Document:

f8k03230910i_techprec.htm

     

    Exhibit
10.1

     

    
      SEPARATION,
SEVERANCE AND RELEASE AGREEMENT

       

      THIS
SEPARATION, SEVERANCE AND RELEASE AGREEMENT (the “Agreement”)
is made and entered into by and between TechPrecision Corporation (hereinafter the “Company”)
and James Reindl (“Employee”),
as of March 31, 2009 (the “Effective
Date”).  Company and Employee are each a “Party” and
together, the “Parties”.

       

       

      RECITALS

       

      WHEREAS,
Employee and the Company are parties to an Employment Agreement dated April 1,
2007 (the “Employment
Agreement”) in connection with his employment with the
Company;

       

      WHEREAS,
Employee has resigned from his employment with the Company, effective March 31,
2009 (the “Resignation
Date”), and Employee shall not be entitled to payments under the
Employment Agreement related to his separation of employment;

       

      WHEREAS,
the Parties desire to enter into an Agreement whereby Employee will be able to
receive certain payments to which he is not otherwise entitled upon resignation
of his employment, and he will make himself available and perform transition
services when and as needed for three months following the Resignation
Date.

       

      NOW
THEREFORE, in consideration of the covenants and promises contained herein, the
Parties hereto agree as follows:

       

      1. Agreement and Acknowledgment
By
Employee. Employee hereby acknowledges that he has resigned from his
employment with Company as of the Resignation Date.  In exchange for
the payments and other consideration described in Section 2 below, Employee
agrees to be bound by the terms of this entire Agreement.

       

      2. Agreements By the
Company. Conditioned on Employee not breaching any of its
representations or covenants hereunder, the Company agrees to the
following:

       

      a. the
Company shall make severance payments to Employee during the twelve (12) months
after the expiration of the Revocation Period (as defined in Section 14) (the
“Severance
Period”) in a gross amount of up to $162,500.04 which amount shall be
subject to applicable tax withholdings and shall be paid as
follows:

       

      (i) during
the first six (6) months of the Severance Period, the Company shall pay Employee
at a gross monthly rate of $16,666.67; and

       

      (ii) during
the remaining six (6) months of the Severance Period,
the Company shall pay Employee at a gross monthly rate of
$10,416.67.

       

      All such
amounts shall be payable according to the Company’s normal payroll schedule,
commencing on the first regular payroll date during the Severance
Period.

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      3. Transition
Services.

       

      a. As of the
Effective Date and for three (3) months thereafter (the “Transition
Period”),
Employee shall make himself available when and as reasonably requested by the
Interim Chief Executive Officer or his designee, and will respond to inquiries
and otherwise provide assistance in transitioning Employee’s duties to the
Interim Chief Executive Officer and other members of Company
management.  Employee shall perform any such services in exchange for
the amounts to be paid to him under Section 2 hereof, and without any additional
compensation therefore.

       

      b. During
the Transition Period, Employee shall have access to and  use of the
Company’s facilities and resources at its Centreville, Delaware office (the
“Centreville
Office”), in accordance with the Company’s policies and procedures for
such access and use, provided that the Company continues to lease such
space.  Employee shall not, during the Transition Period or after, (i)
access any Company facility or any Ranor facility (other than the Centreville
Office, as described above), or (ii) communicate, in any format or medium, with
any employee, customer, vendor, service provider or acquisition candidate,
without the express prior consent of the Interim Chief Executive Officer in each
case.

       

      c. Following
the expiration of the Transition Period, and in partial consideration of the
payments to be made to Employee under Section 2 hereof, Employee shall sign and
not revoke or breach a general release in favor of the Company in a form
acceptable to the Company and substantially similar to the release contained in
Section 6 hereof.

       

      4. Breach by
Employee. If Employee commits a breach of this Agreement, in
addition to any other rights which the Company may have, the Company’s
obligations under Section 2, Section 7 and Section 8 of this Agreement
shall immediately cease.

       

      5. Company’s
Obligations. Employee acknowledges that, absent this Agreement, he
has no legal, contractual or other entitlement to the consideration set forth in
this Agreement and that the payments and benefits set forth in this section
constitute valid and sufficient consideration for Employee’s release of claims
and other obligations set forth herein.

       

      6. Employee Release of
Claims.

       

      a. Other
than duties arising in favor of Employee under this Agreement, Employee hereby expressly waives,
releases, acquits and forever discharges the Company and all of its present or
former officers, directors, shareholders, investors, executives, managers,
employees, agents, attorneys, representatives, successors and assigns and the
Company’s divisions, subsidiaries, affiliates, parents, related entities, and
its or their partners, officers, directors, shareholders, investors, employees,
agents, attorneys, representatives (hereinafter collectively referred to as
“Releasees”),
from any and all claims, demands, and causes of action which Employee has, had
or may have, whether known or unknown, of whatever nature, which exist or may
exist on Employee’s behalf from the beginning of time up to and including the
date of this Agreement.

       

       

      
        
          
          

        

        
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      b. As used
in this Section 6, “claims,” “demands,” and “causes of action” include, but are
not limited to, claims based on contract, whether express or implied, invasion
of privacy, fraud, stock fraud, defamation, wrongful termination, estoppel,
equity, tort, retaliation, intellectual property, personal injury, spoliation of
evidence, emotional distress, public policy, wage and hour law, statute or
common law, claims for severance pay, claims related to stock options and/or
fringe benefits, claims under the Company’s 2006 Long-Term Incentive Plan,
claims for attorneys’ fees, vacation pay, debts, accounts, compensatory damages,
punitive or exemplary damages, liquidated damages, and any and all claims
arising under any federal, state, or local statute, law, or ordinance
prohibiting discrimination on account of race, color, sex, age, religion, sexual
orientation, disability or national origin, including but not limited to, the
Pennsylvania Human Relations Act, the Age Discrimination in Employment Act,
Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964
as amended, the Americans with Disabilities Act, the Family and Medical Leave
Act, the Worker Adjustment Retraining Notification Act or the Employee
Retirement Income Security Act.

       

      c. Notwithstanding
the foregoing, Employee’s right to coverage as a director and/or officer of the
Company under any D&O insurance policies maintained by the Company, and
Employee’s right to seek indemnification from the Company in matters which arose
during the course of his employment, either under the by-laws of the Company as
in effect during such employment or under the Delaware General Corporation Law,
is expressly excluded from the foregoing release, and Employee shall retain the
right to seek indemnification from the Company, either under the Company’s
by-laws as in effect during such employment or under the Delaware General
Corporation Law with respect to actions arising in connection with his
employment.

       

      7. Limited Release of Company
Claims.  Except for claims of breach of this Agreement or of
the Surviving Covenants, as defined in Section 13(b) below, Employee and his
heirs are released and forever discharged of and from any and all claims
whatsoever, whether known or unknown, both in law and in equity, which the
Company now has or ever had against Employee, including any claims resulting
from Employee’s misstatement regarding his degree from University of Delaware;
except for any claims the Company might otherwise have against Employee to
recover any damages, fines, losses or expenses the Company may suffer arising
out of any unknown actions or omissions or willful misconduct or misfeasance by
Employee not now known by Company or disclosed by Employee prior to signature
hereof while serving as an employee of the Company which were or are detrimental
to the Company.

       

      8. D&O
Insurance and
Indemnification.  After the Effective Date, Employee shall
remain eligible for coverage as a director and/or officer of the Company under
all D&O insurance policies maintained by the Company as of the Effective
Date, subject, however, to the terms, conditions, exclusions and limitations of
such policies.

       

      9. Last Date of
Employment. Employee acknowledges that as of the Resignation Date,
all privileges, rights and authority he held in connection with his positions
with the Company and any of its subsidiaries or affiliates, including Ranor Inc.
(“Ranor”)
ceased and that he will not from and after the Resignation Date hold himself out
as holding such positions or having any authority to act on behalf of any such
entities.  Notwithstanding the foregoing, Employee may include on his
resume or curriculum vitae the positions he held with the Company and/or Ranor,
the dates such positions were held, and a description of his duties in each such
position.

       

       

      
        
          
          

        

        
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      10. Non-Disparagement/Employment
Verification.

       

      a. Employee
will not, directly or indirectly disparage the Releasees or otherwise take any
action which could reasonably be expected to adversely affect the personal or
professional reputation of any of the Releasees.

       

      b. The
members of the Company’s Board of Directors and its executive management team
will not, directly or indirectly disparage Employee or otherwise take any action
which could reasonably be expected to adversely affect the personal or
professional reputation of Employee.

       

      c. The
Parties acknowledge and agree that in connection with any reference check or
employment verification check regarding the Employee, the Company shall only
verify Employee’s title and dates of employment with the Company.  The
Parties further agree that such limited verification by the Company or its
failure to provide additional detail shall not be deemed to breach the Company’s
obligations under Section 10(b).

       

      d. The
Parties acknowledge and agree that public disclosure by the Company of the
Employee’s biographical misstatement, including but not limited to public
disclosure of such biographical misstatement in any Company press release, any
Company disclosure or report filed with or furnished to the Securities and
Exchange Commission or any Company disclosure made to any other governmental
organization, shall not be deemed to breach the Company’s obligations under
Section 10(b) so long as such disclosure is factually accurate.

       

      11. Employee Biographical
Representation.  Employee hereby represents and warrants to the
Company that except with respect to (i) the information relating to his degree
from University of Delaware and (ii) the specific dates of Employee’s tenure as
president and chief executive officer of Critical Components Corporation, there
are no other misstatements in his biographical information that have been
included in any of the Company's filings with the U.S. Securities and Exchange
Commission.

       

      12. Receipt of Wages and Other
Compensation. Employee acknowledges and agrees that, prior to his
execution of this Agreement, he has received payment or confirmation of payment
for all wages; salary; accrued vacation, personal or sick days; and all properly
reimbursable expenses owed to Employee by the Company for services rendered
prior to the Resignation Date.

       

      13. Company Property/Proprietary
Information
& Restrictive
Covenants.

       

      a. Employee
agrees to return to the Company all Company property and Company documents in
his possession or control, including all copies of such property and/or
documents (in whatever form) and all computers and equipment, within five (5)
days after the Effective Date.  Employee further agrees to return all
additional Company property and documents, including copies thereof (in whatever
form) and all computers and equipment, that are or come to be in his possession
or control during the Transition Period, immediately upon termination of the
Transition Period.  For the avoidance of doubt, all Company property
shall be maintained and/or stored at the Company’s Centreville Office and not in
a home office maintained by Employee.  Company Property shall include
all original documents but shall not include copies of any document included as
an exhibit to any statement or report filed or furnished by the Company with or
to the Securities and Exchange Commission.

       

      
        
          
          

        

        
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      b. Employee
acknowledges and agrees that the provisions of Articles 6, 7, 8 and 9 of his
Employment Agreement (the “Surviving
Covenants”), regarding (i) Trade Secrets and Proprietary Information,
(ii) Covenants not to Solicit or Compete, (iii) Inventions and Discoveries, and
(iv) Injunctive Relief, expressly survive any termination of Employee’s
employment with the Company and continue pursuant to their terms, as provided in
and subject to the terms of the Employment Agreement.  Notwithstanding
the foregoing, the parties hereby agree that the terms of Section 7 of the
Employment Agreement shall survive through and until the twenty-four (24) month
anniversary of the Effective Date.  All of the terms of the Surviving
Covenants are hereby incorporated by reference into this Agreement and made a
part hereof. Any breach of the Surviving
Covenants by Employee or Company from and after the Effective Date shall be
deemed a breach of this Agreement.

       

      14. Advice of Counsel;
Revocation Period.  Employee is hereby advised to seek the
advice of counsel prior to signing this Agreement.  Employee
acknowledges that he is acting of his own free will, that he has been afforded a
reasonable time to read and review the terms of this Agreement, and that he is
voluntarily entering into this Agreement with full knowledge of its provisions
and effects.  Employee further acknowledges that he has been given at
least twenty-one (21) days within which to consider this Agreement and that he
has seven (7) days following his execution of this Agreement to revoke his
acceptance, with this Agreement not becoming effective until the 7-day
revocation period has expired (the “Revocation
Period”).  If Employee elects to revoke his acceptance of this
Agreement, he must provide written notice of such revocation by certified mail
(postmarked no later than seven days after the date Employee accepted this
Agreement) to:

       

      TechPrecision
Corporation

      Bella
Drive

      Westminster,
MA 01473

      Attention:
Chief Executive Officer

      

      
        	
                 
      

              	
                With a copy
      to:

              

      

       

      Pepper
Hamilton LLP

      400
Berwyn Park

      899
Cassatt Road

      Berwyn,
PA 19312

      Attention:  William A.
Scari, Esq.

       

      15. Cooperation.  Employee
further agrees that during the Severance Period he will cooperate fully with the
Company and its counsel with respect to any matter (including, workplace
inquiries, litigation, investigations, or governmental proceedings) in which
Employee was in any way involved during his employment with, or while performing
transition services to, the Company.  Employee shall render such
cooperation in a timely manner on reasonable notice from the
Company.

       

      16. No Filing of
Claims. Employee represents and warrants that he does not presently
have on file, and further represents and warrants that he will not hereafter
file, any claims, charges, grievances or complaints against any of the Releasees
(defined above) in or with any administrative, state, federal or governmental
entity, agency, board or court, or before any other tribunal or panel or
arbitrators, public or private, based upon any actions or omissions by the
Releasees occurring prior to the date of this Agreement.

       

       

      
        
          
          

        

        
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      17. Ownership of
Claims. Employee  represents and warrants that he is the
sole and lawful owner of all rights, title and interest in and to all released
matters, claims and demands referred to herein.  Employee further
represents and warrants that there has been no assignment or other transfer of
any interest in any such matters, claims or demands which he may have against
the Releasees.

       

      18. Employee’s Equity
Interests.  For purposes of clarification, nothing in this
Agreement shall be deemed to adversely affect any of Employee’s right, title or
interest in or to any equity interests of the Company owned by him as of the
Resignation Date.

       

      19. Pennsylvania Law
Applies.  This Agreement, in all respects, shall be
interpreted, enforced and governed by and under the laws of the Commonwealth of
Pennsylvania.  Any and all actions relating to this Agreement shall be
filed and maintained in the federal and/or state courts located in the
Commonwealth of Pennsylvania, and the parties consent to the jurisdiction of
such courts.  In any action arising out of this Agreement, or
involving claims barred by this Agreement, the prevailing party shall be
entitled to recover all costs of suit, including reasonable attorneys’
fees.

       

      20. Successors and
Assigns.  The Parties expressly understand and agree that this
Agreement, and all of its terms, shall be binding upon their representatives,
heirs, executors, administrators, successors and assigns, including, without
limitation, upon any successor in interest to the Company upon any change in
control of the company.  In addition, this Agreement and the Company’s
obligation to make payments under Section 2 hereof shall not terminate or be
diminished in any way in the event of Employee’s death, in which case the right
to receive payments under Section 2 shall pass to Employee’s estate as may be
set forth therein.

       

      21. Consultation with
Counsel. Employee acknowledges
that he has been advised to consult with legal counsel of his choice prior to
execution and delivery of this Agreement.

       

      22. Integration.  Except
as otherwise specifically provided for, this Agreement constitutes an
integrated, written contract, expressing the entire agreement between the
Parties with respect to the subject matter hereof.  In this regard,
Employee represents and warrants that he is not relying on any promises or
representations which do not appear written herein.  Employee further
understands and agrees that this Agreement can be amended or modified only by a
written agreement, signed by all of the Parties hereto.

       

      23. Counterparts.  This
Agreement may be executed in separate counterparts and by facsimile or other
electronic means, and each such counterpart shall be deemed an original with the
same effect as if all Parties had signed the same document.

       

      24. Headings.  The
headings in each section herein are for convenience of reference only and shall
be of no legal effect in the interpretation of the terms hereof.

       

      25. Severability. If any provision in this
Agreement is held to be invalid, the remainder of this Agreement shall not be
affected by such a determination and this Agreement shall be construed as if
such invalid or unenforceable provision had never been contained
herein.

       

       

      
        
          
          

        

        
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      26. Waivers. The failure
or delay on the part of either Party to exercise any right under this Agreement
shall not be deemed a waiver of any rights under this Agreement, nor shall any
single or partial exercise thereof preclude any other or further exercise of
such right, power or privilege.

       

      27. Voluntary
Agreement. EMPLOYEE UNDERSTANDS AND AGREES THAT HE MAY BE WAIVING
SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT, AND REPRESENTS THAT HE HAS
ENTERED INTO THIS AGREEMENT KNOWINGLY AND VOLUNTARILY, WITH A FULL UNDERSTANDING
OF AND IN AGREEMENT WITH ALL OF ITS TERMS.

       

       

       

       

       

      [signature
page follows]

       

      

      
        
          
          

        

        
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      IN
WITNESS WHEREOF, the Parties hereto have executed this Separation, Severance and
Release Agreement on the dates set forth below.

       

      

       

      
        
          
            	 
      	
                    EMPLOYEE:

                     

                     

                    /s/James Reindl            

                    James
      Reindl

                     

                     

                    Date:
      March 31, 2009

                     

                     

                  
	 
      	
                    TECHPRECISION,
      INC.

                     

                     

                    By:
      /s/Richard F.
      Fitzgerald      

                    Name:
      Richard F. Fitzgerald

                    Title:
      Chief Financial Officer

                     

                    Date:
      March 31, 2009

                     

                  

          

        

      

      

       

       

      8f8k03230910ii_techprec.htm

     

     

    Exhibit
10.2

     

    
      EXECUTIVE
CONSULTING AGREEMENT

       

      THIS
EXECUTIVE CONSULTING AGREEMENT (this “Agreement”),
dated as of March 31, 2009 (the “Effective
Date”), is made by and between TechPrecision Corporation, a Delaware
corporation (“Company”),
and Louis A. Winoski, an individual residing in the state of Florida (“Executive”).

       

      BACKGROUND

       

      Company
desires Executive to provide executive management and consulting services,
performing the role of its Interim Chief Executive Officer under the terms of
this Agreement.  Executive is willing to provide such services to
Company under the terms of this Agreement.

       

      NOW,
THEREFORE, in consideration of the foregoing premises and the promises and
covenants set forth in this Agreement and intending to be legally bound hereby,
Company and Executive agree as follows:

       

      1. Executive Consulting
Services.

       

      1.1. Services.  Executive
shall provide executive management and consulting services in the role of
Interim Chief Executive Officer of Company (the “Services”),
reporting to Company’s board of directors (the “Board”).  Executive
may perform the Services on a less-than-full-time basis, when and as requested
by the Board, and at such locations as the Board may approve from time to
time.

       

      1.2. Independent
Contractor.  Executive and Company intend for Executive to be
an independent contractor to Company for all purposes and not an employee of
Company.  Company shall have no obligation to provide any
employment-related benefits to Executive.  Executive shall be solely
responsible for paying all compensation and payroll taxes and providing his own
benefits (if any).  Executive shall indemnify, defend and hold
harmless Company against any claim that Executive is or was an employee of
Company under this Agreement.

       

      1.3. No
Conflict.  Executive represents and warrants to Company
that:

       

      (i) he is not and will not become a
party to any non-competition covenant, non-disclosure agreement or other
agreement, covenant, understanding or restriction that would prohibit Executive
from executing this Agreement and performing fully his duties and
responsibilities hereunder, including under Executive’s employment agreement
between him and National Technical Systems Corporation (“NTS”);

       

      (ii) NTS has consented to Executive
entering into and performing under this Agreement on the terms set forth herein;
and

       

      (iii) Executive can perform his
obligations under this Agreement without disclosing or using any confidential or
proprietary information of any third party.

       

      

      
        
          
          

        

        
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      2. Compensation.

       

      2.1. As
consideration for Executive’s performance of the Services, Company shall pay to
Executive consulting fees at a rate of Ten Thousand Dollars ($10,000.00) per
month for Services satisfactorily performed by Executive (the “Consulting
Fees”). Payment shall be made within five (5) days of the beginning of
each calendar month during the Term for Services rendered in the prior month.
The Consulting Fees shall be pro rated on a daily basis in respect of any
partial month in which Services are performed. Company also shall reimburse
Executive for all reasonable, documented, pre-approved travel and out of pocket
expenses incurred by Executive in connection with performing the Services
(“Expenses”).

       

      2.2. Executive
shall be solely responsible for the payment of all taxes or contributions
imposed or required by the tax laws of any jurisdiction that pertain to the
amounts paid to Executive under this Agreement.

       

      3. Term and
Termination.

       

      3.1. Term.  Subject
to Section 3.2, the term of this Agreement shall
begin on the Effective Date and shall automatically terminate on the date that
is six (6) months thereafter (the “Initial
Term”), unless otherwise extended by the mutual written agreement of the
parties (the “Extended
Term”). The Initial Term and any Extended Terms are together referred to
as the “Term.”

       

      3.2. Termination.  Notwithstanding
Section 3.1, either Executive or Company may terminate this Agreement at any
time by giving the other party fifteen (15) days prior written
notice.  A party also may terminate this Agreement for breach if the
other party materially breaches any provision of this Agreement and fails to
cure such breach within ten (10) days after the non-breaching party gives the
other party written notice that describes the breach in reasonable
detail.  

       

      4. Non-Exclusive
Engagement.  Company may from time to time (i) engage other
persons and entities to act as a consultant to Company and perform services for
Company, including services that are similar to the Services, and (ii) enter
into agreements similar to this Agreement with other persons or entities, in all
cases without the necessity of obtaining approval from Executive.

       

      5. Non-Competition and
Protection of Confidential Information.

       

      5.1. Executive
agrees that his services to Company are of a special, unique, extraordinary and
intellectual character and his position with Company places him in a position of
confidence and trust with the employees, customers and suppliers of Company and
its affiliates.  Consequently, Executive agrees that it is reasonable
and necessary for the protection of the goodwill, intellectual property, trade
secrets, designs, proprietary information and business of Company that Executive
make the covenants contained herein. Accordingly, Executive agrees that, during
the Term and for the period of one (1) year immediately thereafter he shall not,
directly or indirectly:

       

      
        
          
          

        

        
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      5.1.1. own,
operate, manage or be employed by or affiliated with any person or entity
headquartered within or with a management office in the United States that
engages in any business then being engaged or planned to be engaged in by
Company or its subsidiaries or affiliates; or

       

      5.1.2. attempt
in any manner to solicit from any customer or supplier business of the type
performed for or by Company or persuade any customer or supplier of Company to
cease to do business or to reduce the amount of business which any such customer
or supplier has customarily done or contemplates doing with Company, whether or
not the relationship between Company and such customer or supplier was
originally established in whole or in part through his efforts; or

       

      5.1.3. employ as
an employee or retain as a consultant, or persuade or attempt to persuade any
person who is as of the termination of this Agreement or at any time during the
preceding year was, or in the six (6) months following such termination becomes,
an employee of or exclusive consultant to Company to leave Company or to become
employed as an employee or retained as a consultant by anyone other than
Company.

       

      5.1.4. As used
in this Section 5, the term: “customer” and “supplier” shall mean any person or
entity that is a customer or supplier of Company at the end of the Term, or at
any time during the preceding year was, or in the six (6) months following such
termination becomes, a customer or supplier of Company, or if Executive’s
employment shall not have terminated, at the time of the alleged prohibited
conduct.

       

      5.2. Executive
agrees that he will not at any time (whether during the Term or after
termination of this Agreement for any reason), disclose to anyone, any
confidential information or trade secret of Company or utilize such
confidential information or trade secret for his own benefit, or for the benefit
of third parties, and all memoranda or other documents compiled by him or made
available to him during the Term pertaining to the business of Company shall be the property of
Company and shall be delivered to Company on the date this Agreement terminates
or at any other time, as reasonable, upon request. The term “confidential
information or trade secret” does not include any information which (i) becomes
generally available to the public other than by breach of this provision, or
(ii) is required to be disclosed by law or legal process.

       

      5.3. If
Executive commits a breach or threatens to commit a breach of any of the
provisions of Sections 5.1 or 5.2 hereof, Company shall have the right to have
the provisions of this Agreement specifically enforced by any court having
jurisdiction without being required to post bond or other security and without
having to prove the inadequacy of any other available remedies, it being
acknowledged and agreed that any such breach will cause irreparable injury to
Company and that money damages will not provide an adequate remedy to Company.
In addition, Company may take all such other actions and seek such other
remedies available to it in law or in equity and shall be entitled to such
damages as it can show it has sustained by reason of such breach.

       

       

      
        
          
          

        

        
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      5.3.1. The
parties acknowledge that the type and periods of restriction imposed in the
provisions of Sections 5.1 and 5.2 hereof are fair and reasonable and are
reasonably required for the protection of Company and the goodwill associated
with the business of Company; and that the time, scope, geographic area and
other provisions of this Section 5 have been specifically negotiated by
sophisticated parties and accordingly it is reasonable that the restrictive
covenants set forth herein are not limited by narrow geographic area. If any of
the covenants in Sections 5.1 or 5.2 hereof, or any part thereof, is hereafter
construed to be invalid or unenforceable, it is the intention of the parties
that the same shall not affect the remainder of the covenant or covenants, which
shall be given full effect, without regard to the invalid portions. If any of
the covenants contained in Sections 5.1 or 5.2, or any part thereof, is held to
be unenforceable because of the duration of such provision or the area covered
thereby, the parties agree that the court making such determination should
reduce the duration and/or areas of such provision such that, in its reduced
form, said provision shall then be enforceable. The parties intend to and hereby
confer jurisdiction to enforce the covenants contained in Sections 5.1 and 5.2
upon the courts of any jurisdiction within the geographical scope of such
covenants. In the event that the courts of any one or more of such jurisdictions
shall hold such covenants wholly unenforceable by reason of the breadth of such
time, scope or geographic area, it is the intention of the parties hereto that
such determination not bar or in any way affect Company's right to the relief
provided above in the courts of any other jurisdiction within the geographical
scope of such covenants, as to breaches of such covenants in such other
respective jurisdictions, the above covenants as they relate to each
jurisdiction being, for this purpose, severable into diverse and independent
covenants.

       

      6. Intellectual
Property. During the Term, Executive will disclose to Company all ideas,
inventions, advertising campaigns, designs, logos, slogans, processes,
operations, products or improvements which may be patentable or copyrightable or
subject to any trade or service mark or name, and business plans developed by
him during such period, either individually or in collaboration with others,
which relate to the business of Company (“Intellectual
Property”). Executive agrees that such Intellectual Property will be the
sole property of Company and that he will at Company's request and cost do
whatever is reasonably necessary to secure the rights thereto by patent,
copyright, trademark or otherwise to Company.

       

      7. Return of Company
Property.  Promptly upon the request of Company, Executive
shall deliver to Company (and will not keep in Executive’s possession or deliver
to anyone else) all Company property.

       

      8. Governing
Law.  This Agreement shall be governed by and interpreted under
the laws of the State of Delaware applicable to contracts entered into and
wholly performed in Pennsylvania, without regard to the conflicts of law
provisions of Delaware or any other jurisdiction.

       

      9. Notices.  All
notices and other communications under this Agreement or in connection with this
Agreement shall be in writing and shall be deemed to have been given and
received upon the earlier of (a) actual receipt by the intended recipient, (b)
one (1) business day after deposit of the notice with an
internationally-recognized overnight courier, properly addressed and charges
prepaid or (c) upon transmission if sent by fax to the proper facsimile number
with a confirming copy sent by a nationally-recognized overnight courier to the
intended recipient as follows:

       

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      If to Company, to:

       

      Bella
Drive

      Westminster,
Massachusetts 01473

      Attention:  Board
of Directors

      Facsimile:  978.874.2748

      

      With a
copy to:

      

      Pepper
Hamilton LLP

      400
Berwyn Park

      899
Cassatt Road

      Berwyn,
Pennsylvania 19312

      Attention:  William A.
Scari, Esq.

      Facsimile: 610.640.7835

      

      If to Executive, to:

       

      Louis A.
Winoski

      122
Estuary Drive

      Vero
Beach, Florida  32963

      Facsimile:
772.492.0545

      

      or to
such other names, addresses and/or facsimile numbers as Company or Executive, as
the case may be, shall designate by notice to the other person in the manner
specified in this Section.

      

      10. Severability.  The
provisions of this Agreement are severable, and if any provision or portion
thereof is held to be invalid or unenforceable for any reason, such provision or
portion thereof shall be modified or adjusted by a court or other tribunal
exercising its equitable powers to the extent necessary to cure such invalidity
or unenforceability, and all other covenants and provisions shall remain valid
and enforceable.

       

      11. Miscellaneous.  This
Agreement: (a) constitutes the final, exclusive and fully integrated agreement
between Company and Executive with respect to its subject matter and supersedes
any prior and contemporaneous agreements and understandings between Company and
Executive relating to the subject matter of this Agreement; (b) may be modified
only in a writing duly executed by the party against whom enforcement is sought;
and (c) shall be binding upon and inure to the benefit of and be enforceable by
the respective successors and assigns of the parties to this
Agreement.  This Agreement may be assigned by Company at any
time.  Executive acknowledges that its duties and responsibilities are
of a personal nature and, as such, this Agreement and Executive’s rights and
responsibilities may not be assigned or delegated in whole or in part, without
the prior written consent of Company.  This Agreement may be signed in
counterparts, including by facsimile or other electronic means, which when taken
together, shall be one and the same document.  The headings of the
Sections of this Agreement are for convenience of reference only.

       

      [signature
page follows]

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

       

      IN
WITNESS WHEREOF, the undersigned have executed this Executive Consulting
Agreement as of the Effective Date.

       

      

      
        
          	
                  COMPANY:

                   

                  TECHPRECISION
      CORPORATION

                   

                   

                   

                  By: /s/ Richard F.
      Fitzgerald              
      

                  Name:
      Richard F. Fitzgerald

                  Title:  
      Chief Financial Officer

                   

                	
                  CONSULTANT:

                   

                   

                   

                   

                   

                  /s/ LOUIS A.
      WINOSKI                

                  LOUIS
      A. WINOSKI

                

        

      

      
 

       

       

       

      6

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