Document:

bfi-ex102_7.htm

Exhibit 10.2

BURGERFI INTERNATIONAL, INC.

2020 OMNIBUS EQUITY INCENTIVE PLAN

UNRESTRICTED STOCK AGREEMENT

 

THIS AWARD AGREEMENT (“Unrestricted Stock Agreement” or “Award Agreement”) is made and entered into as of September 28, 2021 and is effective as of the Legal Grant Date (as defined below), by and between BurgerFi International, Inc., a Delaware corporation (the “Company”), and the Participant (the “Participant”) named below.  Any capitalized term used but not explicitly defined in this Award Agreement shall have the meaning ascribed to such term in the BurgerFi International, Inc. 2020 Omnibus Equity Incentive Plan (as amended from time to time, the “Plan”), which is attached hereto as Exhibit A, or the Separation and General Mutual Release Agreement, between the Company and the Participant (the “Separation Agreement”).

 

In consideration of the covenants herein set forth, the parties hereto agree as follows:

	
1.
	
Award Information.

	
 
	
a.
	
Legal Grant Date:October 5, 2021

	
 
	
b.
	
Participant Name:Ross Goldstein

	
 
	
c.
	
Number of Shares not subject to Restrictions Awarded:7,500

	
2.
	
Unrestricted Stock Award.  The Company hereby grants to the Participant the total number of Shares not subject to Restrictions (“Unrestricted Stock”) set forth above subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by this reference.  Provided that the Participant does not revoke the Separation Agreement, the Shares of Unrestricted Stock shall be delivered to the Participant within three business days following the end of the Revocation Period.     

	
3.
	
No Restrictions. The Shares of Unrestricted Stock are fully vested and are free from Restrictions (as such term is defined in the Plan).

	
4.
	
Withholding Taxes.  The Participant shall be required to pay to the Company any sums required by federal, state, or local tax law to be withheld with respect to the award of the Unrestricted Stock, as determined by the Company (the “Withholding Obligation”).  Payment of the Withholding Obligation may be made in cash (via cashier’s check or such other form acceptable to the Company), or such other method as the Committee may approve, and shall be delivered to the Company within twenty (20) days following the Legal Grant Date.  The Company shall have no obligation to issue the Shares of Unrestricted Stock otherwise deliverable until payment of the Withholding Obligation has been received.

	
5.
	
Representations. By signing this Award Agreement, the Participant agrees to execute, upon request, any further documents or instruments reasonably necessary to carry out the purposes or intent of this Award Agreement.  The Participant acknowledges and agrees that the Participant has reviewed this Award Agreement and the Plan in its entirety, had an opportunity to obtain the advice of counsel prior to executing and accepting this Award Agreement, and fully understands all provisions of this Award Agreement.  The Company represents that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including, without limitation, the 

		
applicable exemptive conditions of Rule 16b-3.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Unrestricted Stock is granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Award Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. The Participant hereby acknowledges receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  The Participant further agrees not to sell any Shares acquired pursuant to this Award Agreement at a time when the Participant is in possession of material non-public information, or applicable laws, regulations or the Company’s or any applicable underwriter’s trading policies prohibit such sale.

	
6.
	
Other Provisions.  

(a)Notices.  Any notice to be given under the terms of this Award Agreement to the Company shall be addressed to the Company at its principal executive offices in care of the Secretary of the Company, and any notice to be given to the Participant shall be addressed to the Participant at the most recent address for the Participant shown in the Company’s records.  By a notice given pursuant to this Section 6(b), either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

(b)Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.

(c)Governing Law; Severability.  This Award Agreement shall be administered, interpreted and enforced under the laws of the State of Florida, without regard to the conflicts of law principles thereof. Should any provision of this Award Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

(d)Conformity to Laws and Policies.  This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required and the Company may cancel this Award Agreement if it determines that such Unrestricted Stock awarded hereunder would not be in material compliance with such laws and regulations.   The Company represents that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. To the extent permitted by applicable law, the Plan and this Award Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

(e)Successors and Assigns.  The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.  

(f)Revocation.  If the Participant revokes the Separation Agreement during the Revocation Period, this Award Agreement will be null and void and the Company shall have no obligations under it.

2

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first stated above. 

 

		
	
BURGERFI INTERNATIONAL, INC.

 

 

By: _/s/ Julio Ramirez__________________

Name: _Julio Ramirez__________________

Title: ___Chief Executive Officer_________
	
PARTICIPANT

 

 

 

_/s/ Ross Goldstein_______________________

Ross Goldstein

 

 

 

[Signature Page to Unrestricted Stock Agreement]

 

 

EXHIBIT A
TO UNRESTRICTED STOCK AGREEMENT

 

BURGERFI INTERNATIONAL, INC.

2020 OMNIBUS equity incentive plAN​
AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of October 1, 2021 (“Effective Date”), is entered into by and between General Cannabis Corp, a Colorado corporation (the “Company”), and John Barker Dalton, an individual (“Employee”).
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WHEREAS, the Company and Employee entered into an employment agreement as of January 24, 2020 (the “Original Agreement”);
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WHEREAS, the parties wish to amend certain terms and conditions of the Original Agreement as set forth herein.
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NOW, THEREFORE, in consideration of the foregoing and the mutual promises, terms, provisions, and conditions set forth in this Amendment, the parties hereby agree as follows:
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		1.	Employment; Position and Duties. Effective as of the Effective Date, Employee’s employment with the Company shall continue, but with his new title as Founder, SevenFive Farms.  Employee’s employment with the Company is at will and not for any specified period and may be terminated by either Employee or the Company at any time, with or without cause.  Employee shall report directly to Jack Taylor, Senior Vice President of Operations.

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		2.	Compensation.  Employee’s compensation shall be $50 per hour, payable monthly.  Employee shall devote up to 40 hours each month to the Company.

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		3.	No Paid Time Off. During Employee’s employment with the Company, Employee shall not be entitled to paid vacation or paid holidays.

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		4.	Terms of Original Agreement.  All terms and conditions set forth in the Original Agreement and not otherwise amended pursuant to this Amendment shall remain in full force and effect in accordance therewith.

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		5.	Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of Colorado without giving effect to principles of conflicts or choice of laws thereof.

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		6.	Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first written above.
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GENERAL CANNABIS CORP
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By: __________________________
Adam Hershey
Interim CEO
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___________________________________
John Barker Dalton

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