Document:

Indoor Harvest Corp. 8-K

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT
AGREEMENT 

 

This Executive Employment
Agreement (the “Agreement”) is made as of February 20, 2018 (the “Effective Date”), between Indoor Harvest
Corp (the “Company”) and Daniel Weadock (the “Executive”).

 

1.
Terms of Employment 

 

(a)
  Position. Company hereby employs the Executive to serve as the Company’s Chief Executive Officer, and the Executive
accepts such employment with Company, subject to the terms and conditions of this Agreement.

 

(b)  
Duties. Executive shall have such duties and responsibilities as may be assigned from time to time by the Board of Directors
not inconsistent with the position of Chief Executive Officer. 

 

(c)  
Performance. Executive shall faithfully, diligently and to the best of the Executive’s abilities perform Executive’s
duties as determined by the Company from time to time. 

 

(d)
 Permitted Activities. The Executive shall, during the period of Executive’s employment by the Company, devote his full business
time, energy and best efforts to the business and affairs of the Company. The foregoing notwithstanding, the parties hereto recognize
and agree that the Executive may engage in passive personal investments and other business activities which do not conflict with
the business and affairs of the Company or interfere with the Executive’s performance of his duties hereunder. In this regard,
the Executive may participate in the following activities so long as they do not impair the Executive’s ability to fulfill
his obligations under this Agreement:

  

		(i)	serve as an executive in other business endeavors;

		(ii)	serve on industry, trade, civic or charitable boards
or committees;

		(iii)	engage in charitable activities and community affairs;
and

		(iv)	manage personal investments, as long as such activities
do not materially interfere with the performance of Executive’s duties and responsibilities.

 

2.
Compensation 

 

(i)          Salary and Salary Adjustment. Upon execution of this Agreement, the Executive will not receive a salary. The Company
and the Executive agree that effective on the business day after the date on which the Company achieves Capitalization (as hereinafter
defined) of $2,000,000 or more, Executive’s annual base salary will be $100,000. Such annual base salary shall be (i) payable
in cash in accordance with the Company’s customary payroll practices, but no less often than monthly, and (ii) prorated for any
partial year. For purposes of this Agreement, “Capitalization” means aggregate gross cash proceeds received by the
Company from (a) the Company’s sale of common stock pursuant to Puts (as such term is defined in the Investment Agreement
dated as of October 12, 2017 by and between the Company and Tangiers Global, LLC (the “Investment Agreement”)) under
the Investment Agreement, and/or (ii) any other sale by the Company of common stock or preferred stock, whether in a public offering
or a private placement.

  

(ii)
Stock Awards. 

 

(a)         The
Company agrees to grant, as soon as administratively practicable following execution of this Agreement, to the Executive (or an
entity controlled by the Executive such that the Executive is deemed to be the sole beneficial owner under Rule 13d-3 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) a total of 300,000 shares of restricted
common stock.

  

    1

     

    

 

(b)         In addition, the Company agrees to grant to the Executive (or an entity controlled by the Executive such that the Executive
is deemed to be the sole beneficial owner under Rule 13d-3 promulgated under the Exchange Act) an aggregate of 1,584,202 shares
of restricted common stock of the Company, consistent with the grant and vesting schedule set forth in the table below; provided,
however, that no grant shall be made, and no shares shall be issued with respect to any grant, if the Executive is not employed
by the Company as an executive on the respective Date of Grant as set forth in the table below.

  

	Date of Grant	Number of Shares	Date of Vesting
	February 20, 2018	99,012	May 20, 2018
	May 20, 2018	99,012	August 20, 2018
	August 20, 2018	99,012	November 20, 2018
	November 20, 2018	99,012	February 20, 2019
	February 20, 2019	99,012	May 20, 2019
	May 20, 2019	99,012	August 20, 2019
	August 20, 2019	99,012	November 20, 2019
	November 20, 2019	99,012	February 20, 2020
	February 20, 2020	99,012	May 20, 2020
	May 15, 2020	99,012	August 15, 2020
	August 20, 2020	99,012	November 20, 2020
	November 20, 2020	99,012	February 20, 2021
	February 20, 2021	99,012	May 20, 2021
	May 20, 2021	99,012	August 20, 2021
	August 20, 2021	99,012	November 20, 2021
	November 20, 2021	99,022	February 20, 2022

  

With
respect to each grant set forth in the table above, the shares subject to that grant will only vest if the Executive is employed
as an executive of the Company on the Date of Vesting as set forth in the table above. If the Executive is not an employed as
an executive of the Company on a particular Date of Vesting, the shares that are subject to that grant will be forfeited by the
Executive.

  

If
the Company is acquired by, or merged into and with another entity prior to the last Date of Vesting set forth above (i.e. February
20, 2022), all shares issuable to Executive under this Agreement will become fully vested, a certificate representing the shares
shall be issued and shall be non-forfeitable.

  

(iii)        Incentive
Compensation. During the Term (as hereinafter defined) of this Agreement, the Executive shall be eligible to participate in
any equity-based incentive compensation plan or program adopted by the Board of Directors.

  

3.
Expenses 

 

(a) 
Reimbursement. Company shall pay all reasonable travel, dining and other ordinary, necessary and reasonable business
expenses incurred by the Executive in the performance of Executive’s duties under this Agreement, subject to budget and/or
other limitations or conditions imposed by the Board of Directors.

  

(b) 
Substantiation. The Executive shall, as a condition of any such payment or reimbursement, submit verification, substantiation
and documentation of the nature and amount of such expenses in accordance with the policies of Company from time to time.

  

4.
Representations and Warranties.

  

Each
of the Company and the Executive represents and warrants to the other party that (i) such party is fully authorized and empowered
to enter into the Agreement, (ii) entering into the Agreement and, to such party’s knowledge, the performance of such party’s
obligations under the Agreement will not violate any agreement between such party and any other person, firm or organization or
any law or governmental regulation.

  

5.
Confidential Information

  

(a) 
Obligation. The Executive agrees to maintain the strict confidentiality of all Confidential Information during the
Term of this Agreement and thereafter.

  

(b) 
Scope. For purposes of this Agreement, “Confidential Information” shall mean all information and materials
of Company, and all information and materials received by Company from third parties (including but not limited to affiliates,
subsidiaries, chapters, and members of Company), which are not generally publicly available and all other information and materials
which are of a proprietary or confidential nature, even if they are not marked as such.

  

    2

     

    

 

(c)
Survival. This Section 5 shall survive the termination of this Agreement indefinitely.

  

6.
Intellectual Property

  

(a)
Ownership. Executive agrees that all copyrights, trademarks, patents, and other intellectual property rights to works or
marks arising in from or in connection with the Executive’s employment by Company are “work made for hire” within the
definition of Section 101 of the Copyright Act (17 U.S.C. 101) and shall remain the sole and exclusive property of Company.

  

(b)
Assignment of Interest. To the extent any work product is not deemed to be a work made for hire within the definition of
the Copyright Act, Executive with effect from creation of any and all work product, hereby assigns, and agrees to assign, to Company
all right, title and interest in and to such work product, including but not limited to copyright, all rights subsumed thereunder,
and all other intellectual property rights, including all extensions and renewals thereof.

  

(c) 
Moral Rights. Executive also agrees to waive any and all moral rights relating to the work product, including but
not limited to, any and all rights of identification of authorship and any and all rights of approval, restriction or limitation
on use, and subsequent modifications.

 

(d) 
Assistance. Executive further agrees to provide all assistance reasonably requested by Company, both during and
subsequent to the Term of this Agreement, in the establishment, preservation and enforcement of Company’s rights in the work product.

  

(e) 
Return of Property. Upon the termination of this Agreement, Executive agrees to deliver promptly to Company all
printed, electronic, audio-visual, and other tangible manifestations of work product, including all originals and copies thereof.

  

7.
Non-Solicitation.

  

During
the Term of this Agreement and for five years after any termination of this Agreement, Executive will not, without the prior written
consent of the Company, either directly or indirectly, on Executive’s own behalf or in the service or on behalf of others,
solicit or attempt to solicit, divert or hire away any person employed by the Company, or any customer of the Company unless such
entity or employee had a previous relationship with the Executive prior to his position as Executive with the Company.

  

8.
Non-Disparagement.

  

Executive
will not at any time, during or after the Term of this Agreement, disparage, defame or denigrate the reputation, character, image,
products or services of the Company, or of any of its affiliates, or, any of its or its affiliates’ directors, officers,
stockholders, members, employees or agents.

  

9. Acknowledgement.

 

Executive
expressly acknowledges that the covenants of this Agreement are supported by good and adequate consideration, and that such covenants
are reasonable and necessary in terms of duration, scope and geographic area to protect the legitimate business interests of Company.

 

    3

     

    

 

10. 
Term of Employment

  

(a)  
Initial Term. The term of the Executive’s employment under this Agreement shall commence on the Effective Date and
continue until February 20, 2019, unless Executive’s employment is sooner terminated by the Board of Directors.

  

(b)  
Automatic Renewal. Commencing on February 20, 2019 and on each anniversary of that date thereafter, the Term shall
be extended for an additional one-year period, unless the Company or the Executive gives the other party at least 30 days’
prior written notice of its intention not to renew this Agreement (the initial term, as renewed, the “Term”).

  

11. 
Termination of Employment

  

(a)   
Termination Upon Death. This Agreement shall terminate automatically upon the death of the Executive.

  

(b)  
Automatic Termination Upon Disability. This Agreement shall terminate automatically upon Total Disability of the Executive.
For purposes of this Agreement, “Total Disability” means the Executive is unable to perform the duties set forth in
this Agreement for a period of 12 consecutive weeks, or 90 cumulative business days in any 12-month period, as a result of physical
or mental illness or loss of legal capacity.

  

(c) 
Termination Upon Retirement. The Executive may voluntarily terminate this Agreement at any time by reason of Retirement.
For purposes of this Agreement, “Retirement” is the cessation by Executive of all full-time employment of any kind.

  

(d)    
Termination by the Company For Cause. The Company shall have the right to terminate Executive’s employment under this
Agreement at any time for Cause, which termination shall be effective immediately. Termination for “Cause” shall include
termination for:

  

(i)    
material breach of this Agreement by Executive;

  

(ii)  
intentional nonperformance or misperformance of such duties, or refusal to abide by or comply with the reasonable directives
of his superior officers and/or the Company’s Board of Directors, or the Company’s policies and procedures;

  

(iii)
 Executive’s gross negligence in the performance of his material duties under this Agreement;

  

(iv)  Executive’s
willful dishonesty, fraud or misconduct with respect to the business or affairs of the Company, that in the reasonable judgment
of the President and/or the Board of Directors materially and adversely affects the Company;

 

(v)  
Executive’s conviction of, or a plea of nolo contendere to, a felony or other crime involving moral turpitude; or

  

(vi) 
the commission of any act in direct or indirect competition with or materially detrimental to the best interests of Company
that is in breach of Executive’s fiduciary duties of care, loyalty and good faith to Company.

  

Cause
will not, however, include any actions or circumstances constituting Cause under (i) or (ii) above if Executive cures such actions
or circumstances within 30 days of receipt of written notice from the Company setting forth the actions or circumstances constituting
Cause. In the event Executive’s employment under this Agreement is terminated for Cause, Executive shall thereafter have no right
to receive compensation or other benefits under this Agreement.

  

(e)
Termination by the Company Without Cause. The Company may, upon a majority vote of the Board of Directors, terminate the Executive’s
employment under this Agreement without Cause at any time upon 90 days’ prior written notice to the Executive, and Executive
shall have any right to a claim against the Company for termination under this provision of the Agreement.

 

    4

     

    

 

(f)
Change in Control. For purposes of this Agreement, unless the Board determines otherwise, a Change of Control of the Company
shall be deemed to have occurred at such time as:

  

(i) 
  any person (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing more than
50% of the Company’s outstanding voting securities or rights to acquire such securities except for any voting securities
issued or purchased under any employee benefit plan of the Company or its subsidiaries; or

  

(ii)  
any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all
of the assets of the Company; or

 

(iii) 
a plan of liquidation of the Company or an agreement for the sale or liquidation of the Company is approved and completed; or

  

(iv) 
the Board determines in its sole discretion that a Change in Control has occurred, whether or not any event described above
has occurred or is contemplated.

  

12. 
Indemnification.

  

The
Company shall indemnify the Executive, to the maximum extent permitted by applicable law and by its certificate of formation,
as amended, against all costs, charges and expenses incurred or sustained by the Executive in connection with any action, suit
or proceeding to which he may be made a party by reason of being an officer, director or employee of the Company or of any subsidiary
or affiliate of the Company or any other corporation for which the Executive serves in good faith as an officer, director, or
employee at the Company’s request.

  

13. 
General Provisions

  

(a)  
Entire
Agreement. This Agreement constitutes the entire agreement between the parties, and supersedes all prior agreements,
representations and understandings of the parties, written or oral.

  

(b)  
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original,
but all of which, taken together, shall constitute one and the same agreement.

 

(c)
  Amendment. This Agreement may be amended only by written agreement of the parties.

  

(d)  
Notices. All notices
permitted or required under this Agreement shall be in writing and shall be delivered in person or mailed by first class, registered
or certified mail, postage prepaid, to the address of the party specified in this Agreement or such other address as either party
may specify in writing. Such notice shall be deemed to have been given upon receipt.

  

(e)
   Assignment. This Agreement shall not be assigned by either party without the consent
of the other party.

  

(f)    Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Texas, without regard to its conflict of laws rules.

 

(g) 
 No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement
will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed
to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or
privilege.

  

    5

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed this 20th day of February, 2018.

 

	EXECUTIVE	THE COMPANY

  

	Name:	Daniel Weadock	Name:	Rick Gutshall

 

	Signature:	/s/ Daniel Weadock	Signature:	/s/ Rick Gutshall

 

    6Indoor Harvest Corp. 8-K

Exhibit 10.2

 

THIS
COMPENSATION AGREEMENT (“Agreement”) is made and entered into as of February 20, 2017 (“Effective Date”)
between Indoor Harvest Corp. (the “Company”) and Daniel Weadock (the “Director”).

 

1. Background. The Company’s Board of Directors has elected the Director to serve as member of the Company’s board of
directors, effective as of the date hereof, to perform the services of a director (the “Services”). In furtherance
thereof, the Company and the Director desire to enter into this Agreement.

 

2. Term. This Agreement shall commence on the Effective Date and remain in effect until the termination of this Agreement in
accordance with the termination provisions of this Agreement.

 

 3. Compensation.

 

A. Expenses. The Company will reimburse the Director for reasonable travel and other incidental expenses incurred by the Director
in performing his services and attending meetings as approved in advance by the Company.

 

B. Stock Awards. The Company agrees to grant to the Director an aggregate of 240,000 shares of restricted common stock of the
Company, consistent with the grant and vesting schedule set forth in the table below; provided, however,  that no grant
shall be made, and no shares shall be issued with respect to any grant, if the Director is not a member of the Company’s
board of directors on the respective Date of Grant as set forth in the table below.

 

	Date of Award	Number of Shares	Date of Vesting
	February 23, 2018	30,000	May 23, 2018
	May 23, 2018	30,000	August 23, 2018
	August 23, 2018	30,000	November 23, 2018
	November 23 2018	30,000	February 23,2019
	February 23, 2019	30,000	May 23, 2019
	May 23, 2019	30,000	August 23, 2019
	August 23, 2019	30,000	November 23, 2019
	November 23, 2019	30,000	February 23, 2020
	Total	240,000	 

 

If the Company is acquired by, or merged into and
with, another entity prior to the last Date of Vesting set forth above (i.e. February 23, 2022), all shares issuable to the Director
under this Agreement will become fully vested, a certificate representing the shares shall be issued and shall be non-forfeitable.

 

     

     

    

 

 4. Company’s Proprietary Rights and Non-Disclosure of Confidential Information

 

A. Obligation. The Director will hold the Company’s Confidential Information, as defined below, in the strictest confidence
and will not disclose or use the Confidential Information except as permitted by this Agreement in connection with the Services,
unless expressly authorized to act otherwise in writing by an officer of the Company or as otherwise required by law or valid and
binding judicial order. The Director’s obligations under this Section shall survive any termination of this Agreement. In addition,
the Director recognizes that he will be exposed to and have access to information (including tangible and intangible manifestations)
regarding the patents, copyrights, trademarks, and Confidential Information of the Company. The Director acknowledges and agrees
that all this information, whether presently existing or developed in the future, which is not the subject of a patent, patent
application, copyright, trademark or trade secret either owned by the Director or in the public domain prior to the Effective Date,
is the sole property of the Company and its assigns.

 

B. Confidential
Information. “Confidential Information” means trade secrets, confidential information, data or any other
proprietary information of the Company. By way of illustration, but not limitation, “Confidential Information”
includes (a) information relating to the Company’s technology, including inventions, ideas, processes, formulas, data,
know-how, experimental results and techniques; and (b) information regarding plans for research, development, new products,
marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers
and customers and the skills and compensation of the Company’s employees. However, “Confidential Information” does
not include information that is (as demonstrated by written evidence):

 

		1.	already known to the Director at the time of the disclosure;

		2.	publicly available or becomes publicly available through no breach of the
Director or any party under the Director’s dominion and control;

		3.	independently developed by the Director; or

		4.	rightfully first received by the Director from a third party other than
the Company.

 

C. No Conflicting Obligations. The Director represents and warrants that the Director’s performance of this Agreement and his
service as a director of the Company do not and will not breach or conflict with any agreement to which the Director is or becomes
a party.

 

D. Third-Party Confidential Information. The Director understands that the Company has received and, in the future, will receive
from third parties information that is confidential or proprietary (“Third-Party Information”) and is subject to a
duty on the part of the Company to maintain the confidentiality of such information and to use it only for certain limited purposes.
During the term of this Agreement and thereafter, the Director will hold Third-Party Information in the strictest confidence and
will not disclose or use Third-Party Information except as permitted by the agreement between the Company and such third party,
unless expressly authorized to act otherwise by an officer of the Company in writing (other than an officer who is also a principal
of the Director).

 

5. Termination. This Agreement shall terminate automatically on the date that the Director ceases to be a director of the Company.

 

     

     

    

 

6. No
Employment Relationship. Nothing herein shall be construed as creating an employer/employee relationship between the Company and
the Director or placing the parties in a partnership or joint venture relationship. The Director will solely maintain the obligation
to pay any and all taxes connected with any compensation paid hereunder. The Director agrees and understands that the Company
does not currently have, or provide Directors and Officers with insurance, medical, or liability.

 

 7. General.

 

A. Notices. Any notice required or permitted to be given to one party by the other party pursuant to this Agreement shall be
in writing and shall be sent by facsimile-mail or personally delivered or sent by United States mail, certified or registered,
return receipt requested, first class postage and charges prepaid, addressed to the parties as set forth below, or at such other
address as shall be designated in writing as specified above by either party. Notices sent by facsimile or delivered in person
shall be effective on the date of delivery. Notices sent by United States mail shall be effective on the third business day following
its posting.

 

The
Director: Daniel Weadock 

159
Ballville Road 

Bolton,
MA 01740 

c/o The International

 

The
Company: 

Indoor
Harvest Corp. 

5300 East

Freeway Suite A

Houston, TX

77020

 

B. Assignment of Rights and Delegation of Duties. All rights and duties of the Company under this Agreement shall extend to
its successors and assigns.

 

C. Severable Provisions. The provisions of this Agreement are severable and if anyone or more provisions may be determined
to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially enforceable provision
to the extent enforceable, shall nevertheless be binding and enforceable.

 

D. Waiver.
The waiver by one party of a breach of any provision of this Agreement by the other party shall not operate or be construed
as a waiver of any previous or subsequent breach of the same or any other provision by the other party.

 

E. Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, and
may not be changed orally, but only by an agreement in writing signed by the party against whom the enforcement of any waiver,
change, modification, extension or discharge is sought.

 

F. Governing Law. This Agreement is governed in accordance with the laws (other than choice-of-laws principles) of the State
of Texas.

 

     

     

    

 

G. Miscellaneous. The terms of this Agreement are confidential and no press release or other written or oral disclosure of
any nature regarding the terms of this Agreement shall be made by either party without the other party’s prior written approval;
however, approval for such disclosure shall be deemed given to the extent such disclosure is required to comply with governmental
rules or a valid court order.

 

H. Counterparts. This Agreement or any subsequent amendment or modification hereto may be executed by facsimile and/or in one
or more counterparts, each of which when so executed and delivered shall be deemed an original, but all of which taken together
shall constitute but one and the same original. Each party shall accept any such signed faxed counterpart as full execution of
this Agreement or any subsequent amendment or modification thereto.

 

I. Pronouns. The pronouns used herein shall include, where appropriate, either gender or both, singular and plural.

 

J.
Authority. The person(s) executing this Agreement hereby represent and warrant that each respectively has the authority to
execute this Agreement on behalf of the party for which he is executing.

 

     

     

    

 

K.
Descriptive Headings. The descriptive headings used herein are for convenience of reference only and they are not intended to
have any effect whatsoever in determining the rights or obligations of the parties hereto.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

	 	 	INDOOR HARVEST CORP.
	 	 	 	 
	/s/ Daniel Weadock	 	By:	/s/ Rick Gutshall
	 Daniel Weadock	 	 	Name: Rick Gutshall
	 	 	 	Title: Interim CEO

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