Document:

EXHIBIT 10.14

 

SUBORDINATION,
POSTPONEMENT AND STANDSTILL AGREEMENT

 

	TO:	BRIDGING FINANCE INC., as agent
	 	 
	RE:	URBAN-GRO, INC., URBAN-GRO CANADA TECHNOLOGIES INC.
                                         and IMPACT ENGINEERING, INC.
	 	 
	DATE:	February 27, 2020

 

Dear Sirs/Mesdames:

 

This is to confirm our agreement concerning the Obligors
(as defined herein):

 

	1.	For the purposes hereof, the following terms shall have the following meanings:

 

		(a)	“BFI” means BRIDGING FINANCE INC., as agent, and for greater
certainty any replacement of BFI in respect of its role as agent in relation to the BFI Debt;

 

		(b)	“BFI Assets” means all property, assets, rights and undertakings
of the Obligors of whatsoever nature and kind, now owned or hereafter acquired by or on behalf of the Obligors and wherever located;

 

		(c)	“BFI Debt” means any and all debts, liabilities and indebtedness,
direct or indirect, present and future, of the Obligors to BFI (including without limitation the lenders it represents), whether
arising from dealings between BFI and the Obligors or from dealings with any third party by which BFI may be or become in any manner
whatsoever a creditor of the Obligors, including, without limitation, any and all indebtedness existing under or in connection
with the Loan Agreement;

 

		(d)	“BFI Security” means the security from time to time held by
or for the benefit of BFI on the BFI Assets to secure the BFI Debt;

 

		(e)	“Existing SL Debt” means the loans made by the Subordinated Lender
to one or more of the Obligors in existence as of the date hereof and described on the attached Schedule “A”;

 

		(f)	“Loan Agreement” means the Loan Agreement between the Obligors
and BFI dated as of February 21, 2020 (as amended, supplemented, modified, restated or replaced from time to time);

 

		(g)	“Obligors” means URBAN-GRO, INC., URBAN-GRO CANADA TECHNOLOGIES
INC. and IMPACT ENGINEERING, INC.;

 

		(h)	“SL Debt” means the Existing SL Debt and any and all indebtedness,
direct or indirect, present and future, of the Obligors to the Subordinated Lender;

 

 

 

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		(i)	“SL Loan Documentation” means all documentation evidencing and
securing the SL Debt, and all documentation entered into between any of the Obligors and the Subordinated Lender ancillary to the
SL Debt, including all SL Security as the same may be amended, supplemented, revised, restated or replaced from time to time;

 

		(j)	“SL Security” means the security from time to time held by or
for the benefit of the Subordinated Lender to secure the SL Debt; and

 

		(k)	“Subordinated Lender” means James Lowe, and his heirs, executors,
administrators and assigns.

 

	2.	Insofar as may be necessary, the Subordinated Lender hereby consents to the
BFI Debt and the granting of the BFI Security and declares that the foregoing will not constitute an event of default under the
terms of any SL Loan Documentation. BFI hereby consents to the creation and existence of the Existing SL Debt and declares that
the same does not constitute an event of default under the terms of the BFI Security or the Loan Agreement.

 

	3.	Unless and until the BFI Debt has been fully and finally repaid, the Subordinated
Lender hereby agrees that all payments of or in respect of the SL Debt, on account of principal or interest or otherwise, shall
be postponed and subordinated to full and final payment of the BFI Debt, and the Subordinated Lender shall not request or accept
any payment or distribution of any kind on or in respect of the SL Debt, including but not limited to principal or interest or
other payments in respect of the Existing SL Debt.

 

	4.	The Subordinated Lender represents and warrants in favour of BFI that Schedule
“A” completely, accurately and without omission describes the Existing SL Debt.

 

	5.	The Subordinated Lender hereby agrees that he will not be entitled to demand
or accelerate the maturity of the principal of the SL Debt or enforce any rights or remedies at law or in equity under or in respect
of the SL Debt, including any rights provided pursuant to the Personal Property Security Act (“PPSA”)
in Ontario or similar legislation in any other province of Canada, the Uniform Commercial Code in Colorado or any other state of
the United States of America, or similar legislation in any other jurisdiction, or pursuant to the SL Loan Documentation, and shall
not commence or participate in any bankruptcy or insolvency proceedings, until such time as the BFI Debt has been fully and finally
repaid.

 

	6.	Without prejudice to the prohibitions in this Agreement:

 

		(a)	if the Subordinated Lender receives any payment in violation of this Agreement,
the Subordinated Lender shall receive such payment in trust for BFI and shall remit it to BFI forthwith upon receipt. The Subordinated
Lender shall be liable to BFI for the BFI Debt to the extent of an amount equivalent to any such sums received and not remitted
to BFI; and

 

		(b)	if the Subordinated Lender takes possession or causes possession to be taken
of the BFI Assets or otherwise enforces the SL Loan Documentation in violation of this Agreement, the Subordinated Lender shall
yield or shall cause any party holding the security for his benefit to yield, on demand, possession thereof and any proceeds resulting
from the realization thereupon to BFI or any party acting for BFI.

 

	7.	In the event that any of the BFI Security shall become enforceable, BFI
or any party acting for BFI or for its benefit will be entitled to take possession of the BFI Assets to the exclusion of the Subordinated
Lender and parties acting for him or for his benefit.

 

 

 

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	8.	BFI will be entitled to receive proceeds resulting from the realization upon
and collection of the BFI Assets in priority to the Subordinated Lender.

 

	9.	The Subordinated Lender hereby postpones and subordinates all SL Security
to the BFI Security, and hereby confirms that all BFI Security shall rank in priority to the SL Security regardless of:

 

		(a)	the date of execution, attachment, registration, perfection or re-perfection
of any BFI Security or SL Security;

 

		(b)	the date of any advance or advances made to any of the Obligors;

 

		(c)	the date of default by any of the Obligors under any of the BFI Security
or the SL Security or the date of crystallization of any floating charge held by the Subordinated Lender or BFI; or

 

		(d)	any priority granted by any principle of law or any statute, including,
without limitation, Bank Act (Canada), Bankruptcy and Insolvency Act (Canada), the PPSA, the Uniform Commercial Code
(of any US state) or any like legislation.

 

	10.	The priorities herein referred to shall apply notwithstanding any contrary
priority or registration or filing and without the necessity of any further documentation on the part of either BFI or the Subordinated
Lender. However, it is understood that the Subordinated Lender shall, at the expense of the Obligors, enter into any documentation
which BFI may require, acting reasonably, in order to confirm or formalize the priorities herein referred to.

 

	11.	In the event that any of the BFI Assets subject to the BFI Security are
sold by BFI or for the benefit of BFI, such assets shall be sold free of any rights held by the Subordinated Lender under the SL
Security (a “Permitted Sale”); provided however that this section shall not be deemed to be a release by the
Subordinated Lender of any security, interest, lien on, or right to, the proceeds of such Permitted Sale, but subject to the subordination
in favour of BFI contained herein.

 

	12.	The Subordinated Lender agrees to promptly
                                         give written notice by email to Graham Marr at gmarr@bridgingfinance.ca with a
                                         written copy to BFI (attention Graham Marr) at 77 King Street West, Suite 2925, P.O.
                                         Box 322, Toronto, Ontario, M5K 1K7, of any default by any of the Obligors under or pursuant
                                         to the SL Loan Documentation.

 

	13.	This Agreement will continue in force as long as any Obligor is indebted
or liable (either directly, indirectly or contingently) to BFI.

 

	14.	This Agreement will be governed by and construed in accordance with the laws
of the Province of Ontario and federal laws of Canada applicable therein.

 

	15.	This Agreement will ensure to the benefit of and be binding upon the respective
successors and assigns of the parties hereto.

 

	16.	This Agreement may not be amended, modified or otherwise altered except pursuant
to a written instrument executed by BFI and the Subordinated Lender.

 

	17.	This Agreement may be executed in any number of and by different parties
hereto, on separate counterparts, including by way of facsimile. .pdf or other electronic means, all of which when so executed,
shall be deemed an original, but all such counterparts shall constitute one and the same agreement.

 

[remainder of page intentionally left blank;
signature page follows]

 

 

 

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This Agreement has been executed
as of the date first stated above.

 

 

	 	 	 
	 	 	 
	 	 	/s/ James Lowe
	Witness:	 	James Lowe
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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We
hereby confirm and agree to the above as of the ela te firs t stated above.

 

 

	 	BR1DGING FINANCE INC.,  as agent
	 	 
	 	Per:	/s/ signature
	 	 	Name: 
Title: Portfolio Manager

	 	
	 	 
	 	Per:	 
	 	 	Name:
Title: 

 

 

 

 

 

 

 

 

 

 

 

 

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Each of the
Obligors acknowledges that:

 

	1.	it has taken communication of the foregoing Agreement, is in agreement with the terms thereof to the
    extent that it is affected thereby and undertakes to cooperate with respect thereto;
	 	 
	2.	any payments of the SL Debt shall be made in accordance with this Agreement until all of the BFI Debt has been fully and
    finally repaid;
	 	 
	3.	this Agreement is for the benefit of the parties thereto only as between themselves and in no manner diminishes, as
    between either of the parties and the Obligors, any security or rights now or hereafter existing; and 
	 	 
	4.	no rights or commitments have been created or implied in favour of the Obligors by this Agreement, and the parties to
    this Agreement may, as between themselves, in their sole discretion, alter the terms thereof as they see fit, without
    reference to the Obligors. 

 

We hereby confirm and agree to the above as of the date first state above.

 

	 	URBAN-GRO, INC.
	 	 
	 	Per:	/s/ Bradley Nattrass
	 	 	Name: Bradley Nattrass
Title: CEO

 

	 	URBAN-GRO CANADA TECHNOLOGIES INC.
	 	 
	 	Per:	/s/ Bradley Nattrass
	 	 	Name: Bradley Nattrass
Title: CEO

 

	 	IMPACT ENGINEERING, INC.
	 	 
	 	Per:	/s/ Bradley Nattrass
	 	 	Name: Bradley Nattrass
Title: CEO

 

 

 

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SCHEDULE “A”

DESCRIPTION OF EXISTING SL DEBT

 

1.    Loan
from the Subordinated Lender to urban-gro, Inc. in the principal amount of US$2,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7EXHIBIT 10.15

 

AMENDING AGREEMENT

 

THIS
AMENDING AGREEMENT (the “Amending Agreement”) is dated as of February 21, 2020 between urban-gro, Inc. (the
“Borrower”) and James Lowe (the “Lender”, and together with the Borrower, the “Parties”).

 

RECITALS:

 

		(a)	The Lender agreed to loan USD$1,000,000 (the “Principal Amount”)
to the Borrower upon the terms and conditions contained in a promissory note between the Lender and the Borrower dated as of October
18, 2018, as amended with effect as of May 20, 2019 (the “Promissory Note”);

 

		(b)	The principal amount outstanding under the Promissory Note as of the date
of this Amending Agreement is USD$1,000,000; and

 

		(c)	The Borrower and the Lender desire to make certain amendments to the Promissory
Note, without novation of the Promissory Note.

 

In consideration
of the foregoing and the mutual agreements contained herein (the receipt and adequacy of which are acknowledged), the Parties agree
as follows:

 

Section 1          Defined Terms.

 

Capitalized
terms used in this Amending Agreement and not otherwise defined have the meanings specified in the Promissory Note.

 

Section 2          Extension of Maturity Date

 

With effect
as of December 31, 2019, the Parties hereby agree to amend the Promissory Note by extending the Maturity Date from December 31,
2019 to the date which is the earlier of 60 days following the date: (i) on which demand for repayment is made by Bridging Finance
Inc. (the “Senior Lender”) under the loan agreement dated as of February 21, 2020 between the Borrower, urban-gro
Canada Technologies Inc., Impact Engineering, Inc. and the Senior Lender (collectively, the “Senior Debt”);
or (ii) which is the stated maturity date (including any extensions thereof) in respect of the Senior Debt.

 

Section 3          Issuance of Common Stock to Lender

 

Within
ten (10) business days of the date hereof, the Borrower shall issue a total of 100,000 common shares of the Borrower to (or to
the order of) the Lender.

 

Section 4          Reference to and Effect on the Promissory
Note and Guaranty Agreement.

 

Upon this
Amending Agreement becoming effective, each reference in the Promissory Note to “this Note” and any and all other agreements,
documents and instruments delivered by the Borrower, the Lender or any other person shall mean and be a reference to the Promissory
Note as amended by this Amending Agreement. Except as specifically amended by this Amending Agreement, the Promissory Note shall
remain in full force and effect, without any novation of the Promissory Note.

 

 

 

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Section 5          Governing Law.

 

This Amending Agreement shall be governed
by the laws of the laws of the State of Colorado.

 

Section
6          Counterparts.

 

This Amending
Agreement may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together
constitute one and the same instrument. Transmission of an executed signature page by facsimile, e-mail or other electronic means
is as effective as a manually executed counterpart of this Amending Agreement.

 

[Signature page follows.]

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the Lender
has executed this Amendment Agreement as of the day and year set forth above.

 

 

	 	
	 	 
	 	 
	By:    	/s/ James Lowe
	 	James Lowe

 

 

Accepted and agreed: 

 

	 	urban-gro, INC.
	 	 
	 	 
	By:   	/s/ Brad Nattrass
	 	Authorized Signing Officer

 

 

 

 

 

 

 

 

 

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