MENDMENT NO. 2 TO CANCELLATION AGREEMENT
BETWEEN QPORTER, INC. AND ZMG—ZURICH MANAGEMENT GROUP
 
AGREEMENT dated as of July 22, 2009, by and between Qporter, Inc., a wholly
owned subsidiary of Qnective, Inc., a Nevada corporation with its principal
place of business at Thurgauerstrasse 54, CH-8050 Zurich, Switzerland
(collectively, "Qnective"), and ZMG—Zurich Management Group, a Swiss company,
with its principal place of business at Thurgauerstrasse 54, CH-8050, Zurich,
Switzerland ("ZMG").
 
WITNESSETH:
 
WHEREAS, Qnective, through its wholly owned subsidiary, Qporter, Inc., and ZMG
entered into a consulting agreement dated as of December 20, 2007, as amended by
amendment dated June 20, 2008 (collectively, the "Consulting Agreement") whereby
ZMG agreed to provide certain services to Qnective in exchange for compensation
which included the grant of stock options for shares of Qnective common stock;
and
 
WHEREAS, Qnective and ZMG terminated the Consulting Agreement by Agreement dated
March 30, 2009 (the "Cancellation Agreement"); and
 
WHEREAS, Qnective and ZMG amended the Cancellation Agreement by Amendment dated
March 31, 2009; and

 
 

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WHEREAS, Qnective and ZMG have agreed to amend further the Cancellation
Agreement upon the terms and conditions set forth herein; and
 
WHEREAS Qnective and ZMG have agreed to provide for the issuance of Stock Rights
in lieu of Options as more fully set forth in this Amendment; and
 
WHEREAS, capitalized terms used herein and not otherwise defined shall have the
meanings ascribed in Qnective's Amended and Restated Equity Incentive Plan (the
"Plan"); and ZMG shall be deemed a Key Person under the Plan.
 
NOW, THEREFORE, in consideration of the foregoing premises and the mutual
promises and covenants contained herein the parties agree as follows.
 
1.  Termination.
 
(a) The Consulting Agreement was terminated on March 30, 2009 (the "Termination
Date") as amended on March 31, 2009,  pursuant to the terms of the Cancellation
Agreement and the first amendment to the Cancellation Agreement, a copy of each
of which is annexed hereto as Exhibit A and Exhibit B, respectively, and all
obligations of ZMG and its president, Zoran Trifovic,  terminated on the
Termination Date, including but not limited to Mr. Trifovic's membership on the
board of directors of Qnective (Swiss) AG (formerly Qporter (Swiss) AG), and all
obligations of Qnective terminated on such date, other than the obligation to
grant Options in accordance with the first amendment to the Cancellation
Agreement.

 
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2.  Termination Payment.  Upon termination of the Consulting Agreement Qnective
paid to ZMG a lump-sum settlement payment in the amount of Three Thousand Eight
Hundred and fifty and 00/100 (CHF3,850.00) Swiss Francs receipt of which is
hereby acknowledged by ZMG.
 
3.  Stock Options.
 
(a)  Qnective and ZMG have agreed to exchange the 350,000 Options granted to ZMG
to Stock Rights for 350,000 Shares effective July 22, 2009.
 
(b)  In accordance with the terms of the Plan the Board of Directors of Qnective
has determined that the Fair Market Value Price of the Shares to be issued
pursuant to the Stock Rights shall be $.14 per Share, a price per Share in
excess of the closing price on the OTC Bulletin Board on the date of grant of
the Stock Rights resulting in additional compensation to ZMG of $49,000 for
services rendered to Qnective.

 
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(c) The foregoing grant of Stock Rights and issuance of Shares is subject to,
and contingent upon, ZMG's execution and delivery to Qnective of all necessary
and required documentation, including but not limited to the form of
Subscription Agreement annexed hereto as Exhibit C.
 
4. Return of Documentation.
 
(a) ZMG on its behalf and on behalf of its President, Zoran Trifovic, hereby
represents and warrants to Qnective that all documents relating to Qnective that
it might have had in its possession have been returned to Qnective.
 
5. Release.  ZMG, its officers, directors, shareholders, and employees hereby
release and discharge Qnective, and its parents, subsidiaries, affiliates,
successors, and assigns and each of their respective officers, directors,
shareholders, agents, attorneys, employees, and representatives from any and all
actions, causes of action, claims, costs, liabilities, damages, expenses,
attorneys' fees, or demands of any kind or nature, contingent or fixed,
liquidated or unliquidated, matured or unmatured, and whether at law or in
equity any of them may have had, now may have, or may hereafter have against
Qnective.

 
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6. Confidentiality.   ZMG on its behalf, and on behalf of its President, Zoran
Trifovic, and all other of its employees or agents, agrees not to use, divulge,
sell, or deliver to or for any other person, firm, or corporation any
Confidential Information (as hereinafter defined) regarding Qnective which it
acquired, learned, developed, or created by reason of its relationship with
Qnective, except as specifically authorized or as required by law and except for
information that is or becomes public other than through ZMG's breach of this
paragraph.  "Confidential Information" herein means information about Qnective
and its employees and consultants, including their education, experience,
skills, abilities, compensation, and benefits, that is not disclosed by Qnective
in the ordinary course of business and that was learned by ZMG in the course of
its relationship with Qnective, and also includes without limitation data,
business plans, methods of operation, formulae, information, and client and
customer lists and all papers, resumes, and records (including computer records)
or documents containing such Confidential Information.  ZMG acknowledges that
such Confidential Information is specialized, unique in nature, and of great
value to Qnective and that such information gives Qnective a competitive
advantage.
 
7.  Governing Law; Dispute Resolution.  This Agreement shall be governed by and
construed in accordance with the laws of Switzerland without application of
principles of conflicts of laws.  Any dispute relating in any manner to this
Agreement shall be resolved before the courts of the Canton of Zurich,
Switzerland.

 
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
 
QPORTER, INC.
 
By:
/s/ Oswald Ortiz
 
Oswald Ortiz
 
Chief Executive Officer
 
ZMG—ZURICH MANAGEMENT GROUP
 
By:
/s/ Zoran Trifovic
 
Zoran Trifovic
 
President

SOLELY FOR PURPOSES OF SECTION 3:
QNECTIVE,INC.

By:
/s/ Oswald Ortiz
 
Oswald Ortiz
 
Chief Executive Officer

 
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EXHIBIT A

Cancellation Agreement

 
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This document is a translation of the German original. In the event of conflict
or inconsistency between the terms of the German version of this Agreement and
this translation, the German version shall prevail.

Cancellation Agreement
between

The shareholders of Qnective AG, represented by Oswald Ortiz, Thurgauerstrasse
54, 8050 Zurich,
(QNV)

and

Zurich Management Group, represented by Zoran Trifkovic, Thurgauerstrasse 54,
8050 Zurich,
(ZMG)

1. Termination of Agreements

The Consultancy Agreement dated December 20, 2007, relating to “Business
Development Support” and the associated Supplementary Agreement dated June 20,
2008, are hereby terminated with effect from March 31, 2009. The mandate of Mr.
Zoran Trifkovic on the Board of Directors of Qnective AG shall end on the same
date; the shareholders of QNV hereby relieve him of his duties in this capacity.

2. Settlement

The parties hereby agree to a lump-sum settlement payment of CHF 3,850 to
satisfy all claims of ZMG and Mr. Zoran Trifkovic. Neither party shall have any
additional claims following payment of this settlement.

3. Place of jurisdiction and applicable law

The place of jurisdiction for any disputes arising out of this Agreement shall
be Zurich. This Agreement is governed by Swiss law.

Zurich and Schlieren, March 30, 2009

The shareholders of Qnective AG
Zurich Management Group
   
/s/ Oswald Ortiz
/s/ Zoran Trifkovic
Oswald Ortiz
Zoran Trifkovic

 
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EXHIBIT B

Amendment No. 1 to Cancellation Agreement

 
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Zurich, March 31, 2009

Zurich Management Group
Mr. Zoran Trifkovic
Thurgauerstrasse 54
8050 Zurich

Appendix to the cancellation agreement between Qnective AG, Zurich, and Zurich
Management Group dated March 30, 2009

Dear Mr. Trifkovic,

As per our conversation yesterday, we can contractually stipulate the following
in the form of an appendix to the aforementioned cancellation agreement:

 
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It is now agreed that, regardless of any condition originally set, all 350,000
options are owed on March 31, 2009, and will be issued when the option plan is
instated.

Thank you again for the services you have provided.

Sincerely,

For Qnective AG
For Zurich Management Group
   
/s/ Oswald Ortiz
/s/ Zoran Trifkovic
Oswald Ortiz
Zoran Trifkovic

 
 

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EXHIBIT C

Subscription Agreement

 
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