SEC Contract Filing

Filing Date: 2024-06-24

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_691378.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This Confidential Separation Agreement and General Release (the &#8220;<u>Agreement</u>&#8221;) is made, as of the Effective Date (as defined herein), by and between <b>DAVID NORTH </b>and <b>BYRNA TECHNOLOGIES, INC. </b>(the &#8220;<u>Company</u>&#8221;). For the purpose of this Agreement, your final date of employment with the Company shall be July 15, 2024 (the &#8220;<u>Separation Date</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Parties</u>. The parties to this Agreement are you (&#8220;<u>Employee</u>&#8221; or &#8220;<u>you</u>&#8221;) for yourself, your family and anyone acting for you, and the Company.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Earned Compensation; Business Expenses</u>. As of the Separation Date, you will receive a payment representing your final pay for all earned but unpaid wages earned through and including the Separation Date. All payments are subject to applicable withholdings and deductions. You will also be reimbursed for any authorized reasonable business expenses that you may have incurred, provided that you submit an expense report, and supporting documentation in accordance with the Company&#8217;s policies and practices, on, or immediately after, the Separation Date. You receive the earned compensation and reimbursement of business expenses even if you do not sign this Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation Benefits</u>. Provided that Employee: (a) executes this Agreement within twenty-one (21) days; (b) effectuates and does not revoke this Agreement within seven (7) calendar days of executing this Agreement (the &#8220;<u>Revocation Period</u>&#8221;), (c) agrees and enters into a Consulting Agreement with the Company (the &#8220;<u>Consulting Period</u>&#8221;); and (d) complies with this Agreement at all times, then Employee shall be entitled to the amounts below, less all required or authorized taxes, withholdings, and deductions. The Company shall:</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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 <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">subject to the effectiveness of this Agreement, and pursuant to the Company&#8217;s 2020 Equity Incentive Plan (the &#8220;<u>Plan</u>&#8221;), extend the exercise rights on all of your outstanding vested options granted to you pursuant to the Incentive Stock Option Award Agreements with grant dates of March 23, 2022 and December 8, 2022, respectively, for a period of twelve (12) months following the date when you cease to serve as either an employee or consultant of the Company;</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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 <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">subject to the effectiveness of this Agreement, and pursuant to the Plan, amend the terms of the incentive stock options granted to you pursuant to that Incentive Stock Option Agreement with a grant date of March 23, 2022 (the &#8220;<u>Rolldown Options</u>&#8221;) such that the Rolldown Options shall continu