Document:

Exhibit 10.1

 

THIS COMPENSATION AGREEMENT ("Agreement") is made and entered into as of March 13, 2015 ("Effective Date") between Indoor Harvest Corp (the "Company") and John Choo (the "Director").

1. Background. The Company's Board of Directors has elected the Director to a vacancy on such Board of Directors to perform the services of a director as set forth in applicable Company documents including but not limited to the Articles of Incorporation and Bylaws, as well as the Texas law governing Directors (the "Services"). In furtherance thereof, the Company and the Director desire to enter into this Agreement.

2. Term. This Agreement shall commence on the Effective Date and remain in effect until the termination of this Agreement in accordance with the termination provisions of this Agreement.

3. Compensation.

    A. Expenses. The Company will reimburse the Director for reasonable travel and other incidental expenses incurred by the Director in performing his services and attending meetings as approved in advance by the Company.

    B. Stock Options. The Company shall award to the Director 166,560 shares of Common Stock pursuant to the Company's 2015 Stock Incentive. The table below sets forth the award date, amount and vesting date.

	
Date of Award

		
Number of Shares

		
Date of Vesting

	
March 13, 2015

		
20,820

		
May 31, 2015

	
June 1, 2015

		
20,820

		
August 31, 2015

	
September 1, 2015

		
20,820

		
November 30, 2015

	
December 1, 2015

		
20,820

		
February 29, 2016

	
March 1, 2016

		
20,820

		
May 31, 2016

	
June 1, 2016

		
20,820

		
August 31, 2016

	
September 1, 2016

		
20,820

		
November 30, 2016

	
December 1, 2016

		
20,820

		
March 13, 2017

	
Total

		
166,560

		 

If the Director is a Director both at the Date of Award and Date of Vesting, the shares for each award in the Table above shall be fully vested, a certificate representing the shares shall be issued and shall be non-forfeitable. If the Director is not a Director at the Date of Award, the shares for each award in the Table above shall not be awarded.  If the Director is a Director at the Date of Award and not at the Date of Vesting, the shares for each such award in the Table above shall be forfeited and a certificate representing the shares shall not be issued.

4. Company's Proprietary Rights and Non-Disclosure of Confidential Information

    A. Obligation. The Director will hold the Company's Confidential Information, as defined below, in the strictest confidence and will not disclose or use the Confidential Information except as permitted by this Agreement in connection with the Services, unless expressly authorized to act otherwise in writing by an officer of the Company or as otherwise required by law or valid and binding judicial order. The Director's obligations under this Section shall survive any termination of this Agreement. In addition, the Director recognizes that he will be exposed to, have access to and be engaged in the development of information (including tangible and intangible manifestations) regarding the patents, copyrights, trademarks, and Confidential Information of the Company. The Director acknowledges and agrees that all this information, whether presently existing or developed in the future, which is not the subject of a patent, patent application, copyright, trademark or trade secret either owned by the Director or in the public domain prior to the Effective Date, is the sole property of the Company and its assigns.

  

    B. Confidential Information. "Confidential Information" means trade secrets, confidential information, data or any other proprietary information of the Company. By way of illustration, but not limitation, "Confidential Information" includes (a) information relating to the Company's technology, including inventions, ideas, processes, formulas, data, know-how, experimental results and techniques; and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers and the skills and compensation of the Company's employees. However, "Confidential Information" does not include information that is (as demonstrated by  written evidence):

            1. already known to the Director at the time of the disclosure;

            2. publicly available or becomes publicly available through no breach of the Director or any party under the Director's dominion and control;

            3. independently developed by the Director; or

            4. rightfully first received by the Director from a third party other than the Company.

    C. No Conflicting Obligations. The Director represents and warrants that the Director's performance of this Agreement and his service as a director of the Company do not and will not breach or conflict with any agreement to which the Director is or becomes a party.

    D. Third-Party Confidential Information. The Director understands that the Company has received and in the future will receive from third parties information that is confidential or proprietary ("Third-Party Information") subject to a duty on the part of the Company to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of this Agreement and thereafter, the Director will hold Third-Party Information in the strictest confidence and will not disclose or use Third-Party Information except as permitted by the agreement between the Company and such third party, unless expressly authorized to act otherwise by an officer of the Company in writing (other than an officer who is also a principal of the Director).

5. Termination. This Agreement shall terminate automatically on the date that the Director   ceases to be a director of the Company.

 

6. No Employment Relationship. The Director is not as an employee of the Company. In addition, the Director is providing the services under this Agreement solely at his own direction and under his own supervision. Nothing herein shall be construed as creating an employer/employee relationship between the Company and the Director or placing the parties in a partnership or joint venture relationship. The Director will not be eligible for any employee benefits, cash bonuses or other commissions except for services as a Director as set forth in this Agreement. The Director will solely maintain the obligation to pay any and all taxes connected with any compensation paid hereunder. The Director agrees and understands that the Company does not currently have, or provide Directors and Officers with insurance, medical, or liability.

  

7. General.

    A. Notices. Any notice required or permitted to be given to one party by the other party pursuant to this Agreement shall be in writing and shall be sent by facsimile-mail or personally delivered or sent by United States mail, certified or registered, return receipt requested, first class postage and charges prepaid, addressed to the parties as set forth below, or at such other address as shall be designated in writing as specified above by either party. Notices sent by facsimile or delivered in person shall be effective on the date of delivery. Notices sent by United States mail shall be effective on the third business day following its posting.

              The Director:    John Choo

                                         4 Nanaimo Drive

                                         Ottawa, Ontario, Canada K2H 6X5

              The Company: Chad Sykes, CEO

                                         Indoor Harvest Corp

                                         5300 East Freeway Suite A

                                         Houston, TX 77020

    B. Assignment of Rights and Delegation of Duties. All rights and duties of the Company under this Agreement shall extend to its successors and assigns.

    C. Severable Provisions. The provisions of this Agreement are severable and if anyone or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially enforceable provision to the extent enforceable, shall nevertheless be binding and enforceable.

    D. Waiver. The waiver by one party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any previous or subsequent breach of the same or any other provision by the other party.

    E. Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, and may not be changed orally, but only by an agreement in writing signed by the party against whom the enforcement of any waiver, change, modification, extension or discharge is sought.

    F. Governing Law. This Agreement is governed in accordance with the laws (other than choice-of-laws principles) of the State of Texas.

  

    G. Miscellaneous. The terms of this Agreement are confidential and no press release or other written or oral disclosure of any nature regarding the terms of this Agreement shall be made by either party without the other party's prior written approval; however, approval for such disclosure shall be deemed given to the extent such disclosure is required to comply with governmental rules or a valid court order.

    H. Counterparts. This Agreement or any subsequent amendment or modification hereto may be executed by facsimile and/or in one or more counterparts, each of which when so executed and delivered shall be deemed an original, but all of which taken together shall constitute but one and the same original. Each party shall accept any such signed faxed counterpart as full execution of this Agreement or any subsequent amendment or modification thereto.

    I. Pronouns. The pronouns used herein shall include, where appropriate, either gender or both, singular and plural.

    J. Authority. The person(s) executing this Agreement hereby represent and warrant that each respectively has the authority to execute this Agreement on behalf of the party for which he is executing.

    K. Descriptive Headings. The descriptive headings used herein are for convenience of reference only and they are not intended to have any effect whatsoever in determining the rights or obligations of the parties hereto.

 

 

 

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

/s/ John Choo__________________               /s/ Chad Sykes___________________

Director's Signature Block                                    Company Signature Blockex10-17.htm

 

 

Exhibit 10.17

INCENTIVE STOCK OPTION

	
NAME:

	  	 
	  	 
	
ADDRESS:

	  	 
	  	 
	
DATE:

	  	 
	  	 

 

You are hereby granted an option, effective as of the date hereof (the “Grant Date”), to purchase, _____ shares of Common Stock (par value $.01 per share) of Republic First Bancorp, Inc. (the “Company”) at a price of _____ per share pursuant to the 2014 Equity Incentive Plan of Republic First Bancorp, Inc. (the “Plan”) adopted by the Company’s Board of Directors effective April 29, 2014.  Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan.

 

Your option price is intended to be equal to the fair market value of the Company’s Common Stock on the Grant Date as determined pursuant to the Plan.

 

The option granted hereby shall vest in full on ________________. However, if you have been continuously employed by the Company for at least four years prior to the Grant Date, this option shall vest 25% each year commencing on the first anniversary of the Grant Date until vested in full. If a Change of Control shall occur, the option granted hereby shall vest in full upon the occurrence of such Change of Control.

 

You may exercise your option by giving written notice to the Secretary of the Company on forms supplied by the Company at its principal executive office, accompanied by payment of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the following forms: (1) cash; (2) certificates representing Common Stock of the Company having a fair market value (as defined in the Plan) on the date of exercise equal to the option price with the delivery of such certificates to the Company or as may otherwise made available, accompanied by an assignment of the stock to the Company, or (3) any combinations of cash and Common Stock of the Company valued as provided in clause (2).  Any assignment of stock shall be in a form and substance satisfactory to the Secretary of the Company, including guarantees of signature(s) and payment of all transfer taxes if deemed such guarantees necessary or desirable. You may also exercise your option through a cashless exercise transaction as permitted by the Company’s policies and procedures.

 

Your option will expire in all events on its “Expiration Date” (which is the day prior to the tenth (10th) anniversary of the Grant Date, or, the day prior to the fifth (5th) anniversary of the Grant Date if, as of the Grant Date, you own stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its parent or subsidiary corporations).  Furthermore, your option may expire prior to its Expiration Date in the event your employment with the Company or a Company subsidiary corporation terminates (including by death or disability) as follows:

 

 

	
  

	
·

	
In the event your employment is terminated by the Company (other than for Cause, death or disability), your option will, to the extent not previously exercised by you, terminate on the first to occur of its Expiration Date or three months after the date on which your employment by the Company or a Company subsidiary corporation is terminated;

 

 

 

 

  

  

  

 

 

	
  

	
·

	
In the event your employment terminates by reason of disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code") or death, your option will terminate on the first to occur of its Expiration Date or one year after such termination of employment; and

 

	
  

	
·

	
In the event your employment is terminated by the Company for Cause or you voluntarily terminate employment, your option will, to the extent not previously exercised by you, terminate on the date on which your employment by the Company or a Company subsidiary corporation is terminated.

 

After the date your employment is terminated, you may exercise this option, if applicable, only for the number of shares which you had a right to purchase on the date your employment terminated.  If you are employed by a Company subsidiary corporation, your employment shall be deemed to have terminated on the date your employer ceases to be a Company subsidiary corporation, unless you are on that date transferred to the Company or another Company subsidiary corporation.  Your employment shall not be deemed to have terminated if you are transferred from the Company to a Company subsidiary corporation, or vice versa, or from one Company subsidiary corporation to another Company subsidiary corporation.

 

This option is not transferable by you otherwise than by will or the laws of decent and distribution and is exercisable, during your lifetime, only by you.  If you die while employed by the Company or a Company subsidiary, your legatee(s), distributee(s), executor or administrator, as the case may be, may, at any time within one year after the date of your death (but in no event later than ten years after the Grant Date) exercise the option as to any shares which you had a right to purchase and did not purchase during your lifetime.  If your employment by the Company or a Company subsidiary corporation is terminated by reason of your becoming disabled (within the meaning of Section 22(e)(3) of the Code and the regulations thereunder), you or your legal guardian or custodian may at any time within one year after the date of such termination (but in no event later than ten years after the Grant Date), exercise the option as to any shares, which you have a right to purchase and did not purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of this authority satisfactory to the Company prior to being allowed to exercise this option.

 

Until the option price has been paid in full pursuant to due exercise of this option and the purchases shares are delivered to you, you do not have any rights as a stockholder of the Company.  The Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time in which the Company deems, in its sole discretion, but such delivery would violate a federal, state, local or securities exchange rule, regulation or law.

 

Notwithstanding anything to the contrary contained herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(1)           Until the Plan pursuant to which this option is granted is approved by the stockholders of the Company is manner prescribed by the Code and the regulations thereunder;

 

 

 

 

  

2

  

 

 

(2)           Until this option and the optioned shares are approved and/or registered with such federal, state or local regulatory bodies or agencies and securities exchanges as the Company may deem necessary or desirable;

 

(3)           During any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder, or the sale hereof, may violate a federal, state, local or securities exchange rule, regulation or law, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled to issue or sell.

 

It is the intention of the Company and you that this option shall (if possible) be an “Incentive Stock Option” as that term is used in Section 422 of the Code and the regulations thereunder.  In the event this option is in any way inconsistent with the legal requirements of the Code or the regulations thereunder for an “Incentive Stock Option,” this option shall be deemed automatically amended as of the date hereof to conform to such legal requirements, if such conformity may be achieved by amendment and shall, in any other case, be treated as a Nonqualified Stock Option to the extent it does not qualify as an Incentive Stock Option.

 

In the event you engage in a Harmful Activity (as defined in the Plan) while employed by the Company or a subsidiary or during the period of 12 months following termination of employment, you shall also be subject to the forfeiture and repayment provisions described in Section 18 of the Plan.

This option shall be subject to the terms of the Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  In the event of any conflict between the terms of this option and terms of the Plan in effect on the date of this option, the terms of the Plan shall govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, modification or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed by an appropriate officer of the Company.  This option and the performance of the parties hereunder shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

Please sign the copy of this option and return it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

 

	 	

REPUBLIC FIRST BANCORP, INC.

	 	 
	 	 
	

I hereby acknowledge receipt of a copy of the Plan and the foregoing agreement and, having understood the terms and provisions thereof, hereby signify my understanding of, and my agreement with, its terms and conditions.

	 	 
	 	 
	                                                                            	                                                                           
	Signature	Date
	 	 
	 	 

 

 

 

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]