Document:

Exhibit 10.2

EMPLOYEE STOCK OPTION AGREEMENT

UNDER THE GREEN EARTH TECHNOLOGIES, INC.

2008 STOCK AWARD AND INCENTIVE PLAN

RECITALS

          Green Earth
Technologies, Inc. (the “Corporation”), a Delaware corporation, has adopted the
Green Earth Technologies, Inc. 2008 Stock Award and Incentive Plan (the “Plan”)
to foster and promote the long-term financial success and other interests of
the Corporation and enhance shareholder value by enabling the Corporation to
attract and retain the continued services of outstanding individuals whose
judgment, interest and special effort is essential to the successful conduct of
its operations by means of an opportunity to acquire or increase their
proprietary interests in the Corporation and thereby to encourage their continued
service to the Corporation and to provide them additional incentives to achieve
the growth objectives of the Corporation.

          The
Optionee is a person who the Committee believes has and will contribute to the
growth and financial success of the Corporation and this Agreement is executed
pursuant to and is intended to carry out the purposes of the Plan. 

AGREEMENT

NOW,
THEREFORE, it is hereby agreed as follows: 

1.       GRANT OF
OPTION. Subject to and upon the terms and conditions set forth in this
Agreement, the Corporation hereby grants to Optionee, as of the grant date (the
“Grant Date”) specified in the accompanying Notice of Grant of Stock Option
(the “Grant Notice”), a stock option to purchase up to that number of shares of
the Corporation’s Common Stock (the “Option Shares”) as is specified in the
Grant Notice. The Option Shares shall be exercisable from time to time in
accordance with the vesting schedule specified in the Grant Notice during the
option term at the option price per share (the “Option Price”) specified in the
Grant Notice. 

2.       OPTION
TERM. This option shall expire at the close of business on the expiration date
(the “Expiration Date”) specified in the Grant Notice, unless sooner terminated
in accordance with Paragraph 5, 6 or 17. 

3.       LIMITED
TRANSFERABILITY. During the lifetime of Optionee, this option shall be
exercisable only by Optionee and shall not be assignable or transferable by the
optionee otherwise than by will or by the laws of descent and distribution
following the optionee’s death. 

4.       DATES OF
EXERCISE. This option may be exercisable for the Option Shares in one or more
installments as is specified in the Grant Notice. As the option becomes 

exercisable in one or more installments, the installments shall
accumulate and the option shall remain exercisable for such installments until
the Expiration Date or the sooner termination of the option term under
Paragraph 5 or Paragraph 6 of this Agreement. 

5.
      ACCELERATED TERMINATION
OF OPTION TERM. The option term specified in Paragraph 2 shall terminate (and
this option shall cease to be exercisable) prior to the Expiration Date should
any of the following provisions become applicable: 

          (a)
     Should Optionee cease to remain in Service for
any reason other than death or permanent disability while this option is
outstanding, then the period for exercising this option, if it is otherwise
exercisable, shall be reduced to a three (3) month period commencing with the
date of such cessation of Service, but in no event shall this option be
exercisable at any time after the Expiration Date. Upon the expiration of such
three (3) month period or (if earlier) upon the Expiration Date, this option
shall terminate and cease to be outstanding. 

          (b)
     Should Optionee die while this option is
outstanding, then the personal representative of the Optionee’s estate or the
person or persons to whom the option is transferred pursuant to the Optionee’s
will or in accordance with the law of descent and distribution shall have the
right to exercise this option. Such right shall lapse and this option shall
cease to be exercisable upon the earlier of (A) the expiration of the twelve
(12) month period measured from the date of Optionee’s death or (B) the
Expiration Date. Upon the expiration of such twelve (12) month period or (if
earlier) upon the Expiration Date, this option shall terminate and cease to be
outstanding. 

          (c)
     Should Optionee become permanently disabled and
cease by reason thereof to remain in Service while this option is outstanding,
then the Optionee shall have a period of twelve (12) months (commencing with
the date of such cessation of Service) during which to exercise this option but
in no event shall this option be exercisable at any time after the Expiration
Date. Optionee shall be deemed to be permanently disabled if Optionee is unable
to engage in any substantial gainful activity for the Corporation or the parent
or subsidiary corporation retaining his/her services by reason of any medically
determinable physical or mental impairment, which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than twelve (12) months. Upon the expiration of such limited period of
exercisability or (if earlier) upon the Expiration Date, this option shall
terminate and cease to be outstanding. 

          (d)
     During the limited period of exercisability
applicable under subparagraph (a), (b) or (c) above, this option may be
exercised for any or all of the Option Shares for which this option is, at the
time of the Optionee’s cessation of Service, exercisable in accordance with the
exercise schedule specified in the Grant Notice and the provisions of Paragraph
6 of this Agreement. 

          (e)
     For purposes of this Paragraph 5 and for all
other purposes under this Agreement: 

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 The Optionee shall be deemed to remain in SERVICE for so long as the
 Optionee continues to render periodic services to the Corporation or any
 Parent or Subsidiary corporation, as an Employee. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 The Optionee shall be deemed to be an EMPLOYEE of the Corporation and
 to continue in the Corporation’s employ for so long as the Optionee remains
 in the employ of the Corporation or one or more of its Parent or Subsidiary
 corporations, subject to the control and direction of the employer entity as
 to both the work to be performed and the manner and method of performance. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 A corporation shall be considered to be a SUBSIDIARY corporation of
 the Corporation if it is a member of an unbroken chain of corporations
 beginning with the Corporation, provided each such corporation in the chain
 (other than the last corporation which is owned 50% or more of the total combined
 voting power of all classes of stock by the corporation immediately above it
 in the unbroken chain) owns, at the time of determination, stock possessing
 50% or more of the total combined voting power of all classes of stock in the
 corporation immediately below it in such chain. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 A corporation shall be considered to be a PARENT corporation of the
 Corporation if it is a member of an unbroken chain beginning above the
 Corporation in an unbroken chain and ending with the Corporation, provided
 each corporation in the chain (other than the Corporation) owns, at the time
 of determination, stock possessing 50% or more of the total combined voting
 power of all classes of stock in the corporation immediately below it in such
 chain. 

 

6.
      ADJUSTMENT IN
OPTION SHARES 

          (a)
     In the event any change is made to the
Corporation’s outstanding Common Stock by reason of any stock split, stock
dividend, combination of shares, exchange of shares, or other change affecting
the outstanding Common Stock as a class without receipt of any consideration,
then appropriate adjustments shall be made to:

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the total number of Option Shares subject to this option,

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 the number of Option Shares for which this option is to be
 exercisable from and after each installment date specified in the Grant
 Notice or

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 the Option Price payable per share

 

in order to reflect such change and thereby preclude a dilution or
enlargement of benefits hereunder. 

          (b)
     If this option is to be assumed in connection
with a Corporate Transaction described in Paragraph 6(a) or is otherwise to
remain outstanding, then this option shall be appropriately adjusted,
immediately after such Corporate Transaction, to apply and pertain to the number
and class of securities which would have been issuable to the Optionee in the
consummation of such Corporate Transaction had the option been exercised
immediately prior to such Corporate Transaction, and appropriate adjustments
shall also be made to the Option Price payable per share, provided the
aggregate Option Price payable hereunder shall remain the same. 

7.
      PRIVILEGE OF STOCK
OWNERSHIP.

The holder of this option shall not have any of the rights of a
shareholder with respect to the Option Shares until such individual shall have
exercised the option and paid the Option Price. 

8.
      MANNER OF
EXERCISING OPTION. 

          (a)
     In order to exercise this option with respect to
all or any part of the Option Shares for which this option is at the time
exercisable, Optionee (or in the case of exercise after Optionee’ s death, the
Optionee’s executor, administrator, heir or legatee, as the case may be) must
take the following actions: 

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 Pay the aggregate Option Price for the purchased shares in cash or as
 provided in Section 8.(b) below. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 Furnish to the Corporation appropriate documentation that the person
 or persons exercising the option, if other than Optionee, have the right to
 exercise this option. 

 

          (b)
     Should the Corporation’s outstanding Common Stock
be registered under Section 12(g) of the Securities Exchange Act of 1934, as
amended, at the time the option is exercised, then the Option Price may also be
paid through a special sale and remittance procedure pursuant to which the
Optionee is to provide irrevocable written instructions to the Corporation to
deliver the certificates for the purchased shares directly to a designated
brokerage firm in order to effect the immediate sale of the purchased shares
and remit to the Corporation, out of the sale proceeds available on the
settlement date, sufficient funds to cover the aggregate Option Price payable
for the purchased shares plus all applicable Federal and State income and
employment taxes required to be withheld by the Corporation by reason of such
purchase. 

          (c)
     For purposes of this Agreement, the Exercise Date
shall be determined in accordance with subparagraphs (i) through (iii) below: 

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 If the Common Stock is not at the time listed or admitted to trading
 on any stock exchange but is traded on the NASDAQ National Market System, the
 fair market value shall be the closing selling price of one share of Common
 Stock on the date in question, as such price is reported by the National
 Association of Securities Dealers through its NASDAQ system or any successor
 system. If there is no closing selling price for the Common Stock on the date
 in question, then the closing selling price on the last preceding date for
 which such quotation exists shall be determinative of fair market value. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 If the Common Stock is at the time listed or admitted to trading on
 any stock exchange, then the fair market value shall be the closing selling
 price per share of Common Stock on the date in question on the stock exchange
 determined by the Committee to be the primary market for the Common Stock, as
 such price is officially quoted in the composite tape of transactions on such
 exchange. If there is no reported sale of Common Stock on such exchange on
 the date in question, then the fair market value shall be the closing selling
 price on the exchange on the last preceding date for which such quotation
 exists. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 If the Common Stock at the time is neither listed nor admitted to
 trading on any stock exchange nor traded in the over-the-counter market, then
 such fair market value shall be determined by the Committee after taking into
 account such factors as the Committee shall deem appropriate. 

 

          (d)
     Promptly after the Exercise Date, the Corporation
shall mail or deliver to Optionee or to the other person or persons exercising
this option a certificate or certificates representing the shares so purchased
and paid for. 

          (e)
     In no event may this option be exercised for any
fractional shares. 

9.
      COMPLIANCE WITH
LAWS AND REGULATIONS. 

          (a)
     The exercise of this option and the issuance of
Option Shares upon such exercise shall be subject to compliance by the
Corporation and the Optionee with all applicable requirements of law relating
thereto and with all applicable regulations of any stock exchange on which
shares of the Corporation’s Common Stock may be listed at the time of such
exercise and issuance. 

          (b)
     In connection with the exercise of this option,
Optionee shall execute and deliver to the Corporation such representations in
writing as may be requested by the Corporation in order for it to comply with
the applicable requirements of Federal and State securities laws. 

10.
      SUCCESSORS AND
ASSIGNS.

Except to the extent otherwise provided in Paragraph 3 or 6, the
provisions of this Agreement shall inure to the benefit of; and be binding
upon, the successors, administrators, heirs, legal representatives and assigns
of Optionee and the successors and assigns of the Corporation. 

11.
      NOTICES.

Any notice required to be given or delivered to the Corporation under
the terms of this Agreement shall be in writing and addressed to the
Corporation in care of the Corporate Secretary at its principal corporate
offices. Any notice required to be given or delivered to Optionee shall be in
writing and addressed to Optionee at the address indicated below Optionee’s
signature line on the Grant Notice. All notices shall be deemed to have been
given or delivered upon personal delivery or upon deposit in the U.S. mail,
postage prepaid and properly addressed to the party to be notified. 

12.
      CONSTRUCTION. 

This Agreement and the option evidenced hereby are made and granted
pursuant to the Plan and are in all respects limited by and subject to the
express terms and provisions of the Plan. All decisions of the Committee with
respect to any question or issue arising under the Plan or this Agreement shall
be conclusive and binding on all persons having an interest in this option. 

13.
      GOVERNING LAW. 

This Agreement and the rights and liabilities
of the parties hereunder shall be governed by and determined in accordance with
the laws of the State of Delaware without giving effect to any
choice of law or conflict of law provision or rule whether such provision or
rule is that of the State of Delaware or any other jurisdiction. Each of the parties irrevocably consents
to the exclusive personal jurisdiction of the New York State courts situated in
New York County, State of New York or United States District Court, Southern
District of New York, in connection with any action, suit or proceeding
relating to or arising out of this Agreement. Each of the parties hereto, to
the maximum extent permitted by law, hereby waives any objection that such
party may now have or hereafter have to the jurisdiction of such courts on the
basis of inconvenient forum or otherwise. 

14.
      ADDITIONAL TERMS
APPLICABLE TO AN INCENTIVE STOCK OPTION. 

In the event this option is designated an Incentive Option in the Grant
Notice, the following terms and conditions shall also apply to the grant: 

            (a)
     This option shall
cease to qualify for favorable tax treatment as an Incentive Option under the
Federal tax laws if (and to the extent) this option is exercised for one or
more Option Shares: 

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 more than three (3) months after the date the Optionee ceases to be
 an Employee for any reason other than death or permanent disability (as
 defined in Paragraph 5) or

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 more than one (1) year after the date the Optionee ceases to be an
 Employee by reason of death or permanent disability. 

 

          (b)
     This option shall have a maximum term often (10)
years measured from the Grant Date. 

          (c)
     This option shall be neither transferable nor
assignable by Optionee other than by will or by the laws of descent and
distribution following Optionee’s death and may be exercised, during Optionee’s
lifetime, only by Optionee once. 

          (d)
     Should this option be designated as immediately
exercisable in the Grant Notice, then this option shall not become exercisable
in the calendar year in which granted if (and to the extent) the aggregate fair
market value (determined at the Grant Date) of the Corporation’s Common Stock
for which this option would otherwise first become exercisable in such calendar
year would, when added to the aggregate fair market value (determined as of the
respective date or dates of grant) of the Corporation’s Common Stock for which
this option or one or more other Incentive Options granted to the Optionee
prior to the Grant Date (whether under the Plan or any other option plan of the
Corporation or its parent or subsidiary corporations) first become exercisable
during the same calendar year, exceed One Hundred Thousand Dollars ($100,000)
in the aggregate. To the extent the exercisability of this option is deferred
by reason of the foregoing limitation, the deferred portion will first become exercisable
in the first calendar year or years thereafter in which the One Hundred
Thousand Dollar ($100,000) limitation of this Paragraph 16.B would not be
contravened. 

          (e)
     Should this option be designated as exercisable
in installments in the Grant Notice, then no installment under this option
(whether annual or monthly) shall qualify for favorable tax treatment as an
Incentive Option under the Federal tax laws if (and to the extent) the
aggregate fair market value (determined at the Grant Date) of the Corporation’s
Common Stock for which such installment first becomes exercisable hereunder
will, when added to the aggregate fair market value (determined as of the
respective date or dates of grant) of the Corporation’s Common Stock for which
one or more other Incentive Options granted to the Optionee prior to the Grant
Date (whether under the Plan or any other option plan of the Corporation or any
parent or subsidiary corporation) first become exercisable during the same
calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate.

15.
    SECURITIES MATTERS.

          (a)
     Notwithstanding anything herein to the contrary,
the Corporation shall not be obligated to cause to be issued or delivered any
certificates evidencing shares of Corporation Stock pursuant to the Plan unless
and until the Corporation is advised by its 

counsel that the issuance and delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authority, and
the requirements of any securities exchange on which shares of the Corporation
may be traded. 

          (b)
     The exercise of the Option shall be effective
only at such time as counsel to the Corporation shall have determined that the
issuance and delivery of Option Shares pursuant to such exercise is in
compliance with all applicable laws, regulations of governmental authority, and
the requirements of any securities exchange on which shares of Corporation
Stock are traded. 

16.
    WITHHOLDING.

Optionee hereby agrees to make appropriate arrangements with the
Corporation or parent or subsidiary corporation employing Optionee for the
satisfaction of all Federal, State or local income tax withholding requirements
and Federal social security employee tax requirements applicable to the
exercise of this option. 

17.
    REORGANIZATION OR
SALE.

This Agreement shall not in any way affect the right of the Corporation
to adjust, reclassify, reorganize or otherwise make changes in its capital or
business structure or to merge, consolidate, dissolve, liquidate or sell or
transfer all or any part of its business or assets.

          IN WITNESS
WHEREOF, Green Earth Technologies, Inc. and the Optionee hereto have caused
this Agreement to be duly executed as of the date of the last signature
specified immediately below.

GREEN EARTH
TECHNOLOGIES, INC. 

	
  

 	
  

 	
  

 
	
 By

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Jeff
 Marshall 

 
	
  

 	
 President
 and Chief Executive Officer

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 [OPTIONEE
 NAME]

 
	
  

 	
  

 	
  

 
	
  

 	
 SSN#:

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 Address: 

 

GREEN EARTH TECHNOLOGIES, INC.

NOTICE OF GRANT OF STOCK OPTION

Notice
is hereby given of the following stock option grant (the “Option”) in
accordance with the Employee Stock Option Agreement to which this Notice of
Stock Option Grant is attached and pursuant to the 2005 STOCK AWARD AND
INCENTIVE PLAN (the “Plan”) to purchase shares of the Common Stock of Green
Earth Technologies, Inc. (the “Corporation”): 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Optionee:

 	
  

 	
 [NAME]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Grant Date:

 	
  

 	
 [DATE OF
 GRANT]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Grant
 Number:

 	
  

 	
 [GRANT
 NUMBER]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Option
 Exercise Price:

 	
  

 	
 $[PRICE PER
 SHARE] per share

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Number of Option Shares:

 	
  

 	
 [NUMBER OF SHARES UNDER
 OPTION]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Vesting Schedule:

 	
  

 	
 [1/3] option shares after
 1st year of grant date

 
	
  

 	
  

 	
  

 	
 [1/3] option shares after
 2nd year of grant date

 
	
  

 	
  

 	
  

 	
 [1/3] option shares after
 3rd year of grant date

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Expiration Date:

 	
  

 	
 10 years from Grant Date. 

 

Type of Option: _______
Incentive Option _______ Non-Statutory Stock Option 

Optionee
understands that the Option is granted pursuant to the Plan. By signing below,
I hereby acknowledge receipt of this Notice of Stock Option granted on the date
shown above. I further acknowledge receipt of a copy of the Plan and agree to
conform to all terms and conditions of the Option and the Plan.

Nothing
in this Notice or in the Plan shall confer upon me any right to continue in the
service of the Company for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company or my rights, which
rights are hereby expressly reserved by each, to terminate my service with the
Company at any time for any reason whatsoever, with or without cause. 

Date: 

Green Earth Technologies,
Inc. 

	
  

 	
  

 	
  

 
	
 By

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
   Jeff
 Marshall

 
	
  

 	
   President
 and Chief Executive Officer

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 [OPTIONEE
 NAME]

 
	
  

 	
  

 	
  

 
	
  

 	
 SSN#:

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 Address:Exhibit
10.3

EMPLOYMENT
AGREEMENT

          EMPLOYMENT
AGREEMENT (the “Agreement”) made as of the 1st day of March,
2009(the “Effective Date”), between Green Earth Technologies, Inc. with its
principal office at 3 Stamford Landing, Stamford
Connecticut (“Company”), and William (Jeff) Marshall having an address at 150
Southfield Ave., Suite 1147, Stamford, CT 06902 (“Employee”).

W I T N E S S E T H:

          WHEREAS,
the Company is a consumer goods manufacturer of GREEN products; and

          NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements
hereinafter set forth, the parties agree as follows:

          1.     Employment.
The Company shall employ the Employee and the Employee shall serve the Company,
upon the terms and conditions hereinafter set forth.

          2.     Term.
The term of the Employee’s employment shall commence on the Effective Date and
unless terminated earlier or extended as provided below, shall continue for a
period of three years from the Effective Date (the “Employment Term”). Upon the
expiration of the initial employment term and on each anniversary date
thereafter, the employment of Employee shall be renewed and extended for
additional successive one year terms unless either party provides written
notice to the other party, of his or its, as the case may be, desire to
terminate the Agreement at least thirty (30) days prior to each renewal date.

          3.     Duties.
During the Employment Term, the Employee shall have such duties, functions,
authority and responsibilities normally associated with the positions and
offices of Chairman and Chief Executive Officer. During the Employment Term,
the Employee shall devote his full attention and business time to the business
and affairs of the Company and the Employee will use his best efforts to
perform faithfully and efficiently, and to discharge, the Employee’s
responsibilities and duties under the Agreement. Notwithstanding the foregoing,
the

Page 1 of 12

Employee may devote such
time to manage his personal affairs and to serve on community, corporate,
civic, professional or charitable boards or committees, so long as such
activities do not unreasonably interfere with the performance of the Employee’s
duties and responsibilities under the Agreement.

          4.     Compensation,
Restricted Shares, Bonus and Employee Benefits. 

The Employee’s base
salary during the initial term of employment shall be no less than $150,000
payable in accordance with the Company’s payroll practices as in effect from
time to time. A bonus of $50,000 is payable on successful completion of a $5
million raise. The Employee’s base salary will be reviewed annually by the
Compensation Committee of the Board (the “Committee”) and/or by the Company’s
Board of Directors (the “Board”) to determine whether an increase is warranted
or appropriate. Pursuant to an Employment Letter dated January 5th
2008 the Company has issued to the Employee (i) 4,000,000 shares of Common
Stock (shares already
vested) and; (ii) 6,000,000 shares of Common Stock vesting 2,000,000 shares on January 5th
2009, 2010 and 2011, respectively. The Employee also will be entitled to
be considered for bonus awards each year under the Company’s then existing
incentive compensation program or bonus awards program, which may take into
account individual and Company-wide performance, or such other performance
criteria as the Committee and/or the Board may from time to time apply. 

          5.     Benefits.
During the Employment Term, the Employee shall have the right to participate in
such health and disability insurance plans which the Company may provide to its
senior Employee officers and for which the Employee is eligible (e.g.,
long term disability, life insurance and medical insurance for the Employee and
his dependents). During the Employment Term, the Employee will be entitled to
four weeks of paid vacation per annum. Such vacation

Page 2 of 12

may be taken in the
Employee’s discretion with the prior approval of the Company, and at such time
or times as are not inconsistent with the reasonable business needs of the
Company.

          6.     Business
Expenses. The Company will provide the Employee all reasonable travel,
entertainment and other expenses incident to the performance of the Employee’s
duties or the rendering of services incurred on behalf of the Company by the
Employee during the Employment Term shall be paid by the Company. 

          7.     Termination.
Notwithstanding the provisions of Section 2 hereof, the Employee’s employment
with the Company may be earlier terminated as follows:

                         (a)     By
action taken by the Board, the Employee may be discharged for cause (as defined
below), effective as of such time as the Board shall determine. Upon discharge
of the Employee pursuant to this Section 7(a), the Company shall have no
further obligation or duties to the Employee, except for payment of accrued
salary, bonus and benefits payable to the Employee through the date of
termination of employment, and the Employee shall have no further obligations
or duties to the Company, except as provided in Section 8.

                         (b)     In
the event of (i) the death of the Employee or (ii) by action of the Board in
the event of the inability of the Employee, by reason of physical or mental
disability, to continue substantially to perform his duties hereunder for ay
180 consecutive day period during the Employment Term, during which 180 day
period salary and any other benefits hereunder shall not be suspended or
diminished. Upon any termination of the Employee’s employment under this
Section 7(b), the Company shall have no further obligations or duties to the
Employee, except for payment of accrued salary, bonus and benefits payable to
the Employee through the date of termination of employment, and the Employee
shall have no further obligations or duties to the Company, except as provided
in Section 8. However, in the event of termination of the

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Employee’s employment
pursuant to this Section 7(b), on the date of the death of the Employee or the
181rst day after the Employee is deemed physically or mentally disabled for the
purposes of this Agreement, all common stock awards, stock options and other
awards shall immediately vest and in the case of stock options remain
exercisable by the Employee or the Employee’s representative or Estate for the
period of the lesser of (i) the original term of the stock option or (ii) five
years.

                         (c)     In
the event that (i) there is a change of control of the Company (as defined
below), and the Agreement is terminated by either the Employee or the Company
for whatever reason (other than for the reasons specified in Section 7(a) and
(b) hereof) within the Employment Term; or (ii) the Company terminates this
Agreement during the Employment Term for any reason other than those covered by
Section 7(a) or (b); or (iii) the Employee terminates the Agreement for “Good
Reason” (as defined below), the Company shall pay to the Employee (or,
following his death, to the Employee’s heirs, administrators or executors), in
addition to the payment of unpaid base salary, and accrued bonus and benefits
payable to the Employee through the date of termination of employment, (a) if
such termination occurs before the first twelve months of the Term, an amount
equal to 12 months’ worth of the Employee’s base salary as in effect
immediately prior to such termination, or (b) if such termination occurs after
the first anniversary of the Effective Date, an amount equal to 24 months’
worth of the Employee’s base salary as in effect immediately prior to such
termination The Company shall deduct, from all payments made hereunder, all
applicable taxes, including income tax, FICA and FUTA, and other appropriate
deductions.

                         Such
payments shall be delivered in monthly or semi-monthly installments over a two
year period. In addition, the Company shall also, during the 24 month period

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following Employee’s
termination due to this Section 7(c): (i) maintain health benefits for the
Employee and his dependents for such period or until Employee obtains full-time
employment with an employer that provides comparable health coverage; (ii)
continue other benefit payments for such period; (iii) allow the Employee to
elect to make contributions to the Company’s 401k Plan, however, such
contributions will not receive any Company Matching Contribution in effect at
that time; (iv) allow Employee’s unvested common stock specified in Section
4(ii) to immediately vest; and (v) any stock options granted under the
Company’s Stock Plans shall immediately vest and remain exercisable for the
period of the lesser of (i) the original term of the stock option or (ii) five
years (collectively, the “Severance Benefits.”).

                         (d)     For
purposes of this Agreement, the Company shall have “cause” to terminate the
Employee’s employment under this Agreement upon (i) the failure by the Employee
to substantially perform his duties under the Agreement, (ii) the engaging by
the Employee in criminal misconduct (including embezzlement and criminal fraud)
which is materially injurious to the Company, monetarily or otherwise, (iii)
the conviction of the Employee of a felony, or (iv) gross negligence on the
part of the Employee. The Company shall give written notice to the Employee,
which notice shall specify the grounds for the proposed termination and the
Employee shall be given thirty (30) days to cure if the grounds arise under
clauses (i) or (iv) above. 

                         (e)     For
purposes of this Agreement, a “change of control of the Company” shall mean
the occurrence of (i) the acquisition by an individual, entity, or group of the
beneficial ownership of 50% or more of (1) the outstanding common stock, or (2)
the combined voting power of the Company’s voting securities; provided, however,
that the following acquisitions will not constitute a “change of control”: (x)
any acquisition by any employee benefit plan of the

Page 5 of 12

Company or any affiliate
or (y) any acquisition by any corporation if, immediately following such
acquisition, more than 50% of the outstanding common stock and the outstanding
voting securities of such corporation is beneficially owned by all or
substantially all of those who, immediately prior to such acquisition, were the
beneficial owners of the common stock and the Company’s voting securities (in
substantially similar proportions as their ownership of such Company securities
immediately prior thereto); or (ii) the approval by the Company’s stockholders
of a reorganization, merger or consolidation, other than one with respect to
which all or substantially all of those who were the beneficial owners,
immediately prior to such reorganization, merger or consolidation, of the
Common Stock and the Company’s voting securities beneficially own, immediately
after such transaction, more than 50% of the outstanding common stock and
voting securities of the corporation resulting from such transaction (in
substantially the same proportions as their ownership, immediately prior
thereto, of the Common Stock and the Company’s voting securities); or (iii) the
approval by the Company’s stockholders of the sale or other disposition of all
or substantially all of the assets of the Company, other than to a subsidiary
of the Company.

                    (f)     For
purposes of this Agreement, “Good Reason” shall mean either (i) a material
breach of the Agreement by the Company, (ii) a material reduction in Employee’s
duties or the assignment of duties to Employee that are materially inconsistent
with the duties and positions set forth in Section 3 hereof; or (iii) the
relocation of the Company’s offices more than 45 miles from its current
location. If the Employee terminates this Agreement pursuant to Section 7(c)
for “Good Reason,” the Employee
shall give written notice to the Company, which notice shall specify the
grounds for the proposed “Good Reason” and the Company shall be given thirty
(30) days to cure if the grounds arise under clauses (i) or (ii) above. 

Page 6 of 12

                    (g)     In
the event that the Company decides not to renew the Agreement pursuant to Section 2 hereof, the
Company will pay the Employee a payment equal to (x) 12 months’ worth of the
Employee’s base salary as in effect immediately prior to such termination plus
(y) the average of the last two cash bonuses paid to the Employee; paid in 12
equal monthly installments over a one year period and will maintain the
Severance Benefits as described in Section 7(c) during such period.
Notwithstanding the foregoing, if the Agreement is terminated pursuant to this
Section 7(g), all common stock awards, stock options and other awards under the
Company’s stock option plans shall immediately vest and in the case of stock
options remain exercisable for the period of the lesser of (i) the original
term of the stock option or (ii) five years.

          8.      Confidentiality;
Noncompetition.

                         (a)     The
Company and the Employee acknowledge that the services to be performed by the
Employee under the Agreement are unique and extraordinary and, as a result of
such employment, the Employee will be in possession of confidential information
relating to the business practices of the Company. The term “confidential
information” shall mean any and all information (oral or written) relating to
the Company or any of its affiliates, or any of their respective activities,
other than such information which can be shown by the Employee to be in the
public domain (such information not being deemed to be in the public domain
merely because it is embraced by more general information which is in the
public domain) other than as the result of breach of the provisions of this
Section 8(a), including, but not limited to, information relating to: trade
secrets, proprietary information, personnel lists, financial information,
research projects, services used, pricing, customers, customer lists and

Page 7 of 12

prospects, product
sourcing, marketing and selling and servicing. The Employee agrees that he will
not, during his employment or subsequent to the termination of employment,
directly or indirectly, use, communicate, disclose or disseminate to any
person, firm or corporation any confidential information regarding the clients,
customers or business practices of the Company acquired by the Employee during
his employment by Company, without the prior written consent of Company; provided,
however, that the Employee understands that Employee will be prohibited
from misappropriating any trade secret at any time during or after the
termination of employment. At no time during the Employment Term or thereafter
shall the Employee directly or indirectly, disparage the commercial, business
or financial reputation of the Company.

                         (b)     In
consideration of Company’s hiring Employee, the payment by the Company to the
Employee as described below and for other good and valuable consideration, the
Employee hereby agrees that he shall not, during the Employment Term and for a
period of one (1) year following such employment (the “Restrictive Period”),
directly or indirectly, take any action which constitutes an interference with
or a disruption of any of the Company’s business activities.

                         (c)     For
purposes of clarification, but not of limitation, the Employee hereby
acknowledges and agrees that the provisions of subparagraph 8(b) above shall
serve as a prohibition against him, during the Restrictive Period, from:

	
  

 	
  

 
	
  

 	
      (1)     directly
 or indirectly, contacting, soliciting or directing any person, firm, or
 corporation to contact or solicit, any of the Company’s customers,
 prospective customers, or business partners for the purpose of selling or
 attempting to sell, any products and/or services that are the same or substantially
 similar to the products and services provided by the Company to its customers
 

 

Page 8 of 12

	
  

 	
  

 
	
  

 	
 during the Restrictive
 Period. In addition, the Employee will not disclose the identity of any such
 business partners, customers, or prospective customers, or any part thereof,
 to any person, firm, corporation, association, or other entity for any reason
 or purpose whatsoever;

 
	
  

 	
  

 
	
  

 	
      (2)     directly
 or indirectly, engaging or carrying on in any manner (including, without
 limitation, as principal, shareholder, partner, lender, agent, employee,
 consultant, or investor (other than a passive investor with less than a five
 percent (5%) interest) trustee or through the agency of any corporation,
 partnership, limited liability company, or association) in any business that
 is in competition with the engaged in any business in competition with the
 business of the Company; or

 
	
  

 	
  

 
	
  

 	
      (3)     soliciting
 on his own behalf or on behalf of any other person, the services of any
 person who is an employee of the Company, or soliciting any of the Company’s
 employees to terminate employment with the Company.

 

                         (d)     Upon
the termination of the Employee’s employment for any reason whatsoever, all
documents, records, notebooks, equipment, price lists, specifications,
programs, customer and prospective customer lists and other materials which
refer or relate to any aspect of the business of the Company which are in the
possession or under the control of the Employee including all copies thereof,
shall be promptly returned to the Company.

                         (e)     The
parties hereto hereby acknowledge and agree that (i) the Company would be
irreparably injured in the event of a breach by the Employee of any of his
obligations under this Section 8, (ii) monetary damages would not be an
adequate remedy for any such breach, and (iii) the Company shall be entitled to
injunctive relief, in addition to any other 

Page 9 of 12

remedy which it may have,
in the event of any such breach.

                         (f)     The
rights and remedies enumerated in Section 8(e) shall be independent of the
other, and shall be enforceable, and all of such rights and remedies shall be
in addition to, and not in lieu of, any other rights and remedies available to
the Company under law or in equity.

                         (g)     If
any provision contained in this Section 8 is hereafter construed to be invalid
or unenforceable, the same shall not affect the remainder of the covenant or
covenants, which shall be given full effect, without regard to the invalid
portions.

                         (h)     This
Section 8 shall survive the termination of this Agreement. 

                         (i)     It
is the intent of the parties hereto that the covenants contained in this
Section 8 shall be enforced to the fullest extent permissible under the laws
and public policies of each jurisdiction in which enforcement is sought (the
Employee hereby acknowledging that said restrictions are reasonably necessary
for the protection of the Company). Accordingly, it is hereby agreed that if
any of the provisions of this Section 8 shall be adjudicated to be invalid or
unenforceable for any reason whatsoever, said provision shall be (only with
respect to the operation thereof in the particular jurisdiction in which such
adjudication is made) construed by limiting and reducing it so as to be
enforceable to the extent permissible, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of
said provision in any other jurisdiction.

          9.     Prior
Agreements. This Agreement cancels and supersedes any and all prior
agreements and understandings between the parties hereto respecting the
employment of Employee by the Company, including, without limitation, the
Employment Letter dated January 5th 2008.

Page 10 of 12

          10.     Notices.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be delivered personally or sent by registered or certified
mail, return receipt requested, to the other party hereto at his or its address
as set forth in the beginning of this Agreement. Either party may change the
address to which notices, requests, demands and other communications hereunder
shall be sent by sending written notice of such change of address to the other
party in the manner above provided.

          11.     Assignability
and Binding Effect. This Agreement shall inure to the benefit of and shall
be binding upon the executors, administrators, successors and legal
representatives of Employee and shall inure to the benefit of and be binding
upon the Company and its successors and assigns. The Employee may not delegate
or assign his duties or rights under this Agreement.

          12.     Waiver.
Waiver by either party hereto of any breach or default by the other party in
respect of any of the terms and conditions of this Agreement shall not operate
as a waiver of any other breach or default, whether similar to or different from
the breach or default waived.

          13.     Complete
Understanding: Amendment and Termination. This Agreement constitutes the
complete understanding between the parties with respect to the employment of
Employee hereunder and no statement, representation, warranty or covenant has
been made by either party with respect thereto except as expressly set forth
herein. This Agreement shall not be altered, modified, amended or terminated
except by written instrument signed by each of the parties hereto provided,
however, that the waiver by either party hereto of compliance with any
provision hereof or of any breach or default by the other party hereto need be
signed only by the party waiving such provision, breach or default.

          14.     Counterparts.
This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which taken together shall constitute one and
the same Agreement.

Page 11 of 12

          15.     Governing
Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Connecticut.

          IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of
the day and year first above written.

GREEN EARTH TECHNOLOGIES,
INC.

	
  

 	
  

 
	

	
  

 
	 

 	
  

 
	
 By: Jeff Marshall

 
	
 Its: Chairman and Chief Executive Officer

 
	
 Date: March 1, 2009

 

	
  

 	
  

 
	 

 	
  

 
	
 Janet Jankura

 
	
 Its: Chair of Compensation Committee

 
	
 Date: March 1, 2009

 

Page 12 of 12

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