Document:

PRELIMINARY JOINT VENTURE AGREEMENT

 

This agreement is between Natural Gas Fueling
and Conversion Inc. (NGFC), a Florida corporation and Shenzhen HJ Technology Co. Ltd. (HJT), in Shenzhen, China who is currently
in the business of converting petroleum based vehicles to operate on Natural Gas.

 

		1.	NGFC plans to set up Natural Gas (NG) fueling stations and NG factories to convert NG to LNG and
CNG in the USA and along with it set up garages to convert vehicles (VC division) to run on NG in across the United States of America
(USA).

		2.	HJT is a well-established and profitable
enterprise (based on the financial statements provided to us, according to HJT management, audited by a Chinese CPA firm, that
NGFC has not audited or reviewed) that specializes in the research, development, production and marketing of automobile software
and components and has been focusing on the technology of alternative energy for vehicles. After years of testing and perfecting
a proprietary process, HJT had its first breakthrough in 2000 with its patented “Gas Intelligent Electronic Control System
(GIECS)”, a system for converting Petroleum based vehicles to run on Compressed Natural Gas (CNG) or Liquefied natural
Gas (LNG). HJT’s GIECS system, according to HJT management, is a market leader in this technology that is widely used throughout
China and exported abroad. According to HJT management, currently, HTJ has 20 conversion factories which install devices to convert
Petroleum-based vehicles to run on CNG/LNG. 

		3.	HJT by signing this agreement agrees to be a joint venture partner with NGFC to help set up the
VC division of NGFC in the USA, and provide GIECS to be installed in vehicles and train US mechanics in each location to install
GIECS in vehicles.

		4.	HJT will charge NGFC a fee for such services. And that fee will be based on the cost to HJT plus
a profit margin based on what the US market will bear allowing NGFC also to maintain a reasonable profit margin and cash flow from
the operation of that VC division.

		5.	HJT and NGFC will discuss having a more permanent relationship in the future whereby HJT will own
certain number of shares of NGFC and become full participants in the total business of NGFC for a mutually beneficial consideration.

 

	/s/ Ren Xianglin	 	/s/ I. Andrew Weeraratne
	Mr. Ren Xianglin	 	I. Andrew Weeraratne
	Chief Executive Officer	 	Chief Executive Officer
	Shenzhen HJ Technology Co. Ltd.	 	Natural Gas Fueling and Conversion Inc.
	 	 	 
	Date: October 12, 2013	 	Date: October 12, 2013EXHIBIT 10.3(e)

 

FOURTH AMENDMENT TO ESCO TECHNOLOGIES INC.

DIRECTORS’ EXTENDED COMPENSATION PLAN

 

 

WHEREAS, ESCO Technologies Inc. (“Company”)
adopted the ESCO Technologies Inc. Directors’ Extended Compensation Plan (“Plan”); and

 

WHEREAS, the Plan provides that payment
of 50% of the annual benefit payable to the director shall continue to be paid to the director’s surviving spouse for the
life of such spouse; and

 

WHEREAS, certain benefits under the Plan
are not subject to Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), because they were deferred
before January 1, 2005 and the Plan has not been materially modified after October 3, 2004 (“grandfathered benefits”);
and

 

WHEREAS, a director may (in accordance
with the requirements of Code Section 409A, to the extent applicable) elect to receive the actuarial equivalent of the director’s
entire benefit under the Plan in a single lump sum; and

 

WHEREAS, all benefits payable under the
Plan to current directors of the Company have been fully earned and vested and either are grandfathered benefits or are subject
to a lump sum election that was made in accordance with the requirements of Code Section 409A; and

 

WHEREAS, the Human Resources and Compensation
Committee (“HRCC”) of the Board of Directors of the Company has plenary authority to interpret and to apply the terms
of the Plan and to take such additional action consistent with the purpose of the Plan as is, in its sole judgment, just and equitable;
and

 

WHEREAS, pursuant to such authority, the
HRCC has interpreted the foregoing provisions of the Plan to provide for payment of a lump sum benefit equal to the actuarial equivalent
of 50% of a director’s entire benefit upon separation of service of the director on account of death; and

 

WHEREAS, the Company desires to amend applicable
provisions of the Plan to provide for the payment of such benefit (1) with respect to grandfathered benefits, in a manner that
complies with the requirements of Code Section 409A, effective as of the date hereof, and (2) with respect to those benefits
subject to a lump sum election, in accordance with the otherwise applicable provisions of the Plan and (a) in accordance with an
interpretation of such provisions that complies with the requirements of Code Section 409A, effective as of January 1,. 2013, and
(b) the provisions of Treasury Regulations Section 1.409A-3(j)(2) permitting the addition of death as a potentially earlier alternative
payment event to an amount previously deferred, effective as of the date hereof;

 

NOW, THEREFORE, effective as of the dates
set forth in the preceding paragraph, the Plan is amended by adding the following sentence at the end Paragraph 4 of Section III:

 

If a director’s separation from service (as
interpreted in accordance with the requirements of Code Section 409A) is on account of death, the actuarial equivalent of 50% of
the director’s entire benefit, determined as if the director retired on the day immediately prior to the date of the director’s
death, shall be paid to the director’s surviving spouse in a lump sum in the first quarter following the date of the director’s
death (or, at the sole discretion of the Company, on an earlier date that is no more than 30 days prior to the first day of such
quarter).

 

IN WITNESS WHEREOF, the foregoing Amendment
was adopted on the 7th day of August, 2013.EXHIBIT 10.7(b)

NOTICE OF AWARD

 

To:        ______________

 

		From:	Human Resources and Compensation Committee of the Board of Directors (“Committee”)

 

		Subject:	ESCO Technologies Inc. 2013 Incentive Compensation Plan (“Plan”) – 2014 Award

 

1.   Award. On ________, 20__ the Committee
awarded to you ____ shares of Performance-Accelerated Restricted Stock under the terms of the Plan (“Award”) which
entitles you to receive _____ shares of Common Stock of ESCO Technologies Inc. (the “Company”) upon satisfaction of
the terms hereinafter set forth. The Award is subject to all of the terms of this Notice of Award and of the Plan, a copy of which
has been delivered to you.

 

2.   Terms.   The following
are the terms of the Award:

 

(a)The Period of the Award is five years
commencing on October 1, 20__ and ending on September 30, 20__. During the period commencing on October 1, 20__ and ending September
30, 20__ (the “Initial Period”), no portion of this Award may be earned.

 

(b)If, during the period commencing
October 1, 20__ and ending on September 30, 20__ (the “Performance Period”), the Average Value Per Share of Company
Stock reaches the amount set forth in column (A), a percentage of the Award will be accelerated equal to the amount set forth under
column (B) subject to the limitations set forth in paragraph 2(d) and provided you comply with the other terms of this Award.

 

	A

If the Average Value

Per Share of Company

Stock reaches:	 	B

The Cumulative

Percent of Award

Accelerated shall be:
	$_____ or more	 	100%
	$_____	 	50%
	less than $_____	 	0%

 

(c)     If you are still employed by the
Company or a subsidiary of the Company on September 30, 20__ and have been continuously so employed since the date hereof, you
will earn 100% of the portion of the Award not yet accelerated.

 

(d)    The following additional terms will
apply to the Award:

 

(i)     During the Performance Period, up to
one hundred percent (100%) of the total Award may be accelerated as provided in paragraph 2(b).

 

(ii)    Once a portion of the Award is accelerated
under paragraph 2(b), you must remain employed with the Company or a subsidiary of the Company until the March 31st following the
end of the Fiscal Year in which that portion of the Award was accelerated. If you terminate employment (voluntarily or involuntarily)
prior to such time, you will forfeit that portion of the Award. Provided, however, that if your employment is terminated on account
of death, or total and permanent disability the foregoing employment requirement shall not apply.

 

(iii)If there is a Change of Control and
you are employed by the Company on the date of the Change of Control, the employment requirement of subparagraph (ii) shall cease
to apply to the portion of the Award which is accelerated or earned and the number of shares representing that portion of the Award
which is accelerated or earned as of the date of the Change of Control shall be distributed to you. In addition, the portion of
the Award which is not yet accelerated or earned shall be determined and distributed to you at the end of the Fiscal Year in which
the Change of Control occurred provided you are still employed on such date, in lieu of all other provisions of this Award. If
you are not employed by the Company as of the end of the foregoing Fiscal Year, no such distribution will be made; provided, however,
that if you are involuntarily terminated for reasons other than Cause or if you terminate for Good Reason the remaining shares
not yet accelerated or earned shall be distributed in full upon such termination of employment.

 

    	 

    	 

    

 

(A)     Notwithstanding the foregoing provisions
of this subparagraph (iii), in the event a certified public accounting firm designated by the Committee (the “Accounting
Firm”) determines that any payment (whether paid or payable pursuant to the terms of this Award or otherwise and each such
payment hereinafter defined as a “Payment” and all Payments in the aggregate hereinafter defined as the “Aggregate
Payment”), would subject you to tax under Section 4999 of the Internal Revenue Code of 1986 (“Code”) then
such Accounting Firm shall determine whether some amount of payments would meet the definition of a “Reduced Amount”.
If the Accounting Firm determines that there is a Reduced Amount, payments shall be reduced so that the Aggregate Payments shall
equal such Reduced Amount. For purposes of this subparagraph, the “Reduced Amount” shall be the largest Aggregate Payment
which (a) is less than the sum of all Payments and (b) results in aggregate Net After Tax Receipts which are equal to or greater
than the Net After Tax Receipts which would result if Payments were made without regard to this paragraph 2(c). “Net After
Tax Receipt” means the Present Value (defined under Section 280G(d)(4) of the Code) of a Payment net of all taxes imposed
on you under Section 1 and 4999 of the Code by applying the highest marginal rate under Section 1 of the Code.

 

(B)     As a result of the uncertainty in
the application of Section 4999 of the Code at the time of the initial determination of the Accounting Firm hereunder, it is possible
that Payments will be made by the Company which should not have been made (the “Overpayments”) or that additional Payments
which the Company has not made could have been made (the “Underpayments”), in each case consistent with the calculations
of the Accounting Firm. In the event that the Accounting Firm, based either upon (A) the assertion of a deficiency by the Internal
Revenue Service against the Company or you which the Accounting Firm believes has a high probability of success or (B) controlling
precedent or other substantial authority, determines that an Overpayment has been made, any such Overpayment shall be treated for
all purposes as a loan to you which you shall repay to the Company together with interest at the applicable Federal rate provided
for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall be payable by you to the Company if and to the
extent such payment would not reduce the amount which is subject to taxation under Section 1 and Section 4999 of the Code or if
the period of limitations for assessment of tax has expired. In the event that the Accounting Firm, based upon controlling precedent
or other substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the
Company to you together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code.

 

3.     Share Ownership
Requirements. You are expected to own shares of Common Stock with a fair market value equal to a multiple of your
total cash compensation (the “Share Ownership Requirement”). If you do not currently meet your Share Ownership Requirement,
you must retain 50% of any Performance-Accelerated Restricted Stock Award distribution which you receive under paragraphs 2(b)
and 2(c) (which will be net of any Company tax withholdings) until the Share Ownership Requirement is satisfied. Thereafter you
must maintain ownership of shares of Common Stock so that the Share Ownership Requirement remains satisfied. The satisfaction of
the requirements of this paragraph 3 will be reviewed periodically as determined by the Committee.

 

4.     Definitions. For purposes of the Award, the
following terms shall have the following meanings:

 

(a)     “Average Value Per Share”
shall mean the average for any consecutive 30 day trading period in which Company Stock is traded of the daily closing prices of
Company Stock on the New York Stock Exchange.

 

(b)     “Cause” shall
mean:

 

[Alternate
A–for Awards to CEO:](i)     The willful and continued failure to substantially perform your duties with the
Company or one of its subsidiaries (other than any such failure resulting from incapacity due to physical or mental illness), after
a written demand for such performance is delivered to you by ESCO’s Board of Directors or their delegate which specifically
identifies the manner in which such ESCO’s Board of Directors or their delegate believes that you have not substantially
performed your duties; or

 

[Alternate
B–for all other Awards:](i)    The willful and continued failure to substantially perform your duties with
the Company or one of its subsidiaries (other than any such failure resulting from incapacity due to physical or mental illness),
after a written demand for such performance is delivered to you by ESCO’s CEO or his delegate which specifically identifies
the manner in which such ESCO’s CEO or his delegate believes that you have not substantially performed your duties; or

 

    	 

    	 

    

 

(ii)     The willful engaging in (A) illegal
conduct (other than minor traffic offenses), or (B) conduct which is in breach of your fiduciary duty to the Company or one
of its subsidiaries and which is demonstrably injurious to the Company or one of its subsidiaries, any of their reputations, or
any of their business prospects. For purposes of this subparagraph (ii) and subparagraph (i) above, no act or failure to act on
your part shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable
belief that your action or omission was in the best interests of the Company or one of its subsidiaries. Any act, or failure to
act, based upon authority given pursuant to a resolution duly adopted by the Board of Directors of the Company or based upon the
advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in
the best interests of the Company or one of its subsidiaries;

 

[Alternate A–for
Awards to CEO:]The cessation of your employment shall not be deemed to be for “Cause” unless and until
there shall have been delivered to you a written notice that in the Board of Directors’ or their delegate’s opinion
you are guilty of the conduct described in subparagraph (i) or (ii)above, and specifying the particulars thereof in detail.

 

[Alternate B–for
all other Awards:]The cessation of your employment shall not be deemed to be for “Cause” unless and
until there shall have been delivered to you a written notice that in the CEO’s or his delegate’s opinion you are guilty
of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.

 

(c)     “Change of Control”
shall mean:

 

(i)    The purchase or other acquisition (other
than from the Company) by any persons, entity or group of persons, within the meaning of Section 13(d) or 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (excluding, for this purpose, the Company or its subsidiaries
or any employee benefit plan of the Company or its subsidiaries), of the beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 20% or more of either the then-outstanding shares of Common Stock of the Company or the
combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors;
or

 

(ii)    Individuals who, as of the date hereof,
constitute the Board (as the date hereof, the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board, provided that any person who becomes a director subsequent to the date hereof whose election, or nomination for election
by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board (other than an individual whose initial assumption of office is in connection with an actual or threatened election contest
relating to the election of directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A promulgated under
the Exchange Act) shall be, for purposes of this subparagraph (ii), considered as though such person were a member of the Incumbent
board; or

 

(iii)    Approval by the stockholders of the
Company of a reorganization, merger or consolidation, in each with respect to which persons who were the stockholders of the Company
immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of, respectively,
the common stock and the combined voting power entitled to vote generally in the elections of directors of the reorganized, merged
or consolidated corporations’ then-outstanding voting securities, or of a liquidation or dissolution of the Company or of
the sale of all or substantially all of the assets of the Company.

 

(d)     “Company Stock”
shall mean common stock of the Company.

 

(e)      “Fiscal Year”
shall mean the fiscal year of the Company which, as of the date hereof, is the twelve month period commencing October 1 and ending
September 30.

 

(f)      “Good Reason”
shall mean:

 

(i)     Requiring you to be based at any office
or location more than 50 miles from your office or location as of the date of the Change of Control;

 

(ii)    The assignment to you of any duties
inconsistent in any respect with your position (including status, offices, titles and reporting requirements), authority, duties
or responsibilities as of the date of the Change of Control or in conjunction with a Change in Control any action by the Company
or any of its subsidiaries which results in a diminution in such position, authority, duties or responsibilities, excluding for
this purpose an action taken by the Company or one of its subsidiaries, to which you object in writing by notice to the Company
within 10 business days after you receive actual notice of such action, which is remedied by the Company or one of its subsidiaries
promptly but in any event no later than 5 business days after you provided such notice, or

 

(iii)    The reduction in your total compensation
and benefits below the level in effect as of the date of the Change of Control.

 

    	 

    	 

    

 

5.     Parallel Incentive. The Committee may, but
is not obligated to, authorize a payment of a portion of the Award based upon its discretionary evaluation of the Company’s
financial performance during the Performance Period even if the foregoing objectives are not fully met. Examples of performance
measures the Committee may consider include, but are not limited to, cash flow, earnings, sales and margins.

 

6.    Medium of Payment. The Committee shall direct
that sufficient shares of Common Stock of the Company shall be withheld from any distribution hereunder to satisfy the Company’s
tax withholding requirements in respect of such distribution.

 

7.    Covenants.

 

(a)    You agree that for the period beginning
on the first day of the Period of Award and ending two (2) years after the expiration of the Period of the Award, you will not
do any of the following:

 

(i)     as an individual or as a partner, employee,
agent, advisor, consultant or in any other capacity of or to any person, firm, corporation or other entity, directly or indirectly
carry on any business or become involved in any business activity, which is (i) competitive with the business of the Company (or
any affiliate of the Company), as presently conducted and as said business may evolve in the ordinary course, and (ii) a business
or business activity in which you were engaged in the course of your employment with the Company (or any affiliate of the Company);
notwithstanding the foregoing, nothing herein shall prevent you from being a 2% or less shareholder of a publicly traded corporation;

 

(ii)    as an individual or as a partner,
employee, agent, advisor, consultant or in any other capacity of or to any person, firm, corporation or other entity, directly
or indirectly recruit, solicit or hire, or assist anyone else in recruiting, soliciting or hiring, any employee of the Company
(or any affiliate of the Company);

 

(iii)    induce or attempt to induce, or assist
anyone else to induce or attempt to induce, any customer of the Company (or any affiliate of the Company), to discontinue its business
with the Company (or with any affiliate of the Company);

 

(iv)    engage in the unauthorized use or
disclosure of confidential information or trade secrets of the Company or its affiliates resulting in harm to the Company or its
affiliates; or

 

(v)    engage in intentional misconduct resulting
in a financial restatement or in an increase in your incentive or equity compensation.

 

(b)     In the event of a breach or threatened
breach of the covenants described in this paragraph 7, the Company shall be entitled, in addition to any other legal or equitable
remedies it may have:

 

(i)      to temporary, preliminary and permanent
injunctive relief restraining such breach or threatened breach. You hereby expressly acknowledge that the harm which might result
as a result of any noncompliance by you would be largely irreparable, and you agree that if there is a question as to the enforceability
of any of the provisions of this Award, you will abide by the Award until after the question has been resolved by a final judgment
of a court of competent jurisdiction;

 

(ii)     to cancel this Award; and/or

 

(iii)    to recover from you (1) any shares
of stock transferred to you under this Award during any period(s) (A) that you were in breach of any of the above described covenants
or (B) in the case of intentional misconduct resulting in a financial restatement during the periods that required statement, but
in either case not to exceed three years , and (2) the proceeds from any sales of such shares received under this Award during
the above time periods to the extent such shares transferred to you under this Award have been sold or retained by the Company
to pay your taxes. The Committee shall have sole discretion in determining the amount that shall be recovered from you under this
subparagraph (iii).

 

[For Awards to
licensed attorneys only]8.     Ethical Obligations.  In recognition of your ethical duties and responsibilities
as a licensed attorney, the parties agree that nothing in this Award shall prevent you from providing legal advice or otherwise
being engaged in the practice of law; provided, however, that you agree not to breach any ethical obligations you have by virtue
of being, or having been, the Company’s corporate counsel.

 

9.      Choice of Law. This Award shall be construed
and administered in accordance with the laws of the State of Missouri without regard to the principles of conflicts of law which
might otherwise apply. Any litigation concerning any aspect of this Award shall be conducted in the State or Federal Courts in
the State of Missouri.

 

10.    Amendment. The Award may be amended
by written consent between the Company and you.

  

[Signatures on Following Page]

 

    	 

    	 

    

 

	Executed this ___ day of _______, 20__.	 	 	 
	 	 	 	 
	ESCO TECHNOLOGIES INC.	 	AGREED TO AND ACCEPTED:	 
	 	 	 	 	 
	By: 	 	 	 	 
	 	Vice President 	 	Participant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]