<PAGE>

                                                                   EXHIBIT 10.3

                                                                 EXECUTION COPY



                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") dated as of [intended to be the
Closing Date of the Related Transactions], 2005 (the "Effective Date") is made
and entered into by and between The A Consulting Team, Inc., a New York
corporation having its principal place of business at 77 Brant Avenue, Clark NJ
07066 ("TACT") and its affiliates, associated companies, subsidiaries, parent,
divisions or related entities (collectively with TACT, the "Company"), and
Richard D. Falcone ("Employee"), an individual residing at 5 Blossom Hill, Colts
Neck, New Jersey 07722.

         1.       Employment and Duties.

                  (a)      The Company hereby employs Employee as Chief
                           Financial Officer. Employee will be based at the New
                           Jersey office of TACT, and TACT will provide Employee
                           with an office and appropriate computer and
                           communications equipment at both of its offices in
                           that area. Employee shall perform such work as may be
                           required of Employee by Company in accordance with
                           the instructions, directions and control of Company
                           and at such reasonable times and places as Company
                           may determine. At all times during the Term, Employee
                           shall strictly adhere to all rules and regulations
                           that have been or that may hereafter be established
                           by Company for the conduct of its employees and
                           further, Employee shall strictly adhere to all
                           provisions of the Company's handbook(s).

                  (b)      Employee hereby accepts employment in such capacity
                           and conditions as hereinafter set forth.

         2.       Term. Unless sooner terminated by either party in accordance
                  with Section 7, the term of this Agreement is for three (3)
                  years, commencing on the Effective Date and ending on the
                  third anniversary thereof (the "Term"). If the Company does
                  not intend to offer you an employment agreement for an
                  additional three-year immediately following the termination of
                  the Term, it will so notify you not later than six(6) months
                  prior to the expiration of the Term.

         3.       Monetary Compensation. The Company shall pay to Employee the
                  following monetary compensation for all services to be
                  rendered by Employee in any capacity:

                  (a)      an annual base salary of TWO HUNDRED TWENTY-FIVE
                           THOUSAND DOLLARS ($225,000.00) (the "Base Salary"),
                           subject to annual review by the board of directors of
                           TACT, less all applicable and required federal,
                           state, local and authorized deductions, payable twice
                           a month in accordance with the Company's regular
                           payroll practices; and

                  (b)      an annual special bonus of TWENTY-FIVE THOUSAND
                           DOLLARS ($25,000) (the "Special Bonus") less all
                           applicable and required federal, state, local and
                           authorized deductions, payable in four (4) equal
                           quarterly installments paid at the mid payroll cycle
                           of each quarter, of SIX THOUSAND TWO HUNDRED FIFTY
                           DOLLARS ($6,250.00) each.

<PAGE>

         4.       Fringe Benefits. Company shall provide Employee with the
                  following fringe benefits:

                  (a)      the opportunity, if and to the extent eligible, to
                           participate in any standard group health, dental,
                           life and disability insurance plans, pension plan or
                           similar benefit plan of the Company offered during
                           the Term;

                  (b)      the opportunity to participate in the Company's
                           executive management bonus, stock option plan and
                           such other similar plans as may be offered by the
                           Company during the Term, all of which shall be
                           offered and administered in accordance with the
                           Company's normal business practices for each plan;

                  (c)      other fringe benefits, including vacation, sick and
                           personal days, in accordance with TACT's then-current
                           policy for such other fringe benefits for a chief
                           financial officer position; and

                  (d)      a monthly automobile allowance equal to the leasing
                           costs, automobile insurance expense, routine
                           maintenance and related expenses for the 2004
                           Cadillac CTS which Employee is leasing as of the
                           Effective Date.

         5.       Full Time and Attention. Employee shall devote full and
                  complete attention and energies to the business of Company,
                  and shall not during the Term be engaged in any other business
                  activity, whether or not such business activity is pursued for
                  gain, profit or other pecuniary advantage and whether or not
                  such other business activity is directly or indirectly related
                  or unrelated to the business activity of Company, without the
                  prior written consent of Company. However, this shall not be
                  construed as preventing Employee from investing his assets in
                  such form or manner as will not require any services on
                  Employee's part in the operation of the affairs of the
                  companies in which such investments are made; provided,
                  however, that any investment in any non-public companies shall
                  not be in companies having allied or related business
                  activities to Company. Employee shall be permitted to hold
                  less than five percent (5%) of the outstanding equity or
                  convertible debt of any publicly-owned corporation (regardless
                  whether such corporation is engaged in a business similar to
                  that of Company), provided that Employee is not in a control
                  position in such corporation. Notwithstanding the foregoing,
                  the Company understands and acknowledges that, as of the
                  Effective Date, Employee is a director of eRXSYS, Inc. and
                  Senior Days Inc., and agrees that Employee shall be permitted
                  to continue to serve as a director of both corporations during
                  the Term.

                                       2
<PAGE>

         6.       Reimbursement of Expenses. The Company will reimburse Employee
                  for expenses incurred by Employee in the course of his
                  employment provided that such expenses are reimbursable by
                  Company policy, and further, such expenses are authorized by
                  Company and an accounting is made to Company therefor, in
                  accordance with the procedures of Company pertaining thereto.

         7.       Termination of Agreement.

                  (a)      The Agreement shall be terminated upon the death of
                           Employee or may be terminated by Company if Employee
                           fails to render the services required hereunder for a
                           continuous period of ninety (90) days because of
                           Employee's physical or mental disability.

                  (b)      Notwithstanding anything to the contrary herein,
                           either party may terminate this Agreement, with or
                           without Cause and for any reason whatsoever, by
                           giving ten (10) days prior written notice to the
                           other party. In the event Company terminates Employee
                           without Cause, Employee shall be entitled to receive
                           as severance an amount equal to nine (9) months of
                           Base Salary and any Special Bonus to which he would
                           be entitled during such nine-month period. If
                           Employee voluntarily terminates this Agreement,
                           Employee shall be entitled to Base Salary accrued
                           through the date of termination and shall forfeit his
                           right to receive any Special Bonus for the quarter in
                           which his resignation occurs, but shall receive any
                           Special Bonus to which he is entitled for all
                           quarters up to such quarter. For purposes of this
                           Section 7, "Cause" shall mean: (i) Employee's
                           embezzlement, willful breach of fiduciary duty or
                           fraud with regard to Company or any of Company's
                           assets or businesses; (ii) Employee's conviction of,
                           or pleading of nolo contendre with regard to a felony
                           (other than a traffic violation) or any other crime
                           involving moral turpitude and involving activity
                           related to the affairs of Company; or (iii) any other
                           breach by Employee of a material provision of this
                           Agreement that remains uncured for thirty (30) days
                           after written notice thereof is given to Employee. In
                           the event Company terminates this Agreement for
                           Cause, Company's sole obligation is to pay Employee
                           his Base Salary accrued through the date of
                           termination.

                  (c)      On or after the Effective Date, Employee may
                           terminate this Agreement for Sufficient Reason. For
                           purposes of this Section 7, "Sufficient Reason" shall
                           mean (i) a direct or indirect change in the ownership
                           or control of Company by purchase, merger,
                           consolidation, reorganization, lease, exchange,
                           transfer or sale of all or substantially all of the
                           assets and/or outstanding stock of Company, taking
                           the Company private, or any other business
                           transaction involving Company or any combination of
                           the foregoing transactions which results in any
                           material demotion of Employee and/or any material
                           reduction in Employee's authority or responsibilities
                           (it being understood that the change in control that
                           occurs pursuant to or in conjunction with the Share
                           Exchange Agreement, dated as of January 21, 2005
                           shall not be "Sufficient Reason" for purposes of this
                           Section) or (ii) a written request by the Company for
                           the Employee to act in any manner that will result in
                           a breach of the Company's Code of Ethics by Employee
                           or (iii) a material reduction in the Employee title,
                           assignment, operating authority, duties, or
                           responsibilities. In the event Employee or Company
                           terminates this Agreement for Sufficient Reason,
                           Employee shall be entitled to receive as severance an
                           amount equal to nine (9) months of Base Salary and
                           any Special Bonus to which he is entitled through the
                           quarter in which such resignation occurs.


                                       3
<PAGE>

         8.       Confidentiality. Employee recognizes and acknowledges that
                  Company's trade secrets, customer/broker/client lists, private
                  processes, prospective customer/broker/client lists, and staff
                  and prospective staff lists (collectively, "Confidential
                  Information") are deemed to be the private and proprietary
                  information of Company and are available, special, unique and
                  significant proprietary assets of Company's business. Employee
                  will not either during or subsequent to the Term, in whole or
                  in part, disclose such Confidential Information to any person,
                  firm, corporation, association or other entity for any reason
                  or purpose whatsoever. In addition, Employee shall not make
                  use of any Confidential Information for Employee's own
                  purposes or for the benefit of any person, firm, corporation,
                  or other entity other than Company under any circumstances
                  during the Term or subsequent to employment.

         9.       Non-Competition. Employee agrees that during the Term and for
                  a period of one (1) year thereafter, Employee will not
                  directly or indirectly, or in any capacity, individually or in
                  any corporation, firm, association or other business entity,
                  compete or attempt to compete with Company, or any corporation
                  merged into, or merged or consolidated with Company (a) by
                  soliciting business from any customer, broker and/or client of
                  Company with which Employee was involved (directly or
                  indirectly) during the Term, if such solicited business
                  competes with the business of Company, or (b) by inducing any
                  personnel of Company to leave the service of Company, or by
                  employing or contracting with any such personnel. The
                  provisions of this Section 9 shall be construed as an
                  Agreement independent of any other provision contained herein
                  and shall be enforceable in both law and equity, including by
                  temporary or permanent restraining orders, notwithstanding the
                  existence of any claim or cause of action by Employee against
                  Company, whether predicated on this Agreement or otherwise.

         10.      Intellectual Property. Employee hereby agrees to assign all
                  rights, title, and interest in all writings, products,
                  inventions, discoveries, developments, improvements, ideas,
                  technical notes, programs, specifications, computer or other
                  apparatus programs and related documentation, and other works
                  of authorship, tangible and intangible property, whether or
                  not patentable, copyrightable or subject to other forms of
                  protection, made, created, developed, discovered, written or
                  conceived by Employee, solely or jointly with another, in
                  whole or in part, for either Company and/or Company's
                  customer(s), broker(s) and/or client(s) during the Term,
                  whether during or outside of regular working hours, and to
                  promptly deliver to Company all such tangible properties and
                  work products at the request of Company. Employee shall not be
                  entitled to any compensation in addition to the amount set
                  forth in Section 3 of this Agreement by reason of said
                  assignment.


                                       4
<PAGE>

         11.      Return of Company Property. Employee shall, upon termination
                  of employment with Company, immediately return to Company all
                  equipment and supplies of Company and all books, records,
                  lists and other written, typed or printed materials, whether
                  furnished by Company or prepared by Employee, which contain
                  any information relating to Company's business or any of its
                  customers, brokers and/or clients, and Employee agrees that
                  Employee will neither make nor retain copies of such materials
                  after termination of employment.

         12.      Authorized Deductions. Employee hereby authorizes Company, at
                  any time, to offset and deduct against any and all monies due
                  to Employee by Company, whether for salary or other
                  remuneration to the full extent allowed by law, any and all
                  monies owed by Employee to Company by law or pursuant to this
                  Agreement, including, but not limited to, the correction of
                  payroll errors, the repayment of monetary advances, the
                  reimbursement of tuition or training costs, and the recoupment
                  of auto allowances, relocation expenses, expenses, and/or
                  advanced vacation time.

         13.      Representations and Warrants of Employee. Employee hereby
                  represents and warrants that the execution of this Agreement
                  by Employee and the performance of Employee's duties and
                  obligations hereunder will not breach or be in conflict with
                  any other agreement to which Employee is a party or by which
                  Employee is bound, and that Employee is not now subject to any
                  covenant against competition or similar covenant which would
                  affect the performance of Employee's duties hereunder.
                  Employee hereby agrees to indemnify Company for all claims
                  arising out or related to Employee's breach of this Section
                  13.

         14.      Jurisdiction; Governing Law. Both parties hereto do hereby
                  consent to jurisdiction in the State of New Jersey with regard
                  to all controversies which may arise with respect to the
                  execution, interpretation of and compliance with the terms and
                  provisions of this Agreement; and both parties hereto agree
                  that New Jersey law applies and, in addition, waive any other
                  venue or forum to which they might otherwise be entitled by
                  virtue of domicile or otherwise.

         15.      Dispute Resolution. All disputes, controversies, or
                  differences arising in connection with the validity,
                  execution, performance breach, non-renewal or termination of
                  this Agreement shall be finally settled in an arbitration
                  proceeding under the rules of the American Arbitration
                  Association by three arbitrators with expertise in employment
                  and labor law in accordance with the Commercial Arbitration
                  Rules then in effect of the American Arbitration Association.
                  Selection of the arbitrators shall be as follows: each party
                  shall appoint one arbitrator within twenty (20) days after the
                  parties have agreed to go to arbitration, and those two
                  arbitrators shall appoint a third arbitrator who shall act as
                  chairman, within a twenty (20) day period thereafter. If the
                  parties fail to appoint the chairman within said period, the
                  parties will apply to the American Arbitration Association for
                  appointment of the third arbitrator. The parties agree to be
                  bound by the findings of the arbitration. Notwithstanding the
                  foregoing, the courts shall have jurisdiction over injunctive
                  or provisional relief pending arbitration. The arbitrators
                  shall only be empowered to award direct damages. In no event
                  shall the arbitrators be permitted to award special,
                  consequential, indirect, incidental or punitive damages or
                  lost profits.


                                       5
<PAGE>

         16.      Waiver. The failure of either party to insist upon the
                  performance of any of the provisions of this agreement, or the
                  waiver of any breach thereof, shall not be construed as or
                  constitute a waiver of the rights granted herein with respect
                  to any subsequent forbearance or breach. No waiver or
                  modification of this Agreement or of any covenant, condition,
                  or limitation herein contained shall be valid unless in
                  writing and duly executed by the party to be charged therewith
                  and no evidence of any waiver or modification shall be offered
                  or received in evidence in any proceeding, arbitration or
                  litigation between the parties hereto arising out of or
                  affecting this Agreement, or the rights or obligations of the
                  parties hereunder, unless such waiver or modification is in
                  writing, duly executed as aforesaid, and the parties agree
                  that the provisions of this Section 16 may not be waived
                  except as herein set forth.

         17.      Successors and Assigns. This Agreement shall be binding upon
                  and inure to the benefit of the parties hereto and any
                  successor to the business of Company, but neither the
                  Agreement nor any rights hereunder may be assigned, pledged or
                  encumbered by Employee without the written consent of Company.

         18.      Amendments. This Agreement may not be changed, modified or
                  terminated orally. No amendment to or modification of this
                  Agreement shall be effective unless it shall be in writing and
                  signed by each party. Notwithstanding the foregoing, it is
                  expressly understood and agreed that any changes in the
                  Employee's compensation, duties, location or title will not
                  invalidate this Agreement. At the option of the parties, such
                  changes may be incorporated into an "Addendum" to this
                  Agreement. Failure to so incorporate such changes will not
                  affect the validity of, or the enforceability of, terms
                  herein.

         19.      Severability. All agreements and covenants contained herein
                  are severable, and in the event any of them shall be held to
                  be invalid by any competent court, this Agreement shall be
                  interpreted as if such invalid agreements or covenants were
                  not contained herein.

         20.      Notices. Any offer, notice, or request or other communication
                  hereunder shall be in writing and shall be deemed to have been
                  duly delivered if by hand or mailed by registered or certified
                  mail, return receipt requested, addressed to the respective
                  address of each party herein set forth, or to such other
                  address as each party may designate by a notice pursuant
                  hereto:

                      If to Company:     The A Consulting Team, Inc.
                                         200 Park Avenue South
                                         New York, New York 10003
                                         Attention:  Chief Executive Officer


                                  6
<PAGE>


                      With a copy (which shall not constitute notice) to:

                                          William A. Newman, Esq.
                                          McGuireWoods LLP
                                          1345 Avenue of the Americas, 7th Floor
                                          New York, New York 10105-0106


                      If to the Employee: Richard D. Falcone
                                          5 Blossom Hill
                                          Colts Neck, New Jersey 07722


         21.      Counterparts. This Agreement may be executed by the parties
                  hereto in separate counterparts, each of which when so
                  executed and delivered shall be an original, but all such
                  counterparts shall together constitute one and the same
                  instrument.

         22.      Entire Agreement. This Agreement supersedes any and all prior
                  agreements made between the parties, whether oral or written,
                  and constitutes that final and entire agreement and
                  understanding of the parties, all prior representations and
                  agreements having been merged into this Agreement, and this
                  Agreement shall amend, restate and replace all prior
                  employment agreements entered into between Company and
                  Employee, including the Employment Agreement, dated as of the
                  11th day of September, 2001 made and entered into by and
                  between the Company and Employee.

         23.      Construction. Each party acknowledges that such party and such
                  party's counsel have reviewed this Agreement and that the
                  normal rule of construction (to the effect that ambiguities
                  are to be resolved against the drafting party) shall not be
                  employed in the interpretation of this Agreement. The headings
                  contained in this Agreement are for convenience of reference
                  only and shall not affect in any way the meaning or
                  interpretation of this Agreement.


                         [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]



                                       7
<PAGE>



         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the Effective Date.





                                       THE A CONSULTING TEAM, INC.



                                       By: /s/ Shmuel BenTov
                                           -----------------------------------
                                           Name: Shmuel BenTov
                                           Title:  Chief Executive Officer




                                       RICHARD D. FALCONE


                                       By: /s/ Richard D. Falcone
                                           -----------------------------------
                                           Name: Richard D. Falcone




                                       8