Document:

Exhibit
10.7

 

CONSULTING
AGREEMENT

 

THIS
CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of the 30th day of October, 2015, by
and between JM Global Holding Company (the “Company") and FirsTrust China Ltd. (the “Consultant”)

 

WHEREAS,
Consultant provides management consulting and advisory services; and

 

WHEREAS,
the Company has decided to retain Consultant to provide consulting services to it and Consultant has agreed to provide such services,
on a non-exclusive basis;

 

NOW,
WHEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

		1.	Term. The
                                         term of this Agreement shall be twelve (12) months, commencing on October 30,
                                         2015 and ending on October 29, 2016 (the “Term”). Notwithstanding the foregoing,
                                         beginning on the six-month anniversary of this Agreement, this Agreement may be terminated
                                         by either party upon three (3) days written notice to the other party for any reason.
                                         If either party terminates this Agreement prior to the end of the Term, except as set
                                         forth in Section 6.ii., the Company shall not be required to make any further payments
                                         under this Agreement.

 

		2.	Scope
                                         of Advice and Services. The Company is engaging the Consultant, on a non-exclusive
                                         basis, to provide the following services (the “Services”):

 

		a)	Identify
                                         potential merger and acquisition targets for the Company, and provide necessary business
                                         analysis and evaluation of the targets;

 

     

     

    

 

		b)	Conduct
                                         due diligence of the targeted companies and advise the Company on specific mergers/acquisitions
                                         issues;
	 	 	 
		c)	Following
                                         the Business Combination (as defined in Section 18), assist the Company in preparing
                                         and implementing new business plans with the objective of improving the Company’s
                                         long-term growth potential and delivering value to shareholders;
	 	 	 
		d)	Following
                                         the Business Combination (as defined in Section 18), identify prospective joint venture
                                         and strategic alliance opportunities for the Company (both inside and outside China),
                                         help the Company to negotiate agreements, and advise the Company on mergers/acquisitions;
	 	 	 
		e)	Assist
                                         the Company’s internal and external investor relations and public relations staff
                                         to build market awareness among institutional investors and other potential investors.

 

		3.	Consultant’s
                                         Availability. During the Term, the Company shall be entitled to Consultant's
                                         services at commercially reasonable times and upon commercially reasonable notice. The
                                         Company, in its sole discretion, may engage other consultants to render Services of a
                                         similar nature to those being rendered by Consultant, and Consultant, in its sole discretion,
                                         may render Services of a similar nature to those rendered hereunder to a third party
                                         so long as Consultant maintains the confidentiality of the Company’s confidential
                                         information as required by this Agreement. However, the Consultant shall notify the Company
                                         if it performs consulting services for any other person or entity that could conflict
                                         with its obligations under this Agreement.

 

		4.	Travel. If the Company requests that the Consultant travel, the Company shall reimburse the Consultant for the travel costs based
on invoices, receipts, or written requests. However, the Consultant shall obtain the Company’s prior consent, if the travel
cost of a single trip exceeds $1,000.

 

    	 	2	 

     

    

 

		5.	No
                                         Authority to Bind Company. The Consultant shall not sign any agreement, contract
                                         or letter of intent for the Company. The Consultant shall not have the power to bind
                                         the Company or to commit the Company to any other legal obligation.

 

		6.	Compensation. In consideration of Consultant's entering into this Agreement, The Company has agreed to pay the Consultant the following
compensation:

 

		i.	The
                                         Company has agreed to pay the Consultant a quarterly cash advisory fee of $60,000, payable
                                         quarterly, pro-rated for partial quarters. The first payment of $60,000 will be paid
                                         to the Consultant within 7 working days after the signing of this agreement. The following
                                         payments are payable by the 15th day of each subsequent quarter, the first
                                         such payment being payable on February 15, 2016;

 

		ii.	20,000
                                         restricted shares of the Company’s common stock (the “Shares”), issuable
                                         to the Consultant or its designated party upon the closing of a Business Combination
                                         (as defined in Section 18). The Shares shall be issuable on the closing date of the Business
                                         Combination regardless of whether this Agreement has been terminated prior to such date.
                                         The Shares shall be entitled to the same piggy-back registration rights granted by the
                                         Company pursuant to Section 2.2 of that certain Registration Rights Agreement, dated
                                         July 23, 2015, between the Company and certain security holders of the Company.

 

Consultant
understands that the certificate(s) representing the Shares will contain the following restrictive legend:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES
UNDER SAID ACT OR (II) AN OPINION OF COMPANY COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

IN
ADDITION, THE TRANSFERABILITY OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS
AND CONDITIONS CONTAINED IN A CONSULTING AGREEMENT BETWEEN THE REGISTERED OWNER OF SUCH SHARES AND THE COMPANY.

 

		7.	Type
                                         of Relationship. It is agreed that the Consultant is not the Company’s
                                         employee, agent or representative, and this Agreement does not constitute an employer-employee
                                         relationship or a partnership. The consultant shall pay its own federal, state and local
                                         income taxes and other taxes. The Company shall not deduct any federal and state income
                                         taxes, social security tax, unemployment tax, and employment insurance from the payments
                                         due hereunder to the Consultant.

 

		8.	No
                                         Licensed Advice or Services. The Company agrees that the Consultant is NOT:

 

	 	(a)	Rendering legal advice;
	 	(b)	Performing accounting services
	 	(c)	Acting as an investment advisor; or
	 	(d)	Acting as a broker-dealer within the meaning of any
United States federal and state securities laws.

 

		9.	Consultant’s
                                         Representations.

 

		(a)	This
                                         Agreement has been duly and validly authorized by the Consultant and, when executed and
                                         delivered, will constitute the valid and binding agreement of the Consultant, enforceable
                                         against the Consultant in accordance with its terms.
	 	 	 
		(b)	At
                                         the time the Consultant was offered the Shares, it was, and as of the date hereof it
                                         is, and on the date on which the Shares will be issued to the Consultant, it will be
                                         an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7)
                                         or (a)(8) under the Securities Act of 1933, as amended.

 

    	 	3	 

     

    

 

		10.	No
                                         Guaranty. The Company agrees that Consultant cannot guarantee the results or
                                         effectiveness of any services the Consultant provides. Rather, the Consultant shall use
                                         its commercially reasonable efforts to provide advice and conduct its services in a professional
                                         manner and according to good industry practice.

 

		11.	Confidentiality. The Consultant agrees that any information, such as the Company’s business, operations or future plans shall be
kept confidential. Absent the Company’s consent, the Consultant shall not disclose confidential information to any third
party, except its lawyers, accountants, commercial bankers and investment bankers. The Consultant also agrees to sign a commercially
reasonable Confidentiality Agreement and Insider Trading Policy.

 

		12.	No
                                         Assignment. This Agreement and the rights, duties and obligations of the parties
                                         hereunder may not be assigned or delegated by either party in whole or in part. Any attempt
                                         to assign this Agreement shall be null and void.

 

		13.	Written
Modification. Any modification, deletion or addition to this Agreement requires the written consent of both parties before
it can be enforced. This Agreement is also binding upon the heirs, trustees, and other legal representatives of both parties.

 

		14.	Entire
                                         Understanding. This Agreement contains the entire understanding between the parties
                                         hereto regarding the transactions described hereby. It replaces all other agreements
                                         between the parties regarding the Consultant’s services performed for the Company.

 

    	 	4	 

     

    

 

		15.	Governing
                                         Law and Jurisdiction. This Agreement shall be construed according to the State
                                         of New York’s laws and subject to the jurisdiction of New York’s courts.

 

		16.	Resolving
                                         Disagreements. The parties shall discuss any disagreements. If necessary, they
                                         shall jointly retain the Judicial Arbitration and Mediation Services (“JAMS”)
                                         in New York, New York to arbitrate the disagreement. One arbitrator selected by JAMS
                                         shall be used, unless the parties agree on an arbitrator.

 

		17.	Counterparts.
                                                                                                                                                                                                                                                                                                         This
                                                                                                                                                                                                                                                                                                         Agreement may be executed in more than two counterparts, each of which shall be enforceable against the parties
                                                                                                                                                                                                                                                                                                         executing such counterparts, and all of which together shall constitute a single document. Except as otherwise stated
                                                                                                                                                                                                                                                                                                         herein,
                                                                                                                                                                                                                                                                                                         a facsimile transmission or copy of the original documents shall be as effective and enforceable as the original.

 

		18.	Non-Public
                                         Information. The Consultant acknowledges that the United States securities laws
                                         and other laws prohibit any person or entity who has material, non-public information
                                         concerning the Company from purchasing or selling any of its securities, and from communicating
                                         such information to any person or entity under circumstances in which it is reasonably
                                         foreseeable that such person is likely to purchase or sell such securities. The Consultant
                                         acknowledges that the confidentiality provisions of this Agreement shall be deemed to
                                         be an agreement to keep all non-public information of the Company in confidence as contemplated
                                         by Regulation FD promulgated by the Securities and Exchange Commission. In addition,
                                         the Consultant acknowledges and agrees some of the non-public information of the Company
                                         (including the fact that discussions between the Consultant and the Company have been
                                         undertaken) may be considered “material non-public information” for purposes
                                         of the federal securities laws (“Insider Information”) and that the Consultant
                                         and its officers, directors, employees, agents and authorized representatives will abide
                                         by all securities laws relating to the handling of and acting upon Insider Information.

 

    	 	5	 

     

    

 

		19.	Waiver
                                         of Claims Against Trust. Reference is made to the final prospectus of the Company,
                                         filed with the Securities Exchange Commission (File No. 333-204995) (the “Prospectus”),
                                         and dated as of July 24, 2015 (the “Effective Date”). The Consultant warrants
                                         and represents that it has read the Prospectus and understands that the Company has established
                                         a trust account containing the proceeds of its initial public offering (the “IPO”)
                                         and from certain private placements occurring simultaneously with the IPO (collectively,
                                         with interest accrued from time to time thereon, the “Trust Fund”) initially
                                         in an amount of $50,000,000 for the benefit of the Company’s public stockholders
                                         (the “Public Stockholders”) and certain parties and that the Company may
                                         disburse monies from the Trust Fund only: (i) to the Public Stockholders in the event
                                         they elect to redeem the shares of common stock of the Company in connection with the
                                         consummation of the Company’s initial business combination (as such term is used
                                         in the Prospectus) (the “Business Combination”), (ii) to the Public Stockholders
                                         if the Company fails to consummate a Business Combination within 24 months from the closing
                                         of the IPO, (iii) any interest earned on the amounts held in the Trust Fund necessary
                                         to pay any taxes or (iv) to the Company after or concurrently with the consummation of
                                         a Business Combination. For and in consideration of good and valuable consideration,
                                         the receipt and sufficiency of which is hereby acknowledged, the Consultant hereby agrees
                                         that it does not now and shall not at any time hereafter have any right, title, interest
                                         or claim of any kind in or to any monies in the Trust Fund or distributions thereform,
                                         or make any claim against, the Trust Fund, regardless of whether such claim arises as
                                         a result of, in connection with or relating in any way to, any proposed or actual business
                                         relationship between the Company and the Consultant, this Agreement or any other matter,
                                         and regardless of whether such claim arises based on contract, tort, equity or any other
                                         theory of legal liability (any and all such claims are collectively referred to hereafter
                                         as the “Claims”). The Consultant hereby irrevocably waives any Claims it
                                         may have against the Trust Fund (including any distributions therefrom) now or 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 (including any distributions
                                         therefrom) for any reason whatsoever (including, without limitation, for an alleged breach
                                         of this Agreement). The Consultant agrees and acknowledges that such irrevocable waiver
                                         is material to this Agreement and specifically relied upon by the Company to induce it
                                         to enter in this Agreement, and the Consultant further intends and understands such waiver
                                         to be valid, binding and enforceable under applicable law. To the extent the Consultant
                                         commences any action or proceeding based upon, in connection with, relating to or arising
                                         out of any matter relating to the Company, which proceeding seeks, in whole or in part,
                                         monetary relief against the Company, the Consultant hereby acknowledges and agrees its
                                         sole remedy shall be against funds held outside of the Trust Fund and that such claim
                                         shall not permit the Consultant (or any party claiming on the Consultant’s behalf
                                         or in lieu of the Consultant) to have any claim against the Trust Fund (including any
                                         distributions therefrom) or any amounts contained therein. In the event the Consultant
                                         commences any action or proceeding based upon, in connection with, relating to or arising
                                         out of any matter relating to the Company, which proceeding seeks, in whole or in part,
                                         relief against the Trust Fund (including any distributions therefrom) or the Public Stockholders,
                                         whether in the form of money damages or injunctive relief, the Company shall be entitled
                                         to recover from the Consultant the associated legal fees and costs in connection with
                                         any such action, in the event the Company prevails in such action or proceeding.

 

    	 	6	 

     

    

  

		20.	Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall
have been directed, (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the
date on which it is so mailed, or (iii) sent by facsimile transmission, without receipt of confirmation that such transmission
has been received:

 

	 	(a)	If
    to the Company, to:
	 	 	1615
    South Congress Avenue
	 	 	Suite
    103
	 	 	Delray
    Beach, Florida 33445
	 	 	Attn:
    Tim Richerson
	 	 	 
	 	(b)	If
    to the Consultant, to:
	 	 	99
    Huangpu Road, Ste. 1701
	 	 	Shanghai
    Bund International Plaza
	 	 	Shanghai,
    China, 200080
	 	 	Attn:
    Tom Xia

 

or
to any other address or number as may have been furnished to the other party in writing.

 

		21.	Signing. If this Agreement is consistent with your understanding, please sign the enclosed copy of it in the space indicated below
and return it to the undersigned. This Agreement is effective immediately after signed.

  

	JM
    Global Holding Company	 	FirsTrust
    China Ltd
	 	 	 	 
	By:	/s/
                                         Qi (Jacky) Zhang
	 	Signature	/s/
                                         Tom Xia

	Name:	Qi
    (Jacky) Zhang	 	Name: 	Tom
    Xia
	Title:	Chairman

        
	 	Title:	Managing
                                         Director

	 	 	 	 	 
	Date
    October 30, 2015	 	Date
    October 30, 2015

 

 

 

7ex10-82.htm

EXHIBIT 10.82

 

 

EMPLOYMENT AGREEMENT

 

This employment agreement (this “Agreement”) is made and entered into as of the 28 day of March 2016, between eRoomSystem Technologies, Inc., a Nevada corporation (the “Company”), and David Gestetner, an individual (the “Executive”).

 

WITNESSETH

 

WHEREAS, the Company and Executive deem it to be in their respective best interests to enter into an agreement providing for the Company’s employment of Executive pursuant to the terms herein stated.

 

NOW THEREFORE, in consideration of the mutual provisions herein contained, the parties agree as follows:

 

	 	
1.
	
Duties. The Company hereby employs the Executive as the Chief Executive Officer and President of the Company, with the powers and duties in that capacity to be those powers and duties customary to such positions in similar publicly held corporations, together with any other duties of a senior executive nature as may be reasonably requested by the Board of Directors (the “Board”) from time to time, which may include duties for one or more subsidiaries or affiliates of the Company. The Executive, in his capacity as an employee and officer of the Company, shall be responsible to obey the reasonable and lawful directives of the Board.

 

	 	
2.
	
Term of Employment. The term of employment pursuant to this Agreement shall be two years commencing on the date of this Agreement and ending on March 28, 2018 (the “Term of Employment”), subject to earlier termination in accordance with Section 7 below. The Term of Employment and this Agreement shall be automatically extended for successive two-year periods following the expiration of the Term of Employment, unless (i) terminated earlier in writing, at least thirty days prior to such expiration, that the Term of Employment and this Agreement shall not be so extended.

 

	 	
3.
	
Compensation. The Executive shall receive the following compensation for his services during the Term of Employment hereunder:

 

(a) Annual Base Salary. The Executive’s annual base salary shall be One Hundred Seventy-Five Thousand dollars per calendar year. Executive’s base salary shall be reviewed annually by the Compensation Committee. Such annual base salary shall be payable on a pro rata basis, in twenty-six (26) equal installments, in accordance with the Company’s normal payroll procedures.

 

(b) Performance Bonus. The Executive shall be eligible to receive a performance bonus at the end of the Company’s fiscal year. The amount of such performance bonus, if any, shall be determined by the Compensation Committee, in its sole and absolute discretion, based upon such factors as the Company’s overall financial performance, anticipated working capital requirements, cash reserves, anticipated liabilities or threatened litigation, successful implementation of the Company’s business plan, establishment of relationships with businesses, development of corporate projects and new products, and any other short- and long-term interest of the Company as it deems appropriate.

 

 

-1-

 

 

(c) Stock Warrants. The Executive shall be eligible to receive a bonus of a warrant for 10% of the then outstanding shares of the company with a strike price of $0.05 (market at December 31, 2015), if sales double from the fiscal 2015 year, or if profits triple from the fiscal year 2015 or if the market cap triples from December 31, 2015. The Executive shall have the irrevocable right to exercise the warrants issued to him for a period of five years.

 

(d) Stock Options. The Executive shall be eligible to participate in the Company’s 2000 Stock Option Plan, as amended from time to time (the “Plan”). Executive shall have an irrevocable right to exercise any and all options to purchase common stock of the Company issued to him under the Plan, assuming such options are fully vested, through the final date on which such options are exercisable by Executive; provided, Executive shall not be bound by the terms of Section 6(f) of the Plan.

 

(e) Car Allowance. The Executive shall be entitled to a company car or a car allowance of $500 (this allowance does not include mileage and other auto expenses.) In addition, the Company shall pay for all expenses related to the company car.

 

(f) Other Benefits. Executive shall be paid for (10) holidays annually as designated by the Company. Additionally, Flexible Time Off (FTO) will accrue at the rate of 4.31 hours upon the completion of each pay period in which you are employed as Chief Executive Officer.

 

(g) Health, Dental/Orthodontic, Vision and Life Benefits. The Company shall provide health, dental, orthodontic and vision coverage for Executive and his dependents paying for all expenses associated with such. The Company shall pay or accrue life insurance premiums in amounts that shall not exceed $5,000 per year.

 

	 	
4.
	
Expense Reimbursement. The Company shall reimburse the Executive for all expenses incurred by him in the performance of his duties hereunder as required by the Board, including, but not limited to, transportation expenses, accommodations, entertainment, and other expenses incurred in connection with the business of the Company, in accordance with the Company’s expense reimbursement policies, but specifically excluding automobile related expenses as outlined in Section 3(d) above.

 

 

-2-

 

 

	 	
5.
	
Indemnification. The Company shall indemnify the Executive in his capacity as an officer and a director and hold him harmless from any cost, expense or liability arising out of or relating to any acts or decisions made by him on behalf of or in the course of performing services for the Company to the maximum extent provided by the Company’s bylaws and applicable law.

 

	 	
6.
	
Scope of Employment. The Executive agrees to devote in good faith his full time and best efforts (allowing for usual vacations and sick leave), during reasonable business hours to the duties that he is required to render to the Company hereunder, and agrees to travel to the extent he deems necessary to perform such duties. Notwithstanding the foregoing, the Executive shall be permitted to engage in other charitable, community or business affairs that may, from time to time require minor portions of his time, but which shall not interfere or be inconsistent with his duties hereunder.

 

	 	
7.
	
Termination. This Agreement and the employment of the Executive hereunder shall or may be terminated for any of the following reasons:

 

(a) The Company may terminate this Agreement and employment of the Executive hereunder without cause upon not less than thirty (30) days advance written notice; provided, however, in such event the Company shall pay to Executive severance equal to two (2) year of his then existing salary as well as continuation of Executive’s benefits and car expenses for such period. Severance payments shall be made on a bi-weekly basis. The severance period shall commence upon the conclusion of the notice period, or the first day following Executive’s final day of employment.

 

(b) By the Company at any time immediately for cause by providing written notice to Executive. For purposes of this Agreement, “cause” shall include, without limitation, (i) a breach of any provision of this Agreement or a violation of any other duty or obligation to the Company; (ii) a failure to follow a written directive of the Board; (iii) fraud, misappropriation, dishonesty or embezzlement, or (iv) any willful or negligent misconduct, criminal conviction or similar conduct or activities.

 

(c) Immediately without notice upon the Executive’s death or disability. For purposes of this Agreement, “disability” shall mean the inability of the Executive to perform his duties under this Agreement for a consecutive period of three (3) months or a non-consecutive period of six (6) months within any twelve-month period. In the event of the death or disability of the Executive, the Executive or the estate, beneficiary or legal representative of the Executive shall be entitled to any applicable death or disability benefits (other than key-man life insurance) which may be available under any benefit plans maintained by the Company solely for the benefit of the Executive at the time of the death or disability of the Executive, and for the allowable duration of those benefit plans as provided by their respective plan documents.

 

 

-3-

 

 

Except as otherwise provided in subsection (a) above, upon the termination of this Agreement and the employment of Executive hereunder, the Company shall have no further obligation or liability whatsoever to Employee under this Agreement except with respect to any stock options granted under the Plan which have vested as of such date or salary earned by the Executive and not paid by the Company prior to the date of termination.

 

	 	
8.
	
Assignment. By reason of the special and unique nature of the services hereunder, it is agreed that neither party hereto may assign any interest, rights or duties which it or he may have in this Agreement without the prior written consent of the other party, except that upon any merger, liquidation, or sale of all or substantially all of the assets of the Company to another corporation, this Agreement shall inure to the benefit of and be binding upon the Executive and the purchasing, surviving, or resulting company or corporation in the same manner and to the same extent as though such company or corporation were the Company.

 

9.     Confidentiality.

 

(a) Recognizing that the knowledge and information about, or relationships with, the business associates, partners, customers, clients, suppliers, personnel and agents of the Company and its affiliated companies and the business, financing and marketing methods, systems, plans policies, techniques and know-how of the Company and of its affiliated companies (collectively, “Confidential Information”) which the Executive has heretofore and shall hereafter receive, obtain or establish as an employee of the Company, or otherwise, is valuable and a unique asset of the Company, the Executive agrees that, during the Term of Employment and for a period of three (3) years thereafter, he shall hold all Confidential Information in the strictest confidence, and shall not (otherwise than pursuant to his duties hereunder), directly or indirectly, disclose without the express written consent of the Company, any Confidential Information pertaining to any person, firm, corporation or other entity, for any reason or purpose whatsoever. The Executive acknowledges and agrees that Confidential Information shall be deemed to include, without limitation, all knowledge, data or information shared on any electronic or other media. The Executive acknowledges and agrees that all memoranda, notes records and other documents made or compiled by the Executive or made available to the Executive concerning any Confidential Information shall be the Company’s exclusive property and shall be delivered by the Executive to the Company upon expiration or termination of this Agreement or at any other time upon the request of the Company.

 

 

-4-

 

 

(b) The Executive hereby acknowledges that the services to be rendered by him are of a special, unique and extraordinary character and, in connection with such services, he will have access to Confidential Information. By reason of this, the Executive consents and agrees that if he violates any of the provisions of this Agreement with respect to confidentiality, the Company would sustain irreparable harm and, therefore, in addition to any other remedies which the Company may have under this Agreement, or otherwise the Company will be entitled to an injunction to be issued by any court of competent jurisdiction restraining the Executive from committing or continuing any such violation of this Agreement.

 

(c) The provisions of this Section 9 shall survive the expiration or termination (for any reason) of this Agreement or any part thereof, without regard to the reason therefore.

 

10.     Covenant Not to Compete: Nonsolicitation.

 

(a) The parties acknowledge that the Executive’s performance of all terms of this Agreement is necessary to protect the Company’s legitimate business interests. The Executive agrees, that, during the Term of Employment and for a period of three (3) years thereafter, he will not, on behalf of himself, or on behalf of any person, company, corporation, partnership or other entity or enterprise, directly or indirectly, as an employee, proprietor, owner, stockholder, partner, member, officer, director, manager, lender, advisor, consultant or otherwise engage in any business or activity competitive with the business activities of the Company or any subsidiary. The Executive further agrees that he will not, directly or indirectly, during the Term of employment and for a period of two years thereafter, solicit the trade or patronage of any customers or prospective customers of the Company, any subsidiary of the Company or of anyone who has heretofore traded or dealt with the Company or any subsidiary of the Company with respect to any technologies, services, products, trade secrets or other matters in which the Company is active.

 

(b) The Executive hereby acknowledges that the services to be rendered by him under this Agreement are of a special, unique and extraordinary character and, in connection with such services, he will have access to Confidential Information. By reason thereof, the Executive consents and agrees that if he violates any of the provisions of this Agreement with respect to noncompetition or nonsolicitation, the Company would sustain irreparable harm and therefore, in addition to any other remedies which the Company may have under t his Agreement or otherwise, the Company shall be entitled to an injunction to be issued by any court of competent jurisdiction restraining the Executive from committing or continuing any such violation of this Agreement

 

 

-5-

 

 

(c) The provisions of this Section 10 shall survive the expiration or termination of this Agreement or any part thereof, without regard to the reason therefore.

 

	 	
11.
	
Arbitration. Unless otherwise indicated, any dispute arising out of the terms and conditions of this Agreement or the Executive’s employment with the company shall be settled by binding arbitration to be held in Lakewood, New Jersey, in accordance with the rules for employment disputes of the American Arbitration Association then in effect. The prevailing party in such proceeding shall be entitled to recover the costs of arbitration form the other party, including, without limitation, reasonable attorneys’ fee.

 

	 	
12.
	
Governing Law. This Agreement shall be subject to, and governed by, the laws of the State of New Jersey without reference to any principles of conflict of law.

 

	 	
13.
	
Notices. All notices and other communications required or permitted under this Agreement shall be in writing (including a writing delivered by facsimile transmission) and shall be deemed to have been duly given (a) when delivered, if sent by registered or certified mail (return receipt requested), (b) when delivered, if delivered personally or by facsimile, or (c) on the second following business day, if sent by overnight mail or overnight courier, in each case to the parties at the following addresses (or at such other addresses as shall be specified by like notice):

 

	
If to the Company:
	
eRoom System Technologies, Inc.

150 Airport Road, Suite 1200

Lakewood, NJ 08701

	
 
	
 

	 	 
	
 
	
 

	If to the Executive:  	c/o David Gestetner

150 Airport Road, Suite 1200

Lakewood, NJ 08701

     

	 	
14.
	
Severability: If any provision hereof is unenforceable, illegal or invalid for any reason whatsoever, such fact shall not affect the remaining provisions hereof. If any of the provisions hereof which impose restrictions on the Executive are, with respect to such restrictions, determined by a final judgment of any court of competent jurisdiction to be unenforceable or invalid because of the geographic scope or time duration of such restrictions, such provisions shall be deemed retroactively modified to provide for the maximum geographic scope and time duration which would make such provisions enforceable and valid. However, no such retroactive modification shall affect any of the Company’s rights hereunder arising out of the breach of any such restrictive provisions, including, without limitation, the Company’s rights to terminate this Agreement.

 

 

-6-

 

 

	 	
15.
	
Waiver: No Failure or delay on the part of the Company or the Executive in exercising any right, power or remedy hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or remedy hereunder. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

	 	
16.
	
Modification: No amendment, modification, termination or waiver of any provision of the Agreement nor consent to any departure by the Executive or the Company there from shall in any event be effective unless the same shall be in writing and signed by a duly authorized officer of the Company or by the Executive, as the case may be. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

	 	
17.
	
Taxes: The Compensation payable is stated in gross amounts and shall be subject to withholding taxes and other taxes as may be required by law.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Executive has hereunto set his signature as of the day and year first above written.

 

	
EROOMSYSTEM TECHNOLOGIES, INC., 
	
Executive

	
a Nevada Corporation
	
 

	
 
	
 

	
Compensation Committee
	
 

	
 
	
 

	
 
	
 

	
By: /s/ Larry Wein                          
	
/s/ David Gestetner                   

	
      Lawrence K. Wein
	
David Gestetner

	
      Member of the Board
	
President, CEO

 

 

 -7-

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