Document:

Exhibit 10.3

    Exhibit
      10.3

     

    ESCROW
      AGREEMENT 

     

    This
      Agreement is made as of the 30th day of March, 2007, by and among Jeffrey
      Voacolo, David Voacolo, Joseph Voacolo and Tracy Hossler, each a shareholder
      (collectively, the “Shareholders”) of Voacolo Electric Incorporated, Inc., a
      corporation organized and existing under the laws of the State of New Jersey,
      with its principal offices located at 65 Patterson Avenue, Trenton, NJ 08610
      ("Voacolo"), WPCS International Incorporated, a corporation organized and
      existing under the laws of the State of Delaware, with its principal offices
      at
One
      East
      Uwchlan Avenue, Suite 301, Exton Pennsylvania 19341 ("WPCS"),
      and Sichenzia Ross Friedman Ference LLP, a New York limited liability
      partnership having offices at 1065 Avenue of the Americas, New York, New
      York 10018 (the "Escrow Agent").

     

    RECITALS

     

    The
      Shareholders, Voacolo and WPCS are parties to that certain Stock Purchase
      Agreement, dated as of even date herewith (the "Purchase Agreement"). WPCS
      and
      the Shareholders wish to provide for the escrow of certain monies pursuant
      to
      the Purchase Agreement, and desire that the Escrow Agent hold such monies in
      connection therewith pursuant to the provisions of this Agreement, and the
      Escrow Agent is willing to hold such cash pursuant to the provisions of this
      Agreement. All capitalized terms contained herein and not otherwise defined
      shall have the meaning ascribed to them in the Purchase Agreement. In
      consideration of the premises and mutual covenants, agreements, representations
      and warranties contained herein, the parties hereby agree as
      follows:

     

            1. WPCS
      and
      Shareholders hereby appoint the Escrow Agent to hold $62,500 in cash (the
      "Escrowed Funds"), in an
      attorney trust account, and the Escrow Agent accepts such appointment, subject
      to the terms and conditions hereof. WPCS has, prior to the execution of this
      Escrow Agreement, delivered by way of wire transfer to the Escrow Agent the
      Escrowed Funds and hereby irrevocably instructs the Escrow Agent to deal with
      the Escrowed Funds on and subject to the terms hereof. In executing this Escrow
      Agreement the Escrow Agent acknowledges receipt of the Escrowed Funds and the
      instructions contained herein. Upon deposit of the Escrowed Funds, the Escrow
      Agent shall provide written evidence of such deposit to the Shareholders and
      WPCS.

     

    
      
         

      

      
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    2.
       
      (a) The
      Escrow Agent shall retain the Escrowed Funds until the NTAV of the Company
      as of
      the Closing Date shall be determined. 

     

    (b) In
      the
      event the NTAV as of the Closing Date shall be less than $1,200,000, the Cash
      Purchase Price shall be reduced by the amount of the shortfall and such amount
      shall be delivered to WPCS. In the event the NTAV as of the Closing Date shall
      be greater than $1,200,000, the Closing Payment shall be increased by the amount
      of the excess and such amount shall be delivered by WPCS to the Shareholders,
      pro rata, based upon their ownership of Shares. The NTAV shall be determined
      in
      accordance with the terms and conditions of Section 2.3(a) of the Purchase
      Agreement. The Escrow Agent shall only deliver the Escrowed Funds upon (i)
      written notification signed by each of the Shareholders and WPCS of a final
      determination of the NTAV or (ii) delivery to the Escrow Agent of a written
      arbitration award with respect to the determination of the NTAV.

     

    (c)
       The
      balance of any amount remaining after the delivery of payments required pursuant
      to Section 2(b) above (the “Escrow Payment”) shall be delivered to the
      Shareholders, pro rata, based upon their ownership of Shares, within three
      (3)
      business days of the date of the escrow payments required by Section 2(b)
      above.

        3. The
      Escrow Agent shall, from time to time, deliver all or some of the Escrowed
      Cash
      to WPCS or the Shareholders in accordance with such written instructions,
      jointly executed by WPCS and the Shareholders, as the Escrow Agent may
      receive.

     

    4. The
      Escrow Agent shall not be under any duty to give the Escrowed Funds any greater
      degree of care than it gives its own similar property, and it shall have no
      liability hereunder, except for the willful breach or gross negligence of its
      duties hereunder.

     

    
      
         

      

      
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    5. The
      Escrow Agent shall have no duties or responsibilities except those expressly
      set
      forth herein, and no implied duties or obligations should be read into this
      Escrow Agreement against the Escrow Agent. The Escrow Agent need not refer
      to,
      and will not be bound by, the provisions of any other agreement, except for
      definitions of terms contained in the Purchase Agreement.

     

    6. The
      Escrow Agent may consult with counsel and shall be fully protected with respect
      to any action taken or omitted by it in good faith on advice of
      counsel.

     

    7. The
      Escrow Agent makes no representation as to the validity, value, genuineness
      or
      the collectibility of any security or other document or instrument held by
      or
      delivered to it.

    8. The
      Escrow Agent will receive no compensation for its services
      hereunder.

     

    9. In
      the
      event that the Escrow Agent shall be uncertain as to its duties or rights
      hereunder, or shall receive instructions from WPCS and the Shareholders or
      both
      of them, with respect to the Escrowed Funds, which, in its opinion, are in
      conflict with any of the provisions hereof (i) it shall be entitled to refrain
      from taking any action, and in doing so shall not become liable in any way
      or to
      any person for its failure or refusal to comply with such conflicting demands,
      and it shall be entitled to continue so to refrain from acting and so refuse
      to
      act until it shall be directed otherwise, in writing, jointly by WPCS and the
      Shareholders or until it shall receive a final determination of a court of
      law,
      arbitration panel, or similar adjudicative body, or (ii) it may commence as
      interpleader action in any court of competent jurisdiction to seek an
      adjudication of the rights of WPCS and the Shareholders.

     

    10. The
      Escrow Agent may act in reliance upon any notice, instruction, certificate,
      statement, request, consent, confirmation, agreement or other instrument which
      it believes to be genuine and to have been signed by a proper person or persons,
      and may assume that any of the officers of WPCS or the Shareholders purporting
      to act on behalf of WPCS or the Shareholders in giving any such notice or other
      instrument in connection with the provisions hereof has been duly authorized
      to
      do so.

     

    
      
         

      

      
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    11.1 In
      the
      event that the Escrow Agent retains counsel or otherwise incurs any legal fees
      by virtue of any provision of this Escrow Agreement, the reasonable fees and
      disbursements of such counsel and any other liability, loss or expense which
      the
      Escrow Agent may thereafter suffer or incur in connection with this Escrow
      Agreement or the performance or attempted performance in good faith of its
      duties hereunder shall be paid (or reimbursed to it) by WPCS. In the event
      that
      the Escrow Agent shall become a party to any litigation in connection with
      its
      functions as Escrow Agent pursuant to this Escrow Agreement, whether such
      litigation shall be brought by or against it, the reasonable fees and
      disbursements of counsel to the Escrow Agent including the amounts attributable
      to services rendered by members or associates of Escrow Agent at the then
      prevailing hourly rate charged by them and disbursements incurred by them,
      together with any other liability, loss or expense which it may suffer or incur
      in connection therewith, shall be paid (or reimbursed to it) by WPCS, unless
      such loss, liability or expense is due to the willful breach or gross negligence
      by the Escrow Agent of its duties hereunder.

     

    11.2
      WPCS
      hereby unconditionally agrees to indemnify the Escrow Agent and hold it harmless
      from and against any and all taxes (including federal, state and local taxes
      of
      any kind and other governmental charges), expenses, damages, actions, suits
      or
      other charges incurred by or brought or assessed against it for (i) anything
      done or omitted by it in the performance of its duties hereunder, or (ii) on
      account of acting in its capacity as an Escrow Agent or stakeholder hereunder,
      except as a result of its willful breach or gross negligence of its duties
      under
      this Escrow Agreement.

     

    11.3 
      All
      expenses incurred by the Escrow Agent in connection with the performance of
      its
      duties hereunder shall be paid (or reimbursed to it) by WPCS and the
      Shareholders, jointly and severally.

     

    
      
         

      

      
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    11.4
      The
      agreements contained in this Section 11 shall survive any termination of the
      duties of the Escrow Agent hereunder.

     

    12. The
      terms
      and provisions of this Escrow Agreement may not be waived, discharged or
      terminated orally, but only by an instrument in writing signed by the person
      or
      persons against whom enforcement of the discharge, waiver or termination is
      sought.

     

    13. The
      Escrow Agent shall not be bound by any modification of the provisions of this
      Escrow Agreement, unless such modification is in writing and signed by WPCS
      and
      the Shareholders, and, with respect to any modification in Escrow Agent's duties
      or its rights of indemnification hereunder, it shall have given their prior
      written consent thereto.

     

    14. WPCS
      and
      the Shareholders shall, from time to time, execute such documents and perform
      such acts as the Escrow Agent may reasonably request and as may be necessary
      to
      enable the Escrow Agent to perform its duties hereunder or effectuate the
      transactions contemplated by this Escrow Agreement.

     

    15. WPCS
      and
      the Shareholders hereby acknowledge that the acts of the Escrow Agent are purely
      ministerial and do not represent a conflict of interest for the Escrow Agent
      to
      act, or continue to act, as counsel for any party to this Agreement with respect
      to any litigation or other matters arising out of this Agreement or
      otherwise.

     

    16. The
      Escrow Agent may resign at any time upon ten (10) days' written notice to WPCS
      and the Shareholders. In the event of the Escrow Agent's resignation, its only
      duty thereafter shall be to hold and dispose of the Escrowed Cash in accordance
      with the provisions of this Agreement until a successor Escrow Agent shall
      be
      appointed and written notice of the name and address of such successor Escrow
      Agent shall be given to the resigning Escrow Agent by the other parties hereto,
      whereupon the resigning Escrow Agent's only duty shall be to deliver the
      Escrowed Cash to the successor Escrow Agent.

     

    
      
         

      

      
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    17. The
      rights created by this Agreement shall inure to the benefit of, and the
      obligations created hereby shall be binding upon, the heirs, successors, assigns
      and personal representatives of the Escrow Agent, WPCS and the
      Shareholders.

     

    18.
      Each
      notice, demand, request, approval or communication ("Notice") which is or may
      be
      required to be given by any party to any other party in connection with this
      Agreement and the transactions contemplated hereby, shall be in writing, and
      given by personal delivery, certified mail, return receipt requested, prepaid,
      or by overnight express mail delivery and properly addressed to the party to
      be
      served at such address as set forth above. 

     

    Notices
      shall be effective on the date delivered personally, the next day if delivered
      by overnight express mail or three days after the date mailed by certified
      mail.

     

    19. This
      Escrow Agreement shall be governed by, and its provisions construed in
      accordance with the laws of the State of New York.

    

    

     

    [Intentionally
      blank]

    
      
         

      

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

    

    WPCS
      INTERNATIONAL

    INCORPORATED

    

    

    

    By:
      /s/
      ANDREW HIDALGO

    Andrew
      Hidalgo

    Chief
      Executive Officer

    

    

    VOACOLO
      ELECTRIC INCORPORATED

    

    

    By:
      /s/
      JEFFREY VOACOLO

    Jeffrey
      Voacolo,

    President

    

    SELLERS:

    

    

    /s/
      JEFFREY VOACOLO

    Jeffrey
      Voacolo

    

    

    

    /s/
      DAVID VOACOLO

    David
      Voacolo

    

    

    

    /s/
      JOSEPH VOACOLO

    Joseph
      Voacolo

    

    

    

    /s/
      TRACY HOSSLER

    Tracy
      Hossler

    

    ESCROW
      AGENT:

    SICHENZIA
      ROSS FRIEDMAN FERENCE LLP

    

    /s/
      THOMAS A. ROSE

    Thomas
      A.
      Rose,

    Partner

     

     

     

    7Unassociated Document

    Exhibit
      10.4

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT is
      made
      effective as of the 1st day
      of
      April, 2007
      (the
“Effective Date”).

    

    AMONG:

    

    VOACOLO
      ELECTRIC INCORPORATED, a
      corporation formed pursuant to the laws of the State of New Jersey and having
      an
      office for business located at 65 Patterson Avenue, Trenton NJ 08610
      ("Employer") and
      wholly owned subsidiary of WPCS
      INTERNATIONAL INCORPORATED,
      a
      corporation formed pursuant to the laws of the State of Delaware
      (“Parent”);

    

    AND

    

    JEFFREY
      VOACOLO,
      an
      individual having an address at 65 Patterson Avenue, Trenton, New Jersey 08610
      (“Employee”)

    

    

    WHEREAS,
      Employee
      has agreed to continue to serve as an Employee of Employer, and Employer has
      agreed to hire Employee as such, pursuant to the terms and conditions of this
      Employment Agreement (the “Agreement”).

    

    NOW
      THEREFORE THIS AGREEMENT WITNESSETH THAT in
      consideration of the premises and the mutual covenants, agreements,
      representations and warranties contained herein and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Employee and Employer hereby agree as follows:

    

    ARTICLE
      1

    EMPLOYMENT

    

    Employer
      hereby affirms, renews and extends the employment of Employee as President,
      and
      Employee hereby affirms, renews and accepts such employment by Employer for
      the
“Term” (as defined in Article 3 below), upon the terms and conditions set forth
      herein.

    

    ARTICLE
      2

    DUTIES

    

    During
      the Term, Employee shall serve Employer faithfully, diligently and to the best
      of his ability, under the direction and supervision of the President of Employer
      and shall use his best efforts to promote the interests and goodwill of Employer
      and any affiliates, successors, assigns, subsidiaries, and/or future purchasers
      of Employer. Employee shall render such services during the Term at Employer’s
      principal place of business in Trenton, New Jersey or at such other place of
      business within 25 mile radius of Trenton, New Jersey as may be determined
      by
      the President of Employer, as Employer may from time to time reasonably require
      of him, and shall devote all of his business time to the performance thereof.
      

    

    ARTICLE
      3

    TERM

    

    The
      “Term” of this Agreement shall commence on the Effective Date and continue
      thereafter for a term of two (2) years, as may be extended or earlier terminated
      pursuant to the terms and conditions of this Agreement. 

    

    
      
         

      

      
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    ARTICLE
      4

    COMPENSATION

    Salary

    

    4.1
      

    Employer
      shall pay to Employee an annual salary (the “Salary”) of (i) during the first
      year of the Term One Hundred Twenty-Six Thousand Dollars ($126,000.00) and
      (ii)
      during the second year of the Term One Hundred Thirty Thousand Four Hundred
      Dollars ($130,400), payable in equal installments at the end of such regular
      payroll accounting periods as are established by Employer, or in such other
      installments upon which the parties hereto shall mutually agree, and in
      accordance with Employer’s usual payroll procedures, but no less frequently than
      monthly. 

    

    Benefits

    

    4.2
      

    During
      the Term, Employee shall be entitled to participate in all medical and other
      employee benefit plans, including vacation, sick leave, retirement accounts
      and
      other employee benefits provided by Employer to similarly situated employees
      on
      terms and conditions no less favorable than those offered to such employees.
      Such participation shall be subject to the terms of the applicable plan
      documents, Employer’s generally applicable policies, and the discretion of the
      Board of Directors or any administrative or other committee provided for in,
      or
      contemplated by, such plan.

    

    Expense
      Reimbursement

    

    4.3
      

    Employer
      shall reimburse Employee for reasonable and necessary expenses incurred by
      him
      on behalf of Employer in the performance of his duties hereunder during the
      Term
      in accordance with Employer's then customary policies, provided that such
      expenses are adequately documented. 

    

    Automobile

    

    4.4

    Employee
      shall be entitled to the full-time use of an automobile owned or leased by
      Employer. In addition, Employer shall reimburse Employee for all maintenance
      and
      gasoline expenses associated with the automobile, provided that such expenses
      are adequately documented. 

    

    Bonus

    

    	4.5  	 

    In
      addition to the Salary, Employee shall be eligible to receive bonuses, based
      on
      the performance of the Employer, at the discretion of the Board of Directors
      of
      the Employer or Parent. 

    

    

    ARTICLE
      5

    OTHER
      EMPLOYMENT

    

    During
      the Term of this Agreement, Employee shall devote substantially all of his
      business and professional time and effort, attention, knowledge, and skill
      to
      the management, supervision and direction of Employer’s business and affairs as
      Employee’s highest professional priority. Except as provided below, Employer
      shall be entitled to all benefits, profits or other issues arising from or
      incidental to all work, services and advice performed or provided by Employee.
      Provided that the activities listed below do not materially interfere with
      the
      duties and responsibilities under this Agreement, nothing
      in
      this Agreement shall preclude Employee from devoting reasonable periods required
      for:

    
      	 	
              (a)

            	
              Serving
                as a member of any organization involving no conflict of interest
                with
                Employer, provided that Employee must obtain the written consent
                of
                Employer;

            

    

     

     

    
      
         

      

      
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              (b)

            	
              Serving
                as a consultant in his area of expertise to government, commercial
                and
                academic panels where it does not conflict with the interests of
                Employer;
                and

            

    

    

    
      	 	
              (c)

            	
              Managing
                his personal investments or engaging in any other non-competing
                business

            

    

    

    ARTICLE
      6

    CONFIDENTIAL
      INFORMATION/INVENTIONS

    

    Confidential
      Information

    

    6.1

    Employee
      shall not, in any manner, for any reasons, either directly or indirectly,
      divulge or communicate to any person, firm or corporation, any confidential
      information concerning any matters not generally known or otherwise made public
      by Employer which affects or relates to Employer’s business, finances, marketing
      and/or operations, research, development, inventions, products, designs, plans,
      procedures, or other data (collectively, “Confidential Information”) except in
      the ordinary course of business or as required by applicable law. Without regard
      to whether any item of Confidential Information is deemed or considered
      confidential, material, or important, the parties hereto stipulate that as
      between them, to the extent such item is not generally known, such item is
      important, material, and confidential and affects the successful conduct of
      Employer’s business and goodwill, and that any breach of the terms of this
      Section 6.1 shall be a material and incurable breach of this Agreement.
      Confidential Information shall not include (i) information in the public domain
      at the time of the disclosure of such information by Employee, (ii) information
      that is disclosed by Employee with the prior consent of Employer, or (iii)
      in
      connection with a legal or governmental proceeding provided that Employee has
      delivered prior written notice thereof to Employer and has reasonably cooperated
      (at Employer’s expense) with any efforts by Employer to prevent such
      disclosure.

    

    Documents

    

    6.2

    Employee
      further agrees that all documents and materials furnished to Employee by
      Employer and relating to the Employer’s business or prospective business are and
      shall remain the exclusive property of Employer. Employee shall deliver all
      such
      documents and materials, not copied, to Employer upon demand therefore and
      in
      any event upon expiration or earlier termination of this Agreement. Any payment
      of sums due and owing to Employee by Employer upon such expiration or earlier
      termination shall be conditioned upon returning all such documents and
      materials, and Employee expressly authorizes Employer to withhold any payments
      due and owing pending return of such documents and materials.

    

    Inventions

    

    6.3

    All
      ideas, inventions, and other developments or improvements conceived or reduced
      to practice by Employee, alone or with others, during the Term of this
      Agreement, whether or not during working hours, that are within the scope of
      the
      business of Employer or that relate to or result from any of Employer’s work or
      projects or the services provided by Employee to Employer pursuant to this
      Agreement, shall be the exclusive property of Employer. Employee agrees to
      assist Employer, at Employer’s expense, to obtain patents and copyrights on any
      such ideas, inventions, writings, and other developments, and agrees to execute
      all documents necessary to obtain such patents and copyrights in the name of
      Employer.

    

    Disclosure

    

    6.4

    During
      the Term, Employee will promptly disclose to the Board of Directors of Employer
      full information concerning any interest, direct or indirect, of Employee (as
      owner, shareholder, partner, lender or other investor, director, officer,
      employee, consultant or otherwise) or any member of his immediate family in
      any
      business that is actually known to Employee to purchase or otherwise obtain
      services or products from, or to sell or otherwise provide services or products
      to, Employer or to any of its suppliers or customers.

     

    
 

    
      
         

      

      
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    ARTICLE
      7

    COVENANT
      NOT TO COMPETE

    

    Except
      as
      expressly permitted in Article 5 above, during the Term of this Agreement,
      (a)
      Employee shall not engage, directly or indirectly, in any business or activity
      competitive to any business or activity engaged in, or proposed to be engaged
      in, by Employer or (b) soliciting or taking away or interfering with any
      contractual relationship of any employee, agent, representative, contractor,
      supplier, vendor, customer, franchisee, lender or investor of Employer, or
      using, for the benefit of any person or entity other than Employer, any
      Confidential Information of Employer. The foregoing covenant prohibiting
      competitive activities shall survive the termination of this Agreement and
      shall
      extend, and shall remain enforceable against Employee, with respect to any
      business or activity that Employer is engaging in as of the termination date
      of
      this Agreement and the territory for such business or activity, for the period
      of one (1) year following the date this Agreement is terminated. In addition,
      during the one-year period following such expiration or earlier termination,
      neither Employee nor Employer or Parent shall make or, to the extent within
      its
      control, permit the making of any negative statement of any kind concerning
      Employer or its affiliates, or their directors, officers or agents or Employee,
      except in connection with any legal or governmental proceedings or actions.
      Nothing in this Article 7 shall be deemed, however, to prevent Employee from
      owning securities of any publicly-owned corporation engaged in any such
      business, provided that the total amount of securities of each class owned
      by
      Employee in such publicly-owned corporation (other than Parent) does not exceed
      two percent (2%) of the outstanding securities of such class.

    

    ARTICLE
      8

    SURVIVAL

    

    Employee
      agrees that the provisions of Articles 6, 7 and 9, and Employer agrees that
      the
      last sentence of Article 7, shall survive expiration or earlier termination
      of
      this Agreement for any reasons, whether voluntary or involuntary, with or
      without cause, and shall remain in full force and effect thereafter.
      Notwithstanding the foregoing, if this Agreement is terminated upon the
      dissolution of Employer, the filing of a petition in bankruptcy by Employer
      or
      upon an assignment for the benefit of creditors of the assets of Employer,
      Articles 6, 7 and 9 shall be of no further force or effect.

    

    ARTICLE
      9

    INJUNCTIVE
      RELIEF

    

    Employee
      acknowledges and agrees that the covenants and obligations of Employee set
      forth
      in Articles 6 and 7 with respect to non-competition, non-solicitation,
      confidentiality and Employer’s property relate to special, unique and
      extraordinary matters and that a violation of any of the terms of such covenants
      and obligations will cause Employer irreparable injury for which adequate
      remedies are not available at law. Therefore, Employee agrees that Employer
      shall be entitled to an injunction, restraining order or such other equitable
      relief (without the requirement to post bond) as a court of competent
      jurisdiction may deem necessary or appropriate to restrain Employee from
      committing any violation of the covenants and obligations referred to in this
      Article 9. These injunctive remedies are cumulative and in addition to any
      other
      rights and remedies Employer may have at law or in equity.

    

    ARTICLE
      10

    TERMINATION

    

    Termination
      by Employee

    

    10.1

    Employee
      may terminate this Agreement for Good Reason at any time upon 30 days’ written
      notice to Employer, provided the Good Reason has not been cured within such
      period of time.

    

    
      
         

      

      
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    Good
      Reason

    

    10.2

    In
      this
      Agreement, “Good Reason” means, without Employee’s prior written consent, the
      occurrence of any of the following events, unless Employer shall have fully
      cured all grounds for such termination within thirty (30) days after Employee
      gives notice thereof:

    

    

    (i) any
      reduction in his then-current Salary;

    

    
      	 	
              (ii)

            	
              any
                material failure to timely grant, or timely honor, any equity or
                long-term
                incentive award;

            

    

    

    
      	 	
              (iii)

            	
              failure
                to pay or provide required compensation and
                benefits;

            

    

    

    
      	 	
              (iv)

            	
              any
                material diminution in his title or duties or the assignment to him
                of
                duties not customarily associated with Employee’s position as President of
                Employer;

            

    

    

    
      	 	
              (v)

            	
              any
                relocation of Employee’s office as assigned to him by Employer, to a
                location more than 25 miles from the assigned
                location;

            

    

    

    
      	 	
              (vi)

            	
              the
                failure of Employer to obtain the assumption in writing of its obligation
                to perform the Employment Agreement by any successor to all or
                substantially all of the assets of Employer or upon a merger,
                consolidation, sale or similar transaction of Employer
                or;

            

    

    

    (vii) the
      voluntary or involuntary dissolution of Employer, the filing of a petition
      in
      bankruptcy by Employer or upon an assignment for the benefit of creditors of
      the
      assets of Employer. 

    

    The
      written notice given hereunder by Employee to Employer shall specify in
      reasonable detail the cause for termination, and such termination notice shall
      not be effective until thirty (30) days after Employer’s receipt of such notice,
      during which time Employer shall have the right to respond to Employee’s notice
      and cure the breach or other event giving rise to the termination.

    

    Termination
      by Employer

    

    10.3

    Employer
      may terminate its employment of Employee under this Agreement for cause at
      any
      time by written notice to Employee. For purposes of this Agreement, the term
      “cause” for termination by Employer shall be (a) a conviction of or plea of
      guilty or nolo
      contendere by
      Employee to a felony, or any crime involving fraud or embezzlement; (b) the
      refusal by Employee to perform his material duties and obligations hereunder;
      (c) Employee’s willful and intentional misconduct in the performance of his
      material duties and obligations; or (d) if Employee or any member of his family
      makes any personal profit arising out of or in connection with a transaction
      to
      which Employer is a party or with which it is associated without making
      disclosure to and obtaining the prior written consent of Employer. The written
      notice given hereunder by Employer to Employee shall specify in reasonable
      detail the cause for termination. In the case of a termination for the causes
      described in (a) and (d) above, such termination shall be effective upon receipt
      of the written notice. In the case of the causes described in (b) and (c) above,
      such termination notice shall not be effective until thirty (30) days after
      Employee’s receipt of such notice, during which time Employee shall have the
      right to respond to Employer’s notice and cure the breach or other event giving
      rise to the termination.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Severance

    

    10.4

    Upon
      a
      termination of this Agreement without Good Reason by Employee or with cause
      by
      Employer, Employer shall pay to Employee all accrued and unpaid compensation
      and
      expense reimbursement as of the date of such termination, subject to the
      provision of Section 6.2. Upon a termination of this Agreement with Good Reason
      by Employee or without cause by Employer, Employer shall pay to Employee all
      accrued and unpaid compensation and expense reimbursement as of the date of
      such
      termination, including any pro-rated bonus, and the “Severance Payment.” The
      Severance Payment shall be payable in a lump sum, subject to Employer’s
      statutory and customary withholdings. If the termination of Employee hereunder
      is by Employee with Good Reason, the Severance Payment shall be paid by Employer
      within five (5) business days of the expiration of any applicable cure period.
      If the termination of Employee hereunder is by Employer without cause, the
      Severance Payment shall be paid by Employer within five (5) business days of
      termination. The “Severance Payment” shall equal the amount of the Salary
      payable to Employee under Section 4.1 of this Agreement from the date of such
      termination until the end of the Term of this Agreement (prorated for any
      partial month). 

    

    Termination
      Upon Death

    

    10.5

    If
      Employee dies during the Term of this Agreement, this Agreement shall terminate,
      except that Employee’s legal representatives shall be entitled to receive any
      earned but unpaid compensation or expense reimbursement, including any pro-rated
      bonus, due hereunder through the date of death.

    

    Termination
      Upon Disability

    

    10.6

    If,
      during the Term of this Agreement, Employee suffers and continues to suffer
      from
      a “Disability” (as defined below), then Employer may terminate this Agreement by
      delivering to Employee thirty (30) calendar days’ prior written notice of
      termination based on such Disability, setting forth with specificity the nature
      of such Disability and the determination of Disability by Employer. For the
      purposes of this Agreement, “Disability” means Employee’s inability, with
      reasonable accommodation, to substantially perform Employee’s duties, services
      and obligations under this Agreement due to physical or mental illness or other
      disability for a continuous, uninterrupted period of sixty (60) calendar days
      or
      ninety (90) days during any twelve month period. Upon any such termination
      for
      Disability, Employee shall be entitled to receive any earned but unpaid
      compensation or expense reimbursement, including any pro-rated bonus, due
      hereunder through the date of termination. 

    

    ARTICLE
      11

    PERSONNEL
      POLICIES, CONDITIONS, AND BENEFITS

    

    Except
      as
      otherwise provided herein, Employee’s employment shall be subject to the
      personnel policies and benefit plans which apply generally to Employer’s
      employees as the same may be interpreted, adopted, revised or deleted from
      time
      to time, during the Term of this Agreement, by Employer in its sole discretion.
      During the Term hereof, Employee shall be entitled to vacation during each
      year
      of the Term at the rate of three (3) weeks per year. Employee shall take such
      vacation at a time approved in advance by Employer, which approval will not
      be
      unreasonably withheld but will take into account the staffing requirements
      of
      Employer and the need for the timely performance of Employee's
      responsibilities.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    ARTICLE
      12

    BENEFICIARIES
      OF AGREEMENT

    

    This
      Agreement shall inure to the benefit of Employer and any affiliates, successors,
      assigns, parent corporations, subsidiaries, and/or purchasers of Employer as
      they now or shall exist while this Agreement is in effect.

    

    ARTICLE
      13

    GENERAL
      PROVISIONS

    

    No
      Waiver

    

    13.1

    No
      failure by either party to declare a default based on any breach by the other
      party of any obligation under this Agreement, nor failure of such party to
      act
      quickly with regard thereto, shall be considered to be a waiver of any such
      obligation, or of any future breach.

    

    Modification

    

    13.2

    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
      parties to be charged therewith.

    

    Choice
      of Law/Jurisdiction

    

    13.3

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New Jersey, without regard to any conflict-of-laws principles. Employer
      and Employee hereby consent to personal jurisdiction before all courts in the
      State of New Jersey, and hereby acknowledge and agree that New Jersey is and
      shall be the most proper forum to bring a complaint before a court of
      law.

    

    Entire
      Agreement

    

    13.4

    This
      Agreement embodies the whole agreement between the parties hereto regarding
      the
      subject matter hereof and there are no inducements, promises, terms, conditions,
      or obligations made or entered into by Employer or Employee other than contained
      herein.

    

    Severability

    

    13.5

    All
      agreements and covenants contained herein are severable, and in the event any
      of
      them, with the exception of those contained in Articles 1 and 4 hereof, 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.

    

    Headings

    

    13.6

    The
      headings contained herein are for the convenience of reference and are not
      to be
      used in interpreting this Agreement.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Independent
      Legal Advice

    

    13.7

    Employer
      has obtained legal advice concerning this Agreement and has requested that
      Employee obtain independent legal advice with respect to same before executing
      this Agreement. Employee, in executing this Agreement, represents and warranties
      to Employer that he has been so advised to obtain independent legal advice,
      and
      that prior to the execution of this Agreement he has so obtained independent
      legal advice, or has, in his discretion, knowingly and willingly elected not
      to
      do so.

    

    No
      Assignment

    

    13.8

    Employee
      may not assign, pledge or encumber his interest in this Agreement nor assign
      any
      of his rights or duties under this Agreement without the prior written consent
      of Employer.

    

    Notices

    

    13.9

    All
      notices and other communications under this Agreement shall be in writing and
      shall be deemed given when delivered personally, mailed by certified mail,
      return receipt requested, or via recognized overnight courier service with
      all
      charges prepaid or billed to the account of the sender to the parties (and
      shall
      also be transmitted by facsimile to the Persons receiving copies
      thereof) at the following addresses (or to such other address as a party may
      have specified by notice given to the other party pursuant to this
      provision):

    

    	(a)  	
            Company:

          

    

    Voacolo
      Electric Incorporated

    65
      Patterson Avenue

    Trenton,
      NJ 08610

    Attn:
      Jeffrey Voacolo

    Phone:
      (609) 586-4166

    Facsimile:
      (609) 

    

    	(b)  	
            Employee:

          

    

    Jeffrey
      Voacolo 

    65
      Patterson Avenue

    Trenton,
      NJ 08610

    Attn:
      Jeffrey Voacolo

    Phone:
      (609) 586-4166

    Facsimile:
      (609) 

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

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

    

    

    

    Employer:

    

    
      	By: /s/
              DAVID VOACOLO	 	 	 
	David Voacolo	 	 	 
	Vice President 	 	 	 
	Voacolo
              Electric Incorporated	 	 	 

    

     

    Employee:

    

    
      	By: /s/
              JEFFREY VOACOLO	 	 	 
	Jeffrey
              Voacolo

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