Document:

EX-10.10

 

EXHIBIT 10.10

EXECUTION VERSION

EMPLOYMENT AGREEMENT

     “THIS
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of December 3, 2007 (the
“Effective Date”), by and between IPC Systems, Inc., a Delaware corporation (the
“Employer”), Trader Acquisition Corp, a Delaware corporation (“Trader”), and Andrew
Miller
(the “Employee”).

     WHEREAS, the Employer desires to employ as the Executive Vice President and President of the
Employer’s Financial Services business division, and Employee is willing to be employed as such,
on the terms set forth in the Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, the sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

     1. Employment
Term. Subject to the terms and conditions of this Agreement, the
Employer hereby agrees to employ the Employee hereunder, and the Employee hereby agrees to be
employed by the Employer hereunder, for the period commencing on the Effective Date and ending on
the second anniversary of the Effective Date, unless terminated sooner as hereinafter provided
(such period, the “Employment Term”).

     2. Duties.

          (a) During the Employment Term, the Employee shall serve as the Employer’s Executive Vice
President and President of its Financial Services business division, responsible for Employer’s
Network Services and Trading System business segments and the associated product development,
sales, engineering, and operations departments, and in such capacity shall use his best energies
and abilities in the performance of such duties, services and responsibilities customarily
associated with such position as determined from time to time by the Chief Executive Officer of
the Employer (the “CEO”) or the Board of Directors of the Employer (the “Board”) and
such other duties as reasonably requested by the CEO or Board. In performing such duties,
services and responsibilities, the Employee will report directly to the CEO.

          (b) During the Employment Term, the Employee shall devote his full business time, attention and
best efforts to the performance of his duties hereunder and shall not, without the consent of the
CEO and the Board provide service as an employee, director or consultant or other independent
contractor to or in respect of any business or entity other than the Employer. The Employee shall
be permitted to serve on the board of directors of one company other than Employer, provided that
(i) the Employee provides advance written notice to the Employer identifying such company and
setting forth the terms of Employee’s proposed board appointment and (ii) such company is not
engaged in any Restricted Enterprise (as defined below). The Employee will initially be based at
Employer’s headquarters in Jersey City, New Jersey and will
be required to travel as reasonably required by his duties.

     3. Compensation. In full consideration of the performance by the Employee of the

 

 

Employee’s obligations during the Employment Term (including any service as a member of the Board
and in any position with any affiliate of the Employer or otherwise on behalf of the Employer), the
Employee shall be compensated as follows:

          (a)
Base Salary. During the Employment Term, the Employee shall receive a base
salary (the “Base Salary”) at an annual rate of $400,000, payable in accordance with the normal
payroll practices of the Employer in effect from time to time. During the Employment Term, the
Base Salary shall be subject to annual increase (but not decrease) as determined in the sole
discretion of the Board.

          (b) Annual Target Bonus. For each fiscal year of the Employer during the Employment Term in
which Employee remains employed by Employer on the last day of such fiscal year, the Employee
shall be eligible to receive a cash bonus of up to 75% of his Base Salary (the “Target Bonus”)
upon the attainment of performance goals set in advance by the CEO
and the Board. All such
bonuses shall be paid after the completion of the Employer’s financial statements for the
applicable fiscal year as and when bonuses are paid to members of senior management generally.

          (c) The Employee shall be solely responsible for federal, state and local taxes imposed on
the Employee By reason of any compensation and benefits provided under this Agreement, and all
such compensation and benefit shall be subject to all applicable withholding taxes.

          (d) Employer and Trader agree that promptly following the Effective Date (i)
Employee shall receive options to acquire 500,000 shares of Trader common stock (75%
of which shall be Time Vesting Options and 25% of which shall be Performance Vesting
Options) at an exercise price equal to the fair market value of Trader common stock
on the date of grant which grant shall be subject to the terms of the 2006 Trader
Acquisition Corp Stock Incentive Plan (the “Plan”).

     4. Transition Payments.

          (a) Employee shall be paid a sign-on bonus (the “Sign-on Bonus”) of $50,000 within thirty
(30) days after Effective Date.

          (b) Employer will provide Employee with reasonable temporary housing in the
vicinity of Employer’s corporate headquarters in Jersey City, New Jersey, which may
include housing in New York City area, until the earlier of July 1, 2008 or the date
that Employee acquires permanent housing.

          (c) Employee will also be eligible for Employer relocation assistance in an amount not
to exceed $250,000, as reimbursement for expenses incurred by Employee in relocating his family.

          (d) Employer will reimburse Employee for all reasonable pre-approved air travel for
Employee and his family members between Employees current home and the Employer’s
headquarters until the earlier of July 1, 2008 or the date that Employee acquires

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permanent housing in the Jersey City, NJ area. The approval of such expenses shall not be
unreasonably withheld by the Employer.

          (e) To the extent that amounts paid to or on behalf of Employee pursuant to Section 4(b), 4(c) or
4(d) are includible in Employee’s gross income (such amounts “Non-qualified Moving
Expenses”), Employer will pay Employee an additional gross up amount to ensure that the amount
that Employee receives after withholding of applicable federal and state income tax and FICA, is
the full amount of such Non-qualified Moving Expenses.

          (f) In the event that Employee’s employment hereunder terminates prior to the eighteen (18) month
anniversary of the Effective Date for any reason other than due to a without Cause termination by
Employer pursuant to Section 9(e), Employee shall be required to reimburse Employer for the full
amount of the Sign- on Bonus plus the full amount of any other payments made by Employer pursuant
to this Section 4, within thirty (30) days after the date of such termination.

     5. Benefits. During the Employment Term, the Employee shall be entitled to participate in
the employee benefit plans, policies, programs and arrangements, as may be amended from time to
time, that are provided generally to senior executives of the Employer to the extent the Employee
meets the eligibility requirements for any such plan, policy, program
or arrangement.

     6. Vacations.
During the Employment Term, the Employee shall be entitled to four weeks of paid vacation per each full calendar year. Such
vacation time shall be provided in accordance with the Employer’s policies with respect to
carry-over of vacation days.

     7. Expenses. During the Employment Term, the Employee shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Employee upon submission of appropriate
accountings in accordance with the policies, practices and procedures of the Employer in effect at
such time. In this respect Employer shall pay or reimburse Employee for all reasonable and necessary
out-of-pocket expenses incurred by him in the performance of his duties and responsibilities
hereunder, including without limitation expenses incurred for Employee’s employment-related travel
and accommodations, subject to Employer’s normal policies and procedures. Employer shall also
provide the Employee with a mobile phone, blackberry and computer for business use during the
Employment Term.

     8. Legal Fees. Employer shall pay the reasonable attorney’s fees actually incurred by
Employee in connection with review and negotiation of this Agreement up to a maximum of
$5,000.

     9. Termination of the Employment Term. The Employment Term shall terminate upon the
earliest of :

          (a) The second anniversary of the Effective Date;

          (b) The death of the Employee;

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          (c) The Disability of the Employee;

          (d) The termination of the Employee’s employment by the Employer for
Cause;

          (e) The
termination of the Employee’s employment by the Employer without
the cause; and

          (f) The termination of the Employee’s employment by Employee with Good
Reason.

     For purposes of this Agreement:

(A) the term “Cause” means any of the following: (i)
commission of any act of fraud or dishonesty with respect to the
business of the Employer or its subsidiaries, (ii) withfull misconduct
or gross negligence in connection with the performance of the Employee’s
duties to the Employer and its subsidiaries, (iii) indictment for, or
conviction of, any crime or an offense involving moral turpitude, (iv)
commission of any act injurious to the interest of the Employer, or (v)
breach of any material provision of this Agreement;

(B) the term “Disability” is as defined in the Plan;
and

(C) the term “Good Reason” means the occurrence of
any of the following: (i) a material diminution in the
Employee’s base
compensation; (ii) a materially adverse reduction in the
Employee’s
title, duties and responsibilities; or (iii) the relocation by the
Employer of the principal worksite of the Employee to a location more
than fifty (50) miles from Employee’s original worksite, except for
required travel on the business of the Employer.

     10. Termination Payments.

          (a) Subject only to Section 10(b), upon termination of the Employee’s employment, the
sole obligation of the Employer to make any cash payment to the Employee shall be to pay
the Employee (i) any portion of the Base Salary and bonus which has been earned but unpaid
as of the date of the Employee’s termination of employment with he Employer (the
“Termination Date”) and (ii) reimbursement of reasonable and necessary business
expenses incurred by the Employee in connection with the Employee’s employment on behalf
of the Employer on or prior to the Termination Date but only previously paid to the
Employee (collectively, the “Accrued Compensation”).

          (b) If the employment of the Employee is terminated during the Employment Term by the
Employer pursuant to Section 9(e) or by the Employee pursuant to Section 9(f), in addition
to the payment of the Accrued Compensation and the continuation of medical benefits
described in the penultimate sentence of this Section 10(b), the Employer shall pay the
Employee an aggregate amount or severance pay equal to the sum of 100% of the annual Base
Salary and

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100% of the annual Target Bonus, each as in effect as of the Termination Date. Such severance pay shall be paid in twelve substantially
equal monthly installments commencing within 30 days after the Termination Date; provided, however, that in the event the Employee
breaches any of the covenants set forth in Section 11 hereof, all severance payments shall cease and the Employer shall have
no further obligations under this Section 10(b). The Employer will also, for the period during which it is making such severance
payments to the Employee, provide the Employee and his dependents, at the Employer’s cost, continued group medical insurance
coverage, so long as such continuation is available pursuant to a valid election for continuation of coverage. The obligation of the Employer
to pay the severance pay pursuant to this Section 10(b) shall be conditioned on the Employee’s execution of a general release in form
satisfactory to the Employer.

          (c) The Employer shall have no obligation for post-termination payments to the Employee except as set forth in Section 10(a)
and 10(b) above.

          (d) Notwithstanding any other provisions of this Agreement, if Section 409A of the Internal Revenue Code of 1986, as amended, would
cause the imposition of an excise tax on the severance payments as provided in this Section 10, then payment of the severance
payments will commence upon earliest date that complies with Section 409A without the imposition of the excise tax, and the first
installment will include all portions of the severance payment that would have been paid but for the application of Section 409A
to the severance payments.

     11.  Employee Covenants.

          (a)
 Unauthorized Disclosure. the Employee agree and understands that in the Employee’s position with the Employer, the
Employee has been and will be exposed to and has and will receive information relating to the confidential affairs of the
Employer and its affiliates, including, without limitation, technical information, intellectual property, business and
marketing plans, strategies, customer information, software, other information concerning the products, promotions, development,
financing, expansion plans, business policies and practices of the Employer and its affiliates and other forms of information considered
by the Employer and its affiliates to be confidential and in the nature of trade secrets (including, without limitation, ideas,
research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing
and cost information and business and marketing plans and proposals) (collectively, the “Confidential Information”). The Employee
agrees that at all times during the Employee’s employment with the Employer and thereafter, the Employee shall not disclose such
Confidential Information, either directly or indirectly, to any third person or entity without the prior written consent of the Employer.
This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Employee’s employment
with the Employer, the Employee shall promptly supply to the Employer
all property, keys, notes, memoranda, writings, lists, files,
reports, customer lists, correspondence, tapes, disks cards, surveys, maps, logs, machines, technical data and any other tangible product
or document which has been produced by, received by or otherwise submitted to the Employee during or prior to the Employee’s
employment with the Employer, and any copies thereof in his (or
capable of being reduced to his ) possession.

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     (b)  Non-competition.
By and in consideration of the Employer’s entering into this
Agreement and the payments to be made and benefits to be provided by
the Employer hereunder, and further in consideration of the
Employee’s
 exposure to the proprietary information of the Employer and its affiliates,
 the Employee agrees that the employee shall not, during the
Employee’s employment with the Employer and thereafter during
the one-year period following the Termination Date
(the “Non-competition Term”), directly or indirectly, own, manage, operate,
 join, control, be employed by, or participate in the ownership, management,
 operation or control of, or be connected in any manner with, including, without
 limitation, holding any position as a shareholder, director, officer, consultant,
 independent contractor, employee, partner, or investor in, any Restricted Enterprise;
 provided, that in no event shall ownership of 2% or less of the outstanding equity
securities of any issuer whose securities are registered under the Securities
 Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 11(b).
 For purposes of this Paragraph (b), “Restricted Enterprise” shall mean any person,
 corporation, partnership or other entity that is engaged, directly or indirectly,
 in or to (i) the design, sale, manufacture, installation, servicing,
 consultation and other professional services and applications of Turret Systems
 (as defined below); (ii) the design, sale, provisioning, installation or servicing
 of communications services for trading floors, (iii) managed services in connection
 with trading organizations as provided by the Employer during the
Employee’s Employment
 with the Employer; or (iv) the design, sale, manufacture, installation, servicing,
 consultation and other professional services and applications of E911 call-taking solutions,
 radio consoles, computer-aided dispatch software, records management systems, state message
 switch interfaces, field reporting systems and mobile data technology for use in
 Command & Control communications, in each case in the United States or in any other geographic location
 where the Employer or any of its affiliates do business. For purposes of this Paragraph (b),
 the term “Turret Systems” shall mean telecommunications equipment and software to enable
 communications (including voice/video and data) primarily among
traders, counterparties and associated support personnel, but also
among personnel involved in Command & Control communications.  For purposes of this Paragraph (b), the
 term “Command & Control” shall include communications in the following four segments:
 (A) public safety, (B) federal, state and local government, (C)
energy and power and (D) transportation. During the one-year period
following the Termination Date, upon request of the Employer, the
Employee shall notify the Employer of the Employee’s then
current employment status.

     (c)
Non-solicitation.
During  the Non-competition Term, the Employee shall not
(1) contact, induce or solicit (or assist any person to contact, induce of solicit)
any person which has a business relationship with the Employer or of
any of its affiliates to terminate, curtail or otherwise limit such
business relationship, or (2) contact, induce or solicit (or assist any person
to contact, induce or solicit) for employment any person who is, or
within six months prior  to the date of such action was, an employee
of the Employer or any of its affiliates. Notwithstanding the foregoing, the non-solicitation provisions herein shall not apply to any person who served as the Employee’s secretary/administrative assistant, prior to the Employee’s employment with the Employer.

     (d) Remedies. The Employee agrees that any breach of the term of this Section 11 would result in irreparable injury and damage to the Employer for which the

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Employer would have no adequate remedy at law; the Employee therefore also agrees that in the event
of said breach or any threat of breach, the Employer shall be entitled to an immediate injunction
and restraining order to prevent such breach and/or threatened breach and/or continued breach by
the Employee and/or any and all persons and/or entities acting for and/or with the Employee,
without having to prove damages, in addition to any other remedies to which the Employer may be
entitled at law or in equity. The terms of this paragraph shall not prevent the Employer from
pursuing any other available remedies for any breach or threatened breach hereof, including,
without limitation, the recovery of damages from the Employee. The Employee and the Employer
further agree that the provisions of the covenants contained in this Section 11 are reasonable and
necessary to protect the businesses of the Employer and its affiliates because of the Employee’s
access to Confidential Information and his material participation in the operation of such
businesses. Should a court or arbitrator determine, however, that any provision of the covenants
contained in this Section 11 is not reasonable or valid, either in period of time, geographical
area, or otherwise, the parties hereto agree that such provision should be interpreted and enforced
to the maximum extent which such court or arbitrator deems reasonable or valid. The existence of
any claim or cause of action by the Employee against the Employer of
any of its affiliated, whether
predicated on this agreement or otherwise, shall not constitute a defense to the enforcement by the
Employer of the covenants containd in this Section 11.

     12. Proprietary Rights. The Employee shall disclose promptly to the Employer any
and all inventions, discoveries, improvements and patentable or copyrightable works
initiated, conceived or made by him, either alone in conjunction with others, during the
Employee’s employment with the Employee and related to the business or activities of the
Employer and its affiliates, and he assigns all his interest therein to Employer or its
nominee. Whenever requested to do so by the Employer, the Employee shall execute and all
applications, assignments or other instruments which the Employer shall dream necessary to
apply for and obtain trademarks, patents or copyrights of the United States or any foreign
country or otherwise protect the interests of the Employer and its affiliates therein.
These obligations shall continue beyond the end of Employee’s employment with the Employer
with respect to inventions, discoveries, improvements or
copyrightable works initiated,
conceived or made by the Employee while employed by
the Employer and shall be binding upon the Employee’s employers, assigns, executors,
administrators and other legal representatives.

     13. Employee Representations. The Employee represents and warrants that (i) he is
not subject to any contract, arrangement, policy or understanding, or to any statue,
governmental rule or regulation, that in any way limits his ability to enter into the
fully perform his obligations under this agreement and (ii) he is not otherwise unable to
enter into and fully perform his obligations under this Agreement.

     14. Indemnification. During the Employee’s employment and thereafter, the
Employer agrees to indemnify, including, without limitation, advancement of all costs and
fees, the Employee from and against any liability and expenses arising by reason of
Employee’s acting as an officer or director of the Employer or any of its subsidiaries, in
accordance with and to the fullest extent permitted by law. During the Employment Term,
the Employer shall maintain commercially reasonable Directors and Officers liability
insurance, under which the

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Employee
will be a covered person. Such liability insurance shall have such terms and policy limits of
coverage as are determined appropriate by the Board.

     15. Non-Waiver of Rights: Disputes.

          (a) The failure to enforce at any time the provisions of this Agreement
or to require at any time performance by any other party of any of the provisions
hereof shall in no way be construed to be a waiver of such provisions or to affect
either the validity of this Agreement or any part hereof, or the right of any
party to enforce each and every provision in accordance with its terms.

          (b) No dispute relating to or arising under this Agreement shall be
subject to mediation or arbitration, and, if such dispute is subject to a trial,
such trial shall be a jury trial.

     16. Notices. Every notice relating to this Agreement shall be in writing and shall
be given by personal delivery or by registered or certified mail, postage prepaid, return
receipt requested.

     17. Direct Investment. On or before the eighteen (18) month anniversary of the
Effective Data, Employee shall invest $100,000 in Trader common stock. The per share price
for such investment shall be the fair market value of such stock on the date of purchase as
determined by the Board in its reasonable discretion. In connection with such investment,
Employee shall execute a joinder agreement making Employee a party to the Trader
management shareholders’ agreement then in effect.

     18. Binding Effect/Assignment. This Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, executors, personal
representatives, estates, successors (including, without limitation, by way of merger) and
assigns. Notwithstanding the provisions of the immediately preceding sentence, the
Employer shall be entitled to assign this agreement to any affiliate
of Employer and the Employee shall not assign all or any portion of this Agreement without the prior written
consent of the Employer.

     19. Entire
Agreement; Modification. This Agreement sets forth the entire
understanding of the parties hereto with respect to the subject matter hereof and
supersedes and replaces all prior agreements, negotiations and/or representations, written
or oral, between the parties to the extents they relate in any way to the employment,
termination of employment, compensation and employee benefits of the Employee. This
Agreement may not be amended, nor may any provision hereof be modified or waived, except
by an instrument in writing duly signed by the parties.

     20. Severability. If any provision of this Agreement, or any application thereof
to any circumstances, is invalid, in whole or in part, such provision or application shall
to that extent be severable and shall not affect other provisions or
applications of this
Agreement.

     21. Governing
Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to the principles of

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conflict of laws.

     22. Headings
..The headings contained herein are solely for the purposes of
reference, are not part of this Agreement and shall not in any way
affect the meaning or
interpretation of this Agreement.

     23. Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed to be an original but all of which together shall constitute
one and the same instrument.

[SIGNATURE PAGE FOLLOWS]

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[SIGNATURE PAGE TO A MILLER EMPLOYMENT AGREEMENT]

     IN WITNESS WHEREOF, each of the Employer and trader has
caused this Agreement to be executed by authority of the Board, and the
Employee has here unto set his hand, effective as of the Effective Date.

	 	 	 	 	 
	IPC Systems, Inc.
	 
	 	 	 	 
	By:

	 	/s/ John McSherry
 

	 	 
	Name:

	 	John McSherry	 	 
	Its:

	 	Secretary	 	 
	 
	 	 	 	 
	Trader Acquisition Corp
	 
	 	 	 	 
	By:

	 	/s/ Lance Boxer
 

	 	 
	Name:

	 	Lance Boxer	 	 
	Its:

	 	CEO	 	 
	 
	 	 	 	 
	/s/ Andrew Miller
          Nov
30th, 2007
	 	 	 
	Andrew Miller

10EX-10.11

 

EXHIBIT 10.11

     Employment Agreement dated as of March 2, 2006 (this “Agreement”) between WestCom
Corporation, a New York corporation (“Company”), and Leonidas Papadopoulos (“Executive”).

Witnesseth:

     WHEREAS, Company desires to employ Executive as Vice President, Research & Development and
Executive is willing to be employed as such, upon the terms and conditions set forth in this
Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and representations contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which is mutually
acknowledged, Company and Executive (individually a “Party” and together the “Parties”) agree as
follows:

     1. Term.

          (a) Company will employ Executive, and Executive accepts such employment, under the terms
of this Agreement for a term of three (3) years (the “Initial Term”) commencing as of the date
hereof (the “Effective Date”) and ending at midnight on March 1, 2009. Unless either Party hereto
shall have given the other 90 days prior written notice of its or his intention not to renew this
Agreement, upon the expiration of the Initial Term this Agreement shall renew, in accordance with
its terms, for an additional one (1) year, and, subject to that same notice period, from year to
year thereafter (any such additional year being herein referred to as an “Extension Term”). For all
purposes hereof, “Term” shall mean and include the Initial Term and any Extension Term(s).
Notwithstanding the foregoing, Executive’s employment hereunder may be earlier terminated, as
provided in Section 4 or Section 5 hereof, The term
“Employment Period” as
used herein means the period of time between the Effective Date and the earlier of the termination
of Executive’s employment hereunder or the expiration of the Term.

     2. Employment.

          (a) Position and Reporting; Authority and Duties.

               (i) Company hereby employs Executive for the Employment Period as its Vice President,
Research & Development on the terms and conditions set forth in
this Agreement. Executive shall
report to such person as the Company shall designate. Executive’s location of employment shall be
within the New York metropolitan area at such offices as the Company shall direct; provided,
however, that Executive shall generally be permitted to work from his home office subject to the
requirements and direction of the Company.

               (ii) Subject to the authority of the Company, Executive shall have such authority,
perform such executive duties and functions and discharge such responsibilities as are (a)
reasonably associated with Executive’s position, experience and knowledge of the
telecommunications industry, (b) commensurate with the authority vested in Executive’s position
pursuant to this Agreement, and (c) consistent with the By-Laws of Company. During the Employment
Period, Executive shall devote his full business time, skill and efforts during normal working
hours to the business of Company. Notwithstanding the foregoing, Executive

 

 

may, without seeking or obtaining approval from the Company, (A) serve in any directorship or other
capacity with any civic, educational or charitable organization, and (B) serve in any capacity with
any trade association; provided, in each case, that the activities and service described in this
sentence do not materially interfere with the performance of his duties hereunder. Executive shall
provide the Company on the date hereof with a list, attached as Schedule A hereto, of all
directorships he holds, and Executive shall promptly provide the Company with prior written notice
of his intention to accept any directorship or other position that he does not hold on the date of
this Agreement. The failure of Executive to provide prior written notice as required in this
paragraph shall not be a breach for purposes of terminating Executive’s employment hereunder for
Cause.

     3. Compensation and Benefits.

          (a) Salary. Commencing as of the Effective Date, and during the Employment Period,
Company shall pay to Executive, as compensation for the performance of his duties and obligations
under this Agreement, a base salary at the rate of US$175,000 per annum for the first year of the
Employment Period and a base salary at a rate determined by the Company, but not less that the Base
Salary in the prior year, for each subsequent year of the Employment
Period (the “Base Salary”),
payable in arrears not less frequently than monthly in accordance with the normal payroll practices
of Company and subject to applicable withholding.

          (b) Annual Bonus. During the Employment Period, Executive shall have the opportunity
to earn an annual cash bonus (the “Annual Bonus”). The target Annual Bonus shall be 50% of
Executive’s then-current Base Salary (the “Target Bonus”), contingent upon, among other things, the
achievement of certain corporate and/or individual performance goals established in good faith by
the Board of Directors of the Company (the “Board”) and in accordance with the terms of Company’s
incentive compensation plan for senior executive officers of Company, as in effect from time to
time. The Annual Bonus actually payable may be more or less than the Target Bonus. The Company
shall set the performance goals for each calendar year after consultation with Executive. For each
calendar year after 2006, the Company intends to communicate the goals to Executive within the
first 90 days of that calendar year. The Annual Bonus payable for any calendar year (and for 2006)
shall be paid within the first 75 days of the following calendar year. Notwithstanding the
foregoing, 100% of the Target Bonus for the 2006 calendar year shall be guaranteed to Executive and
shall not be subject to Executive attaining any corporate or individual goals. For future years,
60% of the Target Bonus shall be guaranteed and not subject to Executive attaining any corporate or
individual goals and the remaining 40% shall be subject to the attainment of such performance goals
as set by the Company.

          (c) Other Benefits. During the Employment Period, Executive shall be eligible and
entitled to participate in all non-compensation, non-equity and non-incentive benefit plans,
programs and arrangements in effect from time to time during the Employment Period that are
generally available to senior executive officers of Company (e.g. coverage under the group medical
and dental care, disability and life insurance benefit plans or arrangements and, in the case of
any voluntary defined contribution plan, Executive shall be allowed to make contributions),
subject to and on a basis consistent with the terms, conditions and overall

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administration of such plans, programs and arrangements. In addition, during the Employment Period,
Executive shall receive 3-wceks paid vacation per calendar year.

          (d) Business Expenses. During the Employment Period, Company shall reimburse Executive
for all documented, reasonable out-of-pocket business expenses incurred by Executive in the
performance of his duties under this Agreement, in accordance with Company’s policies.

          (e) Equity Compensation. During the Employment Period, the Executive shall be eligible
to participate in and shall receive awards under Company’s non-qualified stock option plan (the
“Option Plan”).

     4. Termination
of Employment.

          (a) Termination for Cause. Company may terminate Executive’s employment hereunder
at any time for Cause. For purposes of this Agreement, “Cause” shall mean an omission, act or
action or series of omissions, acts or actions of the Executive which constitute(s), cause(s) or
result(s) in:

               (i) the Executive’s material dishonesty (e.g., theft, fraud,
embezzlement, material financial misrepresentation or other similar behavior or action) in his
dealings wilh or with respect to the Company or business or any affiliate thereof or entity with
which the Company, a subsidiary or affiliate thereof, shall be engaged in or be attempting to
engage in commerce;

               (ii) the gross negligence or willful misconduct by Executive in the performance of
his duties or obligations hereunder;

               (iii) the repeated and willful refusal of the Executive to follow the policies or
directives of the officer to whom the Executive may from time to time report, as determined
by the Board or substantially perform his duties hereunder;

               (iv) a breach (other than an inadvertent or accidental breach which does not cause or
cannot reasonably be expected to cause a material economic harm to the Company or any of its
affiliates or subsidiaries) by Executive of Sections 6 through 9 hereof; or

               (v) the
conviction of the Executive for, or the Executive’s entry of a
plea of guilty or
nolo contenders to, a charge of a commission of, a felony or any misdemeanor involving moral
turpitude which, in the case of a misdemeanor, the Company reasonably believes has an adverse
effect on its business).

               (b) Notice and Opportunity to Cure. Notwithstanding the foregoing, it shall be a
condition precedent to Company’s right to terminate Executive’s employment for Cause that Company
shall have provided Executive prior written notice. In the case of Section 4(a)(ii) or
(iii), such written notice shall state the reason for the termination at least 10 days before such
termination and Executive shall be given the opportunity to answer such grounds for termination in
writing, delivered to the Company. In the case of Section 4(a)(ii) or (iii), if, in the Company’s
reasonable judgment, such failure is capable of being cured or remedied, a period of 30 days

3

 

from and after the giving of such notice shall have elapsed without Executive having, in the
Company’s reasonable judgment, cured or remedied such failure during such 30-day period, provided
that the Company shall not be required to provide such notice and opportunity to cure more than one
time in any 12-month period.

          (c) Termination Upon Death or Permanent and Total Disability. The Employment Period
shall be terminated by the death of Executive. The Employment Period may be terminated by Company
at any time if (i) Executive shall become eligible for long-term disability benefits as such term
is defined in any long-term disability insurance program, policy or contract as in effect from time
to time for the benefit of senior executive officers of Company or (ii) Executive is unable or
unwilling or has failed to substantially perform his duties hereunder for a period of seventy-five
(75) consecutive days or for a total of ninety (90) days during any consecutive 180-day period
(either clause (i) or clause (ii), a “Disability”). If the Employment Period is terminated
by reason of a Disability, Company shall give 30 days advance written notice to that effect to
Executive. Any termination of employment under this Section 4(c) shall be a Termination Without
Cause, but neither Executive nor his heirs, estate, administrator or representative shall be
entitled to any severance benefits whatsoever (including the Severance Benefits (as defined below)
other than as expressly provided for in Section 5(e).

          (d) Termination Without Cause. The Company may terminate Executive’s employment
hereunder at any time without Cause.

          (e) Termination in Connection With Deactivation Notice. The Executive may terminate
his employment hereunder after a Deactivation Notice has been delivered and the payment due
therewith has been tendered pursuant to the terms and conditions of that certain Asset Purchase
Agreement dated as of March 2, 2006 by and between WestCom Technologies, Inc. and Lexar LLC (the
“Asset Purchase Agreement”) (unless a Reactivation Notice (as such term is defined in the
Asset Purchase Agreement) has been given and the payment due therewith has been tendered) by
giving written notice to the Company within the 60-day period following the issuance of the
Deactivation Notice and prior to the second anniversary of the date hereof.

     5. Consequences of Termination.

          (a)
Termination for Cause. In the event of termination of Executive’s employment
hereunder by Company during the Employment Period for Cause, the Executive shall be entitled to
his Base Salary, reimbursement of Business Expenses and other benefits (as provided in
Section 3(c) through the date of termination. The Executive shall not be entitled to any
Severance Benefits (as defined below).

          (b) Termination Without Cause. In the event of termination of Executive’s employment
hereunder by Company during the Employment Period without Cause (other than upon death or
Disability or the expiration of the Term of this Agreement), Executive shall be entitled to the
Severance Benefits through the Severance Period (as defined below).

          (c) Termination in Connection With Deactivation Notice. In the event Executive
terminates his employment pursuant to Section 4(e) hereof, Executive shall be entitled to
the Severance Benefits (as defined below) during the Severance Period (as defined below);

4

 

provided, however, that if a Reactivation Notice is issued and the payment due therewith is
tendered, each pursuant to the terms and conditions of the Asset Purchase Agreement, the Executive
shall not thereafter be entitled to any Severance Benefits (as defined below) and any Severance
Benefits being paid or provided at such time will cease immediately upon tender of the payment
required in connection with such Reactivation Notice.

The term “Severance Period” as used herein shall mean (i) a period of 180 days beginning on
the date Executive’s employment is terminated hereunder pursuant to Section 4(d) and (ii) a
period of 270 days beginning on the date Executive’s employment is terminated hereunder pursuant to
Section 4(e).

     “Severance Benefits” shall mean the following:

               (i) Base
Salary and Pro Rata Annual Bonus Continuation. Subject to
Sections 5(b) and 5(c) above, Executive shall be entitled to the continuation during the
Severance Period of his Base Salary and a pro rata portion of the Annual Bonus that would otherwise
have been paid to Executive for the year of his termination, based upon the degree to which the
performance targets established pursuant to Section 3(b) hereof were satisfied for that
year and subject to the minimum guarantees specified in
Section 3(b). The pro rata portion
of such Annual Bonus will be determined by multiplying the otherwise payable Annual Bonus by a
fraction, the numerator of which is the number of days that Executive was employed by Company
during the year of Executive’s termination of employment (Including the Severance Period) (or in
the case of 2006, commencing with the Effective Date through the date of Executive’s termination of
employment (including the Severance Period) and the denominator of which is 365. The pro rata
Annual Bonus, if any, so payable, will be paid when that Annual Bonus would otherwise have been
paid had Executive remained employed.

               (ii) Benefits Continuation. Executive shall be entitled to the
continuation during the Severance Period of coverage under the group medical and dental care,
disability and life insurance benefit plans or arrangements in which Executive is participating at
the time of termination of Executive’s employment on the terms and conditions then prevailing, or,
to the extent such amendments are generally applicable to employees of Company, as such plans or
arrangements may be amended from time to time thereafter; provided, however, that (A) such plans
or arrangements allow continued coverage of a terminated employee and subject to the conditions of
coverage continuation under such plans or arrangements, and (B) Company’s obligation to provide
such coverage shall be terminated if Executive obtains, and upon the effectiveness of,
substantially comparable coverage from another employer at any time during the Severance Period.
Executive shall be entitled, at the expiration of the Severance Period, to elect continued medical
and dental coverage in accordance with Section 4980B of the Internal Revenue Code, as amended (or
any successor provision thereto). Notwithstanding the preceding, if the Company’s then existing
medical and dental plans prohibit coverage continuation upon the termination of Executive’s
employment, Executive’s shall be entitled to elect to continue medical and dental coverage in
accordance with Section 4980B and the Company shall, during the Severance Period only, reimburse
Executive on a monthly basis in arrears an amount equal to the monthly contribution made by the
Company for such coverage during the Employment Period.

5

 

     As a condition to and prior to receiving any Severance Benefits, Executive will execute a
valid general release of claims (other than relating to obligations of the Company for the
Severance Benefits and any other right of Executive that survives termination of employment) in
favor of Company and the affiliates, employees, agents, officers and directors of Company, in a
form acceptable to Company.

          (d) Other Terminations. In the event of termination of Executive’s employment
hereunder for any reason other than those specified in Sections 5(a), 5(b) or 5(c) hereof,
including without limitation any resignation by Executive, Executive shall not be entitled to any
Severance Benefits; provided that, if Executive’s employment is terminated on account of death or
Disability, Executive, or Executive’s estate, shall be entitled to be paid, in addition to the
Accrued Rights described in Section 5(e) hereof, a pro rata portion of the guaranteed
component of the Annual Bonus that would otherwise have been paid to Executive for the year of his
termination under Section 3(b) hereof. The pro rata portion of such Annual Bonus will be
determined by multiplying such otherwise payable Annual Bonus by a fraction, the numerator of which
is the number of days that Executive was employed by Company during the year of Executive’s
termination of employment (or in the case of 2006, commencing with the Effective Date through the
date of Executive’s termination of employment) and the denominator of which is 365. The pro rata
Annual Bonus, if any, so payable, will be paid when that Annual Bonus would otherwise have been
paid had Executive remained employed.

          (e) Accrued Rights. In the event of termination of Executive’s employment hereunder
for any reason, Executive shall be entitled to (i) payment of any unpaid portion of his Base Salary
through the date of his termination of employment, (ii) payment or reimbursement due and owing by
Company in accordance with Section 3(d) hereof, and (iii) payment of or entitlement to any other
accrued benefits or rights solely in accordance with the terms of any employee benefit plan,
program, policy or arrangement of Company in which Executive had participated.

          (f) Survival. Company’s obligation, if any, to provide Severance Benefits to Executive under
this Section 5, and the rights of Company with respect to such Severance Benefits, shall
survive the termination of the Employment Period.

          (g) Mitigation and Offsets. Following termination of Executive’s employment
hereunder, amounts payable by Company shall be subject to termination or offset, solely to the
extent of any actual damages incurred in connection with a breach by Executive of his obligations
under Sections 6, 7, 8 and 9 hereof.

     6. Confidentiality.

          (a) Executive shall not at any time during the Term or at any time thereafter for any
reason, in any fashion, form or manner, either directly or indirectly, (i) divulge, disclose or
communicate to any person, firm, corporation or other business entity, in any manner whatsoever,
any confidential information or trade secrets concerning the business of Company, including,
without limiting the generality of the foregoing, the techniques, methods or systems of its
operation or management, any information regarding its financial matters, or any other material information concerning the business of Company, its affiliates or subsidiaries, or any

6

 

manner of operation, plans or other material data with respect to the foregoing (“Proprietary
Information”), or (ii) use the Proprietary Information for any purpose other than for the exclusive
benefit of Company, its affiliates or subsidiaries. The provisions of this Section 6 shall
not apply to (i) information that is public knowledge other than as a result of disclosure by
Executive in breach of this Section 6; (ii) information disseminated by Company or its
affiliates or subsidiaries to third parties in the ordinary course of business unless such
information is subject to a confidentiality agreement between the parties; (iii) information
lawfully received by Executive from a third party who is not known by Executive to be bound by a
confidential relationship to Company, its affiliates or subsidiaries, or (iv) information disclosed
under a requirement of law or judicial process or as directed by applicable legal authority having
jurisdiction over Executive. Upon any termination of the employment of Executive, Executive shall
promptly return to Company all Proprietary Information in tangible form in his possession or
control, delete or destroy any electronic copies thereof and promptly certifies to the Company that
such deletion or destruction has occurred. Executive agrees to indemnify the Company and its
affiliates or subsidiaries for any loss arising out of a breach of this provision, which indemnity
shall survive the termination of this Agreement.

          (b) Executive will promptly disclose to Company all processes, trademarks, inventions,
improvements, discoveries and other information reasonably related to the business of Company, its
affiliates or subsidiaries (collectively
“developments”) conceived, developed or acquired by him
alone or with others during the Employment Period, whether or not conceived during regular working
hours or through the use of Company or any affiliate or subsidiary time, material or facilities or
otherwise. All such developments shall be the sole and exclusive property of Company and upon
request Executive shall deliver to Company all drawings, sketches, models and other data and
records relating to such developments. In the event any such developments shall be deemed by
Company to be patentable, Executive shall, at the expense of Company assist Company in obtaining a
patent or patents thereon and execute all documents and do all other things reasonably necessary or
proper to obtain letters patent and to vest Company with full title thereto.

     7. Non-Competition. Executive shall not, prior to 12 months following the end
of the Employment Period (the “Non-Compete Period”), without the approval of the Board, directly
or indirectly, (i) alone or as partner, joint venturer, officer, director, employee, consultant,
agent, independent contractor or stockholder (other than as provided below) of any company or
business, engage in any “Competitive Business” within the United States or any other country, or
(ii) engage or participate in any effort or act to induce any customers, suppliers, associates or
independent contractors of Company or any of its affiliates or subsidiaries to take any action
which is disadvantageous to Company or any of its affiliates or subsidiaries or to the business in
which any of them are then engaged. For purposes of the foregoing, the term “Competitive
Business” shall mean the design, sale, promotion or distribution of services of the type or
categories which Company or any of its affiliates or subsidiaries have designed, sold, promoted or
distributed at any time prior to the end of the Employment Period, including without limitation
dedicated private line communications and related services and any technology or methods of
providing telecommunications services that might be competitive with private lines communications
and related services provided by Company or any of its affiliates or its subsidiaries (including
without limitation Voice over Internet Protocol). Notwithstanding the foregoing, Executive shall
not be prohibited during the Non-Compete Period from acting as a

7

 

passive investor where he owns Dot more than three percent (3%) of the issued and outstanding
capital stock of any publicly-held company, provided that Executive is not a director, officer,
employee, agent or consultant of or 10 any such public company or otherwise has no active
participation in the business of such public company. In the event that any of the provisions of
this Section 7 should ever be adjudicated to exceed the time, geographic, service, or other
limitations permitted by applicable law in any jurisdiction, it is the intention of the parties
that the provision shall be amended to the extent of the maximum time, geographic, service, or
other limitations permitted by applicable law. that such amendment shall apply only within the
jurisdiction of the court that made such adjudication and that the provision otherwise be enforced
to the maximum extent permitted by law. The Non-Compete Period shall be tolled during any period of
violation by Executive of this Section 7. Notwithstanding anything to the contrary
contained herein, in the event a Deactivation Notice (as such term is defined in the Asset Purchase
Agreement) is issued and Executive terminates his employment as provided in Section
4(e) hereof, the Non-Compete Period herein shall be reduced to nine (9) months following the
end of the Employment Period.

     8. Non-Solicitation. Executive shall not during the Non-Compete Period, without
the prior written consent of Company, directly or indirectly solicit employ, retain as a
consultant, interfere with or attempt to entice away from Company or any of its affiliates or its
subsidiaries or any successor to any of the foregoing, any individual who is, has agreed to be or
within the one-year period preceding such solicitation, employment, retention, interference or
enticement has been, employed or retained by Company or any of its affiliates or subsidiaries or
any successor to any of the foregoing, in any capacity. A general advertisement of employment
opportunities with any such other employer shall not be considered direct or indirect solicitation
hereunder. In the event that any of the provisions of this Section 8 should ever be
adjudicated to exceed the time, geographic, service, or other limitations permitted by applicable
law in any jurisdiction, it is the intention of the parties that the provision shall be amended to
the extent of the maximum time, geographic, service, or other limitations permitted by applicable
law, that such amendment shall apply only within the jurisdiction of the court that made such
adjudication and that the provision otherwise be enforced to the maximum extent permitted by law.
The Non-Compete Period shall be tolled during any period of violation by Executive of this
Section 8.

     9. Non-Disparagement.

          (a) The Company, and the Company’s officers and directors, shall not make statements or
representations or otherwise communicate, directly or indirectly, in writing or orally, nor
otherwise take any action which may, directly or indirectly, disparage or be damaging to the
reputation of Executive;

          (b) Executive shall not make statements or representations or otherwise communicate, directly
or indirectly, in writing or orally, nor otherwise take any action which may, directly or
indirectly, disparage or be damaging to the business or reputation of Company or any of its
affiliates or its subsidiaries or their businesses;

provided, however, the foregoing shall not restrict Executive or Company from taking any action to
protect their respective rights under this Agreement or restrict the substance or scope of any
pleadings in any proceedings to protect such rights.

8

 

     10. Indemnification. To the fullest extent permitted by law, the Company shall
indemnify, defend and hold harmless Executive from and against, and pay or reimburse the Executive
for, any and all claims, anticipated or threatened claims, notices, liabilities, judgments,
obligations, losses, demands, fines, assessments, costs, proceedings, investigations, deficiencies
or damages, whether absolute, accrued, conditional or otherwise and whether resulting from third
party claims, including out-of-pocket expenses and reasonable attorneys’ fees incurred in the
investigation or defense of any claim arising, directly or indirectly out of the performance by
Executive under this Agreement and Executive’s employment by Company. Notwithstanding the
foregoing, the Company shall not be obligated to indemnify the Executive for any liability incurred
by the Executive due to the Executive’s fraudulent conduct, malicious intent, willful misconduct,
gross negligence or breach of this Agreement.

     11. Breach of Restrictive Covenants. Executive and Company acknowledge and agree that
a breach or violation of Sections 6 through 10 hereof by the other will result in immediate
and irreparable injury and harm to the other, and that Executive and Company shall have, in
addition to forfeiture of any right of Executive to continuing Severance Benefits following a final
judicial determination on the merits, if any, and any and all remedies of law and equity under this
Agreement, the right to seek an injunction, specific performance or other equitable relief to
prevent the violation of the obligation hereunder.

     12. Notices. For the purposes of this Agreement, notices, demands and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
delivered or (unless otherwise specified) mailed by United States certified or registered mail,
return receipt requested, postage prepaid, addressed as follows:

If to Company:

WestCom Corporation 

162 Fifth
Avenue, 2nd Floor 

New York, New York 10010 

Attention: General Counsel 

Facsimile: 212.586.2666

If to Executive:

Leonidas Papadopoulos

10 Old Stone Ct.

Ridgefield, CT 06877

with a copy to:

Daniel Utevsky, Esq.

34 Independence Way

Jersey City, NJ 07305

     or to such other address as a Party or notice party hereto shall designate to the other Party
by like notice, provided that notice of a change of address shall be effective only upon receipt
thereof.

9

 

     13. Arbitration; Legal Fees.

          (a) Except as provided in Section 11 hereof, any dispute or controversy arising under
or in connection with this Agreement or the employment relationship between Company and Executive
shall be settled exclusively by arbitration in the City of New York in accordance with the rules of
the American Arbitration Association then in effect, provided that the sole arbitrator shall be
chosen by mutual agreement between Executive and Company, unless Company and Executive are unable
to agree on an arbitrator, in which case the American Arbitration Association shall select an
arbitrator knowledgeable regarding the industry and who will solely adjudicate and resolve the
dispute. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

          (b) Company and Executive shall use, and they intend that the arbitrator will use, their
reasonable efforts to conclude the arbitration proceeding and have a final decision from the
arbitrator within 120 days from the date of selection of the arbitrator; provided, however, that
the arbitrator shall be entitled to extend such 120-day period for an additional 120-day period.
The arbitrator shall immediately deliver a written award, stating the factual and legal basis for
the award, with respect to the dispute to each of the parties, who shall promptly act in accordance
therewith. Each of the parties shall bear their own costs in the arbitration.

     14. Waiver of Breach. Any waiver of any breach of the Agreement shall not be construed
to be a continuing waiver or consent to any subsequent breach on the part of either Executive or
Company.

     15. Non-Assignment; Successors. Except as expressly provided herein, neither Party
hereto may assign his or its rights or delegate his or its duties under this Agreement without the
prior written consent of the other Party; provided, however, that (i) this Agreement shall inure to
the benefit of and be binding upon the successors and assigns of Company upon any sale of all or
substantially all of the assets of Company or WestCom Technologies, Inc., or upon any merger,
consolidation or reorganization of Company or WestCom Technologies, Inc., with or into any other
corporation, all as though such successors and assigns of Company or WestCom Technologies, Inc.,
and their respective successors and assigns were Company; and (ii) this Agreement shall inure to
the benefit of and be binding upon the heirs, assigns or designees of Executive to the extent of
any payments due to Executive hereunder. As used in this Agreement, the term “Company” shall be
deemed to refer to any such successor or assign of Company or WestCom Technologies, Inc., referred
to in the preceding sentence.

     16. Withholding of Taxes. All payments and other benefits, including (without
limitation) compensatory grants or transfers of equity and other taxable benefits not paid in
cash, required to be made or otherwise delivered by Company to Executive under this Agreement
shall be subject to such income, payroll, excise or other tax withholding of such amounts as
Company may reasonably determine and shall be (i) withheld from such payments or benefits or (ii)
collected from Executive in the event that any such withholding does not satisfy the amount
required to be paid to any relevant taxing authority. In addition, Executive hereby agrees, as a
condition to the receipt of any such payments or benefits, to make appropriate provision for and
arrangements with Company to ensure that all applicable withholding requirements are satisfied
prior to the receipt of any such payments or benefits.

10

 

     17. Severability. To the extent any provision of this Agreement or portion thereof
shall be invalid or unenforceable, it shall be considered deleted therefrom and the remainder of
such provision and of this Agreement shall be unaffected and shall continue in full force and
effect.

     18. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     19. Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the laws of the State of New York, without regard to the conflict of laws
principles thereof.

     20. Entire Agreement. This Agreement and the Asset Purchase Agreement constitute the
entire agreement by Company and Executive with respect to the subject matter hereof and supersedes
any and all prior agreements or understandings between Executive and Company with respect to the
subject matter hereof, whether written or oral. This Agreement may be amended or modified only by a
written instrument executed by the Party-against whom any such amendment or modification is to be
enforced.

     21. Representations. Company represents and warrants that it is fully authorized and
empowered to enter into this Agreement and that the performance of its obligations under this
Agreement will not violate any agreement between it and any other person, firm or organization.
Executive represents and warrants that no agreement exists between him and any other person, firm
or organization that would be violated by the performance of his obligations under this Agreement.

     22. Headings. The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any
provision of this Agreement.

[Signature Page Follows]

11

 

     IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	WestCom Corporation	 	Executive	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Alexander Russo	 	 	 	/s/ Leonidas Papadopoulos	 	 
	 

	 	 

Alexander Russo    
	 	 
	 	 

Leonidas Papadopoulos
	 	 
	 

	 	President and CEO
	 	 	 	Address:	 	 

Signature Page to Papadopoulos Employment Aggrement

 

 

Schedule A to Employment Agreement

Directorships Held by Executive as of the date of this Employment Agreement

None

13

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

BY AND BETWEEN

WESTCOM CORPORATION

AND

LEONIDAS PAPADOPOULOS

     THIS FIRST AMENDMENT (this “Amendment”) is
entered into between WestCom Corporation, a
Delaware corporation 

(the “Company ”), and Leonidas Papadopoulos (the “Executive”) under the
following circumstances.

     WHEREAS, the Company and the Executive entered into an Employment Agreement on March 2,
2006 (the “Employment Agreement”); and

     WHEREAS, the parties would also like to make certain changes to the terms of the
Employment Agreement;

     NOW THEREFORE, the Company and the Executive agree to amend the Employment Agreement as
follows, it being understood that, all amendments will have effect on the date of this Amendment:

     1. The first two sentences of Section 2(a)(i) (relating to position and reporting) are amended
to read in their entirety as follows:

Company hereby employs Executive for the Employment Period as Vice President, Chief
Technology Officer on the terms and conditions set forth in this Agreement. Executive
shall report to the Chief Executive Officer of the Company, or his or her designee.

     2. Section 3(a) (relating to salary) is amended by substituting the phrase “US$190,000” for
the phrase “US$175,000” as it appears in the first sentence of Section 3(a).

     3. Section 3 (relating to compensation and benefits) is amended by adding at the end thereof
the following new subsection:

	 	(f)	 	Stock Options. Subject to the approval of the
Compensation Committee of the Board of Directors of Trader Acquisition Corp., a
Delaware corporation (which is indirectly the ultimate parent company of the
Company), Executive will be granted an option to purchase an aggregate of
75,000 shares of Trader Acquisition Corp. common stock, par value $0.01,
pursuant to the 2006 Trader Acquisition Corp. Stock Incentive Plan. The grant
date of such option shall be the date of such approval.

     4. The last sentence of Section 7 (relating to non-competition covenants) is amended to read
in its entirety as follows:

Notwithstanding anything to the contrary contained herein or in any equity-based award
agreement between Executive and Company, in the event a Deactivation Notice (as such
term is defined in the Asset Purchase Agreement) is issued and Executive
terminates his employment as provided in Section 4(e) hereof, the Non-Compete
Period herein and the non-competition period contained in any equity-based award
agreement between Executive and Company shall be reduced to nine (9) months following
the end of the Employment Period.

Page 1 of 2 

 

     5. Except as is provided in this Amendment, the Employment Agreement shall remain
unchanged and continue in full force and effect.

     To acknowledge your agreement to the terms and conditions of this Amendment, please sign below
and return one copy to John McSherry.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of this 1st day of June, 2007.

	 	 	 	 	 	 	 
	 	 	WestCom Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	
By: /s/ Lance
Boxer
	 	 
	 

	 	Name: Lance Boxer
	 	 
	 

	 	Title: Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Executive:
	 	/s/ Leonidas Papadopoulos	 	 
	 

	 	 	 	 

Leonidas Papadopoulos
	 	 

Page 2 of 2

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