Document:

vrrm-ex109_21.htm

 

 

Exhibit 10.9

June 27, 2014

David Roberts

 

Dear David;

American Traffic Solutions, Inc. (the “Company”) is extremely pleased to offer you employment.  I hope to be welcoming you aboard soon! Before doing so, however, we want to set forth the terms and conditions that would govern your employment with the Company.  While a bit formal, we find that putting the terms of an employment offer in writing helps avoid any future misunderstandings and makes for a more pleasant work relationship for all involved.  So please review this offer letter carefully and feel free to let me know if you have any questions concerning it.

Your title will be Executive Vice President - Fleet Services.  We expect that you will begin no later than August 18, 2014.  ATS reserves the right to perform background checks, not limited to credit, driving, and criminal records.  This offer letter is contingent on the results of your background check.  If discrepancies or issues in background information are reported, ATS reserves the right to rescind this offer of employment or terminate active employment if problematic background information is reported before or after your initial start date.

You will be reporting to James Tuton, President & Chief Executive Officer.  Your responsibilities and reporting relationship may, of course, change over time.

As a Company employee, you will receive the following benefits:

	
•
	
Compensation:  The Company will pay you $350,000 per year on a bi-weekly basis at a rate of $13,461.54 (before applicable withholding and taxes) on the Company's regular paydays.  (All pay checks are issued one week in arrears).  The Company may periodically review and adjust your salary.

	
•
	
Leadership Bonus:  You will have the opportunity to participate in an ATS Incentive Bonus Plan, which is based on company financials and your performance.  Your Target Bonus is 75%.  Following your start date, you will be provided with documents that outline the specific payment and eligibility criteria, including the financial components of the plan.

	
•
	
Phantom Stock:  You will receive 350,000 units of Phantom Stock Options, subject to Board Approval.

	
•
	
Comprehensive Leave:  Upon starting employment, you will receive a prorated allotment of Paid-Time-Off (PTO) corresponding to your start date of August 18, 2014, based on Company policies.  For the calendar year 2014, you will receive a total allotment of 66 PTO hours (8.25 days) upon hire.  You will be eligible to receive 20 days for calendar year 2015.

	
•
	
Health Care, 401(k) Plan and Other Benefits:  The Company currently has benefit plans covering things such as personal time off, medical insurance, disability, and 401(k).  You are eligible for medical benefits and 401k on the first of the month following 30 days of employment (October 1, 2014).  Additional information concerning these benefits is available upon request.  If you accept this offer, make sure to review the Company's policies so that you fully understand them.  These policies and benefits are not written in stone, and may be modified at the Company's discretion.

Prior to your employment, you are required to be tested for illegal substances pursuant to the Company's Substance Abuse Policy, which you must review and sign.  Please contact us for the form needed for the drug test and a listing of nearby sites.

 

1330 W. Southern Ave., Suite 101, Tempe, Arizona 85282  ●  TEL 480 443 7000  ●  www.atsol.com

 

 

David Roberts

Page 2

 

Your employment relationship with the Company will be what is called “at will.” That is, even after accepting this employment offer, you will have the right to quit at any time, and the Company will have the right to end your employment relationship with the Company; for any reason; with or without cause; or for no reason.  Of course we hope everything works out for the best, but the Company wants to make sure that you understand that nothing in this letter or in any Company policy or statement (including any verbal statements made to you during negotiations about working at the Company) is intended to or does create anything but an at-will employment relationship.  Only the Company's Board of Directors may modify your at-will employment status, or guarantee that you will be employed for a specific period of time.  Such modification must be in writing, approved by the Board of Directors, and signed by an authorized Company representative.

The offer reflected in this letter will remain open until July 11, 2014 unless revoked before then by the Company.  To accept this offer, please carefully read the statement below, sign where indicated, and return the letter to me.  Please let me know if you have any questions about the matters discussed in this letter, or otherwise.  We sincerely hope that you will accept this offer, and we look forward to working with you.

 

	
Sincerely,
	
 

	
American Traffic Solutions, Inc.
	
 

	
 
	
 

	
/s/ James Tuton
	
 

	
 
	
 

	
James Tuton
	
 

	
President & Chief Executive Officer
	
 

 

I understand, acknowledge, and agree to the terms and conditions of employment described in this letter and accept employment with the Company on these terms and conditions.

 

					
	
 
	
/s/ David M. Roberts
	
 
	
June 30, 2014
	
 

	
 
	
Signature
	
 
	
Date
	
 

 

 

1330 W. Southern Ave., Suite 101, Tempe, Arizona 85282  ●  TEL 480 443 7000  ●  www.atsol.comvrrm-ex1010_20.htm

 

 

Exhibit 10.10

December 22, 2014

Mr. David M. Roberts

RE:Offer Letter Revision

Dear David:

This Letter Amendment (hereinafter, “Amendment”) revises your Offer Letter dated June 27, 2014 (hereinafter, “Offer Letter”) as follows:

	
 
	
•
	
Title:  President & Chief Operating Officer

	
 
	
•
	
Compensation:  Effective December 22, 2014, the Company will pay you an annual salary of $400,000.00 (before applicable withholdings and taxes) which will be paid on the Company's normal payroll schedule.

	
 
	
•
	
Bonus:  You will have the opportunity to participate in the ATS Incentive Bonus Plan, which is based on Company financials and your performance.  Your target bonus is 100% and will follow the bonus plan documents you have been provided that outlines specific payment and eligibility criteria, including the financial components of the plan.

	
 
	
•
	
Long Tem Incentive Plan:  You will be eligible to participate in the Company's Long Term Incentive/Phantom Stock Plan (or any future equivalent/revised plan).  Shares/grants/incentives (hereinafter, “LTIP Grants”) are not guaranteed and are issued at the discretion of the Board of Directors.  However, in consideration of your promotion to President and Chief Operating Officer, the Company hereby issues you an additional 400,000 LTIP Grants, which are currently valued at $2.78 per share.

	
 
	
•
	
Severance:  In the event your employment is terminated by ATS, for reasons other than cause, subject to entering into an appropriate release, non-disparagement and cooperation agreement, ATS will pay your base salary including the cost of medical benefits for a 24 month period.  Similarly, in the event you resign for “Good Reason”, subject to entering into an appropriate release, non-disparagement and cooperation agreement, ATS will pay your base salary including the company cost of medical benefits for up to a 24 month period, or until you find alternate employment (whichever occurs first).  “Good Reason” means a change in authority, duties, responsibilities, reporting lines, or other action by the Company resulting in a diminution of, or a material alteration to, your position.  A 60 day working/cooperation period is required after resignation of employment to assist with the transition of your role.

This Amendment supersedes any prior understanding, written or oral, between the Parties respecting the subject matter contained herein.  To the extent the provisions of this Amendment conflict with your Offer Letter, the provisions of this Amendment shall control.  Please sign below to document your agreement to this Amendment.

 

	
Sincerely,

	
 

	
/s/ James D. Tuton

	
 

	
James D. Tuton

	
Chairman and Chief Executive Officer

	
 

	
Agreed and Accepted by:

	
 

	
/s/ David M. Roberts

	
 

	
David M. Roberts

	
President and Chief Operating Officer

 

1330 W. Southern Ave.  •  Tempe, Arizona  •  TEL: 480.443.7000

www.atsol.com  •  www.RoadSafetyCameras.com  •  www.platepass.com  •  www.atscrossingguard.comvrrm-ex1011_16.htm

Exhibit 10.11

May 13, 2015

Patricia Chiodo

Dear Patricia,

American Traffic Solutions, Inc. (the “Company”) is extremely pleased to offer you employment.  I hope to be welcoming you aboard soon! Before doing so, however, we want to set forth the terms and conditions that would govern your employment with the Company.  While a bit formal, we find that putting the terms of an employment offer in writing helps avoid any future misunderstandings and makes for a more pleasant work relationship for all involved.  So please review this offer letter carefully and feel free to let me know if you have any questions concerning it.

Your title will be Chief Financial Officer.  We expect that you will begin no later than June 1, 2015.  ATS reserves the right to perform background checks, not limited to credit, driving, and criminal records.  This offer letter is contingent on the results of your background check.  If discrepancies or issues in background information are reported, ATS reserves the right to rescind this offer of employment or terminate active employment if problematic background information is reported before or after your initial start date.

You will be reporting to me.  Your responsibilities and reporting relationship may, of course, change over time.

As a Company employee, you will receive the following benefits:

	
•
	
Compensation:  The Company will pay you $350,000 per year on a bi-weekly basis at a rate of $13,461.54 (before applicable withholding and taxes) on the Company’s regular paydays.  (All pay checks are issued one week in arrears).  The Company may periodically review and adjust your salary.

	
•
	
Leadership Bonus:  You will have the opportunity to participate in an ATS Incentive Bonus Plan, which is based on Company financial results as well as specific personal goals.  Your Target Bonus is 50%.  Following your start date, you will be provided with documents that outline the specific payment and eligibility criteria, including the financial components of the plan.

	
•
	
Phantom Stock:  You will have the opportunity to receive shares of Phantom Stock Options, subject to Board Approval.

	
•
	
Comprehensive Leave:  Upon starting employment, you will receive a prorated allotment of Paid-Time-Off (PTO) corresponding to your start date of June 1, 2015, based on Company policies.  For the calendar year 2015, you will receive a total allotment of 76 PTO hours (9.5 days) upon hire.  You will be eligible to receive 136 PTO hours (17 days) for the calendar year 2016.

	
•
	
Health Care, 401(k) Plan and Other Benefits:  The Company currently has benefit plans covering things such as personal time off, medical insurance, disability, and 401(k).  You are eligible for medical benefits and 401k on the first of the month following 30 days of employment; August 1, 2015.  Additional information concerning these benefits is available upon request.  If you accept this offer, make sure to review the Company’s policies so that you fully understand them.  These policies and benefits are not written in stone, and may be modified at the Company’s discretion.

1330 W. Southern Ave., Suite 101, Tempe, Arizona 85282    TEL 480 443 7000    www.atsol.com

Patricia Chiodo

May 13, 2015

Page 2

Prior to your employment, you are required to be tested for illegal substances pursuant to the Company’s Substance Abuse Policy, which you must review and sign.  Please contact us for the form needed for the drug test and a listing of nearby sites.

Your employment relationship with the Company will be what is called “at will.” That is, even after accepting this employment offer, you will have the right to quit at any time, and the Company will have the right to end your employment relationship with the Company; for any reason; with or without cause; or for no reason.  Of course we hope everything works out for the best, but the Company wants to make sure that you understand that nothing in this letter or in any Company policy or statement (including any verbal statements made to you during negotiations about working at the Company) is intended to or does create anything but an at-will employment relationship.  Only the Company’s Board of Directors may modify your at-will employment status, or guarantee that you will be employed for a specific period of time.  Such modification must be in writing, approved by the Board of Directors, and signed by an authorized Company representative.

The offer reflected in this letter will remain open until May 15, 2015 unless revoked before then by the Company.  To accept this offer, please carefully read the statement below, sign where indicated, and return the letter to me.  Please let me know if you have any questions about the matters discussed in this letter, or otherwise.  We sincerely hope that you will accept this offer, and we look forward to working with you.

Sincerely,

American Traffic Solutions, Inc.

/s/ David Roberts

David Roberts

President & Chief Operating Officer

 

I understand, acknowledge, and agree to the terms and conditions of employment described in this letter and accept employment with the Company on these terms and conditions.

 

	
/s/ Patricia Chiodo
	
 
	
May 15, 2015

	
Patricia Chiodo
	
 
	
Date

 

1330 W. Southern Ave., Suite 101, Tempe, Arizona 85282    TEL 480 443 7000    www.atsol.com

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