UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(D) of the Securities Exchange Act of 1934
Date
of report (date of earliest event reported): February 12,
2010
WPCS
INTERNATIONAL INCORPORATED
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-26277
|
98-0204758
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
One
East Uwchlan Avenue, Suite 301, Exton, PA 19341
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (610) 903-0400
Copy
of correspondence to:
Marc J.
Ross, Esq.
Thomas A.
Rose, Esq.
James M.
Turner, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway
New York,
New York 10006
Tel: (212)
930-9700 Fax: (212) 930-9725
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On
February 12, 2010, the Executive Committee of the Board of Directors of WPCS
International Incorporated (the “Company”) approved new employment agreements
(the “Agreements”) with Andrew Hidalgo to serve as the Company’s President and
Chief Executive Officer and Joseph Heater to serve as Chief Financial
Officer. The Agreements are effective as of February 1, 2010 and have
a term of five years. Upon each one year anniversary, the Agreements
will automatically renew for another five years from the anniversary
date. The base salary under the Agreements is $325,000 and $250,000
per annum for Messrs. Hidalgo and Heater, respectively. In addition, Messrs.
Hidalgo and Heater are entitled to participate in any and all benefit plans,
from time to time, in effect for our employees, along with vacation, sick and
holiday pay in accordance with our policies established and in effect from time
to time.
ITEM
9.01 Financial
Statements and Exhibits.
(d) Exhibits.
10.01 Employment
Agreement, effective as of February 1, 2010, by and between WPCSInternational Incorporated and Andrew
Hidalgo
10.02 Employment
Agreement, effective as of February 1, 2010, by and between WPCSInternational Incorporated and Joseph
Heater
SIGNATURE
Pursuant to the requirement of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
WPCS INTERNATIONAL
INCORPORATED
|
Date: February
16, 2010
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By: /s/ JOSEPH
HEATER
|
|
|
Joseph
Heater
|
|
|
Chief
Financial Officer
|