clients, investors, distributors, suppliers, vendors or business affiliates;
marketing plans; brand standards guidelines; proprietary computer software and systems; marketing materials and information; operating
and business plans and strategies; research and development; policies and manuals; personnel information of employees that is private
and confidential; any information related to the compensation of employees, consultants, agents or representatives of Company Group;
sales and financial reports and forecasts; any information concerning any product, technology or procedure employed by Company Group
but not generally known to its current or prospective clients, investors, distributors, suppliers, vendors or competitors, or under development
by or being tested by Company Group; any inventions, innovations or improvements covered by Section 9 hereof; and information
concerning planned or pending acquisitions or divestitures. Notwithstanding the foregoing, the term Confidential Information shall not
include information which (A) becomes available to Executive from a source other than Company Group or from third parties with whom
Company Group is not bound by a duty of confidentiality, or (B) becomes generally available or known in the industry other than
as a result of its disclosure by Executive.

 

(i)            During
the course of Executive’s employment with Company, Executive agrees to use Executive’s commercially reasonable best efforts
to maintain the confidentiality of the Confidential Information, including adopting and implementing all reasonable procedures prescribed
by Company Group to prevent unauthorized use of Confidential Information or disclosure of Confidential Information to any unauthorized
person.

 

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(ii)            Executive
agrees that all Confidential Information shall be Company Group’s sole property during and after Executive’s employment with
Company. Executive agrees that Executive will not remove any hard copies of Confidential Information from Company Group’s premises,
will not download, upload, or otherwise transfer copies of Confidential Information to any external storage media or cloud storage (except
as necessary in the performance of Executive’s duties for Company Group and for Company Group’s sole benefit), and will not
print hard copies of any Confidential Information that Executive accesses electronically from a remote location (except as necessary
in the performance of Executive’s duties for Company Group and for Company Group’s sole benefit).

 

(iii)            Other
than as contemplated in Section 6(a)(iv) below, in the event that Executive becomes legally obligated to disclose any
Confidential Information to anyone other than to Company Group, Executive will provide Company with prompt written notice thereof so
that Company may seek a protective order or other appropriate remedy and Executive will cooperate with and assist Company in securing
such protective order or other remedy. In the event that such protective order is not obtained, or that Company waives compliance with
the provisions of this Section 6(a)(iii) to permit a particular disclosure, Executive will furnish only that portion
of the Confidential Information which Executive is legally required to disclose.

 

(iv)            Executive
agrees to execute and abide by the terms of the Company’s Proprietary Rights Agreement, attached as Appendix A

 

(v)            Nothing
in this Agreement shall be construed to prohibit Executive from: filing a charge or participating in any investigation or proceeding
conducted by any federal, state or local government agency charged with enforcement of any law; reporting possible violations of any
law, rule or regulation to any governmental agency or entity charged with enforcement of any law, rule or regulation; or making
other disclosures that are protected under whistleblower provisions of any law, rule or regulation. Executive acknowledges that
an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that is: (A) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an
attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (B) made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive further acknowledges that an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney
of the individual and use the trade secret information in the court proceeding, if the individual: (1) files any document containing
the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.

 

(b)            Restrictions
On Use And Disclosure Of Confidential Information. At all times during Executive’s employment with the Company and after Executive’s
employment with Company terminates, regardless of the reason for termination, Executive agrees: (i) not to use, permit use of, discuss,
disclose, transfer, or disseminate in any manner any Confidential Information, except as necessary in the performance of Executive’s
duties for Company Group and for Company Group’s sole benefit; (ii) not to make, or cause to be made, copies (in any form
or format) of the Confidential Information, except as necessary in the performance of Executive’s duties for Company Group and
for Company Group’s sole benefit; and (iii) to promptly and fully advise the Company of all facts known to Executive concerning
any actual or threatened unauthorized use of the Confidential Information or disclosure of the Confidential Information to any unauthorized
person about which Executive becomes aware. The restrictions contained in this Section 6(b) also apply to Confidential
Information developed by Executive during Executive’s employment with the Company, which are related to the Company Group or to
the Company Group’s successor or assigns, as such information is developed for the benefit of and ownership of the Company Group
and all rights and privileges to such information or derivative works, including but not limited to trademarks, patents and copyrights
remain with the Company Group.

 

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(c)            Third
Party Information. Executive acknowledges that during the course of Executive’s employment with the Company, Executive may
receive or have access to, confidential or proprietary information belonging to third parties (“Third Party Information”).
During the Employment Term and thereafter, Executive agrees: (i) to hold the Third Party Information in the strictest confidence,
take all reasonable precautions to prevent the inadvertent disclosure of the Third Party Information to any unauthorized person, and
follow all of the Company’s policies regarding protecting the Third Party Information; (ii) not to use, permit use of, discuss,
disclose, transfer, or disseminate in any manner any Third Party Information, except as necessary in the performance of Executive’s
duties for Company Group; (iii) not to make, or cause to be made, copies (in any form or format) of the Third Party Information,
except as necessary in the performance of Executive’s duties for Company Group or as compelled by subpoena or other legal order
or process; and (iv) to promptly and fully advise the Company of all facts known to Executive concerning any actual or threatened
unauthorized use of the Third Party Information or disclosure of the Third Party Information to any unauthorized person about which Executive
becomes aware.

 

(d)            Return
of Confidential Information and Property. Upon termination of Executive’s employment with the Company, notwithstanding the
reason or cause of termination, and at any other time upon written request by the Company, Executive shall promptly return to the Company
all originals, copies, or duplicates, in any form or format (whether paper, electronic or other storage media), of the Confidential Information
and the Third Party Information, as well as any and all other documents, computer discs, computer data, equipment, and property of the
Company Group (including, but not limited to, cell phones, credit cards, and laptop computers if they have been provided to Executive),
relating in any way to the business of the Company Group or in any way obtained by Executive during and in the course of Executive’s
employment with the Company. Executive further agrees that after termination of Executive’s employment with the Company, Executive
shall not knowingly retain any copies, notes, or abstracts in any form or format (whether paper, electronic or other storage media) of
the Confidential Information, the Third Party Information, or other documents or property belonging to the Company Group.

 

		7.	Non-Competition;
                                            Non-Solicitation.

 

(a)            Non-Competition.
Executive acknowledges the highly competitive nature of Company Group’s business and, in consideration of Executive’s employment
with the Company, access to the Confidential Information, the payment of the Base Salary, grant of equity-based compensation awards,
eligibility for Severance Payment pursuant to Section 4(a) or (b) and other benefits by Company to Executive pursuant
to the terms hereof (which Executive acknowledges is sufficient to justify the restrictions contained herein), Executive agrees that
during the Employment Term and for six (6) months the date of termination of Executive’s employment with Company for any reason
(the “Restricted Period”), Executive will not engage, directly or indirectly, as a principal, officer, agent, employee,
director, member, partner, stockholder (other than as the passive holder of less than five percent (5%) of the outstanding stock of a
publicly- traded corporation), independent contractor, or through the investment of capital, lending of money or property, rendering
of consulting services or advice, or in any other capacity, whether with or without compensation or other remunerations, in the Restricted
Business (as hereinafter defined) anywhere within the anywhere within the Restricted Area (as hereinafter defined). For purposes of this
Agreement, the “Restricted Area” is any country, state, province, county, or city in which Company Group conducts
the Restricted Business as of the date of termination of Executive’s employment with Company or conducted the Restricted Business
within the one-year period prior to the date of termination of Executive’s employment with the Company. For purposes of this Agreement,
 “Restricted Business” shall mean the business of cultivating, manufacturing, processing, packaging, purchasing, distributing,
dispensing, and selling cannabis and hemp products.

 

    8

     

    

 

(b)            Non-Solicitation
of Clients, Investors, Distributors, Vendors, and Suppliers. Executive agrees that during the Employment Term and for two (2) years
from the date of termination of Executive’s employment with Company for any reason, including upon expiration of the Employment
Term, Executive shall not, for Executive’s own benefit or on behalf of any other person or entity (other than the Company Group),
directly or indirectly through another person or entity: (i) contact, solicit, or communicate with any existing or prospective client,
investor, distributor, vendor, or supplier of the Company Group for the purpose of encouraging, causing, or inducing the client, investor,
distributor, vendor, or supplier to cease or reduce doing business with the Company Group; (ii) divert opportunities related to
the Restricted Business to some person or entity engaged in any part of the Restricted Business (other than for the Company Group); (iii) contact,
solicit, or communicate with any existing or prospective client, investor, distributor, vendor, or supplier of the Company Group for
the purpose of providing the client, investor, distributor, vendor, or supplier with products or services competitive with those products
or services provided by the Company Group; or (iv) aid or assist any other person, business, or entity to do any of the aforesaid
prohibited acts. The restriction created by this Section 7(b) is limited to existing and prospective clients, investors,
distributors, vendors, and suppliers of the Company Group with whom Executive had material contact or business dealings during Executive’s
employment with the Company.

 

(c)            Non-Solicitation
of Employees, Consultants, and Independent Contractors. Executive agrees that during the Employment Term and for two (2) years
from the date of termination of Executive’s employment with Company for any reason, including upon expiration of the Employment
Term, Executive will not, directly or indirectly (in any capacity, on Executive’s own behalf or on behalf of any other person or
entity): (i) solicit, request, induce or encourage any employees, consultants, or independent contractors of the Company Group to
terminate their employment, to cease to be engaged by the Company Group, and/or to terminate or reduce their business relationship with
the Company Group; or (ii) hire, employ, or offer to hire or employ any employee, consultant, or independent contractor of
the Company Group (other than for the Company Group).

 

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(d)            Scope
of Restrictive Covenants. Company and Executive recognize and agree that the Company Group conducts business operations and generates
revenues from clients throughout the Restricted Area. Executive acknowledges that the Company Group would be greatly damaged if Executive
took action that would violate the restrictive covenants of this Section 7 anywhere in the Restricted Area. Accordingly,
Company and Executive agree that the restrictive covenant provisions contained in this Section 7 are applicable to the Restricted
Area, and Executive shall be prohibited from violating the terms of this Section 7 from any location anywhere in the Restricted
Area. The Parties acknowledge and agree that the scope of the restrictive covenants in this Section 7 shall not prevent Executive
from engaging in the practice of law in the Restricted Business or otherwise.

 

(e)            Reasonableness
of Restrictive Covenants. Executive agrees and acknowledges that to assure the Company that the Company Group will retain the value
of its operations, it is necessary that the Executive abide by the restrictions set forth in this Agreement. Executive further agrees
and acknowledges that during the Employment Term, Executive will be engaged in, obtain Confidential Information about, and have operational
duties and responsibilities in connection with, all aspects of the Restricted Business. Executive further agrees that the promises made
in this Agreement are reasonable and necessary for protection of the Company Group’s legitimate business interests including, but
not limited to: the Confidential Information; client good will associated with the specific marketing and trade area in which the Company
Group conducts its business; the Company Group’s substantial relationships with prospective and existing clients, investors, distributors,
vendors, and suppliers; and a productive and competent and undisrupted workforce. Executive agrees that the restrictive covenants in
this Agreement will not prevent Executive from earning a livelihood in Executive’s chosen business, they do not impose an undue
hardship on Executive, and that they will not injure the public.

 

(f)            Tolling
of Restrictive Period. The time period during which Executive is to refrain from the activities described in Section 7
of this Agreement will be extended by any length of time during which Executive is in breach of any provision of this Agreement. The
Executive acknowledges that the purposes and intended effects of the restrictive covenants would be frustrated by measuring the period
of the restriction from the date of termination of Executive’s employment where the Executive failed to honor the restrictive covenant
until required to do so by court order.

 

8.            Non-Disparagement.
Executive agrees that at all times during and after the Employment Term, Executive will not engage in any conduct that is injurious to
the reputation or interests of the Company Group, including, but not limited to, making disparaging comments (or inducing or encouraging
others to make disparaging comments) about the Company Group, any of the shareholders, members, directors, officers, employees, investors,
or agents of the Company Group, or the Company Group’s operations, financial condition, prospects, products or services. However,
nothing in this Agreement shall prohibit Executive from: exercising protected rights under Section 7 of the National Labor Relations
Act; filing a charge with or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer any
law, rule, or regulation; testifying truthfully in any forum or before any government agency responsible for enforcing any law, rule,
or regulation; reporting possible violations of any law, rule or regulation to any governmental agency or entity charged with enforcement
of any law, rule or regulation; or making other disclosures that are protected under whistleblower provisions of any law, rule or
regulation.

 

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		9.	Intellectual
                                            Property.

 

(a)            Work
Product Owned By Company. Executive agrees that the Company or the applicable member of the Company Group (each individually the
 “Assigned Party”) is and will be the sole and exclusive owner of all ideas, inventions, discoveries, improvements,
designs, plans, methods, works of authorship, deliverables, writings, brochures, manuals, know-how, method of conducting its business,
policies, procedures, products, processes, software, or any enhancements, or documentation of or to the same and any other work product
in any form or media that Executive makes, works on, conceives, or reduces to practice, individually or jointly with others, in the course
of Executive’s employment for the Assigned Party and with the use of the Assigned Party’s time, materials or facilities,
and is in any way related or pertaining to or connected with the present or anticipated business, products or services of the Assigned
Party whether produced during normal business hours or on personal time (collectively, “Work Products”).

 

(b)            Definition
of Intellectual Property. “Intellectual Property” means any and all (i) copyrights and other rights
associated with works of authorship, (ii) trade secrets and other confidential information, (iii) patents, patent
disclosures and all rights in inventions (whether patentable or not), (iv) trademarks, trade names, Internet domain names,
and registrations and applications for the registration thereof together with all of the goodwill associated therewith, (v) all
other intellectual and industrial property rights of every kind and nature throughout the world and however designated, whether
arising by operation of law, contract, license, or otherwise, and (vi) all registrations, applications, renewals,
extensions, continuations, divisions, or reissues thereof now or hereafter in effect.

 

(c)            Assignment.
Executive acknowledges Executive’s work and services provided for the Assigned Party and all results and proceeds thereof, including,
the Work Products, are works done under Company Group’s direction and control and have been specially ordered or commissioned by
the Company Group. To the extent the Work Products are copyrightable subject matter, they shall constitute “works made for hire”
for the Company Group within the meaning of the Copyright Act of 1976, as amended, and shall be the exclusive property of the Assigned
Party. Should any Work Product be held by a court of competent jurisdiction to not be a “work made for hire,” and for any
other rights, Executive hereby assigns and transfers to Assigned Party, to the fullest extent permitted by applicable law, all right,
title, and interest in and to the Work Products, including but not limited to all Intellectual Property pertaining thereto, and in and
to all works based upon, derived from, or incorporating such Work Products, and in and to all income, royalties, damages, claims and
payments now or hereafter due or payable with respect thereto, and in and to all causes of action, either in law or in equity for past,
present, or future infringement. Executive hereby waives and further agrees not to assert Executive’s rights known in various jurisdictions
as moral rights and grants the Company Group the right to make changes, as the Company Group deems necessary, in the Work Products.

 

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(d)            License
of Intellectual Property Not Assigned. Notwithstanding the above, should Executive be deemed to own or have any Intellectual Property
that is used, embodied, or reflected in the Work Products, Executive hereby grants to the Company Group, its successors and assigns,
the non-exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple
levels of sublicenses, to use, reproduce, publish, create derivative works of, market, advertise, distribute, sell, publicly perform
and publicly display and otherwise exploit by all means now known or later developed the Work Products and Intellectual Property.

 

(e)            Maintenance;
Disclosure; Execution; Attorney-In-Fact. Executive will, at the request and cost of the Assigned Party, sign, execute, make and do
all such deeds, documents, acts and things as the Assigned Party and their duly authorized agents may reasonably require to apply for,
obtain and vest in the name of the Assigned Party alone (unless the Assigned Party otherwise directs) letters patent, copyrights or other
analogous protection in any country throughout the world and when so obtained or vested to renew and restore the same. In the event the
Assigned Party is unable, after reasonable effort, to secure Executive’s signature on any letters patent, copyright or other analogous
protection relating to a Work Product, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever,
Executive hereby irrevocably designates and appoints the Assigned Party and its duly authorized officers and agents as Executive’s
agent and attorney-in-fact (which designation and appointment shall be (i) deemed coupled with an interest and (ii) irrevocable,
and shall survive Executive’s death or incapacity), to act for and in Executive’s behalf and stead to execute and file any
such application or applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent,
copyright or other analogous protection thereon with the same legal force and effect as if executed by Executive.

 

(f)            Executive’s
Representations Regarding Work Products. Executive represents and warrants that all Work Products that Executive makes, works on,
conceives, or reduces to practice, individually or jointly with others, in the course of performing Executive’s duties for Assigned
Party under this Agreement are (i) original or an improvement of the Assigned Party’s prior Work Products and (ii) do
not include, copy, use, or infringe any Intellectual Property rights of a third party.

 

10.            Cooperation.
During the Employment Term and thereafter, Executive will cooperate with all reasonable requests by the Company Group for assistance
in connection with any investigations or legal proceedings involving the Company Group, including by providing truthful testimony in
person in any such legal proceedings without having to be subpoenaed; provided, however, that the foregoing shall not apply to any investigation
or legal proceeding involving disputes between Executive and the Company Group arising under this Agreement or any other agreement.

 

11.            Severability;
Independent Covenants. If any term or provision of this Agreement shall be determined by a court of competent jurisdiction to be
illegal, invalid or unenforceable for any reason, the remaining provisions of this Agreement shall remain enforceable and the invalid,
illegal or unenforceable provisions shall be modified so as to be valid and enforceable and shall be enforced as modified; provided,
that no severance shall be effective if it materially changes the economic benefit of this Agreement to either party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate, in good faith,
a legal, valid and enforceable substitute provision which most nearly effects, to the extent possible, the same economic, business or
other purposes of the invalid, illegal or unenforceable provision. If, moreover, any part of this Agreement is for any reason held too
excessively broad as to time, duration, geographic scope, activity, or subject, it is the intent of the parties that this Agreement shall
be judicially modified by limiting or reducing it so as to be enforceable to the extent compatible with the applicable law. Except as
otherwise provided in this Agreement, the existence of any claim or cause of action of Executive against the Company Group (or against
any member, shareholder, director, officer, or employee thereof), whether arising out of the Agreement or otherwise, shall not constitute
a defense to: (i) the enforcement by the Company Group of any of the restrictive covenants contemplated by this Agreement; or (ii) the
Company Group’s entitlement to remedies hereunder. Executive’s obligations under this Agreement are independent of any of
the Company Group’s obligations to the Executive.

 

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12.            Remedies
for Breach. Executive acknowledges and agrees that it would be difficult to measure the damages to the Company Group from any breach
or threatened breach by Executive of this Agreement, including but not limited to Sections 6, 7, 8 or 9 hereof; that injury
to the Company Group from any such breach would be irreparable; and that money damages would therefore be an inadequate remedy for any
such breach. Accordingly, Executive agrees that if Executive breaches or threatens to breach any of the promises contained in this Agreement,
the Company Group shall, in addition to all other remedies it may have (including monetary remedies), be entitled to seek an injunction
and/or equitable relief, on a temporary or permanent basis, to restrain any such breach or threatened breach without showing or proving
any actual damage to the Company Group. Nothing herein shall be construed as a waiver of any right the Company Group may have or hereafter
acquire to pursue any other remedies available to it for such breach or threatened breach, including recovery of damages from Executive.

 

13.            Attorneys’
Fees and Costs. In any action brought to enforce or otherwise interpret any provision of this Agreement, the prevailing party shall
be entitled to recover reasonable attorneys’ fees and costs from the non-prevailing party to the action or proceeding, including
through settlement, judgment and/or appeal.

 

14.            Assignment;
Third-Party Beneficiaries. The rights of the Company under this Agreement may, without the consent of Executive, be assigned by the
Company to (i) any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise,
directly or indirectly, acquires all or substantially all of the Company’s stock or assets, or (ii) any affiliate or future
affiliate of the Company, and such assignment by Company pursuant to this Section 14 shall automatically, and without any
further action required by the Parties, relieve the assignor Company (and discharge and release the assignor Company) from all obligations
and liabilities under or related to this Agreement (all such obligations and/or automatically liabilities assumed by the assignee Company).
This Agreement shall be binding upon and inure to the benefit of any successor or assigns of Company. Executive may not assign this Agreement
without the written consent of the Company. Executive agrees that each member of the Company Group is an express third-party beneficiary
of this Agreement, and this Agreement, including the restrictive covenants and other obligations set forth in Sections 6, 7, 8, 9,
and 10 hereof, are for each such member’s benefit. Executive expressly agrees and consents to the enforcement of this
Agreement, including but not limited to the restrictive covenants and other obligations in Sections 6, 7, 8, 9, and 10
hereof, by any member of the Company Group as well as by the Company Group’s future affiliates, successors and/or assigns.

 

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15.            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without giving effect
to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other
than the State of Florida.

 

16.            Jurisdiction;
Venue. The Parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of any state or federal court sitting
in Palm Beach County, Florida over any suit, action or proceeding arising out of or relating to this Agreement. Service of any process,
summons, notice or document by U.S. registered mail sent to the address of any Party for receipt of notices hereunder as provided in
Section 23 hereof shall be effective service of process for any action, suit or proceeding brought against such Party in
any such court. The Parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action
or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. A final judgment in any suit, action or proceeding brought in any such court shall be conclusive and binding
upon the Parties and may be enforced in any other courts to whose jurisdiction a Party is or may be subject, by suit upon such judgment.

 

17.            Mutual
Waiver of Jury Trial. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND A TRIAL BY JURY FOR
ANY CAUSE OF ACTION, CLAIM, RIGHT, ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIP
OF THE PARTIES. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING FROM ANY SOURCE, INCLUDING BUT NOT LIMITED
TO THE CONSTITUTION OF THE UNITED STATES, THE CONSTITUTION OF ANY STATE, COMMON LAW OR ANY APPLICABLE STATUTE OR REGULATION. EACH PARTY
HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

 

18.            Waiver.
No waiver of any breach or other rights under this Agreement shall be deemed a waiver unless the acknowledgment of the waiver is in writing
executed by the Party committing the waiver. No waiver shall be deemed to be a waiver of any subsequent breach or rights. All rights
are cumulative under this Agreement. The failure or delay of the Company at any time or times to require performance of, or to exercise
any of its powers, rights or remedies with respect to any term or provision of this Agreement or any other aspect of Executive’s
conduct or employment in no manner (except as otherwise expressly provided herein) shall affect the Company’s right at a later
time to enforce any such term or provision.

 

19.            Survival.
Executive’s post-termination obligations and the Company Group’s post- termination rights under Sections 6 through
19 of this Agreement shall survive the termination of this Agreement and the termination of Executive’s employment with
the Company regardless of the reason for termination, including upon expiration of the Employment Term; shall continue in full force
and effect in accordance with their terms; and shall continue to be binding on the parties.

 

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20.            Independent
Advice. Executive acknowledges that the Company has provided Executive with a reasonable opportunity to obtain independent legal
advice with respect to this Agreement and, particularly, to understand and acknowledge the restrictions being placed on Executive pursuant
to Sections 6-13 of this Agreement, and that Executive has had such independent legal advice prior to executing this Agreement.

 

21.            Entire
Agreement. This Agreement constitutes the entire understanding of the Parties relating to the subject matter hereof and supersedes
all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to
the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled
and terminated.

 

22.            Amendment.
This Agreement may not be amended, supplemented or modified in whole or in part except by an instrument in writing signed by the Party
or Parties against whom enforcement of such amendment, supplement, or modification is sought.

 

23.            Notices.
Any notice, request or other document required or permitted to be given under this Agreement shall be in writing and shall be deemed
given: (a) upon delivery, if delivered by hand; (b) three business (3) days after the date of deposit in the mail, postage
prepaid, if mailed by certified U.S. mail; or (c) on the next business day, if sent by prepaid overnight courier service. If not
personally delivered by hand, notice shall be sent using the addresses set forth below or to such other address as either party may designate
by written notice to the other:

 

If to the Executive: at the Executive’s
most recent address on the records of the Company.

 

If to the Company, to:

 

JGMT, LLC

1800 NW Corporate Blvd., Suite 200

Boca Raton, FL 33431

Attn: Chief Executive Officer

 

24.            Code
Section 409A Compliance. It is intended that the provisions of this Agreement are either exempt from or comply with the terms
and conditions of Code Section 409A, and to the extent that the requirements of Code Section 409A are applicable thereto, all
provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code
Section 409A. Notwithstanding the foregoing, the Company shall have no liability with regard to any failure to comply with Code
Section 409A. If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A,
each installment shall be treated as a separate payment. Notwithstanding anything herein to the contrary or otherwise, except to the
extent any expense, reimbursement or in-kind benefit provided pursuant to this Section does not constitute a “deferral of
compensation” within the meaning of Code Section 409A and the regulations and other guidance thereunder: (i) the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year; (ii) the reimbursements
for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred; and (iii) the right to payment or reimbursement or in-kind benefits
hereunder may not be liquidated or exchanged for any other benefit.

 

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		25.	Excess
                                            Parachute Excise Tax.

 

(a)            If
any payment or other benefit (including any acceleration of vesting) Executive would receive in connection with a Change in Control (the
 “Benefit”) would (i) constitute a “parachute payment” within the meaning of Code Section 280G,
and (ii) but for this sentence, be subject to the excise tax under Section 4999 (the “Excise Tax”), then
the Benefit shall be reduced to the largest portion of the Benefit that would result in no portion of the Benefit being subject to the
Excise Tax unless the value of the Benefit that Executive would retain without regard to such reduction after taking into account all
applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal
rate),notwithstanding that all or some portion of the Benefit may be subject to the Excise Tax (the “Non-Reduced After-Tax Benefit”),
exceeds the value of the Benefit that Executive would retain after taking into account the reduction in this sentence and after taking
into account all applicable federal, state, and local employment taxes and income taxes (all computed at the highest applicable marginal
rate) (the “Reduced After-Tax Benefit”). If a reduction in the Benefits is necessary, the reduction in Benefits shall
occur in the following order unless Executive elects in writing a different order (provided, however, that such election
shall be subject to the Company’s approval if made on or after the date on which the event that triggers the Benefit occurs and
to the extent that such election does not violate Code Section 409A): reduction of cash payments; cancellation of accelerated vesting
of stock awards; reduction of employee benefits. In the event that accelerated vesting of stock awards is to be reduced, such accelerated
vesting shall be cancelled in the reverse order of the grant date of Executive’s stock awards unless Executive elects in writing
a different order for cancellation.

 

(b)            The
accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control
shall perform any calculations necessary in connection with this Section 25. If the accounting firm so engaged by the Company
is serving as accountant or auditor for the individual, entity, or group effecting the Change in Control, the Company shall appoint another
qualified accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder.

 

(c)            The
accounting firm engaged to make the determinations under this Section 25 shall provide its calculations, together with detailed
supporting documentation, to Executive and the Company within 15 calendar days after the date on which Executive’s right to a Benefit
is triggered (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company. If
the accounting firm determines that no Excise Tax is payable with respect to a Benefit, it shall furnish Executive and the Company with
an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Benefit. Any good faith determinations
of the accounting firm made hereunder shall be final, binding, and conclusive upon Executive and the Company, except as set forth below.

 

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(d)            If,
notwithstanding any reduction described in this Section 25, the Internal Revenue Service (“IRS”) makes
a final determination (after exhaustion of all appeal rights) that Executive has received additional payments or benefits that would
subject Executive to the Excise Tax (or, if applicable, additional Excise Tax), then (i) the Executive’s Benefits, Non-Reduced
After-Tax Benefits and Reduced After-Tax Benefits (each as defined in Section 25(a)) shall be recalculated to take into account
such additional payments and benefits and (ii) (A) if the Reduced After-Tax Benefit equals or exceeds the Non-Reduced After-Tax
Benefit (as recalculated), Executive shall be obligated to pay back to the Company, within 30 days after a final IRS determination, or,
in the event Executive challenges the final IRS determination, within 30 days after a final judicial determination, the minimum amount
necessary to reduce the Excise Tax to $0 or (B) if the Reduced After-Tax Benefit does not exceed the Non-Reduced After-Tax Benefit,
the Company shall pay to the then the Company shall pay to Executive those Benefits that were previously reduced pursuant to Section 25(a) within
30 days after Executive notifies the Company in writing of such final IRS determination, or, final judicial determination (as applicable).

 

26.            Counterparts;
Electronic Transmission; Headings. This Agreement may be executed in counterparts, each of which shall be deemed an original, including
an electronic copy or facsimile, but both of which taken together shall constitute one and the same instrument. The headings used herein
are for ease of reference only and shall not define or limit the provisions hereof.

 

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

 

	 	COMPANY:
	 	 
	 	JGMT, LLC
	 	 
	 	By:	/s/ James Cacioppo
	 	 
	 	Print Name: 	James Cacioppo
	 	 
	 	Title:	CEO and Chairman            
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Louis J. Barack
	 	Louis J. Barack 

    

    Address:
	 	 
	 	[***]
	 	 
	 	[***]
	 	 
	 	 

 

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Appendix A

 

PROPRIETARY RIGHTS AGREEMENT

 

Schedule and exhibits to this Exhibit omitted
pursuant to Regulation S-K Item 601(b)(10)(iv). Jushi Holdings Inc. agrees to furnish supplementally a copy of any omitted schedule or
exhibit to the SEC upon request.

 

    18

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