Document:

rsg_ex108.htm

    Exhibit 10.8

     

    STOCK ACQUISITION
AGREEMENT

    

    
      	
              DATE:

            	
              May
      17, 2007

            

    

    

    
      	
              BETWEEN:

            	
              The
      Resourcing Solutions Group, Inc. a Nevada
  corporation

            

    

    
      	
               

            	
              7621
      Little Ave., Suite 101

            

    

    
      	
               

            	
              Charlotte,
      NC 28226

            	
              (“TRSG”)

            

    

    

    
      	
              AND:

            	
              Michael
      Peterson and Antoinette Peterson, owners of all of the issued and
      outstanding shares of common stock of World Wide Personnel Services of
      Virginia, Inc., a Virginia
corporation

            

    

    
      	
               

            	
              (“Peterson”)

            

    

    

    RECITALS

    

    A.           Peterson
owns 100%  of the issued and outstanding shares (“Peterson Shares”) of World
Wide Personnel Services of Virginia,  Inc., a Virginia corporation,
which operates a professional services organization in the State of Virginia
(“ World
Wide”).

    

    B.           TRSG
desires to acquire the Peterson Shares and Peterson desires to sell the Peterson
Shares to TRSG, pursuant to the terms and conditions of this Agreement.

    

    NOW, THEREFORE, in
consideration of the mutual promises and agreements set forth herein, the
parties hereto do hereby  agree as follows:

    

    AGREEMENT

    

    1.           Effective Date    The effective date of
this Agreement shall be June 1, 2007. (“Effective Date”).

    

    2.           Purchase of Peterson
Shares.    At the Closing, as
defined in Section 8 of this Agreement, Peterson shall assign, transfer and
deliver to TRSG the Peterson Shares. The purchase price of the Peterson Shares
shall be $200,000.00
(“Purchase Price”).  The Purchase Price shall be paid by TRSG
in the form of its convertible promissory note in the form attached hereto as
Exhibit “A” (“TRSG
Note”). The assignment, transfer, and delivery by Peterson of the
Peterson Shares to TRSG shall be effected on the Closing Date by Peterson’s
execution and delivery of documents and instruments necessary to assign,
transfer, and deliver the Peterson Shares, free and clear of any and all liens,
encumbrances, security interests, claims and other restrictions or charges of
any kind whatsoever in exchange for the delivery to Peterson of the TRSG
Note.

    

    
      
        
        

      

      
        Page 1 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    3.           Due Diligence Review    TRSG and
Peterson shall permit their respective employees, agents, accountants, legal
counsel and other representatives to have access to each
others  books, records, employees, counsel, accountants, and other
representatives at all reasonable times for the purpose of conducting their
respective due diligence investigation. Each party will make available to the
other for examination and reproduction all documents and data of every kind and
character relating to this Agreement and the transactions contemplated hereby,
in possession or control of, or subject to reasonable access by either
party.  All such due diligence investigation shall be completed and
each party shall notify the other in writing of the satisfaction or removal of
this due diligence review condition within thirty (30) days of the Effective
Date. Upon mutual agreement of the parties, additional time may be allowed to
complete such due diligence investigation. Should a party (“Reviewing Party”) become
aware of any information during its due diligence investigation which, in the
opinion of the Reviewing Party,  could have material adverse impact on
this Agreement and/or the transactions contemplated hereby, the Reviewing Party
shall immediately notify the other party (“Receiving Party”) in writing
of such information and the concerns which such information has
caused.  The Receiving Party shall have a reasonable time to respond
to those concerns. In the event that the concerns cannot be resolved to the
satisfaction of the Reviewing Party,  the Reviewing
Party  shall have the right to terminate this Agreement without
further liability hereunder. Each party shall bear the costs and expenses of its
own due diligence investigation hereunder, including the fees and expenses of
professional advisors.

    

    4.           Conduct of Business; Interim
Operations    Pending the Closing
of this Agreement and the transactions contemplated thereby, Peterson shall use
their best efforts to conduct the business of World Wide in a reasonable and
prudent manner in accordance with its past practices, to preserve its existing
business organizations and relationships with its employees, customers, clients
and others with whom it has a business relationship, to preserve and protect its
properties, and to conduct its business in compliance with applicable laws and
regulations. Without the prior written consent of TRSG, World Wide shall
not:

    

    (a)           merge
into or with or consolidate with, any other corporation;

    

    (b)           amend
its articles of incorporation or bylaws;

    

    (c)           issue
any capital stock or other securities, or grant or enter into any agreement to
grant, any options, convertible rights, warrants, calls,
or  agreements relating to its securities;

    

    (d)           enter
into, or terminate, any material agreement;

    

    (e)           engage
in any one or more activities or transactions outside the ordinary course of
business;

    

    (f)           enter
into any transaction or make any commitment which could result in any
of  the warranties and representations of Peterson contained in this
Agreement not being true and correct after the occurrence of
such  transaction or event.

    

    

    
      
        
        

      

      
        Page 2 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    5.           Warranties and Representations of
Peterson    Peterson warrants and
represents to TRSG, as of the date hereof, as follows:

    

    (a)           World
Wide Personnel Services of Virginia, Inc. is a corporation duly organized under
the laws of the State of Virginia, validly existing and in good standing,
authorized to exercise all its corporate powers, rights and privilege
and  has the corporate power and authority to own and operate its
properties and to carry on its business as now conducted.

    

    (b)           Peterson
has all requisite legal and corporate power to execute and deliver this
Agreement, consummate the transactions contemplated hereby and perform its
obligations hereunder.

    

    (c)           All
corporate action on the part of World Wide necessary for the authorization,
execution, delivery and performance of all obligations under this Agreement will
be taken and this Agreement constitutes a legal, valid and binding
obligation  enforceable according to its terms.

    

    (d)           Peterson
has, and will have at Closing, legal and beneficial ownership of Peterson
Shares, free and clear of any and all liens and encumbrances or other
restrictions or limitations and has, and will have at Closing, all required
legal and corporate power to transfer and convey Peterson Shares to
TRSG.

    

    (e)           There
are no claims, actions, suits, investigations or proceedings against Peterson or
World Wide pending or, to the knowledge of Peterson, threatened in any court or
before or by any governmental authority, or before any arbitrator, that might
have an adverse effect on World Wide or Peterson Shares, and to the knowledge of
Peterson, there is no basis for any such claim., action, suit, investigation or
proceeding that is likely to result in a judgment, decree or order having an
adverse effect on World Wide or Peterson Shares. Peterson and World Wide are not
in default under, and no condition exists that would (i) constitute a default
under, or breach or violation of, any legal requirement, permit or contract
applicable to Peterson or World Wide, or (ii) accelerate or permit the
acceleration of the performance required under, or give any party the right, to
terminate any contract other than the lawsuit filed by PML North America, LLC in
U. S. District Court for the Eastern District of Michigan  (Case No.
06-cv-14447).

    

    (f)           No
suit, action or other proceeding is pending or, or to the knowledge of Peterson,
threatened before any governmental authority seeking to restrain Peterson or
prohibit its entry into this Agreement or prohibit the Closing, or seeking
damages against Peterson or World Wide as a result of the consummation of this
Agreement other than the lawsuit filed by PML North America, LLC in U. S.
District Court for the Eastern District of Michigan. (Case No.
06-cv-14447).

    

    (g)           Neither
the execution and delivery of this Agreement nor the carrying out of any of the
transactions contemplated hereby will:

     

    
      
        
        

      

      
        Page 3 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    
 

    
      	
               

            	
              i.

            	
              violate
      or conflict with any of the terms and conditions or provisions of the
      articles of incorporation or bylaws of World
  Wide;

            

    

    

    
      	
               

            	
              ii.

            	
              violate
      any legal requirement applicable to Peterson or World
  Wide;

            

    

    

    
      	
               

            	
              iii.

            	
              violate,
      conflict with, result in a breach of, constitute a default under, or
      accelerate or permit the acceleration of the performance required by, or
      give any other party the right to terminate, any contract or permit
      applicable to Peterson or World
Wide;

            

    

    

    
      	
               

            	
              iv.

            	
              result
      in the creation of any lien, charge or other encumbrance on  any
      property of Peterson or World Wide other than as provided for herein;
      or

            

    

    

    
      	
               

            	
              v.

            	
              require
      Peterson or World Wide to obtain or make any waiver, consent, action,
      approval or authorization of, or registration, declaration, notice or
      filing with, any private non-governmental third party or any governmental
      authority.

            

    

    

     

    7.           Warranties and
Representationsof
TRSG           TRSG
warrants and represents to Peterson as follows:

    

    (a)           TRSG
is a corporation duly organized under the laws of the State of Nevada, validly
existing and in good standing, is authorized to exercise all its corporate
powers, rights and privileges and has the corporate power and authority to own
and operate its properties and to carry on its businesses as now
conducted.

    

    (b)           TRSG
has all requisite legal and corporate power to execute and deliver this
Agreement, consummate the transactions contemplated hereby and perform its
obligations hereunder.

     

    (c)           All
corporate action on TRSG’s part necessary for the authorization, execution,
delivery and performance of all obligations under this Agreement and for the
issuance and delivery of the TRSG Note will be taken, and this Agreement
constitutes a legal, valid and binding obligation of TRSG enforceable according
to its terms.

    

    (d)           Neither
the execution and delivery of this Agreement nor the carrying out of any of the
transactions contemplated hereby will:

    

    
      	
               

            	
              i.

            	
              violate
      or conflict with any of the terms and conditions or provisions of the
      articles of incorporation or bylaws of
TRSG;

            

    

    

    
      	
               

            	
              ii.

            	
              violate
      any legal requirement applicable to
TRSG;

            

    

     

    
      
        
        

      

      
        Page 4 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              iii.

            	
              violate,
      conflict with, result in a breach of, constitute a default under, or
      accelerate or permit the acceleration of the performance required by, or
      give any other party the right to terminate, any contract or permit
      applicable to TRSG;

            

    

    

    
      	
               

            	
              iv.

            	
              result
      in the creation of any lien, charge or other encumbrance on  any
      property of TRSG; or

            

    

    

    
      	
               

            	
              v.

            	
              require
      TRSG to obtain or make any waiver, consent, action, approval or
      authorization of, or registration, declaration, notice or filing with, any
      private non-governmental third party or any governmental
      authority.

            

    

    

    

    (e)           The
TRSG Note, when issued and delivered in accordance with the terms of this
Agreement and for the consideration expressed herein, shall be duly and validly
issued.

    

    (f)           No
suit, action or other proceeding is pending or, to TRSG’s best knowledge,
threatened before any governmental authority seeking to restrain TRSG or
prohibit entry into this Agreement or prohibit the Closing, or seeking damages
against TRSG or its properties as a result of the consummation of this
Agreement.

    

    7.           Covenants.

     

    7.1           Approval of Directors    Prior to the
effective date of this Agreement, TRSG and World Wide, to the extent required,
shall each hold a special meeting of their respective Boards of Directors to
approve the Agreement and the transactions contemplated thereby.

     

    7.2           Third Party Consents    TRSG and
Peterson each agree to use their respective best efforts to obtain, as soon as
reasonably practicable, all permits, authorizations, consents, waivers and
approvals from third parties or governmental authorities necessary to consummate
this Agreement and the transactions contemplated hereby.

     

    8.           Closing    Subject to the
satisfaction of the conditions set forth in Section 9 and Section 10 of this
Agreement, the closing of the transactions contemplated hereby (“Closing”) shall be held at
Charlotte, North Carolina. The date upon which the Closing occurs is hereinafter
referred to as the “Closing Date”. If by the close of business on June 1,
2007, Closing has not
occurred, then either party hereto may terminate this Agreement by written
notice to such effect to the other party without liability to any other party to
this Agreement unless the reason for the Closing having not occurred is (i) such party’s willful
breach of this Agreement, or (ii) , if all of the conditions to such party’s
obligations set forth in Section 10 and Section 11 of this Agreement have been satisfied or
waived in writing by the date scheduled for the Closing, the failure of such
party to perform its obligations under this Agreement on such date.
However,  any termination pursuant to this Section 9 shall not relieve
any party hereto who was responsible for Closing having not occurred of
liability for such party’s willful breach of this Agreement or the failure of
such party to perform its obligations under this Section 9 on such date.

     

    
      
        
        

      

      
        Page 5 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    9.           Conditions to Obligations of
TRSG    The obligations of
TRSG to carry out the transactions contemplated by this Agreement are subject,
at the option of the TRSG, to the satisfaction, or waiver by TRSG, of the
following conditions:

     

    (a)           All
warranties and representations of Peterson contained in this Agreement shall be
true and correct in all material respects as of the Closing and Peterson shall
have performed and satisfied in all material respects all agreements and
covenants required by this Agreement to be performed or satisfied by it at or
prior to the Closing.

     

    (b)           As
of the Closing Date, no suit, action, or other proceeding, shall be pending or
threatened before any court or governmental agency seeking to restrain TRSG or
prohibit the Closing or seeking damages against TRSG or Peterson or World Wide
as a result of the consummation of this Agreement.

     

    (c)           Since
the date of this Agreement and up to and including the Closing there have not
been:

     

    
      	
               

            	
              i.

            	
              any
      changes in the business, operations, prospects or financial condition of
      World Wide that had or might have a material adverse effect on World Wide;
      or

            

    

     

    
      	
               

            	
              ii.

            	
              any
      damage, destruction or loss to World Wide that had or might have an
      adverse effect on World Wide or Peterson
Shares.

            

    

     

    (d)           Peterson
shall have furnished TRSG with a copy of all necessary corporate action on its
behalf approving Peterson’s execution, delivery and performance of this
Agreement.

     

    (e)           TRSG
shall have completed its due diligence investigation and the results thereof
have not revealed that any of the warranties and representations of Peterson set
forth herein are untrue or incorrect in any respect or otherwise unsatisfactory
to TRSG or that exceptions, if any, have been resolved to the satisfaction of
TRSG.

     

    (f)           TRSG
shall have received written evidence, in form and substance satisfactory to it,
of the consent to the transactions contemplated by this Agreement of all
governmental and private third parties where the absence of any such consent
would result in a violation of law or breach or default under any agreement to
which Peterson is a party.

     

    10.           Conditions to Obligations of
Peterson    The obligations of
Peterson to carry out the transactions contemplated by this Agreement are
subject, at the option of the Peterson, to the satisfaction or waiver by
Peterson, of the following conditions:

     

    
      
        
        

      

      
        Page 6 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    (a)           TRSG
shall have furnished Peterson with copies of all necessary corporate action on
its behalf approving the execution, delivery and performance of this
Agreement.

     

    (b)           All
warranties and representations of TRSG contained in this Agreement shall be true
and correct in all material respects as of the Closing and TRSG shall have
performed and satisfied in all material respects all agreements and covenants
required by this Agreement to be performed or satisfied by it at or prior to the
Closing.

     

    (c)           As
of the Closing Date, no suit, action, or other proceeding, shall be pending or
threatened before any court or governmental agency seeking to restrain Peterson
or World Wide or prohibit the Closing or seeking damages against TRSG or
Peterson or World Wide as a result of the consummation of this
Agreement.

     

    11.           Indemnification    Peterson agrees to
indemnify and hold harmless TRSG from and against any and all damages,
liabilities, obligations, penalties, fines, judgments, claims, deficiencies,
losses, costs, expenses and assessments arising out of, resulting from or in any
way related to (a) a breach of, or failure to perform or satisfy any of, the
warranties and representations, covenants and agreements made by Peterson in
this Agreement or in any document or certificate delivered by Peterson at the
Closing, or (b) the existence of any liabilities or obligations of World Wide
other than those disclosed in Schedule 13 attached hereto.

     

    12.           Notices    All notice, consents,
waivers and other communications required or permitted by this Agreement shall
be in writing and shall be deemed given to a party when (a) delivered to the
appropriate address by hand or by nationally recognized overnight courier
service, with costs prepaid; (b) sent by facsimile or e-mail with confirmation
of transmission by the transmitting equipment; or (c) sent by certified mail,
return receipt requested, in each case to the following addresses, facsimile
numbers or e-mail addresses and marked to the attention of the person designated
below:

     

    To TRSG:

     

    Gary Musselman

    7621 Little Ave., Suite
101

    Charlotte,
NC 28226

    Facsimile: (704) 501-5651

    E-mail: Gmusselman@asmarahr.com

     

     

    
      
        
        

      

      
        Page 7 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    To: Peterson:

     

    Michael Peterson or Antoinette
Peterson

    163 Creekside Lane

    Winchester, VA 22602

    Facsimile: (540) 667-1984

    E-Mail:
Tpeterson@asmarahr.com

    Toni@worldwideps.com

     

    13.           Expenses    Each party shall bear
the costs and expenses of its own fees and expenses of professional advisors and
other costs relating to this Agreement.

     

    14.           Arbitration Required/Mediation First
Option.    Any dispute or claim
that arises out of or that relates to this agreement, or to the interpretation
or breach thereof, or to the existence, scope, or validity of this agreement or
the arbitration agreement, shall be resolved by arbitration in accordance with
the then effective arbitration rules of American Arbitration Association.
Judgment upon the award rendered pursuant to such arbitration may be entered in
any court having jurisdiction thereof.  The parties acknowledge that
mediation usually helps parties to settle their dispute.  Therefore,
any party may propose mediation whenever appropriate through the
organization  named above or any other mediation process or mediator
as the parties may agree upon.

     

    15.           Binding Effect    This Agreement
shall  be binding upon and inure to the benefit of the parties hereto
and their respective  successors and assigns; but neither this
Agreement nor any of the rights, benefits or obligations hereunder shall be
assigned, by operation of law or otherwise, by either party hereto without the
prior written consent of the other party, which approval shall not be
unreasonably withheld.

     

    16.           Survival of Warranties and
Representations    The warranties and
Representations of the parties as  set forth in this Agreement are the
exclusive warranties and representations of the parties. All warranties and
representations, covenants and agreements by the parties to this Agreement shall
expressly survive the Closing.

     

    17.           Governing Law    This Agreement and
the documents and instruments delivered pursuant hereto shall be governed by and
construed in accordance with the laws of the State of North Carolina. Each party
hereto irrevocably submits to the jurisdiction of the court of the State of
North Carolina, in any action or proceeding arising out of or relating to this
Agreement. Each party hereto consents to service of process by any means
authorized by applicable law and waives the defense of an inconvenient form to
the maintenance of such action or proceeding in any such court.

     

    
      
        
        

      

      
        Page 8 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    18.           Severability    The provisions of
this Agreement are severable. If any one or more provisions may be determined to
be illegal or otherwise unenforceable, in whole or in part, the remaining
provisions, to the extent enforceable, shall nevertheless be binding and
enforceable.

     

    19.           Non-Waiver    Failure by any party
at any time to require performance of the other party of the provisions of this
Agreement shall in no way affect any party’s rights hereunder to enforce the
same, nor shall any such waiver by either party of any breach be held to be a
waiver of any succeeding breach or waiver of this clause.

     

    20.           Remedies    The rights and
remedies provided by this Agreement are cumulative and the use of any one right
or remedy by any party hereto shall not preclude or constitute a waiver of its
rights to use any or all other remedies. Such rights and remedies are given in
addition to any other rights and remedies a party may have by law, statute or
otherwise.

     

    21.           Attorneys’ Fees    In the event
suit or action is brought, or an arbitration proceeding is initiated, to enforce
or interpret any of the provisions of this agreement, or that arise out of or
relate to this agreement, the prevailing party shall be entitled to reasonable
attorney’s fees in connection therewith.  The determination of who is
the prevailing party and the amount of reasonable attorney's fees to be paid to
the prevailing party shall be decided by the arbitrator(s) (with respect to
attorney's fees incurred prior to and during the arbitration proceedings) and by
the court or courts, including any appellate court, in which such matter is
tried, heard, or decided, including a court that hears a request to compel or
stay litigation or that hears any exceptions or objections to, or requests to
modify, correct, or vacate, an arbitration award submitted to it for
confirmation as a judgment (with respect to attorney's fees incurred in such
court proceedings).

     

    22.           Entire Agreement    This Agreement,
together with all exhibits attached hereto,  constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings, negotiations and discussions,
whether oral or written, by any of the parties or by any officer or
representative of any party.  No amendment or modification of this
Agreement shall be binding unless executed in writing by the party to be bound
thereby.

     

    23.           Counterparts    This Agreement
may be executed in one or more counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same
instrument.

     

    24.           Advice of Counsel    This Agreement was
prepared by the Law Office of Robert C. Laskowski on behalf of TRSG and Peterson
have been advised to retain their own legal counsel to represent them in
connection with this Agreement and they have elected not to seek the advice of
such legal counsel.

     

    

     

    

     

    
      
        
        

      

      
        Page 9 - Stock Purchase
Agreement

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, the
parties have executed this Agreement on the dates indicated below.

     

    TRSG
CORP.

     

    
      	
              By: /s/ GARY
      MUSSELMAN                
      

            	
              Date:  May 17,
      2007      

            

    

     

    Name:
Gary Musselman

     

    Title:
President/CEO

     

    MICHAEL
PETERSON AND ANTOINETTE PETERSON, AS HOLDERS OF 100% OF

     

    THE
ISSUED AND OUTSTANDING COMMON STOCK OF WORLD WIDE

     

    PERSONNEL
SERVICES OF VIRGINIA, INC.

     

    
       

      
        	
                
                  /s/ MICHAEL
      PETERSON                                                                    
      

                

              	
                Date:  May 17,
      2007      

              

      

       

      
        	
                
                  /s/ ANTOINETTE
      PETERSON                                                             
      

                

              	
                Date:  May 17,
      2007      

              

      

    

     

     

     

     

    Page 10 - Stock Purchase
Agreementrsg_ex109.htm

    Exhibit 10.9

     

    EMPLOYMENT AGREEMENT dated January 1 2007
between The Resourcing Solutions Group, Inc., a Nevada corporation, with a
principal place of business at 7621 Little Avenue, Suite 101, Charlotte, NC
28226 ( “Company”) and Antoinette Peterson an individual residing at 504 Shawnee
Trail, Winchester VA 22602 (“Executive”).

    

    R E C I T A L
S

    

    Whereas, Executive has served the
Company continuously since April 1, 2006 as a Vice President;

    

    Whereas, the Company desires to
employ and retain the unique experience, ability and services of Executive as a
principal executive officer and desires to retain Executive’s services in an
advisory and consulting capacity and to prevent any other competitive business
from securing his/her services and utilizing his/her experience, background and
expertise.

    

    Whereas, the terms, conditions and
undertakings of this Agreement were submitted to, and duly approved and
authorized by the Company’s Board of Directors at a meeting held on February 08,
2007.

    

    NOW THEREFORE in consideration
of the mutual promises, terms, conditions and undertakings hereinafter set
forth, it is agreed between the parties as follows:

    

    1.    Employment

    

     (a)  Executive
Employment:  The Company employs Executive and Executive
accepts employment in a principal executive and managerial capacity effective
January 1, 2007 until December 31, 2011.  After December 31, 2011,
either Executive or the Company may, at any time terminate Executive’s Executive
Employment subject to the restrictions and conditions hereinafter contained on
four (4) months prior written notice to the other party.

    

    (b) Automatic
Renewal:  This Agreement shall be renewed automatically for
succeeding terms of three (3) years each unless either party gives written
notice to the other at least ninety (90) days prior to the expiration of any
term of Executive’s or Company’s intention not to renew pursuant to Company’s
bylaws.

    

    (c)  “Executive Employment”
Defined:  “Executive Employment” as used herein refers to the
entire prior employment of Executive by Company, whether for the periods
provided above, or whether terminated earlier as hereinafter provided or
extended by mutual agreement between the Company and Executive.

    

    2.           Duties and
obligations.

    

    (a)
Executive shall serve as Vice President of the Company. In Executive’s capacity,
Executive shall do and perform all services, acts, or things necessary or
advisable to manage and conduct the business of Company, including the hiring
and firing of all employees, subject at all times to the policies set forth by
the President of the Company, and to the consent of the
President  when required by the terms of this contract, and in
conformity with the By-laws of the Company.

    

    
      
        
        

      

      
        Page 1 of
10

        
          

        

      

      
        
        

      

    

    (b)
During the period of Executive’s Executive Employment, Executive shall devote
sufficient time necessary to fulfill the duties of the offices
held.  If elected, she shall serve as a director and/or officer of the
Company and any of its subsidiaries and affiliates (hereinafter collectively
referred to as “Company Subsidiaries”) and shall perform duties customarily
incidental to such offices.

    

    (c)  During
the term of employment, Executive shall diligently and conscientiously devote
the necessary time, attention and effort to the tasks which the President shall
assign to him/her.  The expenditure of time for educational,
charitable and professional activities shall not be deemed a breach of this
Agreement if those activities do not materially interfere with the services
required under this Agreement and shall not require the prior written consent of
the President.  If the Executive is elected or appointed as a director
or committee member, Executive shall serve in such capacity or capacities
without further compensation unless agreed to in writing by the parties
hereto.  Nothing herein shall be construed, however, to require the
Executive’s election or appointment as a director or an officer.

    

    (d) The
Executive shall exert his/her best efforts and devote substantially all of
his/her time and attention to the Company's affairs. The Executive shall be in
charge of the operation of the Company, and shall have full authority and
responsibility, subject to the general direction, approval, and control of the
Company's President, for formulating policies and administering the Company in
all respects.  Executive shall at all times, discharge his/her duties
in consultation with, and under the supervision of, the Company’s
President.  In the performance of Executive’s duties, Executive shall
make his/her principal office in such place as the Company’s President and Chief
Executive Officer may, from time to time, agree.

    

    (e)  Competitive Activities and
Restrictions.

     

    (1)  During
the term of this contract Executive shall not, directly or indirectly, either as
an employee, company, consultant, agent, principal, partner, stockholder,
corporate officer, director, or in any other individual or representative
capacity, engage or participate in any business that is in competition in any
manner whatsoever with the business of Company without the prior written consent
of the Company, however, this limitation shall not extend to any business
dealings and relationships regarding and relating to Pacel
Corporation.

     

    (2)
Executive agrees that during the term of this contract and for a period of two
(2) years after termination of this Agreement, Executive shall not directly or
indirectly solicit, hire, recruit, or encourage any other employee of Company to
leave Company.

     

    (3)  Restrictive
Covenant.  For a period of two (2) years after the termination or
expiration of this Agreement, the Executive shall not, within a radius of fifty
(50) miles from the present place of the Company's corporate office at the time
of termination, directly or indirectly, own, manage, operate, control, be
employed by, participate in, or be connected in any manner with the ownership,
management, operation, or control of any business similar to the type of
business conducted by the Company at the time this Agreement terminates. In the
event of the Executive's actual or threatened breach of this paragraph, the
Company shall be entitled to a preliminary restraining order and injunction
restraining the Executive from violating its provisions. Nothing in this
Agreement shall be construed to prohibit the Company from pursuing any other
available remedies for such breach or threatened breach, including the recovery
of damages from the Executive.

     

    
      
        
        

      

      
        Page 2 of
10

        
          

        

      

      
        
        

      

    

    (4)  For
a period of twenty-four (24) months after this Agreement has been terminated for
any reason, regardless of whether the termination is initiated by Company or
Executive, or for a period of time equal to the length of Executive's employment
with Company if such tenure is less than twenty-four (24) months, Executive will
not, directly or indirectly, solicit any person, company, firm, or corporation
who is or was a customer of Company during a period of five (5) years prior to
the termination of Executive's employment. Executive agrees not to solicit such
customers on behalf of himself or any other person, firm, company, or
corporation.

     

    (5) The
Executive agrees that for a period of six (6) months after the termination of
his/her employment with Company, regardless of whether the termination was
initiated by Company or Executive, he will not accept employment with, or act as
a consultant, contractor, advisor, or in any other capacity for, a competitor of
the Company, or enter into competition with the Company, either by himself or
through any entity owned or managed in whole or in part by the Executive, within
a fifty (50) mile radius of Company's corporate office at the time termination,
in which the Executive worked. The term '”competitor,”' as used herein, means
any entity primarily engaged in the business of providing delivery and
management services, or primarily engaged in any other business in which Company
engages subsequent to the date of this Agreement.

     

    (6) The
parties have attempted to limit Executive's right to compete only to the extent
necessary to protect Company from unfair competition. The parties recognize,
however, that reasonable people may differ in making such a determination.
Consequently, the parties hereby agree that, if the scope or enforceability of
the restrictive covenant is in any way disputed at any time, a court or other
finder of fact may modify and enforce the covenant to the extent that it
believes the covenant is reasonable under the circumstances existing at that
time.

     

    (7)
Executive further acknowledges that (i) in the event Executive’s employment with
Company terminates for any reason, regardless of whether the termination is
initiated by Company or Executive, Executive will be able to earn a livelihood
without violating the foregoing restrictions; and (ii) Executive’s ability to
earn a livelihood without violating such restrictions is a material condition of
Executive’s employment with Company.

     

    (f)  Uniqueness of Executive’s
Services.  Executive represents and agrees that the services to
be performed under the terms of this contract are of a special, unique, unusual,
extraordinary, and intellectual character that gives them a peculiar value, the
loss of which cannot be reasonably or adequately compensated in damages in an
action at law. Executive therefore expressly agrees that Company, in addition to
any other rights or remedies that Company may possess, shall be entitled to
injunctive and other equitable relief to prevent or remedy a breach of this
contract by Executive.

    

    3.           Vacations and Personal
days.  Executive shall be entitled to annual vacations and
Personal Days off excluding company holidays, during which time his/her Salary
and compensation shall be paid, in a manner commensurate with his/her status as
a principal executive.

    

    
      
        
        

      

      
        Page 3 of
10

        
          

        

      

      
        
        

      

    

    4.           Salary, Compensation,
Incentives and Benefits.

    

    (a)
During the period of Executive Employment, the Company shall pay to Executive a
salary (“Salary”), to be fixed by the President, from time to time, during that
period.  In no event, however, shall Executive’s Salary be less than
the compensation presently received by Executive.  Currently and as of
the date of this Agreement, Executive is paid an annual compensation of one
hundred thousand dollars ($100,000) and in addition, a bonus incentive package.
However, at the discretion of the President, the President can elect to
compensate Executive with three times the value of any salary withheld in stock
options or can accrue one half of the salary in the form of a note with five
(5%) percent annual interest. The bonus incentive package will hereafter conform
to the provisions of Paragraph 4(b) below.  Executive shall be in
accordance with the Company’s normal payroll schedule.  In addition,
to all other remuneration provided for in this Agreement, if Executive serves at
any time as a Director, Executive shall be entitled to receive at the discretion
of the Company, Company Subsidiaries or affiliate a Director’s fee for such
services.  Salary and compensation payments shall be subject to
withholding and other applicable taxes.  Annual Salary increases are
to be based upon a percentage of the increase in annual revenues of the Company
as further set forth hereinafter.

    

    (b) Bonus Incentive
Package.

    

    (1)
Executive will receive incentive compensation equal to one and one-half percent
(1.5%) of the Company's '”income from operations,”' defined as the Company's net
income before taxes, amortization of intangible assets and interest on long-term
debt. Executive's incentive compensation will be calculated annually based on
the Company's audited financial statements for the fiscal year, and wi1l be
payable in lump sum on July 1 of each year. Such payments will be subject to
normal payroll deductions for state and federal withholding and social security
taxes. Company shall pay to Executive a bonus in an amount equal to 25% of
Executive’s base annual salary in each of the first two (2) fiscal years that
Company’s EBITDA is one dollar ($1.00) or greater.

     

    (c) Benefits

     

    (1)
Executive may participate in all Company sponsored health, dental, 401(k) and
any other plans offered by the Company. The Company shall pay all expenses
related to such programs, except for any 401(k) deferrals elected by
Executive.

     

    (2)  Profit-Sharing Based on
Performance.

    

    (i)  For each fiscal year of
Company in which the net profits of Company exceed Two Hundred Fifty Thousand
($250,000) Dollars or
the net profits of Company for that fiscal year exceed the net profits of
Company for the previous fiscal year by Fifteen (15%) percent, whichever is
less, Company agrees to pay Executive, within three (3) months after the close
of that fiscal year, an annual profit-sharing payment equal to Six and one
quarter (6.25%) percent of that excess, provided, however, that the total amount
of this payment shall not exceed One Million ($1,000,000)
Dollars.  For purposes of this subparagraph, the “net profits” shall
be the net profits as reflected on either the audited financials or the
Company’s tax returns, whichever value for the net profits is less.

    

    
      
        
        

      

      
        Page 4 of
10

        
          

        

      

      
        
        

      

    

    (ii)  If the employment term
is terminated by Company for cause, Executive shall not be entitled to any
portion of the annual profit-sharing payment for the fiscal year in which that
termination occurs.  However, if this contract should expire or be
terminated for reasons other than cause, Executive shall be entitled to a
percentage of the annual profit-sharing payment equal to the percentage of the
fiscal year worked.

    

    (iii)  For the purpose of
determining the amount of the annual profit sharing bonus, the net profits of
Company shall be determined by a certified accountant then employed by
Company.

    

    (3) Stock Bonus.  For each
fiscal year of Company in which the net profits of Company exceed Two Hundred
Fifty Thousand ($250,000) Dollars or the net profits of Company
for that fiscal year exceed the net profits of Company for the previous fiscal
year by Fifteen (15%) percent, whichever is less the Company agrees to transfer
to Executive each year during the term of Executive Employment, within one (1)
month after the close of each fiscal year during all of which the Executive
served as Vice President of the Company, the number of shares of Company's stock
equal in value to Seventy-Five Thousand ($75,000) Dollars.  For the
purpose of determining the number of shares to be transferred to Executive, the
shares shall be valued, as of the close of each fiscal year, under one of the
following formulas:

    

    (i) if
the Company is not publicly traded then the value of each share shall be equal
to One ($1.00) Dollar; or

    

    (ii) if
the Company is publicly traded then the value of each share shall be computed
upon an average of the previous ten (10) day closing bid price.

    

    (4) Stock
Option/Stock Warrant

    

    (i)  The
Company hereby grants Executive an option to purchase shares of the Company’s
Common Stock in accordance with the ”Stock Option Purchase Plan” currently under
revision by the Company.

    

    5.           Expenses.

    

    (a)  The
Company shall reimburse Executive for any specific expenditure incurred for
travel, lodging, entertainment and similar items upon the presentation to
Company of an itemized account of such expenditures.  Each such
expenditure shall be reimbursable only if it is of a nature qualifying it as a
proper deduction on the federal and state income tax return of
Company.

    

    6.           Indemnification. The
Company shall indemnify the Executive and hold him harmless for all acts or
decisions made by him in good faith while performing services for the Company
and Company Subsidiaries and affiliates. The Company shall also use its best
efforts to obtain coverage for him under any insurance policy now in force or
hereinafter obtained during the term of this Agreement covering the other
officers and directors of the Company and Company Subsidiaries and affiliates
against lawsuits. The Company shall pay all expenses including attorney's fees,
actually and necessarily incurred by the Executive in connection with the
defense of such act, suit or proceeding, and in connection with any related
appeal, including the cost of court settlements.

    

    
      
        
        

      

      
        Page 5 of
10

        
          

        

      

      
        
        

      

    

    7.           Incapacity and
Termination.

    

    (a) “Cause” for termination shall mean
(i) Employee's conviction of a felony against Employer or (ii) acts of Employee
which, in the unanimous judgment of the Board, constitute willful fraud on the
part of Employee in connection with his/her duties under this Agreement,
including misappropriation or embezzlement in the performance of duties as an
employee of the Company, or willfully engaging in conduct materially injurious
to the Company and in violation of the covenants contained in this
Agreement.

    

    (b) Termination.  This
Agreement may be terminated by the Company with the express approval of the
President, without prior notice to Executive on account of Executive’s gross
misconduct, a violation of this Agreement, habitual neglect of the Executive to
perform his/her duties under this Agreement, Executive’s acts of dishonesty or
other conduct which damages the reputation or standing of the Company,
Executive’s unauthorized disclosure of confidential information or trade
secrets, dishonesty, fraud, misrepresentation or other acts of moral turpitude
as would prevent the effective performance of Executive’s duties and Executive’s
breach of Executive’s duty of loyalty to Company.

    

    8.    Executive’s Stock Holdings
in Company

    

    (a)  Disposition of Stock during
Lifetime.  Except to the extent as provided for by Rule 144 of
the Securities and Exchange Act, Executive may dispose of any of the shares of
stock of the Company now or hereafter owned by him.  The word
“dispose” as herein used shall mean to sell, assign or transfer, with or without
consideration, encumber, pledge, hypothecate, or otherwise dispose of shares of
stock in the Company.

     

    9.           Ownership in
Company.  All ideas, inventions, trademarks, and other
developments or improvement conceived by Executive, alone or with others, during
the term of employment, whether or not during working hours, that are within the
scope of Company's business operations, or that relate to any Company or Company
Subsidiaries work or projects, are the exclusive property of the Company.
Executive agrees to assist the Company and Company Subsidiaries, at the
Company’s expense, to obtain patents on any patentable ideas, inventions,
trademarks, and other developments, and agrees to execute all documents
necessary to obtain the patents in the name of the Company or Company
Subsidiaries.

     

    10.           Nondisclosure.  Executive
shall be dealing with Company's confidential information, inventions, trade
secrets, and processes which are Company's sole and exclusive
property.  Executive agrees that Executive shall neither disclose to
anyone, directly or indirectly, without the prior written consent of the
President, Company's confidential information nor will Executive use said
confidential information outside the scope of Executive’s employment. All
documents that Executive prepares and all confidential information provided to
Executive as a result of or related to Executive’s employment shall, at all
times, remain the exclusive property of the Company, and will remain in
Company's possession on its premises. Under no circumstances, may Executive
remove any confidential information or documents from Company's
premises.

     

    
      
        
        

      

      
        Page 6 of
10

        
          

        

      

      
        
        

      

    

    11.           Client
Information.  The Executive acknowledges that the list of the
Company's Clients and Brokers, as the Company may determine from time to time,
is a valuable, special, and unique asset of the Company's business. The
Executive shall not, during and after the term of his/her employment, disclose
all or any part of the Executive's customer list to any person, firm,
corporation, association, or other entity for any reason or purpose. In the
event of the Executive's breach or threatened breach of this paragraph, the
Company shall be entitled to a preliminary restraining order and an injunction
restraining and enjoining the Executive from disclosing all or any part of the
Company's Client list and from rendering any services to any person, firm,
corporation, association, or other entity to whom all or any part of such list
has been, or is threatened to be, disclosed. In addition to or in lieu of the
above, the Company may pursue all other remedies available to the Company for
such breach or threatened breach, including the recovery of damages from the
Executive.

     

    12.           Trade
Secrets.

     

    (a)  The parties acknowledge
and agree that during the term of this agreement and in the course of the
discharge of Executive’s duties hereunder, Executive shall have access to and
become acquainted with financial, personnel, sales, scientific, technical and
other information regarding formulas, patterns, compilations, programs, devices,
methods, techniques, operations, plans and processes that are owned by Company,
actually or potentially used in the operation of Company's business, or obtained
from third parties under an agreement of confidentiality, and that such
information constitutes Company's '”trade secrets.”'

     

    (b)  Executive specifically
agrees that Executive shall not misuse, misappropriate, or disclose in writing,
orally or by electronic means, any trade secrets, directly or indirectly, to any
other person or use them in any way, either during the term of this agreement or
at any other time thereafter, except as is required in the course of Executive’s
employment.

     

    (c)  Executive acknowledges
and agrees that the sale or unauthorized use or disclosure in writing, orally or
by electronic means, of any of Company's trade secrets obtained by Executive
during the course of Executive’s employment under this agreement, including
information concerning Company's actual or potential work, services, or
products, the facts that any such work, services, or products are planned, under
consideration, or in production, as well as any descriptions thereof, constitute
unfair competition. Executive promises and agrees not to engage in any unfair
competition with Company, either during the term of this Agreement or at any
other time thereafter

     

    (d)  Executive further agrees
that all files, records, documents, drawings, specifications, equipment,
software, and similar items whether maintained in hard copy or on-line relating
to Company's or Company Subsidiaries’ business, whether prepared by Executive or
others, are and shall remain exclusively the property of Company and that they
shall be removed from the premises or, if kept on-line, from the computer
systems of Company only with the express prior written consent of the
Company.

     

    13.           Use of Executive’s
Name.

     

    (a) Company shall have the right to use
the name of Executive as part of the trade name or trademark of Company if it
should be deemed advisable to do so. Any trade name or trademark, of which the
name of Executive is a part, that is adopted by Company during the employment of
Executive may be used thereafter by Company for as long as Company deems
advisable.

     

    (b) Executive shall not, either during
the term of this Agreement or at any time thereafter, use or permit the use of
Executive’s name in the trade name or trademark of any other enterprise if that
other enterprise is engaged in a business similar in any respect to that
conducted by Company, unless that trade name or trademark clearly indicates that
the other enterprise is a separate entity entirely distinct from and not to be
confused with Company and unless that trade name or trademark excludes any words
or symbols stating or suggesting prior or current affiliation or connection by
that other enterprise or its employees with Company.

    

    
      
        
        

      

      
        Page 7 of
10

        
          

        

      

      
        
        

      

    

    14.           Non-transferability.  Neither
Executive, Executive’s spouse, nor their estates shall have any right to
commute, anticipate, encumber or dispose of any payment under this
Agreement.  Such payments and accompanying rights are non-assignable
and nontransferable, expect as otherwise specifically provided for in this
Agreement.

    

    15.           Breach of the
Agreement.  In the event of any claimed breach of this
Agreement, the party claimed to have committed the breach will be entitled to
written notice of the alleged breach and a period of ten (10) days in which to
remedy such breach. Executive acknowledges and agrees
that a breach of any of the covenants contained in this Agreement will result in
irreparable and continuing harm to the Company for which there will be no
adequate remedy at law. The Company will be entitled to preliminary and
permanent injunctive relief to restrain Executive from violating the terms and
conditions of this Agreement in addition to other available remedies, at law and
in equity.

     

    (1)
Executive acknowledges that: (i) compliance with Paragraphs 2(e) and (f) is
necessary to protect the Company's business and good will; (ii) a breach of
those Paragraphs will irreparably and continually damage Company; and (iii) an
award of money damages will not be adequate to remedy such harm.

     

    (2)
Consequently, Executive agrees that, in the event he breaches or threatens to
breach any of these covenants, Company shall be entitled to both: (i) a
preliminary or permanent injunction in order to prevent the continuation of such
harm; and (ii) money damages, insofar as they can be determined, including,
without limitation, all reasonable costs and attorneys' fees incurred by the
Company in enforcing the provisions of this Agreement. Nothing in this
Agreement, however, shall prohibit Company from also pursuing any other
remedy.

     

    (3) If,
during the two (2) year period referred to in Paragraph 2(e) hereof, Executive
becomes affiliated with any business that competes with Company, either as a
shareholder, manager, partner, creditor, employee, consultant, agent or
independent contractor, or a customer or account of Company becomes a customer
or account of the competing business with which Executive is affiliated, this
fact shall be presumptive evidence that Executive has breached the terms of this
Agreement, and the burden of proving otherwise shall rest upon
Executive.

     

    (4) As
money damages for the period of time during which Executive violates these
covenants, Company shall be entitled to recover the full amount of any fees,
compensation, or other remuneration earned by Executive as a result of any such
breach.

    

    16.           Binding
Effect.  This Agreement shall inure to the benefit of, and be
binding upon, the Company, its successors and assigns, including without
limitation, any person, partnership, company or corporation which may acquire
substantially all of the Company’s assets or business or with or into which the
Company may be liquidated, consolidated or otherwise combined.  In
addition, this Agreement shall inure to the benefit of, and be binding upon,
Executive, Executive’s heirs, distributes and personal
representatives.

    

    
      
        
        

      

      
        Page 8 of
10

        
          

        

      

      
        
        

      

    

    17.           Waiver.  The
failure of either party to insist in any one or more instances upon performance
of any term or condition of this Agreement shall not be construed as a waiver of
future performance.  The obligations of either party with respect to
such term, covenant or condition shall continue in full force and
effect.

     

    18.    Notice.  Any
notice given hereunder shall be in writing and delivered or mailed by first
class mail and either reputable overnight delivery service or registered
certified mail return receipt requested to the parties at the following
addresses:

     

    
      	
              For the
      Executive

              The
      address of record

              contained
      in the payroll

              records
      of the company. 

            	
              For the
      Company

              The
      current corporate office

              address
      as reported on the

              most recent public
filing.

            

    

    

    21.           Binding
Effect.  This Agreement shall inure to the benefit of, and be
binding upon, the Company, its successors and assigns, including without
limitation, any person, partnership, company or corporation which may acquire
substantially all of the Company’s assets or business or with or into which the
Company may be liquidated, consolidated or otherwise combined.  In
addition, this Agreement shall inure to the benefit of, and be binding upon,
Executive, Executive’s heirs, distributes and personal
representatives.

    

    22.           Waiver.  The
failure of either party to insist in any one or more instances upon performance
of any term or condition of this Agreement shall not be construed as a waiver of
future performance.  The obligations of either party with respect to
such term, covenant or condition shall continue in full force and
effect.

    

    23.           Entire
Agreement.  This Agreement supersedes all previous employment
agreements between Executive and Company and contains the entire understanding
and agreement between the parties with respect to its subject
matter.  This Agreement cannot be amended, modified or supplemented in
any respect except by a subsequent written agreement entered into by both
Executive and Company.

    

    24.           Headings.  Headings
in this Agreement are for convenience purposes only and shall not be used to
interpret or construe its provisions.

    

    25           Governing
Law.  This Agreement shall be construed in accordance with and
be governed by the laws of the sate of North Carolina.

    

    26           Arbitration.  Any
dispute or claim arising from or in any way related to this agreement shall be
settled by arbitration in state of residence of the Executive. All arbitration
shall be conducted in accordance with the rules and regulations of the American
Arbitration Association or similar reputable arbitration service ("AAA"). AAA
shall designate a panel of three arbitrators from an approved list of
arbitrators following both parties' review and deletion of those arbitrators on
the approved list having a conflict of interest with either party. Each party
shall pay its own expenses associated with such arbitration.  A demand
for arbitration shall be made within a reasonable time after the claim, dispute
or other matter has arisen and in no event shall such demand be made after the
date when institution of legal or equitable proceedings based on such claim,
dispute or other matter in question would be barred by the applicable statutes
of limitations.  The decision of the arbitrators shall be rendered
within sixty (60) days of submission of any claim or dispute, shall be in
writing and mailed to all the parties included in the
arbitration.  The decision of the arbitrator shall be binding upon the
parties and judgment in accordance with that decision may be entered in any
court having jurisdiction thereof.

    

    
      
        
        

      

      
        Page 9 of
10

        
          

        

      

      
        
        

      

    

    27           Severability.  If
any provision of this Agreement is held to be illegal or invalid by a court of
competent jurisdiction, such provision shall be deemed to be severed and deleted
and neither such provision, nor its severance and deletion, shall affect the
validity of the remaining provisions.

    

    IN WITNESS HEREOF, the parties
have executed this Agreement the day and year above written.

    

    
      	Executive	 	 	Company	 
	 	 	 	 	 
	
              /s/ ANTOINETTE
      PETERSON

            	 	 	
              /s/ GARY
      MUSSELMAN

            	 
	
              Antoinette
      Peterson

            	 	 	
              The Resourcing
      Solutions Group, Inc.

            	 
	
            	 	 	
              By: Gary
      Musselman

            	 
	 	 	 	President/CEO	 

    

                                                                    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Page 10
of 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]