Document:

Exhibit 10.15

 

Jushi
Holdings Inc.

Stock Option Grant Notice

 

Jushi Holdings Inc. (the “Company”),
under its Amended 2019 Equity Incentive Plan (the “Plan”), hereby grants to Optionholder an option (the “Option”)
to purchase the number of subordinate voting shares of the Company’s common stock (the “Shares”) set
forth below, subject to and conditioned upon shareholder approval of the Company’s adoption of the Plan. This Option is subject
to all of the terms and conditions as set forth in this notice (the “Grant Notice”), in the Option Agreement
and in the Plan, both of which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined
in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between
the terms in the Option Agreement and the Plan, the terms of the Plan will control.

 

	Optionholder:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of Shares Subject
    to Option:	 	 
	Exercise Price (Per Share):	 	 
	Total Exercise Price:	 	 
	Expiration Date:	 	10
    years after grant date

 

	Type
  of Grant:	x Incentive
  Stock Option          ̈ Nonstatutory
  Stock Option

 

Exercise
Schedule:      Options are exercisable at any time following
vesting until the end of the Term.

 

Vesting Schedule:

 

One-fourth of the Options shall immediately be
vested as of the Date of Grant, and the remaining Options shall vest one-fourth and shall cease to subject to a substantial risk of forfeiture
on the each of the end of the second, third and fourth quarters of _____ (each such anniversary a “Vesting Date”), provided
that the Optionholder remains in Continuous Service through such Vesting Date. Any fractional share will be rounded down to the nearest
whole Share.

 

		Payment:	By
                                            one or a combination of the following items:

 

		•	By
                                            cash, check, bank draft, electronic funds or wire transfer, or money order payable to the
                                            Company; or

 

		•	By
                                            a “net exercise” arrangement, whereby Shares that would otherwise be issued on
                                            exercise will be deemed exercised but then immediately tendered back to the Company.

 

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the Option
Agreement and the Plan.

 

     

     

    

 

As of the Date of Grant, this Grant Notice, the
Option Agreement and the Plan set forth the entire understanding between Optionholder and the Company regarding the Option and supersede
all prior oral and written agreements with respect to the Option. By accepting the Option, Optionholder consents to receive documents
governing the Option by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company from time to time.

 

*      *     
*

 

	Jushi
    Holdings Inc.	 	Optionholder:
	 	 	 
	By:	 	 	By:	 
	Signature	 	Signature
	Name: 	 	 	Name: 	 
	Title:	 	 	Date:	 
	Date:	 	 	 

 

Attachments:
Option Agreement, Amended 2019 Equity Incentive Plan

 

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Jushi
Holdings Inc.

Option Agreement

 

Pursuant to your Stock Option
Grant Notice (the “Grant Notice”) and this Option Agreement (this “Option Agreement”),
Jushi Holdings Inc. (the “Company”) has granted you an option (the “Option”) under
its Amended 2019 Equity Incentive Plan (the “Plan”) to purchase the number of subordinate voting shares of
the Company’s common stock (the “Shares”) indicated in your Grant Notice at the exercise price indicated
in your Grant Notice.

 

1.            Vesting.
The Option will vest as provided in your Grant Notice. Vesting will cease, in all events, on
the termination of your Continuous Service after taking into account any acceleration that occurs on your termination.

 

2.            Number
of Shares and Exercise Price. The number of Shares subject to the Option and the exercise price
per Share in your Grant Notice will be adjusted for Capitalization Adjustments as provided in the Plan.

 

3.            Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation
under the United States Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and
except as otherwise provided in the Plan, you may not exercise your Option until you have completed at least six months of Continuous
Service measured from the Date of Grant, even if you have already been an employee for more than six months. Consistent with the provisions
of the Worker Economic Opportunity Act, you may exercise the Option as to any vested portion prior to such six month anniversary in the
case of (i) your death or Disability or (ii) a Change in Control.

 

4.            Exercise
prior to Vesting (“Early Exercise”). If permitted in your Grant Notice (i.e.,
the “Exercise Schedule” indicates “Early Exercise Permitted”), you may elect at any time that is both during
the period of your Continuous Service and during the term of your Option, to exercise all or part of your Option, including the unvested
portion of your Option; however:

 

(a)            if
the exercise restriction for Non-Exempt Employees applies, this Option may not be exercised until such restriction lapses;

 

(b)            this
Early Exercise feature will expire immediately on your termination of Continuous Service, immediately prior to the effectiveness of an
IPO and on the closing of any Change in Control;

 

(c)            a
partial exercise of your Option will be deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares;
and

 

(d)            any
Shares so purchased from installments that have not vested as of the date of exercise will be subject to the purchase option in favor
of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement that will result in the same vesting
as if no early exercise had occurred.

 

     

     

    

 

5.            Method
of Payment. You must pay the full amount of the exercise price for the Shares subject to the
Option that you wish to exercise. If permitted in your grant notice, you may pay the exercise price through one or more of the following:

 

(a)            Provided
that at the time of exercise the Shares subject to this Option is publicly traded, using a program consistent with Regulation T, as provided
by the United States Federal Reserve Board (or similar program under applicable foreign law) that, prior to the issuance of Shares, results
in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price
to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise,” “same
day sale” or “sell to cover.”

 

(b)            If
the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the
number of Shares issuable on exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate
exercise price. You must submit an additional payment to the extent of any remaining balance of the aggregate exercise price not satisfied
by such reduction in the number of whole Shares to be issued.

 

(c)            If
permitted by the Board at the time of exercise, by delivery to the Company (either by actual delivery or attestation) of already-owned
Shares that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value
on the date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you
exercise the Option (or any vested portion thereof), will include delivery to the Company of your attestation of ownership of such Shares
in a form approved by the Company. You may not exercise the Option (or any exercisable portion thereof) by delivery to the Company of
Shares if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

(d)            By
cash, check, bank draft, electronic funds or wire transfer, or money order payable to the Company.

 

6.            Whole
Shares. You may exercise the Option (or any vested portion thereof) only for whole Shares.

 

7.            Compliance
with Laws. In no event may you exercise the Option (or any vested portion thereof) unless the
Shares issuable on exercise are then registered under the Securities Act or, if not registered, the Company has determined that your
exercise and the issuance of the Shares would be exempt from the registration requirements of the Securities Act and compliant with all
applicable laws, including the documentation requirements of Rule 701(e) of the Securities Act. The exercise of the Option
(or any vested portion thereof) also must comply with all other applicable laws and regulations governing the Option. You may not exercise
the Option (or any vested portion thereof) if the Company determines that such exercise would not be in material compliance with such
laws and regulations (including any restrictions on exercise required for compliance with Treasury Regulations Section 1.40l(k)-1(d)(3),
if applicable).

 

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8.            Term.
You may not exercise the Option before the Date of Grant or after the expiration of the term of
the Option. The term of the Option expires, subject to the provisions of the Plan, on the earliest of the following:

 

(a)            immediately
on the termination of your Continuous Service for Cause;

 

(b)            three
months after the termination of your Continuous Service for any reason other than for Cause, your Disability or your death (except as
otherwise provided in Section 8(d) below); however, if during any part of such three month period the Option is not
exercisable solely because doing so would violate the registration requirements under the Securities Act or, if applicable, the comparable
securities laws of another jurisdiction, the Option will not expire until the earlier of the Expiration Date or until it has been exercisable
for an aggregate period of three months after the termination of your Continuous Service; provided further, that if (i) you
are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant and (iii) you
have vested in a portion of the Option at the time of your termination of Continuous Service, the Option will not expire until the earlier
of (A) the later of (1) the date that is seven months after the Date of Grant, and (2) the date that is three months after
the termination of your Continuous Service, and (B) the Expiration Date;

 

(c)            12
months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d) below);

 

(d)            12
months after your death if you die either during your Continuous Service or within three months after your Continuous Service terminates
for any reason other than Cause;

 

(e)            the
Expiration Date indicated in your Grant Notice; or

 

(f)            the
day before the 10th anniversary of the Date of Grant.

 

If the Option is an Incentive
Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that
at all times beginning on the Date of Grant and ending on the date that is three months before the date of the Option’s exercise,
you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for
extended exercisability of the Option under certain circumstances for your benefit but cannot guarantee that the Option will necessarily
be treated as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director
after your employment terminates or if you exercise the Option more than three months after the date your employment with the Company
or an Affiliate terminates.

 

9.            Exercise.

 

(a)            You
may exercise the vested portion of the Option during its term by (i) delivering a Notice of Exercise (in a form designated by the
Company), or making the required electronic election with the Company’s electronic platform (e.g., Carta) or designated broker
(e.g., E*Trade), and (ii) paying the exercise price and any applicable withholding taxes to the Company’s stock plan administrator,
or to such other person as the Company may designate, together with such additional documents as the Company may then require.

 

(b)            By
exercising the Option you agree that, as a condition to any exercise of the Option, you must enter into an arrangement providing for
the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of the
Option, (ii) the lapse of any substantial risk of forfeiture to which the Shares are subject at the time of exercise or (iii) the
disposition of Shares acquired on such exercise.

 

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(c)            If
the Option is an Incentive Stock Option, by exercising the Option you agree that you will notify the Company in writing within 15 days
after the date of any disposition of any of the Shares issued on exercise of the Option that occurs within two years after the Date of
Grant or within one year after such Shares are transferred on exercise of the Option.

 

10.            Transferability.
Except as otherwise provided in this Section 10, the Option is not transferable, except by will or by the laws of descent and distribution,
and is exercisable during your life only by you.

 

(a)            Certain
Trusts. On receiving written permission from the Board or its duly authorized designee, and only if doing so does not violate Code
Section 409A, the incentive stock option rules (if applicable) and applicable securities laws, you may transfer the Option
to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state
or foreign law) while the Option is held in the trust. You and the trustee must enter into transfer and other agreements required by
the Company.

 

(b)            Domestic
Relations Orders. On receiving written permission from the Board or its duly authorized designee, and only if doing so does not violate
Code Section 409A, the incentive stock option rules (if applicable) and applicable securities laws, and provided that you and
the designated transferee enter into transfer and other agreements required by the Company, you may transfer the Option pursuant to the
terms of a court approved domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulations Section 1.421-l(b)(2) that contains the information required by the Company to effectuate
the transfer. You are encouraged to contact the Company’s Corporate Secretary regarding the proposed terms of any division of the
Option prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained
within the domestic relations order or marital settlement agreement. If the Option is an Incentive Stock Option, the Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer.

 

(c)            Beneficiary
Designation. On receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice
to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third
party who, on your death, will thereafter be entitled to exercise the Option and receive the Shares or other consideration resulting
from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise
the Option and receive, on behalf of your estate, the Shares or other consideration resulting from such exercise.

 

11.            Right
of First Refusal and Other Prohibition on Transfer. Before any Shares held by you or any transferee
(either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including
transfer by gift or operation of law), the Company must consent as set forth below and the Company or its assignee(s) shall have
a right of first refusal to purchase such Shares on the terms and conditions set forth in this Section 11 (the “Right
of First Refusal”).

 

(a)            Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to
each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares
(the “Offered Price”); and (v) that the Holder shall offer to sell the Shares to the Company and/or its
assignee(s) at the Offered Price.

 

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(b)            Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by
giving written notice to the Holder, elect to purchase any or all of the Shares proposed to be transferred to any one or more of the
Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)            Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) shall
be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration
shall be determined by the Board of the Company in good faith.

 

(d)            Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of
all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee)
or by any combination thereof.

 

(e)            Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to
that Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer is consummated
within 120 days after the date of the Notice, (ii) any such sale or other transfer is effected in accordance with any applicable
securities laws and if requested by the Company, the Holder shall have delivered an opinion of counsel acceptable to the Company to that
effect and (iii) the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the
Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such 120-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the
Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

(f)            Exempt
Transfers. Despite anything to the contrary in this Agreement, the following transfers of vested Shares shall be exempt from the
Right of First Refusal: (i) the transfer of any or all of the Shares on your death by will or intestacy to the your “immediate
family” (as defined below) but only if each such transferee or other recipient agrees in a writing satisfactory to the Company
that the Right of First Refusal (and all other restrictions on transfer set forth in this Agreement) shall continue to apply to the transferred
Shares in the hands of such transferee or other recipient; (ii) any transfer of Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal shall continue
to apply thereafter to such Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights
or the Company unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Shares pursuant
to the winding up, liquidation or dissolution of the Company. As used herein, the term “immediate family” shall mean the
your spouse, lineal descendant or antecedent, brother or sister, adopted child or grandchild or the spouse of any child, adopted child,
grandchild or adopted grandchild of yours.

 

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(g)            Termination
of Right of First Refusal and Prohibition on Transfer. The Right of First Refusal and the prohibition on transfer set forth above
shall terminate as to all Shares issued on exercise of your Option on the earlier of (i) first sale of Shares by the Company to
the general public pursuant to an IPO, or (ii) a Change in Control in which the successor corporation has equity securities that
are publicly traded on the New York Stock Exchange or the Nasdaq Global Market or any other exchange designated by the Board from time
to time.

 

12.            Option
not a Service Contract. The Option is not an employment or service contract, and nothing in
the Option, the Grant Notice, this Option Agreement or the Plan will be deemed to create in any way whatsoever any obligation on your
part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition,
nothing in the Option, the Grant Notice, this Option Agreement or the Plan will obligate the Company or an Affiliate, their respective
stockholders, boards of directors, officers or employees to continue any relationship that you might have as a Director or Consultant
for the Company or an Affiliate.

 

13.            Withholding
Obligations.

 

(a)            At
the time you exercise the Option, in whole or in part, and at any time thereafter as the Company requests, you hereby authorize withholding
from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same
day sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted
by the Company and your grant notice), any sums required to satisfy the federal, state, local and foreign tax withholding obligations
of the Company or any Affiliate that arise in connection with the exercise of the Option.

 

(b)            You
may not exercise the Option unless the tax withholding obligations of the Company and any Affiliate are satisfied. Accordingly, you may
not be able to exercise the Option when desired even though the Option is vested, and the Company will have no obligation to issue a
certificate for Shares unless such obligations are satisfied.

 

14.            Tax
Consequences.

 

(a)            No
Obligation to Minimize Taxes. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its
Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or your other compensation. In particular,
you acknowledge that the Option is exempt from Section 409A only if the exercise price per share specified in the Grant Notice is
at least equal to the “fair market value” per Share subject to this Option on the Date of Grant and there is no other impermissible
deferral of compensation associated with the Option. Because the Shares are not traded on an established securities market, the Fair
Market Value is determined by the Board, which may or may not have been in consultation with an independent valuation firm retained by
the Company. You acknowledge that there is no guarantee that the U.S. Internal Revenue Service will agree with the valuation as determined
by the Board, and you shall not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates if the
Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently
determined by the Internal Revenue Service.

 

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(b)            Early
Exercise – 83(b) Election. You also agree that if you are permitted to exercise this Option prior to vesting, and in connection
with that exercise, you wish to file an “83(b) election,” it is entirely your responsibility to timely file that election
with the applicable taxing authority and provide a copy of that filing to the Company prior to the end of the calendar year in which
you exercise the Option.

 

(c)            83(i) Election.
You also agree that if you are permitted to exercise this Option and make an election under Code Section 83(i), and if, in connection
with that exercise, you wish to file an “83(i) election,” it is entirely your responsibility to timely file that election
with the applicable taxing authority and provide a copy of that filing to the Company prior to the end of the calendar year in which
you exercise the Option.

 

(d)            Golden
Parachute Taxes. You also agree that if the benefits provided for in connection with this Option or otherwise payable to you by the
Company or any successor thereto (i) constitute “parachute payments” within the meaning of Section 280G of the
Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then your benefits will be either (1) delivered in full or (2) delivered to such lesser extent as would result in no portion
of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state
and local income taxes and the Excise Tax, results in the receipt by you on an after-tax basis, of the greatest amount of benefits, despite
that all or some of such benefits may be taxable under Section 4999 of the Code. On the reasonable request of the Company, you agree
to execute a waiver of your right to receive that portion of any benefits provided hereunder or otherwise, in a manner that satisfies
the stockholder approval requirements under Section 280G(b)(5)(B) of the Code, so that no payment or benefit provided hereunder
or otherwise to you will be a “parachute payment” under Section 280G(b) of the Code.

 

15.            Notices.
Any notices provided for in the Option, this Option Agreement, the Grant Notice or the Plan
will be given in writing and will be deemed effectively given on receipt or, in the case of notices delivered by mail by the Company
to you, five days after deposit in the U.S. mail, postage prepaid, addressed to you at the last address you provided to the Company.
The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and the Option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting the Option, you consent to receive such
documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by
the Company or another third party designated by the Company.

 

16.            Governing
Plan Document. The Option is subject to all the provisions of the Plan, the provisions of which
are hereby made a part of the Option, and is further subject to all interpretations, amendments, rules and regulations, which may
from time to time be promulgated and adopted pursuant to the Plan. In addition, the Option (and any compensation paid or Shares issued
under the Option) is subject to recoupment in accordance with The Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing
regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable
law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason”
or for a “constructive termination” (or similar term) under any agreement with the Company.

 

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17.            Effect
on Other Employee Benefit Plans. The value of the Option will not be included as compensation,
earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company
or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify or terminate
any of the Company’s or any Affiliate’s employee benefit plans.

 

18.            Voting
Rights. You will not have voting or any other rights as a stockholder of the Company with respect
to the Shares to be issued pursuant to the Option until such Shares are issued to you. On such issuance, you will obtain full voting
and other rights as a stockholder of the Company. However, the Company may require, as a condition to such issuance, you to appoint the
Company's Chief Executive Officer or other member of the Board as having the sole and exclusive power of attorney to vote all such Shares
subject to the Option, which power shall be effective until the earlier of the completion of a Change in Control or an IPO. The Company
may also require, as a condition to such issuance, you to execute an agreement pursuant to which you agree to join the Company’s
then-current stockholder agreements. Nothing contained in the Option, and no action taken pursuant to its provisions, will create or
be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

19.            Severability.
If all or any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

20.            Vested
Share Repurchase Option

 

(a)            Vested
Share Repurchase Option. The Company and/or its assignee(s) will have the right, but not the obligation, to repurchase all of
the vested Shares purchased on the exercise of this Option (the “Vested Shares”) if (i) your employment
is terminated by the Company or any of its Subsidiaries or Affiliates for Cause, or (ii) you breach the terms of any restrictive
covenant agreements with the Company or any of its Subsidiaries or Affiliates, including the Employee Proprietary Information and Inventions
Agreement by and between you and the Company (the “Vested Share Repurchase Option”). The repurchase price for
each vested share (the “Vested Share Repurchase Price”) will be the Fair Market Value per share on the Repurchase
Date (as defined below).

 

(b)            Mechanics
of Repurchase.

 

(i)            The
date on which the Company exercises the Company’s Vested Share Repurchase Option is the “Repurchase Date”
and unless otherwise determined by the Board, shall be the 60th day after the event giving rise to the Vested Share Repurchase Option.
If required to avoid liability accounting to the Company, the Company’s Vested Share Repurchase Option will not occur until the
date that is six months following the original purchase of the Vested Shares or such other time necessary to avoid liability accounting
to the Company, and such date shall be the Repurchase Date.

 

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(ii)            As
of the Repurchase Date, the Company and/or its assignee(s) will become the legal and beneficial owner of such Vested Shares and
all rights and interests therein or relating thereto. The Company and/or its assignee(s) will have the right to retain and transfer
to their own names the number of Vested Shares being repurchased by the Company and/or its assignee(s), and you will no longer be considered
the owner of the Vested Shares repurchased by the Company for record or any other purposes. The Vested Share Repurchase Price will be
payable, at the option of the Company, in cash (including electronic wire transfer), by check, by cancellation of any debt owed by you
to the Company or by any combination of the aforementioned methods. Within 30 days following the Repurchase Date, the Company and/or
its assignee(s) will tender payment for the Vested Shares being repurchased. You agree to execute and deliver to the Company all
documents necessary to transfer ownership of the Vested Shares to the Company, including, without limitation, any certificates evidencing
the Vested Shares subject to the Company’s Vested Share Repurchase Option.

 

(c)            Your
Rights. If the Company exercises its Vested Share Repurchase Option, as of the Repurchase Date, your only remaining right under this
Agreement will be the right to receive the Vested Share Repurchase Price, and you will have no right whatsoever to retain the Vested
Shares and will have no rights as a stockholder with respect to such Vested Shares.

 

(d)            Termination
of Share Option Repurchase Option. The Vested Share Repurchase Option will terminate as to all Vested Shares on the earlier of (i) the
first sale of Shares by the Company to the general public pursuant to an IPO, or (ii) a Change in Control in which the successor
corporation has equity securities that are publicly traded on the New York Stock Exchange or the Nasdaq Global Market or any other exchange
designated by the Board from time to time.

 

21.            Escrow.
As security for your faithful performance of the terms of this Agreement and to insure the availability for delivery of your Vested Shares
on exercise of the Vested Share Repurchase Option, as well as the Company’s Right of First Refusal, you agree, upon an exercise
hereunder, to deliver to and deposit with the Secretary of the Company or the Secretary’s designee (“Escrow Agent”),
as Escrow Agent, three stock powers together with all certificates evidencing all of the Vested Shares. These documents are to be held
by the Escrow Agent and delivered by said Escrow Agent pursuant to Joint Escrow Instructions provided by the Company and delivered to
the Escrow Agent upon exercise of the Option.

 

22.            Miscellaneous.

 

(a)            The
rights and obligations of the Company under the Option will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

    - 9 -

     

    

 

(b)            You
agree on request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry
out the purposes or intent of the Option.

 

(c)            This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, 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 Delaware.

 

(d)            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 Optionholder above for receipt of notices shall be effective service of process
for any action, suit or proceeding brought pursuant to this Agreement. 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.

 

*      *     
*

 

This Option Agreement, together with any appendix
attached hereto that addresses local or foreign legal requirements, will be deemed to be signed by you on the signing by you of the Grant
Notice to which it is attached.

 

    - 10 -Exhibit 10.16

 

Jushi
Holdings Inc.

Stock Option Grant Notice

 

Jushi Holdings Inc. (the “Company”),
under its Amended 2019 Equity Incentive Plan (the “Plan”), hereby grants to Optionholder an option (the “Option”)
to purchase the number of subordinate voting shares of the Company’s common stock (the “Shares”) set
forth below, subject to and conditioned upon shareholder approval of the Company’s adoption of the Plan. This Option is subject
to all of the terms and conditions as set forth in this notice (the “Grant Notice”), in the Option Agreement
and in the Plan, both of which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined
in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between
the terms in the Option Agreement and the Plan, the terms of the Plan will control.

 

	Optionholder:	
	Date
    of Grant:	
	Vesting
    Commencement Date:	
	Number
    of Shares Subject to Option:	
	Exercise
    Price (Per Share):	
	Total
    Exercise Price:	
	Expiration
    Date:	10
    years after grant date

 

	Type
of Grant:	 ̈     Incentive Stock Option	 ̈     Nonstatutory Stock Option

 

Exercise
Schedule:       Options are exercisable at any time following
vesting until the end of the Term.

 

Vesting Schedule:

 

The Option will vest over a [Choose One: three-year
or five-year] period. Subject to Optionholder’s Continuous Service on each vesting date, this Option will vest as to [Choose
One: 33 1/3% or 20%] of the total number of Shares subject to the Option one year after the Vesting Commencement Date and as to [Choose
Same One as Before: 33 1/3% or 20%] of the total number of Shares subject to this Option each year thereafter. Any
fractional share will be rounded down to the nearest whole Share.

 

		Payment:	By
                                            one or a combination of the following items:

 

		· 	By
                                            cash, check, bank draft, electronic funds or wire transfer, or money order payable to the
                                            Company; or

 

		·	By
                                            a “net exercise” arrangement, whereby Shares that would otherwise be issued on
                                            exercise will be deemed exercised but then immediately tendered back to the Company.

 

     

     

    

 

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the Option
Agreement and the Plan.

 

As of the Date of Grant, this Grant Notice, the
Option Agreement and the Plan set forth the entire understanding between Optionholder and the Company regarding the Option and supersede
all prior oral and written agreements with respect to the Option. By accepting the Option, Optionholder consents to receive documents
governing the Option by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company from time to time.

 

*          *          *

 

	Jushi
    Holdings Inc.	 	Optionholder:
	 	 	 
	By:	 	 	By: 	 
	 	Signature	 	 	Signature
	Name:	 	 	Name: 	 
	Title:  	 	 	Date: 	 
	Date: 	 	 	 

 

Attachments:
Option Agreement, Amended 2019 Equity Incentive Plan

 

    - 2 -

     

    

 

Jushi
Holdings Inc.

Option Agreement

 

Pursuant to your Stock Option
Grant Notice (the “Grant Notice”) and this Option Agreement (this “Option Agreement”),
Jushi Holdings Inc. (the “Company”) has granted you an option (the “Option”) under
its Amended 2019 Equity Incentive Plan (the “Plan”) to purchase the number of subordinate voting shares of
the Company’s common stock (the “Shares”) indicated in your Grant Notice at the exercise price indicated
in your Grant Notice.

 

1.            Vesting.
The Option will vest as provided in your Grant Notice. Vesting will cease, in all events, on
the termination of your Continuous Service after taking into account any acceleration that occurs on your termination.

 

2.            Number
of Shares and Exercise Price. The number of Shares subject to the Option and the exercise price
per Share in your Grant Notice will be adjusted for Capitalization Adjustments as provided in the Plan.

 

3.            Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation
under the United States Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and
except as otherwise provided in the Plan, you may not exercise your Option until you have completed at least six months of Continuous
Service measured from the Date of Grant, even if you have already been an employee for more than six months. Consistent with the provisions
of the Worker Economic Opportunity Act, you may exercise the Option as to any vested portion prior to such six month anniversary in the
case of (i) your death or Disability or (ii) a Change in Control.

 

4.            Exercise
prior to Vesting (“Early Exercise”). If permitted in your Grant Notice (i.e.,
the “Exercise Schedule” indicates “Early Exercise Permitted”), you may elect at any time that is both during
the period of your Continuous Service and during the term of your Option, to exercise all or part of your Option, including the unvested
portion of your Option; however:

 

(a)            if
the exercise restriction for Non-Exempt Employees applies, this Option may not be exercised until such restriction lapses;

 

(b)            this
Early Exercise feature will expire immediately on your termination of Continuous Service, immediately prior to the effectiveness of an
IPO and on the closing of any Change in Control;

 

(c)            a
partial exercise of your Option will be deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares;
and

 

(d)            any
Shares so purchased from installments that have not vested as of the date of exercise will be subject to the purchase option in favor
of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement that will result in the same vesting
as if no early exercise had occurred.

 

     

     

    

 

5.            Method
of Payment. You must pay the full amount of the exercise price for the Shares subject to the
Option that you wish to exercise. If permitted in your grant notice, you may pay the exercise price through one or more of the following:

 

(a)            Provided
that at the time of exercise the Shares subject to this Option is publicly traded, using a program consistent with Regulation T, as provided
by the United States Federal Reserve Board (or similar program under applicable foreign law) that, prior to the issuance of Shares, results
in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price
to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise,” “same
day sale” or “sell to cover.”

 

(b)            If
the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the
number of Shares issuable on exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate
exercise price. You must submit an additional payment to the extent of any remaining balance of the aggregate exercise price not satisfied
by such reduction in the number of whole Shares to be issued.

 

(c)            If
permitted by the Board at the time of exercise, by delivery to the Company (either by actual delivery or attestation) of already-owned
Shares that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value
on the date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you
exercise the Option (or any vested portion thereof), will include delivery to the Company of your attestation of ownership of such Shares
in a form approved by the Company. You may not exercise the Option (or any exercisable portion thereof) by delivery to the Company of
Shares if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

(d)            By
cash, check, bank draft, electronic funds or wire transfer, or money order payable to the Company.

 

6.            Whole
Shares. You may exercise the Option (or any vested portion thereof) only for whole Shares.

 

7.            Compliance
with Laws. In no event may you exercise the Option (or any vested portion thereof) unless the
Shares issuable on exercise are then registered under the Securities Act or, if not registered, the Company has determined that your
exercise and the issuance of the Shares would be exempt from the registration requirements of the Securities Act and compliant with all
applicable laws, including the documentation requirements of Rule 701(e) of the Securities Act. The exercise of the Option
(or any vested portion thereof) also must comply with all other applicable laws and regulations governing the Option. You may not exercise
the Option (or any vested portion thereof) if the Company determines that such exercise would not be in material compliance with such
laws and regulations (including any restrictions on exercise required for compliance with Treasury Regulations Section 1.40l(k)-1(d)(3),
if applicable).

 

    - 2 -

     

    

 

8.            Term.
You may not exercise the Option before the Date of Grant or after the expiration of the term of
the Option. The term of the Option expires, subject to the provisions of the Plan, on the earliest of the following:

 

(a)            immediately
on the termination of your Continuous Service for Cause;

 

(b)            three
months after the termination of your Continuous Service for any reason other than for Cause, your Disability or your death (except as
otherwise provided in Section 8(d) below); however, if during any part of such three month period the Option is not
exercisable solely because doing so would violate the registration requirements under the Securities Act or, if applicable, the comparable
securities laws of another jurisdiction, the Option will not expire until the earlier of the Expiration Date or until it has been exercisable
for an aggregate period of three months after the termination of your Continuous Service; provided further, that if (i) you
are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant and (iii) you
have vested in a portion of the Option at the time of your termination of Continuous Service, the Option will not expire until the earlier
of (A) the later of (1) the date that is seven months after the Date of Grant, and (2) the date that is three months after
the termination of your Continuous Service, and (B) the Expiration Date;

 

(c)            12
months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d) below);

 

(d)            12
months after your death if you die either during your Continuous Service or within three months after your Continuous Service terminates
for any reason other than Cause;

 

(e)            the
Expiration Date indicated in your Grant Notice; or

 

(f)            the
day before the 10th anniversary of the Date of Grant.

 

If the Option is an Incentive
Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that
at all times beginning on the Date of Grant and ending on the date that is three months before the date of the Option’s exercise,
you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for
extended exercisability of the Option under certain circumstances for your benefit but cannot guarantee that the Option will necessarily
be treated as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director
after your employment terminates or if you exercise the Option more than three months after the date your employment with the Company
or an Affiliate terminates.

 

9.            Exercise.

 

(a)            You
may exercise the vested portion of the Option during its term by (i) delivering a Notice of Exercise (in a form designated by the
Company), or making the required electronic election with the Company’s electronic platform (e.g., Carta) or designated broker
(e.g., E*Trade), and (ii) paying the exercise price and any applicable withholding taxes to the Company’s stock plan administrator,
or to such other person as the Company may designate, together with such additional documents as the Company may then require.

 

(b)            By
exercising the Option you agree that, as a condition to any exercise of the Option, you must enter into an arrangement providing for
the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of the
Option, (ii) the lapse of any substantial risk of forfeiture to which the Shares are subject at the time of exercise or (iii) the
disposition of Shares acquired on such exercise.

 

    - 3 -

     

    

 

(c)            If
the Option is an Incentive Stock Option, by exercising the Option you agree that you will notify the Company in writing within 15 days
after the date of any disposition of any of the Shares issued on exercise of the Option that occurs within two years after the Date of
Grant or within one year after such Shares are transferred on exercise of the Option.

 

10.            Transferability.
Except as otherwise provided in this Section 10, the Option is not transferable, except by will or by the laws of descent and distribution,
and is exercisable during your life only by you.

 

(a)            Certain
Trusts. On receiving written permission from the Board or its duly authorized designee, and only if doing so does not violate Code
Section 409A, the incentive stock option rules (if applicable) and applicable securities laws, you may transfer the Option
to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state
or foreign law) while the Option is held in the trust. You and the trustee must enter into transfer and other agreements required by
the Company.

 

(b)            Domestic
Relations Orders. On receiving written permission from the Board or its duly authorized designee, and only if doing so does not violate
Code Section 409A, the incentive stock option rules (if applicable) and applicable securities laws, and provided that you and
the designated transferee enter into transfer and other agreements required by the Company, you may transfer the Option pursuant to the
terms of a court approved domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulations Section 1.421-l(b)(2) that contains the information required by the Company to effectuate
the transfer. You are encouraged to contact the Company’s Corporate Secretary regarding the proposed terms of any division of the
Option prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained
within the domestic relations order or marital settlement agreement. If the Option is an Incentive Stock Option, the Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer.

 

(c)            Beneficiary
Designation. On receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice
to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third
party who, on your death, will thereafter be entitled to exercise the Option and receive the Shares or other consideration resulting
from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise
the Option and receive, on behalf of your estate, the Shares or other consideration resulting from such exercise.

 

11.            Right
of First Refusal and Other Prohibition on Transfer. Before any Shares held by you or any transferee
(either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including
transfer by gift or operation of law), the Company must consent as set forth below and the Company or its assignee(s) shall have
a right of first refusal to purchase such Shares on the terms and conditions set forth in this Section 11 (the “Right
of First Refusal”).

 

(a)            Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to
each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares
(the “Offered Price”); and (v) that the Holder shall offer to sell the Shares to the Company and/or its
assignee(s) at the Offered Price.

 

    - 4 -

     

    

 

(b)            Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by
giving written notice to the Holder, elect to purchase any or all of the Shares proposed to be transferred to any one or more of the
Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)            Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) shall
be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration
shall be determined by the Board of the Company in good faith.

 

(d)            Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of
all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee)
or by any combination thereof.

 

(e)            Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to
that Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer is consummated
within 120 days after the date of the Notice, (ii) any such sale or other transfer is effected in accordance with any applicable
securities laws and if requested by the Company, the Holder shall have delivered an opinion of counsel acceptable to the Company to that
effect and (iii) the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the
Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such 120-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the
Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

(f)            Exempt
Transfers. Despite anything to the contrary in this Agreement, the following transfers of vested Shares shall be exempt from the
Right of First Refusal: (i) the transfer of any or all of the Shares on your death by will or intestacy to the your “immediate
family” (as defined below) but only if each such transferee or other recipient agrees in a writing satisfactory to the Company
that the Right of First Refusal (and all other restrictions on transfer set forth in this Agreement) shall continue to apply to the transferred
Shares in the hands of such transferee or other recipient; (ii) any transfer of Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal shall continue
to apply thereafter to such Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights
or the Company unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Shares pursuant
to the winding up, liquidation or dissolution of the Company. As used herein, the term “immediate family” shall mean the
your spouse, lineal descendant or antecedent, brother or sister, adopted child or grandchild or the spouse of any child, adopted child,
grandchild or adopted grandchild of yours.

 

    - 5 -

     

    

 

(g)            Termination
of Right of First Refusal and Prohibition on Transfer. The Right of First Refusal and the prohibition on transfer set forth above
shall terminate as to all Shares issued on exercise of your Option on the earlier of (i) first sale of Shares by the Company to
the general public pursuant to an IPO, or (ii) a Change in Control in which the successor corporation has equity securities that
are publicly traded on the New York Stock Exchange or the Nasdaq Global Market or any other exchange designated by the Board from time
to time.

 

12.            Option
not a Service Contract. The Option is not an employment or service contract, and nothing in
the Option, the Grant Notice, this Option Agreement or the Plan will be deemed to create in any way whatsoever any obligation on your
part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition,
nothing in the Option, the Grant Notice, this Option Agreement or the Plan will obligate the Company or an Affiliate, their respective
stockholders, boards of directors, officers or employees to continue any relationship that you might have as a Director or Consultant
for the Company or an Affiliate.

 

13.            Non-Competition;
Non-Solicitation.

 

(1)            Non-Competition.
In exchange for your access to the Company’s confidential information, your Continuous Service, and this grant of equity-based
compensation award (regardless of it vests and/or is exercised), you agree that during your Continuous Service and for a period of six
(6) months from the date of termination of your Continuous Service for any reason (the “Restricted Period”),
you 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 conducts the Restricted Business as of the date of termination of your
Continuous Service or conducted the Restricted Business within the one-year period prior to the date of termination of your Continuous
Service 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.

 

(2)            Non-Solicitation
of Clients, Investors, Distributors, Vendors, and Suppliers. In exchange for your access to the Company’s confidential
information, your Continuous Service, and this grant of equity-based compensation award, you agree that during your Continuous Service
and for two (2) years from the date of termination of your Continuous Service for any reason, not to for your own benefit or on
behalf of any other person or entity (other than the Company), 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 for the purpose
of encouraging, causing, or inducing the client, investor, distributor, vendor, or supplier to cease or reduce doing business with the
Company; (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); (iii) contact, solicit, or communicate with any existing or prospective client, investor,
distributor, vendor, or supplier of the Company 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; 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 13(b) is limited
to existing and prospective clients, investors, distributors, vendors, and suppliers of the Company with whom you had material contact
or business dealings during your Continuous Service with the Company.

 

    - 6 -

     

    

 

(3)            Non-Solicitation
of Employees, Consultants, and Independent Contractors. You agree that during the your Continuous Service and for two (2) years
from the date of termination of your Continuous Service for any reason, you will not, directly or indirectly (in any capacity, on your
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 to terminate their employment, to cease to be engaged by the Company, and/or to terminate or reduce
their business relationship with the Company; or (ii) hire, employ, or offer to hire or employ any employee, consultant, or independent
contractor of the Company (other than for the Company).

 

(4)            Scope
of Restrictive Covenants. Company and you recognize and agree that the Company conducts operations and generates revenues from clients
throughout the Restricted Area. You acknowledge that the Company would be greatly damaged if you took action that would violate the restrictive
covenants of this Section 13 anywhere in the Restricted Area. Accordingly, Company and you agree that the restrictive covenant
provisions contained in this Section 13 are applicable to the Restricted Area, and you shall be prohibited from violating
the terms of this Section 13 from any location anywhere in the Restricted Area. If there is any conflict between the terms
in this Section 13 and any other restrictive covenants applicable to the Holder related to the Holder’s Continuous
Service, the more restrictive terms will control.

 

(5)            Reasonableness
of Restrictive Covenants. You agree and acknowledge that to assure the Company that it will retain the value of its operations, it
is necessary that the you abide by the restrictions set forth in this Agreement. You further agree and acknowledge that during your Continuous
Service, you will be engaged in, obtain Confidential Information about, and have operational duties and responsibilities in connection
with, all aspects of the Restricted Business. You further agree that the promises made in this Agreement are reasonable and necessary
for protection of the Company’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 conducts its business; the Company’s substantial
relationships with prospective and existing clients, investors, distributors, vendors, and suppliers; and a productive and competent
and undisrupted workforce. You agree that the restrictive covenants in this Agreement will not prevent you from earning a livelihood
your chosen business, they do not impose an undue hardship on you, and that they will not injure the public.

 

(6)            Tolling
of Restrictive Period. The time period during which you are to refrain from the activities described in Section 12 of
this Agreement will be extended by any length of time during which you are in breach of any provision of this Agreement. You acknowledge
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 you Continuous Service where you have failed to honor the restrictive covenant until required to do so by
court order.

 

    - 7 -

     

    

 

14.            Withholding
Obligations.

 

(a)            At
the time you exercise the Option, in whole or in part, and at any time thereafter as the Company requests, you hereby authorize withholding
from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same
day sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted
by the Company and your grant notice), any sums required to satisfy the federal, state, local and foreign tax withholding obligations
of the Company or any Affiliate that arise in connection with the exercise of the Option.

 

(b)            You
may not exercise the Option unless the tax withholding obligations of the Company and any Affiliate are satisfied. Accordingly, you may
not be able to exercise the Option when desired even though the Option is vested, and the Company will have no obligation to issue a
certificate for Shares unless such obligations are satisfied.

 

15.            Tax
Consequences.

 

(a)            No
Obligation to Minimize Taxes. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its
Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or your other compensation. In particular,
you acknowledge that the Option is exempt from Section 409A only if the exercise price per share specified in the Grant Notice is
at least equal to the “fair market value” per Share subject to this Option on the Date of Grant and there is no other impermissible
deferral of compensation associated with the Option. Because the Shares are not traded on an established securities market, the Fair
Market Value is determined by the Board, which may or may not have been in consultation with an independent valuation firm retained by
the Company. You acknowledge that there is no guarantee that the U.S. Internal Revenue Service will agree with the valuation as determined
by the Board, and you shall not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates if the
Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently
determined by the Internal Revenue Service.

 

(b)            Early
Exercise – 83(b) Election. You also agree that if you are permitted to exercise this Option prior to vesting, and in connection
with that exercise, you wish to file an “83(b) election,” it is entirely your responsibility to timely file that election
with the applicable taxing authority and provide a copy of that filing to the Company prior to the end of the calendar year in which
you exercise the Option.

 

(c)            83(i) Election.
You also agree that if you are permitted to exercise this Option and make an election under Code Section 83(i), and if, in connection
with that exercise, you wish to file an “83(i) election,” it is entirely your responsibility to timely file that election
with the applicable taxing authority and provide a copy of that filing to the Company prior to the end of the calendar year in which
you exercise the Option.

 

    - 8 -

     

    

 

(d)            Golden
Parachute Taxes. You also agree that if the benefits provided for in connection with this Option or otherwise payable to you by the
Company or any successor thereto (i) constitute “parachute payments” within the meaning of Section 280G of the
Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then your benefits will be either (1) delivered in full or (2) delivered to such lesser extent as would result in no portion
of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state
and local income taxes and the Excise Tax, results in the receipt by you on an after-tax basis, of the greatest amount of benefits, despite
that all or some of such benefits may be taxable under Section 4999 of the Code. On the reasonable request of the Company, you agree
to execute a waiver of your right to receive that portion of any benefits provided hereunder or otherwise, in a manner that satisfies
the stockholder approval requirements under Section 280G(b)(5)(B) of the Code, so that no payment or benefit provided hereunder
or otherwise to you will be a “parachute payment” under Section 280G(b) of the Code.

 

16.            Notices.
Any notices provided for in the Option, this Option Agreement, the Grant Notice or the Plan
will be given in writing and will be deemed effectively given on receipt or, in the case of notices delivered by mail by the Company
to you, five days after deposit in the U.S. mail, postage prepaid, addressed to you at the last address you provided to the Company.
The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and the Option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting the Option, you consent to receive such
documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by
the Company or another third party designated by the Company.

 

17.            Governing
Plan Document. The Option is subject to all the provisions of the Plan, the provisions of which
are hereby made a part of the Option, and is further subject to all interpretations, amendments, rules and regulations, which may
from time to time be promulgated and adopted pursuant to the Plan. In addition, the Option (and any compensation paid or Shares issued
under the Option) is subject to recoupment in accordance with The Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing
regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable
law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason”
or for a “constructive termination” (or similar term) under any agreement with the Company.

 

18.            Effect
on Other Employee Benefit Plans. The value of the Option will not be included as compensation,
earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company
or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify or terminate
any of the Company’s or any Affiliate’s employee benefit plans.

 

19.            Voting
Rights. You will not have voting or any other rights as a stockholder of the Company with respect
to the Shares to be issued pursuant to the Option until such Shares are issued to you. On such issuance, you will obtain full voting
and other rights as a stockholder of the Company. However, the Company may require, as a condition to such issuance, you to appoint the
Company's Chief Executive Officer or other member of the Board as having the sole and exclusive power of attorney to vote all such Shares
subject to the Option, which power shall be effective until the earlier of the completion of a Change in Control or an IPO. The Company
may also require, as a condition to such issuance, you to execute an agreement pursuant to which you agree to join the Company’s
then-current stockholder agreements. Nothing contained in the Option, and no action taken pursuant to its provisions, will create or
be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

    - 9 -

     

    

 

20.            Severability.
If all or any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

21.            Vested
Share Repurchase Option

 

(a)            Vested
Share Repurchase Option. The Company and/or its assignee(s) will have the right, but not the obligation, to repurchase all of
the vested Shares purchased on the exercise of this Option (the “Vested Shares”) if (i) your employment
is terminated by the Company or any of its Subsidiaries or Affiliates for Cause, or (ii) you breach the terms of any restrictive
covenant agreements with the Company or any of its Subsidiaries or Affiliates, including the Employee Proprietary Information and Inventions
Agreement by and between you and the Company (the “Vested Share Repurchase Option”). The repurchase price for
each vested share (the “Vested Share Repurchase Price”) will be the Fair Market Value per share on the Repurchase
Date (as defined below).

 

(b)            Mechanics
of Repurchase.

 

(i)            The
date on which the Company exercises the Company’s Vested Share Repurchase Option is the “Repurchase Date”
and unless otherwise determined by the Board, shall be the 60th day after the event giving rise to the Vested Share Repurchase Option.
If required to avoid liability accounting to the Company, the Company’s Vested Share Repurchase Option will not occur until the
date that is six months following the original purchase of the Vested Shares or such other time necessary to avoid liability accounting
to the Company, and such date shall be the Repurchase Date.

 

(ii)            As
of the Repurchase Date, the Company and/or its assignee(s) will become the legal and beneficial owner of such Vested Shares and
all rights and interests therein or relating thereto. The Company and/or its assignee(s) will have the right to retain and transfer
to their own names the number of Vested Shares being repurchased by the Company and/or its assignee(s), and you will no longer be considered
the owner of the Vested Shares repurchased by the Company for record or any other purposes. The Vested Share Repurchase Price will be
payable, at the option of the Company, in cash (including electronic wire transfer), by check, by cancellation of any debt owed by you
to the Company or by any combination of the aforementioned methods. Within 30 days following the Repurchase Date, the Company and/or
its assignee(s) will tender payment for the Vested Shares being repurchased. You agree to execute and deliver to the Company all
documents necessary to transfer ownership of the Vested Shares to the Company, including, without limitation, any certificates evidencing
the Vested Shares subject to the Company’s Vested Share Repurchase Option.

 

    - 10 -

     

    

 

(c)            Your
Rights. If the Company exercises its Vested Share Repurchase Option, as of the Repurchase Date, your only remaining right under this
Agreement will be the right to receive the Vested Share Repurchase Price, and you will have no right whatsoever to retain the Vested
Shares and will have no rights as a stockholder with respect to such Vested Shares.

 

(d)            Termination
of Share Option Repurchase Option. The Vested Share Repurchase Option will terminate as to all Vested Shares on the earlier of (i) the
first sale of Shares by the Company to the general public pursuant to an IPO, or (ii) a Change in Control in which the successor
corporation has equity securities that are publicly traded on the New York Stock Exchange or the Nasdaq Global Market or any other exchange
designated by the Board from time to time.

 

22.            Escrow.
As security for your faithful performance of the terms of this Agreement and to insure the availability for delivery of your Vested Shares
on exercise of the Vested Share Repurchase Option, as well as the Company’s Right of First Refusal, you agree, upon an exercise
hereunder, to deliver to and deposit with the Secretary of the Company or the Secretary’s designee (“Escrow Agent”),
as Escrow Agent, three stock powers together with all certificates evidencing all of the Vested Shares. These documents are to be held
by the Escrow Agent and delivered by said Escrow Agent pursuant to Joint Escrow Instructions provided by the Company and delivered to
the Escrow Agent upon exercise of the Option.

 

23.            Miscellaneous.

 

(a)            The
rights and obligations of the Company under the Option will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)            You
agree on request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry
out the purposes or intent of the Option.

 

*          *          *

 

This Option Agreement, together with any appendix
attached hereto that addresses local or foreign legal requirements, will be deemed to be signed by you on the signing by you of the Grant
Notice to which it is attached.

 

    - 11 -

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