Document:

Exhibit 10.3

 

FORM

 

Whole
Earth Brands, Inc.

Incentive
Stock Option Notice

 

This Notice evidences
the award of stock options (each, an “Option” or collectively, the “Options”)
that have been granted to you, [NAME], subject to and conditioned upon your agreement to the terms of the attached Incentive Stock
Option Agreement (the “Agreement”). The Options entitle you to purchase shares of common stock, par value
$0.0001 per share (“Common Stock”), of Whole Earth Brands, Inc., a Delaware corporation (the “Company”),
under the Whole Earth Brands, Inc. 2020 Long-Term Incentive Plan (the “Plan”). The number of shares you
may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes part of and is
subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. You must return
an executed copy of this Notice to the Company within [ ] days of the date hereof. If you fail to do so, the Options may be rendered
null and void in the Company’s discretion.

 

Grant Date: [GRANT DATE]

 

Vesting Start Date: [INSERT DATE]

 

Number of Options: [NUMBER] Options,
each permitting the purchase of one Share

 

Exercise Price: $[PRICE] per share

 

Expiration Date: The Options expire
at 5:00 p.m. Eastern Time on the 10th anniversary of the Grant Date (the “Expiration
Date”), unless fully exercised or terminated earlier.

 

Exercisability Schedule: Subject
to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the schedule below:

  

The extent to which the Options are exercisable
as of a particular date is rounded down to the nearest whole share. However, exercisability is rounded up to 100% on the [ ] anniversary
of the Grant Date.

 

	 	WHOLE
    EARTH BRANDS, INC.
	 	By:	 
	 	 
	 	Date:	         

 

I acknowledge that I have carefully read
the attached Agreement and agree to be bound by all of the provisions set forth in the Agreement.

 

	Enclosures:	 	Incentive
Stock Option Agreement	 	OPTIONEE
	 	 	Exercise Form	 	 
	 	 	 	 	Date:	       

 

    

     

    

 

Incentive
Stock Option Agreement

 

Under
the

 

Whole
Earth Brands, Inc. 2020 Long-Term Incentive Plan

 

 

1.       Terminology.
Capitalized terms used in this Agreement are defined in the correlating Stock Option Notice and/or the Glossary at the end of
the Agreement or in the Plan.

 

2.       Exercise
of Options.

 

(a)       Exercisability.
The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Stock Option Notice, so long
as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. None of the Options
will become exercisable after your Service with the Company ceases, unless the Stock Option Notice provides otherwise with respect
to exercisability that arises as a result of your cessation of Service.

 

(b)       Right
to Exercise. You may exercise the Options, to the extent exercisable, at any time on or before 5:00 p.m.
Eastern Time on the Expiration Date or the earlier termination of the Options, unless otherwise provided under applicable
law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or
this Agreement is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws,
the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines
that such delivery is lawful. If at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement
is or may violate the rules of the national securities exchange on which the shares are then listed for trade, the right to exercise
the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such exercise
or delivery would not violate such rules. Section 3 below describes certain limitations on exercise of the Options that apply
in the event of your death, Total and Permanent Disability, or Termination of Service. The Options may be exercised only in multiples
of whole Shares and may not be exercised at any one time as to fewer than one hundred Shares (or such lesser number of Shares
as to which the Options are then exercisable). No fractional Shares will be issued under the Options.

 

(c)       Exercise
Procedure. In order to exercise the Options, you must provide the following items to the Secretary of the Company or his or
her delegate before the expiration or termination of the Options:

 

		(i)	notice, in such
                                         manner and form as the Administrator may require from time to time, specifying the number
                                         of Shares to be purchased under the Options; and

 

		(ii)	full payment
                                         of the Exercise Price for the Shares or properly executed, irrevocable instructions,
                                         in such manner and form as the Administrator may require from time to time, to effectuate
                                         a broker-assisted cashless exercise, each in accordance with Section 2(d) of this
                                         Agreement; and

 

    - 1 - 

     

    

 

An exercise will not be effective until
the secretary of the Company or his or her delegate receives all of the foregoing items, and such exercise otherwise is permitted
under and complies with all applicable federal, state and foreign securities laws. Notwithstanding the foregoing, if the Administrator
permits payment by means of delivering properly executed, irrevocable instructions, in such manner and form as the Administrator
may require from time to time, to effectuate a broker-assisted cashless exercise and such instructions provide for sale of Shares
under a limit order rather than at the market, the exercise will not be effective until the earlier of the date the Company receives
delivery of cash or cash equivalents in full payment of the Exercise Price or the date the Company receives confirmation from
the broker that the sale instruction has been fulfilled, and the exercise will not be effective unless the earlier of such dates
occurs on or before termination of the Options.

 

(d)       Method
of Payment. You may pay the Exercise Price by:

 

		(i)	delivery of cash, certified or
                                         cashier’s check, money order or other cash equivalent acceptable to the Administrator
                                         in its discretion;
	 	 	 

		(ii)	a broker-assisted cashless exercise
                                         in accordance with Regulation T of the Board of Governors of the Federal Reserve
                                         System through a brokerage firm designated or approved by the Administrator;
	 	 	 

		(iii)	subject to such limits as the
                                         Administrator may impose from time to time, tender (via actual delivery or attestation)
                                         to the Company of other shares of Common Stock of the Company which have a Fair Market
                                         Value on the date of tender equal to the Exercise Price;
	 	 	 

		(iv)	subject to such limits as the
                                         Administrator may impose from time to time, net share settlement with respect to any
                                         portions of the Options that do not qualify as incentive stock options within the meaning
                                         of Code Section 422;
	 	 	 

		(v)	any other method approved by the
                                         Administrator; or
	 	 	 

		(vi)	any combination of the foregoing.

 

(e)       Issuance
of Shares upon Exercise. The Company shall issue to you the Shares underlying the Options you exercise as soon as practicable
after the exercise date, subject to the Company’s receipt of the aggregate exercise price and the requisite withholding
taxes, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of Section 7 below, such Shares
on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company
may choose at its sole discretion, within reason, or may retain such Shares in uncertificated book-entry form. Any share certificates
delivered will, unless the Shares are registered or an exemption from registration is available under applicable federal and state
law, bear a legend restricting transferability of such Shares.

 

3.       Termination
of Service.

 

(a)       Termination
of Unexercisable Options. If your Service with the Company ceases for any reason, the Options that are then unexercisable,
after giving effect to any exercise acceleration provisions set forth on the Stock Option Notice, will terminate immediately upon
such cessation.

 

(b)       Exercise
Period Following Termination of Service. If your Service with the Company ceases for any reason other than discharge for Cause,
the Options that are then exercisable, after giving effect to any exercise acceleration provisions set forth on the Stock Option
Notice, will terminate upon the earliest of:

 

(i)       the
expiration of 90 days following such cessation, if your Service ceases on account of (1) your termination by the Company
other than a discharge for Cause, or (2) your voluntary termination other than for Total and Permanent Disability or death;

 

(ii)      the
expiration of 12 months following such cessation, if your Service ceases on account of your Total and Permanent Disability or
death;

 

    - 2 - 

     

    

 

(iii)     the
expiration of 12 months following your death, if your death occurs during the periods described in clauses (i) or (ii) of this
Section 3(b), as applicable; or

 

(iv)     the
Expiration Date.

 

In the event of your death, the exercisable
Options may be exercised by your executor, personal representative, or the person(s) to whom the Options are transferred by will
or the laws of descent and distribution.

 

(c)       Misconduct.
The Options will terminate in their entirety, regardless of whether the Options are then exercisable, immediately upon your discharge
from Service for Cause, or upon your commission of any of the following acts during the exercise period following your Termination
of Service: (i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision
of any employment, non-disclosure, non-competition, non-solicitation, assignment of inventions, or other similar agreement executed
by you for the benefit of the Company, as determined by the Administrator, which determination will be conclusive.

 

(d)       Changes
in Status. If you cease to be a “common law employee” of the Company but you continue to provide bona fide services
to the Company following such cessation in a different capacity, including without limitation as a director, consultant or independent
contractor, then a Termination of Service shall not be deemed to have occurred for purposes of this Section 3 upon such change
in capacity. Notwithstanding the foregoing, the Options shall not be treated as incentive stock options within the meaning of
Code section 422 with respect to any exercise that occurs more than three months after such cessation of the common law employee
relationship (except as otherwise permitted under Code section 421 or 422). In the event that your Service is with a business,
trade or entity that, after the Grant Date, ceases for any reason to be part or an Affiliate of the Company, your Service will
be deemed to have terminated for purposes of this Section 3 upon such cessation if your Service does not continue uninterrupted
immediately thereafter with the Company or an Affiliate of the Company.

 

4.       Nontransferability
of Options. These Options and before exercise, the underlying Shares are nontransferable otherwise than by will or the laws
of descent and distribution and during your lifetime, the Options may be exercised only by you or, during the period you are under
a legal disability, by your guardian or legal representative. Except as provided above, the Options may not be assigned, transferred,
pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution,
attachment or similar process.

 

5.       Qualified
Nature of the Options.

 

(a)       General
Status. The Options are intended to qualify as incentive stock options within the meaning of Code section 422 (“Incentive
Stock Options”), to the fullest extent permitted by Code section 422, and this Agreement shall be so construed.
The Company, however, does not warrant any particular tax consequences of the Options. Code section 422 provides limitations,
not set forth in this Agreement, respecting the treatment of the Options as Incentive Stock Options. You should consult with your
personal tax advisors in this regard.

 

    - 3 - 

     

    

 

(b)       Code
Section 422(d) Limitation. Pursuant to Code section 422(d), the aggregate fair market value (determined as of the Grant
Date) of shares of Common Stock with respect to which all Incentive Stock Options first become exercisable by you in any calendar
year under the Plan or any other plan of the Company (and its parent and subsidiary corporations, within the meaning of Code section
424(e) and (f), as may exist from time to time) may not exceed $100,000 or such other amount as may be permitted from time to
time under Code section 422. To the extent that such aggregate fair market value exceeds $100,000 or other applicable amount
in any calendar year, such stock options will be treated as nonstatutory stock options with respect to the amount of aggregate
fair market value thereof that exceeds the Code section 422(d) limit. For this purpose, the Incentive Stock Options will
be taken into account in the order in which they were granted. In such case, the Company may designate the shares of Common Stock
that are to be treated as stock acquired pursuant to the exercise of Incentive Stock Options and the shares of Common Stock that
are to be treated as stock acquired pursuant to nonstatutory stock options by issuing separate certificates for such shares and
identifying the certificates as such in the stock transfer records of the Company.

 

(c)       Significant
Stockholders. Notwithstanding anything in this Agreement or the Stock Option Notice to the contrary, if you own, directly
or indirectly through attribution, stock possessing more than 10% of the total combined voting power of all classes of stock of
the Company or of any of its subsidiaries (within the meaning of Code section 424(f)) on the Grant Date, then the Exercise Price
is the greater of (a) the Exercise Price stated on the Stock Option Notice or (b) 110% of the Fair Market Value of the
Common Stock on the Grant Date, and the Expiration Date is the last business day prior to the fifth anniversary of the Grant Date.

 

(d)       Disqualifying
Dispositions. If you make a disposition (as that term is defined in Code section 424(c)) of any Shares acquired pursuant
to the Options within two years of the Grant Date or within one year after the Shares are transferred to you, you must notify
the Company of such disposition in writing within 30 days of the disposition. The Administrator may, in its discretion, take reasonable
steps to ensure notification of such dispositions, including but not limited to requiring that Shares acquired under the Options
be held in an account with a Company-designated broker-dealer until they are sold.

 

6.       Withholding
of Taxes.

 

(a)      At
the time the Options are exercised, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll or any other payment of any kind due to you and otherwise agree to make adequate provision for foreign,
federal, state and local taxes required by law to be withheld, if any, which arise in connection with the Options (including upon
a disqualifying disposition within the meaning of Code section 421(b)). The Company may require you to make a cash payment to
cover any withholding tax obligation as a condition of exercise of the Options or issuance of share certificates representing
Shares.

 

(b)      The
Administrator may, in its sole discretion, permit you to satisfy, in whole or in part, any withholding tax obligation which may
arise in connection with the Options either by electing to have the Company withhold from the Shares to be issued upon exercise
that number of Shares, or by electing to deliver to the Company already-owned shares, in either case having a Fair Market Value
not in excess of the amount necessary to satisfy the withholding amount due.

 

7.       Adjustments.
The Administrator may make various adjustments to your Options, including adjustments to the number and type of securities subject
to the Options and the Exercise Price, in accordance with the terms of the Plan. In the event of any transaction resulting in
a Change in Control (as defined in the Plan) of the Company, the outstanding Options will terminate upon the effective time of
such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such
Options by, or for the substitution of the equivalent awards of, the surviving or successor entity or a parent thereof. In the
event of such termination, you will be permitted, immediately before the Change in Control, to exercise or convert all portions
of such Options that are then exercisable or which become exercisable upon or prior to the effective time of the Change in Control.

 

    - 4 - 

     

    

 

8.       Non-Guarantee
of Employment or Service Relationship. Nothing in the Plan or this Agreement will alter your at-will or other employment status
or other service relationship with the Company, nor be construed as a contract of employment or service relationship between you
and the Company, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company
for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without Cause or notice
and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse effect
on your interests under the Plan.

 

9.       No
Rights as a Stockholder. You shall not have any of the rights of a stockholder with respect to the Shares until such Shares
have been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other
rights for which the record date is prior to the date such Shares are issued.

 

10.     The
Company’s Rights. The existence of the Options shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s
capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred
or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or
the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise.

 

11.     Entire
Agreement. This Agreement, together with the correlating Stock Option Notice and the Plan, contain the entire agreement between
you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements,
or other communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective
for all purposes.

 

12.     Amendment.
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that
this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined
in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and the Company.

 

13.      Conformity
with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the
Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.
In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A
copy of the Plan is available upon request to the Administrator.

 

14.       Section
409A. This Agreement and the Options granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A
of the Code. This Agreement and the Options shall be administered, interpreted and construed in a manner consistent with this
intent. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other
than the deferral of recognition of income until the exercise of the Options. Should any provision of the Plan or this Agreement
be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given
effect, in the sole discretion of the Administrator and without requiring your consent, in such manner as the Administrator determines
to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code. The foregoing, however,
shall not be construed as a guarantee or warranty by the Company of any particular tax effect to you.

 

    - 5 - 

     

    

 

15.      Electronic
Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information
with respect to the Plan and the Options, and any reports of the Company provided generally to the Company’s stockholders;
(ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost
to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the
electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or
electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery
of documents.

 

16.      No
Future Entitlement. By execution of the Notice, you acknowledge and agree that: (i) the grant of these Options is a one-time
benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu
of stock options, even if stock options have been granted repeatedly in the past; (ii) all determinations with respect to any
such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable,
the maximum number of shares subject to each stock option, and the purchase price, will be at the sole discretion of the Administrator;
(iii) the value of these Options is an extraordinary item of compensation which is outside the scope of your employment contract,
if any; (iv) the value of these Options is not part of normal or expected compensation or salary for any purpose, including, but
not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments,
or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Options ceases upon termination of employment
with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise
be explicitly provided in this Agreement; (vi) if the underlying Common Stock does not increase in value, these Options will have
no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to compensation or damages arises
if these Options do not increase in value and you irrevocably release the Company from any such claim that does arise.

 

17.      Personal
Data. For the purpose of implementing, administering and managing these Options, you, by execution of the Notice, consent
to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company
and its third party vendors or any potential party to any Change in Control transaction or capital raising transaction involving
the Company. You understand that personal data (including but not limited to, name, home address, telephone number, employee number,
employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data
for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties
assisting in the implementation, administration and management of these Options and the Plan and you expressly authorize such
transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these
recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy
laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer
and manage these Options. You understand that you may, at any time, request a list with the names and addresses of any potential
recipients of the personal data, view data, request additional information about the storage and processing of data, require any
necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the
Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept
a stock option.

 

18.       Governing
Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator
relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement,
shall be determined exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning
the applicability of laws of other jurisdictions.

 

    - 6 - 

     

    

 

19.       Resolution
of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement
shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination
or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator
of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you
may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your
administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve
any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no
legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s
decision.

 

20.       Headings.
The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 

 

{Glossary begins on next page}

 

    - 7 - 

     

    

 

GLOSSARY

 

(a)       “Administrator”
means the Board or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan.

 

(b)       “Affiliate”
means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, Whole
Earth Brands, Inc. For this purpose, “control” means ownership of more than 50% of the total combined voting power
or value of all classes of stock or interests of the entity.

 

(c)       “Cause”
has the meaning ascribed to such term or words of similar import in your written employment or service contract with the Company
as in effect at the time at issue and, in the absence of such agreement or definition, means your (i) conviction of, or plea
of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds
or property of the Company, any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct,
willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary
duty which involves personal profit; (iv) willful misconduct in connection with your duties or willful failure to perform
your responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation
of any Company rule, regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure,
non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company, all as determined
by the Administrator, which determination will be conclusive.

 

(d)       “Change
in Control” has the meaning set forth in the Plan.

 

(e)       “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)       “Company”
includes Whole Earth Brands, Inc. and its Affiliates, except where the context otherwise requires. For purposes of determining
whether a Change in Control has occurred, Company shall mean only Whole Earth Brands, Inc.

 

(g)       “Fair
Market Value” has the meaning set forth in the Plan.

 

(h)       “Service”
means your employment or other service relationship with the Company and its Affiliates. Your Service will be considered to have
ceased with the Company and its Affiliates if, immediately after a sale, merger or other corporate transaction, the trade, business
or entity with which you are employed or otherwise have a service relationship is not the Company or its successor or an Affiliate
of the Company or its successor.

 

(i)       “Shares”
mean the shares of Common Stock underlying the Options.

 

(j)       “Stock
Option Notice” means the written notice evidencing the award of the Options that correlates with and makes up a
part of this Agreement.

 

(k)       “Termination
of Service” has the meaning set forth in the Plan.

 

(l)       “Total
and Permanent Disability” has the meaning set forth in the Plan.

 

(m)      “You”;
 “Your”. “You” or “your” means the recipient of the award of Options as reflected
on the Stock Option Notice. Whenever the Agreement refers to “you” under circumstances where the provision should
logically be construed, as determined by the Administrator, to apply to your estate, personal representative, or beneficiary to
whom the Options may be transferred by will or by the laws of descent and distribution, the word “you” shall be deemed
to include such person.

 

    - 8 - 

     

    

 

EXERCISE FORM

 

Administrator of 2020 Long-Term Incentive
Plan

c/o Office of the Corporate Secretary

Whole Earth Brands, Inc.

Gentlemen:

 

I hereby exercise
the Options granted to me on ____________________, ____, by Whole Earth Brands, Inc. (the “Company”), subject to all
the terms and provisions of the applicable grant agreement and of the Whole Earth Brands, Inc. 2020 Long-Term Incentive Plan,
and notify you of my desire to purchase ____________ shares of Common Stock of the Company at a price of $___________ per share
pursuant to the exercise of said Options.

  

Total Amount Enclosed: $__________

  

	Date:________________________	
	 	(Optionee)
	 	 
	 	 
	 	Received
    by WHOLE EARTH BRANDS, INC. on
	 	___________________________,
    ____
	 	 
	 	By:Exhibit 10.4

 

FORM

 

Whole
Earth Brands, Inc.

Nonstatutory
Stock Option Notice

 

This Notice evidences
the award of nonstatutory stock options (each, an “Option” or collectively, the “Options”)
that have been granted to you, [NAME], subject to and conditioned upon your agreement to the terms of the attached Nonstatutory
Stock Option Agreement (the “Agreement”). The Options entitle you to purchase shares of common stock,
par value $0.0001 per share (“Common Stock”), of Whole Earth Brands, Inc., a Delaware corporation (the
 “Company”), under the Whole Earth Brands, Inc. 2020 Long-Term Incentive Plan (the “Plan”).
The number of shares you may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes
part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. You
must return an executed copy of this Notice to the Company within [ ] days of the date hereof. If you fail to do so, the Options
may be rendered null and void in the Company’s discretion.

  

Grant Date: [GRANT DATE]

 

Vesting Start Date: [INSERT DATE]

 

Number of Options: [NUMBER] Options,
each permitting the purchase of one Share

 

Exercise Price: $[PRICE] per share

 

Expiration Date: The Options expire
at 5:00 p.m. Eastern Time on the 10th anniversary of the Grant Date (the “Expiration
Date”), unless fully exercised or terminated earlier.

 

Exercisability Schedule: Subject
to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the schedule below:

 

The extent to which the Options are exercisable
as of a particular date is rounded down to the nearest whole share. However, exercisability is rounded up to 100% on the [ ] anniversary
of the Grant Date.

 

	 	WHOLE
    EARTH BRANDS, INC.
	 	 
	 	By:	                 
	 	 	 
	 	Date:	 

 

I acknowledge that I have carefully read
the attached Agreement and agree to be bound by all of the provisions set forth in the Agreement.

 

	Enclosures:	Nonstatutory
    Stock Option Agreement	OPTIONEE
	 	Exercise
    Form	 
	 	 	 	                          
	 	Date:	 

 

     

     

    

 

Nonstatutory
Stock Option Agreement

 

Under
the

 

WHOLE
EARTH BRANDS, Inc. 2020 Long-Term Incentive Plan

 

 

1.       Terminology.
Capitalized terms used in this Agreement are defined in the correlating Stock Option Notice and/or the Glossary at the end of
the Agreement or in the Plan.

 

2.       Exercise
of Options.

 

(a)       Exercisability.
The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Stock Option Notice, so long
as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. None of the Options
will become exercisable after your Service with the Company ceases, unless the Stock Option Notice provides otherwise with respect
to exercisability that arises as a result of your cessation of Service.

 

(b)       Right
to Exercise. You may exercise the Options, to the extent exercisable, at any time on or before 5:00 p.m.
Eastern Time on the Expiration Date or the earlier termination of the Options, unless otherwise provided under applicable
law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or
this Agreement is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws,
the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines
that such delivery is lawful. If at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement
is or may violate the rules of the national securities exchange on which the shares are then listed for trade, the right to exercise
the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such exercise
or delivery would not violate such rules. Section 3 below describes certain limitations on exercise of the Options that apply
in the event of your death, Total and Permanent Disability, or Termination of Service. The Options may be exercised only in multiples
of whole Shares and may not be exercised at any one time as to fewer than one hundred Shares (or such lesser number of Shares
as to which the Options are then exercisable). No fractional Shares will be issued under the Options.

 

(c)       Exercise
Procedure. In order to exercise the Options, you must provide the following items to the Secretary of the Company or his or
her delegate before the expiration or termination of the Options:

 

		(i)	notice, in such
                                         manner and form as the Administrator may require from time to time, specifying the number
                                         of Shares to be purchased under the Options; and

 

		(ii)	full payment
                                         of the Exercise Price for the Shares or properly executed, irrevocable instructions,
                                         in such manner and form as the Administrator may require from time to time, to effectuate
                                         a broker-assisted cashless exercise, each in accordance with Section 2(d) of this
                                         Agreement;

 

An exercise will not be effective until
the Secretary of the Company or his or her delegate receives all of the foregoing items, and such exercise otherwise is permitted
under and complies with all applicable federal, state and foreign securities laws. Notwithstanding the foregoing, if the Administrator
permits payment by means of delivering properly executed, irrevocable instructions, in such manner and form as the Administrator
may require from time to time, to effectuate a broker-assisted cashless exercise and such instructions provide for sale of Shares
under a limit order rather than at the market, the exercise will not be effective until the earlier of the date the Company receives
delivery of cash or cash equivalents in full payment of the Exercise Price or the date the Company receives confirmation from
the broker that the sale instruction has been fulfilled, and the exercise will not be effective unless the earlier of such dates
occurs on or before termination of the Options.

 

    - 1 -

     

    

 

(d)       Method
of Payment. You may pay the Exercise Price by:

 

		(i)	delivery of cash, certified or
                                         cashier’s check, money order or other cash equivalent acceptable to the Administrator
                                         in its discretion;
	 	 	 

		(ii)	a broker-assisted cashless exercise
                                         in accordance with Regulation T of the Board of Governors of the Federal Reserve
                                         System through a brokerage firm designated or approved by the Administrator;
	 	 	 

		(iii)	subject to such limits as the
                                         Administrator may impose from time to time, tender (via actual delivery or attestation)
                                         to the Company of other shares of Common Stock of the Company which have a Fair Market
                                         Value on the date of tender equal to the Exercise Price;
	 	 	 

		(iv)	any other method approved by the
                                         Administrator; or
	 	 	 

		(v)	any combination of the foregoing.

 

(e)       Issuance
of Shares upon Exercise. The Company shall issue to you the Shares underlying the Options you exercise as soon as practicable
after the exercise date, subject to the Company’s receipt of the aggregate exercise price and the requisite withholding
taxes, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of Section 7 below, such Shares
on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company
may choose at its sole discretion, within reason, or may retain such Shares in uncertificated book-entry form. Any share certificates
delivered will, unless the Shares are registered or an exemption from registration is available under applicable federal and state
law, bear a legend restricting transferability of such Shares.

 

3.        Termination
of Service.

 

(a)       Termination
of Unexercisable Options. If your Service with the Company ceases for any reason, the Options that are then unexercisable,
after giving effect to any exercise acceleration provisions set forth on the Stock Option Notice, will terminate immediately upon
such cessation.

 

(b)       Exercise
Period Following Termination of Service. If your Service with the Company ceases for any reason other than discharge for Cause,
the Options that are then exercisable, after giving effect to any exercise acceleration provisions set forth on the Stock Option
Notice, will terminate upon the earliest of:

 

(i)       the
expiration of 90 days following such cessation, if your Service ceases on account of (1) your termination by the Company
other than a discharge for Cause, or (2) your voluntary termination other than for Total and Permanent Disability or death;

 

(ii)       the
expiration of 12 months following such cessation, if your Service ceases on account of your Total and Permanent Disability or
death;

 

    - 2 -

     

    

 

(iii)       the
expiration of 12 months following your death, if your death occurs during the periods described in clauses (i) or (ii) of this
Section 3(b), as applicable; or

 

(iv)       the
Expiration Date.

 

In the event of your death, the exercisable
Options may be exercised by your executor, personal representative, or the person(s) to whom the Options are transferred by will
or the laws of descent and distribution.

 

(c)       Misconduct.
The Options will terminate in their entirety, regardless of whether the Options are then exercisable, immediately upon your discharge
from Service for Cause, or upon your commission of any of the following acts during the exercise period following your Termination
of Service: (i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision
of any employment, non-disclosure, non-competition, non-solicitation, assignment of inventions, or other similar agreement executed
by you for the benefit of the Company, as determined by the Administrator, which determination will be conclusive.

 

(d)       Change
in Status. In the event that your Service is with a business, trade or entity that, after the Grant Date, ceases for any reason
to be part or an Affiliate of the Company, your Service will be deemed to have terminated for purposes of this Section 3
upon such cessation if your Service does not continue uninterrupted immediately thereafter with the Company or an Affiliate of
the Company.

 

4.       Nontransferability
of Options. These Options and, before exercise, the underlying Shares are nontransferable otherwise than by will or the laws
of descent and distribution and, during your lifetime, the Options may be exercised only by you or, during the period you are
under a legal disability, by your guardian or legal representative. Except as provided above, the Options and, before exercise,
the underlying Shares may not be assigned, transferred, pledged, hypothecated, subjected to any “put equivalent position,”
 “call equivalent position” (as each preceding term is defined by Rule 16(a)-1 under the Securities Exchange Act of
1934), or short position, or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution,
attachment or similar process.

 

5.       Nonqualified
Nature of the Options. The Options are not intended to qualify as incentive stock options within the meaning of Code
section 422, and this Agreement shall be so construed. You hereby acknowledge that, upon exercise of the Options, you will
recognize compensation income in an amount equal to the excess of the then Fair Market Value of the Shares over the Exercise Price
and must comply with the provisions of Section 7 of this Agreement with respect to any tax withholding obligations that arise
as a result of such exercise.

 

6.       Withholding
of Taxes.

 

(a)      At
the time the Options are exercised, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll or any other payment of any kind due to you and otherwise agree to make adequate provision for foreign,
federal, state and local taxes required by law to be withheld, if any, which arise in connection with the Options. The Company
may require you to make a cash payment to cover any withholding tax obligation as a condition of exercise of the Options or issuance
of share certificates representing Shares.

 

(b)      The
Administrator may, in its sole discretion, permit you to satisfy, in whole or in part, any withholding tax obligation which may
arise in connection with the Options either by electing to have the Company withhold from the Shares to be issued upon exercise
that number of Shares, or by electing to deliver to the Company already-owned shares, in either case having a Fair Market Value
not in excess of the amount necessary to satisfy the withholding amount due.

 

    - 3 -

     

    

 

7.       Adjustments.
The Administrator may make various adjustments to your Options, including adjustments to the number and type of securities subject
to the Options and the Exercise Price, in accordance with the terms of the Plan. In the event of any transaction resulting in
a Change in Control (as defined in the Plan) of the Company, the outstanding Options will terminate upon the effective time of
such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such
Options by, or for the substitution of the equivalent awards of, the surviving or successor entity or a parent thereof. In the
event of such termination, you will be permitted, immediately before the Change in Control, to exercise or convert all portions
of such Options that are then exercisable or which become exercisable upon or prior to the effective time of the Change in Control.

 

8.       Non-Guarantee
of Employment or Service Relationship. Nothing in the Plan or this Agreement will alter your at-will or other employment status
or other service relationship with the Company, nor be construed as a contract of employment or service relationship between you
and the Company, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company
for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without Cause or notice
and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse effect
on your interests under the Plan.

 

9.       No
Rights as a Stockholder. You shall not have any of the rights of a stockholder with respect to the Shares until such Shares
have been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other
rights for which the record date is prior to the date such Shares are issued.

 

10.       The
Company’s Rights. The existence of the Options shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s
capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred
or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or
the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise.

 

11.       Entire
Agreement. This Agreement, together with the correlating Stock Option Notice and the Plan, contain the entire agreement between
you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements,
or other communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective
for all purposes.

 

12.       Amendment.
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that
this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined
in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and the Company.

 

13.       Conformity
with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the
Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.
In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A
copy of the Plan is available upon request to the Administrator.

 

    - 4 -

     

    

 

14.       Section
409A. This Agreement and the Options granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A
of the Code. This Agreement and the Options shall be administered, interpreted and construed in a manner consistent with this
intent. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other
than the deferral of recognition of income until the exercise of the Options. Should any provision of the Plan or this Agreement
be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given
effect, in the sole discretion of the Administrator and without requiring your consent, in such manner as the Administrator determines
to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code. The foregoing, however,
shall not be construed as a guarantee or warranty by the Company of any particular tax effect to you.

 

15.       Electronic
Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information
with respect to the Plan and the Options, and any reports of the Company provided generally to the Company’s stockholders;
(ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost
to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the
electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or
electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery
of documents.

 

16.       No
Future Entitlement. By execution of the Notice, you acknowledge and agree that: (i) the grant of these Options is a one-time
benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu
of stock options, even if stock options have been granted repeatedly in the past; (ii) all determinations with respect to any
such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable,
the maximum number of shares subject to each stock option, and the purchase price, will be at the sole discretion of the Administrator;
(iii) the value of these Options is an extraordinary item of compensation which is outside the scope of your employment contract,
if any; (iv) the value of these Options is not part of normal or expected compensation or salary for any purpose, including, but
not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments,
or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Options ceases upon termination of employment
with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise
be explicitly provided in this Agreement; (vi) if the underlying Common Stock does not increase in value, these Options will have
no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to compensation or damages arises
if these Options do not increase in value and you irrevocably release the Company from any such claim that does arise.

 

17.       Personal
Data. For the purpose of implementing, administering and managing these Options, you, by execution of the Notice, consent
to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company
and its third party vendors or any potential party to any Change in Control transaction or capital raising transaction involving
the Company. You understand that personal data (including but not limited to, name, home address, telephone number, employee number,
employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data
for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties
assisting in the implementation, administration and management of these Options and the Plan and you expressly authorize such
transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these
recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy
laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer
and manage these Options. You understand that you may, at any time, request a list with the names and addresses of any potential
recipients of the personal data, view data, request additional information about the storage and processing of data, require any
necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the
Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept
a stock option.

 

    - 5 -

     

    

 

18.       Governing
Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator
relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement,
shall be determined exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning
the applicability of laws of other jurisdictions.

 

19.       Resolution
of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement
shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination
or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator
of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you
may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your
administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve
any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no
legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s
decision.

 

20.       Headings.
The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 

{Glossary begins on next page}

 

    - 6 -

     

    

 

GLOSSARY

 

(a)       “Administrator”
means the Board or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan.

 

(b)       “Affiliate”
means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, Whole
Earth Brands, Inc. For this purpose, “control” means ownership of more than 50% of the total combined voting power
or value of all classes of stock or interests of the entity.

 

(c)       “Cause”
has the meaning ascribed to such term or words of similar import in your written employment or service contract with the Company
as in effect at the time at issue and, in the absence of such agreement or definition, means your (i) conviction of, or plea
of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds
or property of the Company, any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct,
willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary
duty which involves personal profit; (iv) willful misconduct in connection with your duties or willful failure to perform
your responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation
of any Company rule, regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure,
non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company, all as determined
by the Administrator, which determination will be conclusive.

 

(d)       “Change
in Control” has the meaning set forth in the Plan.

 

(e)       “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)       “Company”
includes Whole Earth Brands, Inc. and its Affiliates, except where the context otherwise requires. For purposes of determining
whether a Change in Control has occurred, Company shall mean only Whole Earth Brands, Inc.

 

(g)       “Fair
Market Value” shall have the meaning set forth in the Plan.

 

(h)       “Service”
means your employment or other service relationship with the Company and its Affiliates. Your Service will be considered to have
ceased with the Company and its Affiliates if, immediately after a sale, merger or other corporate transaction, the trade, business
or entity with which you are employed or otherwise have a service relationship is not the Company or its successor or an Affiliate
of the Company or its successor.

 

(i)       “Shares”
mean the shares of Common Stock underlying the Options.

 

(j)       “Stock
Option Notice” means the written notice evidencing the award of the Options that correlates with and makes up a
part of this Agreement.

 

(k)       “Termination
of Service” has the meaning set forth in the Plan.

 

(l)       “Total
and Permanent Disability” has the meaning set forth in the Plan.

 

(m)       “You”;
 “Your”. “You” or “your” means the recipient of the award of Options as reflected
on the Stock Option Notice. Whenever the Agreement refers to “you” under circumstances where the provision should
logically be construed, as determined by the Administrator, to apply to your estate, personal representative, or beneficiary to
whom the Options may be transferred by will or by the laws of descent and distribution, the word “you” shall be deemed
to include such person.

 

    - 7 -

     

    

 

EXERCISE FORM

 

Administrator of 2020 Long-Term Incentive
Plan

c/o Office of the Corporate Secretary

Whole Earth Brands, Inc.

 

Gentlemen:

 

I hereby exercise
the Options granted to me on ____________________, ____, by Whole Earth Brands, Inc. (the “Company”), subject to all
the terms and provisions of the applicable grant agreement and of the Whole Earth Brands, Inc. 2020 Long-Term Incentive Plan (the
 “Plan”), and notify you of my desire to purchase ____________ shares of Common Stock of the Company at a price of
$___________ per share pursuant to the exercise of said Options. 

 

 

 

 

Total Amount Enclosed: $__________

 

	Date:	 	 	 
	 	 	 	(Optionee)
	 	 	 	 
	 	 	 	Received by WHOLE EARTH BRANDS, INC. on

                                                                      
                                      ,         

	 	 	 	 	 
	 	 	 	By:

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