Exhibit
10.3


 


LOCKUP
AGREEMENT 


 


This
Lockup Agreement (this “Agreement”) is made and entered into as of August 10, 2020, by and between The Peck Company
Holdings, Inc., a Delaware corporation (“Peck”), and the person set forth on the signature page attached hereto (“Stockholder”).
Each capitalized term used, but not otherwise defined, herein has the respective meaning ascribed to such term in the Agreement
and Plan of Merger, dated as of August 10, 2020, by and among Peck, Sunworks, Inc., a Delaware corporation (“Sunworks”),
and Peck Mercury, Inc., a Delaware corporation (the “Merger Agreement”). 


 


WHEREAS,
the Stockholder has agreed that 1,055,231 shares (the “Shares”) of Peck Common Stock held by the Stockholder shall be
subject to a lockup agreement; and


 


WHEREAS,
the execution and delivery of this Agreement by Stockholder is a condition precedent to the obligations of Sunworks to consummate
the transactions contemplated by the Merger Agreement. 


 


NOW,
THEREFORE, in consideration of the transactions contemplated by the Merger Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Stockholder and Peck hereby agree as follows: 


 


	1.	Stockholder
    hereby acknowledges and agrees that, during the period beginning on the date hereof and ending upon the expiration of the
    Lockup Period (as defined below), Stockholder shall not: 


 


	 	(a)	sell,
    offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree
    to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
    equivalent position within the meaning of Section 16 of the Exchange Act with respect to any portion of the Shares; 
	 	 	 
	 	(b)	enter
    into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
    of any of the Shares, whether any such transaction is to be settled by delivery of Shares or such other securities, in cash
    or otherwise; or 
	 	 	 
	 	(c)	publicly
    announce any intention to effect any transaction specified in clauses (a) or (b). 


 


As
used herein, the term “Lockup Period” means the period beginning on the Closing Date and with respect to one hundred
percent (100%) of the Shares, ending on the date that is 180 days following the Closing Date 


 


	2.	Notwithstanding
    the provisions of paragraph 1 above, Stockholder may transfer any of the Shares: 


 


	 	(a)	by
    gift or other transfer to a member of Stockholder’s immediate family or to a trust, corporation, partnership or limited
    liability company established for estate planning purposes, the beneficiaries, stockholders, partners or members of which
    are members of such Stockholder’s immediate family or a charitable organization; 



 






    	 	 	 



    	 	 	 



    

 


	 	(b)	by
    virtue of the applicable laws upon dissolution of Stockholder; 
	 	 	 
	 	(c)	by
    virtue of the Laws of descent and distribution upon the death of Stockholder, as applicable; or 
	 	 	 
	 	(d)	to
    any of Stockholder’s Affiliates; 


 


provided,
however, that (i) all such permitted transferees shall execute and deliver a lockup agreement substantially in the form of this
Agreement and shall be bound by the transfer restrictions contained herein, (ii) any such transfers shall not involve a disposition
for value (other than as described above in clause (b)), (iii) any such transfers that result in a reduction of beneficial ownership
of the Shares are not required to be reported with the Securities and Exchange Commission (the “SEC”) on Form 4 pursuant
to Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (iv) the undersigned does
not otherwise voluntarily effect any public filing or report regarding such transfers. 


 


For
purposes of this Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more
remote than first cousin.


 


	3.	Stockholder
    hereby represents and warrants to Peck that such Stockholder has full power and authority to enter into this Agreement. 
	 	 
	4.	Peck
    shall cause each of the certificates evidencing the Shares to be legended with the applicable transfer restrictions. Stockholder
    agrees and consents to the entry of stop transfer instructions with transfer agent and registrar against the transfer of the
    Shares, except in compliance with this Agreement, and Peck and its transfer agent are hereby authorized to decline to make
    any transfer of securities if such transfer would constitute a violation or breach of this Agreement. 
	 	 
	5.	This
    Agreement constitutes the entire agreement by the parties hereto and supersedes all prior understandings, agreements, or representations
    by the parties hereto, written or oral, to the extent that they relate in any way to the subject matter hereof. 
	 	 
	6.	This
    Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
    assigns. 
	 	 
	7.	This
    Agreement and any claim, controversy or dispute arising out of or related to this Agreement or the interpretation and enforcement
    of the rights and duties of the parties hereto, whether arising in law or equity, whether in contract, tort, under statute
    or otherwise, shall be governed by and construed in accordance with the domestic laws of the State of Delaware (including
    in respect of the statute of limitations or other limitations period applicable to any such claim, controversy or dispute),
    without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
    that would cause the application of the laws of any jurisdiction other than the State of Delaware. 


 




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	8.	All
    notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim,
    or other communication hereunder shall be deemed duly given (a) when delivered personally to the recipient, (b) when sent
    by electronic mail or facsimile, on the date of transmission to such recipient, (c) one Business Day after being sent to the
    recipient by reputable overnight courier service (charges prepaid), or (d) four (4) Business Days after being mailed to the
    recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the address or facsimile
    number indicated on the books and records of Peck or such other address as a party hereto shall subsequently provide. 
	 	 
	9.	No
    amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the parties
    hereto and approved in writing by the Audit Committee of the Board of Directors of Peck. No waiver by any party hereto of
    any provision of this Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
    or not, shall be valid unless the same shall be in writing and signed by the party making such waiver and, in the case of
    Peck, approved in writing by the Audit Committee of the Board of Directors of Peck nor shall such waiver be deemed to extend
    to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any
    rights arising by virtue of any prior or subsequent such occurrence. 
	 	 
	10.	Each
    of the parties hereto has been informed that irreparable damage would occur if any of the provisions of this Agreement are
    not performed in accordance with their specific terms and in the event of breach of this Agreement by a party hereto, the
    non-breaching party would not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to
    any other right or remedy to which the non-breaching party may be entitled, such party shall be entitled to seek to enforce
    any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive
    relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or
    other undertaking. 
	 	 
	11.	If
    any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public
    policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as
    the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
    adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of
    being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
    of such parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this
    Agreement be consummated as originally contemplated to the fullest extent possible. 
	 	 
	12.	This
    Agreement may be executed in one or more counterparts (including by means of electronic mail or facsimile), each of which
    shall be deemed an original but all of which together shall constitute one and the same instrument. This Agreement shall become
    effective when each party hereto shall have received a counterpart hereof signed by the other party hereto. The parties hereto
    agree that the delivery of this Agreement may be effected by means of an exchange of facsimile signatures or other electronic
    delivery. 


 


[Signature
Page Follows] 


 




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IN
WITNESS WHEREOF, the parties hereto have executed this Stockholder Lockup Agreement on the date first written above. 


 


	 	The
    Peck Company Holdings, Inc.
	 	 	 
	 	By:	/s/
    Jeffrey Peck
	 	Name:	Jeffrey
    Peck
	 	Title:	President
	 	 	 
	 	Stockholder:
	 	 	 
	 	 	/s/
    Jeffrey Peck 
	 	 	Jeffrey
    Peck 


 


Signature
Page to Lockup Agreement 


 




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