SEC Contract Filing

Filing Date: 2019-11-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>imle_ex103.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<html><head><title>imle_ex103.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.3</b></p><p style="MARGIN: 0px" align="left">&nbsp;</p><p style="MARGIN: 0px" align="center"><b>EXECUTIVE EMPLOYMENT AGREEMENT</b></p><p style="MARGIN: 0px" align="justify">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>This Executive Employment Agreement </b>including the attached Exhibit A, the Employee Proprietary Information and Inventions Agreement and Exhibit B, the 2019 Equity Incentive Plan (collectively the "Employment Agreement"), is made effective as the 25th day of October 2019 between TransBiotec, Inc., a Delaware corporation whose business address is 400 N. Tustin Ave., Suite 225, Santa Ana, CA 92705 (the "Company"), and David J. Gandini, an individual residing at 39 Falcon Hills Drive, Highlands Ranch, CO 80126 (the "Executive"). The Company and the Executive are sometimes hereinafter individually referred to as a "Party" or collectively as the "Parties".</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><b>W I T N E S S E T H:</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>WHEREAS, </b>the Executive desires to become employed by the Company as its Chief Revenue Officer; and </p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>WHEREAS, </b>the Company is willing to employ the Executive as the Company's Chief Revenue Officer on the terms and conditions and for the consideration set forth in this Employment Agreement.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>NOW, THEREFORE,</b> in consideration of the premises and mutual covenants hereafter set forth and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and accepted, the Parties hereby incorporate the foregoing recitals into this Employment Agreement by reference and hereby agree as follows:</p><p style="MARGIN: 0px" align="justify">&nbsp;</p><p style="MARGIN: 0px"><b>1. Employment. </b>The Company hereby employs the Executive and the Executive hereby agrees to enter the employ of the Company as its Chief Revenue Officer commencing on the execution of this Employment Agreement (the &#8220;Effective Date&#8221;) for a term of three years (the "Employment Period"). Provided, however, that solely in the event that the Company has not purchased designated assets of IDTEC, LLC, a Colorado limited liability company in exchange for 12,000,000 shares (after giving effect to the planned reverse stock split related to the close of the asset purchase agreement) of the Company&#8217;s Common Stock, $0.001 par value per share on or before January 31, 2020 (the &#8220;Premature Termination Date&#8221;), this Employment Agreement shall automatically terminate and be of no further force and effect without notice to the Executive and only the Premature Termination Options defined in Section 4.D. shall vest and be exercisable by the Executive. The Executive shall, in the performance of his duties, be at all times subject to the direction, supervision and authority of the Company&#8217;s Board of Directors (the "Board").</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>2. No Breach of Obligation. </b>The Executive represents and warrants to the Company that the Executive possesses the requisite skill and experience and is ready, willing and able to perform those duties attendant to the position for which the Executive has been hired and which the Executive shall perform during the Employment Period. The Executive further represents that the Executive's entry into the Employment Agreement does not constitute a breach of any agreement with any other person, firm or corporation, nor does any prior agreement between the Executive and any person, firm or corporation contain any restriction or impediment to the ability of the Executive to perform those duties for which the Executive was hired or which may be reasonably expected of the Executive.</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><table id="pagebreak0edc037a-4c38-44c6-9e9a-256b10321972" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b>3. Services and Board Membership. </b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px">A. <u>Services</u>. During the Employment Period, the Executive shall perform to the best of the Executive's ability the following services and duties in such manner and at such times as the Board may direct; the following being included by way of example and not by way of limitation: (i) managing the Company&#8217;s progress in attaining revenue and profitability objectives and revising objectives and plans responsive to current and anticipated financial, economic and industry market conditions; (ii) defining ideal buyers, selecting markets competitively and setting top-down goals and metrics; (iii) building and adapting the Company&#8217;s revenue architecture that aligns with its business architecture as the business strategy and offering portfolio evolves; (iv) partnering with the Company&#8217;s senior team to define differentiated offerings and go-to-market strategies; (v) developing and implementing the Company&#8217;s brand and value proposition positioning that articulate the solutions and products portfolio, corporate brand message and value different