Document:

2008
      EMPLOYMENT AGREEMENT AND PLAN

     

    THIS
      2008
      EMPLOYMENT AGREEMENT AND PLAN (“Agreement and Plan”) made and entered into as of
      January 15, 2008 by and between Solomon Technologies, Inc. (the “Company”), a
      Delaware corporation located at 1224 Mill Street, Bldg. B, East Berlin, CT
      06023, and Michael A. D’Amelio (the “Employee”).

     

    WITNESSETHTHAT:

     

    WHEREAS,
      the Company desires to employ Employee on an at will basis upon and subject
      to
      the terms herein provided; and

     

    WHEREAS,
      Employee is willing to agree to be employed by the Company on an at will basis
      upon and subject to the terms herein provided;

     

    NOW,
      THEREFORE, in consideration of the premises, the parties hereto covenant and
      agree as follows:

     

    1. Employment;
      Compensation.
      The
      Company agrees to employ Employee effective January 2, 2008 as Secretary. The
      Company will pay Employee for his services during the term of the Employee’s
      employment hereunder as provided in Exhibit
      A
      hereto.
      Capitalized terms not defined herein shall have the meanings ascribed to them
      in
Exhibit
      A. 

     

    2. Office
      and Duties.
      Employee shall advise the Company principally with respect to (a) strategic
      planning for the Company including, but not limited to, acquisitions, and (b)
      funding of the Company’s current operations, acquisition opportunities and
      strategic plan. In addition, Employee shall advise the Company with respect
      to
      the its business and operations and shall perform such specific other tasks,
      as
      may from time to time be assigned to the Employee by the Board of Directors.
      Employee shall devote such business time, labor, skill, attention and best
      ability to the performance of his duties hereunder in a manner which will
      faithfully and diligently further the business and interests of the Company.
      

     

    3. Expenses.
      Employee shall be entitled to reimbursement for expenses incurred by him in
      connection with the performance of his duties hereunder upon receipt of vouchers
      therefore in accordance with such procedures as the Company has heretofore
      or
      may hereafter establish.

     

    4. Accrued
      Compensation.
      The
      Company acknowledges that it owes Employee accrued compensation in the aggregate
      amount of $93,750 (“Accrued Compensation”) and agrees to pay such amount to
      employee as provided in Exhibit
      A.
      

     

    5. Additional
      Benefits.
      Nothing
      herein contained shall preclude Employee, to the extent he is otherwise
      eligible, from participation in all group insurance programs or other fringe
      benefit plans which the Company may hereafter in its sole and absolute
      discretion make available generally to its employees, but the Company shall
      be
      required to establish or maintain any such program or plan.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6. Termination
      of Employment.
      

     

    Employee’s
      employment shall be “at will” and may be terminated by the Company at any time
      upon payment of three months Salary.

     

    7.
       Notices.
      All
      notices and other communications under this Agreement and Plan shall be in
      writing and may be given by any of the following methods: (a) personal delivery;
      (b) facsimile transmission; (c) registered or certified mail, postage prepaid,
      return receipt requested; or (d) reputable overnight delivery service. Notices
      shall be sent to the appropriate party at its address or facsimile number given
      below (or at such other address or facsimile number as specified by notice
      given
      under this Section
      7):

     

    if
      to
      the Company:

     

    Solomon
      Technologies, Inc.

    Attention:
      Chief Executive Officer

    1224
      Mill
      Street, Bldg. B

    East
      Berlin, CT 06023

     

    if
      to
      Employee,
      to the
      address as set forth on the signature page.

     

    All
      such
      notices and communications shall be deemed received upon (a) actual receipt
      by
      the addressee, (b) actual delivery to the appropriate address or (c) in the
      case
      of a facsimile transmission, upon transmission by the sender and issuance by
      the
      transmitting machine of a confirmation slip confirming that the number of pages
      constituting the notice have been transmitted without error. In the case of
      notices sent by facsimile transmission, the sender shall contemporaneously
      mail
      a copy of the notice to the addressee at the address provided above; however,
      that mailing shall not alter the time at which the facsimile notice is deemed
      received.

     

    8. Assignability.
      In the
      event that the Company shall be merged with, or consolidated into, any other
      entity, or in the event that it shall sell and transfer substantially all of
      its
      assets to another entity, the terms of this Agreement and Plan shall inure
      to
      the benefit of, and be assumed by, the entity resulting from such merger or
      consolidation, or to which the Company’s assets shall be sold and transferred.
      This Agreement and Plan shall not be assignable by Employee, but it shall be
      binding upon, and to the extent provided in Section
      6
      shall
      inure to the benefit of, his heirs, executors, administrators and legal
      representatives.

     

    9. Entire
      Agreement.
      This
      Agreement and Plan (which for all purposes shall include Exhibit
      A
      hereto)
      contains the entire agreement between the Company and Employee with respect
      to
      the subject matter thereof and supersedes any other previous oral or written
      agreement relating to the subject matter hereof, and there has been no oral
      or
      other agreement of any kind whatsoever as a condition precedent or inducement
      to
      the signing of this Agreement and Plan or otherwise concerning this Agreement
      and Plan or the subject matter hereof.

     

    10. Expenses.
      Each
      party shall pay its own expenses incident to the performance or enforcement
      of
      this Agreement and Plan, including all fees and expenses of its counsel for
      all
      activities of such counsel undertaken pursuant to this Agreement and Plan,
      except as otherwise herein specifically provided.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11. Waivers
      and Further Agreements.
      Any
      waiver of any terms or conditions of this Agreement and Plan shall not operate
      as a waiver of any other breach of such terms or conditions or any other term
      or
      condition, nor shall any failure to enforce any provision hereof operate as
      a
      waiver of such provision or of any other provision hereof; provided,
      however,
      that no
      such written waiver, unless it, by its own terms, explicitly provides to the
      contrary, shall be construed to effect a continuing waiver of the provision
      being waived and no such waiver in any instance shall constitute a waiver in
      any
      other instance or for any other purpose or impair the right of the party against
      whom such waiver is claimed in all other instances or for all other purposes
      to
      require full compliance with such provision. Each of the parties hereto agrees
      to execute all such further instruments and documents and to take all such
      further action as the other party may reasonably require in order to effectuate
      the terms and purposes of this Agreement and Plan.

     

    12. Amendments.
      This
      Agreement and Plan may not be amended, nor shall any waiver, change,
      modification, consent or discharge be effected except by an instrument in
      writing executed by or on behalf of the party against whom enforcement of any
      waiver, change, modification, consent or discharge is sought.

     

    13. Severability.
      If any
      provision of this Agreement and Plan shall be held or deemed to be, or shall
      in
      fact be, invalid, inoperative or unenforceable as applied to any particular
      case
      in any jurisdiction or jurisdictions, or in all jurisdictions or in all cases,
      because of the conflicting of any provision with any constitution or statute
      or
      rule of public policy or for any other reason, such circumstance shall not
      have
      the effect of rendering the provision or provisions in question, invalid,
      inoperative or unenforceable in any other jurisdiction or in any other case
      or
      circumstance or of rendering any other provision or provisions herein contained
      invalid, inoperative or unenforceable to the extent that such other provisions
      are not themselves actually in conflict with such constitution, statute or
      rule
      of public policy, but this Agreement and Plan shall be reformed and construed
      in
      any such jurisdiction or case as if such invalid, inoperative or unenforceable
      provision had never been contained herein and such provision reformed so that
      it
      would be valid, operative and enforceable to the maximum extent permitted in
      such jurisdiction or in such case.

     

    14. Counterparts.
      This
      Agreement and Plan may be executed in two or more counterparts, each of which
      shall be deemed an original, but all of which together shall constitute one
      and
      the same instrument, and in pleading or proving any provision of this Agreement
      and Plan, it shall not be necessary to produce more than one of such
      counterparts.

     

    15. Section
      Headings.
      The
      headings contained in this Agreement and Plan are for reference purposes only
      and shall not in any way affect the meaning or interpretation of this Agreement
      and Plan.

     

    16. Gender.
      Whenever used herein, the singular number shall include the plural, the plural
      shall include the singular, and the use of any gender shall include all
      genders.

     

    17. Governing
      Law.
      This
      Agreement and Plan shall be governed by and construed and enforced in accordance
      with the law (other than the law governing conflict of law questions) of the
      State of Connecticut.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed or caused to be executed this
      Agreement and Plan as of the date first above written.

     

    
      	 	 	 
	 	SOLOMON TECHNOLOGIES, INC.
	 
 	 
 	 
 
	
            	By:  	 /s/
              Jonathan D. Betts
	 	
              

              Jonathan
                D. Betts

              Director
                and Chairman, 

              Compensation
                Committee

            

    

     

    
      	 	 	 
	 	
              EMPLOYEE

            
	 
 	 
 	 
 
	
            	
            	/s/
              Michael A. D’Amelio
	 	
              

              Michael
                A. D’Amelio

            
	 	 
	 	
              Address

              c/o
                JMC Venture Partners

              2
                Oliver Street

              2nd
                Floor

              Boston,
                MA 02109

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      A

    

    This
      Exhibit
      A
      constitutes an integral part of the 2008 Employment Agreement and Plan
      (“Agreement and Plan”) between Solomon Technologies, Inc. (the “Company”) and
      Michael A. D’Amelio (“Employee) dated January 11, 2007.

    

    Commencing
      as of January 2, 2008, the Company will pay compensation to Employee during
      the
      term of the Agreement and Plan or as otherwise set forth herein:

    

    1.
       Salary.
      For each
      payroll period of the Company that the Employee remains employed by the Company,
      the Company will pay Employee for his services a Salary at an annual rate of
      $150,000, payable in arrears in equal installments in accordance with standard
      Company practice, subject only to such payroll and withholding deductions as
      are
      required by law. 

    

    2. Accrued
      Compensation.
      The
      Company shall pay Employee the Accrued Compensation at the rate of $4,230 per
      biweekly payroll period until such amount has been reduced to zero.

     

    3. Payment
      in Shares of Common Stock.
      Whenever in the opinion of the Chief Financial Officer of the Company that
      there
      is insufficient cash available to pay the Salary or Accrued Compensation, or
      both, in whole or in part, the Salary and Accrued Compensation or any portion
      thereof shall be paid in Shares registered on Form S-8 or equivalent at a value
      equal to their closing price on each Valuation Date, provided
      that
      if as of
      a Salary payment date, the Company is prohibited from filing a Form S-8 or
      its
      equivalent due to a third party loan covenant or agreement the Company has
      with
      such third party lender in effect as of such Salary payment date, then the
      Shares otherwise due the Employee on such Salary payment date shall not be
      paid
      to him on such date and instead shall be paid to him in the aggregate in a
      lump
      sum payment of Shares on the date the Company is able to file a Form S-8 or
      its
      equivalent that will allow for said payments to him, provided
      further
      that in
      any such event, the number of Shares to be issued and paid to the Employee
      shall
      be determined by reference to the Valuation Date that would have applied had
      no
      prohibition so existed. The Valuation Date shall be the last day in which Shares
      traded preceding the current Salary payment date.

    

    4.
       2008
      Bonus.
      The
      Company agrees with Employee that a bonus for 2008 will be negotiated and agreed
      to for Employee no later than March1, 2008.WAIVER
      AND AMENDMENT AGREEMENT

    

    This
      Waiver and Amendment Agreement (this “Agreement”),
      is
      made and entered into as of February 4, 2008, by and among Solomon Technologies,
      Inc., a Delaware corporation (the “Company”)
      and
      the investors that is a signatory hereto (individually, a “Holder”
and
      together with other investors in the Debentures (as defined herein), the
“Holders”). Capitalized terms not defined in this Agreement have the same
      meanings ascribed to them in the Purchase Agreement (as defined
      below).

    

    WHEREAS,
      the Company and the Holder are parties to that certain Securities Purchase
      Agreement, dated as of January 17, 2007, as amended on August 24, 2007 (the
“Purchase
      Agreement”),
      under
      which the Company issued to the Holders its Variable Rate Self-Liquidating
      Senior Secured Convertible Debentures with an aggregate principal amount of
      $5,350,000 (the “Debentures”),
      and
      Common Stock Purchase Warrants to purchase up to, in the aggregate, 2,006,250
      shares of Common Stock (the “Warrants”);
      and

    

    WHEREAS,
      January 23, 2008 will be the one-year anniversary of the date when the Company
      issued the Debentures to the Holders; and

    

    WHEREAS,
      commencing on January 23, 2008, the Holders should be entitled to use
      Rule 144 to sell the Conversion Shares issuable upon (i) conversion of the
      Debentures then held by the Holders or (ii) payment of a Monthly Redemption
      Amount by the Company; and

    

    WHEREAS,
      commencing on February 18, 2008, the Holder should be entitled to use
      Rule 144 to sell, without volume or manner restrictions, the Conversion
      Shares as provided herein; and

    WHEREAS,
      as long as the Debentures are outstanding the Company will owe to each of the
      Holders a Monthly Redemption Amount payable on each Monthly Redemption Date;
      and

    

    WHEREAS,
      the Company owes to the Holder a Monthly Redemption Amount that became payable
      on January 1, 2008 (each, a “January
      2008 Redemption”)
      and
      remains unpaid as of the date of this Agreement; and 

    

    WHEREAS,
      the Company will owe to the Holder a Monthly Redemption Amount that will become
      payable on February 1, 2008 (each, a “February
      2008 Redemption”);
      and

    

    WHEREAS,
      the Company proposes to pay to the Holder its (i) January 2008 Redemptions
      and
      (ii) February 2008 Redemptions in Conversion Shares and has requested that
      the
      Holder waive certain provisions of the Transaction Documents in connection
      with
      the payment of the January 2008 Redemptions and the February 2008 Redemptions;
      and

    

    WHEREAS,
      beginning with the Monthly Redemption due March 1, 2008, and, except as provided
      herein, continuing through the Monthly Redemption on May 1, the Company proposes
      to make the Holder’s Monthly Redemptions by paying to the Holder its Monthly
      Redemption Share Amount of Conversion Shares, and has requested that the Holder
      waive certain provisions of the Transaction Documents in connection with the
      payment of the Monthly Redemption Amounts in Conversion Shares; and

    

    WHEREAS,
      the Company proposes to include the shares of Common Stock issuable upon
      exercise of the Warrants in a registration statement (the “New
      Registration Statement”)
      on
      Form SB-2 (or another appropriate form) that the Company will file pursuant
      to a
      pending private equity placement; and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    WHEREAS,
      the Company will use its commercially reasonable best efforts to file the New
      Registration Statement with the Commission no later than May 31, 2008;
      and

    

    WHEREAS,
      the parties desire to waive and amend certain provisions of the Debentures
      and
      the Registration Rights Agreement, each as previously amended, according to
      the
      terms of this Agreement; and

    WHEREAS,
      the Company wishes to offer the Holder, as inducement to enter into this
      Agreement, 31,674 restricted shares of Common Stock (the “Inducement
      Shares”).

    

    NOW
      THEREFORE, in consideration of the terms contained in this Agreement, and other
      good and valuable consideration, the receipt and sufficiency of which is
      acknowledged, the parties, intending to be legally bound, agree as
      follows:

    

    Section
      1.  Amendment
      of the Registration Rights Agreement.
      Notwithstanding the provisions of Section 1 of the Registration Rights
      Agreement, the Holder agrees that the definition of Registrable Securities
      shall
      not include any shares that can be sold by the holder thereof without volume
      or
      manner restrictions pursuant to Rule 144 or any successor rule under the
      Securities Act, provided that counsel to the Company provides the transfer
      agent
      of the Company with an opinion that such Registrable Securities may be resold
      pursuant to Rule 144 without volume or manner restrictions.

    

    Section
      2.  Waivers
      with respect to the Registration Rights Agreement.
      In
      consideration for the Inducement Shares and subject to the terms and conditions
      of this Agreement, the Holder waives (i) any failure or delay by the Company
      that may have occurred through the date hereof in fulfilling any of the
      Company’s obligations under the Registration Rights Agreement; and (ii) any
      rights to liquidated damages as set forth in Section 2(b) of the Registration
      Rights Agreement as a result of any past, present or future failure or delay
      by
      the Company in fulfilling its obligations under the Registration Rights
      Agreement.

    

    Section
      3. New
      Registration Statement.
      The
      Company will include the shares underlying the Warrants in the New Registration
      Statement, and the Company will use its commercially reasonable best efforts
      to
      file the New Registration Statement with the Commission no later than May 31,
      2008.

    

    Section
      4. Waivers
      with respect to Equity Conditions.
      Subject
      to the terms and conditions of this Agreement and concerning the Equity
      Conditions set forth in Section 1 of each of the Debentures (the “Equity
      Conditions”), the Holder waives any failure by the Company to meet:

    

    (a) each
      of
      the Equity Conditions in connection with paying the January 2008 Redemptions
      and
      the February 2008 Redemptions in Conversion Shares, provided that such
      Conversion shares will be saleable under Rule 144 with volume restrictions
      through February 17, 2008 and without volume or manner restrictions thereafter;
      and

    

    (b) clauses
      (ii), (iii), (vi), and (x) of the Equity Conditions in connection with paying
      the Monthly Redemptions in Conversion Shares, beginning with the Monthly
      Redemption due March 1, 2008, and continuing through the Monthly Redemption
      due
      May 1, 2008, provided that the Conversions Shares issued with respect to the
      Monthly Redemptions in March, April and May, 2008 do not have any restrictive
      legend and are freely tradable.

    

    Section
      5. Effect
      on Transaction Documents.
      The
      foregoing waivers and agreements are given solely in respect of the transactions
      described herein. Except
      as
      expressly set forth in this Agreement, all of the terms and conditions of the
      Transaction Documents shall continue in full force and effect after the
      execution of this Agreement. This
      Agreement shall not constitute a novation or accord and satisfaction of any
      such
      Transaction Document.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Section
      6. Filing
      of 8-K.
      Within
      four Trading Days of the date of this Agreement, the Company shall issue a
      Current Report on Form 8-K disclosing the material terms of the transactions
      contemplated, which shall include this Agreement as an attachment
      thereto.

    

    Section
      7. Non-Affiliate.
      The
      Holder represents and warrants that as of the date of this Agreement (i) it
      is
      not an Affiliate of the Company and (ii) it has not been an Affiliate of the
      Company for at least the three months preceding the date of this Agreement.
      The
      Holder covenants that, if it becomes an Affiliate of the Company at any time
      while it holds any Debentures or Warrants, it shall promptly notify the Company
      of its Affiliate status.

    

    Section
      8. Delivery
      of Shares.
      

    

    (a) The
      Company hereby agrees that on February 4, 2008, it will cause its transfer
      agent
      to issue to the Holder 1,221,912 Conversion Shares. The certificate for the
      Conversion Shares shall bear the standard Rule 144 restrictive legend.

    

    (b) The
      Company hereby agrees that on February 4, 2008, it will cause its transfer
      agent
      to issue to the Holder the Inducement Shares. The Inducement Shares may only
      be
      transferred or otherwise disposed of in compliance with state and federal
      securities laws. The certificates for the Inducement Shares shall bear the
      standard Rule 144 restrictive legend.

    

    (c) The
      Holder agrees that the delivery to it of the Conversion Shares and Inducement
      Shares shall constitute full payment of the January 2008 Redemption and February
      2008 Redemption owed to the Holder.

    

    Section
      9. Execution
      and Counterparts.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement.

     

    IN
      WITNESS WHEREOF, and intending to be legally bound, the parties have executed
      this Agreement as of the date first set forth above.

     

    
      	 	 	 
	 	SOLOMON TECHNOLOGIES,
              INC.
	 
 	 
 	 
 
	
            	By:  	Gary
              M.
              Laskowski
	 	
              

              Name:
                Gary M. Laskowski

              Title:
                Chairman of the Board 

            

    

     

    HOLDERS

    

    Name
      of
      Holder: BridgePointe Master Fund Ltd.

    Signature
      of Authorized Signatory of Holder: /s/
      Eric S. Swartz

    Name
      of
      Authorized Signatory: Eric
      S. Swartz

    Title
      of
      Authorized Signatory: Director
      

     

    
      
         

      

      
        3

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