Document:

Exhibit 10.2

 

 

November
9, 2022

 

To:
Scott Maskin

 

Re:
Offer of Employment

 

Dear
Scott:

 

I
am pleased to offer you the full-time position of Senior Vice President and General Manager, New York Division of Pineapple Energy
Inc., (the “Company”), reporting to Kyle Udseth, Chief Executive Officer, beginning Thursday November 10, 2022.

 

Your
salary will be annualized at $245,000. Your bonus opportunity will be 35% of your base salary, and it is discretionary based on
the organization’s ability to meet financial goals established by the Board of Directors.

 

The
terms and conditions of your employment are detailed in the Employment Agreement that is enclosed with and incorporated into this
letter.

 

We
appreciate your commitment to Pineapple Energy Inc and its subsidiaries, and we look forward to your continued contribution to
the strategic business efforts of the organization.

 

Pineapple
Energy, through its benefits and culture, has a lot to offer you and we are confident that you have a lot to offer the Company.
Please do not hesitate to contact me if you have any questions.

 

	Sincerely,

         
	 	I
    accept the offer as outlined above 
	/s/ Kyle Udseth 	 	 	/s/ Scott Maskin	 
	

        Kyle
Udseth 

        Chief
Executive Officer 

        Pineapple
Energy Inc 
	 	

        Scott
        Maskin

        

         

        Dated:
November 9, 2022_ 

	 	 	 

10900
Red Circle Drive • Minnetonka, MN • 1-800-268-5130 • 952-996-1674 • www.pineappleenergy.com

 

     

     

    

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is effective as of the 9th day of November, 2022 (“Effective Date”),
by and between Pineapple Energy Inc., a Minnesota corporation (the “Company”) and Scott Maskin (the “Employee”).

 

A.
       The Company desires to hire Employee as detailed below. Employee has thoroughly reviewed
and considered the terms of this Employment Agreement, and accepts all terms set forth below.

 

B.       During
his employment, Employee will have access to extremely sensitive confidential, proprietary and trade secret information relating
to the Company, its employees, and its customers. As a result, Employee’s employment with the Company is strictly conditioned
on Employee agreeing to the confidentiality provisions and post-employment restrictions in this Agreement. Employee has reviewed,
considered, and accepts all such provisions as set forth below.

 

In
consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged
by the Company and Employee, the parties agree as follows:

 

		1.	Employment
Duties; No Conflict; Contingency. The Company hereby employs Employee and Employee accepts such employment. Employee agrees
to perform the duties consistent with his position and other duties as may be requested by the Company from time to time. Employee
will perform his duties with a high level of professionalism and integrity. Employment pursuant to this Agreement is subject to
all Company policies in effect throughout Employee’s employment. During the term of this Agreement, Employee will not render
or perform services for any other corporation, firm, entity or person that are inconsistent with the provisions of this Agreement
except as expressly permitted by the Company in writing.

 

		2.	Employment
at Will. Employee’s employment with the Company is at-will and continues until terminated by the Company or Employee
for any reason. The “Termination Date” shall mean the date of cessation of the Employee’s employment with the
Company (whether voluntarily or involuntarily) without regard to any notice of termination or pay in lieu of notice of termination.
The first ninety (90) days of employment shall be considered a probationary period, which period does not alter the at-will nature
of employment.

 

		(a)	Duration.
                                         The term of the Employee’s employment with the Company commences on the Effective
                                         Date and will terminate 12/31/24, unless terminated earlier in accordance with Section
                                         4 below or mutually renewed (the “Initial Term”).

 

		3.	Compensation.

 

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		(a)	Base
                                         Salary. The Company shall pay Employee base salary in the annualized amount of $245,000
                                         (“Base Salary”), less applicable taxes and withholding, payable in accordance
                                         with the Company’s standard payroll practices.

 

		(b)	Employee
                                         Bonus Program. Employee shall be eligible for the Company’s Employee Bonus
                                         Program, starting 1/1/23. Employee’s potential bonus shall be up to thirty-five
                                         percent (35%) of Employee’s Base Salary. Any Bonus payable under this Section 3(b)
                                         shall be paid as a lump sum by March 15 (“Bonus Pay Date”) of the calendar
                                         year following the year for which the Bonus was calculated. The Employee Bonus Program
                                         is discretionary based on goals established by the Company’s Board of Directors
                                         and may be changed from time to time.

 

		(c)	Benefits.
                                         Employee shall be entitled to participate in all employee benefit plans or programs offered
                                         by the Company to all its employees, subject to the eligibility requirements and terms
                                         of such plans or programs, including, as of the Effective Date, cellphone reimbursement,
                                         medical, dental, vision, life, and critical illness/accident insurance; the Company 401(k)
                                         plan, Employee Stock Purchase Plan, and Health Savings Account.

 

		4.	Termination.
                                         This Agreement may be terminated at any time upon sixty (60) days’ written notice
                                         by (a) the Company to Employee in person or by certified mail to Employee’s address
                                         on record at the Company, or (b) Employee to the then-current Chair of the Company Board
                                         of Directors in person or by certified mail to the Company.

 

		(a)	Upon
                                         termination of this Agreement, Employee shall be entitled to receive (i) Base Salary
                                         owed through the Termination Date, (ii) reimbursement of reasonable expenses incurred
                                         as of the Termination Date. Such amount shall be paid within fourteen (14) days of the
                                         Termination Date. Employee acknowledges and agrees that said payments, as applicable,
                                         shall be in full satisfaction of any amount due to Employee by the Company, and Employee
                                         shall not be entitled to any further payment, severance, benefits continuation, damages,
                                         or any additional compensation whatsoever.

 

		(b)	For
purposes of this Agreement, “Cause” means: (i) gross negligence or gross neglect of duties; (ii)  commission
of any felony, or a gross misdemeanor involving moral turpitude that in the reasonable determination of the Board is materially
and demonstrably injurious to the Company or that impairs Employee’s ability to substantially perform Employee’s duties
with the Company or a subsidiary; (iii) fraud, disloyalty, dishonesty or willful violation of any law or a willful violation of
a Company policy that, after warning, remains a continuing violation, committed in connection with the Employee’s employment;
(iv) conduct that, in the reasonable business judgment of the Company’s Board, results in damage to the Company’s
business, property, reputation, or goodwill (v) material breach of or inability to perform Employee’s obligations under
this Agreement other than by reason of disability or death; or (vi) failure to follow a lawful directive of the Company’s
Board; provided, however, that “Cause” shall not exist unless the Company has first provided written notice to the
Employee of the initial occurrence of one or more of the conditions under clauses (i) or (iii) through (vi) above within thirty
(30) days of the condition’s occurrence, such condition is not fully remedied by the

 

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	 	 	Employee
                                         within thirty (30) days after the Employee’s receipt of written notice from the
                                         Company.

 

		(c)	For
purposes of this Agreement, “Good Reason” means: an initial occurrence of any of the following without the Employee’s
consent: (i) a substantial adverse change in the nature or scope of the Employee’s responsibilities, authorities, powers,
functions or duties such that the Employee would no longer be considered to be a member of senior management of the Company; (ii)
a reduction in the Employee’s annual Base Salary except for across the board salary reductions similarly affecting all or
substantially all management employees; or (iii) the relocation of offices at which the Employee is principally employed to a
location more than fifty (50) miles from such offices; provided, however, that “Good Reason” shall not exist unless
the Employee has first provided written notice to the Company of the initial occurrence of one or more of the conditions under
clauses (i) through (iii) above within thirty (30) days of the condition’s occurrence, such condition is not fully remedied
by the Company within thirty (30) days after the Company’s receipt of written notice from the Employee, and the Employee’s
date of termination as a result of such event occurs within ninety (90) days after the initial occurrence of such event.

 

		(d)	Termination
by the Company for Cause; Termination by the Employee for any reason other than Good Reason: If the Employee’s employment
is terminated (i) by the Company for Cause or (ii) by the Employee for any reason other than Good Reason, then the Company shall
pay or provide the Employee only with the benefits itemized in 4(a).

 

		(e)	Termination
by the Company other than for Cause or Disability, or resignation by the Employee for Good Reason: If the Employee’s employment
is terminated by the Company for any reason other than Cause or Disability, or the Employee’s employment is terminated by
the Employee for Good Reason, in either case with the Employee’s date of termination occurring during the Employment Term,
then the Company shall: (i) pay or provide the Employee the benefits itemized in 4(a) and (ii) subject to the Employee signing
and not rescinding a release of claims in a form acceptable to Employee and the Company (the “Release”) and the Employee
strictly complying with the terms of this Agreement and any other written agreement between the Employee and the Company or any
of its Affiliates as of the date each of the installments described below is to be paid, the Company shall pay to the Employee
as severance pay a total amount equal to one hundred percent (100%) of the annual Base Salary as of the date of termination, subject
to applicable tax withholdings, payable in substantially equal installments in accordance with the Company’s regular payroll
during the period from the Employee’s date of termination through and the twelve (12) month anniversary of the Employee’s
date of termination; provided, however, that any installments that otherwise would be payable on the Company’s regular payroll
dates between the Employee’s date of termination and the sixtieth (60th) calendar day after the Employee’s date of
termination will be delayed until the Company’s first regular payroll date that is more than sixty (60) days after the Employee’s
date of termination and included with the installment payable on such payroll date.

 

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		(f)	Termination
                                         due to Disability or death: If the Employee’s employment is terminated due to Disability
                                         or the Employee’s death, then the Company shall pay or provide the Employee (or
                                         the Employee’s estate, if applicable) only with the benefits itemized in 4(a).
                                         For purposes of this Agreement, “Disability” means: the inability of the
                                         Employee to perform the Employee’s material duties hereunder after reasonable accommodation
                                         due to a physical or mental injury, infirmity or incapacity which
                                         has lasted or can reasonably be expected to last for one hundred eighty (180)
                                         days (including weekends and holidays) in any three hundred sixty-five (365) day period
                                         as determined by the Company’s Board of Directors in its reasonable discretion.

 

		5.	Proprietary
                                         Information. During the course of employment Employee will have access to the Company’s
                                         proprietary and trade secret information. Maintaining the confidentiality of such information
                                         is important to the Company’s competitive position in the industry and ultimately
                                         to the Company’s ability to achieve financial success and provide employment opportunities.
                                         Employee will not discuss the business affairs and operations of the Company with anyone
                                         outside of the Company except when required in the normal course of business. To the
                                         extent Employee has access to proprietary and/or trade secret information, she is responsible
                                         for the security of that information. Extreme care must be exercised to insure that such
                                         information is safeguarded to protect the Company, its suppliers, clients, and employees.

 

		6.	Confidential
                                         Information. Employee recognizes and acknowledges that Employee will have access
                                         to certain information of the Company and that such information is confidential and constitutes
                                         valuable, special and unique property of the Company. The Employee shall not at any time,
                                         either during or after termination of employment, directly or indirectly disclose to
                                         others, use, copy or permit to be copied, except as directed by law or in accordance
                                         with Employee’s duties for or on behalf of the Company, its successors, assigns
                                         or nominees, any Confidential Information of the Company (regardless of whether developed
                                         by the Employee), without the prior written consent of the Company. The term “Confidential
                                         Information” means any secret or non-public information or know-how relating to
                                         the Company and its business, and shall include but not be limited to information relating
                                         to the Company’s plans, customers, costs, prices, personnel, business relationships,
                                         uses and applications of products and services, results of investigations, studies owned
                                         or used by the Company, and all products, processes, compositions, computer programs,
                                         and servicing, marketing or operational methods and techniques at any time used, developed,
                                         investigated, made or sold by the Company, before or during the term of this Agreement,
                                         that are not readily available to the public or that are maintained as confidential by
                                         the Company. Employee shall maintain in confidence any Confidential Information of third
                                         parties, received as a result of the Employee’s employment, in accordance with
                                         the Company’s obligations to such third parties and the policies established by
                                         the Company. 

 

Consistent
with state and federal law, nothing in this Agreement (a) is intended to limit Employee’s right to discuss the terms, wages,
and working conditions of her employment; or (b) prohibits Employee from reporting possible violations of law to a government
agency or attorney, including information about trade secrets in a document filed in a lawsuit if the

 

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disclosure is made in confidence,
good faith, solely for the purpose of reporting or investigating a suspected violation of law and is done only as permitted by
law.

 

		7.	Non-Solicitation,
                                         Non-Interference and Non-Competition. As a result of employment with the Company,
                                         Employee will acquire considerable knowledge about, and expertise in, certain areas of
                                         the Company’s business. Employee will also gain knowledge of, and have contact
                                         with, customers and suppliers of the Company. Employee acknowledges that she may be able
                                         to utilize such knowledge and expertise following termination of service with the Company,
                                         to the serious detriment of the Company if she solicits business from customers of the
                                         Company or interferes with the Company’s relationships with its customers, business
                                         partners or employees. Accordingly, she agrees that:

 

		(a)	Non-Solicitation,
                                         Non-Interference with Customers. During employment and for one (1) year after termination
                                         of employment, Employee will not directly or indirectly (i) solicit any customer or business
                                         partner of the Company, (ii) take any action intended to, or that has the effect of,
                                         interfering with the Company’s relationship with any customer or business partner
                                         or otherwise resulting in a customer or business partner reducing or ceasing their business
                                         relationship with the Company; or (iii) provide, to any customer with whom Employee had
                                         contact during employment or about whom Employee had access to Confidential Information,
                                         any products or services that are competitive with those that were offered by the Company
                                         during Employee’s employment.

 

		(b)	Non-Solicitation
                                         of Employees. During employment and for one (1) year after termination of employment,
                                         Employee will not directly or indirectly approach, solicit, entice, hire or attempt to
                                         approach, solicit entice or hire any employee of the Company to leave the employment
                                         of the Company.

 

		(c)	Non-
Competition. During employment and for one (1) year after termination of employment, Employee will not directly or indirectly
engage in any business that is the same as or substantially similar to the business in which the Company engages during the term
of Employee’s employment; provided, however, that this restriction shall apply only to the geographic market of the Company.
Employee shall be deemed to engage in a business if she directly or indirectly engages or invests in, owns, manages, operates,
controls or participates in the ownership, management, operation or control of, is employed by, associated or in any manner connected
with, or renders services or advice to, any business that provides products or services that are the same as or substantially
similar to the products and/or services provided by the Company during Employee’s employment. Provided, however, that Employee
may invest in the securities of any enterprise (but without otherwise participating in the activities of such enterprise) if two
conditions are met: (a) such securities are listed on any national or regional securities exchange or have been registered under
Section 12(g) of the Securities Exchange Act of 1934 and (b) Employee does not beneficially own (as defined Rule 13d-3 promulgated
under the Securities Exchange Act of 1934) in excess of one percent of the outstanding capital stock of such enterprise.

 

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		(d)	Tolling
of Restrictive Period. In the event Employee breaches any provision of this Section 7, the applicable restrictive period herein
shall be tolled during the time of Employee’s breach. Upon cessation of any such breach, the restrictive period shall continue
and shall be extended by the time period of the applicable breach.

 

		(e)	Presentment
                                         to any New Employer. For one year after termination of employment, Employee will
                                         give a copy of this Agreement to any subsequent employer prior to Employee’s first
                                         day of work so that the new employer can evaluate whether Employee’s work for that
                                         employer may be in violation of this Agreement.

 

		8.	Inventions;
                                         Works Made for Hire. For purposes of this Agreement, “Inventions”
                                         means all ideas, improvements, discoveries, concepts, original works of authorship, modifications,
                                         formulations, software programs, product development or ideas (whether patentable or
                                         not) relating to the business of the Company that are generated, conceived or reduced
                                         to practice by Employee during employment with the Company either alone or in conjunction
                                         with others, during or outside of working hours. Any patent application (including provisional
                                         applications, international applications, and the like) on which Employee is named as
                                         an inventor that is both: (a) filed within one (1) year after termination of employment;
                                         and (b) relates to the business of Company; shall be presumed to cover an Invention conceived
                                         by Employee during employment with the Company, subject to proof to the contrary by good
                                         faith, written and duly collaborated records establishing that such Invention was conceived
                                         and made following termination of employment. Employee agrees to document all Inventions
                                         in writing and promptly disclose such Inventions to the Company. All original works of
                                         authorship made by Employee (solely or jointly with others) within the scope of employment
                                         with the Company (or her prior employment) and that are protectable by copyright are
                                         “works made for hire,” pursuant to United States Copyright Act (17 U.S.C.,
                                         Section 101).

 

		(a)	Ownership
                                         and Assignment of Inventions. Subject to the limitations of Minnesota Statute §181.78
                                         set forth below, all Inventions are the exclusive property of the Company (whether any
                                         Invention was generated, conceived or reduced to practice prior to the execution of this
                                         Agreement). Employee hereby assigns and agrees to assign in the future (when any such
                                         Inventions are first reduced to practice or first fixed in a tangible medium, as applicable,
                                         or are otherwise assignable) to the Company all Employee’s right, title and interest
                                         in and to any and all Inventions, whether or not patentable or registrable under copyright
                                         or similar statutes, made or conceived or reduced to practice or learned by Employee,
                                         either alone or jointly with others, during Employee’s employment with the Company.
                                         Inventions assigned to the Company or to a third party as directed by the Company are
                                         referred to as “Company Inventions.” Employee hereby waives and agrees not
                                         to assert any proprietary rights in or with respect to a Company Invention. Employee
                                         will sign and deliver any documents necessary to fully assign ownership of any Invention
                                         to the Company. Employee will, at the Company’s expense, provide all assistance
                                         reasonably required for the Company to perfect, protect and use rights to Inventions.
                                         Employee will maintain appropriate documentation relating to Inventions and sign all
                                         documents and do all things the Company deems necessary or desirable to document and
                                         record the transfer of Employee’s right, title and interest in Inventions to the
                                         Company or a third party designated by the Company, and enable the Company to obtain
                                         patent protection for Inventions anywhere in the world.

 

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		(b)	Exclusions.
                                                                                                                                                                                                                                      The terms of this Section 8 do not apply to any invention for which no equipment, supplies, facilities or trade secret
                                                                                                                                                                                                                                      information of the Company was                                          used and that was developed entirely on
                                                                                                                                                                                                                                      Employee’s own time and that (i) does not                                          relate directly to the business of
                                                                                                                                                                                                                                      the Company or to the Company’s actual or demonstrably                                          anticipated research or
                                                                                                                                                                                                                                      development; or (ii) does not result from any work performed                                          by Employee for the
                                                                                                                                                                                                                                      Company.

 

		(c)	Continuing
                                         Obligations. The obligations of this Section 8 continue beyond the termination of
                                         employment with the Company as to Inventions conceived or made by Employee during Employee’s
                                         employment and are binding upon Employee’s assigns, executors, administrators and
                                         other legal representatives.

 

		9.	Conflict
                                         of Interests. The Company expects all employees to conduct business according to
                                         the highest ethical standards of conduct. Employee is expected to devote her best efforts
                                         to the interests and business of the Company. Business dealings that create, or appear
                                         to create, a conflict between the interests of the Company and Employee are prohibited.
                                         The Company recognizes the right of employees to engage in activities outside of their
                                         employment that are of a private nature and unrelated to the Company’s business.
                                         However, Employee must disclose any possible conflicts so that the Company may assess
                                         and prevent potential conflicts of interest from arising. A potential or actual conflict
                                         of interest may occur when an employee is in a position to influence a business decision
                                         that may result in personal gain to the employee, a family member, or personal acquaintance.
                                         It is not possible to specify every action that might create a conflict of interest.
                                         Any question regarding whether an action or proposed course of conduct could create,
                                         or appear to create, a conflict of interest should immediately be presented to the Chief
                                         Executive Officer or the Human Resources Department for review.

 

		10.	Restrictions
                                         Reasonable. Employee acknowledges that the restrictions in this Agreement are reasonable
                                         under the circumstances. Employee hereby waives all defenses to the enforcement thereof
                                         by the Company. If any provision of this Agreement is deemed void or invalid by a court,
                                         the remaining provisions shall remain in full force and effect and Employee agrees that
                                         the court has the power to replace such void or invalid provisions with such other enforceable
                                         and valid provisions as are as close as possible to the original in form and effect.

 

		11.	Section
                                         409A Compliance. The parties intend that the benefits and rights described in this
                                         Agreement comply with Section 409A of the Internal Revenue Code and the Treasury Regulations
                                         and other guidance promulgated or issued thereunder (“Section 409A”) to the
                                         extent that the requirements of Section 409A are applicable hereto, and the provisions
                                         of this Agreement will be construed in a manner consistent with that intention. 
                                         If Employee or the Company believes at any time that any such benefit or right subject
                                         to Section 409A does not so comply, it will promptly advise the other and will negotiate
                                         reasonably and in good faith to amend the terms of such benefits and rights such that
                                         they comply with Section 409A (with the most limited possible economic effect on Employee
                                         and on the Company).  Each payment under this Agreement is intended to be treated
                                         as one of a series of separate payments for purposes of Code Section 409A and Treasury
                                         Regulation §1.409A-2(b)(2)(iii) (or any similar or successor provisions).

 

Notwithstanding
the foregoing, the Company does not make any representation that the payments or benefits under this Agreement are exempt from,
or satisfy, the requirements of Section 409A

 

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and the Company shall have no liability or other obligation to indemnify or hold
harmless Employee or any beneficiary for any tax, additional tax, interest or penalties if any provision of this Agreement or
any action taken with respect thereto is deemed to violate any of the requirements of Section 409A.

 

		12.	Severability.
Any provision of this Agreement that is prohibited or unenforceable under Minnesota law shall be ineffective to the extent of
the prohibition or unenforceability and shall be severed from the balance of this Agreement, without affecting the remaining provisions
of this Agreement.

 

		13.	Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

		14.	Entire
Agreement. This Agreement and the Exhibit A hereto constitute the entire agreement between Employee and the Company with respect
to the subject matter of this Agreement and supersede all previous understandings, communications, representations and agreements,
whether verbal or written, with respect to the subject matter hereof. This Agreement may not be modified except by subsequent
agreement in writing signed by the Company and Employee.

 

		15.	Post-Employment
Cooperation. Employee agrees to cooperate and assist the Company in the handling or investigation of any administrative charges,
government inquires, claims, threats or lawsuits involving the Company that relate to matters that arose while the Employee was
an employee of the Company. The Company will reimburse Employee for out-of-pocket expenses incurred in connection with such cooperation.

 

		16.	Notice.
Unless otherwise provided herein, any notice required or given under the terms of this Agreement shall be in writing and delivered
personally, or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by nationally recognized
overnight carrier, postage prepaid, or sent by facsimile transmission to the Company at the Company’s principal office and
facsimile number in Minnetonka, Minnesota, or to Employee at the address set forth below. Notice shall be deemed given (a) when
delivered if personally delivered; (b) three business days after having been placed in the mail, if delivered by registered or
certified mail; (c) the business day after having been placed with a nationally recognized overnight carrier, if delivered by
nationally recognized overnight carrier, and (d) the business day after transmittal when transmitted with electronic confirmation
of receipt, if transmitted by facsimile. Until changed by notice pursuant to this Section 16, the following shall be the address
and facsimile number to which notices shall be sent:

 

	If to
    the Company, to:	If
    to Employee, to:
	 	 
	Attn: Kyle Udseth, CEO	 
	Pineapple Holdings Inc.	Attn: Scott Maskin
	10900
Red Circle Drive 

        Minnetonka,
MN 55343 

        Fax:
(952) 946-1835 
	40
Grassmere Avenue 

        Oakdale,
        NY 11769

        

 

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		17.	Governing
Law; Breach. This Agreement shall be governed by and construed in accordance with the laws of Minnesota, without reference
to conflicts of laws. In the event either party is deemed by a court of appropriate jurisdiction to have breached this Agreement,
the nonbreaching party shall be entitled to recover all costs, expenses and attorney’s fees incurred in enforcing the terms
of this Agreement.

 

		18.	Survival.
The provisions of Sections 5, 6, 7, 8, 10, 11, 12, 13, 14, 15, 17, 18 and 19 survive termination of this Agreement (and, for the
avoidance of doubt, any termination of Employee’s employment with the Company).

 

		19.	Termination
                                         of Prior Agreements. By signing below, Employee acknowledges and agree that: (b)
                                         all prior employment or similar agreements (whether written or verbal) between Employee
                                         and Transition Networks/CSI (collectively, the “Prior Agreements”), together
                                         with all of Employee’s rights under the Prior Agreements, are hereby terminated
                                         as of the date hereof; (c) any notice that may be required in connection with the termination
                                         of the Prior Agreements is hereby waived; (d) notwithstanding the termination of the
                                         Prior Agreements or any other provision of this Agreement, the provisions of the Prior
                                         Agreements that impose confidentiality, non-disclosure, non-solicitation, non-competition
                                         and other similar obligations on Employee (the “Existing Restrictive Covenants”)
                                         shall continue in full force and effect in accordance with their respective terms and
                                         Employee agrees to strictly abide by such provisions; and (e) the other provisions of
                                         the Prior Agreements shall continue in effect to the extent necessary to permit the Company
                                         or its successors or assigns to enforce the Existing Restrictive Covenants.

 

[Signature
page follows]

 

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Accordingly,
this Employment Agreement is effective as of the Effective Date.

 

Pineapple
Energy, Inc.

 

	By: 	/s/
    Kyle Udseth	 	/s/
    Scott Maskin
	Kyle Udseth	 	Scott Maskin

  

	Its:	Chief Executive Officer

 

    11Exhibit 10.3

 

It is the responsibility of any investor
purchasing these securities to satisfy itself as to full observance of the laws of any relevant territory outside the United States
in connection with any such purchase, including obtaining any required governmental or other consents or observing any other applicable
requirements. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

 

Pineapple
Energy, Inc.

Common Stock

 

SUBSCRIPTION AND INVESTMENT REPRESENTATION
AGREEMENT

 

THIS AGREEMENT is dated as of the date
set forth on the signature page of this Agreement by and between Pineapple Energy, Inc., a Minnesota corporation (the “Company”),
and the undersigned subscriber (the “Subscriber”). In consideration of the mutual promises contained herein,
and other good and valuable consideration, the parties hereto agree as follows:

 

1.           Agreement
of Sale. The Company agrees to sell to Subscriber, and Subscriber agrees to purchase from the Company, one share of
the Company’s common stock (the “Securities”). The purchase price will be paid by the Subscriber
in cash at the price of $4.00 per share.

 

2.           Representations
and Warranties of Subscriber. In consideration of the Company’s offer to sell the Securities, Subscriber hereby
represents and warrants to the Company as follows:

 

a.          Information
About the Company. Subscriber has reviewed the Company’s filings with the U.S. Securities and Exchange Commission.
Subscriber has had an opportunity to ask questions of, and receive answers from, the Company concerning the business, management
and financial affairs of the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber
has had an opportunity to obtain, and has received, any additional information deemed necessary by the Subscriber to verify such
information in order to form a decision concerning an investment in the Company. Subscriber has been advised to seek legal counsel
concerning Subscriber’s investment in the Company.

 

b.          Restrictions
on Transfer. Subscriber represents and warrants that the Securities are being purchased for Subscriber’s own account
and for Subscriber’s investment and without the intention of reselling or redistributing the same, that Subscriber has made
no agreement with others regarding any of such Securities and that Subscriber’s financial condition is such that it is not
likely that it will be necessary to dispose of any of the Securities in the foreseeable future. Subscriber is aware that, in the
view of the Securities and Exchange Commission, a purchase of the Securities with an intent to resell by reason of any foreseeable
specific contingency or anticipated change in market values, or any change in the condition of the Company, or in connection with
a contemplated liquidation or settlement of any loan obtained for the acquisition of the Securities and for which the Securities
were pledged as security, would represent an intent inconsistent with the representations set forth above. Subscriber
understands that the Securities have not been registered under the Securities Act of 1933, as amended, or any state or foreign
securities laws in reliance on exemptions from registration under both such acts, and that, accordingly, the Securities may not
be resold by the undersigned unless they are registered under both the Securities Act of 1933, as amended, and applicable state
or foreign securities laws or are sold in transactions which are exempt from such registration. Subscriber therefore agrees not
to sell, assign, transfer or otherwise dispose of the Securities unless a registration statement relating thereto has been duly
filed and become effective under the Securities Act of 1933, as amended, and applicable state or foreign securities laws, or unless
in the opinion of counsel satisfactory to the Company no such registration is required under the circumstances. There is
not currently, and it is unlikely that in the future there will exist, a public market for the Securities; and accordingly, for
the above and other reasons, Subscriber may not be able to liquidate an investment in the Securities for an indefinite period.

 

c.          High
Degree of Risk. Subscriber realizes that an investment in the Securities involves a high degree of risk, including the risks
of receiving no return on the investment and of losing Subscriber’s entire investment in the Company. Subscriber is able
to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no
assurance regarding its future financial performance or as to the future profitability of the Company.

 

d.          Suitability.
Subscriber has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits
and risks of an investment in the Securities. Subscriber

 

     

     

    

 

has obtained, to the extent deemed necessary, Subscriber’s own personal
professional advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of
Subscriber’s financial condition and investment needs. Subscriber believes that the investment in the Securities is suitable
for Subscriber based upon Subscriber’s investment objectives and financial needs, and Subscriber has adequate means for providing
for Subscriber’s current financial needs and personal contingencies and has no need for liquidity of investment with respect
to the Securities. Subscriber understands that no federal or state agency has made any finding or determination as to the fairness
for investment, nor any recommendation or endorsement, of the Securities.

 

e.          Tax
Liability. Subscriber has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences
of this investment and the transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on
any statements or representations of the Company or any of its agents. Subscriber understands that Subscriber (and not the Company)
shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the transactions
contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that (a) the number shown on the signature
page below is Subscriber’s correct social security or taxpayer identification number and (b) Subscriber is not subject
to back-up withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result
of a failure to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber
is no longer subject to back-up withholding.

 

e.          Residence.
The location where the securities are being purchased is Subscriber’s address listed below.

 

f.           Limitation
Regarding Representations. Except as set forth in this Agreement, no representations or warranties have been made to Subscriber
by the Company or any agent, employee or affiliate of the Company and in entering into this transaction, Subscriber is not relying
on any information, other than that contained herein and the results of independent investigation by Subscriber. Subscriber agrees
it is not relying on any oral or written information not expressly included in this Agreement, including but not limited to the
information which has been provided by the Company, its directors, its officers or any affiliate of any of the foregoing.

 

g.          Authority.
The individual signing, including if on behalf of such entity, and the entity jointly and severally agree and certify that (a)
the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this Agreement has been duly authorized
by all necessary action on the part of the undersigned, has been duly executed by an authorized officer or representative of the
undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its terms.

 

3.           Legend.
Subscriber consents to the inscription on the certificate or certificates representing the Securities of the following legend reciting
the above restrictions on the transferability of the Securities:

 

The Securities represented by this certificate have
not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and have not been registered
under any state securities laws. These Securities may not be sold, offered for sale or transferred without first obtaining (i)
an opinion of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration under the Securities
Act and under the applicable state securities laws or (ii) such registration.

 

4.           Accredited
Status. Subscriber represents that it does qualify as an “accredited investor” as that term is defined in
Regulation D under the Securities Act.

 

5.           Notice.
Correspondence regarding the Securities should be directed to Subscriber at the address printed below. Subscriber is a bona fide
resident of the state listed below.

 

6.           No
Assignment or Revocation; Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable by Subscriber
without prior written consent of the Company. Subscriber hereby acknowledges and agrees that Subscriber is not entitled to cancel,
terminate or revoke this Agreement and that it shall survive the bankruptcy of Subscriber. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors and
assigns.

 

7.           Modifications.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except
by an instrument in writing, signed by the Subscriber

 

    
	Subscription Agreement	Page 2

 

     

    

 

and the Company. No delay or failure of the Company in exercising any right
under this Agreement will be deemed to constitute a waiver of such right or of any other rights.

 

8.           Entire
Agreement. This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject
matter hereto and thereto. This Agreement, including the exhibits, supersede any previous oral or written communications, representations,
understandings or agreements with the Company or with any officers or representatives of the Company.

 

9.           Severability.
In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction,
such paragraph or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent
of the parties, and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the
purposes of that jurisdiction be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof
but shall otherwise remain in full force and effect.

 

10.         Governing
Law. This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Minnesota
without regard to conflict of law principles. 

 

[Remainder
of page left blank intentionally – signature page follows]

 

    
	Subscription Agreement	Page 3

 

     

    

 

For good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Subscriber hereby agrees that the terms, provisions, obligations and agreements
of this Agreement shall be binding upon Subscriber.

 

	 	By:	/s/
    James Brennan	 
	 	Name: James Brennan	 

 

	 	Address:	*** 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	Federal Tax ID:	***	 

 

	 	Date:	November
    9, 2022	 

 

The
Company hereby accepts the subscription evidenced by this Subscription and Investment Representation Agreement:

 

	Date:	November
    9, 2022	 	Pineapple
    Energy, Inc.
	 	(which date shall be the
    effective date of this Agreement)	 	 	 
	 	 	 	By:	/s/ Kyle
    Udseth
	 	 	 	 	Kyle Udseth
	 	 	 	 	Chief Executive Officer

 

    
	Subscription Agreement	Page 4

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