Document:

exhibit107hgsimlaycityll

23011232-v1    TERMINATION AGREEMENT   This Termination Agreement, dated as of October 12, 2021 (the "Termination  Agreement"), between GrowGeneration USA, Inc., a Delaware corporation and the successor by  merger of GrowGeneration Michigan Corp., a Delaware corporation ("Buyer"), and HGS Imlay  City LLC, a Michigan limited liability company ("Seller"), and together with Buyer, the  "Parties", and each, a "Party").   WHEREAS, the Parties have entered into an Asset Purchase Agreement, dated as of  July 27, 2021 (the "Agreement"); and   WHEREAS, the Parties hereto desire to terminate the Agreement on the terms and  subject to the conditions set forth herein; and   WHEREAS, pursuant to Section 6.1 of the Agreement, the Parties may terminate the  Agreement by mutual written consent.   NOW, THEREFORE, in consideration of the premises set forth above and other good  and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the  Parties agree as follows:  1. Definitions. Capitalized terms used and not defined in this Termination Agreement  have the respective meanings assigned to them in the Agreement.  2. Termination of the Agreement. Subject to the terms and conditions of this  Termination Agreement, the Agreement is hereby terminated as of the date first written above  (the "Termination Date"). From and after the Termination Date, the Agreement will be of no  further force or effect, and the rights and obligations of each of the Parties thereunder shall  terminate, except for (a) any rights and obligations of the Parties that are expressly designated  under Section 6.2 to survive the termination of the Agreement and (b) any other rights and  obligations of the Parties that come into being or effect upon the termination of the Agreement,  in each case under clause (a) and clause (b), subject to the terms and conditions of this  Termination Agreement.  3. Mutual Release.  (a) In consideration of the covenants, agreements, and undertakings of the Parties  under this Termination Agreement, each Party, on behalf of itself and its respective present and  former parents, subsidiaries, affiliates, officers, directors, shareholders, members, successors,  and assigns (collectively, "Releasors") hereby releases, waives, and forever discharges the other  Party and its respective present and former, direct and indirect, parents, subsidiaries, affiliates,  employees, officers, directors, shareholders, members, agents, representatives, permitted  successors, and permitted assigns (collectively, "Releasees") of and from any and all actions,  causes of action, suits, losses, liabilities, rights, debts, dues, sums of money, accounts,  reckonings, obligations, costs, expenses, liens, bonds, bills, specialties, covenants, contracts,  controversies, agreements, promises, variances, trespasses, damages, judgments, extents,  executions, claims, and demands, of every kind and nature whatsoever, whether now known or  

 

    2    unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law,  admiralty, or equity (collectively, "Claims"), which any of such Releasors ever had, now have,  or hereafter can, shall, or may have against any of such Releasees for, upon, or by reason of any  matter, cause, or thing whatsoever from the beginning of time through the date of this  Termination Agreement arising out of or relating to the Agreement, except for any Claims  relating to rights and obligations preserved by, created by, or otherwise arising out of this  Termination Agreement including any surviving indemnification obligations under the  Agreement.  (b) Each Party, on behalf of itself and each of its respective Releasors, understands  that it may later discover Claims or facts that may be different than, or in addition to, those that it  or any other Releasor now knows or believes to exist regarding the subject matter of the release  contained in this Section 3, and which, if known at the time of signing this Termination  Agreement, may have materially affected this Termination Agreement and such Party's decision  to enter into it and grant the release contained in this Section 3. Nevertheless, the Releasors  intend to fully, finally and forever settle and release all Claims that now exist, may exist or  previously existed, as set forth in the release contained in this Section 3, whether known or  unknown, foreseen or unforeseen, or suspected or unsuspected, and the release given herein is  and will remain in effect as a complete release, notwithstanding the discovery or existence of  such additional or different facts. The Releasors hereby waive any right or Claim that might arise  as a result of such different or additional Claims or facts.   4. Representations and Warranties. Each Party hereby represents and warrants to the  other Party that:  (a) It has the full right, corporate power, and authority to enter into this  Termination Agreement and to perform its obligations hereunder.  (b) The execution of this Termination Agreement by the individual whose  signature is set forth at the end of this Termination Agreement on behalf of such Party, and the  delivery of this Termination Agreement by such Party, have been duly authorized by all  necessary corporate action on the part of such Party.  (c) This Termination Agreement has been executed and delivered by such Party  and (assuming due authorization, execution, and delivery by the other Party hereto) constitutes  the legal, valid, and binding obligation of such Party, enforceable against such Party in  accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency,  reorganization, moratorium, or similar laws and equitable principles related to or affecting  creditors' rights generally or the effect of general principles of equity.  (d) Each Party affirms that it has not filed  with any governmental agency or court  any type of action or report against the other Party.  (e) EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES  SET FORTH IN THE AGREEMENT AND IN THIS SECTION 4 OF THIS TERMINATION  AGREEMENT, (A) NEITHER PARTY HERETO NOR ANY PERSON ON SUCH PARTY'S  BEHALF HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR  

 

    3    WARRANTY WHATSOEVER, EITHER ORAL OR WRITTEN, WHETHER ARISING BY  LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR  OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY  HERETO ACKNOWLEDGES THAT, IN ENTERING INTO THIS TERMINATION  AGREEMENT, IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY  MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH OTHER PARTY'S  BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN THIS SECTION 4.  5. Confidentiality. Subject to the terms and conditions of Section 6(a), each Party  acknowledges the confidential nature of the terms and conditions of this Termination Agreement,  the Agreement, and any and all non-public, proprietary, and/or confidential information  concerning the Parties, their affiliates and businesses that has been furnished in connection with  the transaction contemplated by the Agreement, regardless of the form in which such information  is communicated or maintained  (collectively, the "Confidential Information").  Each Party  agrees that it shall not (a) disclose any of such Confidential Information to any person or entity,  except to such Party's affiliates, employees, advisors and other representatives who need to know  the Confidential Information to assist such Party, or act on its behalf, to exercise its rights or  perform its obligations under this Termination Agreement, or (b) use the Confidential  Information, or permit it to be accessed or used, for any purpose other than to exercise its rights  or perform its obligations under this Termination Agreement. Each Party agrees to return or  destroy any and all Confidential Information of the other Party in its possession, except to the  extent required by Law.  Each Party shall be responsible for any breach of this Section 5 caused  by any of its affiliates, employees, advisors, or other representatives. Notwithstanding the  foregoing, if any Confidential Information is permissibly disclosed pursuant to Section 6(a), such  information will no longer be deemed "Confidential Information" for the purposes of this Section  5.  6. Publicity and Announcements.  (a) Neither Party shall (orally or in writing) publicly disclose or issue any press  release or make any other public statement, or otherwise communicate with the media,  concerning the existence of this Termination Agreement or the subject matter hereof, without the  prior written approval of the other Party, except to the extent that such Party is required to make  any public disclosure or filing with respect to the subject matter of this Termination Agreement  (i) by applicable law, or (ii) pursuant to any rules or regulations of any securities exchange of  which the securities of such party or any of its affiliates are listed or traded or (iii) in connection  with enforcing its rights under this Termination Agreement.  (b) During the period beginning on the full execution of this Termination  Agreement and ending on the fifth anniversary of the Termination Date, neither Party shall  make, publish, or communicate to any person or entity or in any public forum any comments or  statements (written or oral) that intentionally seek to denigrate or disparage, or are detrimental to,  the reputation or stature of the other Party or its businesses, or any of its employees, directors  and officers, and existing and prospective customers, suppliers, investors and other associated  third parties.  

 

    4    (c) Buyer represents that it has not utilized or initiated any geofencing since its  execution of the Agreement to market/advertise its business within 15 miles of Seller's existing  locations (“Geofencing”).    7. Miscellaneous.  (a) All notices, requests, consents, claims, demands, waivers, summons, and other  legal process, and other similar types of communications hereunder (each, a "Notice") must be in  writing and addressed to the relevant Party at the address set forth on the first page of this  Termination Agreement (or to such other address that may be designated by the receiving Party  from time to time in accordance with this Section 7(a)). All Notices must be delivered by  personal delivery, nationally recognized overnight courier (with all fees pre-paid), or certified or  registered mail (in each case, return receipt requested, postage prepaid). A Notice is effective  only (i) upon receipt by the receiving Party and (ii) if the Party giving the Notice has complied  with the requirements of this Section 7a).  (b) This Termination Agreement and all related documents and all matters arising  out of or relating to this Agreement, whether sounding in contract, tort, or statute are governed  by, and construed in accordance with, the laws of the State of Michigan, without giving effect to  the conflict of laws provisions thereof to the extent such principles or rules would require or  permit the application of the laws of any jurisdiction other than those of the State of Michigan. In  the event of a dispute arising in any manner to this Termination Agreement, any and all actions,  whether arising in law or equity, must be brought in a Court in Oakland County, Michigan, or a  federal court in the Eastern District of Michigan, and the Parties irrevocably consent to the  jurisdiction therein.  (c) This Termination Agreement and each of the terms and provisions hereof may  only be amended, modified, waived, or supplemented by an agreement in writing signed by each  Party.  (d) Neither Party may assign, transfer, or delegate any or all of its rights or  obligations under this Termination Agreement without the prior written consent of the other  party, which consent shall not be unreasonably withheld or delayed; provided, however, that  either Party may assign this Termination Agreement to an affiliate, a successor-in-interest by  consolidation, merger, or operation of law or to a purchaser of all or substantially all of the  Party's assets. No assignment will relieve the assigning party of any of its obligations hereunder.  Any attempted assignment, transfer, or other conveyance in violation of the foregoing will be  null and void. This Termination Agreement will inure to the benefit of and be binding upon each  of the Parties and each of their respective permitted successors and permitted assigns.  (e) The Parties drafted this Termination Agreement without regard to any  presumption or rule requiring construction or interpretation against the party drafting an  instrument or causing any instrument to be drafted.  (f) If any term or provision of this Termination Agreement is invalid, illegal, or  unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect  

 

    5    any other term or provision of this Termination Agreement or invalidate or render unenforceable  such term or provision in any other jurisdiction.   (g) Each Party acknowledges and agrees that (i) a breach or threatened breach by  such party of any of its obligations under this Termination Agreement would give rise to  irreparable harm to the other party for which monetary damages would not be an adequate  remedy and (ii) in the event of a breach or a threatened breach by such Party of any such  obligations, the other Party will, in addition to any and all other rights and remedies that may be  available to such party at law, in equity or otherwise in respect of such breach, be entitled to  equitable relief, including a temporary restraining order, an injunction, specific performance and  any other relief that may be available from a court of competent jurisdiction, without any  requirement to post a bond or other security, and without any requirement to prove actual  damages or that monetary damages will not afford an adequate remedy. Each Party agrees that it  shall not oppose or otherwise challenge the appropriateness of equitable relief or the entry by a  court of competent jurisdiction of an order granting equitable relief, in either case, consistent  with the terms of this Section 7(g).  In any action to enforce any terms of this Termination  Agreement, the successful party shall be entitled to and shall receive or be ordered payment of  all costs and expenses, including attorney’s fees, incurred in enforcing the terms of this  Agreement, in addition to any damages that such party is found to be entitled to.    (h) This Termination Agreement constitutes the sole and entire agreement between  the Parties with respect to the subject matter contained herein and supersedes all prior and  contemporaneous understandings, agreements, representations, and warranties, both written and  oral, with respect to such subject matter.  (i) Each Party shall pay its own costs and expenses in connection with the  drafting, negotiation, and execution of this Termination Agreement (including the fees and  expenses of its advisors, accounts, and legal counsel).  (j) As material consideration for the covenants, agreements, and undertakings of  the Parties under this Termination Agreement, Seller acknowledges that Buyer shall, within three  (3) business days following the full execution of this Termination Agreement, pay an affiliate of  Seller (via wire transfer) reimbursement of its transaction fees on a non-accountable basis an  amount equal to $300,000 dollars.  (k) This Termination Agreement may be executed in counterparts, each of which  is deemed an original, but all of which constitutes one and the same agreement. Delivery of an  executed counterpart of this Termination Agreement electronically or by facsimile shall be  effective as delivery of an original executed counterpart of this Termination Agreement.      [Remainder of Page Intentionally Left Blank – Signature Page Follows]EX-10.25

  Exhibit 10.25

  Cipher Mining, Inc. 
Non-Employee Director Compensation Policy

  (Effective as of November 10, 2021)

  Non-employee members of the board of directors (the “Board”) of Cipher Mining, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”).  The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”)  unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company.  This Policy shall become effective as of November 10, 2021 (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion.  The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors.  

  1.Cash Compensation.

  (a)Annual Retainers.  Each Non-Employee Director shall receive an annual retainer of $100,000 for service on the Board.  

  (b)Additional Annual Retainers.  In addition, a Non-Employee Director shall receive the following annual retainers:

  (i)Lead Independent Director.  A Non-Employee Director serving as Lead Independent Director shall receive an additional annual retainer of $50,000 for such service.

  (ii)Audit Committee.  A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $20,000 for such service.  A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson of the Audit Committee) shall receive an additional annual retainer of $10,000 for such service.

  (iii)Compensation Committee.  A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $15,000 for such service.  A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson of the Compensation Committee) shall receive an additional annual retainer of $10,000 for such service.

  (iv)Nominating and Corporate Governance Committee.  A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $12,500 for such service.  A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson of the Nominating and Corporate Governance Committee) shall receive an additional annual retainer of $7,500 for such service.

  Confidential & Proprietary

  1

   

   

  

   

  (c)Payment of Retainers.  The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears on a quarterly prorated portion basis (where applicable) not later than the fifteenth day following the end of each calendar quarter.  In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the annual retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

  2.Equity Compensation.  Non-Employee Directors shall be granted the equity awards described below.  The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, in substantially the forms previously approved by the Board.  All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.     

  (a)Effective Date Awards.  Each Non-Employee Director who (i) serves on the Board as of the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following the Effective Date, shall be automatically granted, on the date that a Form S-8 Registration Statement is filed to register the shares of common stock of the Company to be issued under the Company’s 2021 Incentive Award Plan, an award of restricted stock units that has an aggregate fair value on the date of grant of $100,000 (as determined in accordance with FASB Accounting Codification Topic 718 (“ASC 718”) and subject to adjustment as provided in the Equity Plan).  The awards described in this Section 2(a) shall be referred to herein as the “Effective Date Awards”). For the avoidance of doubt, a Non-Employee Director eligible to receive an Effective Date Award shall not be eligible to receive an Initial Award (as defined below).  

  (b)Annual Awards.  Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting, shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units that has an aggregate fair value on the date of grant of $100,000 (as determined in accordance with ASC 718 and subject to adjustment as provided in the Equity Plan).  The awards described in this Section 2(b) shall be referred to as the “Annual Awards.”  Notwithstanding the foregoing, if a Non-Employee Director is elected for the first time to the Board at an Annual Meeting, the Non-Employee Director shall receive only an Initial Award in connection with such election, and shall not receive any Annual Award on the date of such Annual Meeting as well.

  Confidential & Proprietary

  2

   

   

  

   

  (c)Initial Awards.  If a Non-Employee Director is elected for the first time to the Board at an Annual Meeting after the Effective Date, the Non-Employee Director shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units that has an aggregate fair value on the date of grant of $100,000 (as determined in accordance with ASC 718 and subject to adjustment as provided in the Equity Plan).  Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”), an award of restricted stock units that has an aggregate fair value on such Non-Employee Director’s Start Date (as determined in accordance with ASC 718) equal to the product of (i) $100,000 and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date (or, if the first Annual Meeting following the Effective Date has not occurred then, the Effective Date) and ending on such Non-Employee Director’s Start Date and the denominator of which is 365.  The awards described in this Section 2(c) shall be referred to as “Initial Awards.”  For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award and no Non-Employee Director shall receive both an Effective Date Award and an Initial Award.

  (d)Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(c) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above.

  (e)Vesting of Awards Granted to Non-Employee Directors.  Each Effective Date Award, Initial Award and Annual Award shall vest on the date of grant.  

  3.Expenses.  The Company will reimburse each Non-Employee Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board meetings and meetings of any committee of the Board; provided, that the Non-Employee Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy applicable to directors, as in effect from time to time. To the extent that any taxable reimbursements are provided to any Non-Employee Director, they will be provided in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, including, but not limited to, the following provisions: (i) the amount of any such expenses eligible for reimbursement during such individual’s taxable year may not affect the expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense must be made no later than the last day of such individual’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any reimbursement may not be subject to liquidation or exchange for another benefit.

  Confidential & Proprietary

  3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]