Document:

Unassociated Document

    EMPLOYMENT
      AGREEMENT

     

    AGREEMENT,
      dated as of the 26th
      day of
      June, 2007, by and between Pinpoint Recovery Solutions Corp., a Delaware
      corporation with principal executive offices at 1120 Pinellas Bayway South,
      Suite 208, Tierra Verde, Florida 33715 (the "Company"), and Robert Neuman,
      residing at 9810 Tree Tops Lake Road, Tampa, Florida 33626
      ("Employee").

     

    WHEREAS
      the Company is engaged in the business of obtaining state and federal
      unemployment tax recoveries and related tax refunds for corporate clients (the
      "Business"); and

     

    WHEREAS
      Employee shall serve as Executive Vice President and Chief Operating Officer
      of
      the Company, and Employee and the Company are desirous of formalizing their
      understanding for Employee's employment, all upon the terms and subject to
      the
      conditions hereinafter provided.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements herein
      contained, the parties hereto, intending to be legally bound, agree as
      follows:

     

    1.    Employment.

     

    The
      Company agrees to employ Employee, and Employee agrees to be employed by the
      Company, upon the terms and subject to the conditions of this
      Agreement.

     

    2.    Term.

     

    The
      term
      of this Agreement shall be for a period of five (5) years commencing on the
      date
      hereof (the "Commencement Date") and ending on June 25, 2012, unless sooner
      terminated as hereinafter provided (the "Term").

     

    3.    Duties;
      Best Efforts; Indemnification.

     

    (a) Employee
      shall serve as Executive Vice President and Chief Operating Officer of the
      Company, and shall report directly to the Company’s President or such other
      person or persons as may be designated by the Board of Directors of the Company
      (the "Board"). Employee shall assist the President of the Company in overseeing,
      supervising and managing the day-to-day business, affairs, operations, strategy
      and assets of the Company and perform other normal duties, responsibilities,
      functions and authority associated with the position of Executive Vice President
      and Chief Operating Officer of a corporation comparable to the Company, subject
      in each case to the power and authority of the Board. During the Term, Employee
      shall also have such other powers and duties as may be from time to time
      prescribed by the President and/or the Board or its designees which are
      consistent with Employee's position and duties hereunder.

     

    (b) Employee
      shall perform his duties, responsibilities and functions to the Company to
      the
      best of his abilities and in a manner consistent with the offices of Executive
      Vice President and Chief Operating Officer and shall comply with the lawful
      policies and procedures of the Company. In performing his duties and exercising
      his authority under this Agreement, Employee shall support and implement the
      lawful business and strategic plans approved from time to time by the Board
      and
      shall support and cooperate with the Company's efforts to expand its businesses
      and operate profitably and in conformity with law and the business and strategic
      plans approved by the Board. Employee shall devote all of his business time,
      attention and energies, on a full time and exclusive basis, to the business
      and
      affairs of the Company and shall not during the Term be engaged in any other
      business activities, whether or not such business activities are pursued for
      gain, profit or other pecuniary advantage, without Board consent; provided,
      however, that, it shall not be a

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    violation
      of this Agreement for Employee to (i) serve on corporate, civic or charitable
      boards or committees or (ii) manage passive personal investments, in either
      case
      so long as any such activities do not interfere with the performance of his
      responsibilities as an employee of the Company in accordance with this Agreement
      or adversely affect or negatively reflect upon the Company.

     

    4.    Compensation
      and Benefits.

     

    (a) The
      Company shall pay to Employee a base salary (the "Base Salary") at a rate of
      $160,000 per annum, payable in accordance with the Company's payroll practices
      for its executive employees. The Board will review the Base Salary for possible
      increase not less than annually during the Term.

     

    (b) In
      addition to Base Salary, Employee may, at the discretion of the Board, be
      granted stock options or share appreciation rights under plans adopted by the
      Board for the benefit of the executives and key management personnel of the
      Company.

     

    (c) Employee
      may, at the discretion of the Board, be granted bonus compensation, payable
      in
      accordance with the Company's payroll practices for its executives and key
      management personnel.

     

    (d) Employee
      shall be entitled to participate in or receive benefits under any pension plan,
      health and accident plan or any other employee benefit plan or arrangement
      made
      available now or in the future by the Company to other executives and key
      management personnel of the Company, as determined by the Board.

     

    (e) The
      Company shall promptly pay to Employee the approved reasonable expenses incurred
      by him in the performance of his duties hereunder in accordance with the
      Company's policies in effect from time to time, including, without limitation,
      those incurred in connection with business related travel or entertainment,
      or,
      if such expenses are paid directly by Employee, shall promptly reimburse him
      for
      such payment, provided that Employee provides proper documentation thereof
      in
      accordance with the Company's policy. In addition, the Company shall provide
      Employee, at the Company's expense, with the use of a leased recent model
      automobile of Employee's choosing and the Company shall reimburse Employee
      for
      up to per
      month
      for lease payments incurred in connection with leasing such
      automobile.

     

    (f) Employee
      shall be entitled to paid vacation days in each calendar year determined by
      the
      Company from time to time, but not less than four (4) weeks in any calendar
      year, subject to the Company's vacation policies for its executives and key
      management personnel. Vacation shall be prorated in any calendar year of the
      Term during which Employee is employed hereunder for less than an entire year
      in
      accordance with the number of days in such year during which he is so employed.
      Employee shall also be entitled to all paid holidays given by the Company to
      its
      executives and key management personnel.

     

    (g)
      The
      Company may, at its discretion, subscribe for and maintain, on behalf of the
      Company, life insurance, key-man insurance (which shall be for an amount no
      less
      than $750,000) and long-term disability insurance with respect to Employee,
      in
      such amount and upon such terms or conditions as the Company may deem
      reasonable. Employee shall cooperate with the Company in connection with the
      obtaining of any such policies, including, without limitation, , the submission
      to physical examination and blood testing by a physician or other medical
      professional selected by the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.    Termination.

     

    Employee's
      employment hereunder shall be terminated upon Employee's death or Disability
      or
      Employee's voluntarily leaving the employ of the Company, and may be terminated
      by the Company as follows:

     

    (a)
      For
      Cause. The Company shall have the right to terminate Employee's employment
      for
      "Cause." A termination for "Cause" is a termination evidenced by a resolution
      adopted by the Board finding that Employee has:

     

    (i) engaged
      in negligence or misconduct in connection with or arising out of the performance
      of his duties hereunder that had a detrimental effect on the
      Company;

     

    (ii) been
      under the influence of drugs (other than prescription medicine or other
      medically-related drugs to the extent that they are taken in accordance with
      their directions) or alcohol during the performance of his duties under this
      Agreement, or while under the influence of drugs or alcohol, engaged in
      inappropriate conduct;

     

    (iii) engaged
      in behavior that would constitute grounds for liability for sexual harassment
      (as proscribed by the U.S. Equal Employment Opportunity Commission Guidelines
      or
      any other applicable state regulatory body) or, in the reasonable opinion of
      the
      Board, other egregious conduct violative of laws governing the workplace;
      or

     

    (iv) committed
      any act of fraud, larceny, misappropriation of funds or embezzlement
      or been charged with a felony or a crime of moral depravity; or

     

    (v)
      materially breached any of the provisions of this Agreement (in a manner not
      covered by any of subparagraphs (i) through (iv) if this Section 5(a)) if such
      breach is not cured within twenty (20) days after written notice thereof has
      been given to the Employee by the Company.

     

    (b)
      For
      Disability. The Company shall have the right to terminate Employee's employment
      as a result of Employee's "Disability." For purposes of this Agreement, a
      termination for "Disability" shall be deemed to occur if Employee has been
      unable to substantially perform his duties hereunder for 90 consecutive days
      or
      for 90 days in any 180 day period by reason of any physical or mental illness
      or
      injury.

     

    (c)
      Employee agrees to make himself available and to cooperate in any reasonable
      examination by a reputable independent physician selected by the Company for
      the
      purpose of determining disability pursuant to Section 5(b).

     

    6.    Effect
      of Termination.

     

    (a) Death
      or
      Disability. In the event of the termination of Employee's employment
      as a result of his death or Disability, the Company shall:

     

    (i) pay
      to
      Employee or his estate, as the case may be, the Base Salary plus accrued and
      unpaid bonus, if any, in accordance with Section 4(c) through the date of his
      death or Disability (pro rated for any partial month); and

     

    (ii) reimburse
      Employee, or his estate, as the case may be, for any expenses pursuant to
      Section 4(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
      For
      Cause by the Company, by Employee voluntarily or upon expiration of the Term.
      In
      the event that Employee's employment is terminated by the Company for Cause
      or
      by Employee voluntarily or upon expiration of the Term, the Company
      shall

     

    (i) pay
      to
      Employee the Base Salary plus accrued and unpaid bonus, if any, in accordance
      with Section 4(c) through the date of such termination (pro rated for any
      partial month); and

     

    (ii) reimburse
      Employee for any expenses pursuant to Section 4(e);

     

    and
      Employee shall have no further entitlement to any other compensation or benefits
      from the Company, except as set forth herein.

     

    (c)
      Other
      than as a result of Employee's death, Disability or voluntary resignation or
      by
      the Company for Cause. In the event that Employee's employment is terminated
      other than by reason of his death or Disability, or by Employee voluntarily,
      upon expiration of the Term, or for Cause, then, subject to receipt of a release
      (the "Release") of the Company and its directors, officers and employees and
      their respective successors and assigns of claims of Employee against them
      arising out of or by reason of his termination of employment hereunder, the
      Company shall:

     

    (i) pay
      to
      Employee the Base Salary plus accrued and unpaid bonus, if any, in accordance
      with Section 4(c) through the date of such termination (pro rated for any
      partial month);

     

    (ii) reimburse
      Employee for any expenses pursuant to Section 4(e);

     

    and

     

    (iii)
      pay
      Employee the Base Salary plus benefits in accordance with Section 4(d), for
      a
      period commencing on the thirtieth day after receipt by the Company of the
      Release and ending on the earlier to occur of (A) the last day of the Term
      (as
      if such termination had not occurred) or (B) the date that shall be seven (7)
      months after the date of receipt of the Release, provided, that all such
      payments shall be payable in accordance with the Company's normal payroll
      practices for its executives and key management personnel.

     

    (d)
      This
      Section 6 sets forth the only obligations of the Company with respect to the
      termination of Employee's employment with the Company, and Employee acknowledges
      that upon the termination of his employment, he shall not be entitled to any
      payments or benefits which are not explicitly provided in this Agreement. Except
      as set forth in section 6(c)(iii) above, any and all payments to Employee or
      his
      estate, as the case may be, of the Base Salary plus accrued and unpaid bonus,
      if
      any, and accrued and unpaid expenses, if any, shall be paid within fifteen
      (15)
      days of the termination of Employee's employment.

     

    7.    Covenant
      Regarding Innovations and Copyrights.

     

    (a)
      Employee hereby acknowledges that all Innovations (as defined below) created
      by
      Employee (either working alone or as part of a group) that are used, useful
      or
      useable in connection with the Business or future business of the Company which
      (i) were or will be made using equipment, supplies, facilities or trade secret
      information of the Company, or (ii) were or will be developed at least in part
      on the Company's time, or (iii) relate at the time of conception or reduction
      to
      practice thereof either to the Business or the future business of the Company
      or
      to the Company's actual or demonstrably anticipated research or development,
      or
      (iv) result from any work that Employee performs or performed for the Company,
      were created

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    at
      the
      request of the Company pursuant to this Agreement or other arrangement (written
      or unwritten) between the Company and Employee. The term "Innovations" shall
      include all of the results and proceeds of Employee's. services under this
      Agreement, whether patentable, copyrightable, subject to trademark registration,
      or not, written, created, developed or produced by Employee (either working
      alone or as part of a group).

     

    (b) Employee
      hereby acknowledges that the Innovations were specifically ordered or
      commissioned by the Company. Employee hereby irrevocably assigns to the Company
      all right, title and interest in and to all Innovations and other intellectual
      property derived therefrom, such assignment to be effective when first capable
      of being so assigned, transferred or vested. To the extent that any Innovation
      is or shall be a copyrightable work, Employee agrees that such Innovation
      constitutes and shall constitute a work-made-for-hire as defined in the United
      States Copyright Act of 1976; that the Company is and shall be the author of
      said work-made-for hire and the owner of all rights in and to such Innovation
      throughout the world, in perpetuity and in all languages, for all now known
      or
      hereafter existing uses, media and forms, including, without limitation, the
      copyrights therein and thereto throughout the world for the initial term and
      any
      and all extensions and renewals thereof; and that the Company or its designees
      shall have the right to make such changes therein and such uses thereof as
      it
      may deem necessary or desirable. To the extent that such copyrightable
      Innovation is not recognized as a work-made-for-hire, Employee hereby
      irrevocably assigns, transfers and conveys to the Company or its designees,
      without reservation, all of his right, title and interest throughout the world
      in perpetuity in such Innovation, including, without limitation, all rights
      of
      copyright and copyright renewal in such Innovation or any part thereof, and
      all
      rights to exclusively or non-exclusively license or sublicense the
      foregoing.

     

    (c) By
      execution hereof, Employee hereby irrevocably constitutes and appoints the
      Company or its designee with full power of substitution, to be Employee's true
      and lawful attorney to execute, acknowledge, swear and file all instruments
      and
      documents, and to take any action which shall be deemed necessary, appropriate
      or desirable to effectuate the terms of this Section 7. The powers of attorney
      granted herein shall be deemed to be coupled with an interest and shall be
      irrevocable and survive the occurrence of Employee's death, disability or
      bankruptcy.

     

    8.    Protection
      of Confidential Information.

     

    Employee
      acknowledges and agrees that he will not divulge to anyone (other than the
      Company and its affiliates or any persons employed or designated by the Company
      or in connection with the Employee's duties hereunder) any knowledge or
      information of any type whatsoever of a confidential nature relating to the
      business of the Company, its clients or any of its affiliates, including,
      without limitation, all types of trade secrets (unless readily ascertainable
      from public or published information or trade sources). Employee further agrees
      not to disclose, publish or make use of any knowledge or information of a
      confidential nature without prior written consent of the Company. The provisions
      of this Section 8 shall apply both during the time that Employee is employed
      by
      the Company and thereafter.

     

    9.    Restriction
      of Competition; Interference; and Non-Solicitation.

     

    (a)
      As a
      significant inducement to the Company to enter into and perform its obligations
      under this Agreement, during the Term and until the first anniversary of the
      termination or expiration of the Term or any extension hereof, Employee will
      not, for any reason, either directly or indirectly, alone or in association
      with
      others:

     

    (i) 
      solicit, or permit any person or entity directly or indirectly to solicit,
      any individual who at the time of the solicitation is, or who within the one
      (1)
      year

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    period
      prior to such solicitation was, an employee of the Company to leave the employ
      of the Company or terminate his or her employment relationship with the Company,
      or hire or attempt to hire or induce, any employee or employees of the Company
      to terminate their employment with, or otherwise cease their relationship with,
      the Company;

     

    (ii) solicit,
      divert or take away, or attempt to divert or to take away, the business or
      patronage of any of the clients, customers, vendors or accounts, or prospective
      clients, customers, vendors or accounts of the Company;

     

    (iii) engage,
      or assist others in organizing or engaging, any place in the United States
      in
      any business which offers, promotes, develops, or engages in services that
      are
      competitive with the Business, or products or services which are marketed or
      under active development by the Company during the Term (a "Competing
      Business"), whether such engagement shall be as a director, officer, employee,
      consultant, advisor, agent, lender, guarantor, surety, investor, promoter,
      stockholder, shareholder, partner, member or other owner, affiliate or other
      participant in any Competing Business, or allow Employee's name to be used
      in
      connection with a Competing Business, provided that Employee shall not be deemed
      to engage in a Competing Business solely by reason of passive ownership of
      less
      than 5% of the outstanding stock of any publicly traded entity;

     

    (iv) assist
      others in organizing or engaging in any Competing Business in any capacity
      or
      manner described in clause (iii) above;

     

    (v) induce
      any client, customer, vendor, agent or other person or entity with whom or
      which
      the Company has a business relationship, contractual or otherwise, to terminate
      or alter such business relationship; or

     

    (vi)
      take
      any action reasonably likely to cause injury to the relationship between the
      Company or any of its respective employees and any client, lessor, lessee,
      vendor, supplier, customer, distributor, employee, consultant or other business
      associate of the Company or any of its affiliates as such relationship relates
      to the Company's conduct of business.

     

    (b)
      In
      addition, neither during the Term nor at any time thereafter shall Employee
      disparage the Company, any director, officer, employee or shareholder of the
      Company, or any affiliate of any such director, officer, employee or shareholder
      of the Company by making (or causing others to make) any oral or written
      statements or representations that could reasonably be construed to be a false
      and misleading statement of fact or a libelous, slanderous or disparaging
      statement of or concerning any of the aforementioned persons.

     

    10.    Specific
      Remedies.

     

    (a)
      It is
      understood by Employee and the Company that the covenants contained in this
      Section 10 and in Sections 7, 8 and 9 hereof are essential elements of this
      Agreement and that, but for the agreement of Employee to comply with such
      covenants, the Company would not have agreed to enter into this Agreement.
      The
      Company and Employee have independently consulted with their respective counsel
      and have been advised concerning the reasonableness and propriety of such
      covenants with specific regard to the nature of the business conducted by the
      Company and all interests of the Company. Employee agrees that the covenants
      of
      Sections 7, 8 and 9 are reasonable and valid. If Employee commits a breach
      of
      any of the provisions of Sections 7, 8 or 9 hereof, such breach shall be deemed
      to be grounds for termination for Cause. In addition, notwithstanding the
      provisions of Sections 8 and 9, Employee acknowledges that the Company will
      have
      no adequate remedy at law if he violates

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    any
      of
      the terms hereof. Employee therefore understands and agrees that the Company
      shall have without prejudice as to any other remedies:

     

    (i) the
      right
      upon application to any court of proper jurisdiction to a temporary restraining
      order, preliminary injunction, injunction, specific performance or other
      equitable relief; and

     

    (ii) the
      right
      to apply to any court of proper jurisdiction, to require Employee to account
      for
      and pay over all compensation, profits, monies, accruals, increments and other
      benefits (collectively the "Benefits") derived or received by Employee as a
      result of any transaction constituting a breach of any of the provisions of
      Sections 8 or 9, and, if a court so orders, Employee hereby agrees to account
      for and pay over such Benefits to the Company.

     

    11.    Independence;
      Severability and Non-Exclusivity.

     

    Each
      of
      the rights enumerated in Sections 7, 8 or 9 hereof and the remedies enumerated
      in Section 10 hereof shall be independent of the others and shall be in addition
      to and not in lieu of any other rights and remedies available to the Company
      at
      law or in equity. If any provision of this Agreement, or any part of any of
      them, is hereafter construed or adjudicated to be invalid or unenforceable,
      the
      same shall not affect the remainder of the covenants or rights or remedies
      which
      shall be given full effect without regard to the invalid portions. If any
      covenant set forth herein is held to be invalid or unenforceable because of
      the
      duration of such provision or the area covered thereby, the parties agree that
      the court making such determination shall have the power to reduce the duration
      and/or area of such provision and in its reduced form said provision shall
      then
      be enforceable. No such holding of invalidity or unenforceability in one
      jurisdiction shall bar or in any way affect the Company's right to the relief
      provided in Section 10 or otherwise in the court of any other state or
      jurisdiction within the geographical scope of such covenants as to breaches
      of
      such covenants in such other respective states or jurisdictions, such covenants
      being, for this purpose, severable into diverse and independent
      covenants.

     

    12.    Conflicting
      Agreements.

     

    Employee
      hereby represents that he is not bound by the terms of any agreement with any
      previous employer, or with any other party, that would impair his right or
      ability to enter the employ of the Company or perform fully his obligations
      pursuant to this Agreement. Employee further represents and warrants that his
      performance of all the terms of this Agreement and as an executive of the
      Company does not and will not breach any agreement to keep in confidence
      proprietary information, knowledge or data acquired by him in confidence or
      in
      trust prior to his employment with the Company.

     

    13.    Successors;
      Binding Agreement.

     

    This
      Agreement is personal to Employee and without the prior written consent of
      the
      Company shall not be assignable by Employee otherwise than by will or the laws
      of descent and distribution. The Company shall be permitted to freely assign
      its
      rights, interests and obligations to any parent, subsidiary or affiliate, or
      to
      any other third party, which acquires all or substantially all of the stock
      or
      assets of the Company. This Agreement shall inure to the benefit of and be
      enforceable by Employee's legal representatives.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    14.    Notices.

     

    Any
      notice or other communications required or permitted hereunder shall be in
      writing and shall be deemed effective (i) upon personal delivery, if delivered
      by hand and followed by notice by mail or facsimile transmission, (ii) three
      (3)
      days after the date of deposit in the mails, if mailed by certified or
      registered mail (return receipt requested), or (iii) on the next business day,
      if mailed by an overnight mail service to the parties or sent by facsimile
      transmission,

     

    To
      the
      Company:

     

    Pinpoint
      Recovery Solutions Corp. 

    30
      East
      81st Street, Suite 11E 

    New
      York,
      NY 10028

    Attention:
      Andrew Scott

    Facsimile
      No.: (212) 895-3783

     

    with
      copies to:

     

    Katten
      Muchin Rosenman LLP 

    575
      Madison Avenue

    New
      York,
      New York 10022-2585 

    Attention:
      Howard S. Jacobs, Esq. 

    Facsimile
      No.: (212) 894-5505

     

    To
      Employee:

     

    Robert
      Neuman

    9810
      Tree
      Tops Lake Road 

    Tampa,
      Florida 33626

    Facsimile:

     

    with
      copies to:

     

    Johnson,
      Pope, Bokor, Ruppel & Bums LLP 

    911
      Chestnut Street

    Clearwater,
      FL 33756

    Attention:
      Charlie Neal, Esq.

    Fax:
      (727) 420-0365

    

    or
      at
      such other address or telecopy number (or other similar number) as either party
      may from time to time specify to the other. Any notice, consent or other
      communication required or permitted to be given hereunder shall have been deemed
      to be given on the date of mailing, personal delivery or telecopy or other
      similar means (provided the appropriate answer back is received) thereof and
      shall be conclusively presumed to have been received on the second business
      day
      following the date of mailing or, in the case of personal delivery or telecopy
      or other similar means, the day of delivery thereof, except that a change of
      address shall not be effective until actually received.

     

    15.    Headings.

     

    The
      headings of this Agreement are for convenience of reference only and shall
      not
      affect in any manner any of the terms and conditions hereof

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    16.    Acts
      and Documents.

     

    The
      parties agree to do, sign and execute all acts, deeds, documents and corporate
      proceedings necessary or desirable to give full force and effect to this
      Agreement.

     

    17.    Counterparts.

     

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

     

    18.    Modifications
      and Waivers.

     

    No
      term,
      provision or condition of this Agreement may be modified or discharged unless
      such modification or discharge is authorized by the Board of Directors of the
      Company and is agreed to in writing and signed by Employee. No waiver by either
      party hereto of any breach by the other party hereto of any term, provision
      or
      condition of this Agreement to be performed by such other party shall be deemed
      a waiver of similar or dissimilar provisions or conditions at the same or at
      any
      prior or subsequent time.

     

    19.    Entire
      Agreement.

     

    This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter herein and supersedes all prior agreements, negotiations
      and
      discussions between the parties hereto, there being no extraneous agreements.
      This Agreement may be amended only in writing executed by the parties hereto
      affected by such amendment.

     

    20.    Law
      Governing.

     

    Except
      as
      otherwise explicitly noted, this Agreement shall be governed by and construed
      in
      accordance with the laws of the State of New York (without giving effect to
      the
      principles of conflicts of law).

     

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
      on
      the day and year set forth above.

     

     

    
      
        

      

    

    Robert
      Neuman

     

     

    PINPOINT
      RECOVERY SOLUTIONS CORP.

     

     

    By:
      
      
        

      

    

    Name:

    Title:Pinpoint
      Recovery Solutions Corp.

    4350
      W.
      Cypress Street

    Tampa,
      FL
      33607

     

    October
      26, 2007

     

    Mr.
      Jon
      Leslie

    43
      Greenacres Avenue

    Scarsdale,
      New York 10583

     

    Re:           
      Employment
      Agreement

     

    Dear
      Mr.
      Leslie:

     

    This
      letter confirms our understanding with respect to your employment by Pinpoint
      Recovery Solutions Corp. (“Pinpoint”) as Pinpoint’s chief financial officer. In
      such capacity, you shall report directly to Pinpoint’s chief executive officer
      or to such other
      person as the chief executive officer or the board of directors of Pinpoint
      shall determine
      to be appropriate.

     

    You
      will
      initially be employed for the period beginning as of November 1, 2007 and ending
      on January 31, 2008 (the “Initial Term”). During the Initial Term, you will be
expected
      to devote such amount of time to Pinpoint’s affairs as is necessary to properly
      perform the services expected in exchange for your services as chief financial
      officer of Pinpoint,
      and you shall be paid at the rate of $8,333 per month in accordance with
      Pinpoint’s customary compensation policies, but in any event not less frequently
      than twice monthly. During the Initial Term you will not be eligible for or
      provided with medical,
      dental or any other benefits other than reimbursement in accordance with
company
      policy of expenses incurred on behalf of Pinpoint

     

    If
      at the
      end of the Initial Term you continue to serve as Pinpoint’s chief financial
officer,
      unless otherwise agreed and set forth in a written agreement, you will be paid
      an annual
      salary of $140,000, be granted options to purchase up to an aggregate of 25,000
      shares of Pinpoint’s common stock at an exercise price per share of $3.00,
      subject to applicable
      law and the terms of Pinpoint’s stock option plan then in effect and otherwise
as
      the
      board of directors may determine, and be eligible to participate in such
      medical, dental
      and other benefit plans as are made available to Pinpoint’s executive
      officers.

     

    Unless
      otherwise agreed in writing, your employment by Pinpoint both during the
Initial
      Term and thereafter shall be on an at-will basis and, accordingly, nothing
      in
      this letter
      shall entitle you to employment by Pinpoint either during the Initial Term
      or
thereafter.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      parties hereto hereby irrevocably agree to the exclusive venue and personal
      and
      subject matter jurisdiction of the federal and state courts sitting in the
      County of New York,
      State of New York, hereby waive any right they may have to a jury trial and
      any
claim
      of
      inconvenient forum, and hereby consent to receiving service of process by U.S.
      mail
      or
      overnight courier to their respective addresses set forth above. This letter
      agreement: (i) sets forth the entire agreement of the parties hereto with
      respect to its subject
      matter and supersedes any and all other prior and contemporaneous agreements.
      express
      or implied, written or oral, and may not be assigned by either party without
      the
prior
      written consent of the other; (ii) may be amended, and any term or condition
      hereof waived,
      only in a writing signed by the party to be held thereto; (iii) shall be
      governed by the
      laws
      of the State of New York without giving effect to its conflicts of laws
provisions;
      (iv) shall inure to the benefit of and be enforceable by the heirs, executors,
      administrators,
      legal representatives, successors, and permitted assigns of the parties
hereto;
      and (v) is for the benefit of the parties hereto alone and no other person
      shall
      have any
      rights. interest or claims hereunder or be entitled to any benefits under or
      on
      account of this
      Agreement as a third party beneficiary or otherwise.

     

    Since
      you
      will be serving as an executive officer of Pinpoint and may serve in a
similar
      capacity for other entities owned by Pinpoint, Pinpoint will (a) indemnify’ you
      to the fullest extent permitted under Delaware law, (b) advance all expenses
      incurred by you in defending any action or proceeding to which you become a
      party by reason of the fact that
      you
      were or arc a director or officer of Pinpoint or any such other company to
      the
fullest
      extent permitted under Delaware law, and (c) purchase and maintain for the
      benefit
      of executive directors and officers of Pinpoint liability insurance policies
      and
errors
      and omissions insurance policies in reasonable amounts from established and
      reputable
      insurers

     

    If
      this
      letter accurately sets forth your agreement with Pinpoint with respect to your
      employment by Pinpoint, kindly indicate by signing below and returning one
      (1)
original
      to Pinpoint at the address above.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              PINPOINT
                RECOVERY SOLUTIONS CORP.

            
	 	 
	 	
              By:

            	                         
                    
	
               

            	 	
              Kevin
                Cappock, President

            

    

     

    
      	
              Agreed
                to by: 

            	
                                              
                

            	 
	
               

            	
              Jon
                D. Leslie

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