Document:

Exhibit 10.1

 

[Protective Letterhead]

 

May 1, 2020

 

Mr. Carl S. Thigpen

Executive Vice President and Chief Investment Officer

Protective Life Corporation

2801 Highway 280 South

Birmingham, AL 35223

 

Re:       Consulting Agreement

 

Dear Carl:

 

In anticipation of
your ceasing to serve as Executive Vice President and Chief Investment Officer of Protective Life Corporation (“Protective”),
the purpose of this Consulting Agreement (this “Letter”) is to set forth our mutual understanding regarding
your provision of certain consulting services to Protective beginning June 13, 2020, following your retirement on June 12, 2020
(your “Separation from Service”). Given your long tenure and service as a senior officer of Protective, Protective
seeks to engage you as an independent contractor to be called upon, as needed, to provide the consulting and business transition
services described below.

 

1.          Consulting
Services. You will perform “Consulting Services” for Protective from June 13, 2020 through December 31, 2020 (the
 “Consulting Period”). Consulting Services means such services as may be requested from time to time by Protective’s
management, which may include, but not be limited to: providing consulting support for Phil Passafiume and Laura McDonald, as they
assume new responsibilities; providing support in transitioning business relationships to Mr. Passafiume and Ms. McDonald; and
providing consulting services to Rich Bielen, as needed. It is reasonably anticipated that the during your service as an independent
contractor, the level of services you perform for Protective will permanently decrease, such that on the whole for the Consulting
Period, you will perform no more than 20% of the average level of bona fide services you performed over the 36-month period immediately
preceding your Separation from Service. Accordingly, your Separation from Service for purposes of Section 409A will occur when
your employment with Protective ends on June 12, 2020.

 

2.          Status
as Independent Contractor. Protective is interested only in the results obtained in the performance of the Consulting Services,
and not in the manner by which such results are achieved. For ease of communication, you may retain access to your Protective email
address while performing the Consulting Services. You may perform Consulting Services in any location that is appropriate for the
performance of such services (unless Protective instructs you otherwise to facilitate computer security or similar matters). During
the Consulting Period, you will not be an “employee” of Protective, and accordingly will not be eligible for any Protective
benefits, including but not limited to any vacation, group medical or life insurance, disability, profit sharing or retirement
benefits, or any other fringe benefits or benefit plans offered by Protective to its employees, except as otherwise may be required
by law (e.g., COBRA) or as otherwise provided by applicable policies and procedures of Protective.

 

    	 	 	 

     

    

 

	Consulting Agreement	 
	Mr. Carl S. Thigpen	 
	May 1, 2020	 
	Page
    2 of 5	 
	 	 	 

 

3.          Payment,
Fees, Taxes. In consideration for your agreement to perform the Consulting Services and to comply with the other undertakings
provided herein, Protective will pay you $10,000 per month. You should submit invoices for your services to Protective for approval,
no less frequently than monthly, with payment to be made by Protective within 30 days of its receipt of each such monthly invoice.
Because you are an independent contractor, no taxes shall be withheld from any payments made under this Section 3. You are responsible
for paying, and agree to pay, any taxes that may be due with respect to any payments made to you under this Letter. You agree to
indemnify and hold Protective and its affiliates, officers, employees and agents harmless from any claim, loss, tax, penalty, fee,
assessment or cost (including, without limitation, reasonable attorney fees) related to or arising in any way out of your failure
or alleged failure to comply with your obligations under this Section 3. Protective will reimburse you for any travel or other
expenses incurred in the performance of the Consulting Services in accordance with Protective’s standard policies and procedures.

 

4.          Termination.
This Letter will terminate on December 31, 2020. Notwithstanding the termination of this Letter, (a) the provisions of Section
3 will remain applicable for any Consulting Services performed before termination of this Letter, and (b) the provisions of Sections
5, 6, and 7 will survive the termination of this Letter.

 

5.          Confidential
Information. All Confidential Information concerning Protective or acquired by you in the performance of Consulting Services
hereunder, and tangible forms of such information, shall not, either during or after the term hereof, be disclosed to any other
person without prior written approval of Protective. Confidential Information means: (a) any personally identifiable information
which means any information related to, can, or does identify a specific individual or by or from which a specific individual may
be identified, contacted, or located; (b) any Protected Health Information and Electronic Protected Health Information, respectively,
as defined in 45 C.F.R. §160.103; and (c) any non-public information relating to the business, business plans, systems, finances,
compensation arrangements, employees, customers, suppliers, or business or marketing strategies of Protective, financial arrangements
and plans for the acquisition or disposition by Protective of businesses or assets, or contracts or arrangements to which Protective
is a party. You will maintain the confidentiality of any Confidential Information received in the course of carrying out the obligations
of this Letter in perpetuity, regardless of whether such Confidential Information may be publicly available, received by a third-party,
or independently discovered. If any Confidential Information is required to be disclosed because it is required by law, you must
notify Protective prior to such disclosure and must not disclose any Confidential Information as Protective may contest the disclosure
or seek a protective order.

 

    	 	 	 

     

    

 

	Consulting Agreement	 
	Mr. Carl S. Thigpen	 
	May 1, 2020	 
	Page
    3 of 5	 
	 	 	 

 

6.          Compliance
with Applicable Laws. You agree and understand that, while performing Consulting Services for Protective, you will comply at
all times with all applicable federal, state, county, and municipal laws, regulations, rules, codes, ordinances, policies, guidance,
directives, orders and decrees which in any manner affect this Letter or your performance.

 

7.          Compliance
with Privacy Laws. You agree and understand that, while performing Consulting Services for Protective, you may have access
to personal, health and financial information about Protective’s customers, prospective customers, and consumers. You agree
to comply with applicable provisions of the Privacy Laws (defined below). You agree that this Letter shall be treated as a service
agreement under which you provide services to or for Protective under Title V of the Gramm-Leach-Bliley Act, any other applicable
law regarding privacy of customer and consumer information, and the applicable regulations promulgated pursuant thereto (collectively,
the “Privacy Laws”). You will not disclose or use nonpublic personal information about consumers or customers
that you receive from Protective except (i) to carry out the purposes for which Protective disclosed such information; or (ii)
as otherwise permitted by law as an exception to the notice and opt-out requirements established under the Privacy Laws. You will
implement appropriate measures to ensure the security and confidentiality of customer and consumer information; protect against
any anticipated threats or hazards to the security of the information; protect against unauthorized access to or use of the information
that could result in substantial harm or inconvenience to any customer or consumer; and, to the extent permitted by applicable
law, during the term of this Letter you shall grant Protective reasonable access to audits, test results, or other equivalent evaluations
of such measures as may be reasonably necessary for Protective to evaluate the adequacy of the program.

 

8.          Entire
Agreement. This Letter constitutes the full and complete understanding and agreement of the parties with respect to the subject
matter hereof. This Letter may not be amended or modified orally, but only by a written instrument duly executed by each party.

 

9.          Severability.
If any court of competent jurisdiction determines that any provision contained in this Letter, or any part thereof, is unenforceable
for any reason, such court shall have the power to modify the duration or scope of such provision, or otherwise modify such provision,
as the case may be, and in its reduced form such provision shall then be enforceable. If, notwithstanding the preceding sentence,
any court of competent jurisdiction determines that any provision contained in this Letter, or any part thereof, is unenforceable
and cannot, for any reason, be modified and enforced as described in the preceding sentence, such determination shall not affect,
impair or invalidate the remainder of this Letter.

 

    	 	 	 

     

    

 

	Consulting Agreement	 
	Mr. Carl S. Thigpen	 
	May 1, 2020	 
	Page
    4 of 5	 
	 	 	 

 

10.        Governing
Law; Venue. The validity of this Letter and the rights, obligations and relations of the parties hereunder shall be construed
and determined under and in accordance with the laws of the State of Alabama; provided, however, that if any provision of this
Letter is determined by a court of competent jurisdiction to be in violation of any applicable law or otherwise invalid or unenforceable,
such provision shall to such extent as it shall be determined to be illegal, invalid or unenforceable under such law be deemed
null and void, but this Letter shall otherwise remain in full force. Suit to enforce any provision of this Letter, or any right,
remedy or other matter arising there from, will be brought exclusively in the state or federal courts located in Jefferson County,
Alabama. The parties, therefore, consent to venue in Jefferson County, Alabama and to the in personam jurisdiction of the
aforementioned courts.

 

(signature page follows)

 

    	 	 	 

     

    

 

	Consulting Agreement	 
	Mr. Carl S. Thigpen	 
	May 1, 2020	 
	Page
    5 of 5	 
	 	 	 

 

If you agree that this
letter properly reflects our understanding regarding the above- described matters, please sign both copies of this Letter where
indicated below, returning one copy and keeping the other for your records.

 

 

	 	PROTECTIVE LIFE CORPORATION
	 	 
	 	 
	 	/s/ Richard J. Bielen
	 	By: Richard J. Bielen
	 	Its: President and Chief Executive Officer

 

 

	Agreed and Accepted:	 	 
	 	 	 
	/s/ Carl S. Thigpen	 	 
	Carl S. Thigpen	 	 
	Date:	May 1, 2020iipr_Ex10_5

		
			Exhibit 10.5
		

		
			FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT
		

		
			THIS FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT (this “Amendment”) is entered into effective as of the 31st day of March, 2020,  by and between IIP-MA 1 LLC, a Delaware limited liability company  (“Landlord”),  PharmaCannis Massachusetts Inc., a  Massachusetts corporation  (“Tenant”), and IIP Operating Partnership, LP, a Delaware limited partnership (“Parent Company”).
		

		
			RECITALS
		

		
			A.        WHEREAS, Landlord, Tenant and Parent Company are parties to that certain Development Agreement dated May 31, 2018, as amended (as so amended, the “Existing Development Agreement”), providing for Tenant’s construction and development of certain industrial and greenhouse Improvements on the Land and for Landlord’s payment or reimbursement to Tenant for the costs of completing the Improvements up to the Construction Contribution Amount, subject to and in accordance with the terms of the Existing Development Agreement and the Lease, for the property located at 465 Hopping Brook Road, Holliston, Massachusetts 01746;
		

		
			B.         WHEREAS, Landlord, Tenant and Parent Company desire to modify and amend the Existing Development Agreement only in the respects and on the conditions hereinafter stated.
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, Landlord, Tenant and Parent Company, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:
		

		
			1.         Definitions.  For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Development Agreement unless otherwise defined herein.  The Existing Development Agreement, as amended by this Amendment, is referred to collectively herein as the “Development Agreement.” From and after the date hereof, the term “Development Agreement,” as used in the Existing Development Agreement and Lease, shall mean the Existing Development Agreement, as amended by this Amendment.
		

		
			2.         General Requirements.  The second sentence of Section 2.2 is hereby amended and restated in its entirety as follows:
		

		
			“Without limiting the foregoing, Tenant shall use commercially reasonable and diligent efforts to cause the Completion Date to occur no later than July 31, 2020, provided that the Completion Date shall be subject to a day-for-day extension for any actual delays resulting from events of force majeure beyond the reasonable control of Tenant.”
		

		
			3.         No Default.  Each of Tenant and Landlord represents, warrants and covenants that, to the best of its knowledge, Landlord and Tenant are not in default of any of their
		

		
			 
		

		
			 
		

		
			

		 

		

		
			 
		

		
			respective obligations under the Existing Development Agreement and no event has occurred that, with the passage of time or the giving of notice  (or both) would constitute a default by either Landlord or Tenant thereunder.
		

		
			4.         Effect of Amendment.  Except as modified by this Amendment, the Existing Development Agreement and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed.  In the event of any conflict between the terms contained in this Amendment and the Existing Development Agreement, the terms herein contained shall supersede and control the obligations and liabilities of the parties.
		

		
			5.         Successors and Assigns.  Each of the covenants, conditions and agreements contained in this Amendment shall inure to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors, administrators and permitted successors and assigns and sublessees.  Nothing in this section shall in any way alter the provisions of the Development Agreement restricting assignment or subletting.
		

		
			6.         Miscellaneous.  This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof.
		

		
			7.         Authority.  Tenant guarantees, warrants and represents that the individual or individuals signing this Amendment have the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or individuals have signed.
		

		
			8.         Counterparts; Facsimile and PDF Signatures.  This Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document.  A facsimile or portable document format (PDF) signature on this Amendment shall be equivalent to, and have the same force and effect as, an original signature.
		

		
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			2

		

		

		
			 
		

		
			IN WITNESS WHEREOF, Landlord, Tenant and Parent Company have executed this Amendment as of the date and year first above written.
		

			
					
						LANDLORD:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						IIP-MA 1 LLC

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Brian Wolfe

					
					
						 

				
	
					
						Name:

					
					
						Brian Wolfe

					
					
						 

				
	
					
						Title:

					
					
						Vice President, General Counsel and Secretary

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						TENANT:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						PHARMACANNIS MASSACHUSETTS, INC.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Brett Novey

					
					
						 

				
	
					
						Name:

					
					
						Brett Novey

					
					
						 

				
	
					
						Title:

					
					
						President

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						PARENT COMPANY:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						IIP OPERATING PARTNERSHIP, LP

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Brian Wolfe

					
					
						 

				
	
					
						Name:

					
					
						Brian Wolfe

					
					
						 

				
	
					
						Title:

					
					
						Vice President, General Counsel and Secretary

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