Document:

EXHIBIT 10.4

 

The Grilled Cheese Truck, Inc.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made and entered into as of September 6, 2013 by and between The Grilled Cheese Truck,
Inc., a Nevada corporation (formerly Trig Acquisition 1, Inc., “TRIG” or the “Company”),
and Peter Goldstein (“GOLDSTEIN”).

 

1)           Engagement
and Responsibilities

 

a)          Upon
the terms and subject to the conditions set forth in this Agreement, the Company hereby employs GOLDSTEIN as an Director, President,
Interim Chief Financial Officer and Secretary of the Company. GOLDSTEIN hereby accepts such employment. GOLDSTEIN shall have such
title or titles as the Board or President may from time to time determine.

 

b)          GOLDSTEIN’s
duties and responsibilities shall be those incident to the positions described in Section 1(a) as set forth in the Bylaws of the
Company and those which are normally and customarily vested in such offices of a corporation. In addition, GOLDSTEIN’s duties
shall include those duties and services for the Company and its affiliates as the Board shall, in its sole and absolute discretion,
from time to time reasonably direct which are not inconsistent with GOLDSTEIN’s positions described in Section 1(a).

 

c)          GOLDSTEIN
agrees to devote, on a non-exclusive basis, the necessary time, energy and efforts to the business of the Company and will use
his best efforts and abilities faithfully and diligently to promote the Company’s business interests. It is understood between
the Company and GOLDSTEIN that he will devote no less than 20 hours per week in the execution of his duties. For as long as GOLDSTEIN
is employed by the Company, GOLDSTEIN shall not, directly or indirectly, either as an employee, employer, consultant, agent, investor,
principal, partner, stockholder (except as the holder of less than 1% of the issued and outstanding stock of a publicly held corporation),
corporate officer or director, or in any other individual or representative capacity, engage or participate in any business that
is in competition in any manner whatsoever with the business of the Company, as such businesses are now or hereafter conducted,
or any business which the Company contemplates conducting or intends to conduct.

 

2)           Definitions

 

“Board”
shall mean the Board of Directors of the Company.

 

“Disability,”
with respect to GOLDSTEIN, shall mean that, for physical or mental reasons, GOLDSTEIN is unable to perform the essential functions
of GOLDSTEIN’s duties under this Agreement for 30 consecutive days, or 60 days during any one six month period. GOLDSTEIN
agrees to submit to a reasonable number of examinations by a medical doctor advising the Company as to whether GOLDSTEIN shall
have suffered a disability and GOLDSTEIN hereby authorizes the disclosure and release to the Company and its agents and representatives
all supporting medical records. If GOLDSTEIN is not legally competent, GOLDSTEIN’s legal guardian or duly authorized attorney-in-fact
will act in GOLDSTEIN’s stead for the purposes of submitting GOLDSTEIN to the examinations, and providing the authorization
of disclosure.

 

“Effective
Date” shall mean the date first written above.

 

    	 

    	 

    

 

“For Cause”
shall mean, in the context of a basis for termination of GOLDSTEIN’s employment with the Company, that:

 

a)          GOLDSTEIN
breaches any obligation, duty or agreement under this Agreement, which breach is not cured or corrected within 15 days of written
notice thereof from the Company (except for breaches of Sections 1(c), 6 or 7 of this Agreement, which cannot be cured and for
which the Company need not give any opportunity to cure); or

 

b)          GOLDSTEIN
is grossly negligent in the performance of services to the Company, or commits any act of personal dishonesty, fraud, embezzlement,
breach of fiduciary duty or trust against the Company; or

 

c)          GOLDSTEIN
is indicted for, or convicted of, or pleads guilty or nolo contendere with respect to, theft, fraud, a crime involving moral turpitude,
or a felony under federal or applicable state law; or

 

d)          GOLDSTEIN
commits continued and repeated substantive violations of specific written directions of the Board, which directions are consistent
with this Agreement and GOLDSTEIN’s position as an executive officer, or continued and repeated substantive failure to perform
duties assigned by or pursuant to this Agreement; or

 

e)          GOLDSTEIN
continues to neglect his duties after receipt of notice thereof from the Company (and the Company need give such notice only once).

 

“Person”
shall mean an individual or a partnership, corporation, trust, association, Limited Liability Company, governmental authority or
other entity.

 

“Portfolio
Company” shall mean any person which has engaged the Company for the provision of services.

 

“Term”
shall mean the period commencing on the Effective Date and ending at the close of business on the business day immediately preceding
the twelve month anniversary of the Effective Date.

 

3)           Compensation
and Benefits

 

For as long as GOLDSTEIN shall be employed
by the Company, GOLDSTEIN shall receive the compensation and benefits set forth in this Section 3.

 

(a)          Salary.
The Compensation is $180,000 per annum which shall commence as of the date hereof. The base salary shall be payable in installments
on the fifteenth and last day of each month.

 

(b)          Expense
Reimbursement.

		(i)	GOLDSTEIN shall be entitled to reimbursement from the Company for reasonable out-of-pocket costs and expenses which GOLDSTEIN
incurs in connection with the performance of GOLDSTEIN’s duties and obligations under this Agreement in a manner consistent
with the Company’s practices and policies therefore.

 

    	 

    	 

    

 

		(ii)	GOLDSTEIN shall be entitled to reimbursement each month as follows: (A) $3,300 insurance and (B) $2,000 automotive
                                                              allowance.

		(iii)	GOLDSTEIN shall be entitled to a one-time payment of a non-accountable expense advance of $15,000.

 

(c)          Disability.
In the event of any Disability, GOLDSTEIN shall receive the compensation and benefits specified herein for 90 days. Such compensation
and benefits shall be received at the end of the disability.

 

(d)          Withholding.
The Company may deduct from any compensation payable to GOLDSTEIN (including payments made pursuant to Section 5 of this Agreement
in connection with or following termination of employment) amounts it believes are required to be withheld under federal and state
law, including applicable federal, state and/or local income tax withholding, old-age and survivors’ and other social security
payments, state disability and other insurance premiums and payments.

 

(d)          Key
Man Insurance. The Company may, at its own expense, purchase a key man life insurance policy at an amount to be determined
naming the Company as a beneficiary. At the time that Goldstein is no longer employed by the Company, Goldstein will have the right
to retain the policy. It is expressly understood between the Company and Goldstein that the Company will not have any further obligation
with respect to the policy following GOLDSTEIN’s employment by the Company.

 

(e)          Performance
Bonus. GOLDSTEIN shall be entitled to certain performance based compensation in the event that the Company achieves certain
milestones as follows:

		(i)	Revenue Milestone 1. In the event the Company’s Revenue (as defined below) is in excess of $2,500,000 for any
given three month period ending on or prior to July 30, 2014, then GOLDSTEIN shall be entitled to a cash bonus of $100,000.

		(ii)	Revenue Milestone 2. In the event the Company’s Revenue (as defined below) i is in excess of $6,250,000 for any
given three month period ending on or prior to December 31, 2015, then GOLDSTEIN shall be entitled to a cash bonus of $150,000.

		(iii)	Revenue Milestone 3. In the event the Company’s Revenue (as defined below) is in excess of $12,500,000 for any
given three month period ending on or prior to June 30, 2016, then GOLDSTEIN shall be entitled to a cash bonus of $500,000.

 

For purposes of this provision, Revenue shall mean the
Consolidated Gross Revenue generated from the Company’s operations, including but not limited to revenue from licensing sales,
revenue from franchise sales (including fees and royalties), revenue from acquisitions and gross revenue generated from licensing
and franchise fees for the period commencing after the executed date of this Agreement.

 

(g)          Warrants.
The Company intends to have its class of common stock, par value $.001 per share (the “Common Stock”) listed for quotation
on the OTC Bulletin Board and/or OTCQB Market or any other quotation or exchange. In the event that
the Company’s Common Stock is listed for quotation and begins trading, and within 18 months of the initial trading date the
Company’s Common Stock exceeds $5.00 per share on the OTC Bulletin Board and/or OTCQB Market or any other quotation or exchange
for a period of 20 consecutive trading days during such 18 month period, then the Company shall issue GOLDSTEIN warrants to purchase
700,000 shares of the Company’s Common Stock. The Warrants shall have an exercise price of $2.00, contain cashless exercise
provisions, and be exercisable for a period of three years from the date of granting such warrants.”

 

    	 

    	 

    

 

(h)          Additional
Consideration.

 

		(i)	Payment for Other Work. In addition to the amount specified in Section 3, the Company shall
pay GOLDSTEIN, on a case-by-case basis and on terms and compensation to be negotiated separately from this Agreement and evidenced
in a separate agreement, for GOLDSTEIN’s role with respect to any Business Development or any Management Support activities
as may be requested or desired by the Company.

		(ii)	Payment for Licensing Referrals. For any Business Development whereby GOLDSTEIN introduces
a prospect to the Company that enters into a Licensing Agreement with the Company, the Company agrees to pay GOLDSTEIN compensation equal
5%, per annum, of the license fee on a transaction for the entire term of such Licensing Agreement.

		(iii)	Completion of Financing Under the Jobs Act. In the event the Company completes a private
placement offering pursuant to the new Jumpstart Our Business Startups Act (“Jobs Act”) to which the Company raises
a minimum of $5,000,000 in net proceeds, then GOLDSTIN shall receive a cash payment of $100,000.

 

4)           Term
of Employment

 

GOLDSTEIN’s employment
pursuant to this Agreement shall commence on the Effective Date, as defined in Section 2 and shall terminate on the earliest to
occur of the following:

 

a)          upon
the date set forth in a written notice of termination from GOLDSTEIN to the Company (which date shall be at least four months after
the effective date and at least 30 days after the delivery of that notice); provided, however, that in the event GOLDSTEIN
delivers such notice to the Company, the Company shall have the right to accelerate such termination by written notice thereof
to GOLDSTEIN (and such termination by the Company shall be deemed to be a termination of employment pursuant to this Section 4(a),
and not a termination pursuant to Section 4(d) or 4(e) hereof);

 

b)          upon
the death of GOLDSTEIN;

 

c)          upon
delivery to GOLDSTEIN of written notice of termination by the Company if GOLDSTEIN shall suffer a Disability;

 

d)          upon
delivery to GOLDSTEIN of written notice of termination by the Company For Cause;

  

(e)          twelve
months from the Effective Date; or

 

(f)         In
the event GOLDSTEIN is replaced as Chief Financial Officer of the Company, GOLDSTEIN shall be entitled to continue to receive all
compensation, benefits, fees and expenses contained in Section 3 for a period of 12 months from removal as Chief Financial Officer,
provided, however, in the event that during such 12 month period after the removal as Chief Financial Officer, GOLDSTEIN continues
to receive compensation specified in Section 3 for services rendered under this Agreement, this provision shall not apply and GOLDSTEIN
shall not receive double compensation, but be compensated in accordance with the terms of this Agreement prior to being replaced.

 

    	 

    	 

    

  

GOLDSTEIN agrees and covenants that, except
for the benefit of the Company (and or successor, parent or subsidiary) during the 12 month tail period, he will not engage, directly
or indirectly (whether as an officer, director, consultant, employee, representative, agent, partner, owner, stockholder, or otherwise)
in any business engaged in by the Company nor will GOLDSTEIN compete against the Company for any transaction or corporate opportunity
which the Company has or may have an interest in pursuing.

 

5)           Confidentiality.

 

GOLDSTEIN agrees not
to disclose or use at any time (whether during or after GOLDSTEIN’s employment with the Company) for GOLDSTEIN’s own
benefit or purposes or the benefit or purposes of any other Person any databases, trade secrets, proprietary data, or other confidential
information, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data,
financial methods, plans, or the business and affairs of the Company generally, provided that the foregoing shall not apply
to information which is not unique to the Company or which is generally known to the industry or the public other than as a result
of GOLDSTEIN’s employment with the company. GOLDSTEIN agrees that upon termination of his employment with the Company for
any reason, she will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data,
and all copies thereof or therefrom, in any way relating to the business of the Company and/or any Portfolio Company, except that
she may retain personal notes, notebooks, diaries and addresses and phone numbers. GOLDSTEIN further agrees that she will not retain
or use for his account at any time any trade names, trademark or other proprietary business designation used or owned in connection
with the business of the Company.

 

6)           Miscellaneous

 

a)          Notices. 
All notices, requests, demands and other communications (collectively, “Notices”) given pursuant to this Agreement
shall be in writing, and shall be delivered by personal service, courier, facsimile transmission or by United States first class,
registered or certified mail, addressed to the following addresses:

 

If to the Company,
to:

 

The Grilled Cheese
Truck, Inc.

Robert Lee, Chief Executive
Officer

641 Lexington Avenue,
Suite 1526

New York, NY 10022

 

If to GOLDSTEIN, to:

 

Peter Goldstein

650 Sweet Bay Avenue

Plantation, FL 33324

 

Any Notice, other than a Notice sent by
registered or certified mail, shall be effective when received; a Notice sent by registered or certified mail, postage prepaid
return receipt requested, shall be effective on the earlier of when received or the third day following deposit in the United States
mails. Any party may from time to time change its address for further Notices hereunder by giving notice to the other party in
the manner prescribed in this Section.

 

    	 

    	 

    

 

b)          Entire
Agreement.  This Agreement contains the sole and entire agreement and understanding of the parties with respect to the
entire subject matter of this Agreement, and any and all prior discussions, negotiations, commitments and understandings, whether
oral or otherwise, related to the subject matter of this Agreement are hereby merged herein.  Without limiting the foregoing,
this Agreement supersedes those certain term sheets and/or agreements dated prior to date hereof. No representations, oral or otherwise,
express or implied, other than those contained in this Agreement have been relied upon by any party to this Agreement.

 

c)          Severability.
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law.

 

d)          Governing
Law.  This Agreement has been made and entered into in the State of New York and shall be construed in accordance with
the laws of the State of New York.

 

    	 

    	 

    

 

e)          Captions. 
The various captions of this Agreement are for reference only and shall not be considered or referred to in resolving questions
of interpretation of this Agreement.

 

f)          Counterparts. 
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 

g)          Attorneys’
Fees.  If any action or proceeding is brought to enforce or interpret any provision of this Agreement, the prevailing
party shall be entitled to recover as an element of its costs, and not its damages, its reasonable attorneys’ fees, costs
and expenses.  The prevailing party is the party who is entitled to recover its costs in the action or proceeding.  A
party not entitled to recover its costs may not recover attorneys’ fees.  No sum for attorneys’ fees shall be
counted in calculating the amount of a judgment for purposes of determining whether a party is entitled to recover its costs or
attorneys’ fees.

 

In Witness Whereof,
the parties have executed this Agreement as of the date first above written.

 

	 	The Grilled Cheese Truck, Inc.
	 	 	 
	 	By: 	 
	 	 	 
	 	Its:	 
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 
	 	Peter  Goldsteinexh_1041.htm

Exhibit 10.41

 

NETSOL TECHNOLOGIES, INC.

CHARTER OF THE COMPENSATION COMMITTEE ADOPTED AS 

RESTATED ON SEPTEMBER 10, 2013

 

 

I.  PURPOSE OF THE COMMITTEE

 

The purposes of the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of NetSol Technologies, Inc. (the "Company") shall be to oversee the Company's compensation and employee benefit plans and practices, including its executive compensation plans and its incentive-compensation and equity-based plans; and to produce an annual report on executive compensation for inclusion in the Company's proxy statement, in accordance with all applicable rules and regulations.

 

II.  COMPOSITION OF THE COMMITTEE

 

The Committee shall be comprised of three (3) or more directors who qualify as independent directors ("Independent Directors") under the listing standards of The Nasdaq Stock Market, Inc. (the “Nasdaq”).  Members of the Committee shall also qualify as "non-employee directors" within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, and "outside directors" within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, and shall satisfy any other necessary standards of independence under the federal securities and tax laws.

 

The members of the Committee shall be determined from time to time by resolution of the Board.  Vacancies on the Committee shall be filled by majority vote of the Board at the next meeting of the Board following the occurrence of the vacancy.  No member of the Committee shall be removed except by majority vote of the Independent Directors then in office.

 

III.  MEETINGS AND PROCEDURES OF THE COMMITTEE

 

The Committee shall fix its own rules of procedure, which shall be consistent with the Bylaws of the Company and this Charter.  The Committee shall meet as provided by its rules, which shall be at least two times annually or more frequently as circumstances require.  The Board shall designate one member of the Committee as its Chairperson.  The Chairperson of the Committee or a majority of the members of the Committee may also call a special meeting of the Committee.  A majority of the members of the Committee present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other shall constitute a quorum. 

 

The Committee may form subcommittees for any purpose that the Committee deems appropriate and may delegate to such subcommittees such power and authority as the Committee deems appropriate; provided, however, that no subcommittee shall consist of fewer than two members; and provided further that the Committee shall not delegate to a subcommittee any power or authority 

  

  

  

required by any law, regulation or listing standard to be exercised by the Committee as a whole.

 

The Committee may request that any directors, officers or employees of the Company, or other persons whose advice and counsel are sought by the Committee, attend any meeting of the Committee to provide such pertinent information as the Committee requests.

 

The Committee Chair shall have the ability to cast a tie-breaking vote in the event of a tied vote of the Committee.

 

Following each of its meetings, the Committee shall deliver a report on the meeting to the Board, including a description of all actions taken by the Committee at the meeting.  The Committee shall keep written minutes of its meetings, which minutes shall be maintained with the books and records of the Company.

 

IV.  COMMITTEE RESPONSIBILITIES

 

A.  Executive Compensation

 

The Committee shall have the following goals and responsibilities with respect to the Company's executive compensation plans:

 

(a) To review at least annually the goals and objectives of the Company's executive compensation plans, and amend, or recommend that the Board amend, these goals and objectives if the Committee deems it appropriate.

 

(b) To review at least annually the Company's executive compensation plans in light of the Company's goals and objectives with respect to such plans, and, if the Committee deems it appropriate, adopt, or recommend to the Board the adoption of, new, or the amendment of existing, executive compensation plans.

 

(c) To conduct the annual evaluation by the Board of the performance of the Chief Executive Officer in light of the goals and objectives of the Company's executive compensation plans, and set his or her compensation level based on this evaluation.  In determining the long-term incentive component of the Chief Executive Officer's compensation, the Committee shall consider all relevant factors, including the Company's performance and relative stockholder return, the value of similar awards to chief executive officers of comparable companies, and the awards given to the Chief Executive Officer of the Company in past years.  The Chief Executive Officer of the Company may not be present during Committee deliberations on matters relating to the Chief Executive Officer's compensation. The Lead Director and the Chairperson of the Committee shall communicate the results of the Board's evaluation to the Chief Executive Officer.

 

(d) To evaluate annually the performance of all other executive officers of the Company in light of the goals and objectives of the Company's executive compensation plans, and set the compensation level of each based on this evaluation.  To the extent that long-term incentive compensation is a component of 

  

  

  

such officer's compensation, the Committee shall consider all relevant factors in determining the appropriate level of such compensation, including at least the factors applicable with respect to the Chief Executive Officer.

 

(e) To evaluate annually the appropriate level of compensation for Board and Committee service by non-employee members of the Board.

 

(f) To review and approve any severance or termination arrangements to be made with any executive officer of the Company.

 

(g) To perform such duties and responsibilities as may be assigned to the Board or the Committee under the terms of any executive compensation plan.

 

(h) To review perquisites or other personal benefits to the Company's executive officers and recommend any changes to the Board.

 

(i) To produce an annual report on executive compensation for inclusion in the Company's proxy statement, in accordance with all applicable rules and regulations.

 

B.  Incentive-Compensation and Equity-Based Plans

 

The Committee shall have the following responsibilities with respect to the Company's incentive-compensation and equity-based plans:

 

(a) To review at least annually the goals and objectives of the Company's incentive-compensation and equity-based plans, and amend, or recommend that the Board amend, these goals and objectives if the Committee deems it appropriate.

 

(b) To review at least annually the Company's incentive-compensation plans and equity-based plans in light of the goals and objectives of these plans, and recommend that the Board amend these plans if the Committee deems it appropriate.

 

(c) To review all equity-compensation plans that are not subject to stockholder approval under the listing standards of the Nasdaq, and to approve such plans in its sole discretion.

 

(d) To perform such duties and responsibilities as may be assigned to the Board or the Committee under the terms of any incentive-compensation or equity-based plan.

 

C.  Other Compensation and Employee Benefit Plans

 

(a) To review at least annually the goals and objectives of the Company's general compensation plans and other employee benefit plans, and recommend that the Board amend these goals and objectives if the Committee deems it appropriate.

 

(b) To review at least annually the Company's general compensation plans and 

  

  

  

other employee benefit plans in light of the goals and objectives of these plans, and recommend that the Board amend these plans if the Committee deems it appropriate.

 

(c) To perform such duties and responsibilities as may be assigned to the Board or the Committee under the terms of its general compensation plans and other employee benefit plans.

 

V.  EVALUATION OF THE COMMITTEE

 

The Committee shall, on an annual basis, evaluate its performance under this Charter.  In conducting this review, the Committee shall evaluate whether this Charter appropriately addresses the matters that are or should be within its scope.  The Committee shall address all matters that the Committee considers relevant to its performance, including at least the following:  the adequacy, appropriateness and quality of the information and recommendations presented by the Committee to the Board, the manner in which they were discussed or debated, and whether the number and length of meetings of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner.

 

The Committee shall deliver to the Board a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Company's or the Board's policies or procedures.

 

VI.  INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS

 

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel or other advisers as it deems necessary.  The Committee shall have the sole authority to retain or terminate a compensation consultant to assist the Committee in carrying out its responsibilities, including sole authority to approve the consultant's fees and other retention terms, such fees to be borne by the Company.

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