TOBAHMAOZ INC.
TOBAHMAOZ INC.
TRANSITION IPO DIRECTOR CONTRACT
Name of Director (herein “Director”):
Xxxxxx X. Xxxxxx
Position
Director
Name of Company (herein “Company”): TobahMaoz Inc.
Commencement Date:
November 20, 2012
Initial Termination Date:
1 year from Commencement or Completion of
IPO, whichever occurs first
Annual Stipend:
$50,000 net; estimated value is
$15,676 per quarter burdened (estimated), or
$62,704 annually burdened (estimated).
Transition IPO Contract Value:
$62,704 (estimated)
THIS CONTRACT is entered into between TobahMaoz Inc., a Wyoming corporation
(“Company”), and Director for the following purposes and upon the following conditions:
1. Appointment. Company hereby appoints Director as provided herein and Director hereby
accepts such appointment upon the terms and conditions hereinafter set forth.
2. Term. This Agreement is for a one-year term, subject to the termination provisions of
Paragraph 3. This Agreement will be automatically renewed for a one-year term, unless; (1) the
Board of Directors (the ‘Board”) delivers written notice of non-renewal at least sixty (60) days
before expiration of the initial term; (2) it is terminated sooner pursuant to the terms of this
Agreement; or (3) the Director delivers written notice of resignation to the Board of Directors.
Thereafter, this Agreement will be automatically renewed for successive one-year terms under
the same condition.
3. Early Termination. In the event of early termination due to change of ownership,
dismissal, or for any other reason, the full contract value will be paid in full on the same day as
the Board action. For example, if dismissed on day one of the contract or contract renewal, then
$50,000 (net) will be immediately due and payable.
4. Compensation.
4.1. For the full term of this Agreement, Company shall pay Director an annual
stipend in the amount provided above, payable in quarterly installments. Company shall review
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such stipend at least one month prior to each anniversary of this Agreement; provided, however,
that such stipend shall not be decreased without the consent of Director. Director shall be eligible
to receive such bonuses and cost of living increases to his stipend as the Board approves from
time to time.
4.2.
Meeting Bonus. A meeting bonus will be paid to Director for each Board meeting
attended at the rate of $2,500 per meeting.
5. Duties. Director is engaged in the Position listed above to discharge the normal duties
associated with said Position, as specifically directed by the Board or officers having authority of
Director under the bylaws or pursuant to the general operating policies adopted by the Board or
Company.
6. Extent of Service. This is a non-captive and non-exclusive Agreement. Director will
xxxxxx as much of his time, attention, and energies to the business of Company as deemed
necessary.
7. Business Expenses.
7.1. Director will be provided with a cell phone and an iPad for use in communicating
with company personnel. The Company will pay for the equipment and any monthly fees.
7.2.
Travel. Company will pay all expenses for travel, transportation, food, lodging,
and expenses for any location or time frame for board meetings called and held away from home.
8. Death or Disability. The Director’s appointment by the Company pursuant hereto is
subject to termination during the Term of this Agreement as follows:
8.1.
Death. Director’s appointment hereunder shall terminate upon his death. In such
event, the Director’s compensation shall be paid through the date of Director’s death. Eligibility
for all other benefits shall be determined by the terms of any applicable plan or program.
8.2.
Disability. The Company may, by written notice to the Director, terminate the
Director’s appointment if, as a result of the Director’s incapacity due to physical or mental
illness, the Director shall have been absent from his duties hereunder for sixty consecutive days
or for a total of ninety days in any three hundred sixty five day period (the “Disability Period”).
In the event of such termination, the Director shall receive the same benefits payable in the event
of death; provided however that if any time during the Term of this Agreement the Company
should adopt a disability policy, the terms of such policy shall govern.
9. Confidentiality.
9.1.
Director’s Duty Regarding Confidential Information. Director shall regard and
preserve as confidential all Confidential Information pertaining to Company’s business. Such
Confidential Information shall be deemed confidential whether obtained by Director by reason of
his appointment with Company or before or during the term hereof. Director shall not, without
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the prior written consent of Company, use for his own benefit or purposes, or disclose to others,
either during his appointment or at any time thereafter, and except as required in connection with
his appointment with Company, any Confidential Information connected with the business
developments of Company. Director shall not, without such prior written consent, take or retain
or copy any Confidential Information of Company. Director represents and warrants that
Director has not, before execution of this Agreement, made any disclosures of the type
prohibited by this Paragraph 9. Director shall promptly disclose to Company all discoveries,
improvements, inventions, and ideas, conceived or made by Director, either by Director or with
others, during Director’s appointment hereunder, and which are related to the actual or
anticipated business or activities of Company. All such discoveries, improvements, inventions,
and ideas shall automatically be exclusive property of Company and shall be treated as
Confidential Information unless otherwise permitted under this Paragraph 9. Director shall
execute any and all documents that Company may reasonably request to evidence that such
discoveries, improvements, inventions and ideas are the exclusive property of Company,
including, without limitation, assignments of the same.
9.2.
Definition of Confidential Information. As used in this Agreement, the term
“Confidential Information” shall mean all business information of any nature and in any form
which at the time or times concerned is not generally known to those persons engaged in
business similar to that conducted or contemplated by Company, other than by act or acts of an
Director not authorized by Company to disclose such information, and which relates to any one
or more of the aspects of the present or past business of Company or any of its predecessors,
including but not limited to patents and patent applications, inventions and improvements,
whether patentable or not, development projects, policies, processes, formulas, techniques,
know-how and other facts relating to sales, advertising, franchising, promotions, financial
matters, customers, customers’ lists, customers’ purchases or requirements, licenses and any
trade secrets.
10. Return of Books and Papers. Upon the termination of Director’s appointment with
Company for any reason, Director shall deliver promptly to Company all manuals and
memoranda; all cost, pricing and other financial data; all customer information; all other written
or printed materials which are the property of the Company (and any copies of them); and all
other materials which may contain confidential information relating to the business of Company
that Director xxx then have in his possession, whether prepared by Company or not.
11. Specific Performance. Director acknowledges that a breach of any of the covenants
contained in Paragraphs 10 hereof may result in material, irreparable injury to the Company for
which there is no adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of such a breach, any payments remaining under the
terms of this Agreement shall cease and the Company without posting any bond shall be entitled
to obtain a temporary restraining order and a preliminary or permanent injunction restraining
Director from engaging in activities prohibited by Paragraphs 10 hereof or such other relief as
may be required to enforce any of the covenants contained in Paragraphs 10 hereof.
12. Notices. For the purposes of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given
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when delivered by hand or mailed by United States overnight express mail, or nationally
recognized private delivery service on an overnight basis, return receipt requested, postage
prepaid, addressed as follows:
If to the Director:
Xxxxxx X. Xxxxxx
If to the Company: TobahMaoz Inc.
13. Waiver of Breach. The waiver by Company of a breach of any provision of this
Agreement by Director shall not operate or be construed as a waiver of any subsequent breach by
Director.
14. Inurement. The rights and obligations of Company under this Agreement shall inure to
the benefit of and shall be binding upon the successors and assigns of Company.
15. Representations and Warranties. The Director hereby represents and warrants that he is
free to enter this Agreement and to render his services pursuant hereto and that neither the execution
nor delivery of this Agreement, nor the performance of his duties hereunder, violates the provisions
of any other contract to which he is a party or by which he is bound. It is further provided that
Director shall indemnify Company for any and all damages and/or expenses (including attorney’s
fees) that may result from a breach of such representations.
16. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument, and in pleading or proving any provision of this Agreement, it shall not be necessary
to produce more than one of such counterparts.
17. Survival. Paragraphs 3, 4, 5, shall survive the termination of this Agreement.
18. Entire Agreement. This instrument contains the entire contract of the parties. It may not
be changed orally but only by an contract in writing signed by the party against whom
enforcement of any waiver, change, modification, extension or discharge is sought.
19. Paragraph Headings. Paragraph headings have been chosen and used for convenience in
referring to the various actions and paragraphs of the Agreement and are not to be accorded by
meaning or significance beyond such use in any interpretation of any provision of this
Agreement.
20. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the law (other than the law governing conflict of law questions) of the state of
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