Document:

WWW.EXFILE.COM INC. -- 14255 -- WIRELESS XCESSORIES GROUP, INC. -- FORM 8-K

    EXHIBIT
      10.01

    
 

    Wireless
      Xcessories Group,
Inc.

    1840
      County Line Road, Huntingdon Valley, PA 19006 Phone 215-494-0111 Fax
      215-494-0113

    

    

    AUDIT
      COMMITTEE OF THE BOARD OF DIRECTORS

    CHARTER

    

    

    PURPOSE

     

    The
      primary function of the Audit Committee is to assist the Board of Directors
      in
fulfilling
      their responsibility to the shareholders, potential shareholders and investment
      community
      relating to the quality and integrity of the Company's financial reporting.
      The
Audit
      Committee's primary duties and responsibilities are to:

    

    
      	
            	■	
              Serve
                as an independent and objective party to monitor the Company's financial
                reporting
                process and internal controls regarding finance, accounting, legal
                compliance
                and adherence to the Company's
                policies.

            

    

    

    
      	
            	■	
              Appraise
                the independence and performance of the external
                auditors.

            

    

    

    
      	
            	■	
              Foster
                the continuous improvement of the Company's financial policies,
                procedures
                and practices. 

            

    

     

    
      	
            	■	
              Provide
                an open avenue of communication among the independent accountants,
                financial
                and senior management, and the Board of
                Directors.

            

    

    

    
      	
            	■	
              Ascertain
                and insure that the Company is in full and timely adherence with
                all
                dictates, procedures,
                controls, reporting and required management and auditor required
                compliance
                certifications as required to be in full compliance with Sarbanes
                - Oxley
                act. 

            

    

    

    COMPOSITION

    

    The
      Audit
      Committee shall be comprised of three or more directors as determined by the
      Board,
      each of whom shall be independent directors, and free from any relationship
      that, in the opinion of the Board, would interfere with the exercise of his
      or
      her independent judgment
      as a member of the Committee. All members of the Committee shall have a
working
      familiarity with basic finance and accounting practices and at least one member
      of the Committee shall have accounting or related financial management
      expertise.

    

    MEETINGS

    The
      Committee shall meet at least four times annually or more frequently if
      necessary. The Committee shall meet separately at least annually with
      management, the director of internal
      audit and the independent auditors to discuss any matters the Committee or
      they
believe
      should be discussed privately.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      Wireless
        Xcessories Group,
Inc.
1840
      County Line Road, Huntingdon Valley, PA 19006 Phone 215-494-0111 Fax
      215-494-0113

    

    

    RESPONSIBILITIES
      AND DUTIES

    

    General

     

    
      	
            	■	
              Review
                and update the Committee's charter
                annually.

            

    

    

    
      
        
          	
                	■	
                  Perform
                    a self-assessment of the Committee's performance as compared
                    to the
                    charter annually.

                

        

      

    

    

    
      	
            	■	
              Record
                minutes of each meeting and report quarterly to the Board of
                Directors.

            

    

    

    
      	
            	
              ■

            	
              If
                required, report to shareholders annually information relating to
                the
                Committee's charter, the Committee's fulfillment of responsibilities
                under
                the charter or conformity of the Company's financial statements with
                GAAP.

            

    

    

    
      	
            	
              ■

            	
              Conduct
                or authorize investigations into any matters within the Committee's
                scope
                of responsibilities. The Committees shall be empowered to retain
                independent counsel and other professionals to assist in the conduct
                of
                any investigation.

            

    

    

    Independent
      Auditor

     

    
      	
            	■	
              Review
                performance of independent auditors
                annually.

            

    

    

    
      	
            	
              ■

            	
              Recommend
                to the Board the independent auditors to be nominated for the coming
                year.

            

    

    

    
      	
            	■	
              Review
                the audit plan and approve associated
                fees.

            

    

    

    
      
        	
              	■	
                Ensure
                  receipt of and review a written statement from the independent
                  auditors
                  delineating
                  all relationships between the auditors and the Company (including
                  a
                  listing
                  of all non-audit services rendered and related fees) to assure
                  independence of the auditors.

              

      

    

    

    
      	 	
              ■

            	
              Direct
                attention of the auditors to specific matters deemed by the Committee
                to
                be of concern.

            

    

     

    
      	
            	■	
              Instruct
                the independent auditor that the Board of Directors, as the shareholders'
                representative,
                is the auditor's client.

            

    

    

    
      
        
          	
                	■	
                  Inquire
                    as to the auditor's independent qualitative judgments about the
                    appropriateness,
                    not just the acceptability, of the Company's accounting principles
                    and the
                    clarity of its financial
                    disclosures.

                

        

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Wireless
        Xcessories Group,
Inc.

    

    1840
      County Line Road, Huntingdon Valley, PA 19006 Phone 215-494-0111 Fax
      215-494-0113

    

     

    
      
        
          
            
              	
                    	■	
                      Inquire
                        as to the auditor's views about whether management's choices
                        of accounting
                        principles are conservative, moderate, or
                        aggressive.

                    

            

          

        

      

    

    

    
      	
            	
              ■

            	
              Discuss
                with the independent auditors any required communications after completion
                of annual audit or quarterly reviews prior to filing financial statements
                with the SEC.

            

    

    

    GENERAL
      COUNSEL

    

    
      
        
          	
                	■	
                  Review
                    any legal or regulatory matters that may have a material impact
                    on the
                    financial
                    reports of the Company.

                

        

      

    

    

    
      	
            	
              ■

            	
              Discuss
                actions taken to ensure compliance with applicable laws, regulations
                and
                the Company's code of ethics.

            

    

    

    MANAGEMENT
      AND INDEPENDENT AUDITORS 

    

    
      	
            	
              ■

            	
              Discuss
                significant risks or exposures and assess the steps management has
                taken
                to minimize such risk.

            

    

    

    
      	
            	■	
              Discuss
                adequacy of internal controls including computerized information
                system
                controls
                and any significant findings during the course of
                audits.

            

    

    

    
      	
            	■	
              Review
                recommendations of the independent and internal auditors together
                with
                management's
                response.

            

    

    

    
      	
            	
              ■

            	
              Review
                the adequacy of internal controls and procedures related to executive
                travel and entertainment and related party
                transactions

            

    

    

    
      	 	
              ■

            	
              Discuss
                any material disagreements or difficulties encountered in the course
                of
                audit work, including any restrictions of the scope of work or access
                to
                required information.

            

    

     

    
      	
            	
              ■

            	
              Review
                the financial statements and footnotes contained in the annual report
                prior to issuance to shareholders.

            

    

    

    
      	
            	
              ■

            	
              Review
                all Forms lO-K and lO-Q and discuss with independent auditors prior
                to
                filing with the SEC.

            

    

    

    
      	
            	■	
              Approve
                any changes in accounting
                principles.

            

    

    

    
      	
            	■	
              Review
                and discuss with independent auditors competency of accounting and
                financial
                human resources.WWW.EXFILE.COM INC. -- 14255 -- WIRELESS XCESSORIES GROUP, INC. -- FORM 8-K

     

    EXHIBIT
      10.02

    

     Wireless
      Xcessories Group, Inc.

     1840
      County Line Road, Huntingdon Valley, Pa

    

     Code
      of Conduct and Ethics

    

     

    Adopted
      effective March 24, 2006

     

    It
      is the
      policy of Wireless Xcessories Group, Inc., the "Company") that all directors,
      officers and employees of the Company shall, to the best of their knowledge
      and
      ability, adhere to, comply with and advocate the principles set out in this
      code
      of conduct and ethics (the "Code") governing their professional and ethical
      conduct in the fulfillment of their responsibilities. 

    

    The
      purposes of the Code are to: 

     

    	·  	
            Promote
              honest and ethical conduct, including the ethical handling of actual
              or
              apparent conflicts of interest between personal and professional
              relationships; 

          

     

    	·  	
            Promote
              full, fair, accurate, timely and understandable disclosure in reports
              and
              documents that the Company files with, or submits to the U.S. Securities
              and Exchange Commission and in other public communications made by
              the
              Company; 

          

     

    	·  	
            Promote
              compliance with applicable governmental laws, rules and regulations;
              

          

     

    	·  	
            Promote
              the prompt internal reporting of violations of the Code to appropriate
              persons of authority within the Company; and

          

     

    	·  	
            Promote
              accountability for adherence to the Code.

          

     

    The
      Code
      embodies principles to which all directors, officers and employees are expected
      to adhere and advocate. Any violations of the Code may result in disciplinary
      action, up to and including termination or removal, as applicable. 

    

    All
      directors, officers and employees of the Company will: 

     

    	1.  	
            Act
              with honesty and integrity, avoiding actual or apparent conflicts between
              personal and private interests and the interests of the Company, including
              refraining from receiving improper personal benefits as a result of
              holding a particular position with the Company;

          

     

    	2.  	
            Not
              solicit or accept, for personal or other benefit, business or similar
              opportunities that could reasonably be expected to otherwise accrue
              to the
              benefit of the Company; 

          

     

    	3.  	
            Use
              corporate assets entrusted to them in a responsible manner and refrain
              from competing directly or indirectly with the Company or using corporate
              information or opportunities for personal gain;

          

     

    	4.  	
            Where
              applicable, provide the U.S. Securities and Exchange Commission, the
              Company's stockholders, the investing public and other relevant
              constituencies with reports and information that is full, fair, accurate,
              timely and understandable; 

          

     

    	5.  	
            Endeavor
              to comply with applicable laws and regulations of federal, state, local
              and foreign governments and government agencies having jurisdiction
              over
              the Company and with applicable regulations of private or self-regulatory
              authorities having jurisdiction over the Company;
              

          

     

    
      
         

      

      
         

        
          

          =

      

      
         

      

    

    	6.  	
            Act
              in good faith, responsibly with due care and diligence and without
              misrepresentation or omission of material facts and strive to maintain
              independent judgment in the performance and fulfillment of their duties
              and responsibilities; 

          

     

    	7.  	
            Promote
              ethical behavior among subordinates and peers at the Company;
              

          

     

    	8.  	
            Respect
              the confidentiality of information acquired or obtained in the course
              of
              performance of their responsibilities, never use confidential information
              for personal advantage, and disclose confidential information of the
              Company or third parties only when such disclosure is legally required
              or
              is otherwise authorized. 

          

     

    	9.  	
            Not
              fraudulently influence, coerce, manipulate or otherwise mislead any
              auditor engaged in the performance of an audit or in the performance
              of
              any other service for the Company for the purpose of rendering the
              financial statements materially misleading or for any other improper
              purpose. 

          

     

    	10.  	
            Comply
              with other policies and procedures of the Company applicable to their
              positions and employment, including the Company's Insider Trading Policy
              and, to the extent applicable, the other policies and procedures of
              the
              Company set forth in the Company's Employee Handbook.
              

          

     

    Any
      waiver of this Code of Ethics may be made only by the Company's Board of
      Directors (the "Board"). Any waiver of the code for any director or executive
      officer of the Company must be disclosed on Form 8-K within five days, or such
      shorter period as may be required under applicable regulation. It is the duty
      of
      each director, officer and employee of the Company to report violations of
      the
      Code promptly to the attention of the Company's Chief Executive Officer, Chief
      Financial Officer or to any member of the Audit Committee of the Board (the
      "Audit Committee"). If you have a concern about a questionable accounting or
      auditing matter and wish to submit the concern confidentially or anonymously,
      by
      sending or faxing an anonymous letter reporting your concern to the Company's
      Chief Executive Officer, Chief Financial Officer or any member of the Audit
      Committee. The Company will handle inquiries discretely and use reasonable
      efforts to maintain, within the limits allowed by law, the confidentiality
      of
      anyone requesting guidance or reporting questionable behavior or other matters
      of concern under the Code. No reprisals or retaliatory action may be taken
      against any employee of the Company or other person for reporting a violation
      of
      this Code. Any such action may constitute a violation of federal and state
      law
      as well as a violation of this Code and the Company's employment policies.
      The
      Board shall promptly determine, or designate appropriate persons (including,
      if
      so determined by the Board, the Audit Committee) promptly to determine
      appropriate actions to be taken in the event of violations of the Code by any
      director, officer or employee. In determining what actions are appropriate
      in a
      particular case, the Board (or its designee) shall take into account relevant
      information including the nature and severity of the violation, whether the
      violation was a single occurrence or a series of repeated occurrences, whether
      the violation appears to have been intentional or inadvertent, whether the
      individual in question had been advised prior to the violation as to the proper
      course of action, and whether or not the director, officer or employee in
      question had committed other violations in the past. If the Board or the Audit
      Committee believes that it is necessary or appropriate to amend or modify this
      Code to achieve its objectives or to meet requirements of any regulatory
      authority (including any securities exchange or market) having jurisdiction
      over
      the Company, the Board shall adopt, or the Audit Committee shall recommend
      to
      the Board for adoption appropriate changes to this Code or other Company
      policies. It is the Company's intention that the Code be the Company's written
      code of ethics under Section 406 of the Sarbanes-Oxley Act of 2002 complying
      with the standards set forth in Securities and Exchange Commission Regulation
      S-K Item 406.

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