Document:

TSO2Q2014-EX.10.1

Exhibit 10.1

TESORO CORPORATION
NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

As previously disclosed, the Company’s director compensation program for 2014 provided for an annual retainer of $250,000, payable $110,000 in cash and $140,000 in the form of restricted stock units representing the right to receive shares of common stock with dividend equivalent rights (“RSUs”). Such RSUs vest one year from the date of grant, which is made in connection with the annual meeting of stockholders. In addition, the Chairman of the Board and Committee Chairs were entitled to the following annual amounts: Board Chair -- $200,000; Audit Committee Chair and Compensation Committee Chair -- $20,000; Environmental Health, Safety & Security Committee Chair and Governance Committee Chair -- $15,000.

The Board of Directors adopted changes to the director compensation program to (1) increase the cash portion of the annual compensation by $10,000 effective August 1, 2014 and (2) increase the equity-based portion of the annual compensation by $10,000 effective with the May 2015 grant cycle. The Board granted each of the non-employee directors an award of $7,500 in RSUs (or 126 RSUs), effective August 1, 2014, to compensate each director for (a) the pro-rata portion of the additional $10,000 in annual equity compensation for the period from August 1, 2014 through April 30, 2015. The RSUs will vest one year from the date of grant.Exhibit 10.02

 

WAIVER AGREEMENT

 

This Waiver Agreement
(the “Waiver”), dated as of July 30, 2014 is by and between WPCS International Incorporated, a Delaware corporation
with offices located at 600 Eagleview Boulevard, Suite 300, Exton, Pennsylvania 19341 (the “Company”), and the
holder identified on the signature page hereto (“Holder”).

 

RECITALS

 

A.On December 5,
2012, the Company issued (i) senior secured convertible notes (as amended and waived prior to the date hereof, the “Notes”)
and (ii) warrants to purchase common stock of the Company, in each case, pursuant to a Securities Purchase Agreement, dated as
of December 4, 2012 (as amended and waived prior to the date hereof, the “Securities Purchase Agreement”) to
the Holder and certain other investors signatory thereto (the Holder and such other investors collectively, the “Investors”).
Capitalized terms not defined herein shall have the meanings set forth in the Securities Purchase Agreement as amended hereby.

 

B.Worldwide Stock
Transfer LLC (the “Collateral Agent”) acts as collateral agent on behalf of the Investors pursuant to a Collateral
Agency Agreement, dated December 5, 2012, by and among the Company, the Collateral Agent and the secured party signatories thereto
(as amended and waived prior to the date hereof, the “Collateral Agency Agreement”).

 

C.Pursuant to Sections
2(b) and 3 of the Collateral Agency Agreement, the Collateral Agent will release Collateral in accordance with the written instructions
of the Required Holders, as such terms are defined in the Collateral Agency Agreement.

 

E.Pursuant to the
Notes, the Company was obligated to use its best efforts to effect the sale of its wholly owned subsidiary, WPCS Australia Pty
Ltd. (“WPCS Australia”).

 

F.On September
19, 2013, WPCS Australia entered into a securities purchase agreement (the “Pride Agreement”) with Turquino
Equity LLC for the purchase of 100% of the shares of The Pride Group (QLD) Pty Ltd., a wholly-owned subsidiary of WPCS Australia
(the “Pride Group”), for a purchase price of $1.4 million (subject to adjustment as provided therein) (the “Purchase
Price”), which purchase price would be settled, in part, by applying the severance amount due to Andrew Hidalgo pursuant
to his separation agreement with the Company (the “Severance”).

 

G.The closing of
the Pride Agreement is subject to various closing conditions, including the release of the stock of the Pride Group from the Collateral.

 

H.The Company and
the Holder desire to enter into this Agreement, pursuant to which the stock of the Pride Group will be released from Collateral
in accordance with to the Collateral Agency Agreement.

 

AGREEMENT

 

1.Upon the execution of this Waiver by the parties and the Company obtaining consent from the Required Holders (as defined
in the Securities Purchase Agreement), the Collateral Agent is hereby authorized and instructed to execute and file any documents
necessary or reasonably requested by the Company to evidence the release of the Pride Group from the definition of Collateral,
including but not limited to filing a UCC-3 financing statement amendment.

 

    	 

    	 

    

 

2.
MISCELLANEOUS.

 

2.1 Effective Time.
The provisions in Section 1 of this Waiver shall be effective as of the date each of the Required Holders shall have executed
each of their respective consents referred to in Section 1 (the “Effective Time”).

 

2.2Miscellaneous Provisions. Section 9 of the Securities Purchase Agreement (as amended hereby) is hereby incorporated
by reference herein, mutatis mutandis.

 

2.3
Most Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from
and after the date hereof that none of the terms offered to any Person with respect to any consent, release, amendment, settlement
or waiver relating to the terms, conditions and transactions contemplated hereby (each a “Settlement Document”),
is or will be more favorable to such Person than those of the Holder and this Agreement. If, and whenever on or after the date
hereof, the Company enters into a Settlement Document, then (i) the Company shall provide notice thereof to the Holder immediately
following the occurrence thereof and (ii) the terms and conditions of this Agreement, the Transaction Documents and the Securities
(other than any limitations on conversion or exercise set forth therein) shall be, without any further action by the Holder or
the Company, automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive
the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Settlement Document, provided
that upon written notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified
term or condition, in which event the term or condition contained in this Agreement or the Securities (as the case may be) shall
apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Holder. For the avoidance of doubt, to the extent the Company enters into more than one Settlement
Document, the provisions of this Section 2.3 shall apply to each such Settlement Document.

 

2.4
Disclosure of Transactions and Other Material Information. On or before 9:30 a.m., New York time, on the second
(2nd) Business Day following the Effective Time, the Company shall file a Current Report on Form 8-K describing all the material
terms of the transactions contemplated by this Waiver in the form required by the 1934 Act and attaching this Waiver as an exhibit
(including all attachments, the "8-K Filing"). From and after the issuance of the 8-K Filing, the Company shall
have disclosed all material, non-public information (if any) delivered to the Holder by the Company or any of its subsidiaries,
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the this
Waiver Agreement.

 

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2.5
Independent Nature of the Holder's Obligations and Rights. The obligations of the Holder under the Transaction Documents
and this Waiver Agreement are several and not joint with the obligations of the Investors (other than the Holder) (the “Other
Holders”) under the Transaction Documents and any Settlement Document, and the Holder shall not be responsible in any
way for the performance of the obligations of any Other Holder under any Transaction Document or Settlement Document. Nothing contained
herein or in any other Transaction Document or Settlement Document or this Waiver Agreement, and no action taken by the Holder
or any Other Holder pursuant thereto, shall be deemed to constitute the Holder and any Other Holder as, and the Company acknowledges
that the Holder does not so constitute with any Other Holder, a partnership, an association, a joint venture or any other kind
of entity, or create a presumption that the Holder and any Other Holder are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction Documents, any Settlement Document or this Waiver Agreement.
Each of the Company and the Holder confirms that it has independently participated in the negotiation of the transactions contemplated
hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Waiver Agreement or out of any other Transaction Document, and it
shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

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left blank]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	COMPANY:	 
	 	 	 
	 	WPCS INTERNATIONAL INCORPORATED
	 	 
	 	By:  	 	 
	 	 	Name: Joseph Heater	 
	 	 	Title: Chief Financial Officer	 

 

[Waiver Agreement – Australia Divestiture]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	HOLDER:	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: 	 
	 	 	Title:	 

 

[Waiver Agreement – Australia Divestiture]

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