SEC Contract Filing

Filing Date: 2023-04-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea177470ex10-1_partsid.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT, DATED APRIL 25, 2023 BY AND BETWEEN PARTS ID, INC. AND LEV PEKER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PARTS iD, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Employment Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Employment Agreement
(this &ldquo;<U>Agreement</U>&rdquo;), dated as of April 25, 2023, is made by and between PARTS iD, Inc., a Delaware corporation (together
with any successor thereto, the &ldquo;<U>Company</U>&rdquo;), and Lev Peker (&ldquo;<U>Executive</U>&rdquo;) (collectively referred to
as the &ldquo;<U>Parties</U>&rdquo; or individually referred to as a &ldquo;<U>Party</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, it is the
desire of the Company to employ the Executive and to assure itself of the services of Executive on the terms herein provided by entering
into this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, it is the
desire of Executive to provide services to the Company on the terms herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW</B>,&nbsp;<B>THEREFORE</B>,
in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements set
forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Employment</U>.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>General</U>.
Effective on April 25, 2023 (the &ldquo;<U>Effective Date</U>&rdquo;), the Company shall employ Executive and Executive shall remain in
the employ of the Company, for the period and in the positions set forth in this Section 1, and subject to the other terms and conditions
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Employment
Term</U>. The term of employment under this Agreement (the &ldquo;<U>Term</U>&rdquo;) shall commence on the Effective Date and continue
until terminated by either party as provided in Section 3 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Positions</U>.
Executive shall serve as the Chief Executive Officer of the Company with such responsibilities, duties and authority normally associated
with such position and, to the extent consistent with such position, as may from time to time be reasonably assigned to Executive by the
Board, as defined below. Executive shall report directly to the Board. For so long as Executive is the Chief Executive Officer of the
Company, the Board shall nominate Executive for re-election as a member of the Board at the expiration of the then-current term and continue
to take such action as may be necessary to appoint or elect Executive to serve as a member of the Board, to the extent not prohibited
by legal or regulatory or independence requirements. At the Company&rsquo;s request, Executive shall serve the Company and/or its subsidiaries
and affiliates in such other capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities
are consistent with Executive&rsquo;s position as the Company&rsquo;s Chief Executive Officer. In the event that Executive serves in any
one or more of such additional capacities, Executive&rsquo;s compensation shall not automatically be increased on account of such additional
service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Duties</U>.
Executive shall devote substantially all of Executive&rsquo;s working time, attention and efforts to th