OTHER INFORMATION
−Removed: For the purpose of specifying certain annual bonus performance targets contemplated by the employment agreements previously entered into with its executive officers, effective as of April 22, 2024, the Company entered into a Long-Term Incentive Agreement ("LTI Agreement") with each executive officer.
−Removed: The LTI Agreements establish a cash bonus program based on the sale or license of the Company's proprietary brand products each year during the three-year period beginning January 1, 2024 and ending December 31, 2026.
−Removed: The amount payable, if any, is determined based on the growth in revenues derived from proprietary brand products relative to total revenues in the Cultivation and Gardening segment.
−Removed: The minimum cash bonus is earned if the percentage of proprietary brand sales as a portion of total sales in a given year increases by 300 basis points, and the maximum cash bonus is earned if the percentage of proprietary brand sales as a portion of total sales in a given year increases by 600 basis points or more.
−Removed: If earned, the amount payable vests in three equal installments, with one-third vesting as of the end of the applicable year and an additional one-third vesting as of the end of each of the next two years, subject to continued employment with the Company, and subject to acceleration in certain circumstances such as retirement.
−Removed: Copies of each LTI Agreement are attached to this Quarterly Report on Form 10-Q as Exhibits 10.1, 10.2 and 10.3.
The following exhibits are included and filed with this report.
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(Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 as filed on November 9, 2015)
−Removed: 10.1 Form of L ong- T erm I ncentive A greement dated April 22, 2024 between GrowGeneration Corp and Darren Lampert
−Removed: 10.2 Form of L ong- T erm I ncentive A greement dated April 22, 2024 between GrowGeneration Corp and Michael Salaman
−Removed: 10.3 Form of L ong- T erm I ncentive A greement dated April 22, 2024 between GrowGeneration Corp and Gregory Sanders
+Added: 10.1 Employment Agreement dated September 30, 2024, between GrowGeneration Corp.
+Added: and Darren Lampert (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed on September 30, 2024)
+Added: 10.2 Employment Agreement dated September 30, 2024, between GrowGeneration Corp.
+Added: and Michael Salaman (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K as filed on September 30, 2024)
31.1 Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer
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* Furnished and not filed.
−Removed: Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on August 8, 2024.
+Added: Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on November 12, 2024.
GrowGeneration Corp.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.