SEC Contract Filing

Filing Date: 2021-04-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>ex_239493.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
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<p style="margin-bottom: 0; text-align: right; margin-top: 0; font-family: &quot;Times New Roman&quot;; font-size: 10pt"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.8</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;"><u><b>CEN BIOTECH, INC.</b><br>
<b>2021 EQUITY</b>&nbsp;<b>COMPENSATION</b>&nbsp;<b>PLAN</b><br>
<br>
<b>RESTRICTED</b>&nbsp;<b>STOCK</b>&nbsp;<b>AGREEMENT</b></u></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;">AGREEMENT, dated as of&nbsp;April 2, 2021, between CEN Biotech, Inc. (the &#8220;<u>Company</u>&#8221;), and Brian Payne (the &#8220;<u>Participant</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>W I T N E S S E T H:</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;">WHEREAS,&nbsp;as of April 2, 2021, the Company adopted the CEN Biotech, Inc. 2021 Equity Compensation Plan (the &#8220;<u>Plan</u>&#8221;), which Plan authorizes, among other things, the grant of restricted shares of the Company&#8217;s common stock (&#8220;<u>Common Stock</u>&#8221;), to directors, officers and employees of the Company and to other individuals; and</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;">WHEREAS, the&nbsp;Company&#8217;s Board or the Compensation Committee, as applicable, as administrator of the Plan, has determined that it would be in the best interests of the Company to grant the shares of Restricted Stock documented herein.</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;">NOW, THEREFORE, the parties hereto hereby agree as follows:</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:40pt;">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. Capitalized terms not defined in this Agreement shall have the meaning ascribed to such terms in the Plan.</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:40pt;">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of</u>&nbsp;<u>Restricted Shares</u>. Subject to the terms and conditions of the Plan and as set forth herein, the Company hereby grants to the Participant, as of date hereof, 1,435,000 shares of Restricted Stock (the &#8220;<u>Restricted Stock</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;text-indent:40pt;">3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting</u>. Subject to such further limitations as are provided herein, the Restricted Stock shall vest as follows; (1) immediate vesting of 1,435,000 shares on the Grant Date (the &#8220;<u>Initial Vesting Date</u>&#8221;); and (2) the balance of _0_ shares shall vest over a three (3) year period with one-thirty-sixth (1/36<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup>) or __0_ of the number of shares vesting on the one (1) month anniversary of the Grant Date and an additional one-thirty-sixth (1/36<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup>) or __0__ of the number of shares vesting at the end of each one (1) month anniversary thereafter (each a &#8220;<u>Vesting Date</u>&#8221;), provided that you continue to be an employee of the Company in good standing, as of the applicable Vesting Date, such that one hundred percent (100%) of the shares of the Restricted Stock will have vested on the third (3rd) anniversary of the Grant Date. Notwithstanding the foregoing, the Restricted Shares shall become immediately vested upon a Change of Control.</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:40pt;">4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of</u>&nbsp;<u>Employment</u>.</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:40pt;">(a) Except as may otherwise be provided in any employment agreement between the Company and the Parti