Document:

Exhibit 10.28

 

Certain identified information has been excluded from the exhibit
pursuant to Item 601(a)(6) of Regulation S-K. Redacted information is indicated by: ***. 

 

 

Director’s
Services Agreement

 

This DIRECTOR’S SERVICES AGREEMENT (this
 “Agreement”) is made as of this ____ day of ________________, 2020.

 

BETWEEN:

 

CHARLOTTE’S WEB HOLDINGS,
INC. a body corporate duly incorporated pursuant to the laws of British Columbia and having its registered and records office at 2800
Park Place, 666 Burrard Street, Vancouver, BC V6C 2Z7

 

(the “Corporation”)

 

AND

 

_____________________ (the
 “Director”)

 

(together with the Corporation, the “Parties”
and each a “Party”).

 

WHEREAS:

 

The Director has been a director of the Corporation
since ___________________ and the Corporation wishes to confirm the terms of his services as set out in this Agreement.

 

In consideration of the mutual covenants and agreements
set out herein, the Parties covenant and agree as follows:

 

1.                    
DIRECTOR’S SERVICES:

 

		a)	Directorship. The Director hereby agrees to continue to serve, as a director of the Corporation
(the “Director’s Services”). The Director has executed and delivered to the Corporation, or shall execute and
deliver to the Corporation, a director’s consent in the form attached hereto as Schedule “B”.

 

		b)	Time Requirements. The Director shall devote such time to the requirements of a director of the
Corporation as may be necessary to carry out the role of a director.

 

2.                    
TERM OF AGREEMENT:

 

		a)	Term. The Director shall serve as one of the directors of the Corporation for the period from the
date of appointment of the Director until the next annual general meeting of the Corporation or until the Director resigns or is replaced
in accordance with the Articles of the Corporation (the “Term”).

 

3.                    
COMPENSATION:

 

		a)	Director’s Fee. Subject to the provisions of Section
3(b) hereof, the Corporation will pay the Director the following fees, less statutory deductions:

 

		i.	For general director duties, the annual amount of US$70,000, and grants
of restricted stock awards the Corporation, pursuant to the Corporation’s Long-Term Incentive Plan (“LTIP”),
with an aggregate value of US$75,000, prorated based on date of appointment (collectively, the “Director’s Fee”);
and

 

    

     

    

 

		ii.	An additional annual amount as follows for acting in the following
position (each, an “Additional Fee”, and together with the Director’s Fee, the “Remuneration”):

 

A.   
US$5,000 for any committee served on.

 

The Remuneration shall be paid quarterly
through pre-authorized debit to the Director’s bank account, or at such times and method as may be determined by the Corporation.

 

		b)	Compensation Policies. The Remuneration shall be subject to the Corporation’s compensation
policies (the “Compensation Policies”) in effect from time to time. In the event of any inconsistency, including as
a result of a change in policy of the Corporation, between the remuneration set out in this Agreement and the Compensation Policies, the
Compensation Policies shall prevail.

 

		c)	Participation in LTIP. The Director shall be eligible to participate in the LTIP, subject to the
Compensation Policies.

 

		d)	Expenses. The Corporation will reimburse the Director for all reasonable and fully documented out-of-pocket
expenses actually, necessarily and properly incurred by the Director in the normal course of discharge of his duties as a director of
the Corporation, and, if applicable in the course of his duties as Chair and Committee member. Such reimbursement shall not exceed $500
per month without the prior written approval of the Corporation.

 

		e)	Director Indemnity Agreement. The Corporation will execute and deliver to the Director a director
indemnity agreement in the form set forth in Schedule “A” attached hereto.

 

		4.	REPRESENTATIONS AND WARRANTIES:

 

a)           
The Director represents and warrants to the Corporation that the Director shall:

 

		i.	have and, during the Term of this Agreement shall always have, the necessary skills and experience to
perform the Director’s Services;

 

		ii.	perform his duties, fiduciary and otherwise, under this Agreement in a professional manner, acting honestly,
in good faith and with a view to the best interests of the Corporation;

 

		iii.	when requested by the Corporation, attend, enrol or participate (at the Corporation’s expense) in
courses and/or seminars dealing with financial literacy, corporate governance and related matters and the Corporation pay the cost of
such courses and seminars;

 

		iv.	exercise the care, diligence and skill of a reasonably prudent person in comparable circumstances at all
times when performing his duties, fiduciary and otherwise;

 

		v.	shall comply with the applicable rules, systems, policies and procedures which are now or hereinafter
may be established by the Corporation in respect of any and all matters pertaining to the Corporation in any way, including the Corporation’s
governance matters, business matters, the conduct of its Consultants or employees or otherwise;

 

    

     

    

 

		vi.	comply with all applicable laws, regulations and stock exchange policies when providing the Director’s
Services; and

 

		vii.	not infringe or violate, or cause the Corporation to infringe or violate, any third party’s rights
(including intellectual property rights) while providing the Director’s Services or as a result of providing the Director’s
Services.

 

b)           
The Director represents and warrants to the Corporation that the Director:

 

		i.	is not under the age of 18 years;

 

		ii.	has not been found by a court, in Canada or elsewhere, to be incapable of managing his own affairs;

 

		iii.	is not an undischarged bankrupt; and

 

		iv.	has not been convicted in or out of the Province of British Columbia of an offence in connection with
the promotion, formation or management of a corporation or unincorporated business, or of an offence involving fraud.

 

		5.	RESIGNATION AND TERMINATION:

 

		a)	Resignation. The Director may resign his directorship
during the Term of this Agreement. Upon resignation as a director of the Corporation, the Director shall also tender his resignation
as a director of any subsidiary of the Corporation if requested by the Corporation.

 

		b)	Termination. The Corporation may terminate this Agreement
for any reason upon 30 days’ written notice to the Director and the director’s fee payable to the Director pursuant to Section
3 will be pro-rated based on the number of days in the month after termination.

 

		6.	MODIFICATION:

 

a)           
Modification. Any modification of this Agreement must be in writing and signed by the Parties or it shall have no effect
and shall be void.

 

7.                    
NOTICE:

 

		a)	Notice. Any notice required or permitted to be given hereunder shall be in writing and will be
considered to have been given if delivered by hand or transmitted by electronic transmission, to the address or email address of each
party set out below:
	 	 	 
	 	 	i.              If to the Corporation:

 

Charlotte’s Web Holdings, Inc.

1600 Pearl Street, Suite 300

Boulder, CO 80302

United States

 

Attention: Adrienne Elsner

Email:
***

 

    

     

    

 

		ii.	If to the Director:

 

_______________________

_______________________

_______________________

 

Email: _________________

 

and any such notices given by hand
delivery or by electronic transmission shall be deemed to have been received on the date of delivery or transmission. The Parties shall
be entitled to give notice of changes of address from time to time in the manner hereinbefore provided for the giving of notice.

 

8.                    
HEADINGS:

 

a)           
Headings. The headings used in this Agreement are for convenience and are not to be construed in any way as additions to
or limitations of the covenants and agreements contained in it.

 

9.                    
CORPORATION’S POLICIES AND APPLICABLE LAW

 

		a)	The Parties acknowledge and agree that this Agreement is subject in its entirety to (i) the policies of
the Corporation in effect and as may be amended from time to time (the “Policies”); and (ii) applicable law, including
the duties of directors thereunder.

 

		b)	In the event of any conflict between this Agreement and the Policies or applicable law or stock exchange
policy, the Policies or the applicable law or stock exchange policy, as the case may be, shall prevail.

 

 

10.                 
GOVERNING LAW/GENERAL MATTERS:

 

		a)	Governing Law. This Agreement will be governed by and
construed in accordance with the laws of British Columbia and the laws of Canada applicable therein.

 

		b)	Currency. All currency referenced is in Canadian dollars,
unless expressly indicated otherwise.

 

		c)	Assignment. Neither Party may assign his rights under
this Agreement.

 

		d)	Entire Agreement. This Agreement constitutes the entire
agreement between the Parties with respect to the provision of the Directors’ Services and any and all previous agreements, written
or oral, express or implied, between the Parties in respect thereof are hereby terminated and cancelled and superseded hereby.

 

		e)	Counterparts. This Agreement may be executed by facsimile
or electronic copy and in counterparts, each of which when combined together shall constitute one Agreement valid and binding between
the Parties.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF this Agreement has been executed
by the Parties hereto on the date first above written.

 

CHARLOTTE’S WEB HOLDINGS, INC.

 

 

	 	 	 
	By:	 	 
	 	 	 
	 	 	 
	Witness: 	 	DIRECTOR:

 

    

     

    

 

SCHEDULE “A”

 

Form of Indemnity Agreement

 

(attached)

 

    

     

    

 

INDEMNIFICATION
AGREEMENT

 

This Agreement, made and entered into this ____
day of ______________, 20__ ("Agreement"), by and between Charlotte’s Web Holdings, Inc., a British Columbia corporation
("Company"), and _______________ ("Indemnitee"):

 

WHEREAS, highly competent persons are becoming
more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection
through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation;

 

WHEREAS, the current impracticability of
obtaining adequate insurance and the uncertainties relating to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS, the Board of Directors of the
Company has determined that the inability to attract and retain such persons is detrimental to the best interests of the Company's shareholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable, prudent and
necessary for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted by Applicable Laws
(as defined below) so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
and

 

WHEREAS, Indemnitee is willing to serve,
continue to serve and to take on additional services for or on behalf of the Company on the condition that he be so indemnified;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Services by Indemnitee. Indemnitee agrees to serve as director
and/or officer of the Company and, as mutually agreed by Indemnitee and the Company, as a director, officer, employee, agent or fiduciary
of other corporations, partnerships, joint ventures, trusts or other enterprises (including, without limitation, employee benefit plans).
Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation
imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such
position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries) and Indemnitee. Indemnitee
specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries), if any, is at will, and the
Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment
contract between Indemnitee and the Company (or any of its subsidiaries), other applicable formal severance policies, or, with respect
to service as a director of the Company, by the Company’s Articles of Incorporation and the laws of the Province of British Columbia
and the federal laws of Canada applicable therein, and laws of any other applicable jurisdiction (collectively, “Applicable Laws”).
Notwithstanding the foregoing, this Agreement shall continue in force after the Indemnitee has ceased to serve as an officer or director
of the Company and no longer serves at the request of the Company as a director, officer, employee or agent of the Company or any subsidiary
of the Company.

 

Indemnification - General. The Company shall indemnify, and
advance Expenses (as hereinafter defined) to, Indemnitee (a) as provided in this Agreement and (b) to the fullest extent permitted by
Applicable Laws in effect on the date hereof and as amended from time to time. The rights of Indemnitee provided under the preceding sentence
shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement.

 

    

     

    

 

Proceedings Other Than Proceedings by or in the Right of the Company.
Indemnitee shall be entitled to the rights of indemnification provided in this Section 3 if, by reason of his Corporate Status (as hereinafter
defined), he is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding (as hereinafter defined), other
than a Proceeding by or in the right of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with
such Proceeding or any claim, issue or matter therein, if (a) he is not liable pursuant to Applicable Laws, or (b) he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal
Proceeding, had no reasonable cause to believe his conduct was unlawful.

 

Proceedings by or in the Right of the Company. Indemnitee shall
be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or
on his behalf in connection with such Proceeding if (a) he is not liable pursuant to Applicable Laws or (b) he acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that, only if Applicable
Laws so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as
to which Indemnitee shall have been adjudged to be liable to the Company, or of amounts paid in settlement to the Company, unless and
to the extent that a court having jurisdiction over Indemnitee and Company in an action filed by either concerning this Agreement, or
the court in which such Proceeding shall have been brought or is pending, shall determine that in view of all the circumstances of the
case he is fairly and reasonably entitled to indemnity for such Expenses.

 

Indemnification for Expenses of a Party who is Wholly or Partly
Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status,
a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is
successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully
resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Indemnification for Expenses of a Witness. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to
which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf
in connection therewith.

 

Advancement of Expenses. The Company shall advance all reasonable
Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding within ten (10) days after the receipt by the Company
of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition
of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be
preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined
that Indemnitee is not entitled to be indemnified against such Expenses.

 

    

     

    

 

Procedure for Determination of Entitlement to Indemnification.

 

To obtain indemnification under this Agreement, Indemnitee shall submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested
indemnification.

 

Upon written request by Indemnitee for indemnification pursuant to
the first sentence of Section 8(a) hereof, a determination, if required by Applicable Laws, with respect to Indemnitee's entitlement thereto
shall be made in the specific case: (i) if a Change in Control (as hereinafter defined) shall have occurred, by Independent Counsel (as
hereinafter defined) in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change
of Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors
(as hereinafter defined); or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even
if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors,
a copy of which shall be delivered to Indemnitee; and, if it is so determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity
making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons, or
entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure
and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys'
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be
borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom.

 

In the event the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to Section 8(b) hereof, the Independent Counsel shall be selected as provided in this Section
8(c). If a Change of Control shall not have occurred, the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change of Control shall
have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by
the Board of Directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within
ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be,
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 17 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined
that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 8(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the courts of the Province of British Columbia or other court of competent jurisdiction for resolution of any objection which
shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 8(b) hereof. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant
to Section 8(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 8(c), regardless
of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 10(a)(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in
such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    

     

    

 

Presumptions and Effect of Certain Proceedings.

 

If a Change of Control shall have occurred, in making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 8(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the
making by any person, persons or entity of any determination contrary to that presumption.

 

The termination of any Proceeding or of any claim, issue or matter
therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise
expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the
Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

Any action taken by Indemnitee in connection with any employee benefit
plan shall, if taken in good faith by Indemnitee and in a manner Indemnitee reasonable believed to be in the interest of the participants
in or beneficiaries of that plan, be deemed to have been taken in a manner “not opposed to the best interests of the Company”
for all purposes of this Agreement.

 

Remedies of Indemnitee.

 

In the event that (i) a determination is made pursuant to Section 8
of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely
made pursuant to Section 7 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 8(b) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 5 or 6 of this Agreement within ten (10) days after receipt by the Company of a written
request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the Province of British Columbia,
or in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses. Alternatively,
Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Arbitration Act of
British Columbia. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following
the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 10(a); provided, however, that the
foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement.

 

    

     

    

 

In the event that a determination shall have been made pursuant to
Section 8(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant
to this Section 10 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced
by reason of that adverse determination. If a Change of Control shall have occurred, in any judicial proceeding or arbitration commenced
pursuant to this Section 10 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement
of Expenses, as the case may be.

 

If a determination shall have been made pursuant to Section 8(b) of
this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding
or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under Applicable Laws.

 

In the event that Indemnitee, pursuant to this Section 10, seeks a
judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement,
Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the
types described in the definition of Expenses in Section 17 of this Agreement) actually and reasonably incurred by him in such judicial
adjudication or arbitration, but only if he prevails therein. If it shall be determined in said judicial adjudication or arbitration that
Indemnitee is entitled to receive part but not all of the indemnification or advancement of expenses sought, the expenses incurred by
Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

The rights of indemnification and to receive advancement of Expenses
as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
Applicable Laws, the Articles of Incorporation, any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement
in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To
the extent that a change in Applicable Laws (whether by statute or judicial decision) permits greater indemnification by agreement than
would be afforded currently under this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change.

 

    

     

    

 

To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors and/or officers of the Company or of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director and/or
officer under such policy or policies.

 

In the event of any payment under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and
take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights.

 

The Company shall not be liable under this Agreement to make any payment
of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise.

 

Duration of Agreement. This Agreement shall continue until and
terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee,
or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which
Indemnitee served at the request of the Company; or (b) the final termination of any Proceeding then pending in respect of which Indemnitee
is granted rights of indemnification or advancement of expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section
10 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure
to the benefit of the Indemnitee and his heirs, executors and administrators, and this Agreement does not, and shall not be construed
to confer any rights on any person that is not a party to this Agreement, other than Indemnitee’s heirs, executors and administrators.

 

Severability. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the
remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Exception to Right of Indemnification or Advancement of Expenses.
Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses
under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein prior to a Change in Control, unless the
bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors.

 

Identical Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one
and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence
the existence of this Agreement.

 

    

     

    

 

Headings. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or the affect the construction thereof.

 

Definitions. For purposes of this Agreement:

 

"Change of Control" means the occurrence of any one
or more of the following: (i) the accumulation, whether directly, indirectly, beneficially or of record, by any individual, entity or
group of 50% or more of the shares of the outstanding common shares of the Company, whether by merger, consolidation, sale or other transfer
of common shares (other than a merger or consolidation where the shareholders of the Company prior to the merger or consolidation are
the holders of a majority of the voting securities of the entity that survives such merger or consolidation), or (ii) a sale of all or
substantially all of the assets of the Company, provided, however, that the following acquisitions shall not constitute a Change of Control
for the purposes of this Agreement: (A) any acquisitions of common shares or securities convertible into common shares directly from the
Company, or (B) any acquisition of common shares or securities convertible into common shares by any employee benefit plan (or related
trust) sponsored by or maintained by the Company.

 

"Corporate Status" describes the status of a person
who is or was a director and/or officer of the Company or of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise which such person is or was serving at the request of the Company.

 

"Disinterested Director" means a director of the Company
who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

"Effective Date" means the date of this Agreement.

 

''Expenses" shall include all reasonable attorneys' fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding.

 

"Independent Counsel" means a law firm, or a member
of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include
any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

 

"Proceeding" includes any action, suit, arbitration,
alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative
or investigative, except one (i) initiated by an Indemnitee pursuant to Section 10 of this Agreement to enforce his rights under this
Agreement or (ii) pending on or before the Effective Date.

 

Modification and Waiver. No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute
a continuing waiver.

 

    

     

    

 

Notice by Indemnitee. Indemnitee agrees promptly to notify the
Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating
to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder.

 

Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom
said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the
third business day after the date on which it is so mailed, or (iii) sent by facsimile or email transmission during business hours, upon
the sender receiving confirmation of the transmission, and if not transmitted during business hours, upon the commencement of business
hours on the next business day:

 

If to Indemnitee to:

 

______________________

______________________

______________________

 

Email: ________________

 

If to the Company, to:

 

1600 Pearl Street, Suite 300

Boulder, CO 80302

United States

 

Email: ***

 

or to such other address as may have been furnished
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

Contribution. To the fullest extent permissible under Applicable
Laws, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect:
(a) the relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to
such Proceeding; and/or (b) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection
with such event(s) and/or transaction(s).

 

Governing Law. The parties agree that this Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the Province of British Columbia and the federal laws of Canada
applicable therein.

 

    

     

    

 

Miscellaneous. Use of the masculine pronoun shall be deemed
to include usage of the feminine pronoun where appropriate.

 

[The rest of this page is intentionally left
blank.]

 

    

     

    

 

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

 

	 	CHARLOTTE’S WEB HOLDINGS, INC. 
	 	 
	 	 
	 	By:	 
	 	 	
    Name:

    Title:

     

	 	 	 
	 	 	DIRECTOR:Exhibit 10.29

 

Certain identified information has been excluded from the exhibit
pursuant to Item 601(a)(6) of Regulation S-K. Redacted information is indicated by: ***.

 

 

CONSULTING
AGREEMENT

 

THIS CONSULTING AGREEMENT (the “Agreement”)
is made and entered into effective as of April 16, 2021 by and between Leeland & Sig, LLC d/b/a Stanley Brothers
Brand Company, a Colorado limited liability company (the “Consulting Firm”), the Brothers (as defined in Section 1.2,
solely with respect to those provisions identified in the signature blocks below), in their individual capacities, and Charlotte’s
Web, Inc., a Delaware corporation (together with its parents, subsidiaries, affiliates and divisions, the “Company”)
(referred to collectively as the “Parties” and individually as a “Party”), and sets forth the terms
and conditions whereby Consulting Firm agrees to provide certain services to the Company.

 

WHEREAS,
the Parties are party to that Amending Agreement to Name and Likeness and License Agreement, dated as of the date hereof (the “License
Amendment”), pursuant to which (under Section 3.8 of that Agreement) the Parties may be amend or otherwise reconstitute
certain employment agreements, including by way of transferring the key rights and obligations thereunder to a form of consulting or similar
contractual arrangement the “Substituted Promotion Agreement”), and the Parties acknowledge that this Agreement is such contemplated
Substituted Promotion Agreement.

 

NOW, THEREFORE,
in consideration of the promises made herein, the Parties hereby agree as follows:

 

1.            SERVICES.

 

1.1            The
Company hereby engages Consulting Firm, and Consulting Firm hereby accepts such engagement, as an independent contractor to provide certain
services to the Company on the terms and conditions set forth in this Agreement.

 

1.2            Consulting
Firm shall provide to the Company the services set forth in Schedule 1 (the “Services”). The Services shall be
performed by one or more of the following individuals Josh, Joel, Jesse, Jonathan, Jordan, Jared, and J. Austin Stanley (the “Brothers”).

 

1.3            The
Services to be provided by Josh and Joel Stanley shall commence on June 15, 2021. The Services to be provided by the other Brothers
shall commence on May 18, 2021.

 

1.4            The
Company shall not control the manner or means by which Consulting Firm and/or the Brothers perform the Services.

 

1.5            The
Company may provide the Brothers with access to its premises, materials and information to the extent necessary for the performance of
the Services; provided, however, that Consulting Firm shall furnish, at its own expense, any other materials, equipment, and other resources
necessary to perform the Services.

 

     

     

    

 

1.6            Consulting
Firm and the Brothers shall comply with all rules and procedures communicated to Consulting Firm in writing by the Company, including
those related to safety, security, and confidentiality.

 

2.            TERM.
The term of this Agreement shall commence on the date hereof and shall continue through July 31, 2022, unless earlier terminated
in accordance with Section 9 (the “Term”). Any extension of the Term will be subject to mutual written agreement
between the Parties.

 

3.            FEES
AND EXPENSES.

 

3.1            As
full compensation for the Consulting Firm’s Services (and its obligations as Licensor under the License Amendment) and the rights
granted to the Company in this Agreement (and under the License Amendment), the Company shall pay Consulting Firm a fixed fee of $2,081,250.00
(the “Fees”), payable in a lump sum upon execution of this Agreement. Consulting Firm acknowledges that Consulting
Firm will receive an IRS Form 1099-MISC from the Company, and that Consulting Firm shall be solely responsible for all federal, state,
and local taxes, as set out in Section 4.2. The Parties acknowledge and agree that all compensation, if any, owed to the Brothers
for performance of the Services and the rights granted to the Company in this Agreement shall be paid to the Brothers by Consulting Firm,
which amounts shall be paid in accordance with any compensation agreement by and between each of the Brothers and Consulting Firm.

 

3.2            Consulting
Firm is solely responsible for any costs or expenses incurred by Consulting Firm and the Brothers in connection with the performance of
the Services, and in no event shall the Company reimburse Consulting Firm for any such costs or expenses. Notwithstanding the foregoing,
the Company shall reimburse Consulting Firm for reasonable pre-approved travel expenses incurred in connection with performance of the
Services. Further, the Company shall pay 50% of each monthly invoice for services provided in connection with Consulting Firm’s
and/or the Brothers’ performance of the Services during the Term by Creative Artists Agency (“CAA”) promptly on presentation
to the Company of a copy of such invoice, provided such services were performed by CAA between May 1, 2021 and July 31, 2022.
Such payment will be made directly to CAA.

 

4.            RELATIONSHIP
OF THE PARTIES.

 

4.1            Consulting
Firm is an independent contractor of the Company, and this Agreement shall not be construed to create any association, partnership, joint
venture, employment, or agency relationship between the Company, Consulting Firm and/or the Brothers for any purpose. Consulting Firm
and the Brothers have no authority (and shall not hold itself out as having authority) to bind the Company and shall not make any agreements
or representations on the Company’s behalf without the Company’s prior written consent.

 

    	 	 2	 

     

    

 

4.2            Without
limiting Section 4.1, the Brothers will not be eligible to participate in any vacation, group medical or life insurance, disability,
profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by the Company to its employees, and the
Company will not be responsible for withholding or paying any income, payroll, Social Security, or other federal, state, or local taxes,
making any insurance contributions, including for unemployment or disability, or obtaining workers’ compensation insurance on the
Brothers’ behalf. Consulting Firm shall be responsible for, and shall indemnify the Company against, all such taxes or contributions,
including penalties and interest.

 

5.            INTELLECTUAL
PROPERTY RIGHTS.

 

5.1            The
Company is and will be the sole and exclusive owner of all right, title, and interest throughout the world in and to all the results and
proceeds of the Services performed under this Agreement (collectively, the “Deliverables”) and all other writings,
technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, and materials, and all other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, modified, conceived, or reduced to practice
in the course of performing the Services (collectively, and including the Deliverables, “Work Product”) including all
patents, copyrights, trademarks (together with the goodwill symbolized thereby), trade secrets, know-how, and other confidential or proprietary
information, and other intellectual property rights (collectively “Intellectual Property Rights”) therein. Consulting
Firm and the Brothers agree that the Work Product is hereby deemed “work made for hire” as defined in 17 U.S.C. § 101
for the Company and all copyrights therein automatically and immediately vest in the Company. If, for any reason, any Work Product does
not constitute “work made for hire,” Consulting Firm and the Brothers hereby irrevocably assign to the Company, for no additional
consideration, its entire right, title, and interest throughout the world in and to the Work Product, including all Intellectual Property
Rights therein, including the right to sue for past, present, and future infringement, misappropriation, or dilution thereof. Anything
to the contrary in this Agreement notwithstanding, Consulting Firm and the Brothers have no obligation to assign any idea, discovery,
invention, improvement, software, writing or other material or design that Consulting Firm or the Brothers conceive and/or develop that
relates to SB Business (defined below).

 

5.2            The
 “Company Business” means the Company’s hemp CBD, hemp cannabinoids with tetrahydrocannabinol dry weight equal
to or less than 0.3%, hemp-supplemented non-alcoholic drinks and hemp dietary supplements, hemp topicals, hemp foods with the exception
of those formulated with marijuana (meaning cannabis with greater than 0.3% tetrahydrocannabinol dry weight) or as otherwise permitted
in Sections 3.5 of (and subject to 3.16 of) the License Amendment, hemp lotions or hemp pet products, or hemp soaps business, either currently
in production or as may be produced and sold in the future. The “SB Business” means any other businesses, including,
but not be limited to, employment, investment, consulting, managing, developing, producing, distributing, marketing, promoting, branding
or any other activity related to a company or business engaged in: hemp-based or infused alcohol or spirits, vaporizable hemp products;
medicinal or recreational Marijuana (cannabis with greater than 0.3% tetrahydrocannabinol dry weight, “Marijuana”)
products, including but not limited to, Marijuana derivatives and supplements formulated with Marijuana and biotech/pharmaceutical formulations,
excluding for greater certainty such business as may reasonably be deemed to be substantially similar to the Company Business. , Anything
to the contrary in this Agreement notwithstanding, the Company acknowledges and agrees that the Brothers’ continuing work and investment
in the SB Business will not be considered the proprietary or confidential information of the Company so long as such work does not include
the Company Business and will be completed without reference to any Confidential Information related to the Company Business. The Company
acknowledges and agrees that the production, distribution and promotion of media, including, but not limited to photographs, motion pictures,
documentaries, social media, television, radio and Internet shows and appearances, webcasts, podcasts, live streaming events, YouTube
channels, Twitter accounts, blogs, websites, mobile phone applications and any other media-related products whether on television, radio,
or the Internet (“Media”), related to the Brothers’ names and the Stanley Brothers’ brand, other than in
relation to the Company Business, is not prohibited by the provisions of this Agreement, including any Media produced, distributed and
promoted for any SB Business, which may include the Brothers’ names and the Stanley Brothers’ brand. For the avoidance of
doubt, nothing in this Section or otherwise in this Agreement, including Section 10, prohibits the Brothers, individually, together,
and/or through other entities, from engaging in alcohol/spirits hemp products and vaporizable and/or combustible inhalable (including
cigarette) hemp products with less than 0.3% tetrahydrocannabinol dry weight. In addition, any and all prohibitions on Consulting Firm
and the Brothers set forth in this Section or otherwise in this Agreement, including Section 10, are subject to waiver by the
Company upon the Company’s prior written consent by email notice to the email addresses for Consulting Firm and the Brothers set
forth in Section 16.2.

 

    	 	 3	 

     

    

 

5.3            To
the extent any copyrights are assigned under this Section 5, Consulting Firm and the Brothers hereby irrevocably waive in favor of
the Company, to the extent permitted by applicable law, any and all claims Consulting Firm and/or the Brothers may now or hereafter have
in any jurisdiction to all rights of paternity or attribution, integrity, disclosure, and withdrawal and any other rights that may be
known as “moral rights” in relation to all Work Product to which the assigned copyrights apply.

 

5.4            Consulting
Firm and the Brothers shall make full and prompt written disclosure to the Company of any inventions or processes, as such terms are defined
in 35 U.S.C. § 100, that constitutes Work Product, whether or not such inventions or processes are patentable or protected as trade
secrets. Consulting Firm and the Brothers shall not disclose to any third party the nature or details of any such inventions or processes
without the prior written consent of the Company.

 

5.5            Upon
the request of the Company, during and after the Term, Consulting Firm and the Brothers shall promptly take
such further actions, including execution and delivery of all appropriate instruments of conveyance, and provide such further cooperation,
as may be reasonably necessary to assist the Company to apply for, prosecute, register, maintain, perfect, record, or enforce its
rights in any Work Product and all Intellectual Property Rights therein. In the event the Company is unable, after reasonable effort,
to obtain Consulting Firm’s and/or the Brothers (as applicable) signature on any such documents, Consulting Firm and the Brothers
hereby irrevocably designates and appoints the Company as its agent and attorney-in-fact, to act for and on its behalf solely to execute
and file any such application or other document and do all other lawfully permitted acts to further the prosecution and issuance of patents,
copyrights, or other intellectual property protection related to the Work Product with the same legal force and effect as if Consulting
Firm and/or the Brothers (as applicable) had executed them. Consulting Firm agrees that this power of attorney is coupled with an interest.

 

    	 	 4	 

     

    

 

5.6            As
between Consulting Firm, the Brothers and the Company, the Company is, and will remain, the sole and exclusive owner of all right, title,
and interest in and to any documents, specifications, data, know-how, methodologies, software, and other materials provided to Consulting
Firm and/or the Brothers by the Company (“Company Materials”), including all Intellectual Property Rights therein.
Consulting Firm and the Brothers have no right or license to reproduce or use any Company Materials except solely during the Term to the
extent necessary to perform its obligations under this Agreement. All other rights in and to the Company Materials are expressly reserved
by the Company. Consulting Firm and the Brothers have no right or license to use the Company’s trademarks, service marks, trade
names, logos, symbols, or brand names.

 

6.            CONFIDENTIALITY.

 

6.1            Consulting
Firm and the Brothers acknowledge that Consulting Firm and the Brothers will have access to information that is treated as confidential
and proprietary by the Company, that may include, without limitation, trade secrets and all other information not known to the public
about the Company’s operations, business or financial affairs, knowhow, processes, marketing plans, bids, business plans, budgets
and unpublished financial statements, licenses, prices and costs, margins, discounts, credit terms, pricing and billing policies, quoting
procedures, methods of obtaining business, forecasts, future plans and potential strategies, financial projections and business strategies,
operational plans, financing and capital-raising plans, activities and agreements, internal services and operational manuals, methods
of conducting Company business, propagation and cultivation techniques, extraction and processing techniques, products, services, contracts,
forms, research and development, new products, chemical analyses, plans or projections, systems, programs, manuals, guides, confidential
reports and communications, plant genetic information regarding the growth and distribution of industrial hemp products, clones, seeds,
plants, all Intellectual Property Rights (as defined below), information regarding personnel, employee lists, compensation, and employee
skills, as well as any non-public information about its existing and prospective customers, suppliers, and business partners, including
but not limited to their identities, contact people, needs, records, purchase histories, credit limits, the Company’s sources for
referrals and new business, market data, and any customer personal or health information that is made available to the Company by its
customers, in each case whether spoken, written, printed, electronic, or in any other form or medium (collectively, the “Confidential
Information”).

 

Any Confidential Information that Consulting
Firm or any of the Brothers accesses or develops in connection with the Services, including but not limited to any Work Product, shall
be subject to the terms and conditions of this clause. Consulting Firm and the Brothers agree to treat all Confidential Information as
strictly confidential, not to disclose Confidential Information or permit it to be disclosed, in whole or part, to any third party without
the prior written consent of the Company in each instance, and not to use any Confidential Information for any purpose except as required
in the performance of the Services. Consulting Firm shall notify the Company immediately in the event Consulting Firm becomes aware of
any loss or disclosure of any Confidential Information.

 

    	 	 5	 

     

    

 

6.2            Confidential
Information shall not include information that:

 

(a)            is
or becomes generally available to the public other than through Consulting Firm’s and/or the Brothers’ breach of this Agreement;
or

 

(b)            is
communicated to Consulting Firm or any of the Brothers by a third party that had no confidentiality obligations with respect to such information;
or

 

(c)            relates
to SB Business.

 

6.3            Nothing
herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant
to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed
the extent of disclosure required by such law, regulation, or order. Consulting Firm agrees to provide written notice of any such order
to an authorized officer of the Company within three calendar days of receiving such order, but in any event sufficiently in advance of
making any disclosure to permit the Company to contest the order or seek confidentiality protections, as determined in the Company’s
sole discretion.

 

6.4            Notice
of Immunity Under the Defend Trade Secrets Act of 2016. Notwithstanding any other provision of this Agreement, Consulting Firm and the
Brothers will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that: (a) is made (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

    	 	 6	 

     

    

 

7.            REPRESENTATIONS
AND WARRANTIES.

 

7.1            Consulting
Firm represents and warrants to the Company that:

 

(a)            Consulting
Firm has the right to enter into this Agreement, to grant the rights granted herein, and to perform fully all of its obligations in this
Agreement;

  

(b)            Consulting
Firm’s entering into this Agreement with the Company and its performance of the Services do not and
will not conflict with or result in any breach or default under any other agreement to which Consulting Firm and/or the Brothers are subject;

 

(c)            Consulting
Firm has personnel, including without limitation the Brothers, who have the required skill, experience, and qualifications to perform
the Services, Consulting Firm shall perform the Services in a professional and workmanlike manner in accordance with generally recognized
industry standards for similar services, and Consulting Firm and the Brothers’ shall devote sufficient resources to ensure that
the Services are performed in a timely and reliable manner;

 

(d)            Consulting
Firm and the Brothers shall perform the Services in compliance with all applicable federal, state, and local laws and regulations, including
by maintaining all licenses, permits, and registrations required to perform the Services;

 

(e)            the
Company will receive good and valid title to all Work Product, free and clear of all encumbrances and liens of any kind; and

 

(f)            all
Work Product is and shall be original work (except for material in the public domain or provided by the Company) and, to the best of Consulting
Firm’s and the Brothers’ knowledge, does not and will not violate or infringe upon the intellectual property right or any
other right whatsoever of any person, firm, corporation, or other entity.

 

7.2            The
Company hereby represents and warrants to Consulting Firm that:

 

(a)            it
has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder; and

 

(b)            the
execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary
corporate action.

 

8.            INDEMNIFICATION.
Consulting Firm shall defend, indemnify, and hold harmless the Company and its affiliates and their officers, directors, employees, agents,
successors, and assigns from and against all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties,
fines, costs, or expenses of whatever kind (including reasonable attorneys’ fees) arising out of or resulting from Consulting Firm’s
and/or any of the Brothers’ breach of any representation, warranty, or obligation under this Agreement.

 

    	 	 7	 

     

    

 

9.            TERMINATION.

 

9.1            Consulting
Firm or the Company may terminate this Agreement without cause upon 60 calendar days’ written notice to the other Party to this
Agreement; provided that no portion of the Fees shall be refundable on termination by Company under this Section 9.1.

 

9.2            Consulting
Firm or the Company may terminate this Agreement, effective immediately upon written notice to the other Party, if the other Party breaches
this Agreement, and such breach is incapable of cure, or with respect to a breach capable of cure, the other Party does not cure such
breach within ten (10) calendar days after receipt of written notice of such breach.

 

9.3            Payment
of the Fees pursuant to Section 3 of the Agreement contemplates performance of the Services for the full Term. If, prior to expiration
of the Term, either: (i) the Company terminates this Agreement in connection with a breach or failure to comply with the terms hereof
by Consulting Firm; or (ii) the Agreement is terminated by Consulting Firm, the Company shall be entitled to recoup a pro-rated portion
of the Fees proportionate to the remainder of the original Term following the termination effective date.

 

9.4            Upon
expiration or termination of this Agreement for any reason, or at any other time upon the Company’s written request, Consulting
Firm shall promptly after such expiration or termination:

 

(a)            deliver
to the Company all Deliverables (whether complete or incomplete) and all materials, equipment, and other property provided for use by
the Company;

 

(b)            permanently
erase all of the Confidential Information from computer systems or other electronic devices; and

 

(a)            deliver
to the Company all tangible documents and other media, including any copies, containing, reflecting, incorporating, or based on the Confidential
Information; and

 

(b)            certify
in writing to the Company that Consulting Firm has complied with the requirements of this clause.

 

9.5            The
terms and conditions of this clause and Section 4, Section 5, Section 6, Section 7, Section 8, Section 10,
Section 11, Section 13, Section 14, Section 15 and Section 16 shall survive the expiration or termination of
this Agreement.

 

    	 	 8	 

     

    

 

10.            OTHER
BUSINESS ACTIVITIES.

 

10.1            Consulting
Firm and the Brothers may be engaged or employed in any other business, trade, profession, or other activity which does not place Consulting
Firm and/or any of the Brothers in a conflict of interest with the Company; provided, that, during the Term, and for a period of twelve
(12) months following the termination or expiration of this Agreement, Consulting Firm and/or any of the Brothers shall not be engaged
in any business activities, on its or his own behalf or on behalf of any other person or entity, that are engaged in or compete with Company
Business without the Company’s prior written consent to be given or withheld in its sole discretion.

 

10.2            For
greater clarity, nothing in this Agreement shall be construed as prohibiting the Brothers from (i) engaging in passive investment
activities and business-related, community service, charitable and social activities that do not interfere with the Brothers’ performance
of Services or their obligations hereunder or (ii) engaging in any activity related to any person or entity engaged in a business
that is not a Competitor (defined below), including but not limited to, engaging in any activity related to any SB Business or any activity
related to the production, distribution and promotion of Media related to the Brothers’ names and the Stanley Brothers’ brand
other than in relation to a Competitor, including any Media produced, distributed and promoted for any SB Business, which may include
the Brothers’ names and the Stanley Brothers’ brand. For purposes of this Agreement, a “Competitor” is
any person or entity that engages in the Company Business, as of the date of execution of this agreement. Further, the Company acknowledges
that the Brothers are engaged in ongoing Media projects and appearances that may relate to their involvement with the Company and the
Company Business and, subject to applicable laws restricting selective disclosure of non-public material information, nothing in this
Agreement shall be construed as giving the Company any rights to censure, direct, review, approve or otherwise be involved in such Media
provided that the Brothers provide statements in any produced Media related to the Company or the Company Business that “the opinions
expressed are those of [Brothers/Stanley Brothers Brand] and do not represent the opinions of Stanley Brother Brand affiliates, Charlotte’s
Web Holdings, Inc., CWB Holdings Inc., Charlotte’s Web or any related entities.” Notwithstanding the foregoing, Consulting
Firm further agrees that during the Term, the Brothers shall not publicly make any statements, claims or render opinions that are expressly
or impliedly connected to the Company or the Company Business and that would, or could reasonably be deemed to, violate the law of any
government authority including, but not limited to, rules, regulations or guidance promulgated by the United States Food and Drug Administration
or the United States Federal Trade Commission or Canadian or United States securities laws.

 

11.            NON-SOLICITATION.
The Consulting Firm and the Brothers agree that during the Term of this Agreement and for a period of twelve (12) months following the
termination or expiration of this Agreement, they will not make any solicitation to employ the Company’s personnel without written
consent of the Company to be given or withheld in the Company’s sole discretion.

 

12.            ASSIGNMENT.
Consulting Firm shall not assign any rights or delegate or subcontract any obligations under this Agreement without the Company’s
prior written consent. Any assignment in violation of the foregoing shall be deemed null and void. The Company may freely assign its rights
and obligations under this Agreement at any time. Subject to the limits on assignment stated above, this Agreement will inure to the benefit
of, be binding on, and be enforceable against each of the Parties hereto and their respective successors and assigns.

 

    	 	 9	 

     

    

 

13.            REASONABLENESS
OF RESTRICTIONS AND REMEDIES.

 

13.1            The
Consulting Firm and the Brothers acknowledge and agree that they have read this entire Agreement and understand it. Consulting Firm and
the Brothers agree that the restrictions contained in this Agreement, including without limitation those set forth in Section 10
above, are reasonable, proper, and necessitated by Company’s legitimate business interests. Consulting Firm and the Brothers represent
and agree that they are entering into this Agreement freely and with knowledge of its contents with the intent to be bound by the obligations
and restrictions contained set forth herein. Each Brother further represents and agrees that: (i) his experience and capabilities
are such that his compliance with the restrictions herein will not prevent him from earning a livelihood or otherwise cause him undue
hardship; and (ii) that the compensation paid to him by the Consulting Firm, which amounts are and shall be paid through the Fees,
in connection with his performance of the Services is sufficient consideration for his obligations under this Agreement, including without
limitation those set forth in Sections 10 and 11 above. Consulting Firm and the Brothers further agree that they shall not assert, or
permit to be asserted on their behalf, in any forum, any position contrary to the foregoing.

 

13.2            The
Company, Consulting Firm and the Brothers acknowledge and agree that the individual covenants in this Agreement are separate and distinct
commitments, independent of each other covenant hereunder. Accordingly, if, at the time of enforcement of such covenants, a court of competent
jurisdiction holds that the restrictions stated herein are unreasonable under the circumstances then existing, the Parties hereto agree
that the maximum period or scope legally permissible under such circumstances will be substituted for the period or scope stated therein.
If a court of competent jurisdiction declines to enforce this Agreement in the manner provided in this Section 13.1, the Parties
agree that the court shall modify any clauses or provisions in this Agreement so as to provide the Company with the maximum protection
of its business interests allowed by law and the Parties agrees to be bound by this Agreement as modified.

 

13.3            In
the event Consulting Firm and/or any of the Brothers breaches or threatens to breach Section 6, Section 10 or Section 11
of this Agreement, Consulting Firm and the Brothers hereby acknowledges and agrees that the Company shall be entitled to seek, in addition
to other available remedies, a temporary or permanent injunction or other equitable relief restraining such breach or threatened breach
from any court of competent jurisdiction, and that money damages would not afford an adequate remedy, without the necessity of showing
any actual damages, and without the necessity of posting any bond or other security. This equitable relief shall be in addition to, not
in lieu of, legal remedies, monetary damages, or other available forms of relief. For purposes of this Section, the Parties irrevocably
submit to the exclusive jurisdiction of the federal and state courts located in the State of Colorado and waives the defense of inconvenient
forum to the maintenance of any action or proceeding in such venue.

 

    	 	 10	 

     

    

 

14.            ARBITRATION.

 

14.1            Any
dispute, controversy, or claim arising out of or related to this Agreement or any breach or termination of this Agreement, including but
not limited to the Services Consulting Firm provides to the Company, and any alleged violation of any federal, state, or local statute,
regulation, common law, or public policy, whether sounding in contract, tort, or statute, shall be submitted to and decided by binding
arbitration. Arbitration shall be administered by the American Arbitration Association and held in Boulder, Colorado before a single arbitrator,
in accordance with the American Arbitration Association’s rules, regulations, and requirements. Any arbitral award determination
shall be final and binding upon the Parties. Judgment on the arbitrator’s award may be entered in any court of competent jurisdiction.
Each Party will be responsible for its own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless a statute
or contract at issues specifically authorizes such an award.

 

14.2            Arbitration
shall proceed only on an individual basis. The Parties waive all rights to have their disputes heard or decided by a jury or in a court
trial and the right to pursue any class or collective claims against each other in court, arbitration, or any other proceeding. Each Party
shall only submit their own individual claims against the other and will not seek to represent the interests of any other person. The
arbitrator shall have no jurisdiction or authority to compel any class or collective claim, or to consolidate different arbitration proceedings
with or join any other party to an arbitration between the Parties. The arbitrator, not any court, shall have exclusive authority to resolve
any dispute relating to the enforceability or formation of this Agreement and the arbitrability of any dispute between the Parties, except
for any dispute relating to the enforceability or scope of the class and collective action waiver, which shall be determined by a court
of competent jurisdiction.

 

15.            GOVERNING
LAW, JURISDICTION, AND VENUE. This Agreement and all related documents and all matters arising out of or relating to this Agreement
and the Services provided hereunder, whether sounding in contract, tort, or statute, for all purposes shall be governed by and construed
in accordance with the laws of the State of Delaware without giving effect to any conflict of laws principles that would cause the laws
of any other jurisdiction to apply.

 

16.            MISCELLANEOUS.

 

16.1            Consulting
Firm shall not export, directly or indirectly, any technical data acquired from the Company, or any products utilizing any such data,
to any country in violation of any applicable export laws or regulations.

 

 

    	 	 11	 

     

    

 

16.2            All
notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”) shall
be in writing and addressed to the Parties as set forth below. All Notices shall be delivered by personal delivery, nationally recognized
overnight courier (with all fees prepaid), email, facsimile (with confirmation of transmission), or certified or registered mail (in each
case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only if: (a) the
receiving Party has received the Notice; and (b) the Party giving the Notice has complied with the requirements of this Section.

  

If to the Company:

 

Charlotte’s Web, Inc.

Attn: Chief Executive Officer

2425 5th Street, Suite 200

Boulder, CO 80301

 

With
copy to:

jarrod.isfeld@dlapiper.com

 

If to Consulting Firm and/or the Brothers:

 

Leeland & Sig LLC d/b/a Stanley Brothers Brand
Holding Co.

Jesse Stanley

2111 E. Virginia Avenue

Denver, CO 80209

 

With
copies to:

***

brenkert.jason@dorsey.com

tom@canovalaw.com

 

16.3            This
Agreement, together with any other documents incorporated herein by reference and related exhibits and schedules, constitutes the sole
and entire agreement of the Parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and
contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter,
including, without limitation, any employment agreements between the Company and each of the Brothers; provided, however, that for the
avoidance of doubt, nothing in this Agreement shall amend, modify or otherwise affect the Company’s, Consulting Firm’s and/or
the Brother’s rights or obligations pursuant to (i) the Option Purchase Agreement executed March 2, 2021 among Charlotte’s
Web Holdings, Inc. (“CW”), Stanley Brothers USA Holdings, Inc. (“SBH”) and the shareholders
of SBH, and (ii) the Name and Likeness and License Agreement effective August 1, 2018 by and between the Consulting Firm, the
Company and CW, as amended on April 12, 2021, which will remain in full force and effect subsequent to the execution of this Agreement.

 

    	 	 12	 

     

    

 

16.4            This
Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party hereto, and any of the terms
thereof may be waived, only by a written document signed by each Party to this Agreement or, in the case of waiver, by the Party or Parties
waiving compliance.

  

16.5            If
any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction.

 

16.6            This
Agreement may be executed in multiple counterparts and by electronic or facsimile signature, each of which shall be deemed an original
and all of which together shall constitute one instrument.

 

[signature pages follow]

 

    	 	 13	 

     

    

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING
AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
SHOWN BELOW.

 

Charlotte’s Web, Inc.

 

	By:	/s/ Deanie Elsner	 	Date:	 
	 	 	 	 	 
	Name:	Deanie
Elsner	 	 	 
	 	 	 	 	 
	Title:	CEO,
Director	 	 	 

 

Leeland & Sig LLC

 

	By:	/s/ Jesse
Stanley	 	Date:	4/24/2021
1:51 PM EDT
	 	 	 	 	 
	Name:	Jesse
Stanley	 	 	 
	 	 	 	 	 
	Title:	Board
of Managers	 	 	 

 

	/s/
    Josh Stanley	 	Date:	4/24/2021
6:50 AM PDT
	 	 	 	 
	Josh Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)
	 	 	 	 
	/s/
    Joel Stanley	 	Date:	4/23/2021
8:24 PM EDT
	 	 	 	 
	Joel
Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)
	 	 	 	 
	/s/
    Jesse Stanley	 	Date:	4/23/2021
8:19 PM EDT
	 	 	 	 
	Jesse
Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)

 

[signature
page to Consulting Agreement]

 

    

     

    

 

	/s/
    Jonathan Stanley	 	Date:	4/23/2021
8:51 PM EDT
	 	 	 	 
	Jonathan
Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)
	 	 	 	 
	/s/
    Jordan Stanley	 	Date:	4/24/2021
10:26 AM PDT
	 	 	 	 
	Jordan
Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)
	 	 	 	 
	/s/
    Jared Stanley	 	Date:	4/24/2021
1:37 PM EDT
	 	 	 	 
	Jared
Stanley (in his individual capacity for purposes of Sections 5, 6, 10, 11, 12 and 13)
	 
	/s/
    Austin Stanley	 	Date:	4/23/2021
8:44 PM EDT
	 	 	 	 
	J.
Austin Stanley (in his individual capacity for purposes of Sections 4, 5, 6, 10, 11, 12 and 13)

 

[signature page to Consulting Agreement]

 

    

     

    

 

SCHEDULE
1

 

SERVICES:

 

Pursuant to the Consulting Agreement to which
this Schedule 1 is annexed (the “Agreement”), Consulting Firm shall perform the following Services during the
Term (as defined in the Agreement):

 

		·	Consulting Firm agrees to make each of the Brothers available once per calendar quarter and at times reasonably
agreed upon for one in-person external appearance (e.g. participation at a trade show) and two in-person Company internal appearances
(e.g. visits to Company’s premises, Company parties, or Company events) upon Company request upon not fewer than 15 days prior written
notice.

 

		·	Consulting Firm agrees to make each of the Brothers available once per calendar quarter, to participate
in media interviews related to the Company Business as reasonably requested by the Company’s public relations director or agent(s) upon
not fewer than 15 days prior written notice.

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