Document:

trtc_ex102.htm

EXHIBIT 10.2
  
 INDEPENDENT DIRECTOR AGREEMENT
  
 THIS INDEPENDENT DIRECTOR AGREEMENT (this “Agreement”) is made effective as of  July 30, 2018 by and between Terra Tech Corp. (the “Company”), and Steven J. Ross (“Director”).
  
 WHEREAS, the Company seeks to attract and retain as directors, capable and qualified persons to serve on the Company’s board of directors (the “Board”); and
  
 WHEREAS, the Company has requested and received from Director certain information regarding Director’s qualifications and fitness to serve on the Board and has considered and relied upon the accuracy of such information in offering Director the opportunity to serve on the Board; and
  
 WHEREAS, the Company believes that Director possesses the necessary qualifications and abilities to serve as the Lead Director of the Company and to perform the functions and meet the Company’s needs related to its Board.
  
 NOW, THEREFORE, the parties agree as follows:
  
 1. Service to the Board.
  
 (a) Service as a Director. Director will serve for a period of one year (the “term’) as a director of the Company in accordance with the bylaws of the Company and perform all duties as a director of the Company, including without limitation (1) attending meetings of the Board, (2) serving on such committees of the Board (each a “Committee”) to which Director has been appointed, (3) attending meetings of each Committee of which Director is a member, (4) performing Director’s duties on behalf of the Company in good faith and in a manner that is not opposed to the best interests of the Company and (5) devoting adequate time on a monthly basis to assist the Company executive management with strategic planning, management control systems, financial reporting & budgeting and other areas of organizational development & operating performance improvement. 
   
 (b) Service on Committees. Director will serve on the following committees and in the capacities stated:
  
  	  
	  
	 Member
	  
	 Chairperson

	 Audit Committee
	  
	 √
	  
	 √

	 Compensation/Nominating Committee
	  
	 √
	  
	  

	 Corporate Governance Committee
	  
	 √
	  
	

  
 To the extent Director serves as Audit Committee Chairperson, Director agrees that Director is also serving as the financial expert for purposes of filings before the Securities and Exchange Commission.
  
 2. Term. The term of this Agreement shall commence as of the date of Director’s appointment by the Board of Directors of the Company and shall continue until the Director’s removal or resignation.
  
 3. Compensation and Expenses.
  
 (a) Director Compensation. In recognition of the services provided by and to be provided by Director, the Company agrees to issue to Director, an aggregate of 24,750 restricted shares of the Company’s common stock, to be fully vested on the date of appointment; 24,750 Options at $2.02; and to pay Director cash compensation of $8,333 per month, payable at the first of each month beginning August 1, 2018 (such cash payment and stock issuance, the “Compensation”). The Board reserves the right to change the Compensation from time to time, to take into consideration the responsibilities associated with different committees in setting Compensation levels and to grant additional restricted shares periodically, which may vary from the terms described in this section. 
   
  	 
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 (b) Expenses. The Company will reimburse Director for all reasonable, out-of-pocket expenses, including business class airfare for board meetings, approved by the Company in advance, incurred in connection with the performance of Director’s duties under this Agreement (“Expenses”), upon submission of receipts and a written request for payment. Such statement shall be accompanied by sufficient documentary matter to support the expenditures. The Company may withhold from any payment any amount of withholding required by law.
  
 (c) Future Compensation and Benefits. The Board, with the compensation committee, reserves the right to determine the compensation for services provided under this Agreement. The Board may from time to time authorize additional compensation and benefits for Director, including stock options and restricted stock.
  
 The Company has provided the Director with a summary of provisions of its corporate by-laws and governing documents dealing with indemnification of directors (the “Indemnification Provisions”). 
  
 4. Confidentiality. The Company and Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”). Director covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.
  
 5. Non-Compete. During the term of this Agreement and for a period of twelve (12) months following Director’s removal or resignation from the Board of Directors of the Company or any of its subsidiaries or affiliates (the “Restricted Period”), Director shall not, directly or indirectly, (i) in any manner whatsoever engage in any capacity with any business competitive with the Company’s current lines of business or any business then engaged in by the Company, any of its subsidiaries or any of its affiliates (the “Company’s Business”) for Director’s own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business competitive with the Company’s Business; provided, however, that Director may hold, directly or indirectly, solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company’s Business. In addition, during the Restricted Period, Director shall not develop any property for use in the Company’s Business on behalf of any person or entity other than the Company, its subsidiaries and affiliates.
  
 6. Termination. With or without cause, the Company and Director may each terminate this Agreement at any time upon ninety (90) days written notice, and the Company shall be obligated to pay to Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing Director with immediate effect at any time for any reason.
  
 7. Amendments and Waiver. No supplement, modification or amendment of this Agreement will be binding unless executed in writing by both parties. No waiver of any provision of this Agreement on a particular occasion will be deemed or will constitute a waiver of that provision on a subsequent occasion or a waiver of any other provision of this Agreement.
  
 8. Binding Effect. This Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
  
 9. Severability. The provisions of this Agreement are severable, and any provision of this Agreement that is held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable in any respect will not affect the validity or enforceability of any other provision of this Agreement.
  
 10. Governing Law. This Agreement will be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in that state without giving effect to the principles of conflicts of laws.
   	 
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 11. Notice. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange Commission.
  
 12. Assignment. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of Director under this Agreement are personal and therefore Director may not assign any right or duty under this Agreement without the prior written consent of the Company.
  
 13. Entire Agreement. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.
  
 14. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.
  
 [Signature Page Follows]
  
  	 
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 IN WITNESS WHEREOF, the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.
  
  	 	TERRA TECH CORP.	
	 	 	 	 
		By:	/s/ Derek Peterson 	
	  
	 Name:
	Derek Peterson	 
	 	Title:	CEO 	 
	 	 	 	 
	  
	 DIRECTOR
	  

	  
	  
	  
	  

	  
		 /s/ Steven J. Ross
	  

	  
	 Name: 
	 Steven J. Ross
	  

	  
	 Address:
	 760 Via Lido Soud
	  

	  
	  
	 Newport Beach, CA 92663
	  

  
  
  	4Exhibit 10.1

 

Avalon
GloboCare Corp.

 

4400
Route 9 South, Suite 3100

 

Freehold,
New Jersey 07728

 

July 30, 2018

 

Steven
A. Sanders

 

Letter
of Appointment – Board of Directors

 

Dear
Mr. Sanders:

 

We
are pleased to offer you the role as a director of the Board of Directors (the “Board”) of Avalon GloboCare Corp.
(the “Company”). In addition, we expect to appoint you as a member of the Audit Committee and the Nominating and Corporate
Governance Committee (the “Committees”) upon formation. This letter contains the terms of your appointment as a director
of the Board of Directors of the Company and as a member of the Committees upon formation. This letter will be effective from
the date of the signing of this letter.

 

		1.	Your
                                         Duties:

 

		a)	You
                                         will be expected to attend all meetings (either in person or by teleconference) of the
                                         Board of the Company and the Committees, of which we expect to hold approximately four
                                         per annum for the Board and Committee as well as sign all written consents if you deem
                                         appropriate. In addition, you will be expected to perform such other duties as are reasonably
                                         contemplated by your holding office as a director of the Company, member of the Committees
                                         or which may reasonably be assigned to you by the Board from time to time.

 

		b)	As
                                         a director and member of the Committees you will:

 

		i)	Perform
                                         to the best of your abilities and knowledge the duties reasonably assigned to you by
                                         the Board and the Committees from time to time, whether during or outside business hours
                                         and at such places as the Board reasonably requires;

 

		ii)	Use
                                         all reasonable efforts to promote the interests of the Company;

 

		iii)	Attend
                                         directors’ meetings and committee meetings;

 

		iv)	Act
                                         in the best interests of the Company; and

 

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		v)	Work
                                         closely with the Board of Directors and the Chief Executive Officer.

 

		c)	As
                                         you will appreciate, however, your time commitment will ultimately be a product of the
                                         matters confronting the Company from time to time and matters properly requiring your
                                         attention as a director of the Company.

  

		2.	Remuneration:

 

On
January 1 of each year, the Company shall grant you options to purchase 40,000 shares of the Company’s common stock on an
annual basis at exercise price equal to the closing price on December 31st. The options will vest 25% at the beginning of each
quarter and have a term of five years. As your service as a director will commence on the date set forth above, the option for
this year shall be pro-rated. As a result, for 2018, you shall receive a stock option to acquire 20,000 shares of common stock
at an exercise price of $2.80 per share for a term of five years vesting immediately with respect to 10,000 shares of common stock
and 10,000 shares of common stock vesting October 1, 2018.

 

In
addition, you will receive $5,000 per quarter for serving as a member of the Committees commencing upon formation.

 

		3.	Expenses:
                                         Subject to you providing the Company with receipts or other evidence of payment, the
                                         Company will pay for or reimburse you for all travelling, hotel and other expenses reasonably
                                         incurred by you in connection with attending and returning from Board, Committees, Company,
                                         meetings or otherwise in connection with the Company’s business. Reasonable travel
                                         and out of pocket expenses used in connection with the business of the Group shall include:

 

		a)	Cell
                                         phone bills;

 

		b)	Domestic
                                         and international travel (economy class under 4 hours and business class over 4 hours);
                                         and

 

		c)	Hotel
                                         accommodation.

 

		4.	Termination
                                         of Appointment:

 

		a)	Your
                                         appointment as the Director may be terminated at any time by the vote of the stockholders
                                         of the Company in accordance with the certificate of incorporation and bylaws of the
                                         Company.

 

		b)	You
                                         acknowledge and agree that if the shareholders of the Company terminate your appointment,
                                         you will have no claim of any kind against the Company by reason of the termination.

 

		c)	You
                                         are at liberty to terminate the appointment at any time by notice in writing to the Company.

 

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		5.	What
happens after termination of appointment?

 

If your
appointment is terminated for any reason or you resign for any reason:

 

		a)	The
                                         Company may set off any amounts you owe the Company against any amounts the Company owes
                                         to you as a Director at the date of termination except for amounts the Company is not
                                         entitled by law to set off;

 

		b)	You
                                         must return all the Company’s property (including property leased by the Company)
                                         to the Company on termination including all written or machine readable material, software,
                                         computers, credit cards, keys and vehicles; and

 

		c)	You
                                         must not record any confidential information in any form after termination.

 

		6.	Prohibited
                                         Activities:

 

		a)	You
                                         undertake to the Company that you will not during the term of your appointment engage
                                         in a business or an activity that would place you in a position of conflict in respect
                                         of the performance of your duties.

 

		b)	The
                                         terms of your appointment do not restrict you from accepting appointment as a director
                                         of any other company outside of the Company’s industry, providing consulting services
                                         or any other business or other activity whatsoever. The Company acknowledges and accepts
                                         your current roles as a director. You recognize that the services to be performed
                                         by you under the Agreement are special, unique and extraordinary. The parties confirm
                                         that it is reasonably necessary for the protection of the Company’s goodwill that
                                         you agree, and accordingly, you do hereby agree and covenant, that during your term as
                                         director, you will not, directly or indirectly, except for the benefit of the Company:

 

		i.	become
                                         an officer, director, more than 2% stockholder, partner, associate, employee, owner,
                                         proprietor, agent, creditor, independent contractor, co-venturer or otherwise, or be
                                         interested in or associated with any other corporation, firm or business engaged in the
                                         same or any similar business competitive with that of the Company (including the Company’s
                                         present and future subsidiaries and affiliates) (the “Business”); or

 

		ii.	solicit,
                                         cause or authorize, directly or indirectly, to be solicited for or on behalf of himself
                                         or third parties from parties who were customers of the Company (including its present
                                         and future subsidiaries and affiliates) at any time during your term, any business similar
                                         to the business transacted by the Company with such customer; or

 

		iii.	accept
                                         or cause or authorize, directly or indirectly, to be accepted for or on behalf of your
                                         or third parties, business from any such customers of the Company (including its present
                                         and future subsidiaries and affiliates); or

 

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		iv.	solicit,
                                         or cause or authorize, directly or indirectly, to be solicited for employment for or
                                         on behalf of you or third parties, any persons who were at any time during your term
                                         hereunder, employees of the Company (including its present and future subsidiaries and
                                         affiliates); or

 

		v.	employ
                                         or cause or authorize, directly or indirectly, to be employed for or on behalf of yourself
                                         or third parties, any such employees of the Company (including its present and future
                                         subsidiaries and affiliates); or

 

		vi.	use
                                         the tradenames, trademarks, or trade dress of any of the products of the Company (including
                                         its present and future subsidiaries and affiliates); or any substantially similar tradename,
                                         trademark or trade dress likely to cause, or having the effect of causing, confusion
                                         in the minds of manufacturers, customers, suppliers and retail outlets and the public
                                         generally.

 

You
acknowledge the intention that the Company shall have the broadest possible protection of the value of its business consistent
with public policy, and it will not violate the intent of the parties if any court should determine that, consistent with established
precedent of the forum state, the public policy of such state requires a more limited restriction in geographical area or duration
of the aforesaid covenant not to compete, contained in an appropriate decree.

 

		c)	Except
                                         as permitted in this Agreement or as approved by the Company, you will not (i) use any
                                         Confidential Information (as defined below) or (ii) disseminate or in any way disclose
                                         the Confidential Information to any person, firm, business or governmental agency or
                                         department. You may use the Confidential Information to perform your Duties for the benefit
                                         of Company. You shall treat all Confidential Information with the same degree of care
                                         as you accord to your own confidential information, but in no case shall you use less
                                         than reasonable care. You shall immediately give notice to Company of any unauthorized
                                         use or disclosure of the Confidential Information. You shall assist Company in remedying
                                         any the unauthorized use or disclosure of the Confidential Information. You agree not
                                         to communicate any information to Company in violation of the proprietary rights of any
                                         third party.

 

“Confidential
Information” means (a) any technical and non-technical information related to the Company’s business and current,
future and proposed products and services of Company, including for example and without limitation, Company innovations, intellectual
property, and information concerning research, development, design details and specifications, financial information, procurement
requirements, engineering and manufacturing information, customer lists, business forecasts, sales information, marketing plans
and business plans, and provided, in each case, that each is marked as “confidential” or “proprietary”
and (b) any information that Company has received from others that may be made known to you and that Company is obligated to treat
as confidential or proprietary, and provided, in each case, that each is marked as “confidential” or “proprietary”.

 

		7.	Notices
                                         and Other Communications:

 

		a)	Service
of Notices

 

A notice,
demand, consent, approval or communication under this letter (collectively a “Notice”) must be:

 

		i)	In
                                         writing and in English directed to the address advised by the recipient for notices,
                                         as varied by any notice; and

 

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		ii)	Hand
                                         delivered or sent by prepaid post or facsimile to that address.

 

		b)	Effective
                                         on Receipt: A Notice given in accordance with section 7a takes effect when received (or
                                         at a later time specified in the Notice), and is taken to be received:

  

		i)	If
                                         hand delivered, on delivery;

 

		ii)	If
                                         sent by prepaid post, two Business Days after the date of posting (or seven Business
                                         Days after the date of posting if posted to or from outside The United States of America);

 

		iii)	If
                                         sent by facsimile, when the sender’s facsimile system generates a message confirming
                                         successful transmission of the entire Notice unless, within eight Business Hours after
                                         the transmission, the recipient informs the sender that it has not received the entire
                                         Notice;

 

but
if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to
be received at 9.00am on the Business Day after that delivery, receipt or transmission.

 

		8.	Miscellaneous

 

		a)	Alterations:
                                         This letter may be altered only in writing signed by each party.

 

		b)	Approvals
                                         and consents: Except where this letter expressly states otherwise, a party may, in its
                                         discretion, give conditionally or unconditionally or withhold any approval or consent
                                         under this letter.

 

		c)	Assignment:
                                         This letter may NOT be assigned by either party.

 

		d)	Costs:
                                         Each party must pay its own costs of negotiating, preparing and executing this letter.

 

		e)	Survival:
                                         Any indemnity in this letter is independent and survives termination of this letter.
                                         Any other provision by its nature intended to survive termination of this letter survives
                                         termination of this letter.

 

		f)	Counterparts:
                                         This letter may be executed in counterparts. All executed counterparts constitute one
                                         document.

 

		g)	No
                                         Merger: The rights and obligations of the parties under this letter do not merge on completion
                                         of any transaction contemplated by this letter.

 

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		h)	Entire
                                         Agreement: This letter constitutes the entire agreement between the parties in connection
                                         with its subject matter and supersedes all previous agreements or understandings between
                                         the parties in connection with its subject matter.

 

		i)	Further
                                         Action: Each party must do, at its own expense, everything reasonably necessary (including
                                         executing documents) to give full effect to this letter and the transactions contemplated
                                         by it.

 

		j)	Waiver:
                                         A party does not waive a right, power or remedy if it fails to exercise or delays in
                                         exercising the right, power or remedy. A single or partial exercise of a right, power
                                         or remedy does not prevent another or further exercise of that or another right, power
                                         or remedy. A waiver of a right, power or remedy must be in writing and signed by the
                                         party giving the waiver.

 

		k)	Relationship:
                                         Except where this letter expressly states otherwise, it does not create a relationship
                                         of employment, agency or partnership between the parties.

 

		l)	Confidentiality:
                                         A party may only use the confidential information of another party for the purposes of
                                         this letter, and must keep the existence of this letter and the terms of it and the confidential
                                         information of another party confidential information except where:

 

		i)	The
                                         information is public knowledge (but not because of a breach of this letter) or the party
                                         has independently created the information; or

 

		ii)	Disclosure
                                         is required by law or a regulatory body (including a relevant stock exchange).

 

		m)	Announcements:
                                         A public announcement in connection with this letter or a transaction contemplated by
                                         it must be agreed by the parties before it is made, except if required by law or a regulatory
                                         body (including a relevant stock exchange).

 

		9.	Insurance:
                                         The Company has directors’ and officers’ liability insurance under which
                                         you are covered in the US and elsewhere for all usual risks during the term of your appointment
                                         as the Director. The Company will maintain that cover for the full term of your appointment.

 

		10.	Contract
                                         for Services: This is a contract for services and is not a contract of employment.

 

		11.	Governing
                                         Law: This Agreement shall be governed by the laws of the State of Delaware (without giving
                                         effect to choice of law principles or rules thereof that would cause the application
                                         of the laws of any jurisdiction other than the State of Delaware) and the invalidity
                                         or unenforceability of any provision hereof shall in no way affect the validity or enforceability
                                         of any other provision. Any provision of this Agreement which is prohibited or unenforceable
                                         in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent
                                         of such prohibition or unenforceability without invalidating or affecting 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.

 

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Please
sign the attached copy of this letter to indicate that you have read, understood and accept the terms of your appointment.

 

Yours
Sincerely,

 

Avalon
GloboCare Corp.

 

By:/s/
David Jin

 

Name:
David Jin

 

Title:
CEO

 

Agreed
to and accepted by:

 

/s/ Steven A. Sanders

 

Steven
A. Sanders

 

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