Exhibit 10.44
CONSULTING
AGREEMENT
This Consulting Agreement ("
Agreement ") entered into as of May 1, 2009 (the "
Effective Date ") by and between Location Based
Technologies, Inc., a Nevada corporation (“the
Company”), and Tina Florance (" Consultant ")
and supersedes the Agreement between the Company and Tina
Florance dated January 2, 2008.
W I T N E S S E T H
:
WHEREAS, Company is a technology and
telecommunications company that has designed and patented wireless
communications products and systems combining advanced wireless
location based services technology to provide features
of utilizing a proprietary software system;
and
WHEREAS, Company wishes to assure
itself of the services of Consultant for the period and upon the
terms and conditions provided in this Agreement; and
WHEREAS, Consultant is willing to
serve and to provide consulting to the Company on a project basis
for said period and upon the terms and conditions provided in this
Agreement.
NOW, THEREFORE, in consideration of
the mutual covenants and agreements contained herein, the parties
hereto agree as follows:
1.
Period
a.
Term . Subject to the terms and conditions of
this Agreement, Company hereby agrees to use Consultant for
maintaining the accounting office. The capacity as set forth
herein, commencing on the Effective Date and continuing in full
force and effect until such time as the execution of each Task is
completed, but in no event longer than three (3) years from the
Effective Date (the " Consultancy Term ").
b.
Duties and Responsibilities . During the Term,
Consultant agrees to devote her working time and attention to the
project and tasks faithfully and efficiently perform all reasonable
responsibilities and duties to the best of her skills and
abilities, in a competent and professional manner.
c.
Services . During the Term, Consultant further
agrees not to engage in any business or perform any services that
are competitive with the business of or services provided by
Company or that may be deemed to constitute a conflict of
interest. Notwithstanding anything to the contrary
contained in Section 1(c) , Consultant shall not be
prohibited from (i) rendering services to relatives, charitable or
community organizations; (ii) managing her personal investments in
such manner as to not interfere with the performance of her duties
hereunder; or (iii) owning no more than five percent (5%) of the
equity securities of a corporation or other entity, so long as (A)
such services or activities are not rendered to any business which
is competitive with the business of Company, and (B) such services
or activities do not in any way interfere with the performance of
Consultant's duties and responsibilities hereunder.
2.
Compensation . During the Term, Consultant shall
be entitled to the compensation package and benefits provided
below.
a.
Base Consulting. During the Consulting Term, in
full consideration for the services to be rendered by Consultant,
Consultant shall receive cash compensation for worked performed set
at $5,000.00 per month with the exception of September and October
which shall be set at $15,000.00 per month. The Consultant will
invoice the Company on a monthly basis.
b.
Additional Consulting . During the Consulting
Term, the Company may request Consultant to work on various
projects outside the scope of Consultant’s normal
responsibilities. For such services, the Consultant will
bill the Company on a project basis and may be made paid in the
form of cash or stock.
b.
Stock for Performance . Consultant shall
participate in the overall performance of the company by receiving
a grant of common stock shares based on Performance as
follows:
|
NUMBER
|
VESTING
|
|
25,000 common stock shares for each fiscal
quarter-end
|
For professional services rendered in connection
with each quarterly 10-Q review (February 28, May 31, and November
30). Common stock shares to be issued in the month following
quarter-end.
|
|
50,000 common stock shares for fiscal
year-end
|
For professional services rendered in connection
with each annual 10-K audit (August 31). Common stock shares to be
issued in the month following year-end.
|
|
50,000 common stock shares
|
Upon the sale of 1,000,000 FCC approved
PocketFinder devices.
|
*Should the Company be acquired
prior to two (2) years or prior to achieving the milestones, the
Company shall issue all common stock shares immediately.
c.
Resignation . Consultant may resign her current
position with Company and thereby terminate her agreement, by
giving thirty (30) days notice in writing. Upon
resignation, Consultant terminates any and all participation in the
Warrants for Performance as described in Section 2. b.
d.
Termination of Consulting . Company may Terminate
Consulting at any time during the Agreement by giving consultant
thirty (30) days notice in writing. Upon Termination,
Company is obligated only to pay any and all outstanding
invoices. Earned Warrants may be held until their
exercise date.
3.
Confidential Information .
a.
Company Information . Consultant acknowledges
that during the course of employment, Consultant will have access
to information about Company and that Consultant's employment with
Company shall bring Consultant into close contact with proprietary
information of Company. In recognition of the foregoing,
Consultant agrees at all times during and following Consultant's
employment with Company, to hold in confidence, and not to use,
except for the benefit of Company, or to intentionally disclose to
any person, firm, corporation or other entity without written
authorization of Company, any "Confidential Information" of Company
which Consultant obtains or creates. Consultant
understands that "Confidential Information " means any
Company proprietary information, technical data, trade secrets or
know-how, including, but not limited to, research, product plans,
products, services, suppliers, customer lists, prices and costs,
markets, software, developments, inventions, laboratory notebooks,
processes, formulas, technology, designs, drawing, engineering,
hardware configuration information, marketing, licenses, finances,
budgets or other business information disclosed to Consultant by
Company in writing or by drawings of parts or equipment, or created
by Consultant during the period of Consultant 's term during
working hours. Consultant understands that "Confidential
Information" includes information pertaining to any aspects of
Company's business which is either information not known by actual
or potential competitors of Company or is proprietary information
of Company or its customers or suppliers, whether of a technical
nature or otherwise. Consultant further understand that
Confidential Information does not include any of the foregoing
items which have become publicly known and made generally available
through no wrongful act of Consultant.
b.
Third Party Information . Consultant recognizes that Company
has received and in the future will receive confidential or
proprietary information from third parties subject to a duty on
Company's part to maintain the confidentiality of such information
and to use such information only for certain limited
purposes. Consultant agrees to hold all such
confidential or proprietary information in confid