Document:

Exhibit 10.3

 

INVESTMENT TECHNOLOGY GROUP, INC.
 STOCK UNIT GRANT AGREEMENT

FOR EMPLOYEES

 

THIS GRANT AGREEMENT, dated as of                    (the “Date of Grant”), is entered into by and between Investment Technology Group, Inc. (the “Company”), a Delaware corporation, and                , an employee of the Company’s direct or indirect subsidiary (the “Employee”).

 

WHEREAS, the Employee has been awarded the following Grant under the Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (the “Plan”).  Capitalized terms used herein and not defined herein shall have the meanings set forth in the Plan.  In the event of any conflict between this Grant Agreement and the Plan, the Plan shall control.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and for other good and valuable consideration, the parties hereto agree as follows:

 

1.                                      Grant of Stock Units.  Subject to the terms and conditions set forth in this Grant Agreement and the Plan, the Employee is hereby awarded      Stock Units that represent hypothetical shares of Company Stock on a one-for-one basis (the “Stock Unit Grant”).

 

2.                                      Grant Subject to Plan Provisions.  This Stock Unit Grant is granted pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  The Plan and the Plan prospectus are available on ITG Exchange; provided that paper copies of the Plan and the Plan prospectus are available upon request by contacting the Legal Department of the Company at ITG_Legal.  This Stock Unit Grant is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) the registration, qualification or listing of the shares issued under the Plan, (b) changes in capitalization, (c) requirements of applicable law and (d) all other Plan provisions.  The Committee has the authority to interpret and construe this Grant Agreement pursuant to the terms of the Plan, and its decisions are conclusive as to any questions arising hereunder.

 

3.                                      Stock Unit Account.  The Company shall establish and maintain a Stock Unit bookkeeping account (the “Account”) on its records for the Employee and shall record in the Account the number of Stock Units awarded to the Employee.  No shares of stock shall be issued to the Employee at the time the Stock Unit Grant is made.

 

4.                                      Vesting of the Stock Unit Grant.  Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, this Stock Unit Grant shall become vested                    if the Employee has remained continuously employed by the Employer from the Date of Grant through the vesting date and is in Good Standing (as defined

 

 

below) on the vesting date; provided, however, that the Stock Unit Grant shall become immediately vested in full (i) upon a Change in Control Termination (as defined below) or (ii) upon the Employee’s Termination of Service (as defined below) due to the Employee’s death or Disability (as defined below).  To the extent the Change in Control Termination occurs during the six-month period prior to the Change in Control, the Stock Unit Grant shall become vested in full immediately prior to the Change in Control.  Unless otherwise provided by the Committee, all amounts receivable in connection with any adjustments to the Company Stock under Section 5(d) of the Plan shall be subject to the vesting schedule in this Section 4.

 

5.                                      Termination of Service; Violation of Code of Conduct; [Financial Restatement;] Forfeiture of Unvested Stock Unit Grant.

 

(a)                                    In the event of the Employee’s Termination of Service for any reason other than due to the Employee’s (i) Change in Control Termination or (ii) death or Disability, in each case, prior to the date the Stock Unit Grant otherwise becomes vested in accordance with Section 4 above, the Stock Unit Grant shall immediately be forfeited by the Employee.  [For non-Executive Committee members only:  In addition, whether or not the Employee incurs a Termination of Service, in the event that the Employee materially breaches the Employer’s Code of Business Conduct and Ethics, as such material breach is determined by the Committee in its sole discretion, prior to the date the Stock Unit Grant otherwise becomes vested in accordance with Section 4 above, the Committee may determine, in its sole discretion, that the Stock Unit Grant shall cease to vest effective as of the date of the Employee’s material breach, subject to compliance with applicable law.]  [For Executive Committee members only:  In addition, whether or not the Employee incurs a Termination of Service, if, prior to the date the Stock Unit Grant otherwise becomes vested in accordance with Section 4 above (i) the Employee materially breaches the Employer’s Code of Business Conduct and Ethics, as such material breach is determined by the Committee in its sole discretion, or (ii) the Company is required to prepare a restated financial statement that is filed with an external regulator because of material noncompliance of the Company with any financial reporting requirement, whether or not such restatement involves misconduct of the Employee, then the Committee may determine, in its sole discretion, that the Stock Unit Grant shall cease to vest effective as of the date of the material breach or the date on which the Company is notified of such requirement, as applicable, in each case, subject to compliance with applicable law.]

 

(b)                                    For purposes of this Agreement, the following terms have the following meanings:

 

(i)                                          “Cause” means “Cause” as defined in an Employee’s Change in Control Agreement or other applicable agreement with the Employing Entity, or if no such agreement exists or the definition of “Cause” is specifically limited to such applicable agreement, “Cause” means the occurrence of any one or more of the following:  (i) the Employee’s willful failure to substantially perform the Employee’s duties with the Employing Entity or the Company (other than any such failure resulting from the Employee’s Disability), after a written demand for substantial performance is delivered to the Employee that specifically identifies the manner in which the Employing Entity believes that the Employee has not substantially performed the Employee’s duties, and the Employee has failed to remedy the situation within fifteen (15) business days of such written notice from the Employing Entity; (ii) gross negligence in the

 

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performance of the Employee’s duties which results in material financial harm to the Employing Entity or the Company; (iii) the Employee’s conviction of, or plea of guilty or nolo contendere, to any felony or any other crime involving the personal enrichment of the Employee at the expense of the Employing Entity or the Company; (iv) the Employee’s willful engagement in conduct that is demonstrably and materially injurious to the Employing Entity or the Company, monetarily or otherwise; or (v) the Employee’s willful material violation of any provision of the Company’s code of conduct.

 

(ii)                                       “Change in Control Termination” means (A) the Employee’s Involuntary Termination of Service within six months prior to the date on which a Change in Control occurs, and it is reasonably demonstrated that such termination (I) was at the request of a third party who has taken steps reasonably calculated or intended to effect a Change in Control or (II) otherwise arose in connection with, or anticipation of, a Change in Control or (B) the Employee’s employment of service is terminated by Involuntary Termination of Service or by the Employee for Good Reason upon or following a Change in Control.

 

(iii)                                  “Disability” means an Employee’s becoming disabled within the meaning of Section 22(e)(3) of the Code.

 

(iv)                                 “Good Standing” means the Employee is actively employed by the Employing Entity on the vesting date and has not given a notice of resignation to, or received a notice of termination from, the Employing Entity prior to such date.

 

(v)                                    “Involuntary Termination of Service” means the Employee incurred a Termination of Service on account of a Termination of Service by the Employing Entity without Cause (other than death or Disability).

 

(vi)                                 “Termination of Service” means the Employee ceases to be employed by the Employer.  An Employee employed by a Subsidiary of the Company shall also be deemed to incur a Termination of Service if such Subsidiary ceases to be a Subsidiary of the Company and such Employee does not immediately thereafter become employed by the Company or another Subsidiary of the Company.  Temporary absences from employment because of illness, vacation or leave of absence and transfers among Employers shall not be considered a Termination of Service.

 

6.                                      Distribution of Shares.  The Company shall distribute to the Employee (or the Employee’s heirs in the event of the Employee’s death) at the time of vesting of the Stock Unit Grant in accordance with Section 4 above (but not later than March 15 of the calendar year following the calendar year in which the Stock Units vest), a number of shares of Company Stock equal to the number of Stock Units then held by the Employee that became vested at such time, subject to reduction for withholding of shares pursuant to Section 9 below.

 

7.                                      Rights and Restrictions.  The Stock Unit Grant shall not be transferable, other than by will or under the laws of descent and distribution (or pursuant to a beneficiary designation authorized by the Committee).  Prior to vesting of the Stock Unit Grant and delivery of the shares of Company Stock to the Employee, the Employee shall not have any rights or privileges of a stockholder as to the shares of Company Stock subject to the Stock Unit Grant.  Specifically, the Employee shall not have the right to receive dividends or the right to vote such shares of Company Stock, nor shall the Employee have the right to sell, assign, pledge, hypothecate, encumber, transfer or otherwise dispose of, in whole or in part, the Stock Unit

 

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Grant, prior to vesting of the Stock Unit Grant and delivery of the shares of Company Stock.  The Employee shall not have any interest in any fund or specific assets of the Employer by reason of this Stock Unit Grant or the Account established for the Employee.

 

8.                                      Limitations.  Nothing herein shall limit the Company’s right to issue Company Stock, or Stock Units or other rights to purchase Company Stock subject to vesting, expiration and other terms and conditions deemed appropriate by the Company and its affiliates.  Nothing expressed or implied herein is intended or shall be construed to confer upon or give to any Person, other than the parties hereto, any right, remedy or claim under or by reason of this Grant Agreement or of any term, covenant or condition hereof.

 

9.                                      Withholding.  At the time of distribution pursuant to Section 6 above, and in accordance with any rules or regulations of the Committee then in effect, the Company shall withhold, through an automatic share withholding procedure, Company Stock with a Fair Market Value (measured as of the vesting date) equal to the amount of the federal, state or local taxes of any kind required by law to be withheld with respect to the distributions.  To the extent not withheld, the Employee shall pay to the Employing Entity or make arrangements satisfactory to the Committee regarding payment of any federal, state or local taxes of any kind required by law to be withheld at any time with respect to the Stock Unit Grant and the Employing Entity shall, to the extent permitted or required by law, have the right to deduct from any payment of any kind otherwise due to the Employee, federal, state and local taxes of any kind required by law to be withheld.

 

10.                               Expenses of Issuance of Company Stock.  The issuance of stock certificates hereunder shall be without charge to the Employee.  The Company shall pay, and indemnify the Employee from and against any issuance, stamp or documentary taxes (other than transfer taxes) or charges imposed by any governmental body, agency or official (other than income taxes) by reason of the issuance of Company Stock.

 

11.                               Terms are Binding.  The terms of this Grant Agreement shall be binding upon the executors, administrators, heirs, successors, transferees and assignees of the Employee and the Company.

 

12.                               Compliance with Law.  The transfer of Company Stock hereunder shall be subject to the terms, conditions and restrictions as set forth in the governing instruments of the Company, Company policies, applicable federal and state securities laws or any other applicable laws or regulations, and approvals by any governmental or regulatory agency as may be required.  By signing this Grant Agreement, the Employee agrees not to sell any Company Stock at a time when applicable laws or the Company policies prohibit a sale.

 

13.                               References.  References herein to rights and obligations of the Employee shall apply, where appropriate, to the Employee’s legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Grant Agreement.

 

14.                               Notices.  Any notice required or permitted to be given under this Grant Agreement shall be in writing and shall be deemed to have been given when delivered personally

 

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or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently, by similar process, give notice of:

 

If to the Company:

 Investment Technology Group, Inc.
 One Liberty Plaza

165 Broadway

New York, NY 10006

Attention: General Counsel

 

If to the Employee:

 

At the Employee’s most recent address shown on the Employing Entity’s corporate records, or at any other address at which the Employee may specify in a notice delivered to the Company in the manner set forth herein.

 

15.                               No Right to Continued Employment.  This Stock Unit Grant shall not confer upon the Employee any right to continue in the employ of the Employer nor shall this Stock Unit Grant interfere with the right of the Employer to terminate the Employee’s employment at any time.

 

16.                               Section 409A.  It is intended that the Stock Unit Grant issued hereunder shall be exempt from, or comply with, Section 409A of the Code (and any regulations and guidelines issued thereunder) to the extent the Stock Unit Grant is subject thereto, and the Stock Unit Grant shall be interpreted on a basis consistent with such intent.  In no event shall the Employee, directly or indirectly, designate the calendar year in which the shares underlying the Stock Unit Grant will be distributed.  This Grant Agreement may be amended without the consent of the Employee in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A of the Code.

 

17.                               Costs.  In any action at law or in equity to enforce any of the provisions or rights under this Grant Agreement, including any arbitration proceedings to enforce such provisions or rights, the unsuccessful party to such litigation or arbitration, as determined by the court in a final judgment or decree, or by the panel of arbitrators in its award, shall pay the successful party or parties all costs, expenses and reasonable attorneys’ fees incurred by the successful party or parties (including without limitation costs, expenses and fees on any appeals), and if the successful party recovers judgment in any such action or proceeding such costs, expenses and attorneys’ fees shall be included as part of the judgment.

 

18.                               Further Assurances.  The Employee agrees to perform all acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Grant Agreement, including but not limited to all acts and documents related to compliance with applicable federal and/or state securities laws.

 

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19.                               Counterparts.  For convenience, this Grant Agreement may be executed in any number of identical counterparts, each of which shall be deemed a complete original in itself and may be introduced in evidence or used for any other purposes without the production of any other counterparts.

 

20.                               Governing Law.  This Grant Agreement shall be construed and enforced in accordance with Section 19(h) of the Plan.

 

21.                               Entire Agreement.  This Grant Agreement, together with the Plan, sets forth the entire agreement between the parties with reference to the subject matter hereof, and there are no agreements, understandings, warranties, or representations, written, express, or implied, between them with respect to the Stock Unit Grant other than as set forth herein or therein, all prior agreements, promises, representations and understandings relative thereto being herein merged.

 

22.                               Amendment; Waiver.  This Grant Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants hereof may be waived only by a written instrument executed by the parties hereto or, in the case of a waiver, by the party waiving compliance.  Any such written instrument must be approved by the Committee to be effective as against the Company.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same.  No waiver by any party of the breach of any term or provision contained in this Grant Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Grant Agreement.

 

23.                               Severability.  Any provision of this Grant Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

24.                               Recoupment Policy.  The Employee hereby agrees that the Employee will be subject to any compensation clawback or recoupment policies that may be applicable to the Employee as an employee of the Company or any of its affiliates, as in effect from time to time and as approved by the Board or the Committee, whether or not approved before or after the Date of Grant.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the undersigned have executed this Grant Agreement as of the date first above written.

 

	
 
    	
INVESTMENT   TECHNOLOGY GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   
    	
 
    
	
 
    	
Title:   
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

I hereby accept the Stock Unit Grant described in this Grant Agreement, and I agree to be bound by the terms of the Plan and this Grant Agreement.  I hereby further agree that all the decisions and determinations of the Committee shall be final and binding.

 

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Insert Name of the Employee]
    

 

7ptop_ex101.htm

EXHIBIT 10.1

 

Exhibit A.

 

Executive Employment Agreement

 

Agreement made as of January 11, 2017 (the “Effective Date”), by and among James A. Bento (“Employee”) and Peer to Peer Network, aka MobiCard, Inc., 85 Constitution Lane, Suite #300-B2, Danvers, MA 01923 (the “Company”).

 

PREAMBLE

 

The Board of Directors of the Company recognizes Employee’s potential contribution to the growth and success of the Company and desires to assure the Company of Employee’s employment in an executive capacity as Chief Executive Officer.

 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the parties, the parties agree as follows:

 

1. Definitions

 

“Board” shall mean the Board of Directors of the Company, together with an executive committee thereof (if any), as same shall be constituted from time to time.

 

“Cause” for termination shall mean (i) Employee’s final conviction of a felony involving a crime of moral turpitude, (ii) acts of Employee which, in the judgment of the Board, constitute willful fraud on the part of Employee in connection with his duties under this Agreement, including but not limited to misappropriation or embezzlement in the performance of duties as an employee of the Company, or willfully engaging in conduct materially injurious to the Company and in violation of the covenants contained in this Agreement, or (iii) gross misconduct, including but not limited to the willful failure of Employee either to (a) obey lawful written instruction of the Board after thirty (30) days notice in writing of Employee’s failure to do so and the Board’s intention to terminate Employee if such failure is not corrected, or (b) correct any conduct of Employee which constitutes a material breach of this Agreement after thirty (30) days notice in writing of Employee’s failure to do so and the Board’s intention to terminate Employee if such failure is not corrected.

 

“Chairman” shall mean the individual designated by the Board from time to time as its Chairman.

 

“Chief Executive Officer” shall mean the individual responsible for the Company’s business as a whole, reporting to the Board.

 

“Employee” shall mean James A. Bento and, if the context requires, his heirs, personal representatives, and permitted successors and assigns.

 

“Good Reason” shall mean (i) a material diminution during the term of this Agreement in the Employee's duties or responsibilities as set forth in Section 2 hereof, (ii) a decrease in Employee’s Base Compensation set forth in Section 3.01 hereof, (iii) a material breach by the Company of any of the terms of this Agreement, including the compensation and benefits provisions set forth in Section 3 hereof; or (iv) the relocation of Employee's principal place of business beyond 25 miles from its current location without Employee’s written consent.

 

“Articles of Incorporation” shall have the meaning set forth in Section 5.07.

 

	 
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“Person” shall mean any natural person, incorporated entity, limited or general partnership, business trust, association, agency (governmental or private), division, political sovereign, or subdivision or instrumentality, including those groups identified as “persons” in §§ 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934 (the “1934 Act”).

 

“Term” or “term” shall have the meaning set forth in Section 2.09.

 

“Territory” shall mean any state of the United States and any equivalent section or area of any country in which the Company has revenue-producing customers or activities.

 

2. Position, Responsibilities, and Term of Employment.

 

2.01 Position. Employee shall serve as Chief Executive Officer and in such additional management position(s) as the Board shall designate. In this capacity Employee shall, subject to the Articles of Incorporation, and to the direction of the Board, serve the Company by performing such duties and carrying out such responsibilities as are normally related to the positions of Chief Executive Officer in accordance with the standards of the industry. 

 

2.02 Best Efforts Covenant. Employee shall devote his full business time and attention (except for vacation periods consistent with past practice and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its subsidiaries.

 

2.03 Exclusivity Covenant. During the Agreement’s term, Employee agrees not to acquire, assume, or participate in, directly or indirectly, any position, investment, or interest in the Territory adverse or antagonistic to the Company, its business or prospects, financial or otherwise, or take any action towards any of the foregoing. The provisions of this Section shall not prevent Employee from owning equity interests of or any competitor of the Company so long as such interests (i) do not constitute more than 1% of the outstanding equity of such competitor, and (ii) are regularly traded on a recognized exchange or listed for trading in the over-the-counter market.

 

2.04 Confidential Information. Employee shall use his best efforts to prevent the removal of any Confidential Information from the premises of the Company, except as required in his normal course of employment by the Company. Employee shall use his best efforts to cause all persons or entities to whom any Confidential Information shall be disclosed by him hereunder to observe the terms and conditions set forth herein as though each such person or entity was bound hereby. 

 

2.05 Non-solicitation. Except with the prior written consent of the Board, for a period of one year subsequent to Employee’s voluntary withdrawal from employment with the Company other than with Good Reason or the Company’s termination of Employee’s employment without Cause, Employee shall not solicit customers, clients, or employees of the Company or any of its subsidiaries except for those brought to the Company based upon a relationship Employee had prior to Employee’s employment with the Company. Employee will not directly or indirectly request, knowingly induce or advise any customers of the Company with whom Employee had contact during the term of this Agreement to withdraw, curtail or cancel their business with the Company. Employee will not knowingly induce or attempt to induce any employee of the Company to terminate his/her employment with the Company. Notwithstanding the foregoing, nothing herein shall prevent Employee from (i) providing a letter of recommendation to an employee with respect to a future employment opportunity, (ii) placing advertisements in newspapers or other media of general circulation advertising employment opportunities, and (iii) hiring persons who respond to such advertisements, provided that they were not otherwise solicited by Employee in violation of this section.

 

2.06 Records, Files. All records, files, drawings, documents, equipment and the like relating to the business of the Company which are prepared or used by Employee during the term of his employment under this Agreement shall be and shall remain the sole property of the Company.

 

	 
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2.07 Hired to Invent. Employee agrees that every improvement, invention, process, apparatus, method, design, and any other creation that Employee may invent, discover, conceive, or originate by himself or in conjunction with any other Person during the term of Employee’s employment under this Agreement shall be the exclusive property of the Company and to promptly disclose any of the foregoing to the Company. Employee also agrees to disclose to the Company every patent application, notice of copyright, or other action taken by Employee or any affiliate or assignee to protect intellectual property that relates to the business of the Company or any of its affiliates during the 12 months following Employee’s termination of employment at the Company, for whatever reason, so that the Company may determine whether to assert a claim under this Section 2.07 or any other provision of this Agreement. Employee shall take all such action as the Company may reasonably request to perfect and protect its rights in any such intellectual property.

 

2.08 Equitable Relief. Employee acknowledges that his services to the Company are of a unique character which gives them a special value to the Company. Employee further recognizes that violations by Employee of any one or more of the provisions of this Section 2 may give rise to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law and that such violations may result in irreparable and continuing harm to the Company. Employee agrees that, therefore, in addition to any other remedy which the Company may have at law and equity, including the right to withhold any payment of compensation under Section 4 of this Agreement, the Company shall be entitled to injunctive relief to restrain any violation, actual or threatened, by Employee of the provisions of this Agreement.

 

2.09 Term. The term of this Agreement and Employee’s employment hereunder shall commence on the Effective Date and shall continue for six months, unless mutually agreed. This Agreement shall continue thereafter after mutual negotiations on salary and stock.

 

2.10 Statement of Work. The attached Schedule A shall represent the Statement of Work and Milestones to be accomplished as requested by the Board of Director. These shall be the highest priority to be accomplished in the most expeditious time. 

 

3. Compensation. 

 

3.01 Compensation. For the services to be rendered hereunder Employee will be paid per Schedule B “Compensation and Stock” a six month compensation ("Base Compensation") of $6,750 per month based on CEO’s, payable in bi-weekly periodic installments on the 11th and 26th of each month in accordance with the Company's usual practice for similarly situated employees of the Company and not to be subject to withholding as required by State and Federal law. Hours shall be between 1 and 2 days a week and may be remote.

 

3.02 Stock Compensation. In addition to cash compensation, per Schedule B, the Company shall compensate the Employee in stock of the Company upon the completion of six (6) month employment term 7/10/17. 

 

3.03 Incentive Compensation. In addition to Base Compensation, per Schedule B, Employee shall be entitled to receive payments under the Company’s incentive compensation and/or bonus program(s) (as in effect from time to time), if any, in such amounts as are determined by the Company to be appropriate for similarly situated employees of the Company. 

 

3.04 Participating in Benefits. Employee shall be entitled to all benefits for as long as such benefits may remain in effect and/or any substitute or additional benefits made available in the future to similarly situated employees of the Company, subject to and on a basis consistent with the terms, conditions and overall administration of such benefits adopted by the Company. Benefits paid to Employee shall not be deemed to be in lieu of other compensation to Employee hereunder as described in Sections 3.01 and 3.02.

 

	 
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4. Termination.

 

4.01 Termination by Company for Other than Cause or by Employee for Good Reason. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, or if during the term of this Agreement the Employee terminates his employment for Good Reason, then, subject to the provisions of Sections 2.04 through 2.09, the Company shall (i) continue to pay to Employee an amount equal to Employee’s Base Compensation as in effect upon termination for the six (6) month period following termination of employment (the “Severance Period”). 

 

4.02 Termination by the Company for Cause. The Company shall have the right to terminate the employment of Employee for Cause. Effective as of the date that the employment of Employee terminates by reason of Cause, this Agreement, except for Sections 2.04 through 2.08, shall terminate and no further payments of the Compensation described in Sections 3.01 and 3.02 (except for such remaining payments of Base Compensation under Section 3.01 relating to periods during which Employee was employed by the Company, Benefits which are required by applicable law to be continued, and reimbursement of prior expenses) shall be made.

 

5. Miscellaneous.

 

5.01 Assignment. This Agreement and the rights and obligations of the parties hereto shall bind and inure to the benefit of each of the parties hereto and shall also bind and inure to the benefit of any successor or successors of the Company in a reorganization, merger or consolidation and any assignee of all or substantially all of the Company’s business and properties, but, except as to any such successor of the Company, neither this Agreement nor any rights or benefits hereunder may be assigned by the Company or Employee. 

 

5.02 Governing Law. This Agreement shall be construed in accordance with and governed for all purposes by the laws of the State of Massachusetts.

 

5.03 Interpretation. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

5.04 Notice. Any notice required or permitted to be given hereunder shall be effective when received and shall be sufficient if in writing and if personally delivered or sent by prepaid cable, telex or registered air mail, return receipt requested, to the party to receive such notice at its address set forth at the end of this Agreement or at such other address as a party may by notice specify to the other.

 

5.05 Amendment and Waiver. This Agreement may not be amended, supplemented or waived except by a writing signed by the party against which such amendment or waiver is to be enforced. The waiver by any party of a breach of any provision of this Agreement shall not operate to, or be construed as a waiver of, any other breach of that provision nor as a waiver of any breach of another provision.

 

5.06 Binding Effect. Subject to the provisions of Section 5.01 hereof, this Agreement shall be binding on the successors and assigns of the parties hereto.

 

5.07 Articles of Incorporation. This Agreement is subject to the provisions of the Articles of Incorporation. In the event of any conflict, the terms of the Articles of Incorporation shall control; and defined terms not defined herein shall have the meaning set forth in the Articles of Incorporation.

 

5.08 Survival of Rights and Obligations. All rights and obligations of Employee or the Company arising during the term of this Agreement shall continue to have full force and effect after the termination of this Agreement unless otherwise provided herein.

 
	 
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PERR TO PEER NETWORK aka MobiCard Inc.

 

By: e/s: Christopher Esposito

 

Name: Christopher Esposito
Title: CEO, Director & Co-Founder 

 

EXECUTIVE

 

/s/ James A. Bento                                                    
James A. Bento

 

19 Valley View Lane
Canton, Connecticut 06019

 

	
Schedule A
	
Date:
	
01/11/2017
	

 

	
Statement of Work 
	
[Original] 

 

	
Attachment to Executive Employment Agreement: 

 

Assignment: 

 

	
 
	
Chief Executive Officer, including but not limited to support of efforts to establish appropriate process, policies and controls consistent with sound business process and financial management practices. Any Developments made during the course of this assignment shall be the property of Client.
	
 

 

Milestones: 

 

	
 
	
Completion of three assigned tasks from the Board of Directors:
	
	
 
	
 
	
 
	
	
 
	1.)	Participate in funding requirements for growth	
	
 
	2.)	Contact and negotiate with all Vendors, former employees and or contractors necessary terms to continue main business	
	
 
	3.)	License of product with third parties	
	
 
	4.)	CEO will actively participate in the FINRA process to complete various corporate actions such as 1-400 reverse stock split, name and symbol change	
	
 
	5.)	CEO will work with accountant to bring the Company current in its financial reporting and will effectuate necessary public Company filings with OTC Markets	
	
 
	6.)	CEO will complete capital re-structure that includes the conversion of Code2action Inc.’s Convertible Note on a 1 share for 1 share basis to approximately 82,500,000 shares of common stock in Peer to Peer Network which will represent 90% ownership in Peer to Peer Network aka MobiCard Inc.	
	
 
	7.)	CEO agrees employ former CEO, Christopher Esposito to a long term employment agreement to remain as head of business development. Employment agreements will be executed simultaneously by both parties	

 

	
Deadlines: 
	
After initial term of six (6) months ended July 10, 2017 for the period to have started or completed milestones above.
	
 

 

	
Other: 
	
Chief Executive Officer shall be named as a signatory on all Company bank accounts.
	
 

 

Acknowledged and Agreed:

 

	
/s/ James A. Bento                                           
	
e/s:Christopher Esposito

	
James A. Bento 
	
Christopher Esposito, CEO & Director

 

	
Schedule B 
	
Date: 
	
01/11/2017
	

 

	
Compensation and Stock 
	
[Original] 

 

	
Attachment to Executive Employment Agreement: 

 

Tier 1: 

 

	
Compensation:
	
Beginning

 

	
01/11/2017:

	

 

Salary:                 $6,750 per month (1).

 
	 
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Expenses:
	
re-imbursement of all company related, plus $.54 per mile of car travel.

	
 
	
 

	
Stock:
	
One million (1,000,000) Common Shares OR 1.25% of the issued and outstanding fully diluted common stock as of 7/10/2017, whichever is greater.

	
 
	
 

	
Notes:
	
(1) paid gross to Business Performance Management, Inc. with no payroll taxes or benefits.

 

Acknowledged and Agreed:

 

 

	
/s/ James A. Bento                                                        
	
e/s:Christopher Esposito _____

	
James A. Bento
	
Christopher Esposito, CEO & Director

 

 

	
7

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