Document:

STOCK
PURCHASE AGREEMENT

    

    This Stock Purchase Agreement (the
“Agreement”) is made and entered into as of November 5, 2009, among Eric
Takamura (“Purchaser”), Hamilton Clark & Co. (“Seller”), and NuGen Mobility,
Inc. (the “Company”).

    

    WHEREAS, Seller owns 111 shares of
common stock of the Company (said shares hereinafter referred to as the
“Shares”);

    

    WHEREAS, Seller wish to sell to
Purchaser, and Purchaser wishes to purchase from Seller, the Shares, for such
consideration and on such terms as set out below;

    

    NOW THEREFORE, in consideration of the
above premises and the mutual representations, warranties, covenants and
agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

    

    
      	
               
      

            	
              1.

            	
              Purchase Price;
      Closing Deliveries.

            

    

    

    (a)          The
purchase price for the Shares shall be Three Hundred Thousand Dollars
($300,000).

    

    (b)          Simultaneous
with the execution and delivery of this Agreement, (i) Purchaser shall pay
Seller said purchase price, by execution and delivery of the Note attached
hereto as Exhibit
A. As the Company did not issue certificates representing Shares, the
execution and delivery of this Agreement shall effectuate the transfer of the
Shares from Seller to Purchaser.

    

    
      	
               
      

            	
              2.

            	
              Representations of
      Seller.

            

    

    

    Seller
hereby represents and warrants to Purchaser the following:

    

    (a)          Seller
is a corporation duly incorporated, organized, validly existing and in good
standing under the laws of the State of Delaware, with the corporate power and
authority to own, operate and lease its properties and to carry on its business
as now conducted, including without limitation, the sale of the Shares
contemplated by this Agreement.

     

    (b)          Neither
Seller nor any of its respective affiliates has any interest, direct or
indirect, in any shares of capital stock or other equity in the Company or has
any other direct or indirect interest in any tangible or intangible property
which the Company uses or has used in the business conducted by the Company, or
has any direct or indirect outstanding indebtedness to or from the Company, or
related, directly or indirectly, to its assets, other than the
Shares.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (c)          Seller
has the absolute and unrestricted right, power, legal capacity and authority to
enter into and perform its obligations under this Agreement, to carry out its
obligations hereunder and to consummate the transactions contemplated hereby.
This Agreement has been duly executed and delivered by the Seller. The
execution, delivery and performance of this Agreement have been duly and validly
approved and authorized by all necessary action on the part of
Seller.

     

    (d)          No
filing with, authorization from or consent or approval of any governmental body,
agency, official or authority or any other third party is necessary or required
to be made or obtained to enable Seller to enter into, and to perform its
obligations under, this Agreement.

     

    (e)          Assuming
the due authorization, execution and delivery by Purchaser, this Agreement, when
executed and delivered by Purchaser will be, valid and binding obligations of
Seller, enforceable against Seller in accordance with its terms. The individual
executing this Agreement on behalf of the Seller has been duly authorized by all
necessary and appropriate action on behalf of the Seller.

     

    (f)           Neither
the execution and delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will conflict with, or (with or without notice
or lapse of time, or both) result in a termination, breach or violation of (a)
any provision of the Certificate of Incorporation or By-laws of Seller, as
currently in effect, (b) any instrument, contract or agreement to which Seller
is a party or by which it is bound, or (c) any federal, state, local or foreign
law, ordinance, judgment, decree, order, statute, or regulation, or that of any
other governmental body or authority, applicable to Seller or its assets or
properties. Furthermore, the sale of the Shares by the Seller does not and will
not result in the creation of any security interest, pledge, claim, lien,
charge, hypothecation, assignment, offset or encumbrance whatsoever
(collectively, “Liens”), other than applicable federal and state securities
laws.

     

    (g)          The
Seller is the sole record and beneficial owner of the Shares and has good and
marketable title to the Shares, free and clear of all Liens, other than
applicable federal and state securities laws. Upon the execution and delivery of
this Agreement, Purchaser shall be the lawful record and beneficial owner of the
Shares, free and clear of all Liens, other than applicable federal and state
securities laws. Other than this Agreement, there are no stockholders’
agreements, voting trust, proxies, options, rights of first refusal or any other
agreements or understandings with respect to the Shares.

     

    (h)          Seller
is not party to or threatened with, any litigation, suit, action, investigation,
proceeding or controversy before any court, administrative agency or other
governmental authority (collectively, “Legal Proceedings”) relating to or
affecting the Shares.

    
      
         

      

      
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    3.       Purchaser’s
Representations.

    

    (a)           Purchaser
has the absolute and unrestricted right, power, legal capacity and authority to
enter into and perform its obligations under this Agreement, to carry out its
obligations hereunder and to consummate the transactions contemplated hereby.
This Agreement has been duly executed and delivered by Purchaser.

    

    (b)           No
filing with, authorization from or consent or approval of any governmental body,
agency, official or authority or any other third party is necessary or required
to be made or obtained to enable Purchaser to enter into, and to perform its
obligations under, this Agreement.

     

    (c)           Assuming
the due authorization, execution and delivery by Seller, this Agreement, when
executed and delivered by Seller will be, valid and binding obligations of
Purchaser, enforceable against Purchaser in accordance with its
terms.

     

    (d)           Neither
the execution and delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will conflict with, or (with or without notice
or lapse of time, or both) result in a termination, breach or violation of (a)
any instrument, contract or agreement to which Purchaser is a party or by which
it is bound, or (b) any federal, state, local or foreign law, ordinance,
judgment, decree, order, statute, or regulation, or that of any other
governmental body or authority, applicable to Purchaser or his assets or
properties.

    

    (c)     
     Purchaser is acquiring the Shares for its own
account, for investment purposes only and not with a view to the resale or
distribution of any part thereof.

    

    4.      
     Release.   In
consideration for the execution and delivery of this Agreement and the Note and
other good and valuable consideration not otherwise due, the receipt and
sufficiency of which is hereby acknowledged, Seller and his officers, directors,
stockholders, agents, representatives, advisors, heirs, and direct and indirect
affiliates and their respective successors and assigns (collectively, the
“Releasors”) hereby irrevocably and unconditionally release, and forever
discharge Purchaser and the Company, its employees, stockholders, officers,
directors, agents, advisors, representatives and direct and indirect affiliates
and their respective successors and assigns, and all persons, firms,
corporations, and organizations acting on their behalf (collectively referred to
as the “Company Related Persons”) of and from any and all actions, causes of
actions, suits, debts, charges, demands, complaints, claims, administrative
proceedings, liabilities, obligations, promises, agreements, controversies,
damages and expenses (including but not limited to compensatory, punitive or
liquidated damages, attorney’s fees and other costs and expenses incurred), of
any kind or nature whatsoever, in law or equity, whether presently known or
unknown (collectively, the “Claims”), which any of the Releasors ever had, now
have, or hereafter can, shall, or may have, for, upon, or by reason of any
matter, cause, or thing whatsoever against Purchaser and  the Company
or any of the Company Related Persons, including without limitation any Claims
relating directly or indirectly to the Consulting Agreement dated December 28,
2006 between the Company and Seller, other than (i) this Agreement and the Note
and (ii) the indebtedness owed by the Company to Seller in the amount of $35,000
plus accrued interest at the rate of 1% per annum, which Seller has agreed shall
be settled by the payment of $25,000, which shall become due and payable upon
the closing of the private placement contemplated by the
Company.

    
      
         

      

      
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    5.           Non-Disparagement.  Seller
hereby agrees that it shall not make any public disparaging statements
concerning Purchaser, the Company or any Company Related Persons.

    

    6.           Confidentiality.

    

    (a)           Confidential
Information.  For purposes of this Agreement, "Confidential
Information" means this Agreement and the terms hereof and any information
relating to the business, operations, affairs, assets or condition (financial or
otherwise) of the Company which is not generally known by non-business
personnel, or is proprietary, or in any way constitutes a trade secret
(regardless of the medium in which information is maintained or whether it is
identified as confidential by the Company), or which Seller obtained knowledge
of or access to through or as a result of its relationship with the Company,
including without limitation, the proposed reverse merger (the “Reverse Merger”)
between the Company and a public company (“Newco”), business and marketing
plans, financings, cost and pricing information, supplier information, proposed
design and specifications for future products and products in development, and
all other technical and business information considered confidential by the
Company.  Confidential Information shall not include any information
that is generally publicly available or otherwise in the public domain other
than as a result of a breach by the Seller of its obligations
hereunder.

    

    (b)           Confidentiality
Obligations.  From and after the date hereof, Seller shall,
directly or indirectly, use, make available, sell, or disclose or otherwise
communicate to any third party any of the Company's Confidential
Information.

    

    7. 
Indemnification.

    

    (a)         Seller
and its officers, directors, employees, trustees, employees, agents,
stockholders, beneficiaries, affiliates, representatives and their successors
and assigns shall indemnify and hold harmless Purchaser and his employees,
trustees, agents,  beneficiaries, affiliates, representatives and
their successors and assigns from and against any and all damages, losses,
liabilities, taxes and costs and expenses (including, without limitation,
attorneys’ fees and disbursements) resulting from any misrepresentation, breach
of warranty or nonfulfillment of any covenant or agreement on the part of
Seller.

    
      
         

      

      
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    (b)           Purchaser
and his employees, trustees, employees, agents, beneficiaries, affiliates,
representatives and their successors and assigns shall indemnify and hold
harmless Seller and its officers, directors, employees, trustees, employees,
agents, stockholders, beneficiaries, affiliates, representatives and their
successors and assigns from and against any and all damages, losses,
liabilities, taxes and costs and expenses (including, without limitation,
attorneys’ fees and disbursements) resulting from any misrepresentation, breach
of warranty or nonfulfilllment of any covenant or agreement on the part of
Seller.

    

    8.    
  Miscellaneous.

    

    (a)           This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York.

    

    (b)           If
any covenant or agreement contained herein, or any part hereof, is held to be
invalid, illegal or unenforceable for any reason, such provision will be deemed
modified to the extent necessary to be valid, legal and enforceable and to give
effect of the intent of the parties hereto.

    

    (c)           This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof.  This Agreement supersedes all prior
agreements between the parties with respect to the subject matter hereof or
thereof.  There are no representations, warranties, covenants or
undertakings with respect to the subject matter hereof other than those
expressly set forth herein or in the other agreements referenced
herein.

    

    (d)           This
Agreement may not be amended or modified except by the express written consent
of the parties hereto.  Any waiver by the parties of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach thereof or of any other provision.

    

    (e)           This
Agreement shall be binding upon, inure to the benefit of, and be enforceable by
the parties hereto and their respective successors and permitted assignees and
heirs and legal representatives.

    

    (f)           The
parties hereto intend that this Agreement shall not benefit or create any right
or cause of action in or on behalf of any person other than the parties
hereto.

    
      
         

      

      
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    (g)           The
parties hereto agree to execute and deliver such further documents and
instruments and to do such other acts and things any of them, as the case may
be, may reasonably request in order to effectuate the transactions contemplated
by this Agreement.

    

    (h)           This
Agreement may be executed in counterparts and by facsimile, each of which shall
be deemed an original and all of which together shall constitute one and the
same instrument.

    

    IN WITNESS WHEREOF, each of the
undersigned has caused this Agreement to be executed by its duly authorized
officer or representative as of the date first above written.

    

    
      
        	
                /s/ Eric Takamura

              
	
                Eric
      Takamura

              
	 
      
	
                NuGen
      Mobility, Inc.

              
	 
      
	
                /s/ Eric Takamura

              
	
                Name:
      Eric Takamura

              
	
                Title:
      CEO/President

              
	 
      
	
                Hamilton
      Clark & Co.

              
	 
      
	
                /s/ John J. Nokenna

              
	
                Name:
      John J. Nokenna

              
	
                Title:
      CEO

              

      

    

    
      
         

      

      
        6AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

       

      This
Amended and Restated Executive Employment Agreement (“Agreement”) executed on
October 1, 2010, and effective as of August 21, 2010, by and
between Boomerang Systems, Inc. (the "Company"), a Delaware corporation, with
its principal place of business at 355 Madison Avenue, Morristown, New Jersey
and Mark Patterson (“Executive”) an individual having a mailing address at 40
Minnisink Road, Short Hills, New Jersey 07078-1920.

       

      WHEREAS,
the parties entered into an Executive Employment Agreement made and effective as
of August 21, 2010 (the “Original Employment Agreement”); and

       

      WHEREAS,
on or about September 10, 2010, the parties agreed to amend and restate the
terms of the Original Employment Agreement; and

       

      WHEREAS,
this Agreement reflects the terms agreed to on September 10, 2010;

       

      NOW,
THEREFORE, the parties hereto agree that the Original Employment Agreement is
hereby amended and restated as follows:

       

      1. 
Employment.

       

      Company
hereby agrees to employ Executive as its Chief Executive Officer and Executive hereby
accepts such employment in accordance with the terms of this Agreement and the
terms of employment applicable to regular employees of Company. In the event of
any conflict or ambiguity between the terms of this Agreement and terms of
employment applicable to regular employees, the terms of this Agreement shall
control.

       

      2. 
Duties of
Executive.

       

      The
duties of Executive shall include the performance of all of the duties typical
of the office held by Executive as described in the bylaws of the Company and
such other duties and projects as may be assigned by the Board of Directors of
the Company that are compatible with Executive’s position and duties, including,
but not limited to, the development and implementation of the Company’s business
plan, the development of global strategic relationships, and the hiring, firing,
and compensation of the Company’s executive officers.  Executive shall
report directly to the Board of Directors of the Company.  Executive
shall devote the majority of his productive time, ability and attention to the
business of the Company and shall perform all duties in a professional, ethical
and businesslike manner.  Company acknowledges that Executive
currently performs advisory services for entities other than Company and may in
the future accept new engagements to perform advisory services for entities
other than Company, including but not limited to appointment to one or more
board(s) of directors so long as such
engagements: i) do not interfere with Executive’s performance under this
Agreement; and ii) are not with entities that are direct or indirect competitors
of Company in connection with automated parking systems.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3. 
Compensation.

       

      Executive
will be paid compensation during the Agreement as follows:

       

      A. 
Salary.  A base salary of $200,000 per year, payable in installments
according to the Company’s regular payroll schedule.  The base salary shall
be adjusted upward at the discretion of the board of directors; provided,
however, that Executive’s base salary shall be adjusted upward at the beginning
of the second two-year Term (if any) in an amount to be determined by the
Company’s Board of Directors in the reasonable, good faith exercise of its
discretion, with input from Executive, taking into account (among other things)
the performance of the Company and Executive.

       

      B.  Grant
of Warrants.

       

      As
additional compensation, Company agrees to grant to Executive five-year warrants
(the “Warrants”) to purchase 21,600,000 Shares (the “Warrant Shares”) of the
Company’s common stock subject to the vesting schedule identified below, with
such vesting to occur in such number of shares and on such dates as set forth
below, provided the Executive remains employed by Company on any such vesting
date (except as expressly provided herein).  The Warrants shall have
an exercise price of twenty five cents ($0.25) per share (the “Exercise Price”),
subject to adjustment for stock splits, combinations, recapitalizations and
other events as set forth in the Warrant agreement (the “Warrant
Agreement”).  The Warrant Agreement shall contain terms no less
favorable than the terms of the warrants issued in connection with the Company’s
July 2010 private placement, and shall be in the form annexed hereto as Exhibit
A.

       

      Vesting
Schedule

       

      
        
          
            	
                    At
      execution of this Agreement:

                  	
                    5,400,000
      Warrants

                  
	
                    February
      1, 2011:

                  	
                    4,200,000
      Warrants

                  
	
                    August
      1, 2011:

                  	
                    4,200,000
      Warrants

                  
	
                    February
      1, 2012:

                  	
                    4,200,000
      Warrants

                  
	
                    August
      1, 2012:

                  	
                    3,600,000
      Warrants

                  
	
                     
      

                  	 
      
	
                    TOTAL:

                  	
                    21,600,000
      Warrants

                  

          

        

      

       

      The
Warrant Agreement shall provide that, at the Executive’s option, in lieu of
paying the Exercise Price in cash, the Warrants may be exercised on a cashless
basis by converting the Warrants (or a portion thereof) into the number of
Warrant Shares (rounded to the next highest integer) which equals (i) the number
of Warrant Shares specified by the Executive in his notice of exchange (the
“Total Share Number”) less (ii) the number of Warrant Shares equal to the
quotient obtained by dividing (a) the product of the Total Share Number and the
existing Exercise Price per Warrant Share by (b) the Market Price (as defined in
the Warrant Agreement) of the Company’s common stock on the exchange
date.  Executive will be responsible to pay any Federal and State
Income taxes incurred by Executive in connection with the grant, vesting and
exercise of the Warrants when due.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      C.  Right
of First Refusal.  For so long as the Executive is the Chief Executive
Officer, Chairman or Vice Chairman of the Company, he shall have a right of
first refusal (the "Right of First Refusal") to purchase his Pro Rata Portion
(as hereinafter defined) of any equity securities, securities convertible into
or exchangeable for equity securities or any units which include equity
securities or securities convertible into or exchangeable for equity securities
of the Company offered or sold by the Company or issued by the Company for
financial, investment banking services or as a placement fee (a "Company
Offering"), based on his percentage ownership interest in the capital stock of
the Company (calculated in accordance with Rule 13d-3d(1) promulgated under the
Securities Exchange Act of 1934, as amended).  If the Company intends
to undertake a Company Offering at any time that the Executive is the Chief
Executive Officer, Chairman or Vice Chairman of the Company, the Company shall
notify Executive no less than five days in advance of the pricing of such
Company Offering (or, if the price is known, five days prior to the commencement
thereof) in writing of such intention and of the proposed terms of the Company
Offering.  The Executive shall be given the opportunity to purchase
any or all of the Pro Rata Portion of the securities to be sold in such Company
Offering at the same price and on the same terms as it is being offered to other
prospective investors.  If, within five (5) days of the receipt of
such notice of intention and statement of terms, the Executive does not give
irrevocable notice of his intention to purchase all or part of the Pro Rata
Portion of the securities to be sold in such Company Offering upon the terms
proposed, the Company shall be free to effect such offering on such proposed
terms; provided, however, that the Executive can still participate up to his Pro
Rata Portion, at the same price and on the same terms as any third-party
purchaser, up until 5 days before the later of the pricing or closing of such
Company Offering.  If the Executive gives such irrevocable notice of
his intention to participate in a Company Offering, he shall be obligated to
complete such purchase on the same terms as any third-party purchaser and to
close his purchase before or at the same time that the Company Offering
closes.  Before the Company shall accept any modified proposal from a
prospective purchaser or modify the terms of such Company Offering, the
Executive’s preferential right shall be reinstated and the same procedure with
respect to such modified proposal as provided above shall be
adopted.  The failure by the Executive to exercise his Right of First
Refusal in any particular instance shall not affect in any way such right with
respect to any other Company Offering.  For purposes of this Section
3.C., “Pro Rata Portion” for the Executive shall be equal to the Executive’s
beneficial ownership percentage of Company’s Common Stock calculated in
accordance with Rule 13d-3(d)(1) under the Exchange Act and immediately prior to
the completion of the Company Offering.

       

      D.  Bonus.  For
every fiscal year after 2010, Executive shall be eligible for an annual cash
incentive bonus (“Annual Bonus”).  The amount of the Annual Bonus (if
any) shall be determined by the Company’s Board of Directors in the reasonable,
good faith exercise of its discretion, with input from Executive, taking into
account (among other things) the performance of the Company and
Executive.  The Annual Bonus (if any) in respect of each fiscal year
shall be paid to Executive on or before September 1 of the then current fiscal
year.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      F.  Executive’s
total compensation in all forms received in any given fiscal year (except for
fiscal year 2010) shall not be less than the total annual compensation in all
forms received of any single employee of the Company for the given
year.

       

      4. 
Benefits.

       

      A. Medical
Insurance.  Company agrees to provide Executive with a medical,
hospital and dental plan in the amount equal to 85% of total premium for himself
personally and 65% for his spouse and children, as approved by Company, during
this Agreement.  Executive shall be responsible for payment of any federal
or state income tax imposed upon these benefits.  Executive’s benefits
under such plans shall be on terms no less favorable than those made available
to any of the Company’s executive officers.

       

      B. 
Stock Option
Plans.  Executive shall be entitled to participate in any Stock
Option Plan, incentive compensation plan, 401(k) Plan, and any similar plans
adopted by Company on terms no less favorable than those made available to any
of the Company’s executive officers.

       

      C. 
Expense
Reimbursement.  Executive shall be entitled to reimbursement for all
reasonable expenses, including travel and entertainment, incurred by Executive
in the performance of Executive’s duties.  Executive will maintain records
and written receipt and Expense Reports as required by the Company policy
generally applicable to executive officers and reasonably requested by the board
of directors to substantiate such expenses.  The Company agrees that
reimbursable expenses shall include fuel costs for Executive to fly his single
engine airplane for Company business on trips provided that such reimbursable
amount is equal to or less than the cost of a first class ticket on a commercial
air carrier for the same route.

       

      5.  Representations,
Warranties, and Covenants of the Company.

       

      Company
represents, warrants, and covenants as follows:

       

      A.          As
of the date this Agreement is executed, the Company shall have secured and
thereafter shall maintain in force a Directors and Officers liability insurance
policy with a face amount of $10,000,000, covering Executive for all claims made
against Executive during, and against Executive in respect of, the period he is
a director, officer, or employee of the Company.  This Section 5(A)
shall survive termination of Executive’s employment for any
reason.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      B.           As
of the Company’s execution of this Agreement, Executive shall have been
appointed Chief Executive Officer, and the Company shall use its reasonable
efforts to cause Executive to continue to hold the office of Chief Executive
Officer so long as Executive remains an employee of
Company.  Consistent with its duties and obligations under Delaware
Law, so long as Executive remains an employee of Company, the Board of Directors
shall recommend to the stockholders to elect him to the Board of Directors;
provided, however, the Executive shall, within 10 days of the execution of this
Agreement, deliver to the Company an irrevocable letter of resignation from the
Board of Directors (i) which states that it is automatically effective, if the
Executive’s employment is terminated under this Agreement, upon the request of a
majority of the members of the Board of Directors (excluding the Executive), and
(ii) by which the Executive covenants to execute any other resignation letters
in connection with any such resignation as reasonably requested by the
Company.

       

      C.           After
the date hereof, promptly at such times required by the Securities Exchange Act
of 1934 (1934 Act), the Company shall assist the Executive with timely filing
any applicable SEC Rule 13D and 13G filings under the 1934 Act relating to
Executive’s ownership or disposition of Company securities.  The
Company will make its counsel available to Executive to discuss whether a
transaction effected by or in favor of Executive requires a filing or amendment
and to assist in the preparation of any such filing or amendment.

       

      6. 
Term and
Termination.

       

      A. 
The Initial Term of this Agreement shall commence as of August 21, 2010 and it
shall continue in effect until September 30, 2012.  Thereafter, the
Agreement shall be renewed automatically for additional Terms of two-year
periods (running from October 1 until September 30 two years later) unless the
Company or the Executive shall give its/his written notice of intention not to
renew the Agreement at least twenty-one (21) days before the end of the then
current Term.

       

      B.  This
Agreement may be terminated by Executive at Executive’s discretion, or by the
Company at its discretion, by providing at least ten (10) days prior written
notice to the other.  In the event of termination by Executive
pursuant to this subsection, Company may immediately relieve Executive of all
duties, provided that Company shall pay Executive at the then applicable base
salary rate to the termination date included in Executive’s original termination
notice.  Except as expressly provided herein, in the event of
termination by Executive pursuant to this subsection, Executive will forfeit any
rights to receive restricted shares or an incentive bonus under this Agreement
not vested as of the date of termination.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      C. 
In the event that Executive is in willful breach of any material obligation owed
Company in this Agreement, willfully and habitually neglects the material duties
to be performed under this Agreement (except in the case of disability), engages
in any conduct in connection with his employment with the Company which is
deliberately dishonest, materially damages the reputation or standing of the
Company, or is convicted of any deliberate criminal act involving moral
turpitude (each individually, “Cause”), then Company may terminate this
Agreement; provided, however, that the Company shall (i) give Executive
written notice of the ground for Cause and a detailed description of the facts
underlying such ground, and (ii) (b) where the ground for Cause is curable, ten
(10) days in which to cure the purported ground for Cause, or (c) where the
ground for Cause is not curable, one (1) day’s written notice.  In event of
termination of the Agreement pursuant to this subsection, Executive shall be
paid only at the then applicable base salary rate up to and including the date
of termination.  Executive shall not be paid any Annual Bonus or other
compensation, prorated or otherwise. In event of termination of the Agreement
pursuant to this subsection, Executive will forfeit any rights to receive
Warrants or incentive bonus under this Agreement not vested as of the date of
termination.

       

      D.  In
the event that the Company terminates Executive without Cause, or the Executive
resigns his employment for Good Reason, Executive shall be entitled to the
following: (i) the Company shall pay the Executive his then applicable
annual base salary up to and including the date of termination; (ii) as soon as
practicable after the date of termination, the Company shall pay Executive a
lump sum cash payment equivalent to the sum that Executive would have been paid
as the then applicable annual salary from the date of termination through the
end of the then-current Term had Executive’s employment not been terminated;
(iii) as soon as practicable after the date of termination, the Company shall
pay Executive a lump sum cash payment equivalent to any awarded but unpaid
annual incentive bonus for the then previous year, (iv) as soon as practicable
after the date of termination, the Company shall, in lieu of an Annual Bonus for
the then current fiscal year, pay executive a lump sum cash payment equivalent
to a pro rata amount of the greater of (a) the total Annual Bonus awarded to
Executive in respect of the then previous year, and (b) the total amount of
Executive’s then current annual salary; (v) as soon as practicable after the
date of termination, to the extent not already vested, all Warrants provided for
in this Agreement shall vest; and (vi) all restricted shares held by Executive,
and all shares obtained by Executive via exercise of warrants, shall immediately
be eligible, without any further condition or qualification, to be
registered.  For the purposes of this Agreement, “Good Reason” shall
mean: (a) without his consent, Executive no longer reports solely to the Board
of Directors, (b) without his consent, there has been a material adverse
diminution in Executive’s powers or duties, (c) without his consent,
Executive no longer holds the position of Chief Executive Officer,
(d) without his consent, Executive no longer holds a seat on the Company’s
Board of Directors, (e) the Company materially breaches this Agreement,
(f) the Company fails to pay or make any payment, award, or grant provided
for in this Agreement, (g) the Company gives notice of its intention not to
renew this Agreement for another Term, or (h) without his consent, the Company
relocates Executive’s place of work away from the Company’s principal place of
business in New Jersey; provided, however, that Executive shall give the Company
written notice of the ground for Good Reason and a detailed description of the
facts underlying such ground, and (where the ground for Good Reason is curable)
ten (10) days in which to cure the purported ground for Good
Reason.  Notwithstanding any existing or future agreement to the
contrary, the definition of Good Reason set forth above shall be deemed to be
incorporated into any prior or future agreement, award or grant to which the
Company and the Executive are parties and any resignation by the Executive for
Good Reason as defined herein shall be deemed a termination by the Company
without Cause.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      E.  In
the event Executive’s employment is terminated due to Executive’s death or
disability, Executive shall be entitled to the following: (i) the Company shall
pay the Executive his then applicable annual base salary up to and including the
date of termination; (ii) as soon as practicable after the date of termination,
the Company shall pay Executive a lump sum cash payment equivalent to any
awarded but unpaid annual incentive bonus for the then previous year, (iii) as
soon as practicable after the date of termination, the Company shall, in lieu of
an Annual Bonus for the then current fiscal year, pay executive a lump sum cash
payment equivalent to a pro rata amount of the greater of (a) the total Annual
Bonus awarded to Executive in respect of the then previous year, and (b) the
total amount of Executive’s then current annual salary; (v) as soon as
practicable after the date of termination, the Warrants (if any) that are
unvested as of the date of termination shall vest as to a number of shares equal
to the greater of (x) the number of unvested shares as of the date of
termination multiplied by a fraction, the numerator of which is equal the number
of days between the most recent vesting date of the Warrants that precedes the
date of termination and the date of termination and the denominator of which is
equal to the number of days between the most recent vesting date of the Warrants
that precedes the date of termination and August 12, 2012 and (y) the number of
shares scheduled to vest on the next vesting date of the Warrants; and (vi) all
restricted shares held by Executive, and all shares obtained by Executive via
exercise of Warrants, shall immediately be eligible, without any further
condition or qualification, to be registered.  For the purposes of
this subsection, “disability” shall mean that for 180 consecutive says in any
calendar year Executive is not able, due to physical or mental infirmity or
ailment, the principal duties of his job.

       

      F. 
In the event Company is acquired, or is the non-surviving party in a merger, or
sells all or substantially all of its assets, (i) this Agreement shall not be
terminated and Company agrees to use its best efforts to ensure that the
transferee or surviving company is bound by the provisions of this Agreement,
(ii) all Warrant awards provided for by this Agreement or otherwise awarded to
Executive not yet vested shall vest immediately without any further condition or
qualification, and (iii)
all restricted shares held by Executive, and all shares obtained by Executive
via exercise of warrants, shall immediately be eligible, without any further
condition or qualification, to be registered.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      7. 
Indemnification/Advancement.  To
the greatest extent permitted by Delaware General Corporation Law § 145,
and subject to the provisions thereof, if Executive is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative by reason
of the fact that Executive is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, Executive shall be entitled to
indemnification against, and advancement of, expenses (including attorneys’ fees
as and when incurred), judgments, fines and amounts paid in settlement actually
and reasonably incurred by Executive in connection with such action, suit or
proceeding.  The indemnification and advancement provided by, or
granted pursuant to, this Section shall not be deemed exclusive of any other
rights to which Executive may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in
Executive’s person’s official capacity and as to action in another capacity
while holding such office.  In addition to the rights set forth in
this Section, Executive shall be entitled to indemnification and/or advancement
rights no less favorable than such rights granted to other senior executives of
the Company.  This Section shall survive termination of Executive’s
employment for any reason.

       

      8.  Notices.

       

      Any
notice required by this Agreement or given in connection with it, shall be in
writing and shall be given to the appropriate party by personal delivery or by
certified mail, postage prepaid, or recognized overnight delivery
services;

       

      If to
Company:

       

      Chris
Mulvihill

      President

      Boomerang
Systems, Inc.

      355
Madison Avenue

      Morristown,
NJ  07960

       

       -
with a
copy to –

       

      Blank
Rome LLP

      405
Lexington Avenue

      New York,
NY 10174

      Attention:
Robert J. Mittman

      (212)
885-5001(fax)

      rmittman@blankrome.com

       

      If to
Executive:

       

      Mark
Patterson

      40
Minnisink Road

      Short
Hills, NJ 07078-1920

       

      – with a
copy to –

       

      Friedman
Kaplan

         Seiler
& Adelman LLP

      1633
Broadway

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      New York,
NY 10019

      Attention:  Lance
J. Gotko

      (212)
373-7915 Fax

      lgotko@fklaw.com

       

      9. 
Final
Agreement.

       

      This
Agreement terminates and supersedes all prior understandings or agreements on
the subject matter hereof, including the Original Employment Agreement. 
This Agreement may be modified only by a further writing that is duly executed
by both parties.

       

      10. 
Governing
Law.

       

      This
Agreement shall be construed and enforced in accordance with the laws of the
State of New Jersey without regard to its conflict of laws principles; provided,
however, that Executive’s rights concerning advancement and/or indemnification
shall be governed by the laws of the State of Delaware without regard to its
conflicts of laws principles.

       

      11. 
Headings.

       

      Headings
used in this Agreement are provided for convenience only and shall not be used
to construe meaning or intent.

       

      12. 
No
Assignment.

       

      Neither
this Agreement nor any or interest in this Agreement may be assigned by
Executive without the prior express written approval of Company, which may be
withheld by Company at Company’s absolute discretion.

       

      13. 
Severability.

       

      If any
term of this Agreement is held by a court of competent jurisdiction to be
invalid or unenforceable, then this Agreement, including all of the remaining
terms, will remain in full force and effect as if such invalid or unenforceable
term had never been included.

       

      14. 
Arbitration.

       

      The
parties agree that they will use their best efforts to amicably resolve any
dispute arising out of or relating to this Agreement.  Any controversy,
claim or dispute that cannot be so resolved shall be settled by final binding
arbitration in accordance with the rules of the American Arbitration
Association and judgment upon the award rendered by the arbitrator or
arbitrators may be entered in any court having jurisdiction thereof.  Any
such arbitration shall be conducted in New York, New York, or such other place
as may be mutually agreed upon by the parties.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Within
fifteen (15) days after the commencement of the arbitration, each party shall
select one person to act arbitrator, and the two arbitrators so selected shall
select a third arbitrator within ten (10) days of their appointment. 
Each party shall bear its own costs and expenses and an equal share of the
arbitrator’s expenses and administrative fees of arbitration.

       

      Notwithstanding
the provisions of this Section, any disputes or rights between Executive and
Company concerning or arising from advancement and/or indemnification may, at
the option of Executive, be litigated in the courts of the State of Delaware,
for which purpose Company and Executive consent to the jurisdiction and forum of
such courts.

       

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

       

      
        
          
            	
                    /s/ Mark Patterson

                  	 
      	
                    /s/ Chris Mulvihill

                  	 
	
                    Mark
      Patterson

                  	 
      	
                    Chris
      Mulvihill

                  	 
	
                    Executive

                  	 
      	
                    President

                  	 
	 
      	 
      	
                    Boomerang
      Systems, Inc.

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