Document:

Exhibit
10.2

 

		14300
                                         N. Northsight Blvd #208

Scottsdale,
AZ 85260

 

Binding
Letter of Intent

 

Between:

Zoned
Colorado Properties, LLC.

(“Buyer”)

 

And:

Parachute
Development Corporation

(“Seller”)

  

	RE:	Lot
    #7 N. Diamond Loop Rd
	 	Parachute,
    Colorado, 81635

 

WHEREAS,
it is the intent of the parties to enter into this binding Letter of Intent (this “LOI”), which outlines the essential
material terms for the execution of a Purchase Agreement for the purchase of Lot #7 N. Diamond Loop Rd, Parachute, Colorado, 81635.

 

	Premises:	Exhibit
    A – Property Site and Description.
	 	 
	Purchase
    Agreement:	Subject
    to the terms of this LOI, including the contingencies described below, Buyer and Seller shall execute a purchase agreement
    consistent with the terms of this LOI, no later than the date that is forty-five (45) business days after execution of LOI.
	 	 
	Purchase
    Price:	See
    Exhibit B – Terms
	 	 
	Close
    of Escrow:	Close
    of Escrow shall be 30 days or less after all contingencies are satisfied.
	 	 
	Earnest
    Funds:	Upon
    execution of the Purchase Agreement, Buyer to deliver earnest money in the amount of $10,000 to title company within 2 business
    days.
	 	 
	Closing
    Costs:	Buyer
    and Seller to pay their normal and customary closing costs.
	 	 
	Prorations:	Taxes,
    rents, and other income and expenses pertaining to the subject property shall be apportioned and prorated between Buyer and
    Seller as of Close of Escrow.
	 	 
	Due
    Diligence Period:	Upon
    execution of the Purchase Agreement, Buyer shall commence their Due Diligence period. The Due Diligence period shall expire
    45 days after execution of Purchase Agreement. During the Due Diligence period the parties shall cooperate in good faith to
    complete this due diligence. Seller shall provide all applicable Due Diligence items as indicated on Purchase Agreement.

 

    	 	1	 

     

    

 

		14300
                                         N. Northsight Blvd #208

Scottsdale,
AZ 85260

 

	Contingencies:	This
    LOI and the Purchase Agreement shall be contingent upon: (a) Buyer obtaining financing for the purchase and development of
    the Premises in such amount and on such terms and provisions as are acceptable to Buyer in its sole and absolute discretion
    from a lender approved by Buyer in its sole discretion, (b) Special Use Permit granted by Town of Parachute, (c) Protected
    Development Deal or equivalent agreement approved by Town of Parachute, (d) Buyer obtaining an executed LOI and subsequent
    Lease Agreement from prospective Tenant, and (e) Buyer’s prospective Tenant obtaining a license to cultivate for the
    location of the subject property.
	 	 
	 	Buyer
    and Seller agree to cooperate in full to work with Town of Parachute to obtain the Special Use Permit AND Protected Development
    Deal or equivalent agreement with the Town of Parachute.
	 	 
	 	Seller
    agrees to cooperate with Buyer’s prospective Tenant, as current property owner to facilitate Buyer’s prospective
    Tenant in completing application process and approval with MED prior to close of escrow.
	 	 
	Brokers:	Buyer
    and Seller represent and warrant to each other that property is currently listed by Del Dawson with ReMax Country. Any commissions
    owed in conjunction with the sale of the property shall be paid by Seller.
	 	 
	Agency:	Buyer
    and Seller agree that both parties shall be represented by ReMax Country with appropriate Agency disclosure to follow.
	 	 
	Counterparts:	This
    LOI may be executed in any number of counterparts, and all such counterparts shall constitute a single document.  
	 	 
	Expiration:	This
    LOI shall expire at 5PM, Arizona Time, on Friday, February 19th, 2016.

  

[Space
Intentionally Left Blank. Signatures on the Following Page.]

 

    	 	2	 

     

    

  

		14300
                                         N. Northsight Blvd #208

Scottsdale,
AZ 85260

 

IN
WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS LOI, 

  

	BUYER:	 
	 	 	 
	ZONED
                    COLORADO PROPERTIES, a Colorado limited liability company

	 	 	 
	By:	/s/
    Bryan McLaren	 
	Name: Bryan McLaren	 
	Its: Authorized Agent	 
	Date: Feb 17, 2016
                                            
    , 2016	 

  

	SELLER:	 
	 	 	 
	PARACHUTE DEVELOPMENT CORPORATION.	 
	 	 	 
	By:	/s/
    Hayden Rader	 
	Name: Hayden Rader	 
	Its: President	 
	Date: Feb 17, 2016                                         
    , 2016	 

 

    	 	3	 

     

    

 

		14300
                                         N. Northsight Blvd #208

Scottsdale,
AZ 85260

 

EXHIBIT
A: THE PREMISES

 

	PARCEL ID:	2409-123-02-007
	 

        LEGAL
        DESCRIPTION:
	Section:
                                         12 Township: 7 Range: 96

         

        Subdivision:

        PARACHUTE
        PARK P.U.D. Block: 3 Lot: 7

        AMENDED
        LOTS 1-3, 6-10, BLOCK 2 & LOTS

        1-18,
        BLOCK 3 REC #784960

 

 

  

    	 	4	 

     

    

 

		14300
                                         N. Northsight Blvd #208

Scottsdale,
AZ 85260

 

EXHIBIT
B: TERMS

  

	PURCHASE
    PRICE:	$499,857

         

	TERMS:

         
	Buyer
                                         to put down 55% of purchase price and Seller to finance 45% of purchase price at an interest
                                         rate of 6.5% amortized over a five (5) year period with a balloon payment at the end
                                         of year five (5). Payments will be made monthly. No pre-payment penalty will apply.

         

	OPTIONS:

         
	Seller
    to give Buyer first right of refusal for the option to purchase Lots 3, 4 and 5 in same development known as Parachute Park.

 

 

 

 

 

 

 

 

 

 

www.zonedproperties.com

877-360-8839

 

 

5EX-10.3

 Exhibit 10.3 

SECOND AMENDMENT TO 

UNITED CONTINENTAL HOLDINGS, INC. 

PROFIT SHARING PLAN 

WHEREAS, United Continental Holdings, Inc. (the “Company”) sponsors the United Continental Holdings, Inc. Profit Sharing Plan (as
amended and restated effective January 1, 2014, except as otherwise provided therein, and as previously amended by the First Amendment thereto) (the “Plan”); 

WHEREAS, Appendix B of the Plan sets forth the Factors to be used for each Participating Employee Group to determine Awards under Section
III.B.3 of the Plan; 
 WHEREAS, the First Amendment was previously adopted to amend the Factors to implement certain requirements of
collective bargaining agreements with certain of the Company’s union represented Participating Employee Groups; 
 WHEREAS, the Company
desires to amend the Plan to modify the Factors used for each of the non-union Participating Employee Groups (referred to collectively in the Plan as the “Management and Administrative Employee Group,” but in some cases separately listed
in Appendix B) to provide terms similar to those provided to certain of the union represented Participating Employee Groups; 
 WHEREAS,
Section V.A reserves to the Company the right to amend the Plan in its sole discretion; and 
 WHEREAS, the Board of Directors has approved
the following amendment; 
 NOW, THEREFORE, the Plan is hereby amended effective January 1, 2015, for the 2015 Plan year and thereafter
by changing the Non-Union portion of Appendix B to read as follows: 
  

													
	 Non-Union
	  	Union
Representation	  	Group Code	  	Factor for Base
Percentage A	 	  	Factor for Base
Percentage B	 
	 FQM (Flight Qualified Management)
	  	None	  	FMT	  	 	5	  	  	 	10	  
	 Chelsea Food Service
	  	None	  	FS	  	 	5	  	  	 	10	  
	 Management & Administrative
	  	None	  	SAL, MGT,
OFC,SIA, SLS	  	 	5	  	  	 	10	  
	 Test Pilots
	  	None	  	TPT	  	 	5	  	  	 	10	  

 *    *    *    *    * 

 IN WITNESS WHEREOF, the Company has caused this amendment to be executed on its behalf this 30th
day of December, 2015. 
  

	
	UNITED CONTINENTAL HOLDINGS, INC.
	
	 /s/ Michael P. Bonds

	Michael P. Bonds
	Executive Vice President,
	Human Resources and Labor Relations

  
 2EX-10.11

 Exhibit 10.11 

Officer Benefits 
 Officers of United
Continental Holdings, Inc. (“UCH”) and United Airlines, Inc. receive certain miscellaneous benefits in addition to those set forth in the applicable severance plan or employment agreement. The following is a summary of such benefits, which
have been approved by the Compensation Committee of UCH: 
 Executive Life Insurance. All officers receive company-paid basic life insurance in an
amount equal to one times their base salary (up to a $500,000 maximum) and group variable universal life insurance in an amount equal to three times their base salary (up to a $3,000,000 maximum). 

Annual Executive Physical. The company has made arrangements with certain providers to provide officers a company-paid annual comprehensive physical
examination. 
 Health Club Fees. Officers are eligible for reimbursement of certain limited health club membership fees (up to an annual limit of
$2,500). 
 Tax Preparation, Financial Services and Estate/Trust Planning. Officers are eligible for reimbursement for certain services provided by
their choice of a certified financial planner, estate planner or tax attorney/certified tax accountant. 
 Relocation Assistance. The company
maintains a relocation program to provide for a successful and smooth transition for officers who relocate in connection with joining the company. The program includes the following primary elements: temporary living assistance; reimbursement of
normal and customary closing costs associated with a home sale; movement of household goods; assistance with a new home purchase and closing costs; a miscellaneous allowance to cover house hunting, travel and other expenses; and protection for a
loss on sale of a home, if needed. In addition, officers are eligible for a tax-gross-up with respect to home sales and new home purchases resulting from such relocation. 

Parking. The company provides paid parking at the officers’ headquarters location, as well as ORD, IAH and SFO (if applicable). 

Community Support Travel Program. Officers are able to nominate one or more qualified organizations to receive a donation of up to four domestic coach
tickets (or two first class domestic tickets) each year.

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