SEC Contract Filing

Filing Date: 2015-07-16

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10_1.htm
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<TITLE>Exhibit</TITLE>
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<P style="line-height:12pt; margin:0px" align=right><B>Exhibit 10.1</B></P>
<P style="line-height:12pt; margin:0px" align=center><B>GENERAL CANNABIS CORP</B></P>
<P style="line-height:12pt; margin:0px" align=center><B>EMPLOYEE NONSTATUTORY STOCK OPTION AGREEMENT</B></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=720 /></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=720><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=720><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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<P style="line-height:12pt; margin:0px; text-indent:48px; font-family:Times New Roman Bold,Times New Roman" align=justify><B>THIS EMPLOYEE NONSTATUTORY STOCK OPTION AGREEMENT</B><FONT style="font-family:Times New Roman; font-size:6pt"><B> </B></FONT><FONT style="font-family:Times New Roman">(&#147;</FONT><FONT style="font-family:Times New Roman"><B>Agreement</B></FONT><FONT style="font-family:Times New Roman">&#148;) is made and entered into as of the date set forth below, by and between General Cannabis Corp, a Colorado corporation (the &#147;</FONT><FONT style="font-family:Times New Roman"><B>Company</B></FONT><FONT style="font-family:Times New Roman">&#148;), and the following member of the Company&#146;s Board of Directors (&#147;</FONT><FONT style="font-family:Times New Roman"><B>Optionee</B></FONT><FONT style="font-family:Times New Roman">&#148;):</FONT></P>
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<P style="line-height:12pt; margin:0px; text-indent:48px" align=justify>In consideration of the covenants herein set forth, the parties hereto agree as follows:</P>
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<P style="line-height:12pt; margin:0px; text-indent:48px" align=justify>1.&nbsp;&nbsp;<U>Option Information.</U></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=48 /><TD width=48 /><TD width=127.2 /><TD width=120.467 /></TR>
<TR><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=48><P style="line-height:12pt; margin:0px" align=justify>(a)</P>
</TD><TD style="margin-top:0px" valign=top width=127.2><P style="line-height:12pt; margin:0px" align=justify>Date of Option:</P>
</TD><TD style="margin-top:0px" valign=top width=120.467><P style="line-height:12pt; margin:0px" align=justify>June 26, 2015</P>
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<TR><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=48><P style="line-height:12pt; margin:0px" align=justify>(b)</P>
</TD><TD style="margin-top:0px" valign=top width=127.2><P style="line-height:12pt; margin:0px" align=justify>Optionee:</P>
</TD><TD style="margin-top:0px" valign=top width=120.467><P style="line-height:12pt; margin:0px" align=justify>Peter Boockvar</P>
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<TR><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=48><P style="line-height:12pt; margin:0px" align=justify>(c)</P>
</TD><TD style="margin-top:0px" valign=top width=127.2><P style="line-height:12pt; margin:0px" align=justify>Number of Shares:</P>
</TD><TD style="margin-top:0px" valign=top width=120.467><P style="line-height:12pt; margin:0px" align=justify>150,000</P>
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<TR><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=48><P style="line-height:12pt; margin:0px" align=justify>(d)</P>
</TD><TD style="margin-top:0px" valign=top width=127.2><P style="line-height:12pt; margin:0px" align=justify>Exercise Price:</P>
</TD><TD style="margin-top:0px" valign=top width=120.467><P style="line-height:12pt; margin:0px" align=justify>$2.15</P>
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<P style="line-height:12pt; margin:0px" align=justify><BR></P>
<P style="line-height:12pt; margin:0px; text-indent:48px" align=justify>2.&nbsp;&nbsp;<U>Acknowledgements.</U></P>
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<P style="line-height:12pt; margin:0px; padding-left:48px; text-indent:48px" align=justify>(a) Optionee is a member of the Company&#146;s Board of Directors (the &#147;<B>Board</B>&#148; which term shall include an authorized committee of the Board of Directors, as applicable).</P>
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<P style="line-height:12pt; margin:0px; padding-left:48px; text-indent:48px" align=justify>(b) The Board and shareholders of the Company have heretofore adopted a 2014 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;), pursuant to which this Option is being granted; and</P>
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<P style="line-height:12pt; margin:0px; padding-left:48px; text-indent:48px" align=justify>(c) The Board has authorized the granting to Optionee of a nonstatutory stock option (&#147;<B>Option</B>&#148;) to purchase shares of common stock of the Company (&#147;<B>Stock</B>&#148;) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;) provided by Rule 701 thereunder.</P>
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<P style="line-height:12pt; margi