Form of Share Unit Award Agreement
Exhibit 10.9
Notice
is hereby given that, effective this ____ day of
_____________________, Planet 13 Holdings Inc. (the
“Company”) has
awarded to ______________________ (the “Participant”), a share unit (the
“Share Unit”) to
acquire ______________ common shares of the Company (the
“Common
Shares”). Each vested Share Unit will entitle the
Participant to receive one Common Share no later than ____ (the
“Settlement
Date”).
The
Share Units shall vest and become exercisable in accordance with,
and upon satisfaction of the conditions set out in, the following
schedule:
[____]
The
award of the Share Unit evidenced hereby is made subject to the
terms and conditions of the Company’s share unit plan (the
“Share Unit
Plan”), the terms and conditions of which are hereby
incorporated herein and acknowledged and agreed to by the
undersigned Participant.
Any
Common Shares to be issued to the Participant on exercise of a
vested Share Unit shall be issued to the Participant or the
Participant’s estate on or immediately following receipt of a
notice of redemption (“Notice
of Redemption”) by the Company in the form attached as
Schedule “B” to the Share Unit Plan prior to the
Settlement Date provided, however, that in the event a Participant
does not provide the Company with a Notice of Redemption in respect
of a vested Share Unit, the Company shall issue all Common Shares
underlying a vested Share Unit to the Participant on the earlier
of: (a) the Settlement Date; (b) the date of termination of the
Participant; and (c) the death or total disability of the
Participant in accordance with the terms of the Share Unit
Plan.
To
exercise any vested Share Units, you must deliver to the Company a
Notice of Redemption specifying the number of Common Shares you
wish to acquire. At the discretion of the Company a declaration of
residence may also be requested prior to the issuance of any Common
Shares. Upon receipt by the Company of requisite documents, and
upon you remitting to the Company any applicable income tax or
making appropriate arrangements for payment of any applicable tax,
the Company’s transfer agent will then issue a certificate
for the Common Shares so acquired as soon as practicable
thereafter.
| PLANET 13 HOLDINGS INC. |
|
PARTICIPANT |
|
|
|
|
| Authorized Signatory |
|
Name: |
