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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION<BR>
</B><FONT STYLE="font-size: 10pt">Washington, D.C. 20549 </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT
REPORT </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
July 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>T3 MOTION,
INC.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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    <TD NOWRAP STYLE="width: 32%; text-decoration: none; text-align: center; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 1%; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-decoration: none; text-align: center; border-bottom: Black 1pt solid">001-35133</TD>
    <TD STYLE="width: 1%; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-decoration: none; text-align: center; border-bottom: Black 1pt solid">20-4987549</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(State or other jurisdiction&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(Commission File Number)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(I.R.S. Employer&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">of incorporation)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">Identification Number)&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">2990 Airway
Avenue<BR>
<U>Costa Mesa, California 92626</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (714) 619-3600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not applicable<BR>
</U>(Former name or former address, if changed since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2.):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 17, 2012, T3 Motion, Inc. (&ldquo;T-3&rdquo;
or the &ldquo;Company&rdquo;) entered into several agreements with Ki Nam pursuant to which Mr. Nam resigned from his positions
as chief technology officer and chairman of the board of directors of the Company and assumed the role of chief executive officer
of R3 Motion, Inc. (&ldquo;R-3&rdquo;), a wholly-owned subsidiary of T-3, and the parties agreed to certain voting, governance
and equity participation provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Term Sheet</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 17, 2012, the Company and Ki Nam
entered into a binding term sheet (the &ldquo;Term Sheet&rdquo;) setting forth the understandings of the parties with respect to
R-3, including Mr. Nam&rsquo;s role with this entity. Pursuant to the Term Sheet, Mr. Nam agreed to resign from his position as
an officer, employee and chairman of the board of directors of the Company and become the chief executive officer of R-3. The Company
agreed to pay Mr. Nam&rsquo;s compensation until such time, if ever, as R-3 raises gross proceeds of at least $500,000, at which
time R-3 would assume the payment obligations. The Company also agreed that within 45 days following the effective date, all of
the members of its board, including Mr. Nam, would be appointed to serve as a members of the board of directors of R-3 until the
Company owns less than 40% of the voting stock of R-3, at which time all of such directors, other than Mr. Nam, will tender their
resignations to R-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Term Sheet provides that the parties
will negotiate in good faith to enter into a definitive agreement within 90 days after the effective date pursuant to which the
Company will grant R-3 an exclusive license to all of its patents and other intellectual property that the Company deems necessary
for the production of the R3 consumer vehicle (the &ldquo;License Agreement&rdquo;). The License Agreement will have an initial
term of 18 months during which R-3 must achieve certain benchmarks to be negotiated by the parties, including ones relating to
securing third party financing and development of a production plan. If the established benchmarks are achieved, the License Agreement
will be extended for an additional 18-month period during which R-3 must achieve certain additional benchmarks, including those
relating to the production and marketing of the R-3 vehicle. If the additional benchmarks are achieved, the license will become
perpetual and the R-3 will become obligated to pay the Company a 2% royalty on sales of products under the License Agreement for
a period of five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Term Sheet also provides that the parties
will enter into a definitive agreement within 60 days after the effective date granting R-3 the exclusive right to market and resell
the Company&rsquo;s products in the Republic of Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Term Sheet is attached to this Current
Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Employment Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective July 17, 2012, R-3 and the Company
entered into an employment agreement (the &ldquo;Employment Agreement&rdquo;) with Mr. Nam that provides for a base salary of $190,000
and an annual discretionary bonus upon the attainment of certain performance goals to be established annually by R-3&rsquo;s board
of directors or compensation committee. The Employment Agreement has an initial term of two years, subject to automatic successive
one year renewal periods unless either party provides notice of its decision not to renew upon the expiration of the then current
term. In the event Mr. Nam&rsquo;s employment is terminated by R3 by notice of non-renewal or if Mr. Nam resigns for good reason,
as those terms are defined in the Employment Agreement, he is entitled to severance equal to his base salary and medical benefits
for the longer of (i) the balance of the then current term or (ii) six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 17, 2012, Mr. Nam was granted an
option to purchase 250,000 shares of the Company&rsquo;s common stock under its 2010 Stock Incentive Plan at an exercise price
equal to $0.72 per share, being the fair market value on such date. Twenty-five percent of the option will vest on the first year
anniversary of the grant date with the balance vesting in 24 equal monthly installments thereafter, subject to acceleration upon
a change in control of T-3, as defined in the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Employment Agreement is attached to
this Current Report on Form 8-K as Exhibit 10.2 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Standstill Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective July 17, 2012, the Company and
its non-employee directors entered into a standstill agreement (the &ldquo;Standstill Agreement&rdquo;) with Mr. Nam for and on
behalf of himself and entities and accounts that he controls directly or indirectly, or with respect to which he exercises voting
discretion (collectively, his &ldquo;Affiliates&rdquo;) pursuant to which Mr. Nam agreed that for a period of 12 months from the
effective date (the &ldquo;Standstill Period&rdquo;) neither he nor any of his Affiliates will, directly or indirectly, submit
a shareholder proposal pertaining exclusively to the removal or election of directors from or to the T-3 board or solicit proxies
for or support such a proposal. The Company has agreed that during the Standstill Period it will not amend certain provisions of
the Company&rsquo;s by-laws nor will it enter into an executive employment agreement with a term of more than two years without
Mr. Nam&rsquo;s consent. In addition, the Company has agreed to increase the size of its board from five members to seven and to
fill the two vacancies created thereby with Rod Keller, Chief Executive Officer of T-3, and an independent person nominated by
Mr. Nam.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Standstill Agreement grants Mr. Nam
the right, during the Standstill Period, to participate in any proposed issuances by the Company of equity or equity equivalent
securities, other than registered or underwritten offerings and certain other exempt issuances, in an amount that would allow Mr.
Nam to maintain his percentage of beneficial ownership of the then outstanding shares of the Company&rsquo;s common stock on a
fully-diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Standstill Agreement is attached to
this Current Report on Form 8-K as Exhibit 10.3 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Press Release</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A
copy of the press release announcing the events and agreements described herein is attached to this Current Report on Form 8-K
as Exhibit 99.1.<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01. Financial Statements and
Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>&nbsp;&nbsp;Exhibits:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="width: 12%; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">No.</TD>
    <TD STYLE="width: 3%; font-weight: bold; padding-bottom: 1pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 85%; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Term Sheet dated July 17, 2012 between the Registrant and Ki Nam</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement dated July 17, 2012 among the Registrant, R3 Motion, Inc. and Ki Nam</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD>Standstill Agreement dated July 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release dated July 19, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">T3 Motion, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp; July 19, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Rod Keller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp; Rod Keller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp; Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="width: 12%; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">No.</TD>
    <TD STYLE="width: 3%; font-weight: bold; padding-bottom: 1pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 85%; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Term Sheet dated July 17, 2012 between the Registrant and Ki Nam</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement dated July 17, 2012 among the Registrant, R3 Motion, Inc. and Ki Nam</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD>Standstill Agreement dated July 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release dated July 19, 2012</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "T3 Motion, Inc.", "cik": "0001434589", "assigned-sic": "3711", "irs-number": "204987549", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35133", "film-number": "12970628"}, "business-address": {"street1": "2990 AIRWAY AVENUE, SUITE A", "city": "COSTA MESA", "state": "CA", "zip": "92626", "phone": "714-619-3600"}, "mail-address": {"street1": "2990 AIRWAY AVENUE, SUITE A", "city": "COSTA MESA", "state": "CA", "zip": "92626"}}
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 17, 2012
T3 MOTION,
INC.
(Exact name of registrant as specified in
its charter)
Delaware
001-35133
20-4987549
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer
of incorporation)
Identification Number)
2990 Airway
Avenue
Costa Mesa, California 92626
(Address of principal executive offices)
Registrant's telephone number, including
area code: (714) 619-3600
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2.):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02          Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 17, 2012, T3 Motion, Inc. ("T-3"
or the "Company") entered into several agreements with Ki Nam pursuant to which Mr. Nam resigned from his positions
as chief technology officer and chairman of the board of directors of the Company and assumed the role of chief executive officer
of R3 Motion, Inc. ("R-3"), a wholly-owned subsidiary of T-3, and the parties agreed to certain voting, governance
and equity participation provisions.
Term Sheet
On July 17, 2012, the Company and Ki Nam
entered into a binding term sheet (the "Term Sheet") setting forth the understandings of the parties with respect to
R-3, including Mr. Nam's role with this entity. Pursuant to the Term Sheet, Mr. Nam agreed to resign from his position as
an officer, employee and chairman of the board of directors of the Company and become the chief executive officer of R-3. The Company
agreed to pay Mr. Nam's compensation until such time, if ever, as R-3 raises gross proceeds of at least $500,000, at which
time R-3 would assume the payment obligations. The Company also agreed that within 45 days following the effective date, all of
the members of its board, including Mr. Nam, would be appointed to serve as a members of the board of directors of R-3 until the
Company owns less than 40% of the voting stock of R-3, at which time all of such directors, other than Mr. Nam, will tender their
resignations to R-3.
The Term Sheet provides that the parties
will negotiate in good faith to enter into a definitive agreement within 90 days after the effective date pursuant to which the
Company will grant R-3 an exclusive license to all of its patents and other intellectual property that the Company deems necessary
for the production of the R3 consumer vehicle (the "License Agreement"). The License Agreement will have an initial
term of 18 months during which R-3 must achieve certain benchmarks to be negotiated by the parties, including ones relating to
securing third party financing and development of a production plan. If the established benchmarks are achieved, the License Agreement
will be extended for an additional 18-month period during which R-3 must achieve certain additional benchmarks, including those
relating to the production and marketing of the R-3 vehicle. If the additional benchmarks are achieved, the license will become
perpetual and the R-3 will become obligated to pay the Company a 2% royalty on sales of products under the License Agreement for
a period of five years.
The Term Sheet also provides that the parties
will enter into a definitive agreement within 60 days after the effective date granting R-3 the exclusive right to market and resell
the Company's products in the Republic of Korea.
The Term Sheet is attached to this Current
Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Employment Agreement
Effective July 17, 2012, R-3 and the Company
entered into an employment agreement (the "Employment Agreement") with Mr. Nam that provides for a base salary of $190,000
and an annual discretionary bonus upon the attainment of certain performance goals to be established annually by R-3's board
of directors or compensation committee. The Employment Agreement has an initial term of two years, subject to automatic successive
one year renewal periods unless either party provides notice of its decision not to renew upon the expiration of the then current
term. In the event Mr. Nam's employment is terminated by R3 by notice of non-renewal or if Mr. Nam resigns for good reason,
as those terms are defined in the Employment Agreement, he is entitled to severance equal to his base salary and medical benefits
for the longer of (i) the balance of the then current term or (ii) six months.
On July 17, 2012, Mr. Nam was granted an
option to purchase 250,000 shares of the Company's common stock under its 2010 Stock Incentive Plan at an exercise price
equal to $0.72 per share, being the fair market value on such date. Twenty-five percent of the option will vest on the first year
anniversary of the grant date with the balance vesting in 24 equal monthly installments thereafter, subject to acceleration upon
a change in control of T-3, as defined in the Employment Agreement.
The Employment Agreement is attached to
this Current Report on Form 8-K as Exhibit 10.2 and incorporated herein by reference.
Standstill Agreement
Effective July 17, 2012, the Company and
its non-employee directors entered into a standstill agreement (the "Standstill Agreement") with Mr. Nam for and on
behalf of himself and entities and accounts that he controls directly or indirectly, or with respect to which he exercises voting
discretion (collectively, his "Affiliates") pursuant to which Mr. Nam agreed that for a period of 12 months from the
effective date (the "Standstill Period") neither he nor any of his Affiliates will, directly or indirectly, submit
a shareholder proposal pertaining exclusively to the removal or election of directors from or to the T-3 board or solicit proxies
for or support such a proposal. The Company has agreed that during the Standstill Period it will not amend certain provisions of
the Company's by-laws nor will it enter into an executive employment agreement with a term of more than two years without
Mr. Nam's consent. In addition, the Company has agreed to increase the size of its board from five members to seven and to
fill the two vacancies created thereby with Rod Keller, Chief Executive Officer of T-3, and an independent person nominated by
Mr. Nam.
The Standstill Agreement grants Mr. Nam
the right, during the Standstill Period, to participate in any proposed issuances by the Company of equity or equity equivalent
securities, other than registered or underwritten offerings and certain other exempt issuances, in an amount that would allow Mr.
Nam to maintain his percentage of beneficial ownership of the then outstanding shares of the Company's common stock on a
fully-diluted basis.
The Standstill Agreement is attached to
this Current Report on Form 8-K as Exhibit 10.3 and incorporated herein by reference.
Press Release
A
copy of the press release announcing the events and agreements described herein is attached to this Current Report on Form 8-K
as Exhibit 99.1.
3
Item 9.01. Financial Statements and
Exhibits.
(d)
Exhibits:
No.
Description
10.1
Term Sheet dated July 17, 2012 between the Registrant and Ki Nam
10.2
Employment Agreement dated July 17, 2012 among the Registrant, R3 Motion, Inc. and Ki Nam
10.3
Standstill Agreement dated July 17, 2012
99.1
Press Release dated July 19, 2012
4
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
T3 Motion, Inc.
Date:  July 19, 2012
By:
/s/ Rod Keller
Name:   Rod Keller
Title:    Chief Executive Officer
5
EXHIBIT INDEX
No.
Description
10.1
Term Sheet dated July 17, 2012 between the Registrant and Ki Nam
10.2
Employment Agreement dated July 17, 2012 among the Registrant, R3 Motion, Inc. and Ki Nam
10.3
Standstill Agreement dated July 17, 2012
99.1
Press Release dated July 19, 2012
6