Document:

Exhibit
10.1

 

FORM
OF EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated as of September 22, 2017 (the “Effective
Date”), is by and between GrowGeneration, Corp., a Colorado Corporation with offices at 503 North Main Street, Suite
740, Pueblo, Colorado 81003 (the “Company”) and Darren Lampert, an individual residing at 24 Orchard Drive, Armonk,
New York 10504 (the “Executive”).

 

RECITALS

 

WHEREAS,
the Company desires to employ the Executive and the Executive desires to gain employment with the Company, all upon the terms
and provisions, and subject to the conditions, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual premises, covenants and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt, and legal adequacy of which is hereby acknowledged, the parties, intending to be legally
bound, hereby agree as follows:

 

1. POSITION
AND DUTIES.

 

(a) Reporting.
During the term of this Agreement (the “Employment Term”), the Company shall employ the Executive, and the
Executive shall serve, as the Chairman of the Board and Chief Executive Officer of the Company. The Executive shall report directly
to the Board of Directors (the “Board”) of the Company.

 

(b) Responsibilities.
The Executive shall have responsibility to oversee all aspects of the Company’s business activities as are customarily performed
and enjoyed by persons employed in comparable positions, subject, however, in all instances to the direction and control of the
Board.

 

(c) Devotion
of Executive’s Time. Subject to Section 2(d) hereof, the Executive shall devote substantially all of his business time,
labor, skill and energy to conducting the business and affairs of the Company and to performing his duties and responsibilities
to the Company as set forth in Section 2(b) hereof. The Executive shall not become employed with, consult with or otherwise perform
services for any other entity or individual during the Term of this Agreement. The Executive shall perform the Executive’s
duties and responsibilities to the Company diligently, competently, faithfully and to the best of his ability.

 

(d) Representations.
The Executive represents and warrants to the Company that the Executive has the right to negotiate and enter into this Agreement,
and the Executive’s execution, delivery and performance of this Agreement does not breach, interfere with or conflict with
any other contractual agreement, covenant not to compete, option, right of first refusal or other existing business relationship
or any judgment or order, in each case, to which the Executive is a party or otherwise subject.

 

    	 		 

     

    

 

2. Employment
Term.

 

(a)Initial
Term.The initial term of employment shall be for a period of three years (the “Employment Term”), commencing
with the date hereof, unless sooner terminated as provided in this Agreement. This Agreement shall be renewed annually for a term
of one year unless the Company or the Executive gives notice to the other of termination at least six (6) months prior to the
expiration of the initial term, or any successive term, as the case may be. Each of the Executive and the Company at his or its
sole discretion and without any reason, may elect not to renew this Agreement at the end of the initial term or any successive
term.

 

(b) Termination
for Cause. Notwithstanding the provisions of Section 2(a) above, the Company shall have the right to terminate the Executive’s
employment for Cause (as defined in Section 2(c) below); provided, however, that the Executive shall not be deemed to have been
terminated for Cause unless and until the Board of Directors at a meeting duly called and held for that purpose shall have determined
that the Executive committed an act falling within the definition of Cause and specifying the basis for such determination. If
the Executive’s employment shall be terminated by the Company for Cause, then the Company shall pay to the Executive any
unpaid salary, bonuses and benefits through the effective date of termination. If the Executive’s employment shall be terminated
by the Company without Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the
effective date of termination.

 

(c) Cause.
For purposes of this Agreement the term, “Cause” shall mean the Executive’s: (a) engagement in gross
misconduct materially injurious to the Company: (b) knowing and willful neglect or refusal to attend to the material duties assigned
to him by the Board of Directors of the Company, which is not cured within 30 days after written notice; (c) conviction of an
act of fraud or embezzlement; or (e) conviction of a felony.

 

(d) Notice
of Termination. Any purported termination of the Executive’s employment by the Company hereunder shall be communicated
by a Notice of Termination to the Executive in accordance with Section 13. For purposes of this Agreement, a “Notice
of Termination” shall mean a written notice which shall indicate those specific termination provisions in this Agreement
relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
the Executive’s employment under the provisions so indicated.

 

(e) Date
of Termination. For purposes of this Agreement, the date of termination shall be: (a) if this Agreement is terminated by the
Company for Incapacity (as defined in Section 4(a) below), the date on which a Notice of Termination is given, (b) if the Executive’s
employment is terminated by the Company for any other reason (other than death), the date on which a Notice of Termination is
given or (c) if the Company or Executive terminates his employment for any reason, the date on, which he gives the Company notice
of such termination.

 

3. Compensation.

 

(a) Salary.
The Company shall pay to the Executive for the services to be rendered by the Executive hereunder, a salary for the initial Employment
Term under this Agreement at the rate of $175,000 per annum. The salary shall be payable in accordance with the Company’s
regular policies, subject to applicable withholding and other taxes. Such salary will be increased each January 1 during the term
of this Agreement by an amount equal to 10% of the Executive’s salary for the prior fiscal year.

 

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(b) Bonus.
The Executive shall receive a cash bonus with respect to each fiscal year of the Company during the Term, commencing with the
year ending December 31, 2017, in an amount equal to one-half of one percent multiplied by the difference between revenue in each
respective fiscal year less $7,980,471 (which was the gross revenue for fiscal 2016). By way of example, if 2018 revenue is $20,000,000,
Executive would receive a bonus in that year of $60,098).

 

(c) Grant
of Options. The Company agrees to grant to the Executive options to acquire an aggregate number of 300,000 shares of restricted
stock of the Company over the Term of this Agreement, with a three-year vesting schedule pursuant to that Option Agreement dated
September ___, 2017 (the “Option Agreement”) between the Executive and the Company. Options to purchase 30,750
shares shall be deemed granted and vested as of the date of this Agreement. The grant and vesting of the remaining options to
purchase 269,250 shares shall be subject to the approvals of the Board of Directors and shareholders of a new incentive plan or
an amended incentive plan with an increased number of authorized shares to be issued thereunder. The second grant and vesting
of options to purchase 69,250 shares will be on the date of approval by both the Board of Directors and shareholders. The third
grant and vesting of options to purchase 100,000 shares shall be on the second anniversary of this Agreement; provided, however,
if the Board of Directors and shareholders have not both approved such grant within one year from the date of this Agreement,
the date of grant and vesting of such options to purchase 100,000 shares shall be the date of approval by both the Board of Directors
and shareholders. The fourth grant and vesting of options to purchase 100,000 shares shall be on the third anniversary of this
Agreement on the basis of approval from both the Board of Directors and shareholders prior to such date. The exercise price of
the options shall be the equivalent of the market price of the Company’s common stock as of the close of business on the
day of vesting. The disposition, transfer or sale of the Options granted in the Option Agreement is subject to the terms and conditions
of the Option Agreement and the Company’s appropriate equity incentive plan(s).

 

(d) Expenses.
The Company agrees promptly to reimburse the Executive for all reasonable and necessary business expenses, including without limitation,
telephone and facsimile charges incurred by him on behalf of the Company in the course of his duties hereunder, upon the presentation
by the Executive of appropriate evidence thereof.

 

4. Death;
Incapacity. 

 

(a) Incapacity.
If, during the Employment Term hereunder, because of illness or other incapacity, the Executive shall fail for a period of six
(6) consecutive months (“Incapacity”), to render the services contemplated hereunder, then the Company, at
its option, may terminate the employment hereunder by notice to the Executive, effective on the giving of such notice; provided
however, that the Company shall (i) pay to the Executive any unpaid salary through the effective date of termination specified
in such notice; (ii) pay to the Executive his accrued but unpaid incentive compensation, if any, for any bonus period ending on
or before the date of termination of the Executive’s employment with the Company; (iii) continue to pay the Executive for
a period of six (6) months following the effective date of termination, an amount equal to the excess, if any, of (A) the salary
he was receiving at the time of his Incapacity, over (B) any benefit the Executive is entitled to receive during such period under
any disability insurance policies provided to the Executive by the Company or maintained by the Executive, such amount to be paid
in the manner and at such time as the salary otherwise would have been payable to the Executive; and (iv) pay to the Executive
(within 45 days after the end of the fiscal quarter in which such termination occurs) a pro-rata portion (based upon the period
ending on the date of termination of the Executive’s employment hereunder) of the incentive compensation, if any, for the
bonus period in which such termination occurs. The Company shall have no further liability hereunder (other than for reimbursement
for reasonable business expenses incurred prior to the date of the Executive’s Incapacity and other reimbursable expenses
due under Section 3(f) through the date of Executive’s Incapacity, and repayment of compensation for unused vacation days
that have accumulated during the calendar years in which such termination occurs).

 

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(b) Death.
In the event of the death of the Executive during the Employment Term, the Employment Term hereunder shall terminate on the date
of death of the Executive; provided, however, that the Company shall (i) pay to the estate of the deceased Executive any unpaid
Salary through the Executive’s date of death; (ii) pay to the estate of the deceased Executive his accrued but unpaid incentive
compensation if any, for any bonus period ending on or before the Executive’s date of death; and (iii) pay to the estate
of the deceased Executive (based upon the period ending on the date of death) a pro rata portion of any incentive compensation,
if any for the bonus period in which termination occurs. The Company shall have no further liability hereunder (other than for
(x) reimbursement for reasonable business expenses incurred prior to the date of the Executive’s death and other reimbursable
expenses due under Section 3(f) through the date of Executive’s death, and (y) payment of compensation for unused vacation
days that have accumulated during the calendar year in which such termination occurs).

 

5. Termination
by the Company or the Executive with No Reason. Either the Company or the Executive shall have the right to terminate
the Executive’s employment hereunder for “No Reason” by providing the Company’s Board of Directors
with ninety (90) days-notice. Notwithstanding the foregoing, if the Executive terminates this Agreement, the Company shall have
the right to terminate this Agreement at any time during the ninety (90) day notice period. If the Company terminates this Agreement,
the Executive shall be entitled to receive all salary and benefits during the remaining term of this Agreement as if the Agreement
had not been terminated.

 

6. EMPLOYEE
BENEFITS.

 

(a) Eligibility.
During the period of the Executive’s employment with the Company hereunder, the Executive shall be entitled to receive such
other perquisites and fringe benefits generally if and when made available by the Company to its senior executives and key management
employees as a group in accordance with the plans and policies of the Company from time to time in effect, including, without
limitation, medical insurance, disability and life insurance, participation in retirement, savings, subject to, and on a basis
consistent with, the terms, conditions, and overall administration of such plans and policies, on terms no less favorable, in
each instance, than those made available to other senior executives and key management employees of the Company.

 

(b) Vacation
Time. The Executive shall be entitled to paid vacation time and holidays per annum as is consistent with his position with
the Company and the performance of his duties hereunder; provided that the Executive shall not be able to take vacation
time at any time that would materially interfere with the business or operations of the Company. The Executive shall be entitled
to three (3) weeks of paid vacation for each twelve (12) months of employment.

 

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7. INSURANCE.
The Company shall have the right to apply for and take out, in the Company’s own name or otherwise, at the Company’s
expense, life, health, accident, or other insurance covering the Executive, in any amount the Company deems necessary to protect
the Company’s interest hereunder, and the Executive shall have no right, title or interest in or to any such insurance or
the proceeds thereof. The Executive shall assist the Company in obtaining such insurance by submitting to usual and customary
medical and other examinations and by signing such applications, statements and other instruments as may be reasonably required
by any insurance company in connection with obtaining such insurance coverage.

 

8. DEDUCTIONS
AND WITHHOLDINGS. All amounts payable or which become payable to the Executive under any provision of this Agreement shall
be subject to such deductions and withholdings as is required by applicable law.

 

9. INDEMNIFICATION.
The Company shall indemnify the Executive in his capacity as an officer of the Company to the fullest extent permitted by applicable
law against all debts, judgments, costs, charges or expenses whatsoever incurred or sustained by the Executive in connection with
any action, suit or proceeding to which the Executive may be made a party by reason of his being or having been an officer of
the Company, or because of actions taken by the Executive which were believed by the Executive to be in the best interests of
the Company, and the Executive shall be entitled to be covered by any directors’ and officers’ liability insurance
policies which the Company may maintain for the benefit of its directors and officers, subject to the limitations of any such
policies. The Company shall have the right to assume, with legal counsel of its choice, the defense of the Executive in any such
action, suit or proceeding for which the Company is providing indemnification to the Executive. Should the Executive determine
to employ separate legal counsel in any such action, suit or proceeding, any costs and expenses of such separate legal counsel
shall be the sole responsibility of the Executive. If the Company does not assume the defense of any such action, suit or other
proceeding, the Company shall, upon request of the Executive, promptly advance or pay any amount for costs or expenses (including,
without limitation, the reasonable legal fees and expenses of counsel retained by the Executive) incurred by the Executive in
connection with any such action, suit or proceeding. The Company shall not indemnify the Executive against any actions that would
be deemed illegal or contrary to the general indemnification provisions of the Delaware General Corporation Law.

 

10. RESTRICTIONS
RESPECTING CONFIDENTIAL INFORMATION, COMPETING BUSINESSES, ETC. 

 

(a) Acknowledgments
of Executive. The Executive acknowledges and agrees that by virtue of the Executive’s position and involvement with
the business and affairs of the Company, the Executive will develop substantial expertise and knowledge with respect to all aspects
of the business, affairs and operations of the Company and will have access to all significant aspects of the business and operations
of the Company and to Confidential and Proprietary Information (as such term is hereinafter defined). The Executive acknowledges
and agrees that the Company will be damaged if the Executive were to breach any of the provisions of this Section 10 or if the
Executive were to disclose or make unauthorized use of any Confidential and Proprietary Information. Accordingly, the Executive
expressly acknowledges and agrees that the Executive is voluntarily entering into this Agreement and that the terms, provisions
and conditions of this Section 10 are fair and reasonable and necessary to adequately protect the Company.

 

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(b) Definition
of Confidential Information. For purposes of this Agreement, the term “Confidential and Proprietary Information”
shall mean any and all (i) confidential or proprietary information or material not in the public domain about or relating
to the business, operations, assets or financial condition of the Company or any of its subsidiaries or affiliates, or any of
its trade secrets, including, without limitation, research and development plans or projects; data and reports; computer materials
such as programs, instructions and printouts; formulas; product testing information; business improvements, processes, marketing
and selling strategies; strategic business plans (whether pursued or not); budgets; unpublished financial statements; licenses;
pricing, pricing strategy and cost data; information regarding the skills and compensation of executives; the identities of clients
and potential clients; and (ii) any other information, documentation or material not in the public domain by virtue of any action
by or on the part of the Executive, the knowledge of which gives or may give the Company or any of its subsidiaries or affiliates
a material competitive advantage over any entity not possessing such information. For purposes hereof, the term Confidential and
Proprietary Information shall not include any information or material (i) that is known to the general public other than due to
a breach of this Agreement by the Executive; or (ii) was disclosed to the Executive by a person or entity who the Executive did
not reasonably believe was bound to a confidentiality or similar agreement with the Company.

 

(c) Disclosure
of Confidential Information. The Executive hereby covenants and agrees that, while the Executive is employed by the Company
and for a period of one (1) year thereafter, unless otherwise authorized by the Company in writing, the Executive shall not, directly
or indirectly, under any circumstance: (i) disclose to any other person or entity (other than in the regular course of business
of the Company) any Confidential and Proprietary Information, other than pursuant to applicable law, regulation or subpoena or
with the prior written consent of the Company; (ii) act or fail to act so as to impair the confidential or proprietary nature
of any Confidential and Proprietary Information; (iii) use any Confidential and Proprietary Information other than for the sole
and exclusive benefit of the Company; or (iv) offer or agree to, or cause or assist in the inception or continuation of, any such
disclosure, impairment or use of any Confidential and Proprietary Information. Following the Employment Term, the Executive shall
return all documents, records and other items containing any Confidential and Proprietary Information to the Company (regardless
of the medium in which maintained or stored), without retaining any copies, notes or excerpts thereof, or at the request of the
Company, shall destroy such documents, records and items (any such destruction to be certified by the Executive to the Company
in writing). Following the Employment Term, the Executive shall return to the Company any property or assets of the Company in
the Executive’s possession.

 

(d) Non-Compete.
The Executive covenants and agrees that, while the Executive is employed by the Company and a period of one (1) year thereafter,
the Executive shall not, directly or indirectly, manage, operate or control, or participate in the ownership, management, operation
or control of, or otherwise become interested in (whether as an owner, stockholder, member, partner, lender, consultant, executive,
officer, director, agent, supplier, distributor or otherwise) any business which is competitive with the business of the Company
or any of its subsidiaries or affiliates, or, directly or indirectly, induce or influence any person that has a business relationship
with the Company or any of its subsidiaries or affiliates to discontinue or reduce the extent of such relationship. For purposes
of this Agreement, the Executive shall be deemed to be directly or indirectly interested in a business if he is engaged or interested
in that business as a stockholder, director, officer, executive, agent, member, partner, individual proprietor, consultant, advisor
or otherwise, but not if the Executive’s interest is limited solely to the ownership of not more than five percent (5%)
of the securities of any class of equity securities of a corporation or other person whose shares are listed or admitted to trade
on a national securities exchange or are quoted on an electronic quotation medium.

 

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(e) No
Solicitation. While the Executive is employed by the Company and for one (1) year after the Executive ceases to be an employed
by the Company, the Executive shall not, directly or indirectly, solicit to employ, or employ for himself or others, any employee
of the Company, or any subsidiary or affiliate of the Company, who was not known to the Executive prior to the date of this Agreement.

 

(f) No
Limitation. The parties agree that nothing in this Agreement shall be construed to limit or negate the common law of torts,
confidentiality, trade secrets, fiduciary duty and obligations where such laws provide the Company with any broader, further or
other remedy or protection than those provided herein.

 

(g) Specific
Performance. Because the breach of any of the provisions of this Section 10 may result in immediate and irreparable injury
to the Company for which the Company may not have an adequate remedy at law, the Company shall be entitled, in addition to all
other rights and remedies available to it at law, in equity or otherwise, to a decree of specific performance of the restrictive
covenants contained in this Section 10 and to a temporary and permanent injunction enjoining such breach (without being required
to post a bond or furnish other security to show any damages).

 

(h) Challenge
of Agreement by Executive. In the event the Executive challenges this Agreement and an injunction is issued staying the implementation
of any of the restrictions imposed by Section 10 hereof, the time remaining on the restrictions shall be tolled until the challenge
is resolved by final adjudication, settlement or otherwise, except that the time remaining on the restrictions shall not be tolled
during any period in which the Executive is unemployed.

 

(i) Interpretation
of Restrictions. Executive acknowledges that the type and periods of restriction imposed by this Section 10 are fair and reasonable
and are reasonably required for the protection of the legitimate interests of the Company and the goodwill associated with the
business of the Company; and that the time, scope, geographic area and other provisions of this Agreement have been specifically
negotiated by sophisticated commercial parties and are given as an integral part of the transactions contemplated hereby. If any
of the covenants in this Section 10, or any part hereof, is hereafter construed to be invalid or unenforceable, the same shall
not affect the remainder of the covenant or covenants herein, which shall be given full effect, without regard to the invalid
portions. In the event that any covenant contained in this Agreement shall be determined by any court of competent jurisdiction
to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason
of its being too extensive in any other respect, it shall be interpreted to extend only over the maximum period of time for which
it may be enforceable and/or over the maximum geographical area as to which it may be enforceable and/or to the maximum extent
in all other respects as to which it may be enforceable, all as determined by such court in such action.

 

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11. NOTICES.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under
or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing
and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the “Business
Day” (defined as a day on which the New York Stock Exchange is open) of such delivery (as evidenced by the receipt of
the personal delivery service); (ii) if mailed certified or registered mail return receipt requested, four (4) Business Days after
being mailed; (iii) if delivered by overnight courier (with all charges having been prepaid), on the Business Day of such delivery
(as evidenced by the receipt of the overnight courier service of recognized standing); or (iv) if delivered by facsimile or e-mail
transmission, on the Business Day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or if sent after that
time, on the next succeeding Business Day (as evidenced by the printed confirmation of delivery generated by the sending party’s
telecopier machine or e-mail log). If any notice, demand, consent, request, instruction or other communication cannot be delivered
because of a changed address of which no notice was given (in accordance with this Section 11), or the refusal to accept same,
the notice, demand, consent, request, instruction or other communication shall be deemed received on the second (2nd)
Business Day the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents, requests,
instructions and other communications will be sent to the addresses first above written. Any notice, consent, direction, approval,
instruction, request or other communication given in accordance with this Section 11 shall be effective after it is received by
the intended recipient.

 

12. GENERAL
PROVISIONS.

 

(a) Benefit
of Agreement and Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective executors, administrators, successors and permitted assigns; provided, however, that the Executive may
not assign any of his rights or duties hereunder except upon the prior written consent of the Company. This Agreement shall be
binding on any successor to the Company whether by merger, consolidation, acquisition of all or substantially all of the Company’s
stock, assets or business or otherwise, as fully as if such successor were a signatory hereto, and the Company shall cause such
successor to, and such successor shall, expressly assume the Company’s obligations hereunder. The term “Company”
as used in this Agreement shall include all such successors. Except as expressly permitted by Section 12(a), nothing herein is
intended to or shall be construed to confer upon or give any person, other than the parties hereto, any rights, privileges or
remedies under or by reason of this Agreement.

 

(b) Governing
Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD OR REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF
LAWS. THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED WITHOUT REGARD TO ANY PRESUMPTION AGAINST THE PARTY CAUSING THIS AGREEMENT
TO BE DRAFTED. EACH OF THE PARTIES UNCONDITIONALLY AND IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHT TO CONTEST THE VENUE OF SAID COURTS OR TO CLAIM THAT SAID COURTS CONSTITUTE AN
INCONVENIENT FORUM. EACH OF THE PARTIES UNCONDITIONALLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

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(c) Severability.
Each term and provision of this Agreement is severable; the invalidity, illegality or unenforceability or modification of any
term or provision of this Agreement shall not affect the validity, legality and enforceability of the other terms and provisions
of this Agreement, which shall remain in full force and effect. Since it is the desire and intent of the parties that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction
in which enforcement is sought, should any particular provision of this Agreement be deemed invalid, illegal or unenforceable,
the same shall be deemed reformed and amended to delete that portion that is adjudicated to be invalid, illegal or unenforceable
and the deletion shall apply only with respect to the operation of such provision and to the extent of such provision and, to
the extent that a provision of this Agreement would be deemed unenforceable by virtue of its scope, but may be made enforceable
by limitation thereon, each party agrees that this Agreement shall be reformed and amended so that the same shall be enforceable
to the fullest extent permissible under the laws and public policies applied in the jurisdiction in which enforcement is sought.

 

(d) Entire
Agreement. This Agreement contains the entire understanding and agreement of the parties, and supersedes any and all other
prior and/or contemporaneous understandings and agreements, either oral or in writing, between the parties hereto with respect
to the subject matter hereof, all of which are merged herein. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, oral or otherwise, have been made by either party, or anyone acting on behalf of either
party, which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement shall
be valid or binding.

 

(e) Amendments;
Waiver. This Agreement may be modified, amended or waived only by an instrument in writing signed by the Company and the Executive.
No waiver of any provision hereof shall be valid unless made in writing and signed by the party making the waiver. No waiver of
any provision of this Agreement shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver.

 

(f) Attorneys’
Fees. Should any party hereto institute any action or proceeding at law or in equity, or in connection with any arbitration,
to enforce any provision of this Agreement, including an action for declaratory relief, or for damages by reason of an alleged
breach of any provision of this Agreement, or otherwise in connection with this Agreement, or any provision hereof, the prevailing
party shall be entitled to recover from the losing party or parties reasonable attorneys’ fees and expenses for services
rendered to the prevailing party in such action or proceeding.

 

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(g) Headings;
Counterparts. The headings contained in this Agreement are inserted for reference purposes only and shall not in any way affect
the meaning, construction or interpretation of this Agreement. This Agreement may be executed in two (2) counterparts, each of
which, when executed, shall be deemed to be an original, but both of which, when taken together, shall constitute one and the
same document.

 

(h) Further
Assurances. The Executive shall execute and/or cause to be delivered to the Company such instruments and other documents,
and shall take such other actions, as the Company may reasonably request at any time for the purpose of carrying out or evidencing
any of the provisions of this Agreement.

 

(i) Right
to Legal Representation. The Executive represents and warrants that the Executive has read this Agreement and the Executive
understands connection with the negotiation and execution of this Agreement and that the Executive has either retained and has
been represented by such legal counsel or has knowingly and voluntarily waived his right to such legal counsel and desires to
enter into this Agreement without the benefit of independent legal representation. The Executive acknowledges that Robinson &
Cole LLP is representing the Company in connection with this Agreement and that it is not representing the Executive in connection
with this Agreement.

 

(j) Affirmations
of the Executive. By the Executive’s signature below, the Executive represents to and agrees with the Company that the
Executive hereby accepts this Agreement subject to all of the terms and provisions hereof. The Executive has reviewed this Agreement
in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands
all of the provisions of this Agreement.

 

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IN
WITNESS WHEREOF, each of the Company and the Executive has executed this Agreement as of the date first above written.

 

	GROWGENERATION CORP. 	 	EXECUTIVE
	 	 	 	 	 	 	 
	By:	 	 	By:	 
	 	Name: 	Michael Salaman	 	 	Name:	Darren Lampert
	 	Title: 	President	 	 	Title:	Chief Executive Officer

 

 

11Exhibit
10.2

 

FORM
OF EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (the “Agreement”) dated as of September 22, 2017 (the “Effective Date”),
is by and between GrowGeneration, Corp., a Colorado Corporation with offices at 503 North Main Street, Suite 740, Pueblo, Colorado
81003 (the “Company”) and Michael Salaman, an individual residing at 825 Lafayette Road, Bryn Mawr, PA 19010 (the
“Executive”).

 

RECITALS

 

WHEREAS,
the Company desires to employ the Executive and the Executive desires to gain employment with the Company, all upon the terms
and provisions, and subject to the conditions, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual premises, covenants and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt, and legal adequacy of which is hereby acknowledged, the parties, intending to be legally
bound, hereby agree as follows:

 

1. POSITION
AND DUTIES.

 

(a) Reporting.
During the term of this Agreement (the “Employment Term”), the Company shall employ the Executive, and the
Executive shall serve, as the President of the Company. The Executive shall report directly to the Board of Directors (the
“Board”) of the Company.

 

(b) Responsibilities.
The Executive shall have responsibility to oversee all aspects of the Company’s business activities as are customarily performed
and enjoyed by persons employed in comparable positions, subject, however, in all instances to the direction and control of the
Board.

 

(c) Devotion
of Executive’s Time. Subject to Section 2(d) hereof, the Executive shall devote substantially all of his business time,
labor, skill and energy to conducting the business and affairs of the Company and to performing his duties and responsibilities
to the Company as set forth in Section 2(b) hereof. The Executive shall not become employed with, consult with or otherwise perform
services for any other entity or individual during the Term of this Agreement. The Executive shall perform the Executive’s
duties and responsibilities to the Company diligently, competently, faithfully and to the best of his ability.

 

(d) Representations.
The Executive represents and warrants to the Company that the Executive has the right to negotiate and enter into this Agreement,
and the Executive’s execution, delivery and performance of this Agreement does not breach, interfere with or conflict with
any other contractual agreement, covenant not to compete, option, right of first refusal or other existing business relationship
or any judgment or order, in each case, to which the Executive is a party or otherwise subject.

 

    	 		 

     

    

 

2. Employment
Term.

 

(a) Initial
Term. The initial term of employment shall be for a period of three years (the “Employment Term”),
commencing with the date hereof, unless sooner terminated as provided in this Agreement. This Agreement shall be renewed
annually for a term of one year unless the Company or the Executive gives notice to the other of termination at least six (6)
months prior to the expiration of the initial term, or any successive term, as the case may be. Each of the Executive and the
Company at his or its sole discretion and without any reason, may elect not to renew this Agreement at the end of the initial
term or any successive term.

 

(b) Termination
for Cause. Notwithstanding the provisions of Section 2(a) above, the Company shall have the right to terminate the Executive’s
employment for Cause (as defined in Section 2(c) below); provided, however, that the Executive shall not be deemed to have been
terminated for Cause unless and until the Board of Directors at a meeting duly called and held for that purpose shall have determined
that the Executive committed an act falling within the definition of Cause and specifying the basis for such determination. If
the Executive’s employment shall be terminated by the Company for Cause, then the Company shall pay to the Executive any
unpaid salary, bonuses and benefits through the effective date of termination. If the Executive’s employment shall be terminated
by the Company without Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the
effective date of termination.

 

(c) Cause.
For purposes of this Agreement the term, “Cause” shall mean the Executive’s: (a) engagement in gross
misconduct materially injurious to the Company: (b) knowing and willful neglect or refusal to attend to the material duties assigned
to him by the Board of Directors of the Company, which is not cured within 30 days after written notice; (c) conviction of an
act of fraud or embezzlement; or (e) conviction of a felony.

 

(d) Notice
of Termination. Any purported termination of the Executive’s employment by the Company hereunder shall be communicated
by a Notice of Termination to the Executive in accordance with Section 13. For purposes of this Agreement, a “Notice
of Termination” shall mean a written notice which shall indicate those specific termination provisions in this Agreement
relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
the Executive’s employment under the provisions so indicated.

 

(e) Date
of Termination. For purposes of this Agreement, the date of termination shall be: (a) if this Agreement is terminated by the
Company for Incapacity (as defined in Section 4(a) below), the date on which a Notice of Termination is given, (b) if the Executive’s
employment is terminated by the Company for any other reason (other than death), the date on which a Notice of Termination is
given or (c) if the Company or Executive terminates his employment for any reason, the date on, which he gives the Company notice
of such termination.

 

3. Compensation.

 

(a) Salary.
The Company shall pay to the Executive for the services to be rendered by the Executive hereunder, a salary for the initial Employment
Term under this Agreement at the rate of $175,000 per annum. The salary shall be payable in accordance with the Company’s
regular policies, subject to applicable withholding and other taxes. Such salary will be increased each January 1 during the term
of this Agreement by an amount equal to 10% of the Executive’s salary for the prior fiscal year.

 

    	 	2	 

     

    

 

(b) Bonus.
The Executive shall receive a cash bonus with respect to each fiscal year of the Company during the Term, commencing with the
year ending December 31, 2017, in an amount equal to one-half of one percent multiplied by the difference between revenue in each
respective fiscal year less $7,980,471 (which was the gross revenue for fiscal 2016). By way of example, if 2018 revenue is $20,000,000,
Executive would receive a bonus in that year of $60,098).

 

(c) Grant
of Options. The Company agrees to grant to the Executive options to acquire an aggregate number of 300,000 shares of restricted
stock of the Company over the Term of this Agreement, with a three-year vesting schedule pursuant to that Option Agreement dated
September ___, 2017 (the “Option Agreement”) between the Executive and the Company. Options to purchase 30,750
shares shall be deemed granted and vested as of the date of this Agreement. The grant and vesting of the remaining options to
purchase 269,250 shares shall be subject to the approvals of the Board of Directors and shareholders of a new incentive plan or
an amended incentive plan with an increased number of authorized shares to be issued thereunder. The second grant and vesting
of options to purchase 69,250 shares will be on the date of approval by both the Board of Directors and shareholders. The third
grant and vesting of options to purchase 100,000 shares shall be on the second anniversary of this Agreement; provided, however,
if the Board of Directors and shareholders have not both approved such grant within one year from the date of this Agreement,
the date of grant and vesting of such options to purchase 100,000 shares shall be the date of approval by both the Board of Directors
and shareholders. The fourth grant and vesting of options to purchase 100,000 shares shall be on the third anniversary of this
Agreement on the basis of approval from both the Board of Directors and shareholders prior to such date. The exercise price of
the options shall be the equivalent of the market price of the Company’s common stock as of the close of business on the
day of vesting. The disposition, transfer or sale of the Options granted in the Option Agreement is subject to the terms and conditions
of the Option Agreement and the Company’s appropriate equity incentive plan(s).

 

(d) Expenses.
The Company agrees promptly to reimburse the Executive for all reasonable and necessary business expenses, including without limitation,
telephone and facsimile charges incurred by him on behalf of the Company in the course of his duties hereunder, upon the presentation
by the Executive of appropriate evidence thereof.

 

4. Death;
Incapacity. 

 

(a) Incapacity.
If, during the Employment Term hereunder, because of illness or other incapacity, the Executive shall fail for a period of six
(6) consecutive months (“Incapacity”), to render the services contemplated hereunder, then the Company, at
its option, may terminate the employment hereunder by notice to the Executive, effective on the giving of such notice; provided
however, that the Company shall (i) pay to the Executive any unpaid salary through the effective date of termination specified
in such notice; (ii) pay to the Executive his accrued but unpaid incentive compensation, if any, for any bonus period ending on
or before the date of termination of the Executive’s employment with the Company; (iii) continue to pay the Executive for
a period of six (6) months following the effective date of termination, an amount equal to the excess, if any, of (A) the salary
he was receiving at the time of his Incapacity, over (B) any benefit the Executive is entitled to receive during such period under
any disability insurance policies provided to the Executive by the Company or maintained by the Executive, such amount to be paid
in the manner and at such time as the salary otherwise would have been payable to the Executive; and (iv) pay to the Executive
(within 45 days after the end of the fiscal quarter in which such termination occurs) a pro-rata portion (based upon the period
ending on the date of termination of the Executive’s employment hereunder) of the incentive compensation, if any, for the
bonus period in which such termination occurs. The Company shall have no further liability hereunder (other than for reimbursement
for reasonable business expenses incurred prior to the date of the Executive’s Incapacity and other reimbursable expenses
due under Section 3(f) through the date of Executive’s Incapacity, and repayment of compensation for unused vacation days
that have accumulated during the calendar years in which such termination occurs).

 

    	 	3	 

     

    

 

(b) Death.
In the event of the death of the Executive during the Employment Term, the Employment Term hereunder shall terminate on the date
of death of the Executive; provided, however, that the Company shall (i) pay to the estate of the deceased Executive any unpaid
Salary through the Executive’s date of death; (ii) pay to the estate of the deceased Executive his accrued but unpaid incentive
compensation if any, for any bonus period ending on or before the Executive’s date of death; and (iii) pay to the estate
of the deceased Executive (based upon the period ending on the date of death) a pro rata portion of any incentive compensation,
if any for the bonus period in which termination occurs. The Company shall have no further liability hereunder (other than for
(x) reimbursement for reasonable business expenses incurred prior to the date of the Executive’s death and other reimbursable
expenses due under Section 3(f) through the date of Executive’s death, and (y) payment of compensation for unused vacation
days that have accumulated during the calendar year in which such termination occurs).

 

5. Termination
by the Company or the Executive with No Reason. Either the Company or the Executive shall have the right to terminate
the Executive’s employment hereunder for “No Reason” by providing the Company’s Board of Directors
with ninety (90) days-notice. Notwithstanding the foregoing, if the Executive terminates this Agreement, the Company shall have
the right to terminate this Agreement at any time during the ninety (90) day notice period. If the Company terminates this Agreement,
the Executive shall be entitled to receive all salary and benefits during the remaining term of this Agreement as if the Agreement
had not been terminated.

 

6. EMPLOYEE
BENEFITS.

 

(a) Eligibility.
During the period of the Executive’s employment with the Company hereunder, the Executive shall be entitled to receive such
other perquisites and fringe benefits generally if and when made available by the Company to its senior executives and key management
employees as a group in accordance with the plans and policies of the Company from time to time in effect, including, without
limitation, medical insurance, disability and life insurance, participation in retirement, savings, subject to, and on a basis
consistent with, the terms, conditions, and overall administration of such plans and policies, on terms no less favorable, in
each instance, than those made available to other senior executives and key management employees of the Company.

 

(b) Vacation
Time. The Executive shall be entitled to paid vacation time and holidays per annum as is consistent with his position with
the Company and the performance of his duties hereunder; provided that the Executive shall not be able to take vacation
time at any time that would materially interfere with the business or operations of the Company. The Executive shall be entitled
to three (3) weeks of paid vacation for each twelve (12) months of employment.

 

    	 	4	 

     

    

 

7. INSURANCE.
The Company shall have the right to apply for and take out, in the Company’s own name or otherwise, at the Company’s
expense, life, health, accident, or other insurance covering the Executive, in any amount the Company deems necessary to protect
the Company’s interest hereunder, and the Executive shall have no right, title or interest in or to any such insurance or
the proceeds thereof. The Executive shall assist the Company in obtaining such insurance by submitting to usual and customary
medical and other examinations and by signing such applications, statements and other instruments as may be reasonably required
by any insurance company in connection with obtaining such insurance coverage.

 

8. DEDUCTIONS
AND WITHHOLDINGS. All amounts payable or which become payable to the Executive under any provision of this Agreement shall
be subject to such deductions and withholdings as is required by applicable law.

 

9. INDEMNIFICATION.
The Company shall indemnify the Executive in his capacity as an officer of the Company to the fullest extent permitted by applicable
law against all debts, judgments, costs, charges or expenses whatsoever incurred or sustained by the Executive in connection with
any action, suit or proceeding to which the Executive may be made a party by reason of his being or having been an officer of
the Company, or because of actions taken by the Executive which were believed by the Executive to be in the best interests of
the Company, and the Executive shall be entitled to be covered by any directors’ and officers’ liability insurance
policies which the Company may maintain for the benefit of its directors and officers, subject to the limitations of any such
policies. The Company shall have the right to assume, with legal counsel of its choice, the defense of the Executive in any such
action, suit or proceeding for which the Company is providing indemnification to the Executive. Should the Executive determine
to employ separate legal counsel in any such action, suit or proceeding, any costs and expenses of such separate legal counsel
shall be the sole responsibility of the Executive. If the Company does not assume the defense of any such action, suit or other
proceeding, the Company shall, upon request of the Executive, promptly advance or pay any amount for costs or expenses (including,
without limitation, the reasonable legal fees and expenses of counsel retained by the Executive) incurred by the Executive in
connection with any such action, suit or proceeding. The Company shall not indemnify the Executive against any actions that would
be deemed illegal or contrary to the general indemnification provisions of the Delaware General Corporation Law.

 

10. RESTRICTIONS
RESPECTING CONFIDENTIAL INFORMATION, COMPETING BUSINESSES, ETC. 

 

(a) Acknowledgments
of Executive. The Executive acknowledges and agrees that by virtue of the Executive’s position and involvement with
the business and affairs of the Company, the Executive will develop substantial expertise and knowledge with respect to all aspects
of the business, affairs and operations of the Company and will have access to all significant aspects of the business and operations
of the Company and to Confidential and Proprietary Information (as such term is hereinafter defined). The Executive acknowledges
and agrees that the Company will be damaged if the Executive were to breach any of the provisions of this Section 10 or if the
Executive were to disclose or make unauthorized use of any Confidential and Proprietary Information. Accordingly, the Executive
expressly acknowledges and agrees that the Executive is voluntarily entering into this Agreement and that the terms, provisions
and conditions of this Section 10 are fair and reasonable and necessary to adequately protect the Company.

 

    	 	5	 

     

    

 

(b) Definition
of Confidential Information. For purposes of this Agreement, the term “Confidential and Proprietary Information”
shall mean any and all (i) confidential or proprietary information or material not in the public domain about or relating
to the business, operations, assets or financial condition of the Company or any of its subsidiaries or affiliates, or any of
its trade secrets, including, without limitation, research and development plans or projects; data and reports; computer materials
such as programs, instructions and printouts; formulas; product testing information; business improvements, processes, marketing
and selling strategies; strategic business plans (whether pursued or not); budgets; unpublished financial statements; licenses;
pricing, pricing strategy and cost data; information regarding the skills and compensation of executives; the identities of clients
and potential clients; and (ii) any other information, documentation or material not in the public domain by virtue of any action
by or on the part of the Executive, the knowledge of which gives or may give the Company or any of its subsidiaries or affiliates
a material competitive advantage over any entity not possessing such information. For purposes hereof, the term Confidential and
Proprietary Information shall not include any information or material (i) that is known to the general public other than due to
a breach of this Agreement by the Executive; or (ii) was disclosed to the Executive by a person or entity who the Executive did
not reasonably believe was bound to a confidentiality or similar agreement with the Company.

 

(c) Disclosure
of Confidential Information. The Executive hereby covenants and agrees that, while the Executive is employed by the Company
and for a period of one (1) year thereafter, unless otherwise authorized by the Company in writing, the Executive shall not, directly
or indirectly, under any circumstance: (i) disclose to any other person or entity (other than in the regular course of business
of the Company) any Confidential and Proprietary Information, other than pursuant to applicable law, regulation or subpoena or
with the prior written consent of the Company; (ii) act or fail to act so as to impair the confidential or proprietary nature
of any Confidential and Proprietary Information; (iii) use any Confidential and Proprietary Information other than for the sole
and exclusive benefit of the Company; or (iv) offer or agree to, or cause or assist in the inception or continuation of, any such
disclosure, impairment or use of any Confidential and Proprietary Information. Following the Employment Term, the Executive shall
return all documents, records and other items containing any Confidential and Proprietary Information to the Company (regardless
of the medium in which maintained or stored), without retaining any copies, notes or excerpts thereof, or at the request of the
Company, shall destroy such documents, records and items (any such destruction to be certified by the Executive to the Company
in writing). Following the Employment Term, the Executive shall return to the Company any property or assets of the Company in
the Executive’s possession.

 

(d) Non-Compete.
The Executive covenants and agrees that, while the Executive is employed by the Company and a period of one (1) year thereafter,
the Executive shall not, directly or indirectly, manage, operate or control, or participate in the ownership, management, operation
or control of, or otherwise become interested in (whether as an owner, stockholder, member, partner, lender, consultant, executive,
officer, director, agent, supplier, distributor or otherwise) any business which is competitive with the business of the Company
or any of its subsidiaries or affiliates, or, directly or indirectly, induce or influence any person that has a business relationship
with the Company or any of its subsidiaries or affiliates to discontinue or reduce the extent of such relationship. For purposes
of this Agreement, the Executive shall be deemed to be directly or indirectly interested in a business if he is engaged or interested
in that business as a stockholder, director, officer, executive, agent, member, partner, individual proprietor, consultant, advisor
or otherwise, but not if the Executive’s interest is limited solely to the ownership of not more than five percent (5%)
of the securities of any class of equity securities of a corporation or other person whose shares are listed or admitted to trade
on a national securities exchange or are quoted on an electronic quotation medium.

 

    	 	6	 

     

    

 

(e) No
Solicitation. While the Executive is employed by the Company and for one (1) year after the Executive ceases to be an employed
by the Company, the Executive shall not, directly or indirectly, solicit to employ, or employ for himself or others, any employee
of the Company, or any subsidiary or affiliate of the Company, who was not known to the Executive prior to the date of this Agreement.

 

(f) No
Limitation. The parties agree that nothing in this Agreement shall be construed to limit or negate the common law of torts,
confidentiality, trade secrets, fiduciary duty and obligations where such laws provide the Company with any broader, further or
other remedy or protection than those provided herein.

 

(g) Specific
Performance. Because the breach of any of the provisions of this Section 10 may result in immediate and irreparable injury
to the Company for which the Company may not have an adequate remedy at law, the Company shall be entitled, in addition to all
other rights and remedies available to it at law, in equity or otherwise, to a decree of specific performance of the restrictive
covenants contained in this Section 10 and to a temporary and permanent injunction enjoining such breach (without being required
to post a bond or furnish other security to show any damages).

 

(h) Challenge
of Agreement by Executive. In the event the Executive challenges this Agreement and an injunction is issued staying the implementation
of any of the restrictions imposed by Section 10 hereof, the time remaining on the restrictions shall be tolled until the challenge
is resolved by final adjudication, settlement or otherwise, except that the time remaining on the restrictions shall not be tolled
during any period in which the Executive is unemployed.

 

(i) Interpretation
of Restrictions. Executive acknowledges that the type and periods of restriction imposed by this Section 10 are fair and reasonable
and are reasonably required for the protection of the legitimate interests of the Company and the goodwill associated with the
business of the Company; and that the time, scope, geographic area and other provisions of this Agreement have been specifically
negotiated by sophisticated commercial parties and are given as an integral part of the transactions contemplated hereby. If any
of the covenants in this Section 10, or any part hereof, is hereafter construed to be invalid or unenforceable, the same shall
not affect the remainder of the covenant or covenants herein, which shall be given full effect, without regard to the invalid
portions. In the event that any covenant contained in this Agreement shall be determined by any court of competent jurisdiction
to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason
of its being too extensive in any other respect, it shall be interpreted to extend only over the maximum period of time for which
it may be enforceable and/or over the maximum geographical area as to which it may be enforceable and/or to the maximum extent
in all other respects as to which it may be enforceable, all as determined by such court in such action.

 

    	 	7	 

     

    

 

11. NOTICES.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under
or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing
and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the “Business
Day” (defined as a day on which the New York Stock Exchange is open) of such delivery (as evidenced by the receipt of
the personal delivery service); (ii) if mailed certified or registered mail return receipt requested, four (4) Business Days after
being mailed; (iii) if delivered by overnight courier (with all charges having been prepaid), on the Business Day of such delivery
(as evidenced by the receipt of the overnight courier service of recognized standing); or (iv) if delivered by facsimile or e-mail
transmission, on the Business Day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or if sent after that
time, on the next succeeding Business Day (as evidenced by the printed confirmation of delivery generated by the sending party’s
telecopier machine or e-mail log). If any notice, demand, consent, request, instruction or other communication cannot be delivered
because of a changed address of which no notice was given (in accordance with this Section 11), or the refusal to accept same,
the notice, demand, consent, request, instruction or other communication shall be deemed received on the second (2nd)
Business Day the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents, requests,
instructions and other communications will be sent to the addresses first above written. Any notice, consent, direction, approval,
instruction, request or other communication given in accordance with this Section 11 shall be effective after it is received by
the intended recipient.

 

12. GENERAL
PROVISIONS.

 

(a) Benefit
of Agreement and Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective executors, administrators, successors and permitted assigns; provided, however, that the Executive may
not assign any of his rights or duties hereunder except upon the prior written consent of the Company. This Agreement shall be
binding on any successor to the Company whether by merger, consolidation, acquisition of all or substantially all of the Company’s
stock, assets or business or otherwise, as fully as if such successor were a signatory hereto, and the Company shall cause such
successor to, and such successor shall, expressly assume the Company’s obligations hereunder. The term “Company”
as used in this Agreement shall include all such successors. Except as expressly permitted by Section 12(a), nothing herein is
intended to or shall be construed to confer upon or give any person, other than the parties hereto, any rights, privileges or
remedies under or by reason of this Agreement.

 

(b) Governing
Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD OR REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF
LAWS. THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED WITHOUT REGARD TO ANY PRESUMPTION AGAINST THE PARTY CAUSING THIS AGREEMENT
TO BE DRAFTED. EACH OF THE PARTIES UNCONDITIONALLY AND IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHT TO CONTEST THE VENUE OF SAID COURTS OR TO CLAIM THAT SAID COURTS CONSTITUTE AN
INCONVENIENT FORUM. EACH OF THE PARTIES UNCONDITIONALLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

    	 	8	 

     

    

 

(c) Severability.
Each term and provision of this Agreement is severable; the invalidity, illegality or unenforceability or modification of any
term or provision of this Agreement shall not affect the validity, legality and enforceability of the other terms and provisions
of this Agreement, which shall remain in full force and effect. Since it is the desire and intent of the parties that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction
in which enforcement is sought, should any particular provision of this Agreement be deemed invalid, illegal or unenforceable,
the same shall be deemed reformed and amended to delete that portion that is adjudicated to be invalid, illegal or unenforceable
and the deletion shall apply only with respect to the operation of such provision and to the extent of such provision and, to
the extent that a provision of this Agreement would be deemed unenforceable by virtue of its scope, but may be made enforceable
by limitation thereon, each party agrees that this Agreement shall be reformed and amended so that the same shall be enforceable
to the fullest extent permissible under the laws and public policies applied in the jurisdiction in which enforcement is sought.

 

(d) Entire
Agreement. This Agreement contains the entire understanding and agreement of the parties, and supersedes any and all other
prior and/or contemporaneous understandings and agreements, either oral or in writing, between the parties hereto with respect
to the subject matter hereof, all of which are merged herein. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, oral or otherwise, have been made by either party, or anyone acting on behalf of either
party, which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement shall
be valid or binding.

 

(e) Amendments;
Waiver. This Agreement may be modified, amended or waived only by an instrument in writing signed by the Company and the Executive.
No waiver of any provision hereof shall be valid unless made in writing and signed by the party making the waiver. No waiver of
any provision of this Agreement shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver.

 

(f) Attorneys’
Fees. Should any party hereto institute any action or proceeding at law or in equity, or in connection with any arbitration,
to enforce any provision of this Agreement, including an action for declaratory relief, or for damages by reason of an alleged
breach of any provision of this Agreement, or otherwise in connection with this Agreement, or any provision hereof, the prevailing
party shall be entitled to recover from the losing party or parties reasonable attorneys’ fees and expenses for services
rendered to the prevailing party in such action or proceeding.

 

    	 	9	 

     

    

 

(g) Headings;
Counterparts. The headings contained in this Agreement are inserted for reference purposes only and shall not in any way affect
the meaning, construction or interpretation of this Agreement. This Agreement may be executed in two (2) counterparts, each of
which, when executed, shall be deemed to be an original, but both of which, when taken together, shall constitute one and the
same document.

 

(h) Further
Assurances. The Executive shall execute and/or cause to be delivered to the Company such instruments and other documents,
and shall take such other actions, as the Company may reasonably request at any time for the purpose of carrying out or evidencing
any of the provisions of this Agreement.

 

(i) Right
to Legal Representation. The Executive represents and warrants that the Executive has read this Agreement and the Executive
understands connection with the negotiation and execution of this Agreement and that the Executive has either retained and has
been represented by such legal counsel or has knowingly and voluntarily waived his right to such legal counsel and desires to
enter into this Agreement without the benefit of independent legal representation. The Executive acknowledges that Robinson &
Cole LLP is representing the Company in connection with this Agreement and that it is not representing the Executive in connection
with this Agreement.

 

(j) Affirmations
of the Executive. By the Executive’s signature below, the Executive represents to and agrees with the Company that the
Executive hereby accepts this Agreement subject to all of the terms and provisions hereof. The Executive has reviewed this Agreement
in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands
all of the provisions of this Agreement.

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, each of the Company and the Executive has executed this Agreement as of the date first above written.

 

	GROWGENERATION CORP. 	 	EXECUTIVE
	 	 	 	 	 	 	 
	By:	 	 	By:	 
	 	Name: 	Darren Lampert	 	 	Name:	Michael Salaman
	 	Title: 	Chief Executive Officer	 	 	Title:	President

 

 

11

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