EMPLOYMENT,NON-DISCLOSURE,NON-COMPETE AGREEMENT
I,Patrick Maloy,have received an Offer of Employment (the “Offer”) from Dinoco Oil, Inc. ("Dinoco") as CEO & Director. As a condition of my employment with Dinoco, and in consideration of my further employment with Dinoco and my receipt of the compensation now and hereafter paid to me by Dinoco, I agree to the following terms and conditions of this Employment Agreement (the "Agreement"):
1.At-will employment.Iunderstandandacknowledgethatmy employment withDinoco isforanunspecifieddurationandconstitutes"at-will" employment.Ialsounderstandthatanyrepresentation tothecontrary isunauthorizedandnotvalidunlessobtainedin writingandsignedbyanauthorizedrepresentativeofDinoco.Iacknowledgethatthis employmentrelationship maybeterminatedatanytime,withorwithoutgoodcauseorforanyornocause,attheoptioneitherofDinoco ormyself, withorwithoutnotice.
2.ConfidentialInformation.
(a)DinocoInformation.
(i) Iagree atalltimesduringtheterm ofmyemployment andfortwelve (12)monthsthereafter,toholdinstrictestconfidence, andnottouse, exceptforthe exclusive benefitofDinoco, ortodisclosetoany person, firm orcorporationforanyreasonorpurposewhatsoeverwithoutpriorwritten authorization ofDinoco, anyConfidentialInformationofDinoco.
(b)Former EmployerInformation.I agreethatIwill not,duringmyemploymentwithDinoco,improperly useordisclose any proprietaryinformation or tradesecrets ofanyformer employer orother personorentity andthatIwillnotbring ontothepremises ofDinoco any unpublisheddocumentor proprietaryinformation belongingto any such employer, personor entityunlessconsentedtoinwriting bysuch employer, person orentity.
(c)Third PartyInformation.IrecognizethatDinoco hasreceivedandinthefuturewillreceivefromthirdpartiestheir confidential orproprietaryinformation subjecttoadutyon Dinoco’s parttomaintaintheconfidentiality ofsuchinformation andto useit onlyforcertainlimited purposes.I agreetoholdallsuchconfidential orproprietaryinformationinthestrictest confidence andnotto discloseittoany person,firm or corporation ortouseit exceptas necessaryincarrying outmyworkforDinoco consistentwithDinoco’s agreementwithsuchthird party.
3.Compensation.I understand that, initially, my compensation while being employed with the Company will be $0 per year. One hundred ninety fivemillion(195,000,000)class B shares (par value of $ .000001/share) & five million (5,000,000) Class A voting shareswill beissuedat signing.I will also receive stock options, consisting of 80,000,000 shares of Class B stock. The Option Agreement will be in writing separate to this agreement.If, in the future, the Company raises over $5,000,000 in a direct public offering, my annual salary will be $240,000 per year.
4.Notification ofNewEmployer.IntheeventthatIleavetheemploy ofDinoco, I herebygrant consenttonotification byDinocotomy newemployer aboutmyrights and obligations underthisAgreement.
5.Interference.Iagreethatduringthecourse ofmyemployment andfor aperiodof twelve(12)monthsimmediatelyfollowingtheterminationofmyrelationshipwithDinocofor anyreason,whetherwith orwithoutgood causeorfor any or no cause, atthe optioneither ofDinoco ormyself,withorwithout notice, Iwill not, either directly orindirectly,interferewithDinoco’s opportunities, contracts,investors, andrelationships, orwith prospective contracts,investors,andrelationships.
6.CovenantNot toCompete.
(a) Iagreethatduringthecourse ofmyemployment andforaperiod of six (6)monthsimmediatelyfollowingthe termination ofmyrelationshipwithDinocoforany reason,whetherwithorwithoutgoodcauseorfor anyornocause,attheoptioneither ofDinoco ormyself,withorwithout notice,Iwillnot,withoutthe priorwritten consent ofDinoco,(i)serve asapartner, employee,consultant,officer,director,manager, agent, associate,investor,or otherwisefor,(ii)directly or indirectly, own, purchase, organize or takepreparatory steps for the organizationof, or(iii) build,design,finance, acquire,lease, operate,manage,investin,workor consultfor orotherwiseaffiliatemyselfwith,anybusinessin competitionwith orotherwise similartoDinoco’s business.Theforegoing covenantshallcovermy activitiesin every partofthe Territoryinwhich Imay conductbusiness duringtheterm of such covenant assetforth above."Territory" shallmean(i)allcountiesintheStateofTexas and(ii) allother statesof theUnited StatesofAmerica providedthat,Dinoco derivesatleastfivepercent(5%) ofitsgrossrevenuesfrom suchgeographicareapriorto thedate ofthetermination ofmy relationshipwithDINOCO. This covenant does not apply to mineral properties I own, acquire, and develop privately, and solely for my own benefit.
(b) IacknowledgethatIwill derive significantvaluefromthe Companyto providemewithConfidentialInformationtoenablemeto optimizethe performance ofmy dutiestoDinoco.I further acknowledgethatmyfulfillment ofthe obligations containedinthisAgreement,including, butnot limitedto,my obligation neitherto disclose nor tousetheConfidentialInformation other thanforDinoco’sexclusive benefit andmy obligation nottointerfereandnottocompete as set forth above,isnecessarytoprotecttheConfidentialInformationand,consequently,topreservethevalue andgoodwill ofDinoco.I acknowledgethe time,geographic andscopelimitations ofmy obligations undersubsection(a) abovearereasonable,especiallyinlight ofDinoco’sdesireto protecttheConfidential Information, andthat Iwill notbeprecludedfromgainful employmentifI am obligated notto competewithDinoco during theperiod andwithinthe Territory asdescribed above. Ifurther agreenot tochallengethe enforceability, scopeorreasonableness ofthe covenantsinthis Section.
(c)Thecovenants containedinsubsection(a)above shallbeconstrued asa seriesof separatecovenants,oneforeachcity,countyandstateofanygeographicareaintheTerritory.Exceptforgeographiccoverage,each suchseparatecovenantshallbedeemedidenticalintermstothecovenantcontainedinsubsection(a)above.If,inanyjudicial proceeding, acourtrefusestoenforceany ofsuch separate covenants(orany partthereof),then such unenforceablecovenant(orsuchpart)shallbeeliminatedfromthisAgreementtotheextent necessarytopermittheremaining separatecovenants(orportionsthereof)tobe enforced.Inthe eventtheprovisions ofsubsection(a)above aredeemedto exceed the time,geographic orscopelimitations permitted by applicablelaw,then such provisions shallbereformedtothemaximumtime,geographicorscopelimitations,asthe casemay be,then permitted bysuchlaw.
7.SolicitationofEmployees,Associates orConsultants.Iagreethatforaperiodof twelve (12)monthsimmediatelyfollowingtheterminationofmyfulltimerelationshipwithDinocoforanyreason,whetherwith orwithoutgood causeorforanyorno cause, atthe option eitherofDinoco ormyself,with orwithout notice, Iwill nothire any employees, associates or consultants ofDinocoandwill not,eitherdirectly orindirectly, solicit,induce,recruitor encourage any employees, associates or consultants ofDinocotoleaveDinoco, ortake away such employeesorconsultants,orattemptto solicit,induce,recruit,encourage ortake away such employees orconsultants, eitherformyself orfor any otherpersonor entity.Accountingfirms andlaw firms arenot considered associatesorconsultantstoDinoco. I further agreethatfor a periodoftwelve (12)monthsimmediatelyfollowingtheterminationofmyrelationshipwithDinocoforanyreason,whetherwith orwithoutgood causeorforanyorno cause, atthe option ofDinoco ormyself,withorwithoutnotice, Iwill notwork fulltime, parttime, orona consultant basiswithorfor anyemployees, associates orconsultantswhoworkedatDinoco duringthetime ofmyemployment, unless the Board waives this clause.
8.Return of Dinoco Property.All records, designs, patents, businessplans,financial statements,manuals,memoranda,lists,data and data compilationsandother property deliveredto orcompiled bymeby oronbehalfofDinoco, ortheirrepresentatives,vendorsorcustomerswhichpertaintothe businessofDinoco, shallbeandremainthe property ofDinoco, asthe casemay be,andbe subject atall timestoDinoco’s discretion and control.Likewise,all correspondence,reports,records, documents, charts,advertisingmaterials andothersimilar data pertainingtothe business,activitiesorfutureplans ofDinoco,whichiscollected orheld bymeinwhateverformatwhether documentary oron hard drives,orcomputerdisks,zipdevice, etc. shallbedelivered promptlytoDinoco,withoutrequest byDinoco, upontermination ofmyemployment,regardless ofwhether suchterminationwasvoluntarily orinvoluntarily, orforanyreason,whetherwith or withoutgood causeorfor anyornocause.
9.Representations.I agreetoexecute now orin thefuture anyproper oathorverify anyproperdocumentrequiredtocarry outtheterms ofthisAgreement.Irepresentthatmy performanceofalltheterms ofthisAgreementwill notbreach anyagreementtokeepin confidenceproprietaryinformationacquired bymein confidence orintrust priortomy employment byDinoco.I havenotenteredinto, andIagree Iwill notenterinto,anyoralorwritten agreementinconflictherewith.
10.General Provisions.
(a)Governing Law; Consent to Personal Jurisdiction. This agreement will be governed by the laws of the state of Delaware without regard for conflicts of laws principles. I hereby expressly consent to the personal jurisdiction of the state and federal courts located in the state of Delaware for any lawsuit filed there against me by Dinoco concerning my employment or the termination of my employment or arising from or relating to this agreement.
(b)Entire Agreement. This Agreement sets forth the entire agreement and understanding between Dinoco and me relating to the subject matter herein and supersedes all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.
(c)Severability. If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full force and effect.
11. I acknowledge and agreetoeach ofthe followingitems:
(a) Iam executingthisAgreementvoluntarilyandwithoutanyduressorundueinfluence byDinoco oranyone else;and(b) I have carefullyreadthisAgreement.I haveaskedanyquestionsneededformeto understandtheterms, consequencesandbinding effect ofthisAgreement andfully understandthem.
12.Trade Secret / Intellectual Property License – I, Patrick Maloy, am the owner of certain software proprietary software that is used on satellite data to measure soil alterations in the surface which only exist above oil and gas reservoirs. I hereby give Dinoco Oil unrestricted use of the software, including upgrades to the software, for so long as I remain either employed, or as a consultant, with Dinoco Oil. In the event that I am neither employed nor contracted with Dinoco Oil, I agree in good faith to negotiate a contract for licensing of the software with Dinoco Oil, and I agree that Dinoco Oil will still be able to use the software during the negotiations.
INWITNESS WHEREOF,thepartieshaveexecutedthisAgreement on 4/15/14
DINOCO OIL,INC EMPLOYEE
| By: | | /s/ Joseph Lacome | | | | By: | | /s/ Patrick Maloy |
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| Name: | | Joseph Lacome | | | | Name: | | Patrick Maloy |
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| | | | | |
| Title: | | Director | | | | | | |
