SEC Contract Filing

Filing Date: 2018-01-05

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>AMENDMENT NO. 1 TO PETER K. POLI'S EMPLOYMENT AGREEMENT, DATED JANUARY 3, 2018.
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<title>10-1</title>
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Exhibit 10.1</font></div>
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Amendment No. 1 to the Executive</font></div>
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Employment Agreement</font></div>
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Between Track Group, Inc. and Peter K. Poli</font></div>
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Dated December 12, 2016</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold;">THIS AMENDMENT NO. 1</font><font style="font-weight: bold;">&#xA0;</font>to that certain Executive
Employment Agreement by and between Track Group, Inc. (the
"Company") and Peter K. Poli (the "Employee") is entered into as of
December 13, 2017.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold;">WHEREAS,</font> the Company and the Employee
entered into that certain Executive Employment Agreement dated
December 12, 2016 (the "Employment Agreement"); and</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold;">WHEREAS,</font> the Board of Directors of the
Company has agreed to increase Employee&#x2019;s base salary, to
provide Employee with Shares of Company common stock, and have
agreed to the other terms contained herein.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold;">NOW, THEREFORE,</font> the parties agree to
amend the Employment Agreement effective January 1, 2018, as
follows:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">1.
&#xA0;&#xA0;&#xA0;&#xA0; Paragraph 3A. shall be modified to change
the base salary to $250,000.00 per calendar year effective January
1, 2018.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">2.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">Paragraph 3 shall
be amended by adding the following provision:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#x201C;Employee
will be issued 150,000 unregistered restricted shares of Company
common stock (the &#x201C;Shares&#x201D;). The Shares shall bear an
applicable restrictive legend. The Shares shall vest as follows:
(i) 50,000 Shares shall vest on January 1, 2018, (ii) 50,000 Shares
shall vest on January 1, 2019 (iii) 50,000 Shares shall vest on
January 1, 2020. In the event of Employee's death or permanent
disability, all of the Shares shall immediately vest. Prior to the
transfer of any of the Shares during any period during which the
Shares are not registered by the Company under an effective
registration statement filed, pursuant to the Securities Act of
1933, as amen