ex_411630.htm


Exhibit 10.1


 





April 19, 2022


 


 


Greg Tatem


greg@gregtatem.com


 


Dear Greg,


 


Congratulations! HyreCar Inc. (“HyreCar” or the “Company”) is pleased to present to you a conditional offer of employment as Chief Technology Officer starting May 23, 2022, if you accept our employment offer and satisfy all conditions outlined below.


 


You will be a part of the Technology Department reporting directly to the Chief Executive Officer (“CEO”). HyreCar’s general expectations and requirements for your position are outlined in the attached Job Description, however, your specific job duties may change at the discretion of the CEO. The terms and conditions of your employment will be governed by this letter, and established HyreCar policies and procedures, including those contained in HyreCar’s Employee Handbook. On the date of hire, you will be asked to review and comply with established HyreCar policies and procedures.


 


COMPENSATION AND HOURS.


 


Apartment & Travel Expense: In consideration of the travel and housing expense associated with acceptance of this offer, the Company will lease and reimburse for an apartment in downtown Los Angeles and weekly flights from the Bay Area to Los Angeles.


 


Base Salary: For all services rendered by you to the Company, the Company will pay you an annual base salary of Three Hundred Fifty Thousand Dollars ($350,000.00) (“Base Salary”), which will accrue and be payable in arrears in accordance with the Company’s general payroll practices and shall be subject to bi-annual review by the Board of Directors (the “Board”) and adjusted in the discretion of the Board based upon the Company’s performance and/or marketplace rates.


 


Equity Grant: In connection with entering into this offer letter, following the commencement of your employment with the Company, the Company will recommend to the Board of Directors that it grant you restricted stock units of 150,000 shares of the Company’s common stock (the “RSUs”), provided that you are employed by the Company on the date of grant. The RSU will be subject to the terms and conditions of the Company’s 2021 Equity Incentive Plan (the “Plan”) and a restricted stock unit agreement to be entered into between you and the Company and shall vest as follows: 25% of the RSUs shall vest on the twelve month anniversary of your Start Date, then the remaining RSUs shall vest in twelve (12) equal quarterly installments.


 


Annual Bonus: While you are employed, you will be eligible to receive a fiscal year-end bonus (the “Bonus”), less applicable taxes and withholding, as set forth on Exhibit A hereto. The Board will, in its good faith discretion, establish the performance goals for the annual Bonus. The Bonus shall be paid to you within thirty (30) days following the final determination by the Board of the amount thereof based upon the audited financial statements of the Company for the applicable year. The Board shall provide the written determination and method of calculation to you following the receipt by the Board of the audited financial statements of the Company for the applicable year.


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





Generally, you will be expected to work 8:30 a.m. to 6:00 p.m., Monday through Friday, however, your work schedule will fluctuate based on the HyreCar’s business needs. Your job duties may require that you work outside of these hours, including before and after the expected hours as set forth above. You acknowledge and agree that given your status as an “exempt” employee, as such term is defined under California and federal labor law, you will not be eligible for overtime pay.


 


BENEFITS. You are eligible for HyreCar’s benefits package which currently includes medical, dental, vision, and a 401(k) retirement plan, a detailed explanation of the benefits offered is provided in HyreCar handbook. In addition, you are eligible for HyreCar-paid benefits such as life insurance, and short and long-term disability, in accordance with eligibility as set forth by these policies. You will be eligible to start receiving these benefits on the first day of the month following your employment start date. More information regarding these benefits will be provided upon the start of your employment. Your eligibility for paid time off, paid holidays, and paid sick leave benefits is set forth in the HyreCar handbook. Currently, the Company observes 10 paid holidays per year and has an unlimited paid time off policy however, all such benefits are subject to change as set forth in HyreCar’s handbook.


 


AT WILL EMPLOYMENT. By accepting this offer, you acknowledge that your employment with HyreCar will be “at-will,” which means that it may be terminated by you or by HyreCar at any time, with or without notice, with or without cause. In addition, the terms of your employment, compensation, benefits, or privileges (excluding this at-will policy) may change at any time, without advance notice or consent at the sole discretion of HyreCar, to the extent permissible by law. Nothing in this Offer Letter is intended to change the at-will nature of employment or HyreCar’s right to modify the terms and conditions of your employment in its sole discretion, as allowed by law.


 


You also acknowledge that you are not resigning employment elsewhere, or relocating your residence, in reliance on any promise or representation by HyreCar regarding the kind, character or existence of work you will be assigned, or any expected length of your employment with HyreCar, other than the promises or representations expressly contained in this letter, the attached Job Description, and those contained in HyreCar’s handbook. The at-will nature of your employment may only be modified in writing signed by you and HyreCar’s CEO.


 


SEVERANCE. Although your employment is at-will, if your employment with HyreCar is terminated on or before May 23, 2023 by the Company for reasons other than Cause (as defined below) or by you for Good Reason (as defined below), subject to your execution, and non-revocation, of a release of claims in a form provided by HyreCar, you will be eligible for severance as follows: 50% of your current one year annual Base Salary.


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





For purposes of this Offer Letter, “Cause” shall mean:


 


(a)    your failure to perform your duties.


 


(b)    your failure to comply with any valid and legal directive of the CEO.


 


(c)    your engagement in dishonesty, illegal conduct, or misconduct, which is, in each case, injurious to the Company or its affiliates.


 


(d)    your embezzlement, misappropriation, or fraud, whether or not related to your employment with the Company.


 


(e)    your conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude.


 


(f)    your material violation of the Company’s policies contained in the Employee Handbook, including policies related to discrimination, harassment, performance of illegal or unethical activities and ethical misconduct.


 


(g)    your willful unauthorized disclosure of Confidential Information (as defined in the attached Proprietary Information and Invention Assignment Agreement);


 


(h)    your material breach of any material obligation in this Offer Letter or any other written agreement between you and the Company; or


 


(i)    your engagement in conduct that brings or is reasonably likely to bring the Company material negative publicity or into public disgrace, embarrassment, or disrepute.


 


For purposes of this Offer Letter, “Good Reason” shall mean the occurrence of any of the following, in each case on or before May 23, 2023, without your written consent:


 


(a)    a material reduction in your Base Salary other than a general reduction in Base Salary that affects all similarly situated executives in substantially the same proportions;


 


(b)    a material, adverse change in your title, authority, duties, or responsibilities (other than temporarily while you are physically or mentally incapacitated or as required by applicable law); or


 


(c)    a material, adverse change in the reporting structure applicable to you.


 


You agree that you cannot terminate your employment for Good Reason unless you have provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds and the Company has had at least 30 days from the date on which such notice is provided to cure such circumstances. If you do not terminate employment within 60 days after providing written notice, then you will be deemed to have waived the right to terminate for Good Reason with respect to such grounds.


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





CONDITIONS TO OFFER OF EMPLOYMENT. This offer of employment is subject to satisfaction of the conditions stated in the paragraphs below, and you should not give notice of resignation to your current employer until you have been notified by HyreCar that these conditions have been satisfied.


 


(1)    Background Check. All new employees of HyreCar must undergo a routine background check. Our offer is conditioned upon a satisfactory result from your background check, regardless of whether or not it is entirely completed before you start work with us. Prior to any background check being performed you will receive a detailed disclosure regarding the background check being procured by HyreCar, in conformity with all state and federal requirements. No background check will be procured until and unless you provide HyreCar your informed signed consent. As a reminder, however, a background check is required in order for you to commence your employment with HyreCar. Therefore, should you decline authorization for HyreCar to run a background check, HyreCar will not be able to continue with your hiring process.


 


(2)    Verification of References. In addition to the background check, HyreCar also requires satisfactory confirmation of your employment history, as listed in your Application for Employment. HyreCar may also perform a verification check of the personal references you listed. As with your background check, you will receive a detailed disclosure regarding the consumer report or investigative consumer report being procured by HyreCar, in conformity with all state and federal requirements. Verification of references will not be undertaken until and unless you provide HyreCar your informed signed consent.


 


(3)    Arbitration of Employment Disputes. HyreCar has a policy requiring arbitration of employment disputes. An Arbitration Agreement is attached to this letter for you to sign and return with your endorsed copy of this letter.


 


(4)    Proprietary Information and Invention Assignment Agreement. It is important for HyreCar to protect its proprietary information and intellectual property. For these reasons, you must sign and return the attached Proprietary Information and Invention Assignment Agreement with your endorsed copy of this letter.


 


(5)    Immigration Law Compliance. Pursuant to the Immigration and Nationality Act, HyreCar is required to verify the identity and employment authorization of all new hires. Under the law, employers are required to ask all new employees, including United States Citizens, to present certain documents that show their identity and authorization to work in the United States. You will need to present those documents on your first day or work. Should you wish to see the complete list of acceptable documents, or you anticipate having difficulty completing the I-9 or producing the required documents.


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





 


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	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





If you accept our offer, please sign in the space indicated below and return it no later than April 22, 2022 to Joseph Furnari at joe@hyrecar.com.


 


On behalf of HyreCar, I want to thank you for your consideration of our offer of employment. We are looking forward to hearing from you in the very near future and look forward to having you join our team!


 


Sincerely,


 


/s/ Joe Furnari


 


Joe Furnari, CEO


HyreCar Inc.


 


 


	 	Agreed and accepted on this date:	4/19/2022	 



 


 


	 	By:	/s/ Greg Tatem
	 	 	Greg Tatem



 


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





JOB DESCRIPTION


 


As HyreCar’s Chief Technology Officer you will work to ensure the company has the right technology to contribute to daily business operations. You will work closely with Executives and IT personnel to remove outdated systems and replace them to maintain a competitive edge in the industry. You will also have the product managers reporting into you, and you will be responsible for defining the product strategy and product roadmap for the company. You will hire and train IT/Product Directors, Managers to oversee the IT and product departments and its employees. You will also be responsible for creating training programs to help employees adapt to new technology systems in their daily work environments.


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com



 





 










 








 





EXHIBIT A


 


	
			Greg Tatem – HyreCar Inc.


			Annual Compensation Award

				 
	 	 
	
			2022 Base Salary

				
			$ 350,000

			
	
			2022 Cash Bonus

				
			$ 105,000

			
	
			2022 LTI*

				
			$ 100,000

			
	
			Total Target Compensation

				
			$ 555,000

			



 


*Target LTI grant will be based on reaching performance milestones agreed in Company Strategy Presentation Goals per executive and agreed by the Board. The vesting of grants will be agreed after year-end in early 2023 after review of company and performance targets. Target LTI grant will be calculated on grant date going forward and taxes will be deducted at grant date and shares minus minimum tax obligation will be granted into your Employee Share Account held at UBS. All shares subject to standard vesting per Company Share Plan and Trading Policy for which you must annually affirm you have read and understood.


 


COMPANY PERFORMANCE OBJECTIVES


All objectives will be measured for completion in 1Q 2023 for determination of grants and cash awards


 


[Omitted Performance Metrics]


 


 


CHIEF TECHNOLOGY OFFICER


All objectives will be measured for completion in 1Q 2023 for determination of grants and cash awards.


 


[Omitted Performance Metrics]


 


	915 Wilshire Blvd. Suite 1950   	Los Angeles, CA 90017	www.hyrecar.com