Document:

Exhibit 10.20 

 

CHAIRMAN
AGREEMENT

 

The
terms contained in this Executive Chairman Agreement (the “Chairman Agreement”) supersede and replace the terms contained
in the Chairman Agreement dated September 1, by and between SQL Technologies Corp. (together with its subsidiaries and predecessor companies
hereinafter referred to as the “Company”) and Rani Kohen (hereinafter referred to as the “Chairman”).

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.
Engagement. Company hereby agrees to engage Chairman, who currently serves as the Company’s chairman of the Board of Directors,
and Chairman hereby accepts such engagement in accordance with the terms of this Executive Chairman Agreement.

 

2.
Duties of Executive Chairman. The duties of Chairman shall include advising Company management and its Board of Directors concerning
matters relating to the management and organization of the company, its business affairs, corporate and product development and other
projects as agreed by the Company’s board of directors. Chairman shall perform all duties in a professional, ethical and businesslike
manner. Chairman shall be required to devote such time to the affairs of the Company as shall be necessary to manage such affairs. Chairman
shall perform such duties principally from offices he maintains in Fort Lauderdale and Miami, Florida and Atlanta, Georgia, subject to
such reasonable travel as may be required, and shall not be required to relocate his residence.

 

3.
Compensation: Chairman will be paid compensation during this Chairman Agreement as follows:

 

a)
An annual fee of $250,000 (one hundred and fifty thousand dollars) commencing September 1, 2019 payable in installments according
to the Company’s regular payroll schedule. The Board of Directors of the Company may, at its sole discretion, during the decision
for which the Chairman as executive chairman will recuse himself from such discussions, award Chairman bonus compensation in addition
to any cash or stock incentive compensation due to Chairman. In the event that the company has a significant cash raise the Company will
increase Chairman’s annual cash compensation in good faith.

 

b)
For each year of this agreement Executive Chairman will receive an option to purchase Three Hundred Forty Thousand (340,000) shares of
the Company’s common stock at a price of $6.00 per share (the “Compensation Options”) which shall vest at the end of
each year of this contract, however, in the event the Company is acquired, or is the non-surviving entity in a merger, or sells all or
substantially all of its assets (the “M&A Transaction”) prior to January 1, 2024, Executive’s Compensation Shares
shall vest immediately. Said compensation options will have a 5-year term and the Chairman will have the option of a cash-less exercise.

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 1 of 6

     

    

 

c)
An annual incentive compensation of cash, stock and/or options equal to 1⁄2% (0.005) of the Company’s annual gross
revenue (as defined below). Said incentive options will have a 5-year term and the Chairman will have the option of a cash-less exercise.

 

Gross
Revenue: Sales less any returns and discounts.

 

d)
A sign-on bonus of 5-year option to purchase 120,000 common stock shares of the company, at $6.00 per share (“Sign-On Bonus”)
which shall vest in its entirety to Executive on January 1, 2020. In the event the Company is acquired, or is the non-surviving entity
in a merger, or sells all or a majority of its assets, all of the Sign-On Bonus shares shall vest immediately.

 

e)
A Supplemental Bonus in options, based on Company’s capitalization to purchase shares of the Company’s stock (the
“Bonus Options”). The company will grant Chairman Bonus Options to purchase 500,000 shares of the Company’s common
stock at $6.00 per share upon the Company achieving each of the following market capitalization: $500,000,00; $1,000,000,00; $1,500,000,00;
$2,000,000,00; and Bonus Options to purchase 500,000 shares of the Company’s common stock at $7.00 per share upon the Company achieving
each of the following market capitalization: $3,000,000,00; $4,000,000,00; $5,000,000,00; $6,000,000,00; and Bonus Options to purchase
500,000 shares of the Company’s common stock at $8.00 per share upon the Company achieving each of the following market capitalization:
$7,000,000,00; $8,000,000,00; $9,000,000,00; $10,000,000,00; Said bonus options of this contract as well as for all other Chairman’s
contracts will have a 5-year term and the Chairman will have the option of a cash-less exercise.

 

 4. Benefits.

 

	 	a)	Vacation.
    Executive shall be entitled to five weeks paid vacation days each year.
	 	 	 
	 	b)	Sick
    Leave. Executive shall be entitled to sick leave and emergency leave according to the regular policies and procedures of Company.
    Additional sick leave or emergency leave over and above paid leave provided by the Company, if any, shall be unpaid and shall be
    granted at the discretion of the board of directors.
	 	 	 
	 	c)	Medical
    and Group Life Insurance. In the event the Company offers such a plan, Company agrees to include Chairman, including Chairman’s
    immediate family, at the Chairman’s option, in a group medical and hospital insurance plan the Company may offer during this
    Chairman Agreement. The offering of a group medical and hospital insurance plan is at the discretion of the Company and NOT a condition
    of engagement by the Chairman.

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 2 of 6

     

    

 

	 	d)	Expense
    Reimbursement. Chairman shall be entitled to reimbursement for all reasonable expenses, including travel and entertainment, incurred
    by Chairman in the performance of Chairman’s duties. Chairman will maintain records and written receipts as required by the
    Company policy and reasonably requested by the board of directors to substantiate such expenses.
	 	 	 
	 	e)	Vehicle
    Reimbursement. Chairman shall be entitled to a Car Allowance of $1,000 per month, which shall be paid periodically together with
    Chairman’s salary. The Chairman’s vehicle should be, above all, highly reliable, safe and secure for the user, while
    meeting some of the user’s personal preferences and needs.

 

		f)	Other.

 

	 	(i)	In
    the event Chairman invents additional new products and applications for the company, including products based on the existing intellectual
    property of the Company, Chairman will be entitled to additional compensation that will be determined by the Company’s board
    of directors in good faith and fair value.
	 	(ii)	The
    Company shall reimburse Chairman for the cost of a cellular phone.
	 	(iii)	 All
     stock incentives from this agreement or from the previous agreement
    will vest on January 2021. In the event this agreement is terminated all stock and options owed to Chairman will vest immediately.

 

5.
Initial Term. The Initial Term of this Chairman Agreement shall commence on September 1, 2019 and it shall continue
in effect for a period of three (3) years. Thereafter, the Chairman Agreement shall be renewed automatically agreement of Chairman and
Company unless decided otherwise by the Board of Directors of the Chairman.

 

6.
Termination

 

 a) The Company may terminate Chairman for cause. Cause shall be defined as:

 

	 	(i)	An
    act of fraud, embezzlement or theft;
	 	 	 
	 	(ii)	A
    material violation of this Chairman Agreement by Chairman, which is not cured within 60 days after written notice thereof;
	 	 	 
	 	(iii)	Chairman’s
    death, disability or incapacity.

 

b)
This Chairman Agreement is an employment agreement and nothing in the Company’s policies, actions, or this document shall be construed
to alter the nature of Executive’s status with the Company, and Chairman understands that the Company may terminate Executive’s
employment at any time for any reason or for no reason, provided it is not terminated in violation of state or federal law. If, however,
Executive is terminated without cause, Company shall pay to Executive an amount calculated by multiplying the Executive’s monthly
salary, at the time of such termination, times the number of months remaining in the Initial Term (as an example, if Executive were terminated
at the end of the sixth month of employment, Executive would be entitled to receive a one-lump payment in cash equal to the remaining
six months base compensation of the Initial Term at the time of termination). In addition, if Executive is terminated without cause,
Executive’s Sign-on Bonus shares shall immediately vest and Executive’s Compensation Shares shall vest on a pro rata basis
with the number of days from the first date of the Term through the last date of employment as the numerator and the number of days from
the first date of employment to August 31, 2019 as the denominator. In the event of such termination, Executive shall be entitled to
any due and unpaid Incentive Compensation then in effect.

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 3 of 6

     

    

 

c)
This Chairman Agreement and Chairman’s engagement may be terminated by the Company’s Board of Directors unanimously at its
discretion at any time after the Initial Term, provided that in such case, Chairman shall be fully paid for all incentives and will be
entitled for a compensation for any and all of his invented products.

 

d)
This Chairman Agreement may be terminated by Chairman at Chairman’s discretion by providing at least ninety (90) days prior written
notice to Company. In the event of termination by Chairman pursuant to this subsection, Company may immediately relieve Chairman of all
duties and immediately terminate this Chairman Agreement, provided that Company shall pay Chairman at the then applicable annual fee
rate to the termination date included in Chairman’s original termination notice.

 

e)
In the event Company is acquired, or is the non-surviving party in a merger, or sells all or substantially all of its assets, this Chairman
Agreement shall not be terminated and the Company will ensure that the transferee or surviving company is bound by the provisions of
this Chairman Agreement and all shares grants and any other compensations shall vest and paid immediately.

 

f)
In the event of Chairman’s employment is terminated by reason of Executive’s death, the Company shall (i) pay Executive’s
designated beneficiary or beneficiaries, within thirty (30) days of Executive’s death, in a lump sum in cash twelve (12) months
of Executive’s Base Salary or Executive’s Base Salary through the remainder of the year in which Executive’s death
occurs, whichever is more, and (ii) any and all Annual Stock Compensation, Incentive Compensation, Sign-On Bonus and Supplemental Bonus
as described in Section 3 b), c), d) and e), due Chairman shall be bequeathed to Executive’s designated beneficiary or beneficiaries.

 

7.
Notices. Any notice required by this Chairman Agreement or given in connection with it, shall be in writing and shall be given
to the appropriate party by personal delivery or by certified mail, postage prepaid, or recognized overnight delivery services;

 

If
to Company:

 

Safety
Quick Lighting & Fans Corp.

4400
North Point Parkway

Suite 265

Alpharetta
GA 30022

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 4 of 6

     

    

 

If
to Chairman:

 

Rani
Kohen

[*]

[*]

 

9.
Governing Law. This Chairman Agreement shall be construed and enforced in accordance with the laws of the state of Florida

 

10.
Headings. Headings used in this Chairman Agreement are provided for convenience only and shall not be used to construe meaning or
intent.

 

11.
No Assignment. Neither this Chairman Agreement nor any or interest in this Chairman Agreement may be assigned by Chairman without
the prior express written approval of Company, which may be withheld by Company at Company’s absolute discretion.

 

12.
Severability. If any term of this Chairman Agreement is held by a court of competent jurisdiction to be invalid or unenforceable,
then this Chairman Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable
term had never been included.

 

13.
Arbitration. The parties agree that they will use their best efforts to amicably resolve any dispute arising out of or relating to
this Chairman Agreement. Any controversy claims or dispute that cannot be so resolved shall be settled by final binding arbitration in
accordance with the rules of the American Arbitration Association and judgment upon the award rendered by the arbitrator or arbitrators
may be entered in any court having jurisdiction thereof. Any such arbitration shall be conducted in Florida, or such other place as may
be mutually agreed upon by the parties. Within fifteen (15) days after the commencement of the arbitration, each party shall select one
person to act as arbitrator, and the two arbitrators so selected shall select a third arbitrator within ten (10) days of their appointment.
Each party shall bear its own costs and expenses and an equal share of the arbitrator’s expenses and administrative fees of arbitration.

 

*****
Signature Page Follows *****

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 5 of 6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Chairman Agreement as of September 1, 2019.

 

	SQL
    Technologies CORP.	 
	 	 
	/s/
    John P. Campi	 
	John
    P. Campi, President & CEO	 
	 	 
	EXECUTIVE
    CHAIRMAN	 
	 	 
	/s/
    Rani Kohen	 
	Rani
    Kohen	 

 

    	SQL Technologies Corp. - Executive Chairman Agreement	Page 6 of 6Exhibit 10.21 

 

AMENDMENT
NO. 1  TO CHAIRMAN AGREEMENT

 

THIS
AMENDMENT NO. 1 TO CHAIRMAN AGREEMENT (this “Amendment”) is made to be effective as of September 1, 2019, by
and between SQL Technologies Corp., a Florida corporation (the “Company”), and Rani Kohen (the “Chairman’’). This
Amendment amends that certain Chairman Agreement between the parties, dated September 1, 2019, a copy of which is attached hereto as Exhibit
A (the “Agreement’’), to include the additional terms set forth herein. Capitalized terms used and not
defined in this Amendment have the respective meanings assigned to them in the Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Amendment, and for other good and valuable consideration,
the parties agree as follows:

 

1.
Amendments to the Agreement.

 

(A)
The Agreement was made by the parties to supersede and replace the Chairman Agreement between the Company and the Chairman dated September
1, 2016 (the “Prior Agreement”), as stated in the preamble to the Agreement. However, the preamble omits the
year of the Prior Agreement and does not qualify certain terms from the Prior Agreement that the parties intended to remain in-force.
The preamble to the Agreement is hereby deleted in its entirety and replaced with the following:

 

“The
terms contained in this Chairman Agreement (this “Chairman Agreement”) supersede and replace the terms contained in the Chairman
Agreement dated September 1, 2016 (the “Prior Agreement”), by and between SQL Technologies Corp. (together with its subsidiaries
and predecessor companies hereinafter referred to as the “Company”) and Rani Kohen (hereinafter referred to as the “Chairman”).
Notwithstanding the foregoing, the parties intend for Section 3(d) of the Prior Agreement to remain in effect through the term of the
Agreement, which is hereby reproduced (modified for integration) as Section 3(f) of this Chairman Agreement.”

 

 (B) Section 3 of the Agreement is hereby amended to include a new Section 3(f), as follows:

 

“f)
Pursuant to the Prior Agreement, in addition to Section 3(e) above, the Company will grant to Chairman Bonus Options to purchase
500,000 shares of the Company’s common stock at $3.00 per share upon the Company achieving each of the following market
capitalizations: $300,000,000; $500,000,000; $750,000,000; and Bonus Options to purchase 500,000 shares of the Company’s
common stock at $4.00 per share upon the Company achieving each of the following market capitalizations: $1,000,000,000;
$1,500,000,000; $2,000,000,000; and Bonus Options to purchase 500,000 shares of the Company’s common stock at $5.00 per share
upon the Company achieving each of the following market capitalizations: $2,500,000,000 and $3,000,000,000.”

 

2.
Miscellaneous. Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement are and will
remain in full force and effect and are hereby ratified and confirmed by the parties. This Amendment constitutes the sole and entire
agreement of the parties with respect to the subject matter contained herein. This Amendment is governed by, and construed in accordance
with, the laws of the State of Florida, without regard to the conflict of laws provisions of such State. This Amendment may be executed
in any number of counterparts and by electronic transmission or facsimile, each of which when so executed and delivered shall be deemed
to be an original and all of which taken together shall constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	AMENDMENT NO. 1 TO CHAIRMAN AGREEMENT	Page 1 of 2

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

	COMPANY:	 	 CHAIRMAN: 
	 	 	 	 	 
	SQL TECHNOLOGIES CORP.	 	RANI KOHEN
	 	              	 	 	
	By:	/s/ John P. Campi	 	By:	/s/ Rani Kohen
	Name:	John P. Campi	 	 	               
	Title:	CEO	 	 	 

 

    	AMENDMENT NO. 1 TO CHAIRMAN AGREEMENT	Page 2 of 2

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