Document:

ex101.htm

Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made, entered into and effective this 1st day of September, 2011 (the “Effective Date”), by and between DecisionPoint Systems, Inc., a Delaware corporation (the “Company”), and Ralph S. Hubregsen (“Employee”).

 

WITNESSETH:

 

The Company desires to employ Employee on terms which will encourage the attention and dedication of Employee to the Company as one of its key employees.  Employee desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement.  Accordingly, the Company and Employee hereby agree as follows:

 

1. EMPLOYMENT.  The Company offers and Employee accepts employment with the Company upon the terms and conditions hereinafter set forth, which terms and conditions shall supersede any other oral or written employment agreement(s) and addendums thereto entered into by and between the Company, Employee and any other party prior to the date of this Agreement and any and all rights and obligations of the Company, Employee and any such other party under such employment agreements and addendums, if any, shall be
extinguished as of the Effective Date.

 

2. DATE AND TERM.  The term of Employee’s employment hereunder with the Company (the “Term”) shall commence as of the Effective Date and continue unless terminated sooner as provided in Section 5 below. After an initial six month period of employment (the “Initial Term”) from the Effective Date, Severance Payments will be as set forth in Paragraph 6 hereof.

 

3. POSITION AND DUTIES.  Employee shall serve as Chief Operating Officer of the Company, the duties and responsibilities of which shall include the management of the Company’s  Sales Functions, Field Mobility Practice, Information Technology, Software and Professional Services, Depot repair (staging, kitting and support operations), Warehouse Operations, Product Development, and Marketing, reporting and subject to the general supervision of Nicholas R. Toms, or, in the event of his death, disability,
retirement or termination, such other person or persons as may be designated from time to time by the Company’s Board of Directors (the “Board”).  Employee’s services shall be performed at the headquarters of the Company and such other place(s) as may be agreed upon by Employee and the Company.  Employee agrees, during the Term, to devote all of Employee’s professional time, attention and skills to the performance of his responsibilities and duties hereunder.

 

4. COMPENSATION AND EXPENSE REIMBURSEMENT.

 

(a) Base Salary and Annual Bonus.  For all services rendered by Employee under this Agreement, the Company shall pay Employee an annual base salary of $275,000 (“Base Salary”). Employee’s Base Salary shall be payable in equal installments in accordance with the normal payroll practices of the Company.  During the Term, Employee will also be entitled to an annual bonus (“Annual Bonus”) which shall be calculated pursuant to the terms set forth on
Exhibit A, attached hereto and made a part hereof, which Annual Bonus for any fiscal year shall be paid to Employee on April 15 of the year following the close of such fiscal year. At employee’s option the Annual Bonus shall be paid up to 50% in cash and up to 50% in such number of unregistered shares of the common stock, par value $0.001 per share, of the Company (“DPS Stock”) obtained by dividing such 50% portion of the Annual Bonus amount by the average of the daily closing price per share of the DPS Stock (adjusted appropriately for any stock split, stock dividend, recapitalization, reclassification or similar transaction that is effected or for which a record date occurs), as reported on the OTC Bulletin Board or such other stock exchange on which the DPSI Stock is then listed or
quoted, for each of the ten (10) consecutive trading days ending on (and including) the trading day that occurs two (2) trading days prior to (and not including) the Annual Bonus payment date.

 

 

  

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(b) Benefits.  The Company shall provide to Employee at its cost and Employee shall have the right to participate in all employee benefit plans and arrangements as are from time to time made available to senior executives of the Company generally (including, without limitation, such medical, disability, Director and Officer liability, and life insurance coverage as may from time to time be made so available, the Company’s 401(k) Plan, and the Company’s Employee Stock Ownership Plan), subject to the terms
and conditions of such plans and arrangements.

 

(c) Stock Options .  Executive will be granted options to purchase 50,000 common shares (“Shares”) of the Company at an exercise price per Share equal to the closing bid price per Share on the Effective Date.  Such options will vest over three years in three equal installments commencing on the first anniversary of such grant.  It is intended that the options will qualify as Incentive Stock Options for Federal Income Tax purposes and will be issued if, and when the Company’s
stockholders have approved a new Incentive Stock Option Plan (the “ISO Plan”). Therefore you will be eligible to participate in the ISO Plan with annual reviews and in accordance with the Company’s policies in effect from time to time.

 

(d) Vacations.  Employee shall annually be entitled to four (4) weeks paid vacation time (or such increased amount of time as may be made available to Employee from time to time by the Company), with Employee’s vacations being taken in accordance with the Company’s vacation policy.  Although unused vacation time may not currently be carried over from one year to the next under the Company’s vacation policy, upon any termination of Employee’s employment hereunder Employee shall be paid
for a pro rata portion of any unused vacation time for the year in which the termination occurs. In addition, you will be eligible for all public holidays and PTO days provided by the Company annually in accordance with its policies as in effect from time to time.

 

(e) Expenses.  Employee shall be entitled to reimbursement for all reasonable and necessary expenditures incurred in the performance of his duties hereunder, provided that such expenditures are incurred and accounted for in accordance with the policies and procedures of the Company as may be in effect from time to time for senior executives generally.

 

5. TERMINATION.

 

(a) Termination by the Company.  Subject to the remaining provisions of this Section 5(a), the Board may terminate Employee’s employment hereunder at any time (i) during the Initial Term, (ii) for Cause, (iii) if Employee suffers a Disability, or (iv) at any time after the Initial Term without Cause.

 

(i) As used herein, “Disability” shall mean the inability of Employee to perform his duties with the Company on a full-time basis for 180 days in any one-year period as a result of incapacity due to mental or physical illness.

 

(ii) Termination for “Cause” as used herein shall be limited to (A) Employee’s willful and continued failure (other than as a result of physical or mental incapacity) to perform the duties of Employee’s position or to follow the direction of the Board following written notice from the Board specifying such failure, or (B) Employee’s being convicted of, or pleading guilty or nolo contendere to, a felony or criminal fraud.  Before Employee may be terminated for Cause, however, he shall be given a
notice of intent to terminate (setting forth in reasonable detail the facts and circumstances claimed to provide the basis for “Cause”).  Before he is thereafter given a Notice of Termination (as described in Section 5(c) below), Employee and his legal advisor(s), if any, shall be provided an opportunity before the Board to discuss the facts and circumstances claimed to provide the basis for the “Cause.”

 

(b) Termination Without Cause.  Executive may be terminated by the Board of Directors after the Initial Term, without Cause.  Executive may also be terminated by the Board of Directors without Cause after a “Change in Control” as such term is defined below.  Termination after a Change In Control shall include not only actual termination but also constructive termination which will include a material reduction in salary without the Employee’s consent, diminution in the
Executive’s responsibilities, reporting requirements or any mandate requiring the Executive to relocate more then 50 miles from his current location.

 

A Change in Control shall be deemed to have occurred

 

(i) Upon the sale of the Company;  or (ii) in the event a shareholder or group of shareholders acquires 51% or more of the Company’s outstanding Common Stock or a majority of the Board of Directors, in each case without the consent of a majority of the Board of Directors then in office prior to such Shareholder or Group of Shareholders acquiring 51% or more of the Company’s outstanding Common Stock or Board control.

 

(c) Termination by Mutual Agreement.  Employee’s employment may also be terminated pursuant to the mutual agreement of Employee and the Company.  Any termination of Employee’s employment by mutual agreement of the parties shall be memorialized by an agreement which is reduced to writing and signed by Employee and a duly appointed officer of the Company.

 

(d) Notice of Termination.  Any termination of Employee’s employment (other than a termination due to Employee’s death or pursuant to the parties’ mutual agreement) shall be communicated by written Notice of Termination.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Employee’s employment under the provision so indicated.

 

 

 

 

  

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(e) Date of Termination.  The “Date of Termination” shall mean (1) if Employee’s employment is terminated by his death, the end of the month in which his death occurred; (2) if Employee’s employment is terminated pursuant to the parties’ mutual agreement, the end of the month in which such agreement is effective; and (3) if Employee’s employment is terminated for any other reason, the later of (i) the end of the month in which a Notice of Termination is given, or (ii) the
end of the month in which such a Notice of Termination is to be effective.  Notwithstanding anything stated in this Agreement to the contrary, however, if Employee’s death occurs after a Notice of Termination has been delivered hereunder, the “Date of Termination” shall mean the end of the month in which Employee’s death occurred.

 

6. RIGHTS UPON TERMINATION.

 

(a) If Employee’s employment is terminated by the Board as described in Section 5(a) above or as a result of Employee’s death, (i) the Company shall pay Employee all Base Salary payable to him under Section 4(a) through the Date of Termination and Employee’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs if such Annual Bonus has not been paid as of the Date of Termination (at the time such Annual Bonus would otherwise have been paid), (ii) the Company shall reimburse Employee for all unreimbursed expenses
described in Section 4(d), if any, which are incurred through the Date of Termination, and (iii) the Company shall pay Employee a prorated Annual Bonus (based on the portion of the applicable fiscal year served by Employee) for the fiscal year during which occurs the Date of Termination, based on actual performance for such fiscal year at the same time bonuses would be payable to Employee if Employee had continued in employment.  Except as otherwise provided herein, Employee’s rights to Base Salary and Annual Bonus for workdays occurring after the Date of Termination shall permanently cease after such date.  Employee’s post-termination rights under any employee benefit plans and arrangements as may from time to time be made available to or for Employee or the Company’s executives shall be as described therein.  Except as otherwise provided
herein, all payment(s) made to Employee pursuant to the first sentence of this Section 6(a) shall be paid, subject to applicable withholding, on the 30th day following the Date of Termination.

 

(b) If Employee’s death occurs prior to his receipt of the payment(s) provided for in Section 6(a) above, payment(s), if any, shall be paid to Employee’s designated beneficiary, or if he or she predeceases Employee or no beneficiary has been designated, to Employee’s estate.

 

(i) In the event that the Employee is terminated without Cause during the Initial Term then Employee shall be entitled to a severance payment equal to two months of accrued salary plus two months of COBRA payments.

 

(ii) In the event the Employee is terminated without Cause, after the Initial Term but within the first twelve months of employment, then he shall be entitled to a severance payout equal to three months of annual salary plus three months of COBRA payments, and reimbursement of all accrued but unpaid expenses.

(iii) In the event Employee is terminated without Cause after 12 months of employment, then he shall be entitled to a severance payment of six months base salary plus six months of COBRA payments.

 

(c) In the event that Executive is terminated without Cause after a Change in Control, then Executive shall be entitled to a severance payment calculated upon the scale set forth in the Schedule set forth in Exhibit B hereto.

 

7. WORK PRODUCT, CONFIDENTIALITY AND COVENANT NOT TO COMPETE.

 

(a) Ownership of Work Product.

 

(i) Employee has attached hereto, as Exhibit C, a list describing all inventions, original works of authorship, developments, improvements, and trade secrets which were made by him prior to his employment with the Company (collectively referred to as “Prior Inventions”), which belong to Employee, which relate to the Company’s business, products or research and development, and which are not assigned to the Company hereunder;
or, if no such list is attached, Employee represents that there are no such Prior Inventions.  If in the course of Employee’s employment with the Company, he incorporates into Work Product (as defined below) a Prior Invention owned by him or in which he has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such Work Product.

 

(ii) Employee agrees that he will promptly make full written disclosure to the Company of any and all Work Product made by Employee, either solely or jointly.  The Company shall own all Work Product.  To the extent permitted by law, all Work Product shall be considered work made for hire by Employee and owned by the Company.

 

(iii) If any of the Work Product may not, by operation of law, be considered work made for hire by Employee for the Company or if ownership of all right, title and interest of the intellectual property rights therein shall not otherwise vest exclusively in the Company, except as prohibited by law, Employee hereby assigns, and upon creation thereof automatically assigns, to the Company, its designees, successors and assigns, all of Employee’s right, title and interest in and to Work Product.

 

 

 

  

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(iv) The Company, its designees, successors and assigns, shall have the right to obtain and hold in its or their own name copyrights, patents, registrations, and any other protection available for the Work Product.  Employee agrees to assist the Company, or its designees,  successors and assigns, at the Company’s expense, in every proper way to secure the Company’s rights in the Work Product and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of
all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and designees, the sole and exclusive rights, title and interest in and to such Work Product, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto.  Employee further agrees that his obligation to execute or cause to be executed, when it is in his power to do so, any such instrument or papers shall continue after the termination of his employment.  If the Company is unable because of Employee’s mental or physical incapacity or for any other reason to secure his signature to apply for or to pursue any
application for any United States or foreign patents or copyright registrations covering Work Product or original works of authorship assigned to the Company as above, then Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agent and attorney in fact coupled with an interest, to act for and in his behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by him.

 

(v) For purposes hereof, “Work Product” shall mean inventions, original works of authorship, developments, concepts, improvements or Trade Secrets (as herein defined), whether or not patentable or registrable under copyright, patent or similar laws, which Employee may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of time he is in the employ of the Company and that are within the scope and duration of his employment.  “Work Product” specifically excludes
inventions, original works of authorship, developments, concepts and improvements developed by Employee entirely on his own time without using the Company’s equipment, supplies, facilities, Trade Secrets or Confidential Information (as hereinafter defined), except for those inventions, original works of authorship, developments, concepts and improvements that both (i) relate to the Company’s actual or anticipated business, research or development and (ii) result from or are connected with work performed by Employee for the Company.  Employee hereby irrevocably relinquishes for the benefit of the Company and its assigns any moral rights in all Work Product recognized by applicable law.  Employee shall not incorporate any invention, original work of authorship, development, concept, improvement, or trade secret owned, in whole or in part, by any third
party, into any Work Product without Company’s prior written permission.

 

(b) Confidentiality.

 

(i) During the Term and for a period of two (2) years thereafter, Employee shall maintain in strict confidence, shall not use or disclose (except as required to perform Employee’s duties under this Agreement), and shall assist and comply with all Company efforts, procedures, and programs to maintain the secrecy of all Trade Secrets and Confidential Information of the Company, its affiliates and customers.

 

(ii) For purposes of this Agreement, the term “Trade Secrets” means any scientific or technical information, design, process, procedure, formula or improvement that derives independent economic value from not being generally known, and not being readily ascertainable through proper means, to the Company’s competitors or any other person or entity that can obtain economic value from its use.  To the fullest extent consistent with the foregoing, and otherwise lawful, Trade Secrets shall include, without limitation, information and documentation pertaining to the
design, specifications, capacity, testing, installation, implementation and customizing techniques and procedures concerning the Company’s present and future products and services.  This includes, but is not limited to:

 

(A) software (including source and object code), algorithms, inventions, designs, concepts, discoveries, improvements, computer processing systems, techniques, methodologies, formulas, processes, compilations of information, data, models, photographs, know-how, machines, plans, techniques, user documentation, functional overviews, screen layouts, report layouts, processing flow charts and other work products, drawings, proposals, job notes, reports, records, and specifications, whether the foregoing have been developed by or for the Company or otherwise obtained by the Company;

 

(B) customer or prospective customer or referral lists and contact information, agreements, prospects, strategies, purchase needs, preferences and habits, plans, records, files, or other similar information;

 

(C) project agreements, product agreements, service agreements, sales contracts, licenses, negotiations, strategies, plans, records, forms or files;

 

(D) Company policy and operating manuals or procedures, work-flow systems, product-design processes and systems and strategies for providing services;

 

(E) Company performance or financial statements or other such information;

 

(F) product, application and service price lists, forms, contracts, marketing or other research and development data and the results thereof or related information; and

 

(G) product, application and service testing or evaluation results or similar information.

 

(iii) For purposes of this Agreement, the term “Confidential Information” means any data or information and documentation, in addition to that which is a Trade Secret, that is valuable to Company and not generally known to the public, including but not limited to:

 

 

  

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(A) financial information, including but not limited to earnings, assets, debts, prices, fee structures, volumes of purchases or sales, or other financial data, whether relating to Company generally, or to particular products, services, geographic areas, or time periods;

 

(B) supply and service information, including but not limited to information concerning the goods and services utilized or purchased by Company, the names and addresses of suppliers, terms of supplier service contracts, or of particular transactions, or related information about potential suppliers, to the extent that such information is not generally known to the public, and to the extent that the combination of suppliers or use of particular suppliers, though generally known or available, yields advantages to Company the details of which are not generally known;

 

(C) marketing information, including but not limited to details about ongoing or proposed marketing programs or agreements by or on behalf of Company, marketing forecasts, results of marketing efforts or information about impending transactions;

 

(D) Employee may not, during the Term and for a period of two (2) years thereafter, directly or indirectly use, disclose or disseminate to any other person, organization or entity or otherwise use any Trade Secrets or Confidential Information, except as specifically required in the performance of his duties for the Company.

 

Employee may not disclose to the Company, use, or induce the Company to use, any proprietary information or trade secrets of others.  Employee represents and warrants that he has returned all property and confidential information belonging to all prior employers.

 

Employee agrees that he will not, during his employment with the Company, improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity and that Employee will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.  Further, Employee agrees to abide by all lawful provisions of any covenants not to compete that he may have with prior employers.

 

(c) Return of Materials.  Upon the request of the Company and, in any event, upon the termination of Employee’s employment, Employee shall deliver to Company all memoranda, notes, records, drawings, daily or monthly appointment calendars (regardless of how kept), manuals, disks and other documents and media, regardless of form, that contain Work Product, Trade Secrets, Confidential Information, or otherwise relate to the Company’s business.  Employee shall not retain any such materials (whether
in original or duplicated form) following such delivery.

 

(d) Company deemed to include CMAC, Inc.  For purposes of this Section 7 in its entirety, the term “Company” shall be deemed to encompass and include DecisionPoint Systems, Inc. and its affiliates (as defined in Rule 405 under the Securities Act of 1933, as amended), which shall include CMAC, Inc.

 

(e) Enforcement.  The provisions of Section 7 in its entirety shall survive termination of this Agreement or the lapse of the Term without renewal.  In the event of any breach or threatened breach by Employee of any covenant contained in Section 7 of this Agreement, the resulting injuries to the Company would be difficult or impossible to estimate accurately, even though irreparable injury or damage.  Accordingly, an award of legal damages, if without other relief, would be inadequate to protect
the Company.  Employee therefore agrees that, in the event of any such breach or threatened breach, the Company shall be entitled to obtain an injunction to restrain the breach or anticipated breach of any such covenant, and to obtain any other available legal, equitable, statutory, or contractual relief.  Should the Company have cause to seek such relief, no bond shall be required.

 

8. ASSIGNMENT.  Neither party to this Agreement may assign or delegate any of its rights or obligations hereunder without the other party’s prior written consent.

 

9. AMENDMENT AND MODIFICATION.  No amendment or modification of the terms of this Agreement shall be binding upon either party unless reduced to writing and signed by Employee and the Company.

 

10. SEVERABILITY.  The parties intend this Agreement to be enforced to the maximum extent permitted by law.  In the event any provision of this Agreement is deemed to be invalid or unenforceable any court of competent jurisdiction, such provision will be deemed to be restricted in scope or otherwise modified to the extent necessary to render it valid or enforceable.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other
provision of this Agreement which will remain in full force and effect.

 

11. CONTROLLING LAW.  The terms of this Agreement will be construed and governed in accordance with the internal laws, but not the laws of conflicts, of the State of Delaware applicable to agreements made and to be performed in that State.  Any controversy or claim arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or arising out of or relating in any way to this Agreement,
shall be submitted to final and binding arbitration, to be held in the State of Delaware, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association.  The arbitrator shall decide all issues relating to arbitrability, and shall have the power to grant equitable relief, including injunctions, temporary restraining orders, etc.  In the event that any arbitration, action, suit or other proceeding is instituted to remedy, prevent, or obtain relief from a breach of this Agreement, or arising out of a breach of this Agreement, the prevailing party shall recover all costs and reasonable attorneys’ fees incurred by such party in each and every action, suit or other proceeding, including any and all appeals or petitions therefrom.

 

 

 

  

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12. NOTICES.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and if delivered by hand, sent via facsimile, or sent by registered or certified mail, return receipt requested, as follows:

 

As to Employee:

 

Mr. Ralph S. Hubregsen

3320 East Kentucky Avenue

Denver, CO 80209

to the Company at:

 

DecisionPoint Systems, Inc.

Attn:  Donald W. Rowley, Chief Financial Officer

19655 Descartes

Foothill Ranch, California  92610-2609

Facsimile: 949.859.3647

 

with a copy to:

 

Law Office of Jeffrey D. Marks, P.C.

415 Clifton Avenue

Clifton, New Jersey  07011

Facsimile:  (973) 253-8858

 

or to such other address as either party hereto may designate to the other by written notice given in accordance with this Agreement.  Notices shall be deemed sent on the date personally delivered and receipt or written acknowledgement is received if sent via facsimile.

 

13. WAIVER OF BREACH.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth in this Agreement.  No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any
similar or dissimilar provisions and conditions at the same or any prior or subsequent time.  The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.

 

14. ENTIRE AGREEMENT.  Except as otherwise noted herein or in any separate agreement entered into by Employee and the Company, this Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, if any, between the parties relating to the subject matter hereof.

 

15. COMPLIANCE WITH CODE SECTION 409A.

 

(a) This Agreement shall be interpreted to avoid any penalty sanctions under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended.  If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed.  For purposes of Section 409A, (i) all payments to be made upon a termination of employment under this Agreement may only be made upon a
“separation from service” within the meaning of such term under Section 409A, (ii) each payment made under this Agreement shall be treated as a separate payment and (iii) the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.  In no event shall Employee, directly or indirectly, designate the calendar year of payment.

 

(b) All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the
reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

 

 

  

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(c) Notwithstanding any provision in this Agreement to the contrary, if, at the time of Employee’s separation from service with the Company, the Company has securities which are publicly traded on an established securities market, Employee is a “specified employee” (as defined in Section 409A) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Agreement as a result of such separation from service to prevent any accelerated or additional tax under Section 409A, then the Company will postpone the commencement of the
payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Employee) that are not otherwise exempt from Section 409A until the first payroll date that occurs after the date that is six (6) months following Employee’s separation from service with the Company (as determined under Section 409A).  If any payments are postponed pursuant to this Section 15(c), then such postponed amounts will be paid in a lump sum to Employee on the first payroll date that occurs after the date that is six (6) months following Employee’s separation from service with the Company.  If Employee dies during the postponement period prior to the payment of any postponed amount, such amount shall be paid to the personal representative of Employee’s estate within sixty (60) days after the date of
Employee’s death.

 

[Signature Page Follows]

 

 

 

  

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IN WITNESS WHEREOF the parties hereto have executed this Agreement, personally and as corporate officer thereunto duly authorized on the day and year first set forth above.

 

 

	Employee:    	 	 	DecisionPoint Systems, Inc.	 
	 	 	 	(The “Company”):	 
	 	 	 	 	 
	
/s/ Ralph S. Hubregsen   

	 	 	
/s/ Nicholas R. Toms

	 
	
Ralph S. Hubregsen    

	 	 By:  	
Nicholas R. Toms

	 
	
 

	 	 	
Chief Executive Officer

	 

 

                                                                       

  

                                                              

                                                                                             

  

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EXHIBIT A

 

BONUS

 

 

Employee shall be entitled to earn an annual bonus for performance based upon achieving certain levels of profit, more specifically defined as Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”); provide that mutually agreeable revenue and gross margin targets are also met or exceeded.  For purposes of developing a ‘baseline’ level of EBITDA, the Company will use the EBITDA to be determined in the 2012 budget process and thereafter to be determined annually.  EBITDA shall be calculated in accordance with GAAP.  At plan, Executive will be entitled to the $150,000 set forth in Paragraph 4(a) of this Agreement.  No bonus will be
payable unless the Company exceeds 85% of planned EBITDA.  For each 1% increase over 85%, Executive will be entitled to a bonus of $10,000.  In the event that the Company exceeds planned EBITDA, then for each 1% over plan Executive will be entitled to a further $10,000 up to a maximum of $50,000 for a total bonus of $200,000.  In calculating EBITDA, the cost of such bonus payments will be expensed to reach a bonus payment threshold of EBITDA.

 

 

  

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  EXHIBIT B

 

 

  Severance in Event of Change in Control and Termination without Cause

 

 

	
Years of Service

	
Severance

	
1

	
Six months salary

	
2 or greater

	
12 months salary

 

  

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  Exhibit C

 

 

  None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11PediatRx Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

THE OPTIONS REPRESENTED BY THIS AGREEMENT ARE NOT
TRANSFERABLE. NEITHER THE OPTIONS NOR THE OPTIONED SHARES THAT MAY BE ISSUED
UPON EXERCISE OF THE OPTIONS HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN OR
WILL BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

STOCK OPTION AGREEMENT 
(U.S. Persons)

This AGREEMENT is entered into as of the 15th day of September,
2011(the “Date of Grant”).

BETWEEN:

PEDIATRX INC., a company
incorporated pursuant to the laws of the State of Nevada, with an 
office at
405 Trimmer Road, Suite 200, Califon, New Jersey 07830

(the “Company”)

AND:

Paul J. Richardson, a
businessman with an address at 17 Country Oaks Road, Lebanon, New 
Jersey
08833

(the “Optionee”)

WHEREAS:

A.          
The Company’s board of directors (the “Board”) has approved and adopted a
2011 Stock Option Plan (the “Plan”), whereby the Board is authorized to
grant stock options to purchase shares of common stock of the Company to the
directors, officers, employees, independent contractors and consultants of the
Company or any Parent or Subsidiary of the Company (as defined herein);

B.          
The Optionee is a director, officer, employee, independent contractor or
consultant of the Company, Parent or Subsidiary; and

C.          
The Company wishes to grant stock options to purchase a total of 50,000
Optioned Shares (as defined herein) to the Optionee, as follows:

_____________ Incentive Stock Options
(as defined herein)

___50,000 _____ Non Qualified
Stock Options (as defined herein)

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

	1. 	
      DEFINITIONS

	 	 
	1.1 	
      In this Agreement, the following terms shall have the
      following meanings:

2

	 	(a) 	
      “Accredited Investor Questionnaire” means a
      questionnaire substantially in the form of the Accredited Investor
      Questionnaire attached to this Agreement as Schedule “B”;

	 	 	 
	 	(b) 	
      “Cashless Exercise” has the meaning ascribed
      thereto in Section 2.8 of this Agreement;

	 	 	 
	 	(c) 	
      “Code” means the Internal Revenue Code of
    1986;

	 	 	 
	 	(d) 	
      “Common Stock” means the shares of common stock of
      the Company;

	 	 	 
	 	(e) 	
      “Company Information” has the meaning attributed
      to it in Section 5.1(c) of this Agreement, below;

	 	 	 
	 	(f) 	
      “Exercise Price” means $1.00 per share;

	 	 	 
	 	(g) 	
      “Expiry Date” means September 15, 2016;

	 	 	 
	 	(h) 	
      “Incentive Stock Options” means any Options that
      meet all the requirements under section 422 of the Code.

	 	 	 
	 	(i) 	
      “Non Qualified Stock Options” means any Options
      that do not qualify as Incentive Stock Options and, thus, do not meet the
      requirements under section 422 of the Code.

	 	 	 
	 	(j) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited hereto (or such
      other address of which the Company may from time to time notify the
      Optionee in writing), substantially in the form attached as Schedule “D”
      hereto, which notice shall specify therein the number of Optioned Shares
      in respect of which the Options are being exercised and which notice shall
      be accompanied by an executed copy of (i) an Accredited Investor
      Questionnaire if the Optionee is at the time of exercise an accredited
      investor or, (ii) if the Optionee is not an accredited investor at the
      time of exercise, a Prospective Investor Suitability Questionnaire showing
      that the Optionee qualifies for an exemption from the registration
      requirements imposed by the 1933 Act;

	 	 	 
	 	(k) 	
      “Options” means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 2.1 of this
      Agreement;

	 	 	 
	 	(l) 	
      “Optioned Shares” means the shares of Common Stock
      that are issued pursuant to the exercise of the Options;

	 	 	 
	 	(m) 	
      “Parent” means a company or other entity that owns
      at least fifty percent (50%) of the outstanding voting stock or voting
      power of the Company;

	 	 	 
	 	(n) 	
      “Prospective Investor Suitability Questionnaire”
      means a questionnaire substantially in the form of the Prospective
      Investor Suitability Questionnaire attached to this Agreement as Schedule
      “C”;

	 	 	 
	 	(o) 	
      “SEC” means the Securities and Exchange
      Commission;

	 	 	 
	 	(p) 	
      “Securities” means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(q) 	
      “Shareholders” means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(r) 	
      “Subsidiary” means a company or other entity, at
      least fifty percent (50%) of the outstanding voting stock or voting power
      of which is beneficially owned, directly or indirectly, by the
    Company;

	 	 	 
	 	(s) 	
      “U.S. Person” shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States;

	 	 	 
	 	(t) 	
      “Vested Options” means the Options that have
      vested in accordance with Section 2.2 of this Agreement;
  and

3

	 	(u) 	
      “1933 Act” means the Securities Act of 1933, as
      amended.

1.2          
Capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Plan.

	2. 	THE OPTIONS 

2.1          
The Company hereby grants to the Optionee, on the terms and conditions set out
in this Agreement and in the Plan, Options to purchase a total of 50,000
Optioned Shares at the Exercise Price.

2.2          
The Options will vest in accordance with Schedule “A” to this Agreement and
pursuant to Section G(5) of the Plan. The Options may be exercised immediately
after vesting.

2.3          
The Options shall, at 5:00 p.m. (Eastern Time) on the Expiry Date, expire and be
of no further force or effect whatsoever.

2.4          
The Company shall not be obligated to cause the issuance, transfer or delivery
of a certificate or certificates representing Optioned Shares to the Optionee,
until provision has been made by the Optionee, to the satisfaction of the
Company, for the payment of the aggregate Exercise Price for all Optioned Shares
for which the Options shall have been exercised, and for satisfaction of any tax
withholding obligations associated with such exercise.

2.5          
The Optionee shall have no rights whatsoever as a shareholder in respect of any
of the Optioned Shares (including any right to receive dividends or other
distribution therefrom or thereon) except in respect of which the Options have
been properly exercised in accordance with the terms of this Agreement.

2.6          
The Options will terminate in accordance with the provisions of the Plan.

2.7          
Subject to the provisions of this Agreement and the Plan and subject to
compliance with any applicable securities laws, the Options shall be
exercisable, in full or in part, at any time after vesting, until termination.
If less than all of the shares included in the vested portion of any Options are
purchased, the remainder may be purchased at any subsequent time prior to the
Expiry Date. Only whole shares may be issued pursuant to the exercise of any
Options, and to the extent that any Option covers less than one (1) share, it is
not exercisable.

2.8          
Each exercise of the Options shall be by means of delivery of a Notice of
Exercise (which may be in one of the forms attached hereto as Schedule “D” or
Schedule “E”) to the President of the Company at its principal executive office,
specifying the number of Optioned Shares to be purchased and accompanied by (i)
payment in cash or by certified check or cashier’s check in the amount of the
full Exercise Price for the Common Stock to be purchased, and (ii)(A) if the
Optionee is at the time of exercise an accredited investor, an executed copy of
an Accredited Investor Questionnaire dated the same date as the Notice of
Exercise or, (B) if the Optionee is not an accredited investor at the time of
exercise, a Prospective Investor Suitability Questionnaire dated the same date
as the Notice of Exercise showing that at the time of exercise the Optionee has
such knowledge and experience in financial and business matters that he is
capable of evaluating the merits and risks of the prospective investment in the
Optioned Shares. In addition to payment in cash or by certified check or
cashier’s check, unless the Board decides not to allow the Cashless Exercise
(defined below), the Optionee or transferee of the Options may pay for all or
any portion of the aggregate Exercise Price by complying with one or more of the
following alternatives:

	 	(a) 	
      by delivering to the Company shares of Common Stock
      previously held by the Optionee, or by the Company withholding shares of
      Common Stock otherwise deliverable pursuant to the exercise of the
      Options, which shares of Common Stock received or withheld shall have a
      fair market value at the date of exercise (as determined by the Board in
      good faith) equal to the aggregate exercise price to be paid by the
      Optionee upon such exercise (“Cashless Exercise”). In the event of
      Cashless Exercise, the Optionee shall exchange the Options for that number
      of Optioned Shares subject to such Cashless Exercise multiplied by a
      fraction, the numerator of which shall be the difference between the fair
      market value at the date of exercise (as determined by the Board in good
      faith) and the Exercise Price, and the denominator of which shall be such
      fair market value; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Board at the time of exercise.

4

2.9          
It is a condition precedent to the exercise of any Options and the issuance of
any Optioned Shares that the Optionee execute and/or deliver to the Company all
documents and withholding taxes required in accordance with applicable laws, as
determined by the Company in its sole discretion.

2.10         Nothing in
this Agreement shall obligate the Optionee to purchase any Optioned Shares
except those Optioned Shares in respect of which the Optionee shall have
exercised the Options in the manner provided in this Agreement or the Plan.

2.11         Reference
is made to the Plan for particulars of the rights and obligations of the
Optionee and the Company in respect of:

	 	(a) 	
      the terms and conditions on which the Options are granted
      except to the extent set forth herein; and

	 	 	 
	 	(b) 	
      a consolidation or subdivision of the Company’s share
      capital or corporate reorganization;

all to the same effect as if the provisions of the Plan were
set out in this Agreement and to all of which the Optionee assents. A copy of
the Plan is available to Optionee at no charge, at the Company’s principal
executive office. Any provision of this Agreement that is inconsistent with the
Plan shall be considered void and replaced with the applicable provision of the
Plan. The Company may modify, extend or renew this Agreement or the Options
represented hereby or accept the surrender thereof (to the extent not previously
exercised) and authorize the granting of a new option in substitution therefore
(to the extent not previously exercised), subject at all times to the Plan, the
applicable rules of any applicable regulatory authority or stock exchange, and
any applicable laws. Notwithstanding the foregoing provisions of this Section
2.11, the Company shall not have the right to make any modification which would
materially alter the terms of the Option to the Optionee’s detriment or
materially impair any rights of the Optionee hereunder without the consent of
the Optionee.

2.12         By
accepting the Options, the Optionee represents and agrees that none of the
Optioned Shares purchased upon exercise of the Options will be distributed in
violation of applicable federal and state laws and regulations. The Optionee
further represents and agrees to provide the Company with any other document
reasonably requested by the Company or the Company’s Counsel.

	3. 	DOCUMENTS REQUIRED FROM OPTIONEE
  

3.1          
The Optionee must complete, sign and return to the Company:

	 	(a) 	
      an executed copy of this Agreement; and

	 	 	 
	 	(b) 	
      one of the two questionnaires in the forms attached
      hereto as Schedule “B” and Schedule “C”, whichever
  applies.

3.2          
The Optionee shall complete, sign and return to the Company as soon as possible,
on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, and applicable
law.

	4. 	SUBJECT TO STOCK OPTION PLAN
  

The terms of the Options will be subject to the Plan, as may
from time to time be amended, and any inconsistencies between this Agreement and
the Plan, as the same may be from time to time amended, shall be governed by the
provisions of the Plan. A copy of the Plan will be delivered to the Optionee,
and will be available for inspection at the principal offices of the
Company.

	5. 	ACKNOWLEDGEMENTS OF THE OPTIONEE
  

5.1          
The Optionee acknowledges and agrees that:

	 	(a) 	
      the Securities have not been registered under the 1933
      Act or under any state securities or “blue sky” laws of any state of the
      United States, and are being offered only in a transaction not involving
      any public offering within the meaning of the 1933 Act, and, unless so
      registered, may not be offered or sold in the United States or to U.S.
      Persons, except pursuant to an effective registration statement under the
      1933

5

	 		
      Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933 Act,
      and in each case only in accordance with applicable state securities
      laws;

	 	 	 
	 	(b) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      and such decision is based solely upon a review of publicly available
      information regarding the Company that is available on the website of the
      SEC at www.sec.gov (the “Company Information”);

	 	 	 
	 	(d) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(e) 	
      the Optionee and the Optionee’s advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;

	 	 	 
	 	(f) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee’s attorney
      and/or advisor(s) (if applicable);

	 	 	 
	 	(g) 	
      the Company, its officers, directors, counsel and agents
      are entitled to rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, statements, answers, covenants and agreements
      contained in this Agreement and agrees that if any of such
      acknowledgements, representations, warranties, statements, answers,
      covenants, and agreements should become, by the passage of time after the
      date of this Agreement, no longer accurate or should be breached, the
      Optionee shall promptly notify the Company, and the Optionee will hold
      harmless the Company from any loss or damage it may suffer as a result of
      the Optionee’s failure to correctly complete or comply with the terms of
      this Agreement;

	 	 	 
	 	(h) 	
      the Optionee has been advised to consult its own legal,
      tax and other advisors with respect to the merits and risks regarding the
      exercise of the Options and the issuance of the Optioned Shares and with
      respect to applicable resale restrictions and it is solely responsible
      (and the Company is in not any way responsible) for compliance with
      applicable resale restrictions;

	 	 	 
	 	(i) 	
      the Optionee acknowledges that if the Options qualify as
      Incentive Stock Options, there may be no regular federal income tax
      liability upon the exercise of the Option, although the excess, if any, of
      the fair market value of such Optioned Shares on the date of exercise over
      the Exercise Price may be treated as a tax preference item for federal
      alternative minimum tax purposes and may subject the Optionee to the
      alternative minimum tax in the year of exercise;

	 	 	 
	 	(j) 	
      the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Optionee contained herein or in any document furnished by the Optionee
      to the Company in connection herewith being untrue in any material respect
      or any breach or failure by the Optionee to comply with any covenant or
      agreement made by the Optionee to the Company in connection
    therewith;

	 	 	 
	 	(k) 	
      the Securities are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Optionee that any of the Securities will become listed on any
    stock

6

	 		
      exchange or automated dealer quotation system, except
      that currently certain market makers make market in the shares of the
      Company’s common stock on the OTC Bulletin Board;

	 	 	 
	 	(l) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Securities;

	 	 	 
	 	(m) 	
      no documents in connection with this Agreement have been
      reviewed by the SEC or any state securities administrators;

	 	 	 
	 	(n) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 
	 	(o) 	
      this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.

	6. 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF
      THE OPTIONEE 

The Optionee hereby represents and warrants to and covenants
with the Company (which representations, warranties and covenants shall survive
the closing) that:

	 	(a) 	
      the Optionee is a bona fide director, officer, employee,
      independent contractor or consultant of the Company, Parent or
      Subsidiary;

	 	 	 	 
	 	(b) 	
      the Optionee is a U.S. Person;

	 	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement and the Company Information;

	 	 	 	 
	 	(d) 	
      the Optionee has received a brief description of the
      Securities and it understands that the proceeds from the exercise of the
      Options will be used by the Company as working capital for general
      corporate purposes;

	 	 	 	 
	 	(e) 	
      the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee in accordance with its terms;

	 	 	 	 
	 	(f) 	
      the Optionee has concurrently executed and delivered the
      questionnaire in the form attached as Schedule “B” or Schedule “C” and the
      representations and warranties contained in such questionnaire are true
      and correct;

	 	 	 	 
	 	(g) 	
      the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Optionee is a corporation, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Optionee;

	 	 	 	 
	 	(h) 	
      the Optionee:

	 	 	 	 
	 		(i) 	
      has adequate net worth and means of providing for its
      current financial needs and possible personal contingencies,

	 	 	 	 
	 		(ii) 	
      has no need for liquidity in this investment,
  and

	 	 	 	 
	 		(iii) 	
      is able to bear the economic risks of an investment in
      the Securities for an indefinite period of time, and can afford the
      complete loss of such investment;

	 	 	 	 
	 	(i) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Company, and
      the Optionee is providing evidence of such knowledge and experience in
      these matters through the information requested in this
  Agreement;

7

	 	(j) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment, and the Optionee has carefully read and considered the
      matters set forth under the caption “Risk Factors” appearing in the
      Company’s various disclosure documents, filed with the SEC;

	 	 	 	 
	 	(k) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Optionee, or of any agreement, written or oral, to which
      the Optionee may be a party or by which the Optionee is or may be
      bound;

	 	 	 	 
	 	(l) 	
      the Optionee is purchasing the Securities for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Optionee has not subdivided his interest in the
      Securities with any other person;

	 	 	 	 
	 	(m) 	
      the Optionee is not an underwriter of, or dealer in, the
      shares of the Company’s common stock, nor is the Optionee participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Securities;

	 	 	 	 
	 	(n) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations, statements, answers and agreements contained in this
      Agreement, and agrees that if any of such acknowledgements,
      representations, statements, answers and agreements are no longer accurate
      or have been breached, the Optionee shall promptly notify the
    Company;

	 	 	 	 
	 	(o) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee’s decision to acquire the Securities;

	 	 	 	 
	 	(p) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and,

	 	 	 	 
	 	(q) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities,
      or

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Company on any stock exchange or automated dealer quotation system, except
      that currently certain market makers make market in the shares of the
      Company’s common stock on the OTC Bulletin
Board.

	7. 	ACKNOWLEDGEMENT AND WAIVER

The Optionee hereby waives, to the fullest extent permitted by
law, any rights of withdrawal, rescission or compensation for damages to which
the Optionee might be entitled in connection with the distribution of any of the
Securities.

	8. 	PROFESSIONAL ADVICE 

The acceptance of the Options and the sale of Common Stock
issued pursuant to the exercise of Options may have consequences under federal
and state tax and securities laws which may vary depending upon the individual
circumstances 

8

of the Optionee. Accordingly, the Optionee acknowledges that he
or she has been advised to consult his or her personal legal and tax advisor in
connection with this Agreement and his or her dealings with respect to Options.
Without limiting other matters to be considered with the assistance of the
Optionee’s professional advisors, the Optionee should consider: (a) whether upon
the exercise of Options, the Optionee will file an election with the Internal
Revenue Service pursuant to Section 83(b) of the Code and the implications of
alternative minimum tax pursuant to the Code; (b) the merits and risks of an
investment in the underlying Optioned Shares; and (c) any resale restrictions
that might apply under applicable securities laws.

	9. 	LEGENDING OF SUBJECT SECURITIES
  

9.1          
The Optionee hereby acknowledges that that upon the issuance thereof, and until
such time as the same is no longer required under the applicable securities laws
and regulations, the certificates representing any of the Optioned Shares will
bear a legend in substantially the following form:

	
      THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS. 

9.2          
The Optionee hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Agreement.

	10. 	RESALE RESTRICTIONS 

This Option Agreement and the Options represented hereby are
not transferable. Optioned Shares received upon exercise of any Options will be
subject to resale restrictions contained in the securities legislation
applicable to the Company and the Optionee. The Optionee acknowledges and agrees
that the Optionee is solely responsible (and the Company is not in any way
responsible) for compliance with applicable resale restrictions.

	11. 	NO EMPLOYMENT RELATIONSHIP

The grant of an Option shall in no way constitute any form of
agreement or understanding binding on the Company or any related company,
express or implied, that the Company or any related company will employ or
contract with an Optionee, for any length of time, nor shall it interfere in any
way with the Company’s or, where applicable, a related company’s right to
terminate Optionee’s employment at any time, which right is hereby reserved.

	12. 	GOVERNING LAW 

This Agreement is governed by the laws of the State of Nevada
and the federal laws of the United States of America as applicable therein.

	13. 	COSTS 

The Optionee acknowledges and agrees that all costs and
expenses incurred by the Optionee (including any fees and disbursements of any
special counsel retained by the Optionee) relating to the acquisition of the
Securities shall be borne by the Optionee.

	14. 	SURVIVAL 

This Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the shares underlying the
Options by the Optionee pursuant hereto.

9

	15. 	ASSIGNMENT 

This Agreement is not transferable or assignable.

	16. 	CURRENCY 

Unless explicitly stated otherwise, all funds in this Agreement
are stated in United States dollars.

	17. 	SEVERABILITY 

The invalidity or unenforceability of any particular provision
of this Agreement shall not affect or limit the validity or enforceability of
the remaining provisions of this Agreement.

	18. 	COUNTERPARTS AND ELECTRONIC MEANS
  

This Agreement may be executed in several counterparts, each of
which will be deemed to be an original and all of which will together constitute
one and the same instrument. Delivery of an executed copy of this Agreement by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date first above written.

	19. 	ENTIRE AGREEMENT 

This Agreement is the only agreement between the Optionee and
the Company with respect to the Options, and this Agreement and the Plan, once
approved, supersede all prior and contemporaneous oral and written statements
and representations and contain the entire agreement between the parties with
respect to the Options.

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

PEDIATRX INC.

	Per: 	/s/ Cameron Durrant 	 
	 	Cameron Durrant 	 
	 	President and Chief Executive
      Officer 	 

	Optionee: 	/s/ Paul J. Richardson 	 
	 	Paul J. Richardson 	 

SCHEDULE “A”

VESTING SCHEDULE

Incentive Stock Options

Non Qualified Stock Options

Options will vest on a quarterly basis over one year in the
amount of 12,500 shares per quarter for four quarters with the first vesting of
12,500 shares on December 15, 2011 and the final 12,500 shares vesting on
September 15, 2012.

SCHEDULE “B”

ACCREDITED INVESTOR QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Stock Option Agreement.

The Optionee covenants, represents and warrants to the Company
that he or she satisfies one or more of the categories of “Accredited
Investors”, as defined by Regulation D promulgated under the Securities Act of
1933 (the “Securities Act”), as indicated below: (Please initial in the space
provide those categories, if any, of an “Accredited Investor” which the Optionee
satisfies)

		_____	Category 1 	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Securities, with total assets in excess of US $5,000,000;
      

	 	  	  	
       

		_____	Category 2 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, on the date of grant or exercise exceeds
      US $1,000,000 excluding the value of the primary residence of such
      person(s) and the related amount of indebtedness secured by the primary
      residence up to its fair market value. 

	 	  	  	
       

		_____	Category 3 	
      A natural person who had an individual income in excess
      of US $200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of US $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year; 

	 	  	  	
       

		_____	Category 4 	
      A “bank” as defined under Section (3)(a)(2) of the
      Securities Act or savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the Securities Act acting in its
      individual or fiduciary capacity; a broker dealer registered pursuant to
      Section 15 of the Securities Exchange Act of 1934 (United States);
      an insurance company as defined in Section 2(13) of the Securities Act; an
      investment company registered under the Investment Company Act of
      1940 (United States) or a business development company as defined in
      Section 2(a)(48) of such Act; a Small Business Investment Company licensed
      by the U.S. Small Business Administration under Section 301(c) or (d) of
      the Small Business Investment Act of 1958 (United States); a
      plan with total assets in excess of US $5,000,000 established and
      maintained by a state, a political subdivision thereof, or an agency or
      instrumentality of a state or a political subdivision thereof, for the
      benefit of its employees; an employee benefit plan within the meaning of
      the Employee Retirement Income Security Act of 1974 (United States)
      whose investment decisions are made by a plan fiduciary, as defined in
      Section 3(21) of such Act, which is either a bank, savings and loan
      association, insurance company or registered investment adviser, or if the
      employee benefit plan has total assets in excess of US $5,000,000, or, if
      a self- directed plan, whose investment decisions are made solely by
      persons that are accredited investors; 

	 	  	  	
       

		_____	Category 5 	
      A private business development company as defined in
      Section 202(a)(22) of the Investment Advisers Act of 1940 (United
      States); 

	 	  	  	
       

	 	X 	Category 6 	
      A director or executive officer of the Company;
  

- 2 -

		_____	Category 7 	
      A trust with total assets in excess of US $5,000,000, not
      formed for the specific purpose of acquiring the Securities, whose
      purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the Securities Act; 

	 	 	  	
      

		_____	Category 8 	
      An entity in which all of the equity owners satisfy the
      requirements of one or more of the foregoing categories;

Note that the Optionee claiming to satisfy one of the above
categories of Accredited Investor may be required to supply the Company with a
balance sheet, prior years’ federal income tax returns or other appropriate
documentation to verify and substantiate the Optionee’s status as an Accredited
Investor.

If the Optionee is an entity which initialled the last category
in reliance upon the Accredited Investor categories above, state the name,
address, total personal income from all sources for the previous calendar year,
and the net worth (exclusive of home, home furnishings and personal automobiles)
for each equity owner of the said entity: 

	 
	
      All information contained in this Questionnaire will be
      treated as confidential. However, by signing and returning this
      Questionnaire, the Optionee agrees that, if necessary, this Questionnaire
      may be presented to such parties as the Company deems appropriate to
      establish the availability, under the Securities Act or applicable state
      securities law, of exemption from registration in connection with the
      issuance of the Securities hereunder. 

The Optionee hereby certifies that the information contained in
this Questionnaire is complete and accurate and the Optionee will notify the
Company promptly of any change in any such information.

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the _______day of __________________, 20__.

	 	X
  
	 	Signature 
	 	  
	 	Paul
      J. Richardson 
	 	Print or Type Name 
	 	  
	 	  
	 	Social Security/Tax I.D. No.

SCHEDULE “C”

PROSPECTIVE INVESTOR SUITABILITY QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Stock Option Agreement.

The purpose of this Questionnaire is to assure the Company that
the Optionee will meet the standards imposed by the Securities Act of 1933 (the
“Securities Act”) and the appropriate exemptions of applicable state securities
laws. The Company will rely on the information contained in this Questionnaire
for the purposes of such determination. The Option and the Optioned Shares
(together, the “Securities”) will not be registered under the Securities Act and
has been issued in reliance upon the exemption from registration afforded by
Section 3(b) and/or Section 4(2) of the Securities Act and/or Regulation D
promulgated thereunder. This Questionnaire is not an offer of any securities of
the Company in any state other than those specifically authorized by the
Company.

Please attach additional pages if necessary to answer any
question fully.

REPRESENTATIONS OF OPTIONEE

This item is presented in alternative form. Please initial in
the space provided the applicable alternative.

	_____	
      ALTERNATIVE ONE: The Optionee covenants, represents and
      warrants to the Company that he or she has such knowledge and experience
      in financial and business matters that he or she is capable of evaluating
      the relative merits and risks of an investment in the Securities and
      Company and is not utilizing a purchaser representative in connection with
      evaluating such merits and risks. The Optionee is providing evidence of
      its knowledge and experience in these matters through the information
      requested below in this Questionnaire. 

	 	
       

	_____	
      ALTERNATIVE TWO: The Optionee covenants, represents and
      warrants to the Company that he or she has chosen to use the services of a
      purchaser representative acceptable to the Optionee in connection with the
      Optionee’s acquisition of the Securities. The Optionee hereby acknowledges
      that the person named below is his or her purchaser representative who
      will assist and advise the Optionee in evaluating the merits and risks of
      an investment in the Securities and the Company and affirms that such
      purchaser representative has previously disclosed in writing any material
      relationship that exists between the purchaser representative (or its
      affiliates) and the Company (or its affiliates) that is mutually
      understood to be contemplated, or that has existed at any time during the
      previous two years, and any compensation received or to be received as a
      result of such relationship. 

	 	
       

	 	
       

	 	
      (name of Purchaser Representative) 

	 	
       

	 	
       

	 	
      (address of Purchaser Representative) 

	 	
       

		
      If the Optionee utilizes a purchaser representative, this
      Questionnaire must be accompanied by a completed and signed purchaser
      representative Questionnaire, a copy of which can be obtained from the
      Company upon request. 

- 2 -

FOR INDIVIDUAL INVESTORS

	1. 	Name: 	 
	 	 	 	 	 
	2. 	Residential Address
      & Telephone Number: 	 
    	 
    
	 	 	 	 
	  	  	  	  	  
	 	 	 	 	 
	  	  	  	  	  
	3. 	Length of Residence in
      State of Residence: 	 
    	 
    
	 	 	 	 
	4. 	U.S. Citizen: 	 _____ Yes 	             _____
      No 	  
	 	 	 	 	 
	5. 	Social Security Number:
    	 
    	 
    
	 	 	 	 
	6. 	Business Address &
      Telephone Number: 	 
    	 
    
	 	 	 	 
	 	 	 	 
	  	  	  	  	  
	  	  	  	  	  
	7. 	Preferred Mailing
      Address: 	_______ Residence 	_______ Business 
	 	 	 	 
	8. 	Date of Birth: 	 	 
    	 
    
	 	 	 	 
	9. 	Employer and Position: 	 	 
    	 
    
	 	 	 	 
	10. 	Name of Business: 	 	 
    	 
    
	 	 	 	 
	11. 	Business or Professional Education
      and Degrees: 	  
	 	 	 
	  	School 	Degree 	           
             Year Received 	  
	 	 	 	 	 
	 	 	 	 	 
	  	  	  	  	  
	  	  	  	  	  
	12. 	Prior Employment (last
      5 years): 	  	  
	 	 	 	 
	  	Employer 	Nature of Duties 	  	Dates of Employment 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

- 3 -

	13. 	Relationship to the Company, if
      any:  _____	  
	 	 	 
	14. 	Is the Optionee an officer of
      director of a publicly-held company? 
	 	 
	  	         
                         
              _____ Yes 	_____No 
	 	 	 
	  	If yes, specify company: 	 	 
    
	 	 	 
	15. 	Does the Optionee beneficially own
      10% or more of the voting securities of a publicly-held company? 
	 	 
	  	         
                         
              _____ Yes 	_____No 
	 	 	 
	  	If yes, specify company: 	 	 
    
	 	 	 
	16. 	
      Within the last 5 years, has the Optionee personally
      invested in investments sold by means of private placements in reliance on
      exemptions from registration under the Securities Act and state securities
      laws? 

	 	 
	  	         
                         
              _____ Yes 	_____ No 
	 	 	 
	17. 	
      Prior investments by the Optionee which were purchased in
      reliance on exemptions from registration under the Securities Act and
      State securities laws (initial the highest number applicable):
  

	  	         
         Amount (Cumulative) 	  
	  	  	  	  
	Real Estate: 	Up to 	$50,000 to 	Over 
	               
         None: _____	$50,000 _____	$250,000 _____	$250,000 _____
	  	  	  	  
	Securities: 	Up to 	$50,000 to 	Over 
	               
         None: _____	$50,000 _____	$250,000 _____	$250,000 _____
	  	  	  	  
	Other: 	Up to 	$50,000 to 	Over 
	               
         None: _____	$50,000 _____	$250,000 _____	$250,000 _____

	18. 	Does the Optionee consider itself to
      be an experienced and sophisticated investor? 
	 	 
	  	                                     
      _____ Yes 	_____No 
	 	 	 
	  	If so, please provide evidence of
      investment sophistication and/or experience: 
	 	 
	 	 
	  	  	  
	  	  	  
	
      19. 
	
      Does the Optionee, or any person authorized to execute
      this Questionnaire, consider itself to have such knowledge of the Company
      and its business and such experience in financial and business matters to
      enable it to evaluate the merits and risks of an investment in the
      Securities and the Company, should the Optionee be given an opportunity to
      so invest? 

	  	                                       _____Yes
    	_____No 

- 4 -

	20. 	
      If the Optionee is an individual, please indicate the
      Optionee’s and his/her spouse’s combined gross income during the preceding
      two years (initial the highest number
applicable):

	2009 	2008 
	_____Less than $75,000 	_____Less than $75,000 
	_____$75,001 to $100,000 	_____$75,001 to $100,000 
	_____$100,001 to $200,000 	_____$100,001 to $200,000 
	_____$200,001 to $300,000 	_____$200,001 to $300,000 
	_____$Over $300,000 	_____$Over $300,000

	21. 	
      If the Optionee is an individual, please indicate the
      Optionee’s and his/her spouse’s combined estimated net worth (exclusive of
      home, home furnishings and personal automobiles) (initial the highest
      number applicable):

	_____Less than $100,000 	_____$300,0001 to $500,000 
	_____$100,001 to $200,000 	_____$500,001 to $1,000,000 
	_____$200,001 to $300,000 	_____Over $1,000,000

	22. 	
      Regardless of the amount of the proposed
    investment:

	(a)       
      Will the Optionee’s proposed investment exceed 10% of its individual net
      worth, or the Optionee’s joint net worth with its spouse as determined in
      paragraph 22 above? 
	 
	  	 _____ Yes 	_____ No 	  	  
	 	 	 	 	 
	(b)       
      Will the Optionee be able to bear the economic risk of its investment in
      this transaction? 
	 
	  	 _____ Yes 	 _____ No 	  	  

	23. 	
      Please provide answers to the following
  questions.

	 	(a)      State total
      assets of the Optionee, including cash, stocks and bonds, automobiles,
      real estate, and any other assets: 
	 	 
	 	  	$
  
	 	 	 
	 	(b)      State total
      liabilities of the Optionee including real estate indebtedness, accounts
      payable, taxes payable and any other liabilities: 
	 	 
	 	  	$
  
	 	 	 
	 	(c)      State annual
      income of the Optionee including salary, securities income, rental income
      and any other income: 
	 	 
	 	  	$
  
	 	 	 
	 	(d)      State annual
      expenses of the Optionee, excluding ordinary living expenses, including
      real estate payments, rent, property taxes and other expenses:
  

- 5 -

	 	  	$ 	 
    
	 	 	 	 
		(e) Does the Optionee expect the amount of its
      assets, liabilities, income and expenses, as stated above, to be subject
      to significant change in the future: 
	 	 
	 	                                           
      ______ Yes                                    
      ______No 
	 	 
	 	  	If yes, explain: 
	 	 	 
	 	 	 
	 	 	 

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, the
Optionee agrees that, if necessary, this Questionnaire may be presented to such
parties as the Company deems appropriate to establish the availability, under
the Securities Act or applicable state securities law, of exemption from
registration in connection with the issuance of the Securities hereunder.

The Optionee hereby certifies that the information contained in
this Questionnaire is complete and accurate and the Optionee will notify the
Company promptly of any change in any such information. 

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the ____ day of _____________________, 20__.

	 	X
  
	 	Signature 
	 	 
	 	 
	 	Print or Type Name 
	 	 
	 	 
	 	Social Security/Tax I.D. No.

SCHEDULE “D”

NOTICE OF EXERCISE

	TO: 	PediatRx Inc. 
	  	405 Trimmer Road, Suite 200 
	  	Califon, New Jersey 07830 

This Notice of Exercise shall constitute a proper Notice of
Exercise pursuant to section 2.8 of the Stock Option Agreement dated August 1,
2011 (the “Agreement”), between PediatRx Inc. (the “Company”) and the
undersigned. The undersigned hereby elects to exercise the Optionee’s options to
purchase ____________________ shares of the common stock of the Company at a
price of US$1.00 per share, for aggregate consideration of US$ ____________, on
the terms and conditions set forth in the Agreement. Such aggregate
consideration, in the form specified in section 2.8 of the Agreement,
accompanies this notice.

The Optionee hereby represents and warrants to the Company that
all representations and warranties set out in the Agreement are true as of the
date of the exercise of the options under the Agreement.

The Optionee hereby further represents and warrants to the
Company that the shares are being purchased only for investment and without
intention to sell or distribute such shares.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	 	 	 
	Name to appear on
      certificates 	 	Name
  
	 	 	 
	 	 	 
	Address 	 	Address
    
	 	 	 
	 	 	 
	City, State, and Zip
      Code 	 	 
    
	 	 	 
	 	 	 
	  	 	Telephone Number 

DATED at _____________________________, the _______day
of______________, _______.

	 	X 
	 	Signature 
	 	 
	 	(Name and, if applicable, Office) 
	 	 
	 	(Address) 
	 	 
	 	(City, State, and Zip Code) 
	 	 
	 	Fax Number or E-mail Address 
	 	 
	 	Social Security/Tax I.D. No.

- 2 -

SCHEDULE “E”

NOTICE OF CASHLESS EXERCISE

	TO: 	PediatRx Inc. 
	  	405 Trimmer Road, Suite 200 
	  	Califon, New Jersey 07830 

This Notice of Exercise shall constitute a proper Notice of
Exercise pursuant to section 2.8 of the Stock Option Agreement dated August 1,
,2011 (the “Agreement”), between PediatRx Inc. (the “Company”) and the
undersigned. The undersigned hereby elects to exercise the Optionee’s options by
exchanging the Optionee’s options to purchase _________ shares of the common
stock of the Company with _________ shares of the Company’s common stock
pursuant to the Cashless Exercise provision and other terms and conditions set
forth in the Agreement.

The Optionee hereby represents and warrants to the Company that
all representations and warranties set out in the Agreement are true as of the
date of the exercise of the options under the Agreement.

The Optionee hereby further represents and warrants to the
Company that the shares are being purchased only for investment and without
intention to sell or distribute such shares.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	 	 	 
	Name to appear on
      certificates 	 	Name
  
	 	 	 
	 	 	 
	Address 	 	Address
    
	 	 	 
	 	 	 
	City, State, and Zip
      Code 	 	 
    
	 	 	 
	 	 	 
	  	 	Telephone Number 

DATED at _____________________________, the _______day
of______________, _______.

	 	X 
	 	Signature 
	 	 
	 	(Name and, if applicable, Office) 
	 	 
	 	(Address) 
	 	 
	 	(City, State, and Zip Code) 
	 	 
	 	Fax Number or E-mail Address 
	 	 
	 	Social Security/Tax I.D. No.

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