Company: SOBR
Filing Date: 2025-05-13
Form Type: 8-K
Source: 0001477932-25-003641
Chunk: 3

Company: SOBR Safe, Inc.
Filing Date: 2025-05-13
Form: 8-K
Item: Item 5.02
Chunk 3
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 employment agreement to continue to serve as the Company’s Chief Financial Officer, effective March 1, 2025 for a one-year term, subject to automatic renewal of successive one-year periods (the “ Employment Agreement”). Pursuant to the Employment Agreement, Mr. Whitaker will receive a base salary of $255,000 for the first calendar year of the term, which may be adjusted as recommended by the Company’s Chief Executive Officer and the Compensation Committee of the Board of Directors of the Company (the “ Compensation Committee”). In addition, Mr. Whitaker is entitled to participate in the Company’s annual bonus plan and may receive no less than 25% of his base salary for the calendar year, subject to the target goals and criteria set by the CEO and approved by the Compensation Committee and Board. Such percentage may be increased above 25% with the approval of the Compensation Committee, the Board, and CEO. Mr. Whitaker is eligible to participate in the Company’s 2019 Equity Incentive Plan, insurance, health, retirement, and other benefit plans. Upon a change of control of the Company as defined in the Employment Agreement, all equity grants held by Mr. Whitaker will vest and be exercisable in accordance with their terms and conditions.

During his employment and for a period of one year thereafter, Mr. Whitaker is prohibited from competing with the Company within its geographic area and, for one year following the last day of his employment, from soliciting the Company’s customers and the Company’s employees for a competing business.

The Employment Agreement includes a “clawback” provision in which Mr. Whitaker agrees that the Company can recoup any compensation or benefits provided to her that are required by applicable law to be subject to recovery or recoupment.

Further, the Employment Agreement contains certain rights of Mr. Whitaker and the Company to terminate Mr. Whitaker’s employment, including a termination by the Company for “ Cause” as defined in the Employment Agreement. The Employment Agreement also specifies certain compensation due following termination of employment, including severance payments to Mr. Whitaker if he is terminated “without Cause” as set forth in the Employment Agreement, in which case he is entitled, following termination, to 12 months of his current base salary, all accrued but unused vacation and sick time, all earned but unpaid salary and bonuses, and acceleration of any unvested equity awards which shall automatically vest upon termination, and reimbursement for health insurance premiums for six months.

The foregoing summary of the terms and conditions of the Employment Agreement