SEC Contract Filing

Filing Date: 2023-06-06

Document Content:
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<TYPE>EX-10
<SEQUENCE>13
<FILENAME>ex1015noncompeteagreementdr.htm
<DESCRIPTION>EX 10.15 NON-COMPETE AGREEMENT-ROCKE
<TEXT>
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<TITLE>Ex 10.15 Non-Compete Agreement-Rocke</TITLE>
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<DIV style=margin-left:72pt;width:468pt><P style='font:12pt Times New Roman;margin-top:3pt;margin-bottom:0pt;text-indent:36pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:3pt;margin-bottom:0pt;text-indent:36pt'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin-top:3pt;margin-bottom:0pt;text-indent:36pt'><B>NON-COMPETE, NON-DILUTION AND REGISTRATION RIGHTS AGREEMENT</B></P>
<P align=center style='font:13pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>THIS AGREEMENT is made and entered into this 28th day of August 2019, by and between PearTrack Security Systems, Inc., a Nevada corporation at 1327 Ocean Avenue Suite B Santa Monica, CA 90401 (&#8220;PearTrack&#8221;) and David Rocke, a Bermuda resident, at 36 South Road, Southampton, SN01, Bermuda (&#8220;Consultant&#8221;).</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>WHEREAS, PearTrack is, a Nevada corporation, which has authorized two hundred and fifty million (250,000,000) shares of Common stock and twenty-five million shares of Preferred stock and issued capital stock of sixty-eight million seven hundred and fifty thousand and nine hundred and thirty-one (68,750,931) shares of $.001 par value common stock; and</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>WHEREAS, PearTrack wishes to enter the hospitality security market in Florida and elsewhere within the United States, through its wholly owned subsidiaries; and</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>WHEREAS, Consultant and PearTrack have entered into a consulting agreement of the date hereof (the &#8220;Consulting Agreement&#8221;), under which Consultant will assist PearTrack; and</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0.05pt;margin-bottom:0pt;text-indent:36pt'>WHEREAS, PearTrack wishes to restrict Consultant&#8217;s activities in ways further than included within the Consulting Agreement and Consultant is willing to agree to those restrictions; and</P>
<P style='font:11.5pt Times New Roman;margin-top:0.5pt;margin-bottom:0pt;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>WHEREAS, To induce the Consultant to accept the further restrictions, PearTrack is willing to protect Consultant or his nominee from dilution resulting from future issuances of Common Stock originating from any financial instrument issued by PearTrack or any subsidiary of PearTrack prior to May 15, 2019 that allows for the issuance of Common Stock (each such instrument being a &#8220;Non-Diluting Instrument&#8221;); and</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>WHEREAS, PearTrack and Consultant desire that all Common Stock held in the name of Consultant or his nominee shall benefit from full Registration Rights.</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in the Agreement, and in order to consummate the purchase and the sale of the Purchased Shares, it is hereby agreed as follows:</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:18pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:-18pt'>1.</KBD><FONT style='border-bottom:1px solid #000000'>Consultant&#8217;s covenant not to compete.</FONT>&nbsp;</P>
<P style='font:8pt Times New Roman;margin-top:0.1pt;margin-bottom:0pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;margin-left:54pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:-36pt'>1.1.</KBD>During the period commencing on the date hereof and ending on the later of (i) five years from the date hereof and (ii) two years after the expiry or termination of the Consulting Agreement (&#8220;Non-Compete Period&#8221;). Consultant will not provide his services to any other entity in the hospitality security business in the United States (the &#8220;Business&#8221;) nor any of the security technology currently owned by PearTrack &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Times New Roman;margin:0'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>Confidential</KBD><KBD style='position:absolute;text-align:center;font:11pt Times New Roman;width:468pt'>Page 1</KBD><KBD style='position:absolute;text-align:right;font:11pt Times New Roman;width:468pt'>8/28/2019</KBD>&nbsp;</P>
<HR style='page-break-after:always;border:0;height:2.25pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=justify style='font:12pt Times New Roman;margin:0;margin-left:54pt'>and under development or acquired during the term of Consulting Agreement.</P>
<P style='font:11.5pt Times New Roman;margin-top:0.05pt;margin-bottom:0pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;margin-lef