GREEN THUMB INDUSTRIES INC. 2018 STOCK AND INCENTIVE PLAN NOTICE OF STOCK OPTION GRANT
You have been granted the following option to purchase Subordinate Voting Shares of Green Thumb Industries Inc. (the “Company”):
Name of Optionee:
| _______________________________________________ |
Total Number of Shares Granted:
| _______________________________________________ |
Type of Option:
| Non-Qualified Stock Option |
Exercise Price Per Share
| CDN$__________________ or US$__________________ |
Date of Grant:
| _______________________________________________ |
Vesting Terms:
| _______________________________________________ |
Expiration Date: | _______________________________________________ |
By your signature and the signature of the Company’s representative below, you and the Company agree that this option is granted under and governed by the terms and conditions of the Company’s 2018 Stock and Incentive Plan, as amended and the attached Stock Option Agreement, both of which are made a part of this document.
OPTIONEE:
| GREEN THUMB INDUSTRIES INC. |
_______________________________________________ | By:____________________________________________
|
_______________________________________________ | Title:___________________________________________ |
Print Name |
|
Updated July 2022
GREEN THUMB INDUSTRIES INC. 2018 STOCK AND INCENTIVE PLAN STOCK OPTION AGREEMENT
SECTION 1. GRANT OF OPTION.
SECTION 2. RIGHT TO EXERCISE.
SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION.
Except as otherwise provided in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process.
SECTION 4. EXERCISE PROCEDURES.
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SECTION 5. PAYMENT FOR STOCK.
SECTION 6. TERM AND EXPIRATION.
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The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence, but only to the extent that this option is then vested and exercisable. In the event that the Optionee dies after termination of service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s death. For avoidance of doubt, if the Optionee is employed by an Affiliate that is sold or otherwise ceases to be an Affiliate of the Company, the Optionee shall incur a termination of service.
All or part of this option may be exercised at any time before its expiration under the preceding sentence by the executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s death.
SECTION 7. ADJUSTMENT OF SHARES.
In the event of any transaction described in Section 4(c) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in Section 4(c) of the Plan. In the event that the Company is a party to any corporate transaction, this option shall be subject to amendment as provided in Section 7(b) of the Plan.
SECTION 8. MISCELLANEOUS PROVISIONS.
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SECTION 9. DEFINITIONS.
In addition to the definitions set forth in the Plan, the following terms shall have the meanings ascribed herein (in the event a conflict exists, the meaning set forth in this Agreement shall prevail):
non-solicitation and non-competition obligations to the Company or any of its subsidiaries, corporate code of business conduct or other material policies of the Company or any of its subsidiaries in connection with or during performance of the Optionee’s duties to the Company or any of its subsidiaries that could, in the Board’s opinion, cause material injury to the Company or any of its subsidiaries; and (v) failure to maintain applicable professional licenses or certifications. In the case of a violation or failure under (iv) or (v), if such violation or failure is curable, such violation or failure shall only constitute “Cause” if it is not cured within thirty (30) days after notice thereof to the Optionee.
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