Document:

Exhibit 10.1

                    SEPARATION AGREEMENT AND GENERAL RELEASE

     This Separation Agreement and General Release (this "Agreement") is entered
into  this 29th day of June,  2006 by and  between  (i)  Robert  G.  Cocks,  Jr.
("Executive"), and (ii) Putnam Savings Bank (the "Bank"). In this Agreement, the
"Bank" shall at all times  include any and all related  entities,  corporations,
partnerships and  subsidiaries of the Bank, as well as their respective  current
and former directors,  officers,  trustees, partners,  employees,  successors in
interest,   representatives  and  agents,  both  in  their   representative  and
individual capacities.

     WHEREAS, the Bank and Executive mutually agree that Executive's  employment
with the Bank will  terminate on the Effective  Date of this Agreement set forth
in Section 10 hereof; and

     WHEREAS,  the parties desire to resolve any and all differences or disputes
between the parties that  presently  exist or may arise in the future  regarding
the Executive's employment with the Bank and separation from employment with the
Bank; and

     WHEREAS,  the Bank and  Executive  agree  that the terms of this  Agreement
shall supersede all prior agreements between the Bank and Executive.

     NOW,  THEREFORE,  in  consideration  of the mutual  promises and  covenants
contained herein, the Bank and Executive agree as follows:

1. Resignations/Severance Pay.

     (a)  Executive  agrees to resign from all of his  positions as an employee,
officer and/or  director of (i) the Bank;  (ii) PSB Holdings,  Inc., a federally
chartered stock holding company of the Bank, which owns 100% of the common stock
of the Bank;  (iii) Putnam Bancorp,  MHC, a federally  chartered  mutual holding
company which owns a majority of the  outstanding  shares of common stock of PSB
Holdings,   Inc.;  (iv)  Putnam  Savings   Foundation,   a  Delaware   non-stock
corporation;  and (v) any  affiliate  of the Bank.  Said  resignation  letter is
confirmed by letter from Executive and is attached as Exhibit A.

     (b) In  consideration  of  Executive's  execution  of  this  Agreement  and
performance of Executive's obligations hereunder, the Bank agrees to continue to
pay Executive his current annual salary" of One Hundred Fifty-Five Thousand Nine
Hundred Twenty-Five Dollars  ($155,925.00) for a period of six (6) months (i.e.,
SEVENTY-SEVEN   THOUSAND  NINE  HUNDRED   SIXTY-TWO   DOLLARS  AND  FIFTY  CENTS
($77,962.50)  in thirteen  (13)  bi-weekly  installments  of FIVE  THOUSAND NINE
HUNDRED  NINETY  SEVEN  DOLLARS  AND  TWELVE  CENTS  ($5,997.12)  following  the
Effective  Date,  provided,  however,  that such  amount  shall be  reduced  for
appropriate  taxes and  deductions  (hereinafter  referred to as the  "Severance
Pay").  The  Severance  Pay shall be paid to  Executive  bi-weekly on the Bank's

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normal  payroll  schedule.  In  addition,  the Bank  agrees not to  contest  any
application Executive may make for unemployment compensation.  The Severance Pay
is being offered to Executive  solely in exchange for his promise to be bound by
the terms of this  Agreement and is above and beyond what he would  otherwise be
entitled to receive from the Bank due to his termination of employment.

     2. Health  Insurance.  The Bank agrees to provide  Executive  for a six (6)
month period  following  the  execution of this  Agreement  with the same health
insurance  benefits  on the same  terms and  conditions  as such  benefits  were
provided  at the  time of  Executive's  separation  from  employment,  provided,
however,  should Executive become eligible for health insurance benefits through
another employer,  the Bank's obligation will cease. Following the six (6) month
period,  Executive  shall be  entitled  to receive  continued  health  insurance
coverage at his expense, under applicable state and/or federal "COBRA" laws. All
other employee benefits shall cease as of the Effective Date of this Agreement.

     3. Post-Termination Obligations

     (a)  General.  All  payments  under  this  Agreement  shall be  subject  to
Executive's compliance with this Section 3.

     (b) Litigation  Cooperation.  Executive shall, upon reasonable  notice, for
six  (6)  months  following  the  execution  of  this  Agreement,  furnish  such
information and assistance to the Bank as may reasonably be required by the Bank
in connection  with any litigation in which the Bank or any of its  subsidiaries
or affiliates is, or may become, a party.

     (c)  Confidentiality.   Executive  recognizes  and  acknowledges  that  the
knowledge of the business  activities  and plans for business  activities of the
Bank and its  affiliates,  as such  activities may exist from time to time, is a
valuable, special and unique asset of the Bank and its affiliates.  Accordingly,
Executive  will not, for a one (1) year period  following the Effective  Date of
this  Agreement,  disclose  any  knowledge  of the  past,  present,  planned  or
considered  business  activities  of the Bank and its  affiliates to any person,
firm, corporation,  or other entity for any reason or purpose whatsoever (except
for such  disclosure as may be required to be provided to any regulatory  agency
with jurisdiction over the Bank).  Notwithstanding the foregoing,  Executive may
disclose any knowledge of general banking, financial and/or economic principles,
concepts or ideas which are not solely and exclusively derived from the business
plans and  activities of the Bank,  and  Executive may disclose any  information
regarding  the  Bank  which  is  otherwise  publicly  available  or  which he is
otherwise legally required to disclose.

     (d)  Non-Compete.  Executive  agrees not to compete with the Bank or any of
its  affiliates  for a period of six (6) months  following the Effective Date of
this  Agreement  in any city,  town or county in which the Bank has an office or
has filed an  application  for  regulatory  approval  to  establish  an  office,
determined  as of the  Effective  Date of this  Agreement,  except  as agreed to
pursuant to a resolution duly adopted by the Board. Executive agrees that during
such period and within said cities, towns and counties, Executive shall not work
for or advise,  consult or otherwise  serve with,  directly or  indirectly,  any
entity whose business materially competes with the depository,  lending or other
business  activities of the Bank.  The parties  hereto agree,  recognizing  that
irreparable  injury will result to the Bank,  its  business  and property in the

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event Executive breaches this Section 3(d), that in the event of any such breach
by Executive,  the Bank will be entitled,  in addition to any other remedies and
damages  available to it, to an injunction  to restrain the violation  hereof by
Executive, his partners, agents, servants, employers,  employees and all persons
acting for or with him. Executive  represents and admits that his experience and
capabilities  are such that he can obtain  employment  with a bank  outside  the
scope of the  geographic  limitations  of this  provision  and/or in a  business
engaged in other lines and/or of a different  nature than the Bank, and that the
enforcement  of a remedy by way of injunction  will not prevent  Executive  from
earning a livelihood.  Nothing herein will be construed as prohibiting  the Bank
from pursuing any other  remedies  available to it for such breach or threatened
breach, including the recovery of damages from Executive.

     (e)  Non-Solicitation.  Executive  further  agrees that he will not, in any
manner  whatsoever,  for a period of six (6) months following the Effective Date
of  this  Agreement,  either  as an  individual  or as a  partner,  stockholder,
director,  officer,  principal,  employee,  agent,  consultant,  or in any other
relationship  or capacity with any person,  firm,  corporation or other business
entity,  either  directly  or  indirectly,  solicit  or  induce  or  aid  in the
solicitation  or  inducement  of  any  employees  of the  Bank  to  leave  their
employment  with the Bank.  Executive  further  agrees  that he will not, in any
manner  whatsoever,  for a period of six (6) months following the Effective Date
of  this  Agreement,  either  as an  individual  or as a  partner,  stockholder,
director,  officer,  principal,  employee,  agent,  consultant  or in any  other
relationship  or capacity with any person,  firm,  corporation or other business
entity, either directly or indirectly,  solicit the business of any customers or
clients of the Bank.

     (f)  Non-Disparagement.  Executive  and the Bank  agree  that they will not
engage  in any  conduct  or  activity  which  is  either  intended  to or  could
reasonably  be expected to harm each other in the  operation of their  business.
Each party agrees that it/he will not take any action, legal or otherwise, which
might embarrass, harass, or adversely affect the other or which might in any way
work  to  the  detriment  of the  other,  whether  directly  or  indirectly.  In
particular and by way of  illustration  not  limitation,  each party agrees that
it/he will not directly or indirectly contact customers or any entity that has a
business  relationship  with the other, in order to disparage the good morale or
business  reputation  or  business  practices  of the other party or any of such
party's current and former officers, directors, managers or employees.

     (g)  Return  of  Property.  Immediately  upon  the  Effective  Date of this
Agreement,  Executive  shall  return  to the  Bank all of the  Bank's  property,
including,  but not limited to, computers,  keys, cell phones,  credit cards and
other tangible  property,  as well as all original or copies of records,  notes,
reports, proposals, lists, correspondence, materials or other documents.

     4. Mutual Release.

     (a) Release of the Bank by Executive; Agreement Not to Sue. In exchange for
the Severance Pay to which Executive would not otherwise be entitled, Executive,
on behalf of himself,  his heirs and assigns,  irrevocably  and  unconditionally
releases the Bank from all claims, controversies,  liabilities,  demands, causes
of  action,  debts,   obligations,   promises,   acts,  agreements,   rights  of
contribution  and/or  indemnification,  and damages of whatever  kind or nature,
whether  known or unknown,  suspected or  unsuspected,  foreseen or  unforeseen,
liquidated or contingent, actual or potential, jointly and individually, that he

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has had now has or may  have,  based  on any  and  all  aspects  of  Executive's
employment  with the Bank or his  separation  from that  employment  through the
effective  date of this  Agreement,  including,  but not limited to: any and all
claims for breach of express or implied  contract  or covenant of good faith and
fair dealing  (whether written or oral), all claims for retaliation or violation
of public  policy,  breach  of  promise,  detrimental  reliance  or tort  (e.g.,
intentional infliction of emotional distress, defamation,  wrongful termination,
interference with contractual or advantageous relationship, etc.), whether based
on common law or  otherwise;  all claims  arising  under  Title VII of the Civil
Rights Act of 1964, as amended;  the Age  Discrimination  in Employment Act; the
Americans with Disabilities Act; claims for emotional distress,  mental anguish,
personal injury, loss of consortium;  any and all claims that may be asserted on
Executive's  behalf  by  others or any  other  federal,  state or local  laws or
regulations  relating to employment or benefits associated with employment.  The
foregoing   list  is   meant  to  be   illustrative   rather   than   inclusive.
Notwithstanding  the above,  it is understood  that Executive does not waive any
rights he may have to vested  benefits under any retirement or employee  welfare
plan that may be due him upon his separation  from the Bank.  Executive does not
release  Workers  Compensation  claims he may have  against Bank or its insurer,
except that Executive specifically releases all claims under Connecticut General
Statutes ss. 31-290a.  This Agreement,  however, does not prevent Executive from
filing a charge  with the  Equal  Employment  Opportunity  Commission,  although
Executive  waives his right to recover any damages or other  relief in any claim
or suit brought by or through the Equal Employment Opportunity Commission or any
other  state or local  agency  on  behalf  of him  under  any  federal  or state
discrimination law, except where otherwise prohibited by law.

Executive waives the rights and claims set forth above, and he also agrees not
to institute, or have instituted, a lawsuit or claim against the Bank based on
any such claims or rights.

     EXECUTIVE ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT AND RELEASE IS A FULL
AND FINAL BAR TO ANY AND ALL  CLAIM(S) OF ANY TYPE THAT HE MAY NOW HAVE  AGAINST
THE BANK BUT THAT IT DOES NOT RELEASE ANY CLAIMS BY EXECUTIVE RELATING TO EVENTS
THAT MAY OCCUR AFTER THE DATE OF THIS AGREEMENT.

     (b) Release of Executive by the Bank. The Bank, its past, present or future
parent,  affiliated,  related and/or subsidiary  entities and their predecessors
and  successors  and  assigns,  and the  past,  present,  or  future  directors,
shareholders, officers, employees, agents, attorneys and representatives of such
entities,  do  hereby  forever  release  and  discharge  Executive,  his  heirs,
beneficiaries,   devisees,   executors,   administrators,   attorneys,  personal
representatives,  and assigns from any and all claims, debts, demands, accounts,
judgments,  rights,  causes of  action,  damages,  costs,  charges,  complaints,
obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character  whatsoever  (including
attorneys fees and costs)  (hereinafter  collectively  referred to as "claims"),
whether in law or in equity and  whether or not known,  asserted,  or  suspected
which  the Bank has  against  Executive  from  the  beginning  of time up to and
including  the date of the  execution  of this  Agreement.  Employer  agrees  to
indemnify Executive from all claims against Executive by a third-party where the
alleged  damages  arise  out of an  alleged  act or  omission  occurring  in the
performance  of  Executive's  duties and  responsibilities  as an employee  with

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Employer  provided  said acts arose while  Executive was acting within the scope
and course of employment and did not involve fraudulent or criminal conduct.

     5. Adequate Consideration.  Executive and the Bank agree that the Severance
Pay constitutes  adequate and ample consideration for the rights and claims that
Executive is waiving under this  Agreement.  Executive  further  agrees that the
Severance  Pay shall be in lieu of any other  compensation  or benefits to which
Executive  may be  entitled  or may claim to be  entitled  except  as  specified
herein.

     6.  Confidentiality  of this  Agreement.  Except  such  disclosure  that is
required by federal or state law or by court order, the parties  understands and
agrees that this Agreement is a confidential document, except to the extent that
this  Agreement  may be required to be filed with any  regulatory  agency  under
applicable  federal laws and regulations.  Accordingly,  The parties agrees that
they will not  disclose,  publicize,  or  disseminate,  or cause to be disclosed
published, or disseminated in any manner the terms,  conditions,  or contents of
this Agreement,  or the  circumstances  related  thereto,  with any other person
except for confidential disclosures or discussions,  with their attorneys and/or
accountants,  spouse, if any, unless such disclosure is made for the purposes of
violating  the intent of this  provision.  The parties may disclose  information
relating to the terms and conditions of this Agreement to the extent required to
enforce his respective rights and obligations under this Agreement.

     7. Binding  Arbitration.  In the event that either party  institutes  legal
proceedings  to  enforce  the  terms  of  this  Agreement,  it  is  specifically
understood  and agreed that such a claim shall be submitted to final and binding
arbitration  in the State of  Connecticut  pursuant to the rules of the American
Arbitration  Association,  and that the prevailing party shall recover its costs
and reasonable attorney's fees incurred in such arbitration proceeding.

     8.  Non-Admission of Liability.  Each party  acknowledges that the other is
entering  into  this  Agreement  voluntarily  to  end  their  relationship  in a
professional  manner,  and that in making this  Agreement,  neither party admits
that it has done anything wrong to the other.

     9.  Amendment  and  Termination.  Executive  and the Bank  agree  that this
Agreement  cannot be amended or terminated  except by a writing executed by both
of the parties hereto or their  respective  administrators,  trustees,  personal
representatives, and successors.

     10. Effective Date. As used in this Agreement,  the term "effective date of
this Agreement" shall mean the date on which the seven day revocation  period as
described in the Acknowledgement Section of this Agreement has expired.

     11. Miscellaneous.

     (a)  Severability.  If any provision of this Agreement,  or any part of any
provision  of this  Agreement,  is found to be invalid  by a court of  competent
jurisdiction,  such  determination  shall not affect the  validity  of any other
provision, or part thereof, of this Agreement.

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     (b)  Governing  Law.  The  parties  further  agree that this  Agreement  is
governed by the laws of the State of Connecticut.

     (c) Entire  Agreement.  The Bank and  Executive  agree that this  Agreement
constitutes  their entire final  understanding and agreement with respect to the
subject matter hereof and supersedes all prior or contemporaneous  negotiations,
promises,  covenants,  agreements,  or  representations  concerning  all matters
directly,  indirectly,  or  collaterally  related to the subject  matter of this
Agreement.

     (d)  Notices.  All  notices,  demands,  consents or  approvals  required or
provided for hereunder  shall be given by certified or registered  mail,  return
receipt  requested,  or by Federal  Express or other  overnight  courier service
addressed to the parties at the addresses listed below:

           EXECUTIVE                 Robert G. Cocks, Jr.
                                     65 Senexet Village Road
                                     Woodstock, CT 06281

      BANK Thomas Borner
                                     Chief Executive Officer
                                     Putnam Savings Bank
                                     155 Providence Street
                                     Putnam, CT 06260

     (e)  Headings.  The section  captions  used in this  Agreement are included
solely for convenience  and shall not effect or be used in conjunction  with the
interpretation of this Agreement.

     (f)  Counterparts.  This  Agreement may be executed  simultaneously  in any
number of  counterparts,  each of which shall be deemed an  original  and all of
which shall be deemed one in the same instrument.

     (g) Executive's Beneficiary. Bank acknowledges and agrees that the payments
set forth in Section 1(b) hereof shall be made to Executive  notwithstanding his
employment  by a third  party,  his  death or his  disability.  In the  event of
Executive's death, the benefits  conferred  hereunder shall inure to the benefit
of the Executive's estate.

     12. Acknowledgements.

     Executive and Bank each represent and warrant that no person other than the
signatories hereto had or has any interest in the matters referred to or covered
by this Agreement;  that each of them has the sole right and exclusive authority

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to execute this Agreement;  and that they have not sold, assigned,  transferred,
conveyed,  or otherwise  disposed of any claim or demand  relating to any matter
covered by this Agreement.

     EXECUTIVE  ACKNOWLEDGES  THAT HE HAS CAREFULLY  READ AND  UNDERSTANDS  THIS
AGREEMENT AND AGREES THAT THE BANK HAS NOT MADE ANY  REPRESENTATIONS  OTHER THAN
THOSE CONTAINED  HEREIN.  EXECUTIVE ALSO ACKOWLEDGES THAT HE HAS BEEN ADVISED TO
CONSULT  WITH AN  ATTORNEY  OF HIS  OWN  CHOSING  REGARDING  THE  TERMS  OF THIS
AGREEMENT;  THAT HE HAS BEEN GIVEN TWENTY-ONE (21) DAYS TO CONSIDER THE TERMS OF
THIS  AGREEMENT,  AND THAT HE SIGNS THIS  AGREEMENT  BEFORE THE  TWENTY-ONE  DAY
PERIOD,  HE DOES SO KNOWINGLY AND VOLUNTARILY.  EXECUTIVE ALSO ACKNOWLEDGES THAT
HE  ENTERS  INTO  THIS  AGREEMENT  VOLUNTARILY,   WITH  FULL  KNOWLEDGE  OF  ITS
SIGNIFICANCE,  AND WITHOUT PRESSURE OR COERCION.  EXECUTIVE FURTHER ACKNOWLEDGES
THAT HE HAS HAD  SUFFICIENT  TIME TO CONSIDER THIS AGREEMENT AND CONSULT WITH AN
ATTORNEY OF HIS CHOOSING PRIOR TO EXECUTING THIS AGREEMENT.

     EXECUTIVE ALSO  ACKNOWLEDGES THAT HE MAY REVOKE THIS AGREEMENT WITHIN SEVEN
DAYS   FOLLOWING  HIS  SIGNATURE  ON  THIS   AGREEMENT  BY  DELIVERING   WRITTEN
NOTIFICATION OF SUCH REVOCATION TO THOMAS BORNER, CHIEF EXECUTIVE OFFICER OF THE
BANK.  SAID  REVOCATION  IS NOT  EFFECTIVE  UNLESS IT IS RECEIVED BY MR.  BORNER
DURING THE 7-DAY  PERIOD.  THIS  AGREEMENT  BECOMES  EFFECTIVE ON THE EIGHTH DAY
AFTER EXECUTIVE SIGNS THIS AGREEMENT.

     IN WITNESS WHEREOF, the Bank and Executive have executed this Agreement.

                                             PUTNAM SAVINGS BANK

Date: July 6, 2006                           By: /s/Thomas A. Borner
                                                 -------------------
                                             Thomas A. Borner,
                                             Chief Executive Officer

                                             EXECUTIVE

Date: June 29, 2006                          By: /s/Robert G. Cocks, Jr.
                                                 -----------------------
                                             Robert G. Cocks, Jr.

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STATE OF CONNECTICUT                 )
                                             ) ss.
COUNTY OF NEW LONDON                 )

     On this 29th day of June,  2006,  before me personally  appeared  Robert G.
Cocks,  Jr., known to me to be the person whose name is subscribed to the within
instrument who  acknowledged  that he executed the same for the purposes therein
contained as his free act and deed.

                           /s/______________________________

                             Notary Public
                             My Commission Expires:

STATE OF CONNECTICUT                        )
                                            ) ss.
COUNTY OF WINDHAM)

     On  this  6th  day  of  July,  2006,  before  me the  undersigned  officer,
personally  appeared Thomas A. Borner, who acknowledged  himself to be the Chief
Executive  Officer of Putnam Savings Bank, and that he, being duly authorized so
to do, executed the foregoing Instrument for the purposes therein contained,  by
signing the name of said Bank by himself as his free act and deed.

                                            ____/s/_____________________________

                                            Commissioner of the Superior Court
                                            Notary Public
                                            My Commission Expires:Consulting Services Agreement

     

    EXHIBIT
      10.1

     

    EXECUTTION
      COPY

    

    CONSULTING
      SERVICE AGREEMENT

    

    This
      Consulting Service Agreement (this “Agreement”) is made this 7th day of July,
      2006 (the “Commencement Date”) by and between MTM Technologies, Inc. (the
“Company”), with offices at 1200 High Ridge Road, Stamford, Connecticut 06905,
      Steven H. Rothman (the “Consultant”), who is domiciled at 49 Roberts Road, New
      City, NY 10956, and SCR Consulting LLC, an entity wholly-owned by Consultant
      and
      his spouse (“SCR Consulting”).

     

    
      	
              1.

            	
              Engagement.

            

    

     

    The
      Company hereby engages Consultant to render to the Company the services
      described in Section 2, below, during the term described in Section 3,
      below.

     

    
      	
              2.

            	
              Services;
                Right of First Refusal.

            

    

     

    (a)    The
      scope
      of the services to be performed by Consultant will consist of advice and
      consultation regarding acquisitions by the Company, as
      the
      Company and the Consultant shall agree upon from time to time (together, the
      “Services”), provided that this Agreement shall not require Consultant to make
      any minimum time commitment to providing Services to the Company. This Agreement
      will not limit in any way the ability of the Company to enter into other
      agreements or arrangements with other persons or firms to provide the same
      or
      similar services to the Company as the Services.

     

    (b)    During
      the Term (as defined herein), before Consultant offers or otherwise provides
      information to any third party regarding any bona fide potential acquisition
      or
      other similar transaction not currently being independently pursued by the
      Company which involves a business or company in the same or similar business
      as
      the Company as it is then conducted (each, a “Potential Transaction”), the
      Company shall have a right of first refusal with respect to such Potential
      Transaction (the "Right of First Refusal"). The Consultant shall provide written
      notice (“Transaction Notice”) of any Potential Transaction to the Company and
      shall provide to the Company the Materials (as defined below). At any time
      within ten (10) business days following delivery of all Materials to the
      Company, the Company may give notice to Consultant that it wishes to pursue
      the
      Potential Transaction (each such transaction, an “Accepted Transaction”) and in
      such case, Consultant shall not offer or otherwise provide information to any
      third party regarding such Potential Transaction until the Company has provided
      notice (“Abandonment Notice”) that it no longer intends to pursue such Potential
      Transaction (any such transaction, an “Abandoned Transaction”). As used herein
“Materials” shall mean the following with respect to the business or company to
      be acquired: (i) an income statement for the most recent fiscal year, (ii)
      a
      year to date income statement, (iii) a recent balance sheet, (iv) a general
      description of the business, including locations, partnership relationships,
      and
      headcount, and (v) a breakdown of revenue by product and service category,
      provided that if the foregoing are not available to Consultant with reasonable
      diligence, such other information as reasonably agreed by the parties. In the
      event Consultant complies with his obligations with respect to the Right of
      First Refusal with respect to a Potential Transaction and the Company does
      not
      give timely notice that it wishes to pursue such Potential Transaction,
      Consultant’s offering such Potential Transaction to any competitor of the
      Company shall not be deemed a violation of Section 7 of the Employment
      Agreement, dated as of May 21, 2004, between Consultant and the Company or
      Section 13 of the Release Agreement (as defined below).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              Term
                and Termination.

            

    

     

    (a)    This
      Agreement will be effective, and Consultant will provide the Services,
      commencing on the Commencement Date, and continuing thereafter through and
      including March 31, 2008 (the “Term”). 

     

    (b)    This
      Agreement may be terminated by the parties prior to its expiration, as
      follows:

     

    (i)    By
      the
      Company: If Consultant, (1) commits willful or grossly negligent acts to the
      substantial detriment of the Company; (2) breaches any provision of Section
      7 of
      the Employment Agreement he entered into with the Company, dated as of May
      21,
      2004 (the “Employment Agreement”), as modified by the Agreement and General
      Release entered into by the Company and Consultant dated as of July 6, 2006
      (the
“Release Agreement”), (3) breaches any material provision of the Release
      Agreement, (4) breaches Section 2(b) of this Agreement, (5) breaches the Waiver
      Letter, dated as of July 6, 2006, entered into by the Company and Consultant,
      or
      (6) exercises his revocation rights under the Release Agreement.

     

    (ii)    By
      Consultant: If the Company breaches any material term or provision of this
      Agreement and such breach is not cured within ten (10) days after Consultant
      gives the Company written notice complaining of such breach unless such breach
      is not capable of being cured within such period. 

     

    (c)    This
      Agreement and Consultant’s Services hereunder will terminate automatically upon
      Consultant’s death. In such event, the Company shall pay to Consultant’s estate
      all compensation that would have been owed to Consultant under this Agreement
      through the Term of this Agreement, had Consultant lived. Such compensation
      shall be paid on a quarterly basis, in accordance with Section 4(a) of this
      Agreement.

     

    (d)    Notwithstanding
      the provisions of Section 3(b)(i)(2), it shall be a condition precedent to
      the
      Company's right to terminate this Agreement pursuant to such Section 3(b)(i)(2)
      that (x) the Company shall first have given Consultant written notice stating
      with reasonable specificity the reason for the termination ("breach") and (y)
      if
      such breach is susceptible of cure or remedy, a period of ten days from and
      after the giving of such notice shall have elapsed without Consultant having
      effectively cured or remedied such breach during such 10-day period.
      Notwithstanding anything to the contrary contained herein, the right to cure
      set
      forth in this Section 3(d) shall not apply if there are habitual or repeated
      breaches by Consultant of Section 7 of the Employment Agreement.

     

    
      	
              4.

            	
              Compensation.

            

    

     

    (a)    Quarterly
      Fee; Signing Fee.
      For
      services rendered under this Agreement, the Company will, during the period
      July
      1, 2006 to December 31, 2007, pay Consultant fees at the rate of $265,000 per
      annum, payable quarterly in advance on the 15th
      of every
      July, October, January, and April (the “Quarterly Fee”). For any less than full
      quarterly period, the Quarterly Fee will be computed on a per diem basis by
      dividing the number of business days in said period for which fees are owed,
      by
      the total number of business days in said period. In addition to the Quarterly
      Fee, the Company will pay Consultant a one-time fee (the “Signing Fee”) of
      $50,000, such fee to be paid concurrently with the payment of the first
      Quarterly Fee. 

     

    (b)    Acquisition
      Fees.
      In the
      event the Company completes any (i) Accepted Transaction at any time during
      the
      Term or thereafter, (ii) Potential Transaction (that was not an 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

       Accepted
      Transaction) at any time for a period of eighteen (18) months following delivery
      of the Transaction Notice for such transaction, or (iii) Abandoned Transaction
      at any time for a period of eighteen (18) months following delivery of the
      Abandonment Notice for such transaction the Company shall pay to the Consultant,
      in cash, a fee (“Transaction Fee”) an amount equal to one percent (1%) of the
      Aggregate Purchase Price (as defined below) paid by the Company at closing
      in
      such transaction. Notwithstanding the foregoing, (i) the maximum amount of
      any
      Transaction Fee for any single transaction shall be $500,000, and (ii) for
      any
      transaction for which the Transaction Notice is delivered to the Company on
      or
      before December 31, 2007, the Company shall have the right to offset Transaction
      Fees against total amount of Quarterly Fees paid under Section 4(a) above.
      For
      the purposes of determining the value of any stock delivered by the Company
      in a
      transaction as part of the purchase price, such shares will be valued on the
      basis provided for in the purchase agreement governing the transaction, and
      if
      such valuation is not provided for, shall be valued at the fair market value
      of
      such shares on the date of closing of the transaction. As used herein the term
      “Aggregate Purchase Price” shall mean (a) any and all cash and stock delivered
      at the closing of the transaction, plus (b) any deferred payment by the Company
      which is solely conditioned upon the passage of time (such as promissory notes
      and installment sale payments), plus (c) and earnouts or similar deferred
      payments that are conditioned upon the achievement of performance targets
      relating to a period of six (6) months or less from the closing of such
      transaction (“Short Term Earnouts”) and shall exclude any (i) debt or other
      liabilities assumed in the transaction, (ii) earnouts or similar deferred
      payments that are conditioned upon the achievement of performance targets
      relating to a period of greater than six (6) months from the closing of such
      transaction, and (iii) equity awards granted to the employees of the acquired
      companies and payments under employment agreements with the employees of the
      acquired company. The parties agree that any Transaction Fee related to Short
      Term Earnouts will only be due and payable upon the achievement of such Short
      Term Earnout.

     

    (c)    Other
      Benefits.
      The
      Consultant shall be provided telephonic, voicemail, e-mail and other such
      services as may be agreed by the Company and the Consultant during the Term,
      provided that such services are to be used by Consultant for business purposes
      only, and in connection with his Services under this Agreement.

     

    (d)    Expenses.
      During
      the Term, the Company shall not be obligated to reimburse the Consultant for
      any
      business expenses Consultant incurs in the performance of the Services, unless
      the Company, in its sole discretion, approves reimbursement of such business
      expenses, in advance, and in writing.

     

    (e)    Stock
      Options.
      Consultant’s change in status from an employee of the Company to a consultant
      shall not affect Consultant’s right to vest and exercise the vested stock
      options or restricted stock units described below:

     

    
      
        	 	
                Grant
                  Date

              	 	
                Options

              	 	
                Exercise
                  Price

              
	 	
                7/13/1998

              	 	
                50,000

              	 	
                $2.25

              
	 	
                10/12/1999

              	 	
                5,200

              	 	
                $2.69

              
	 	
                9/11/2001

              	 	
                50,000

              	 	
                $1.29

              
	 	
                4/15/2005

              	 	
                8,000

              	 	
                $4.05

              
	 	 	 	 	 	 
	 	
                Grant
                  Date

              	 	
                RSUs

              	 	 
	 	
                4/15/2005

              	 	
                2,000

              	 	 
	 	 	 	 	 	 

      

    

     

    For
      the
      avoidance of doubt, the vesting and exercise of the foregoing options will
      remain the same as if Consultant was an employee of the Company, provided that
      the character of such options will change from Incentive Stock Options to
      Nonqualified Stock Options pursuant to the applicable provisions of the United
      States Internal Revenue Code.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

            (f)    Payment
      of Fees.
      All
      fees payable by the Company under the terms of this Agreement shall be paid
      to
      SCR Consulting, provided that SCR Consulting has provided to the Company a
      IRS
      Form W-9. The Company will provide SCR Consulting with a Form 1099 reflecting
      the fees paid during each affected tax year. Payments made under Sections 4(a)
      and Section 4(b) above shall be made by wire transfer of immediately available
      funds to such account as designated in writing from time to time by the
      Consultant to the Company.

     

    
      	
              5.

            	
              Independent
                Contractor.

            

    

     

    The
      relationship between the Company and Consultant is that of independent
      contractor, and both the Company and Consultant will represent, and will cause
      their officers, employees, agents and representatives, if any, to represent
      to
      third parties that Consultant’s capacity hereunder is that of a “consultant” or
“advisor”. Neither party will be the agent of the other for any purpose
      whatsoever, have power or authority to make or give any promise, to execute
      any
      contract or otherwise create, or to assume any liability or obligation in the
      name of or on behalf of the other party. Neither party will misrepresent, and
      each party will cause their officers, employees, agents and representatives,
      if
      any, not to misrepresent, to any third party that it has any power or authority
      which is denied to it by the preceding sentence. The making of any such
      misrepresentation is a breach of a material term of this Agreement, is not
      capable of cure, and is sufficient reason for termination of this Agreement
      pursuant to Section 3(b)(i) or Section 3(b)(ii). As an independent contractor,
      Consultant will not (except as otherwise provided in the Release Agreement
      and
      this Agreement) be entitled to participate in any Company-sponsored employee
      benefits programs, and will be wholly and fully responsible for any taxes owed
      to any governmental authority with respect to the fees set forth in Section
      4,
      above. Consultant represents and warrants that Consultant will pay any such
      taxes as and when due.

     

    
      	
              6.

            	
              Assignment.

            

    

     

    This
      Agreement is personal to the parties hereto and neither party may assign its
      rights or delegate its obligations hereunder without the prior written consent
      of the other party, which may be withheld without cause or explanation. Any
      purported assignment or delegation in violation of this Section shall be
      void.

     

    
      	
              7.

            	
              Notice.

            

    

     

    All
      notices, requests and other communications pursuant to this Agreement shall
      be
      in writing and shall be deemed effective upon (a) personal delivery, if
      delivered by hand, (b) the next business day, if sent by a prepaid overnight
      courier service, or (c) three days after the date of deposit in the mails,
      if
      mailed by registered or certified mail, and in each case addressed as
      follows:

     

    
      	 	
              If
                to Consultant

            	
              Steven
                Rothman

            
	 	
                 
                or SCR Consulting

            	
              49
                Roberts Road, 

            
	 	 	
              New
                City, NY 10956

            
	 	 	 
	 	
              With
                a copy to:

            	
              Snow
                Becker Krauss P.C.

            
	 	 	
              605
                Third Avenue, 25th Floor

            
	 	 	
              New
                York, NY 10158

            
	 	 	
              Attn:
                Paul C. Kurland, Esq.

            
	 	 	 

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              If
                to the Company:

            	
              MTM
                Technologies, Inc.

            
	 	 	
              1200
                High Ridge Road

            
	 	 	
              Stamford,
                Connecticut 06902

            
	 	 	
              Attn.:
                Chief Executive Officer

            
	 	 	 
	 	
              With
                a copy to:

            	
              MTM
                Technologies, Inc.

            
	 	 	
              1200
                High Ridge Road

            
	 	 	
              Stamford,
                Connecticut 06902

            
	 	 	
              Attn.:
                General Counsel

            

    

    

    

    Either
      party may change the address to which notices to such party are to be sent
      by
      giving notice of such change of address in the manner provided by this Section
      7.

     

    
      	
              8.

            	
              Waiver
                of Breach.

            

    

     

    Any
      waiver of any breach of this Agreement shall not be construed to be a continuing
      waiver or consent to any subsequent breach on the part either of Consultant
      or
      of the Company.

     

    
      	
              9.

            	
              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.

     

    
      	
              10.

            	
              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.

     

    
      	
              11.

            	
              Governing
                Law.

            

    

     

    This
      Agreement shall be construed, interpreted and enforced in accordance with the
      laws of the State of New York, without giving effect to the choice or conflicts
      of law principles thereof.

     

    
      	
              12.

            	
              Entire
                Agreement. 

            

    

     

    This
      Agreement contains the entire agreement between the Company and Consultant
      with
      respect to Consultant’s provision of future personal services to the
      Company.

     

    
      	
              13.

            	
              Amendment.

            

    

     

    No
      provision of this Agreement may be canceled or amended by the parties hereto
      except by an instrument in writing signed on behalf of each of the parties
      hereto. A provision of this Agreement may be waived only by a written instrument
      signed by the party against whom or which enforcement of such waiver is
      sought.

     

    
      	
              14.

            	
              Dispute
                Resolution.

            

    

     

    (a) Except
      as
      specifically provided herein, any dispute or controversy arising under or in
      connection with this Agreement shall be, upon the demand of either party,
      subject to a 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              non-binding
                mediation proceeding before a mediator on the panel of the CPR Institute
                for Dispute Resolution, such mediator to  be  agreed
                upon by the parties.
                

            

    

     

    (b)    If
      a
      mediator is not agreed upon or if mediation is not successful, any dispute
      or
      controversy between the Company and Consultant arising under or in connection
      with this Agreement (except any claim by the Company relating to Consultant’s
      breach of Section 7 of the Employment Agreement, as modified by the Release
      Agreement) shall be settled by binding arbitration before a single arbitrator
      in
      New York, New York pursuant to the Employment Dispute Resolution Rules of the
      American Arbitration Association (“AAA”). The losing party in such arbitration
      shall be obligated to pay the fees of the arbitrator and the AAA and the party
      prevailing in such arbitration shall be entitled, in addition to such other
      relief as may be granted, to reimbursement from the other party to a reasonable
      sum as and for its attorney fees and costs in such arbitration. Judgment upon
      any resulting arbitration award may be entered in any court of competent
      jurisdiction.

     

    (c)    Neither
      party shall be required to mediate or arbitrate any dispute arising between
      it
      and the other party relating to any breach of Section 7 of the Employment
      Agreement, as modified by the Release Agreement, but shall have the right to
      institute judicial proceedings in the United States District Court for the
      Southern District of New York or in a state court having jurisdiction located
      in
      the State of New York, County of New York, with respect to such dispute or
      claim. Each party hereby consents to, and waives any objection to, the personal
      jurisdiction and venue of the aforesaid courts, and waives any claim that the
      aforesaid courts constitute an inconvenient forum and any right to trial by
      jury. If such judicial proceedings are instituted, the parties agree that such
      proceedings shall not be stayed pending the outcome of any arbitration
      proceedings hereunder.

     

    
      	
              15.

            	
              Insider
                Trading.

            

    

     

    Consultant
      acknowledges and agrees that he is subject to the terms and conditions of the
      Company’s Insider Trading Policy, as the same exists from time to time, and that
      he will comply with the terms of such policy.

     

    
      	
              16.

            	
              Other
                Activities.

            

    

     

    Subject
      to the restrictions imposed upon Consultant by the provisions of Section 7
      of
      the Employment Agreement, as modified by the Release Agreement, the parties
      agree that Consultant may enter into agreements to provide consulting services
      to other persons or entities.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

     

    
      	
              MTM
                TECHNOLOGIES, INC.

            	 	 
	
               

               

            	 	 
	
              By:

            	/s/
              Francis J. Alfano	 	/s/
              Steven H. Rothman
	
              Name:

            	
              Francis
                J. Alfano

            	 	
              Name:  
                Steven H. Rothman

            
	
              Title:

            	
              Chief
                Executive Officer

            	 	 

    

     

    
      
        
        

      

      
        7

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