SEC Contract Filing

Filing Date: 2017-12-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10_02.htm
<DESCRIPTION>FORM OF TIME-BASED OPTIONS AWARD
<TEXT>
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<TITLE>Exhibit 10.2</TITLE>
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<P style="margin:0px" align=right><B>Exhibit 10.2</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>GENERAL CANNABIS CORP. STOCK OPTION AWARD</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>NOTICE OF STOCK OPTION AWARD</U></B></P>
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<TR><TD style="margin-top:0px" valign=top width=222.533><P style="margin:0px">Grantee&#146;s Name and Address:</P>
</TD><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=300><P style="margin:0px"><FONT style="background-color:#FFFFFF">Michael Feinsod</FONT></P>
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<TR><TD style="margin-top:0px" valign=top width=222.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=222.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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<P style="margin:0px; text-indent:48px">As an incentive to Michael Feinsod (the &#147;Grantee&#148;) to continue his service to General Cannabis Corp., the Grantee has been granted an option to purchase shares of Common Stock, subject to the terms and conditions of this Notice of Stock Option Award (the &#147;Notice&#148;) and the Stock Option Award Agreement (the &#147;Option Agreement&#148;) attached hereto, as follows. &nbsp;Unless otherwise defined herein, the terms defined in the Option Agreement shall have the same defined meanings in this Notice.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=274.067 /><TD width=17.333 /><TD width=228 /></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Date of Award</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Vesting Commencement Date</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Exercise Price per Share</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px; padding-left:23.133px; text-indent:-23.133px">Total Number of Shares Subject to the Option (the &#147;Shares&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px">600,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Total Exercise Price</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px">$</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Type of Option:</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px">Non-Qualified Stock Option</P>
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<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Expiration Date:</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px">Tenth Anniversary of Date of Award</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=274.067><P style="margin:0px">Post-Termination Exercise Period:</P>
</TD><TD style="margin-top:0px" valign=top width=17.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=228><P style="margin:0px">Three (3) Months</P>
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<P style="margin:0px"><U>Vesting Schedule</U>:</P>
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<P style="margin:0px; text-indent:48px">Subject to the Grantee&#146;s Continuous Service and other limitations set forth in this Notice and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the following schedule:</P>
<P styl