CFO Services Agreement
This CFO Services Agreement is entered into as of January 10, 2018 between Xxxxx Xxxxxxxx (“Xxxxxxxx”), and Massroots, Inc. (the “Company”). Xxxxxxxx hereby agrees to serve as Chief Financial Officer of Massroots, Inc. for a period of one year, with automatic renewal every January 10, unless written notice is provided by the Company to Xxxxxxxx 90 days before renewal.
The compensation will be paid monthly at the beginning of each month, at a rate of USD $4,000.00. Unless otherwise directed by Xxxxxxxx, all payments shall be issued in the name of JDE Development LLC and sent to:
JDE Development LLC
00000 XX 0xx Xxxxxx, Xxxxxxxx Xxxxx, XX 00000
In addition, the Company will issue Xxxxxxxx 250,000 shares of the Company common stock (trading symbol “MSRT”) which will vest in full as of January 10, 2018. These shares will be issued in the name of Xxxxx X. Xxxxxxxx.
There will be no other fees or charges by Xxxxxxxx to the Company other than pre-approved direct, third party reimbursements for costs, and pre-approved travel and related expenses.
Specific responsibilities of Xxxxxxxx for the Company shall include:
1. Review and analysis of the historical accounting records
2. Implementation of appropriate internal financial controls
3. Interacting with the Company’s internal accounting staff
4. Liaison with the Company’s auditor and securities attorney regarding filing and reporting requirements
5. Preparation of financial statements including footnotes for 10Q and 10K reporting
6. Preparation of analysis of operations as may be required in regulatory filings
7. Preparation as may be required of forecasts and budgets
8. Final review and signing of financial statements and regulatory filings
9. Maintaining the books and records and U.S. account(s) for the Company
10. Meeting with Company management and visits to the Company’s facilities as may be required
11. Participation at investor meetings and conferences as may be required
12. Responding to phone calls from the financial community and investors
Xxxxxxxx and the Company agree that the performance, compensation, and time commitment by Xxxxxxxx shall be reviewed and agreed upon on an annual basis. Xxxxxxxx shall be treated as a contract worker.
Xxxxxxxx shall be entitled to reimbursement for appropriate business expenses, as well as travel and related expenses.
This CFO Services Agreement shall be in force until such time as a formal Employment Agreement is entered into by Xxxxxxxx and the Company.
Either Xxxxxxxx or the Company may terminate this Agreement provided they give ninety (90) days written notice of the termination. Upon termination by the Company, Xxxxxxxx shall be entitled to recover from the Company, including, but not limited to, payment for all work performed through the date of termination.
In the event of any dispute between the parties arising out of or relating to this Agreement, said dispute shall be governed the laws of the State of Florida without reference to its conflict of law rules.
Agreed to:
| Xxxxx X Xxxxxxxx | Date | Xxxxx Xxxxxxxx, | Date |
