SOBR Safe, Inc. has filed a Current Report on Form 8-K indicating that its Board of Directors approved retention agreements and associated payments for certain directors and named executive officers. The agreements were approved on September 22, 2026, with payments structured in two installments to ensure the individuals remain employed through the 2026 Annual Meeting.
For the Company's directors, the retention bonuses are as follows: Sandy Shoemaker is entitled to $55,000, Kris Pederson to $50,000, and Steven Beabout to $70,000. These payments are subject to the terms of a Continuation Offer Letter, with 60% due within 10 days of September 22, 2026, and the remaining 40% due on November 30, 2026, contingent upon the director's execution of a Release Agreement.
The Board also approved retention agreements for named executive officers. Chief Executive Officer David Gandini is set to receive a $100,000 bonus and a $270,000 release payment, while Chief Financial Officer Chris Whitaker is entitled to a $70,000 bonus and a $270,000 release payment. The bonus for each executive is payable within 10 days of September 22, 2026, provided the officer signs a release of claims. The release payment is split into two installments: 60% paid within 10 days of September 22, 2026, and the remaining 40% payable on November 30, 2026, provided the officer remains employed and executes a release agreement.
The agreements stipulate that the officers must remain employed through November 30, 2026, subject to stockholder approval of a dissolution of the Company. The 8-K further notes that the Company has discontinued its revenue-generating operations and significantly reduced its workforce. Management and the Board have determined that the Company meets the definition of a "shell company" under Securities and Exchange Commission rules, following the significant reduction in assets reported in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
