Document:

AGREEMENT

     

    THIS
AGREEMENT (this “Agreement”) dated as of March 20, 2009 by and among Young Joo
Kim (“Kim”) and North Shore Acquisition Corp., a Delaware corporation (the
“Company”).

     

     

    RECITALS

     

    The
Company was formed on June 26, 2007 for the purpose of acquiring an operating
business (“Business Combination”).

     

    Kim
approached the Company regarding a proposal to join the Company’s Board of
Directors and use his best efforts to introduce the Company to suitable targets
in Korea for a Business Combination (“Kim Target”).

     

    The
Company’s Board of Directors has determined that having Kim join the Company’s
Board of Directors as Co-Chairman enhances the Company’s ability to consummate a
Business Combination and that it is in the best interests of the Company’s
stockholders to enter into this Agreement.

     

     

    AGREEMENT

     

    For good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

     

    1.           Resignation of Director;
Co-Chairman of Board of Directors. Arthur Goldberg shall resign as a
member of the Company’s Board of Directors upon the execution of this
Agreement.  Immediately thereafter, the Company’s Board of Directors
shall elect Kim as Co-Chairman of the Board of Directors to fill the vacancy
created by Mr. Goldberg’s resignation.

     

    2.           Payment of
Expenses.  Any expenses incurred by the Company in connection
with exploring the potential for a Business Combination with a Kim Target (“Kim
Business Combination”), including but not limited to analyzing, investigating
and performing due diligence on such Kim Target and negotiating and consummating
any acquisition or other agreement, shall be paid directly by Kim or his
affiliates. In the event the Company consummates a Kim Business Combination, the
Company shall at the closing of such Kim Business Combination reimburse Kim or
his affiliates for its expenses incurred by such parties relating to such Kim
Business Combination, upon presentation of evidence of such expenses to the
Board of Directors in accordance with the Company’s standard
policies.  Kim acknowledges that neither he nor his affiliates will
receive any reimbursement unless and until the Company consummates a Kim
Business Combination.

     

    3.           Approval of Business
Combination; Authority to Act.  The Company agrees that no Kim
Business Combination shall be authorized or approved without the affirmative
vote of Kim as a director.  Kim agrees that he shall not have the
authority to bind the Company to any agreement, obligation or transaction unless
such agreement, obligation or transaction is approved by the Company’s Board of
Directors, nor shall he have the authority to incur any expense which the
Company is obligated to pay (except for reimbursement of expenses to Kim upon
the closing of a Kim Business Combination as discussed above).

     

    
      
         

      

      
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    4.           Public Disclosure. No
party to this Agreement shall make any public disclosure or publicity release
pertaining to the existence of the subject matter contained in this Agreement
without notifying and consulting with the other party; provided, however, that
notwithstanding the foregoing, the Company shall be permitted to make required
filings with the Securities and Exchange Commission and Kim may issue a press
release in Korea disclosing the subject matter contained in this Agreement
provided that Kim shall receive prior approval of such release from the
Company’s Board of Directors, not to be unreasonably withheld.

     

               5.           Entire Agreement.
This Agreement contains the sole and entire binding agreement among the parties
hereto with respect to the subject matter hereof and supersedes any and all
other prior written or oral agreements among them.

     

    6.           Governing Law. This
Agreement and the interpretation of its terms shall be governed by the laws of
the State of Delaware, without application of conflicts of law
principles.

     

    7.           Execution in Counterparts;
Facsimile Signatures.  This Agreement and any amendment, waiver
or consent hereto may be executed by the parties hereto in separate
counterparts, each of which, when so executed and delivered, shall be an
original, but all such counterparts shall together constitute one and the same
instrument. All such counterparts may be delivered among the parties hereto by
facsimile or other electronic transmission, which shall not affect the validity
thereof.

     

    8.           Trust Fund
Waiver.  Kim hereby waives any right, title, interest or claim
of any kind in or to any monies in the Company’s trust account (“Claim”), and
waives any Claim it may have in the future as a result of, or arising out of,
any negotiations, contracts or agreements with the Company and will not seek
recourse against the trust fund for any reason whatsoever.

    

     

    [SIGNATURES
ON FOLLOWING PAGES]

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    The
parties have executed this Agreement as of the date set forth
above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 	 	 
	 	 	NORTH
      SHORE ACQUISITIONCORPORATION	 
	 	 	 	 
	
                                 

                              	
                                 

                              	      
                                By: 
      /s/ Marc H. Klee

                              	 
	 	 	Name:
      Marc H. Klee	 
	 	 	Title:  
      President	 
	 	 	 	 
	 	 	 	 
	 	 	/s/
      Young Joo Kim	 
	 	 	Young
      Joo Kim	 

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        3Unassociated Document

    SETTLEMENT
AGREEMENT

    

    

    THIS
AGREEMENT is made as of March  17, 2009, by and among IEC Electronics
Corp.,  having an address at 105 Norton Street, Newark, New York 14513
(“Parent”)
Val-U-Tech Corp., having an address at 105 Norton Street, Newark, New York 14513
(Subsidiary”  and,
together with Parent, “IEC”) and Kathleen
Brudek, having an address at  127 Amann Road, Honeoye Falls, New
York  14472 (“Kathleen Brudek”),
Michael Brudek, having an address at  127 Amann Road Honeoye Falls,
New York  14472 (“Michael Brudek”) and
Nicholas Vaseliv, having an address at 187 Guinevere Drive, Rochester,
NY  14626 ("Vaseliv" and,
together with Kathleen Brudek and Michael Brudek, the “Shareholders”).

    

    WHEREAS,
the parties and VUT Merger Corp., a wholly-owned subsidiary of
Parent,  entered into an Agreement and Plan of Merger dated as of May
23, 2008 (the ”Merger
Agreement”), pursuant to which Subsidiary became a wholly-owned
subsidiary of Parent (the “Merger”);
and

    

    WHEREAS,
prior to the Merger, the Shareholders were the sole shareholders of Subsidiary;
and

    

    WHEREAS,
in connection with the Merger and pursuant to the Merger Agreement , the Parent
issued certain promissory notes (the “Purchase Notes”) and
500,000 shares (the “Shares”) of
its  $.01 par value common stock to the Shareholders; and

    

    WHEREAS,
pursuant to the Merger Agreement, the Purchase Price (as
defined in the Merger Agreement) and the Purchase Notes are subject to
adjustment in certain circumstances, some of which have already been made, some
of which Parent claims that it is now entitled to make pursuant to Section
2.01(a)(iv) of the Merger Agreement and some of which may be made in the future
based upon the provisions of the Merger Agreement; and

    

    WHEREAS,
Parent believes that it is entitled to indemnification from the Shareholders for
breaches of certain representations and warranties made by the Shareholders in
the Merger Agreement and the Shareholders dispute such claim; and

    

    WEHEREAS,  Parent
is obligated to make certain payments to the Shareholders pursuant to Section
6.07 of the Merger Agreement and, in connection with such payments, the Purchase
Notes are to be further adjusted; and

    

    WHEREAS,
in order to fully and finally resolve the claims of IEC for adjustment of the
Purchase Notes and for indemnification pursuant to the Merger Agreement and in
order to fully satisfy the obligations of IEC to make payment to the
Shareholders, the parties wish to agree to resolve the differences among them on
the terms and conditions contained in this Agreement;

    

    NOW,
THEREFORE, the parties agree as follows:

    

    1.           Adjustment of Purchase Price
and Purchase Notes.  The Purchase Price and
the  Purchase Notes shall be adjusted as follows and restated
promissory notes shall be issued by IEC in the form and substance attached as
Exhibits A-1, A-2 and A-3 in replacement of and in substitution for the Purchase
Notes ("Restated Purchase Notes"):

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    

    

    
      	
               
      

            	
              a.

            	
              The
      Purchase Price and the Purchase Notes shall be increased in the aggregate
      amount of $442,278, to reflect the preliminary estimated working capital
      adjustment provided for in Section 2.01(a)(ii) of the Merger Agreement
      (“Preliminary Working Capital
Adjustment”).

            

    

    

    
      	
               
      

            	
              b.

            	
              The
      Purchase Price and the Purchase Notes shall be decreased in the aggregate
      amount of $88,266.09, to reflect the actual working capital adjustment
      provided for in Section 2.01(a) (ii) of the Merger Agreement (“Actual
      Working Capital Adjustment”).

            

    

    

    
      	
               
      

            	
              c.

            	
              The
      Purchase Price and the Purchase Notes shall be decreased in the aggregate
      amount of $755,864, to reflect the adjustment provided for in Section
      2.01(a)(iv) of the Merger Agreement (“2008
  Clawback”).

            

    

    

    2.           Tax
Advance.  Concurrently with the execution of this Agreement,
Parent shall pay the Shareholders the aggregate amount of $240,488.22 in full
satisfaction of its obligations under Section 6.07 of the Merger Agreement,
receipt of which is hereby acknowledged by the Shareholders (the "Tax
Advance").  The Tax Advance is an advance payment on the Restated
Purchase Notes.  An aggregate of $240,488.22 of such payment shall be
deemed to be payment in full of the payments due on the Restated Purchase Notes
on March 1, 2009.  After application of such amount, the aggregate
outstanding balance of the Restated Purchase Notes shall be
$2,488,270.14.

    

    3.           Indemnification
Obligations.  In full satisfaction and release of their
obligations under Section 9.02 of the Merger Agreement, the Shareholders shall
surrender the Shares to Parent.  On or before April 10, 2009, the
Shareholders shall deliver to Parent certificates representing the Shares, duly
endorsed in blank for transfer or with duly executed stock powers
attached.  Parent will acknowledge receipt of such
certificates.  In the event any stock certificate ("Certificate")
evidencing Shares shall have been lost, stolen or destroyed, the Shareholder
owning the lost Certificate will make an affidavit setting forth that fact and
deliver such other documents and bonds as the Parent's transfer agent
requires.  In the event any stock Certificate is lost, stolen or
destroyed, the Shareholders of those Certificates will indemnify IEC against any
claim that may be made against IEC with respect to such Certificate and provide
IEC with the right to offset any claim for such indemnification against that
Shareholder's Restated Purchase Note.

    

    4.           Further Purchase Note
Adjustment.  In consideration of the agreements of the
Shareholders contained in this Agreement, Parent waives its right to a further
adjustment of the Purchase Price, the Purchase Notes and Restated Purchase Notes
pursuant to Section 2.01(a)(v) and (viii) of the Merger Agreement (“2009
Clawback”).

    

    5.           Resignation.  Concurrently
with the execution of this Agreement, Michael Brudek shall deliver to Parent his
resignation as a director of IEC, in the form attached to this Agreement as
Exhibit B.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    

    6.           Releases.

    

    a.           With
the exception of the obligations of Parent expressly set forth in this Agreement
and Restated Purchase Notes attached,  each of the Shareholders
releases and discharges Parent, Subsidiary, their respective subsidiaries and
affiliates, their respective officers, employees and agents and their respective
heirs, executors, successors and assigns (the “IEC Released
Parties”) from all claims, actions or causes of action whatsoever, in law
or in equity, which they may have against the IEC Released Parties arising out
of or relating to the Merger Agreement, the transactions contemplated thereby,
the employment by any of the Shareholders by any of the IEC Released Parties or
the performance or non-performance by any of the IEC Released Parties of any
obligations with respect to any of the foregoing.

    

    b.           With
the exception of the obligations of the Shareholders expressly set forth in this
Agreement, Parent, on its own behalf and on behalf of its subsidiaries and
affiliates,  and Subsidiary each releases and discharges each of the
Shareholders and their respective heirs, executors, successors and assigns from
all claims, actions or causes of action whatsoever, in law or in equity, which
it may have against them arising out of or relating to the Merger Agreement, the
performance or non-performance by any of them of any obligations under or with
respect to the Merger Agreement, the employment of any of the Shareholders by
any of the IEC Released Parties and any other matter related to any of the
foregoing.

    

    7.           Conduct.  Each
of the Shareholders agrees to refrain from making any statements, whether verbal
or written, which disparage any of the IEC Released Parties or any of their
products or services.  Parent, on its own behalf and on behalf of each
of the IEC Released Parties, and Subsidiary, each agrees to refrain from making
any statements, whether verbal or written, which disparage any of the
Shareholders.

    

    8.           General
Terms.

    

    a.           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of the parties hereto, their personal representatives, successors and
assigns.

    

    b.           Entire
Agreement.  This Agreement contains the entire understanding
between or among the parties hereto and supersedes any prior understanding,
memoranda or other written or oral agreements between or among any of them
respecting the within subject matter.  There are no representations,
agreements, arrangements or understandings, oral or written, between or among
any of the parties relating to the subject matter of this Agreement which are
not fully expressed herein.

    

    c.            Modifications;
Waiver.  No modification or waiver of this Agreement or any
part hereof shall be effective unless in writing and signed by the party or
parties sought to be charged therewith.

    

    d.           Governing
Law.  This Agreement and all rights of the parties shall be
governed by, and construed in accordance with, the laws of the State of New York
pertaining to contracts made and to be wholly performed within such state,
without taking into account conflicts of laws principles.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    

    

    e.           Headings.  The
headings contained in this Agreement are inserted for convenience only and do
not constitute a part of this Agreement.

    

    f.           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
an original, and all of said counterparts together shall constitute but one and
the same instrument.

    

    NEXT PAGE
IS SIGNATURE PAGE

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the undersigned
have hereunto signed their names on the day and date first above
written.

     

     

    
      
        	 
      	
                IEC
      ELECTRONICS CORP.

              
	 
      	 
      
	 
      	
                By:  /s/ W Barry
      Gilbert

              
	 
      	
                Name:  W.
      Barry Gilbert

              
	 
      	
                Title:  Chief
      Executive Officer

              
	 
      	 
      
	 
      	 
      
	 
      	
                VAL-U-TECH
      CORP.

              
	 
      	 
      
	 
      	
                By:  /s/ W Barry
      Gilbert

              
	 
      	
                Name:  W.
      Barry Gilbert

              
	 
      	
                Title:  President

              
	 
      	 
      
	 
      	
                SHAREHOLDERS:

              
	 
      	 
      
	 
      	
                /s/ Kathleen Brudek

              
	 
      	
                Kathleen
      Brudek

              
	 
      	 
      
	 
      	
                /s/ Michael Brudek

              
	 
      	
                Michael
      Brudek

              
	 
      	 
      
	 
      	
                /s/ Nicholas Vaseliv

              
	 
      	
                Nicholas
      Vaseliv

              

      

    

    

    

    
      
         

      

      
        -5-

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