Document:

EXHIBIT 4.5 

VISUAL MANAGEMENT SYSTEMS HOLDING, INC.

Warrant
No.________ 

WARRANT TO PURCHASE COMMON STOCK

VOID AFTER 5:00 P.M., EASTERN TIME,

ON THE EXPIRATION DATE

THIS WARRANT
AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD,
PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH
THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE
SECURITIES LAWS OR WITHOUT DELIVERING AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

                    FOR
VALUE RECEIVED, VISUAL MANAGEMENT SYSTEMS HOLDING, INC., a New Jersey
corporation (the “Company”), hereby agrees to sell upon the terms and on the
conditions hereinafter set forth, at any time commencing on the date hereof but
no later than 5:00 p.m., Eastern Time, on _________, 2011 (the “Expiration
Date”) to ______________________, or registered assigns (the “Holder”), under
the terms as hereinafter set forth, _____________________ (__________) fully
paid and non-assessable shares of the Company’s Common Stock, par value $0.01
per share (the “Warrant Stock”), at a purchase price per share of $0.75 (the
“Warrant Price”), pursuant to this warrant (this “Warrant”). The number of
shares of Warrant Stock to be so issued and the Warrant Price are subject to
adjustment in certain events as hereinafter set forth. The term “Common Stock”
shall mean, when used herein, unless the context otherwise requires, the stock
and other securities and property at the time receivable upon the exercise of
this Warrant. 

                    This
Warrant is one of a series of the Company’s Warrants to purchase Common Stock
(collectively, the “Warrants”), issued to selected accredited investors
pursuant to the terms and conditions of that certain Subscription Agreement
dated March ___, 2007. 

	
 

	
 

	
 

	
1.

	
Exercise of Warrant.

	
 

	
 

	
 

	
 

	
(a)

	
The Holder
  may exercise this Warrant according to its terms by surrendering to the
  Company at the address set forth in Section 10, this Warrant and the election
  to purchase form attached hereto having then been duly executed by the
  Holder, accompanied by cash, certified check or bank draft in payment of the
  purchase price, in lawful money of the United States of America, for the
  number of shares of the Warrant Stock specified in the subscription form, or
  as otherwise provided in this Warrant prior to 5:00 p.m., Eastern Time, on
  the Expiration Date. 

	
 

	
 

	
 

	
 

	
(b)

	
The Holder
  may alternatively exercise this Warrant according to its terms by
  surrendering this Warrant to the Company at the address set forth in Section
  10, 

Confidential and Proprietary

452638-2 

	
 

	
 

	
 

	
 

	
 

	
the notice
  of cashless exercise attached hereto having then been duly executed by the
  Holder, in which event the Company shall issue to the Holder the number of
  shares of Warrant Stock determined as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
X = Y
  (A-B)/A

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
where:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
X = the
  number of shares of Warrant Stock to be issued to the Holder.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Y = the
  number of shares of Warrant Stock with respect to which this Warrant is being
  exercised.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A = the
  closing sale price of the Warrant Stock for the trading day immediately prior
  to the date of exercise.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B = the
  Warrant Price.

	
 

	
 

	
 

	
 

	
(c)

	
This Warrant
  may be exercised in whole or in part. If exercised in part, the Company shall
  deliver to the Holder a new Warrant, identical in form, in the name of the
  Holder, evidencing the right to purchase the number of shares of Warrant
  Stock as to which this Warrant has not been exercised, which new Warrant
  shall be signed by the Chairman, Chief Executive Officer or President of the
  Company. The term Warrant as used herein shall include any subsequent Warrant
  issued as provided herein. 

	
 

	
 

	
 

	
 

	
(d)

	
No
  fractional shares or scrip representing fractional shares shall be issued
  upon the exercise of this Warrant. The Company shall pay cash in lieu of
  fractions with respect to the Warrants based upon the fair market value of
  such fractional shares of Common Stock (which shall be the closing price of
  such shares on the exchange or market on which the Common Stock is then
  traded) at the time of exercise of this Warrant. 

	
 

	
 

	
 

	
 

	
(e)

	
In the event
  of any exercise of the rights represented by this Warrant, a certificate or
  certificates for the Warrant Stock so purchased, registered in the name of
  the Holder, shall be delivered to the Holder within a reasonable time after
  such rights shall have been so exercised. The person or entity in whose name
  any certificate for the Warrant Stock is issued upon exercise of the rights
  represented by this Warrant shall for all purposes be deemed to have become
  the holder of record of such shares immediately prior to the close of
  business on the date on which the Warrant was surrendered and payment of the
  Warrant Price and any applicable taxes was made, irrespective of the date of
  delivery of such certificate, except that, if the date of such surrender and
  payment is a date when the stock transfer books of the Company are closed,
  such person shall be deemed to have become the holder of such shares at the
  opening of business on the next succeeding date on which the stock transfer
  books are open. Except as provided in Section 4 hereof, the Company shall pay
  any and all documentary stamp or similar issue or 

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transfer
  taxes payable in respect of the issue or delivery of shares of Common Stock
  on exercise of this Warrant.

	
 

	
 

	
 

	
2.

	
Disposition of Warrant Stock and Warrant.

	
 

	
 

	
 

	
 

	
(a)

	
The Holder
  hereby acknowledges that this Warrant and any Warrant Stock purchased
  pursuant hereto are not being registered (i) under the Act on the ground that
  the issuance of this Warrant is exempt from registration under Section 4(2)
  of the Act as not involving any public offering or (ii) under any applicable
  state securities law because the issuance of this Warrant does not involve
  any public offering; and that the Company’s reliance on the Section 4(2)
  exemption of the Act and under applicable state securities laws is predicated
  in part on the representations hereby made to the Company by the Holder that
  it is acquiring this Warrant and will acquire the Warrant Stock for
  investment for its own account, with no present intention of dividing its
  participation with others or reselling or otherwise distributing the same,
  subject, nevertheless, to any requirement of law that the disposition of its
  property shall at all times be within its control.

	
 

	
 

	
 

	
 

	
 

	
The Holder
  hereby agrees that it will not sell or transfer all or any part of this
  Warrant and/or Warrant Stock unless and until it shall first have given
  notice to the Company describing such sale or transfer and furnished to the
  Company either (i) an opinion, reasonably satisfactory to counsel for the
  Company, of counsel (skilled in securities matters, selected by the Holder
  and reasonably satisfactory to the Company) to the effect that the proposed
  sale or transfer may be made without registration under the Act and without
  registration or qualification under any state law, or (ii) an interpretative
  letter from the Securities and Exchange Commission to the effect that no
  enforcement action will be recommended if the proposed sale or transfer is
  made without registration under the Act.

	
 

	
 

	
 

	
 

	
(b)

	
If, at the
  time of issuance of the shares issuable upon exercise of this Warrant, no
  registration statement is in effect with respect to such shares under
  applicable provisions of the Act, the Company may at its election require
  that the Holder provide the Company with written reconfirmation of the Holder’s
  investment intent and that any stock certificate delivered to the Holder of a
  surrendered Warrant shall bear legends reading substantially as follows:

	
 

	
 

	
 

	
 

	
 

	
“TRANSFER OF
  THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS
  SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE PURCHASED FROM
  THE COMPANY. COPIES OF THOSE RESTRICTIONS ARE ON FILE AT THE PRINCIPAL
  OFFICES OF THE COMPANY, AND NO TRANSFER OF SUCH SHARES OR OF THIS
  CERTIFICATE, OR OF ANY SHARES OR OTHER SECURITIES (OR CERTIFICATES THEREFOR)
  ISSUED IN EXCHANGE FOR OR IN RESPECT OF SUCH SHARES, SHALL BE

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EFFECTIVE
  UNLESS AND UNTIL THE TERMS AND CONDITIONS THEREIN SET FORTH SHALL HAVE BEEN
  COMPLIED WITH.”

	
 

	
 

	
 

	
 

	
 

	
“THE SHARES
  REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
  ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
  OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
  ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THIS
  CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

	
 

	
 

	
 

	
 

	
In addition,
  so long as the foregoing legend may remain on any stock certificate delivered
  to the Holder, the Company may maintain appropriate “stop transfer” orders
  with respect to such certificates and the shares represented thereby on its
  books and records and with those to whom it may delegate registrar and
  transfer functions.

	
 

	
 

	
 

	
3.

	
Reservation
of Shares. The Company hereby agrees that at all times there shall be reserved
for issuance upon the exercise of this Warrant such number of shares of its
Common Stock as shall be required for issuance upon exercise of this Warrant.
The Company further agrees that all shares which may be issued upon the
exercise of the rights represented by this Warrant will be duly authorized
and will, upon issuance and against payment of the exercise price, be validly
issued, fully paid and non-assessable, free from all taxes, liens, charges
and preemptive rights with respect to the issuance thereof, other than taxes,
if any, in respect of any transfer occurring contemporaneously with such
issuance and other than transfer restrictions imposed by federal and state
securities laws.  

	
 

	
 

	
4.

	
Exchange, Transfer or Assignment of Warrant.
  This Warrant is exchangeable, without expense, at the option of the Holder,
  upon presentation and surrender hereof to the Company or at the office of its
  stock transfer agent, if any, for other Warrants of different denominations,
  entitling the Holder or Holders thereof to purchase in the aggregate the same
  number of shares of Common Stock purchasable hereunder. Upon surrender of
  this Warrant to the Company or at the office of its stock transfer agent, if
  any, with the Assignment Form annexed hereto duly executed and funds
  sufficient to pay any transfer tax, the Company shall, without charge,
  execute and deliver a new Warrant in the name of the assignee named in such
  instrument of assignment and this Warrant shall promptly be canceled. This
  Warrant may be divided or combined with other Warrants that carry the same
  rights upon presentation hereof at the office of the Company or at the office
  of its stock transfer agent, if any, together with a written notice
  specifying the names and denominations in which new Warrants are to be issued
  and signed by the Holder hereof.

	
 

	
 

	
5.

	
Capital Adjustments. This Warrant is
  subject to the following further provisions:

	
 

	
 

	
 

	
 

	
(a)

	
Recapitalization,
  Reclassification and Succession. If any
  recapitalization of the Company or reclassification of its Common Stock or
  any merger or consolidation

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of the
  Company into or with a corporation or other business entity, or the sale or
  transfer of all or substantially all of the Company’s assets or of any
  successor corporation’s assets to any other corporation or business entity
  (any such corporation or other business entity being included within the
  meaning of the term “successor corporation”) shall be effected, at any time
  while this Warrant remains outstanding and unexpired, then, as a condition of
  such recapitalization, reclassification, merger, consolidation, sale or
  transfer, lawful and adequate provision shall be made whereby the Holder of
  this Warrant thereafter shall have the right to receive upon the exercise
  hereof as provided in Section 1 and in lieu of the shares of Common Stock
  immediately theretofore issuable upon the exercise of this Warrant, such
  shares of capital stock, securities or other property as may be issued or
  payable with respect to or in exchange for a number of outstanding shares of
  Common Stock equal to the number of shares of Common Stock immediately
  theretofore issuable upon the exercise of this Warrant had such
  recapitalization, reclassification, merger, consolidation, sale or transfer
  not taken place, and in each such case, the terms of this Warrant shall be
  applicable to the shares of stock or other securities or property receivable
  upon the exercise of this Warrant after such consummation.

	
 

	
 

	
 

	
 

	
(b)

	
Subdivision
  or Combination of Shares. If the Company at any time
  while this Warrant remains outstanding and unexpired shall subdivide or
  combine its Common Stock, the number of shares of Warrant Stock purchasable
  upon exercise of this Warrant and the Warrant Price shall be proportionately
  adjusted.

	
 

	
 

	
 

	
 

	
(c)

	
Stock
  Dividends and Distributions. If the Company at any
  time while this Warrant is outstanding and unexpired shall issue or pay the
  holders of its Common Stock, or take a record of the holders of its Common
  Stock for the purpose of entitling them to receive, a dividend payable in, or
  other distribution of, Common Stock, then the number of shares of Warrant
  Stock purchasable upon exercise of this Warrant shall be adjusted to the
  number of shares of Common Stock that Holder would have owned immediately
  following such action had this Warrant been exercised immediately prior
  thereto.

	
 

	
 

	
 

	
 

	
(d)

	
Adjustment
  Upon Issuance of Shares of Common Stock. If and
  whenever on or after the date of the issuance of this Warrant the Company
  issues or sells, or in accordance with this Section 5 is deemed to have
  issued or sold, any shares of Common Stock (excluding any issuance otherwise
  covered by Section 5(a), 5(b) or 5(c) above or any issuance or deemed
  issuance described in Section 5(d)(v) below) for a consideration per share
  (the “New Securities Issuance Price”) less than a price (the “Applicable
  Price”) equal to the Warrant Price in effect immediately prior to such issue
  or sale or deemed issuance or sale (the foregoing a “Dilutive Issuance”),
  then immediately after such Dilutive Issuance, the Warrant Price then in
  effect shall be reduced to an amount equal to the New Securities Issuance
  Price. For purposes of determining the adjusted Warrant Price under this
  Section 5(d), the following shall be applicable:

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(i)

	
Issuance of
  Options. If the Company in any manner grants any
  rights, warrants or options (collectively, “Options”) to subscribe for or
  purchase (A) any shares of Common Stock, or (B) or any securities convertible
  into or exchangeable for shares of Common Stock (“Convertible Securities”)
  and the lowest price per share for which one share of Common Stock is
  issuable upon the exercise of any such Option or upon conversion or exchange
  of any Convertible Securities issuable upon exercise of any such Option is
  less than the Applicable Price, then such share of Common Stock shall be
  deemed to be outstanding and to have been issued and sold by the Company at
  the time of the granting of such Option for such price per share. For
  purposes of this Section 5(d)(i), the “lowest price per share for which one
  share of Common Stock is issuable upon exercise of any such Option or upon
  conversion or exchange of any such Convertible Securities” shall be equal to
  the sum of the lowest amounts of consideration (if any) received or
  receivable by the Company with respect to any one share of Common Stock upon
  the granting of the Option, upon exercise of the Option and upon conversion
  or exchange of any Convertible Security issuable upon exercise of such
  Option. No further adjustment of the Warrant Price shall be made upon the
  actual issuance of such shares of Common Stock upon exercises of such Options
  upon conversion or exchange of such Convertible Securities. 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Issuance of
  Convertible Securities. If the Company in any manner
  issues or sells any Convertible Securities and the lowest price per share for
  which one share of Common Stock is issuable upon the conversion or exchange
  thereof is less than the Applicable Price, then such shares of Common Stock
  shall be deemed to be outstanding and to have been issued and sold by the
  Company at the time of the issuance or sale of such Convertible Securities
  for such price per share. For the purposes of this Section 5(d)(ii), the
  “lowest price per share for which one share of Common Stock is issuable upon
  the conversion or exchange” shall be equal to the sum of the lowest amounts
  of consideration (if any) received or receivable by the Company with respect
  to any one share of Common Stock upon the issuance or sale of the Convertible
  Security and upon conversion or exchange of such Convertible Security. No
  further adjustment of the Warrant Price shall be made upon the actual
  issuance of such shares of Common Stock upon conversion or exchange of such
  Convertible Securities, and if any such issue or sale of such Convertible
  Securities is made upon exercise of any Options for which adjustment of this
  Warrant has been or is to be made pursuant to other provisions of this
  Section 5(d), no further adjustment of the Warrant Price shall be made by
  reason of such issue or sale. 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Change in
  Option Price or Rate of Conversion; Expiration. If
  the purchase price provided for in any Options, the additional consideration,
  if any, payable upon the issue, conversion or exchange of any Convertible
  Securities, or the rate at which any Convertible Securities are convertible 

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into or
  exchangeable for shares of Common Stock increases or decreases at any time,
  the Warrant Price in effect at the time of such increase or decrease shall be
  adjusted to the Warrant Price which would have been in effect at such time
  had such Options or Convertible Securities provided for such increased or
  decreased purchase price, additional consideration or increased or decreased
  conversion rate, as the case may be, at the time initially granted, issued or
  sold. For purposes of this Section 5(d)(iii), if the terms of any Option or
  Convertible Security that was outstanding as of the date of issuance of this
  Warrant are increased or decreased in the manner described in the immediate
  preceding sentence, then such Option or Convertible Security and the shares
  of Common Stock deemed issuable upon exercise, conversion or exchange thereof
  shall be deemed to have been issued as of the date of such increase or
  decrease. Upon the expiration of any Option or the right to convert or
  exchange any Convertible Security, the issuance of which resulted in an
  adjustment of the Warrant Price under this Section 5(d), or if any such
  Option or Convertible Security ceases to be outstanding, and such Option
  shall not have been exercised or such Convertible Security shall not have
  been converted into or exchanged for Common Stock, the Warrant Price shall be
  recomputed to the price which it would have been (but reflecting any other
  adjustments made pursuant to this Section 5(d) upon the issuance of Common
  Stock, Options or Convertible Securities) had the adjustment made by reason
  of the issuance of such Option or Convertible Security not been made.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
Calculation
  of Consideration Received. In case any Option is
  issued in connection with the issue or sale of other securities of the
  Company, together comprising one integrated transaction in which no specific
  consideration is allocated to such Options by the parties thereto, the
  Options will be deemed to have been issued for a consideration of $0.01. If
  any shares of Common Stock, Options or Convertible Securities are issued or
  sold or deemed to have been issued or sold for cash, the consideration
  received therefore will be deemed to be the gross amount received by the
  Company therefore. If any shares of Common Stock, Options or Convertible
  Securities are issued or sold for a consideration other than cash, the amount
  of such consideration received by the Company will be the fair value of such
  consideration, except where such consideration consists of securities, in
  which case the amount of consideration received by the Company will be the
  Market Price (as defined below) of such security on the date of receipt. The
  fair value of any consideration other than cash or securities will be
  determined in good faith by the Company’s Board of Directors. The term
  “Market Price” shall mean the average of the closing prices of such
  security’s sales on the principal securities exchanges on which such security
  may at the time be listed, or, if there has been no sales on any such
  exchange on any day, the average of the highest bid and lowest asked prices
  on all such exchanges at the end of such day, or, if on any day such security
  is not so listed, the

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average of
  the representative bid and asked prices quoted on the Nasdaq Stock Market as
  of 4:00 P.M., New York time, or, if on any day such security is not quoted on
  the Nasdaq Stock Market, the average of the highest bid and lowest asked
  prices on such day in the NASD’s over the counter bulletin board, or any
  similar successor organization, in each such case averaged over a period of
  five days consisting of the day prior to the day as of which Market Price is
  being determined and the four consecutive business days prior to such day. If
  at any time such security is not listed on any securities exchange or quoted
  on the Nasdaq Stock Market or the over-the-counter bulletin board, the Market
  Price shall be the fair value thereof determined in good faith by the Corporation’s
  Board of Directors.

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
No
  Adjustment for Certain Issuances. No adjustments
  shall be made under this Section 5(d) as a result of issuances of Common
  Stock, Options or Convertible Securities in acquisitions, mergers or
  strategic alliances, or upon the exercise of any such Options or conversion
  or exchange of any such Convertible Securities.

	
 

	
 

	
 

	
 

	
(e)

	
Warrant
  Price Adjustment. Whenever the number of shares of
  Warrant Stock purchasable upon exercise of this Warrant is adjusted, as
  herein provided, the Warrant Price payable upon the exercise of this Warrant
  shall be adjusted to that price determined by multiplying the Warrant Price
  immediately prior to such adjustment by a fraction (i) the numerator of which
  shall be the number of shares of Warrant Stock purchasable upon exercise of
  this Warrant immediately prior to such adjustment, and (ii) the denominator
  of which shall be the number of shares of Warrant Stock purchasable upon
  exercise of this Warrant immediately thereafter. 

	
 

	
 

	
 

	
 

	
(f)

	
Certain Shares
  Excluded. The number of shares of Common Stock
  outstanding at any given time for purposes of the adjustments set forth in
  this Section 5 shall exclude any shares then directly or indirectly held in
  the treasury of the Company. 

	
 

	
 

	
 

	
 

	
(g)

	
Deferral and
  Cumulation of De Minimis Adjustments. The Company
  shall not be required to make any adjustment pursuant to this Section 5 if
  the amount of such adjustment would be less than one percent (1%) of the
  Warrant Price in effect immediately before the event that would otherwise
  have given rise to such adjustment. In such case, however, any adjustment
  that would otherwise have been required to be made shall be made at the time
  of and together with the next subsequent adjustment which, together with any
  adjustment or adjustments so carried forward, shall amount to not less than
  one percent (1%) of the Warrant Price in effect immediately before the event
  giving rise to such next subsequent adjustment. All calculations under this
  Section 5 shall be made to the nearest cent or to the nearest one-hundredth
  of a share, as the case may be, but in no event shall the Company be
  obligated to issue fractional shares of Common Stock or fractional portions
  of any securities upon the exercise of the Warrants. 

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(h)

	
Duration of
Adjustment. Following each computation or readjustment as provided in this
Section 5, the new adjusted Warrant Price and number of shares of Warrant
Stock purchasable upon exercise of this Warrant shall remain in effect until
a further computation or readjustment thereof is required. 

	
 

	
 

	
 

	
6.

	
Notice to Holders.

	
 

	
 

	
 

	
 

	
(a)

	
Notice of
Record Date. In case: 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Company
  shall take a record of the holders of its Common Stock (or other stock or
  securities at the time receivable upon the exercise of this Warrant) for the
  purpose of entitling them to receive any dividend (other than a cash dividend
  payable out of earned surplus of the Company) or other distribution, or any
  right to subscribe for or purchase any shares of stock of any class or any other
  securities, or to receive any other right; 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
of any
  capital reorganization of the Company, any reclassification of the capital
  stock of the Company, any consolidation with or merger of the Company into
  another corporation, or any conveyance of all or substantially all of the
  assets of the Company to another corporation; or 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii) 

	
of any
  voluntary dissolution, liquidation or winding-up of the Company;

	
 

	
 

	
 

	
then, and in
  each such case, the Company will mail or cause to be mailed to the Holder
  hereof at the time outstanding a notice specifying, as the case may be, (i)
  the date on which a record is to be taken for the purpose of such dividend,
  distribution or right, and stating the amount and character of such dividend,
  distribution or right, or (ii) the date on which such reorganization,
  reclassification, consolidation, merger, conveyance, dissolution, liquidation
  or winding-up is to take place, and the time, if any, is to be fixed, as of
  which the holders of record of Common Stock (or such stock or securities at
  the time receivable upon the exercise of this Warrant) shall be entitled to
  exchange their shares of Common Stock (or such other stock or securities) for
  securities or other property deliverable upon such reorganization, reclassification,
  consolidation, merger, conveyance, dissolution or winding-up. Such notice
  shall be mailed at least twenty (20) calendar days prior to the record date
  therein specified, or if no record date shall have been specified therein, at
  least twenty (20) days prior to such specified date. 

	
 

	
 

	
 

	
 

	
(b)

	
Certificate
  of Adjustment. Whenever any adjustment shall be made
  pursuant to Section 5 hereof, the Company shall promptly make available and
  have on file for inspection a certificate signed by its Chairman, Chief
  Executive Officer, President or Vice President, setting forth in reasonable
  detail the event requiring the adjustment, the amount of the adjustment, the
  method by which such adjustment was calculated and the Warrant Price and
  number of shares of Warrant Stock purchasable upon exercise of this Warrant
  after giving effect to such adjustment. 

	
 

	
 

	
 

	
7.

	
Loss, Theft, Destruction or Mutilation.
  Upon receipt by the Company of evidence satisfactory to it, in the exercise
  of its reasonable discretion, of the ownership and the loss, theft,
  destruction or mutilation of this Warrant and, in the case of loss, theft or 

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destruction,
  of indemnity reasonably satisfactory to the Company and, in the case of
  mutilation, upon surrender and cancellation thereof, the Company will execute
  and deliver in lieu thereof, without expense to the Holder, a new Warrant of
  like tenor dated the date hereof.

	
 

	
 

	
8.

	
Warrant Holder Not a Stockholder. The
  Holder of this Warrant, as such, shall not be entitled by reason of this
  Warrant to any rights whatsoever as a stockholder of the Company, including
  but not limited to voting rights.

	
 

	
 

	
9.

	
Registration Rights. The Warrant Stock
  will be accorded the registration rights under the Act set forth in that
  certain Subscription Agreement between the Company and the Holders, a form of
  which agreement is being furnished concurrently herewith.

	
 

	
 

	
10.

	
Notices. Any notice required or
  contemplated by this Warrant shall be in writing and shall be deemed to have
  been duly given if delivered to the addressee in person, deposited with a
  reputable overnight courier or transmitted by registered or certified mail,
  return receipt requested, to the Company at1000 Industrial Way North, Suite
  C, Toms River, NJ 08755, or to the Holder at the name and address set forth
  in the Warrant Register maintained by the Company, or to such other addresses
  as any of them, by notice to the others, may designate from time to time.

	
 

	
 

	
11.

	
Governing Law; Venue; Attorney Fees and Costs.
  This Warrant shall be governed by and construed in accordance with the laws
  of the State of Florida. Any action brought by either party against the other
  concerning the transactions contemplated by this Warrant shall be brought
  only in the federal or state courts located in Broward County, Florida. Both
  parties and the individual signing this Warrant on behalf of the Borrower
  agree to submit to the jurisdiction of such courts. The prevailing party
  shall be entitled to recover from the other party its reasonable attorney’s
  fees and costs in the event of any dispute regarding the enforcement of the
  terms and conditions of this Warrant.

          IN
WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its
behalf, in its corporate name and by a duly authorized officer, as of this
_____ day of _________ 2007. 

	
 

	
 

	
 

	
 

	
 

	
VISUAL
  MANAGEMENT SYSTEMS

	
 

	
 

	
HOLDING,
  INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

10

ELECTION TO PURCHASE

(To be executed by the registered holder if
such holder desires to exercise the within Warrants)

Visual Management Systems Holding, Inc. 
1000 Industrial Way North 

Suite C 

Toms River, NJ 08755

                    The
undersigned hereby (1) irrevocably elects to exercise his or its rights to
purchase ____________ shares of Common Stock covered by the within Warrants,
(2) makes payment in full of the Purchase Price by enclosure of cash, a
certified check or bank draft, (3) requests that certificates for such shares
of Common Stock be issued in the name of: 

Please print
name, address and Social Security or Tax Identification Number: 

	
   

  	
   

  
	 

  	
   

  
	
   

  	
   

  
	 

  	
   

  
	
   

  	
   

  
	 

  	
   

  
	
   

  	
   

  
	 

  	
   

  

and (4) if
said number of shares of Common Stock shall not be all the shares evidenced by
the within Warrants, requests that a new warrant certificate for the balance of
the shares covered by the within Warrants be registered in the name of, and
delivered to: 

Please print
name and address: 

	
   

  	
   

  
	 

  	
   

  
	
   

  	
   

  
	 

  	
   

  
	
   

  	
   

  
	 

  	
   

  

                    In
lieu of receipt of a fractional share of Common Stock, the undersigned will
receive a check representing payment therefor. 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	 
 	 
 
	
   

  	 

  	 
 	 

  	
   

  
	
   

  	 
 	
  WARRANT
  HOLDER

  
	
   

  	 
 	
   

  
	
   

  	 
 	
  By:

  
	
   

  	 
 	
   

  	 

  	
   

  
	
   

  	 
 	
   

  	
  Name:

  
	
   

  	 
 	
   

  	
  Title:

  
	
   

  	 
 	
   

  	
   

  

11

NOTICE OF CASHLESS EXERCISE

(To be executed upon exercise of warrant
pursuant to Section 1(b))

                    The
undersigned, the Holder of the attached Warrant, hereby irrevocably elects to
exchange its Warrant for _________ shares of Warrant Stock pursuant to the
cashless exercise provisions of the within Warrant, as provided for in Section
1(b) of such Warrant, and requests that a certificate or certificates for such
shares of Warrant Stock (and any warrants or other property issuable upon such
exercise) be issued in the name of and delivered to __________________________
whose address is _______________________________ (social security or taxpayer
identification number ___________) and, if such shares shall not include all of
the shares issuable under such warrant, that a new warrant of like tenor and
date for the balance of the shares issuable thereunder be delivered to the
undersigned. 

	
   

  	
   

  	
   

  
	
   

  	
  HOLDER:

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	 

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	 

  	
   

  
	
   

  	
  Signature,
  if jointly held

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	 

  	
   

  
	
   

  	
  Date

  	
   

  

12

ASSIGNMENT FORM

FOR VALUE RECEIVED,______________________________________________________________________________
____________

hereby sells,
assigns and transfers unto 

	
   

  	
   

  
	
  Name:

  	
  ___________________________________________________________________________________________________

  
	
   

  	
  (Please
  typewrite or print in block letters)

  

Social
Security or Taxpayer Identification Number
:___________________________________________________________

the right to
purchase Common Stock of Visual Management Systems Holding, Inc., a New Jersey
corporation, represented by this Warrant to the extent of shares as to which
such right is exercisable and does hereby irrevocably constitute and appoint
____________________________, Attorney, to transfer the same on the books of
the Company with full power of substitution in the premises. 

	
   

  	
   

  	
   

  	
   

  
	
  DATED:
  _____________________

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	 

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	 

  	
   

  
	
   

  	
  Signature,
  if jointly held

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	 

  	
   

  	
   

  	
   

  

13EXHIBIT 10.5

VISUAL MANAGEMENT SYSTEMS

EXECUTIVE EMPLOYMENT AGREEMENT

          This
Employment Agreement (the “Agreement”) is entered into as of this 2nd day of
January, 2007 by and between VISUAL MANAGEMENT SYSTEMS HOLDING, INC., a New
Jersey corporation which maintains its principal executive offices at 1000
Industrial Way North, Suite C, Toms River, New Jersey 08755 (the “Company”),
and Jason Gonzalez (the “Executive”), an individual residing at 600 Monroe
Avenue, Whiting, New Jersey 08759. Company and Executive are collectively
referred to herein as the “Parties” and individually as a “Party”.  

WITNESSETH:

          WHEREAS, the Company is engaged in
providing a mix of products and services consisting primarily of, but not
limited to, the sales, installation, manufacturing, assembly, and design
consultation of Closed Circuit Television (“CCTV”) systems with Digital Video
Recorders (“DVRs”) and Charged Couple Device Surveillance Cameras (“CCD
Cameras” or “cameras”) to Small-Medium Business Enterprises (“SMEs”),
Government, Municipal, not-for-profit organizations, and other commercial
enterprises, organizations, associations or businesses (collectively “the
customers”) primarily located in, but not limited to the continental United
States Markets and environments; and 

          WHEREAS, the Executive has extensive prior
experience in planning, developing, deploying, selling and maintaining digital
surveillance systems, assembling a national dealer network in the same
industry, as well as extensive prior experience as a principal in financial
services, financial management, various aspects of investment banking with
executive management and oversight capacities; and 

          WHEREAS, the Company desires to provide for
the employment of the Executive as Chief
Executive Officer (“CEO”) and Chairman of the Board of the Company
pursuant to the terms and conditions of this Agreement since the Company
believes that the Executive’s business experience, skill, and expertise will
enhance the business and improve the profitability of the Company; and 

          WHEREAS, the Company’s Board of Directors
(“Board”) has determined that it is in the best interest of the Company to
provide for the employment of the Executive as CEO and Chairman of the Board of the Company and believes that
this Agreement will reinforce and encourage the attention and dedication of the
Executive to the Company as the key member of the Company’s management team;
and 

          WHEREAS, the Executive is willing to commit
himself to faithfully and exclusively serve the Company on the terms and
conditions provided herein; 

          NOW, THEREFORE, in consideration of the
representations, covenants, and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Parties hereto
agree as follows: 

1

ARTICLE I

DEFINITIONS

          As
used in this Agreement, the following terms shall have the following meanings
unless the context specifically requires otherwise: 

1.01 “Cause”
shall mean any of the following: 

          (a)
With respect to the Company’s termination of the Executive: 

                    (1)
the final unappealable conviction of the Executive of a felony under any state
or federal law, or the entry of a plea of guilty or no contest by the Executive
with respect thereto; 

                    (2)
any failure or refusal by the Executive to fulfill, in any material respect,
his duties and responsibilities (other than by reason of death or Disability,
as defined below) as set forth in Section 2.02 of this Agreement for a period
of sixty (60) days after receipt of written notice of such failure or refusal
from the Company to the Executive; provided, however, that such notice shall
contain a detailed description of the particular conduct or omission of the
Executive that the Company alleges constitutes such failure or refusal,
together with a detailed description of the particular conduct or omission
which the Company directs the Executive to undertake in order to cure such
failure or refusal; however, failure to achieve performance goals or earnings
targets or any act or failure or refusal to act on the Executive’s part shall
not be a reason for termination for Cause if the act done or omitted to be done
was pursuant to any express policy of the Company, or pursuant to the express
direction of the Board, or pursuant to a good faith and reasonable business
decision by the Executive in the performance of his duties under this Agreement.

                    (3)
any failure or refusal of the Executive to adhere to any established lawful
policy of the Company for a period of sixty (60) days after receipt of written
notice of such failure or refusal from the Company to the Executive; provided,
however, that such notice shall contain a detailed description of the
particular conduct or omission of the Executive that the Company alleges
constitutes such failure or refusal, together with a detailed description of
the particular conduct or omission which the Company directs the Executive to
undertake in order to cure such failure or refusal; however, no act or failure
or refusal to act on the Executive’s part shall be a reason for termination for
Cause under if the act done or omitted to be done was pursuant to any express
policy of the Company, or pursuant to the express direction of the Board, or
pursuant to a good faith and reasonable business decision by the Executive in
the performance of his duties under this Agreement. 

                    (4)
the final unappealable conviction or civil judgment against the Executive for
any fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or
other act of dishonesty against the Company; or 

                    (5)
any final unappealable determination by a court of competent jurisdiction of
material breach by the Executive of his obligations under Article IV of this
Agreement. 

          (b)
With respect to the Executive’s right to terminate this Agreement: 

                    (1)
the Company or the Board fails to re-elect the Executive, without Executive’s
prior consent in any or each instance, as CEO, and/or Chairman of the Board of
the Company during the term of this Agreement; 

2

                    (2)
the Company or its Board of Directors, without Executive’s prior consent,
Demotes the Executive in any or each instance as CEO, and/or Chairman of the
Board; 

                    (3)
the Company breaches any material covenant under this Agreement and such breach
is not cured within sixty (60) days of receipt of Executive’s written notice of
such breach; 

                    (4)
this Agreement is assigned or delegated by the Company to any other person or
entity without Executive’s prior consent or the Company is acquired or merged
with any other entity; or 

                    (5)
a change of the principal place of performance (as set forth in Section 2.02(c)
below) of more than 30 miles without Executive’s consent. 

1.02 “Business”
shall mean (a) the Company’s present business which consists of providing a mix
of products and services consisting primarily of, but not limited to, the
sales, installation, manufacturing, assembly, and design consultation of Closed
Circuit Television (“CCTV”) systems with Digital Video Recorders (“DVRs”) and
Charged Couple Device Surveillance Cameras (“CCD Cameras” or “cameras”) its
customers. 

1.03 “Competing Business”
shall mean any business providing the same or similar mix of products,
processes or services within the Territory. 

1.04 “Confidential Information”
shall have a meaning as set forth in Section 4.02 of this Agreement. 

1.05 “Demote/Demotion”
shall mean a material change in the nature or scope of the authorities, powers,
functions or duties of the Executive, whether associated with the title of CEO
and/or Chairman of the Board of the Company or another title. 

1.06 “Disability”
shall mean the Executive’s inability to perform his duties, obligations and
responsibilities under this Agreement by reason of any medically determinable
physical or mental impairment which can be expected to result in death or which
has lasted or can be expected to last for a continuous period of not less than
twelve (12) months. 

1.07 “Intellectual Property”
shall have a meaning as set forth in Section 4.03 of this Agreement. 

1.08 “Severance Benefits”
shall have a meaning as set forth in Section 5.02(b) of this Agreement. 

1.09 “Severance Compensation”
shall have a meaning as set forth in Section 5.02(a) of this Agreement. 

1.10 “Territory”
shall mean Tier I/Tier II United States Markets and environments in which the
Company conducts business, or actively prepares to conduct business at any time
during the covenant period provided in Article IV of this Agreement. 

1.11 “Tier I United States Markets”
shall mean the top twenty (20) Metropolitan Statistical Areas by business
population density and growth. 

1.12 “Tier II United States Markets”
shall mean the second twenty (20) Metropolitan Statistical Areas by business
population density and growth. 

3

1.13 “The Customers”
shall mean Small-Medium Business Enterprises (“SMEs”), Government, Municipal,
not-for-profit organizations, and other commercial enterprises, organizations,
associations or businesses that the Company provides business or business
services to. 

ARTICLE II

EMPLOYMENT 

Section 2.01 Term. The term of the Executive’s employment shall be for a period of three (3)
years commencing on the date of this Agreement, unless earlier terminated
pursuant to Section 5.01 hereof. This Agreement shall automatically renew for
successive periods of one (1) year thereafter unless either Party gives written
notice of its intent not to renew at least sixty (60) days prior to the
expiration of any term. 

Section 2.02 Powers, Duties and
Responsibilities.

          (a)
For the term of this Agreement, the Company hereby employs the Executive, and
the Executive hereby accepts employment with the Company, to render exclusive
service as CEO and/or Chairman of the Board
of the Company, with such powers, duties, and responsibilities consistent
with the position as CEO and/or Chairman of
the Board of the Company as provided for in the Company’s By-laws
and as otherwise the Board may determine from time to time. The Executive
agrees to devote his full working time to the Company and to diligently perform
all duties to the best of his ability, pursuant to the policies and regulations
of the Company, and shall use his best efforts to promote the success of the
present and future businesses of the Company. The Executive shall be
responsible for each facet of the Company’s business operations. The Executive
shall report directly to the Company’s Board of Directors. 

          (b)
During the term of this Agreement, except for his participation and interest in
the entities listed on Schedule “A” attached hereto, the Executive shall not,
directly or indirectly, alone or as a member of any partnership or joint
venture, or as an Executive, officer or director of, or a consultant to, any
other corporation or business organization, be engaged in any other business
activity or occupation, whether or not such other business activity is pursued
for gain, profit or pecuniary advantage, unless approved by the Board. The
Executive agrees that he will not be involved in any activity outside of the
business of the Company that would interfere with the performance of his duties
hereunder or any activity that would be inimical to or contrary to the best
interests of the Company. Further, the Executive shall, as an investor, have
the right to acquire, sell or hold the stock or other investment securities of
(a) any business entity, other than the Company, that is registered on a
national securities exchange or regularly traded on a generally recognized
over-the-counter market, so long as the Executive’s beneficial interest in any
such business entity does not exceed five percent (5%) of the ownership of that
business entity, and (b) the entities listed on the attached Schedule “A.” 

          (c)
Executive’s principal place of performance shall be in Toms River, New Jersey.
Executive shall be required at times to reasonably travel as part of his duties
hereunder. 

4

ARTICLE III 

COMPENSATION AND BENEFITS 

Section 3.01 Base Salary.
The Executive will receive a base salary from the Company as set forth in
Schedule “B” attached to this Agreement, for his services under this Agreement,
payable in accordance with the Company’s payroll activities. 

Section 3.02 Salary Increases.
The Executive shall receive salary increases from the Company as set forth in
Schedule “B” attached to this Agreement. The Executive’s salary may be
increased otherwise during the term of this Agreement by the Board or the
Compensation Committee of the Board, if any, in its sole and absolute
discretion. 

Section 3.03 Bonus Compensation.
The Executive shall be eligible to receive an annual incentive bonus comprised
of cash, stock and/or stock options in an amount as determined by the Board in
its sole and absolute discretion. 

Section 3.04 Revenue Performance Bonus.
The Executive shall receive bonuses from the Company as set forth in Schedule
“B” attached to this Agreement. The Executive’s salary may be increased
otherwise during the term of this Agreement by the Board or the Compensation
Committee of the Board, if any, in its sole and absolute discretion. 

Section 3.05 Benefits.
The Executive will, at all times during his employment with the Company, be
entitled to participate in all benefits maintained by the Company for senior
level executives of the Company, including, but not limited to, participation
in the Company’s Equity Incentive Plan (a copy of which has been furnished to
the Executive), as determined by the Company’s Board. Except as provided herein
or required by the terms of a Company sponsored benefit plan, nothing paid to
the Executive under any such plan or arrangement presently in effect or made
available in the future shall be deemed to be in lieu of the Executive’s salary
and any bonus received pursuant to Sections 3.01, 3.02, 3.03 and 3.04 of this
Agreement. 

Section 3.06 Additional Insurance.
The Executive will, be provided with additional insurance policies as set forth
in Schedule “B” attached to this Agreement. Any costs incurred by the company
to obtain such coverage on behalf of the Executive under shall be deemed to be
in lieu of the Executive’s salary and any bonus received pursuant to Sections
3.01, 3.02, 3.03 and 3.04 of this Agreement 

Section 3.07 Vacation.
The Executive shall be entitled to twenty (20) workdays of vacation with pay
during each twelve-month period of employment under this Agreement. The
Executive shall be entitled to carry forward up to twenty (20) unused vacation
days from one twelve-month period for use during the immediately succeeding
twelve-month period in addition to the twenty (20) vacation days provided for
such period pursuant to the preceding sentence. The Executive shall not be
entitled to receive any compensation in lieu of such vacation days, whether or
not used during the applicable periods. 

Section 3.08 Holidays.
The Executive shall be entitled to all paid holidays given by the Company to
its Executives. 

Section 3.09 Professional Enrichment.
The Executive shall be granted up to twenty (20) days during each twelve-month
period of employment under this Agreement for the purpose of professional enrichment.
Such shall include attendance as a guest and speaker at seminars and
symposiums, and providing consulting and advice to private entities not in
competition with the Company. The Executive shall provide the Company
reasonable notice prior to the Executive’s utilization of a professional
enrichment day. Executive shall be responsible for any expenses related to his
professional enrichment

5

activities,
excluding professional enrichment activities with respect to Company related
training or education. The Executive shall not be entitled to receive any
compensation in lieu of such days, whether or not used during the applicable
period. The Executive shall not be entitled to carryover any professional
enrichment days from year to year. Upon the Board’s reasonable request,
Executive shall provide the Board proof of any attendance at professional
enrichment activities or functions. 

Section 3.10 Perquisites.

          (a)
Automobile Expenses. During the term of this Agreement, the Executive
will be entitled to and the Company shall provide a monthly automobile
allowance of One Thousand Dollars ($1,000.00) to be applied towards the
purchase or lease of an automobile suitable to the Executive’s position with
the Company. The Company shall reimburse the Executive for all expenses related
to fuel, oil, tolls, maintenance and repairs for any such automobile. 

          (b)
Computer Allowance. During the term of this Agreement, the Executive
will be entitled to be provided, at the Company’s expense, a laptop computer
and home computer of his choice which is suitable to the Executive’s position
and consistent with the forward thinking attitude of the company. Upon any
upgrade or replacement of any computer, Executive shall return to the Company
the computer previously purchased with the allowance. Upon termination of the
Executive, all computers purchased with the allowance shall be returned to the
Company. 

          (c)
Fitness Club Membership During the term of this Agreement, the Executive
will be entitled to join a health club of his choice and be reimbursed for
facilities fees and the expense of engaging a personal physical trainer. 

          (d)
Legal Expenses. In the event that the Executive is required to institute
legal proceedings against the Company to enforce this Agreement, or any term or
provision thereof, the Company shall pay, either directly or by reimbursement
to the Executive, all legal fees and costs incurred or expended by the
Executive if the Executive’s action results in a judgment in favor of the
Executive against the Company. The Company shall also reimburse the Executive
for all costs related to negotiation of this Agreement, including legal fees. 

          (e)
Other. The Executive shall be entitled to receive any perquisites
available, or hereafter made available, to senior level executives of the
Company. 

ARTICLE IV

NON-COMPETITION, NON-DISCLOSURE AND NON-SOLICITATION

Section 4.01 Scope and Reasonableness.
The Executive acknowledges that the Company has a present and future
expectation of conducting operations and generating revenues and that, in his
capacity with the Company, the Executive will have important duties and
responsibilities with respect to the Business. The Executive is being employed
hereunder in a key capacity with the Company, that the Company is engaged in a
highly competitive business, and that the success of the Company’s business in
the marketplace depends upon its goodwill and reputation for quality and
dependability. The Executive further agrees that reasonable limits may be
placed on his ability to compete against the Company as provided herein so as
to protect and preserve the legitimate business interests and goodwill of the
Company. 

6

Section 4.02 Confidentiality and Trade
Secrets. 

          (a)
The Executive acknowledges and agrees that his position as an employee of the
Company will afford him a unique opportunity to acquire confidential
information concerning the Company and that the misappropriation or disclosure
of such confidential information would cause irreparable harm to the Company.
The Executive recognizes and agrees that he will have access to certain
confidential information of the Company that is not generally available to the
public and that such information constitutes valuable, special and unique
property of the Company. The Executive acknowledges that such confidential
information includes information concerning the Business and the Company
including, without limitation, financial information concerning the Business or
the Company, the names and addresses of actual and potential customers or
acquisition or investment targets of the Business or the Company, studies of
prospective market areas for the Business, supply sources, products, technical
data, notes, diagrams, drawings, flow charts, ideas, techniques,
specifications, procedures, processes, research, development, and trade secrets
of the Business and the Company (such information whether related to the
Business or the Company being referred to collectively as the “Confidential
Information”). Confidential Information shall not include any information or
documents (i) that are or become publicly available or otherwise known in the
industry without breach of this Section 4.02; or (ii) that the Executive
rightfully receives from any third party which is not breaching an obligation
of confidence with the Company or without an accompanying obligation of
confidence; or (iii) that were known to or by the Executive prior to his
appointment with the Company without breach of this Section 4.02. In the event
that the Executive is requested in any court or governmental proceeding to
disclose any Confidential Information, the Executive shall give the Company
prompt notice of such request such that the Company may seek a protective order
or other appropriate relief and shall cooperate in all respects with the
Company in its efforts in connection therewith. 

          (b)
The Executive will keep confidential and will not, during his employment and
for a period of five (5) years after any termination under this Agreement
(whether by expiration or pursuant to Section 5.01 or otherwise), directly or
indirectly, divulge to anyone, use or otherwise appropriate any of the
Confidential Information for any reason or purpose whatsoever except to
authorize representatives of the Company or when, in the good faith belief of
the Executive, such disclosure is necessary or desirable in the normal course
of the Business in order for the Executive to fulfill his duties and
responsibilities to the Company as set out in Section 2.02. 

          (c)
The Executive acknowledges and agrees that these prohibitions against
disclosure of Confidential Information are in addition to, and not in lieu of,
any rights or remedies which the Company may have available pursuant to the
laws of any jurisdiction or at common law to prevent the disclosure of trade
secrets or proprietary information, and the enforcement by the Company of any
of their rights and remedies pursuant to this Agreement shall not be construed
as a waiver of any other rights or available remedies which they may possess in
law or equity absent this Agreement. 

          (d)
Upon any termination of his employment under this Agreement, the Executive
shall surrender to the Company all documents and materials in his possession,
custody or control embodying the Confidential Information or any part thereof. 

Section 4.03 Proprietary Material. 

          (a)
The Executive hereby assigns and agrees to assign to the Company all of the
Executive’s right, title and interest in and to all information, inventions,
discoveries, products, systems, computer or other apparatus programs and
related documentation, including improvements or modifications thereto which
are directly used or could be used in the Business of the Company, (hereinafter
each designated as “Intellectual Property”), whether or not patentable,
copyrightable or subject to other forms of protection, made, created,
developed, written or conceived by the Executive during the term of Executive’s
employment with the Company, whether during or outside regular working hours,
either solely or jointly

7

with another
person or entity, in whole or in part. Excepted is any material developed in
the course of the Executive’s work with the entities listed at Schedule A. 

          (b)
The Executive acknowledges that the Intellectual Property constitutes the
exclusive property of the Company and that any copyrights, patents, trademarks
or trade secret rights in the Intellectual Property belong to the Company by
operation of law. Such Intellectual Property shall constitute work for hire. 

          (c)
The Executive shall, without charge to the Company, but at the Company’s
expense, execute a specific assignment of title to the Company and do anything
else reasonably necessary or desirable to enable the Company to secure a
patent, copyright, trademark, or other form of protection for or otherwise
exploit any Intellectual Property anywhere in the world. 

Section 4.04 Covenant Not to Compete. 

          (a)
During the period ending on the twelve (12) month anniversary of the Company’s
termination of the Executive’s employment for Cause or the Executive’s
termination of the Company without Cause, the Executive will not directly or
indirectly: 

                    (i)
Excepting those entities listed at Schedule “A,” engage in, become affiliated
with, or become interested in any business that is engaged in a Competing
Business, either alone or with any individual, partnership, corporation, or
association in any capacity. For these purposes, “to engage,” “become
affiliated with” or “become interested in” shall mean either (1) acting in a
management or oversight capacity as an officer, director, agent,
representative, consultant, independent contractor or employee of any entity or
enterprise which is engaged in a Competing Business; (2) participating in any
material management or oversight role in any such business which is engaged in
a Competing Business as an owner, partner, limited partner, joint venturer,
creditor, or stockholder (except as a stockholder owning not greater than a
five percent (5%) interest in a corporation whose shares are actively traded on
a national securities exchange or in the over-the-counter market); or (3)
communicating to any such business, which is engaged in a Competing Business,
the names or addresses or any other information concerning any past, present,
or identified prospective client, customer, joint venture partner, supplier or
acquisition or investment targets of the Company, provided that this provision
shall not apply to any information that is not “Confidential Information,” as
such term is defined in Section 4.02(a) of this Agreement; 

                    (ii)
cause, induce, or encourage any employee of the Company to leave the employ of
the Company, or any independent contractor to terminate any independent
contractor relationship with the Company; 

                    (iii)
cause, induce, or encourage any former employee of the Company to become
employed by a business which is engaged in a Competing Business; or 

                    (iv)
employ or seek to employ any person who is at that time employed with the
Company. 

          (b)
If the covenant not to compete provided for herein is found by any court having
jurisdiction to be too broad or too restrictive, then the covenant not to
compete shall nevertheless remain effective, but shall be considered amended to
a point considered by said court as reasonable and, as so amended, shall be
fully enforceable. 

8

Section 4.05 Non-Solicitation and
Non-Interference. During the period ending on the
twelve month (12) anniversary of the termination of the Executive’s employment
with the Company (whether such termination is by the Company or by the
Executive), the Executive will not in any way, directly or indirectly, for
himself or on behalf of or in conjunction with any other person, partnership,
firm, association, or corporation: 

                    (i)
Solicit or divert away or attempt to solicit or divert any client or customer
served or solicited by the Company within the six (6) month period prior to the
Executive’s termination or any potential customer of the Company if such
potential customer’s business had been actively solicited by the Company within
the six (6) month period prior to the Executive’s termination; 

                    (ii)
Interfere with or attempt to interfere with negotiations between the Company
and any acquisition or investment target of the Company; or 

                    (iii)
Solicit or attempt to solicit any acquisition or investment target which the
Company have been in negotiations with during the six (6) month period prior to
the Executive’s termination with the Company. 

Section 4.06 Remedies. The
Executive acknowledges that any violation of this Article IV will cause
irreparable harm to the Company and that damages are not an adequate remedy.
The Executive therefore agrees that the Company shall be entitled to seek an
injunction enjoining, prohibiting and restraining the Executive from the
continuance of any such violation, in addition to any monetary damages which
might occur by reason of a violation of this Agreement or any other remedies at
law or in equity, including without limitation specific performance, and that
in any such action the Executive will not raise as a defense the argument that
an adequate remedy for such breach exists at law. 

Section 4.07 Independent. The
covenants set forth in the foregoing Sections of this Article IV are and shall
be deemed and construed as separate and independent covenants. Should any part
or provision of such covenants be held invalid, void or unenforceable in any
court of competent jurisdiction, such invalidity, voidness or unenforceability
shall not render invalid, void or unenforceable any other part or provision
thereof. Specifically, and without limiting the generality of the foregoing, if
any portion of Sections 4.01, 4.02, 4.03, 4.04 or 4.05 is found to be invalid
by a court of competent jurisdiction because its duration, the Territory and/or
the Business are invalid or unreasonable in scope, such duration, Territory
and/or Business, as the case may be, shall be redefined by consideration of the
reasonable concerns and needs of the Company such that the intent of the
Company and the Executive, in agreeing to Sections 4.01, 4.02, 4.03, 4.04, 4.05
and 4.06, will not be impaired and shall be enforceable to the fullest extent
of the applicable laws. 

ARTICLE V

TERMINATION 

5.01 Termination.
The Executive’s employment by the Company hereunder may be terminated under the
following conditions: 

          (a)
Death. The Executive’s employment hereunder shall terminate immediately
upon his death, without notice. The effective date of any such termination
shall be the date of the Executive’s death. The Company shall pay to the
Executive’s designated beneficiary, or if he leaves no designated beneficiary
to his estate, any salary which has been earned but is unpaid and any
unreimbursed expenses or other unpaid benefits due the Executive hereunder at
the time of his death. The Company shall also pay Severance Compensation and
provide Severance Benefits as defined in Section 5.02 hereunder for the
Executive’s family or designated beneficiary. 

9

          (b)
Disability. In the case of Disability of the Executive, the Company may
terminate the Executive’s employment pursuant to this Agreement by giving
written notice to the Executive (or his personal or legal representative, as
the case may be) specifying such Disability. The effective date of any such
termination shall be that specified in such notice. Upon termination of the
Executive for Disability, the Executive shall receive the Severance
Compensation and shall be entitled to the Severance Benefits as defined in
Section 5.02 hereunder. 

          (c)
Termination for Cause by Company. In the event the Executive is
terminated for Cause as defined in Section 1.01(a) herein, the Company may at
any time without notice terminate the Executive’s employment hereunder, and the
Executive shall have no right to receive any salary, or benefits of any kind
whatsoever, except those benefits which are vested or otherwise owned by the
Executive, on and after such date of termination. The Executive shall not
receive any bonus compensation, pursuant to Section 3.02 of this Agreement, for
the year of termination if such termination is by the Company for Cause. 

          (d)
Termination Without Cause by Company. The Company may at any time, upon
ninety (90) days written notice issued in accordance with Section 6.07
hereunder which establishes the date of termination of this Agreement,
terminate the Executive’s employment under this Agreement without Cause. The
issuance of a notice of termination is a condition precedent to the termination
of the employment relationship without Cause by the Company, and the Company
shall not issue such a notice of termination unless the issuance of such notice
and the contents of such notice are approved by the affirmative vote of a
majority of the Company’s Board. Upon termination without cause by the Company,
the Executive is entitled to receive from the Company any earned but unpaid
salary as well as receive from the Company any unreimbursed expenses or other
unpaid benefits owed as of the date of termination. Further, in the event of a
termination without cause by the Company, the Executive is entitled to the
Severance Compensation and Severance Benefits as defined in Section 5.02
hereunder. During the ninety (90) day notice period, or any such abbreviated
period, the Executive shall continue to faithfully and diligently perform all
duties assigned to him by the Board. 

          (e)
Termination Without Cause by the Executive. The Executive may terminate
this Agreement without specific Cause or reason upon ninety (90) days written
notice to the Company. The Company may at any time, in its sole discretion,
shorten or eliminate the ninety (90) day notice period by written notice to the
Executive. The Executive shall receive no further salary, other than amounts
earned but unpaid, nor benefits of any kind, other than amounts to which the
Executive is entitled to reimbursement and those benefits which are vested or
otherwise owned by the Executive, following the ninety (90) day notice period,
or such abbreviated period to the extent it is shortened or eliminated by the
Company as provided above. The Executive shall not be entitled to bonus
compensation, pursuant to Section 3.02 of this Agreement, for the year of
termination if such termination is by the Executive without Cause. During the
ninety (90) day notice period, or any such abbreviated period, the Executive
shall continue to faithfully and diligently perform all duties assigned to him
by the Board. 

          (f)
Termination for Cause by the Executive. The Executive may terminate this
Agreement upon ninety (90) days written notice to the Company for Cause. Upon
termination at the conclusion of the ninety (90) day period, the Executive is
entitled to receive from the Company any earned but unpaid salary and any
unreimbursed expenses or other unpaid benefits owed as of the date of
termination. The Company may shorten or eliminate the ninety (90) day notice
period by providing written notice to the Executive. Further, the Executive
shall be entitled to the Severance Compensation and Severance Benefits as
defined in Section 5.02 hereunder. An election by the Executive to terminate
this Agreement for Cause shall not be deemed a voluntary termination of
employment by the Executive for the purpose of this Agreement or any plan or
practice of the Company. 

10

Section 5.02 Severance Compensation and Severance
Benefits. 

          (a)
Pursuant to this Agreement, “Severance Compensation” shall mean, within ten
(10) calendar days of the date of termination (the Executive’s last day of
employment with the Company): 

                    (i)
a single cash payment in an amount equal to ten times the Executive’s prior
year’s annual salary or three million ($3,000,000) dollars, whichever is
greater; 

                    (ii)
payment for accrued and unused vacation for the year of termination; and 

                    (iii)
payment of the Executive’s prorated bonus compensation, if any, pursuant to
Section 3.02 of this Agreement, for the year of termination in accordance with
the ordinary payment procedures. 

          (b)
Pursuant to this Agreement, “Severance Benefits” shall mean: 

                    (i)
to the extent that the Executive is insurable, the Company shall reimburse the
Executive the cost of COBRA benefits, including dental but, other than long
term disability coverage, for the Executive and his family for a period of
eighteen (18) months following the date of termination, subject to any
limitation on the provision of such benefits established by then existing law;
provided, however, that if the Company is not able to provide coverage under
COBRA for any reason, including, without limitation, that the Executive is
deemed uninsurable, the Company shall make a lump sum cash payment to the
Executive in an amount equal to the Company’s cost for such COBRA benefits over
such eighteen (18) month period if such benefits had been available for the
Executive and his family. 

                    (ii)
The Company shall pay the premiums for Executive’s group life insurance policy
for a period of eighteen (18) months following the date of termination to the
extent and as permitted under the terms of such policies; provided, however,
that if Company is not able to offer such coverage for any reason, including,
without limitation, that the Executive is deemed uninsurable, the Company shall
make a lump sum cash payment to the Executive in an amount equal to the premium
payments that would have otherwise been payable under such policies for
Executive for such eighteen (18) month period; 

                    (iii)
Executive shall have the right to convert any other Company sponsored benefit
plan to the extent provided for by the terms of such plan, but the Company
shall have no obligation to make payments in connection with any such
conversion. 

ARTICLE VI

MISCELLANEOUS

6.01 Governing Law.
This Agreement shall be construed and enforced in accordance with the laws of
the State of New Jersey. 

6.02 Entire Agreement.
This Agreement contains the entire agreement between the Parties with respect
to the Executive’s employment with the Company and supercedes all prior and
contemporaneous, written, oral, express and implied communications, agreements,
and understandings between the Parties relating to the same subject matter,
including any prior employment agreement between the Executive and Company or
any of its affiliates or subsidiaries. In the event that any term, or condition
or provision of this Agreement varies from, or is in any way dissimilar to or a
conflict with, any term, condition or provision of any of the Company’s benefit
plans or any other agreement between the Parties, the terms, conditions and
provisions of this Agreement will control. 

11

6.03 Amendments. This
Agreement cannot be amended, changed, or supplemented except in writing signed
by the parties or their duly authorized agents or attorneys in fact. 

6.04 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties
and their respective heirs, executors, administrators, successors, and
permitted assigns. 

6.05 Assignment. This
Agreement is nonassignable except that the Company’s rights, duties, and
obligations under this Agreement may be assigned and delegated to any
subsidiary or affiliate of the Company or to the acquiror of the Company in the
event the Company is merged, acquired, sells substantially all of its interest
in its assets or the Business or transfers its interest in the Business to any
other entity. 

6.06 Severability. If
any one or more of the provisions of this Agreement shall be determined to be
invalid, illegal, or unenforceable in any respect for any reason, the validity,
legality, and enforceability of any such provision in every other respect and
the remaining provisions of this Agreement shall not in any way be impaired. 

6.07 Notices. All
notices, requests, demands, and other communications under or in connection
with this Agreement shall be in writing, shall be sent by registered or
certified mail return receipt requested, and shall be deemed to have been given
or made when received at the following offices: 

	
 

	
 

	
 

	
 

	
If to the
  Company:

	
VISUAL
  MANAGEMENT SYSTEMS HOLDING, Inc.

  1000 Industrial Way North, Unit C

  Toms River, NJ 08755; and

	
 

	
 

	
 

	
 

	
 

	
Philip D.
  Forlenza, Esq. 

  Giordano, Halleran & Ciesla, P.C.

  125 Half Mile Road, P.O. Box 190

  Middletown, New Jersey 07748.

	
 

	
 

	
 

	
 

	
If to the
  Executive:

	
Jason
  Gonzalez

  600 Monroe Avenue

  Whiting, New Jersey 08755;

	
 

	
 

	
 

	
 

	
 

	
David J.
  Puma, Esq. 

  Lenahan, Telsey & Puma, P.A.

  107 W. Broadway

  Salem, NJ 08079-1316

The above
addresses may be changed by written notice given as above provided. 

6.08 Consent to Jurisdiction.
The Company and the Executive, by its or his execution hereof, (i) hereby
irrevocably submits to the exclusive jurisdiction of the state and Federal
courts located within the State of New Jersey for the purpose of any claim or
action arising out of or based upon this Agreement or relating to the subject
matter hereof, (ii) hereby waives, to the extent not prohibited by applicable
law, and agrees not to assert by way of motion, as a defense or otherwise, in
any such claim or action, any claim that is not subject personally to the
jurisdiction of the above-named courts, that its or his property is exempt or
immune from attachment or execution, that any such proceeding brought in the
above-named court is improper, or that this Agreement or the subject matter
hereof may not be enforced in or by such court, and (iii) hereby agrees not to
commence any claim or action arising out of or based upon this

12

Agreement or
relating to the subject matter hereof other than before the above-named courts
nor to make any motion or take any other action seeking or intending to cause
the transfer or removal of any such claim or action to any court other than the
above-named courts whether on the grounds of inconvenient forum or otherwise.
Each of the Company and the Executive hereby consents to service of process in
any such proceeding in any manner permitted by New Jersey law, and agrees that
service of process by registered or certified mail, return receipt requested,
at its address specified pursuant to Section 6.07 hereof is reasonably calculated
to give actual notice. 

6.09 Counterparts.
This Agreement may be executed in two or more counterparts, each of which will
take effect as an original and all of which will evidence one and the same
agreement. 

6.10 Pronouns.
All pronouns used herein shall be deemed to refer to the masculine, feminine,
or neuter gender as the context requires. 

{signature page follows}

13

IN WITNESS
WHEREOF the parties have executed this Agreement as an instrument under SEAL as
of the date first appearing above. 

	
 

	
 

	
 

	
 

	
 

	
 

	
ATTEST:

	
 

	
     VISUAL MANAGEMENT SYSTEMS, INC.

	
 

	
 

	
 

	
 

	
 

	
     By:

	
 

	 

	
 

	
 

	 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
WITNESS:

	
 

	
 

	
 

	
 

	
 

	 

	
 

	 

	
 

	
 

	
 

	
 

	
     JASON GONZALEZ

{Signature Page for Executive Employment
Agreement}

14

SCHEDULE A: LIST OF ENTITIES IN WHICH
EXECUTIVE PARTICIPATES

	
 

	
 

	
 

	
Entity

	
Executive’s Capacity with Entity

	
Description of Services

	 

	
Gonzalez
  Family

  Limited Partnership

	
General
  Partner

	
Family
  Trust and Investment Management

	 

	
R7RE,
  LLC

	
Sole
  Member

	
Real
  Estate Investment Management

	 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	 

15

SCHEDULE B: BASE SALARY, INCREASES AND
BONUSES

1. Jason
Gonzalez (“Executive”) shall receive a base salary of One Hundred Eighty
Thousand Dollars ($180,000.00). 

2. The
Executive shall receive salary increases as follows: 

	
 

	
 

	
-

	
Upon
  reaching monthly gross sales of $833,334, and sustaining such sales for at
  least three (3) consecutive months, Executive’s annual salary shall increase
  to $200,000.00. 

	
 

	
 

	
-

	
Upon
  reaching monthly gross sales of $1,666,667, and sustaining such sales for at
  least three (3) consecutive months, Executive’s annual salary shall increase
  to $250,000.00. 

	
 

	
 

	
-

	
Upon
  reaching monthly gross sales of $2,000,000, and sustaining such sales for at
  least three (3) consecutive months, Executive’s annual salary shall increase
  to $300,000.00. 

3. Upon
achieving annual gross sales equal to or in excess of twenty-five million
dollars ($25,000,000) during any calendar year, Executive’s salary will
increase to $360,000 and annually, thereafter, by at lease twenty-five percent
(15%) or as otherwise determined appropriate during the term of this Agreement
by the Board or the Compensation Committee of the Board, if any, in its sole
and absolute discretion pursuant to Section 3.02 of this Agreement. 

4. The
Executive shall be named in the Company’s Directors and Officers Insurance Policy
at no cost to the Executive for an amount of coverage deemed appropriate by the
Board and any relevant regulatory agencies, authorities, or generally accepted
policies for such coverage. 

5. The
Executive’s salary may be increased otherwise during the term of this Agreement
by the Board or the Compensation Committee of the Board, if any, in its sole
and absolute discretion pursuant to Section 3.02 of this Agreement. 

6. Bonuses may
be distributed for achievement of revenue targets as set forth in Section 3.04
of this Agreement, the Executive shall be entitled to receive a bonus as set
forth in the table below: 

	
 

	
 

	
 

	
Revenue Plateau

	
Bonus Amount

	
Payable As

	 

	
1.25mm

  Net annual

  revenue

	
$35,000

	
One time cash bonus within 10 business days of
  the month where the plateau is exceeded.

	 

	
2.50mm

  Net annual

  revenue

	
$25,000

	
One time cash bonus within 10 business days of
  the month where the plateau is exceeded.

	 

	
5.00mm

  Net annual

  revenue

	
$25,000

	
One
  time cash bonus within 10 business days of the month where the plateau is exceeded.

	 

	
7.500mm

  Net annual

  revenue

	
$50,000

	
Payable in two equal parts, the first being a
  one-time cash bonus due within 10 business days of the transaction’s closing,
  the second part being the cashless exercise and redemption of options for the
  equivalent amount of shares of the common stock of the company on the next
  exercise date.

	 

	 

	
10.00mm

  Net annual

  revenue

	
$50,000

16

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