SEC Contract Filing

Filing Date: 2023-12-21

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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 <title>Flora Growth Corp.: Exhibit 10.2 - Filed by newsfilecorp.com</title>
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 <p style="text-align: center;"><b>EXECUTIVE EMPLOYMENT AGREEMENT</b></p>
 <p style="text-indent: 36pt; text-align: justify;">This <b>EXECUTIVE EMPLOYMENT AGREEMENT</b> ("<b>Agreement</b>") is entered into this 15<sup>th</sup> day of December 2023 (the "<b>Effective Date</b>"), by Flora Growth Corp., a Toronto, Ontario corporation with a principal business address located at 365 Bay Street, Suite 800, Toronto, ON M5H 2V1 ("<b>Flora Growth</b>"), and Dany Vaiman ("<b>Executive</b>"). Executive and Flora Growth are referred to as "Parties" or "Party" herein.</p>
 <p style="text-indent: 36pt; text-align: justify;"><b>WHEREAS</b>, Flora Growth is publicly traded on the NASDAQ Capital Market and desires to employ Executive as its Chief Financial Officer; and</p>
 <p style="text-indent: 36pt; text-align: justify;"><b>WHEREAS</b>, Executive wishes to be promoted to Flora Growth's Chief Financial Officer on the Effective Date as set forth herein.&#160;</p>
 <p style="text-indent: 36pt; text-align: justify;"><b>NOW, THEREFORE</b>, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties agree as follows:</p>
 <p style="text-align: justify;">1.<font style="width: 28.5pt; display: inline-block;">&#160;</font><u>Term</u></p>
 <p style="text-indent: 36pt; text-align: justify;">Flora Growth shall employ Executive, and Executive shall be employed by Flora Growth, upon the terms and conditions set forth in this Agreement. Unless terminated earlier pursuant to Section 5 below, Executive's employment pursuant to this Agreement shall be for a period of indefinite duration commencing on the Effective Date (the "<u>Term</u>"). The period of Executive's employment with Flora Growth will be from the Executive's original hire date of December 23, 2022, and shall be the "<u>Employment Period</u>."</p>
 <p style="text-align: justify;">2.<font style="width: 28.5pt; display: inline-block;">&#160;</font><u>Title; Duties</u></p>
 <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Commencing on the Effective Date, Executive shall be employed as Chief Financial Officer.&#160; Executive shall report to the Chief Executive Officer ("<u>CEO</u>") of Flora Growth, who shall have the final and exclusive authority to direct, control and supervise the activities of Executive. Executive shall perform such services consistent with his position as may be assigned to him from time to time by the CEO. Executive is employed in a fiduciary relationship with Flora Growth. In addition to the foregoing, Executive shall perform duties consistent with his appointment from time to time to any other executive positions with Flora Growth or any of Flora Growth's related or affiliated entities including (collectively, the "<b>Flora Affiliates</b>"). For the avoidance of doubt, Executive may be appointed, removed, and reappointed to or from executive and directorship positions of any Flora Affiliate and any such action, other than a removal of Executive as an executive of Flora Growth shall not constitute a termination of Executive under this Agreement.</p>
 <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Executive shall carry out his duties set forth in this Agreement at his home office in the Greater Toronto Area or remotely; <u>provided, however</u>, that Executive's duties require extensive and extended travel, which the parties expect, may involve travel approximately twenty percent (20%) of the time with fluctuations based upon business exigencies.&#160;</p>
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 <p style="text-align: justify;">3.<font style="width: 28.5pt; display: inline-block;">&#160;</font><u>Extent of Services</u></p>
 <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>General</u>. Except as provided herein, Executive shall devote a substantial majority of his business time, attention, skill, and effort to the performance of his duties under this Agreement. Executive may, to the extent such activities do not impair the performance of his duties to Flora Growth or the Flora Affiliates: (i) engage in personal investments and charitable, professional, and civic activities; (ii) serve on boards of directors (or other governing bodies) of non-competitive corporations (or other entities) other than Flora Growth and the Flora Affiliates; and (iii) engage in such additional activities and serve on such additional boards of directors (or other governing bodies) as the CEO shall approve (collectively, "Outside Activities"); <u>provided, however</u>, that Executive shall promptly cease any Outside Activity if directed to do so by the CEO or the board of directors of Flora Growth (the "<b>Flora Growth Board</b>") in its sole and absolute discretion. Executive shall perform his duties to the best of his ability, shall adhere to Flora Growth's published policies and procedures, and shall use his best efforts to promote the interests, reputation, business, and welfare of both Flora Growth and Flora Affiliates.</p>
 <p style="text-align: justify;">4.<font style="width: 28.5pt; display: inline-block;">&#160;</font><u>Compensation and Benefits</u></p>
 <p style="text-indent: 36pt; text-align: justify;">(a)<f