Document:

MUTUAL
RELEASE AND SETTLEMENT AGREEMENT

       

       

      THIS
MUTUAL RELEASE AND SETTLEMENT AGREEMENT (the “Mutual Release”) is made and
entered into this 30th day of
December, 2008 (the “Effective
Date”) by and between VERSA CARD INC., f/k/a Intrepid Global Imaging 3D,
Inc., Delaware corporation (“Versa Card”), JAMES MACKAY, a
resident of Hong Kong (“JK”), MACKAY GROUP LTD, a
Hong Kong corporation (“MGL”), CELEBRITY FOODS, INC.
(“CFI”), and MICHAEL
CIMINO, a resident of the Commonwealth of Pennsylvania (“Cimino”).

       

      William
R. Dunavant, individually, and as an officer of Dunavant Family Holdings, Inc.
(collectively “Dunavant”), Rene Hamouth,
individually, and as trustee of the Hamouth Family Trust (collectively “Hamouth”), and Richard Specht
(“Specht”), join in the
execution of this Mutual Release for the purpose of joining in the mutual
releases in this Mutual Release (Dunavant, Specht, and Hamouth, are collectively
referred to as the “Versa
Stockholder Releasors”).

       

      Prior the
Effective Date, Versa Card and MGL entered into a Stock Purchase Agreement dated
April 28, 2008 (the “Acquisition Agreement”)
pursuant to which Versa Card acquired all of the outstanding capital stock of
First Versatile Smartcard Solutions Corporation (“FVS”).  Prior to the
date of the Acquisition Agreement, Versa Card and MGL had entered into a Merger
Agreement dated November 26, 2007 (the “Original Agreement”). In
furtherance of the transactions contemplated by the Original Agreement, Versa
Card issued 18,000,000 shares of its Common Stock, par value $.001 to MGL
originally evidenced by certificate 3553 dated November 27, 2007 (the “Original Acquisition
Shares”).  Prior to the date of this Agreement, MGL transferred
17,333,334 Original Acquisition Shares to JK and 666,666 Original Acquisition
Shares to third parties that are not a party to this Agreement (the “Third Party
Shares”).  As of the date of this Agreement JK holds 17,333,334
Original Acquisition Shares as follows: 408,000 Original Acquisition Shares are
held in street name, 9,333,334 Original Acquisition Shares are evidenced by
certificate 3724 dated September 19, 2008, and 7,592,000 Original Acquisition
Shares are evidenced by certificate 3728 dated October 15,
2008.  Following the issuance of the Original Acquisition Shares,
Versa Card issued 7,500,000 shares to JK evidenced by certificate 3719 dated
September 8, 2008; 2,000,000 shares to Celebrity Foods, Inc. (“CFI”) evidenced by
certificate 3718 dated September 8, 2008; and 500,000 shares to Shane Mulcahy
(“Mulcahy”) evidenced by
certificate 3722 dated September 8, 2008; (the “Additional
Shares”).

       

      The
parties desire to rescind the transactions contemplated by the Acquisition
Agreement, by (a) Versa Card returning to MGL all of the capital stock of
FVS, (b) JK returning to Versa 16,925,334 Original Acquisition Shares
evidenced by certificates 3724 and 3728 (the “JK Tendered Shares”) and
retaining 408,000 Original Acquisition Shares currently held in street name (the
“JK Retained Shares”),
(c) the holders of the Third Party Shares returning to Versa all Third
Party Shares, (d) the holders of the Additional Shares returning to Versa
all Additional Shares to Versa Card, except for 100,000 shares to be retained by
CFI (the “CFI Retained
Shares”), and (e) the execution of this Agreement.

       

      As used
in this Agreement, “Tendered
Shares” means the JK Tendered Shares, the Third Party Shares, and the
Additional Shares minus the
CFI Retained Shares, and “Retained Shares” means the JK
Retained Shares and the CFI Retained Shares.  The Tendered Shares are
listed on Exhibit
A.  The parties acknowledge and agree to instruct the transfer
agent to issue and deliver a certificate evidencing the CFI Retained Shares
promptly after receipt of certificate 3718.

       

      For and
in consideration of the mutual covenants hereinafter set forth, and for other
good and valuable consideration, the receipt and legal sufficiency of which is
hereby acknowledged, the parties hereby covenant and agree:

      

      1.  Release
by Versa Card. Versa
Card and the Versa Stockholder Releasors hereby jointly and severally release,
acquit, and forever discharge MGL, each of MGL’s past, present, and future
officers, directors, shareholders, agents, employees, attorneys, heirs,
successors, assigns, parents, subsidiaries, affiliates, and representatives, JK,
Mulcahy, CFI, and Cimino, and their respective heirs, successors, assigns, and
representatives (collectively the “MGL Releasees”) of and from
any and all actions, causes of action, claims, suits, damages, judgments, and
demands whatsoever in law and/or equity, known or unknown, accrued or unaccrued,
suspected or unsuspected, fixed or contingent, liquidated or unliquidated,
matured or unmatured, developed or undeveloped, discoverable or undiscoverable,
which Versa Card and the Versa Stockholder Releasors, had, now has, or may later
have or claim to have against the MGL Releasees, or any of them, involving or
arising out of any act or failure to act, or any transaction, event,
circumstance, occurrence, or state of facts, which existed, occurred, or
transpired or is alleged to have existed, occurred, or transpired at any time
from the beginning of time through and including the Effective Date, including
without limitation, all matters arising out of or related to the Original
Agreement, Acquisition Agreement, the issuance of the Acquisition Shares and the
Additional Shares, the rescinding of the transactions contemplated by the
Acquisition Agreement, and all other matters whatsoever which have or allegedly
have occurred or transpired at any time from the beginning of time through and
including the Effective Date, excluding only the rights of Versa Card or the
Versa Stockholder Releasors arising out of this Mutual Release.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.  Release
by MGL Releasees. MGL, JK,
Mulcahy, CFI, and Cimino, and their respective heirs, successors, and assigns,
hereby release, acquit, and forever discharge Versa Card, each of the Versa
Stockholder Releasors, and each of Versa Card’s past, present, and future
officers, directors, shareholders, agents, employees, attorneys, heirs,
successors, assigns, parents, subsidiaries, affiliates, and representatives
(collectively, the “Versa Card
Releasees”) of and from any and all actions, causes of action, claims,
suits, damages, judgments, and demands whatsoever in law and/or equity, known or
unknown, accrued or unaccrued, suspected or unsuspected, fixed or contingent,
liquidated or unliquidated, matured or unmatured, developed or undeveloped,
discoverable or undiscoverable, which the MGL Releasees, or any of them, had,
now have, or may later have or claim to have against the Versa Card Releasees,
or any of them, involving or arising out of any act or failure to act, or any
transaction, event, circumstance, occurrence, or state of facts, which existed,
occurred, or transpired or is alleged to have existed, occurred, or transpired
at any time from the beginning of time through and including the Effective Date,
including without limitation, all matters arising out of or related to the
Acquisition Agreement, all matters arising out of or related to the Original
Agreement, Acquisition Agreement, the issuance of the Acquisition Shares and the
Additional Shares, the rescinding of the transactions contemplated by the
Acquisition Agreement, breach of fiduciary duty by any present or past officer,
director, or shareholder of Versa Card, the failure of Versa Card to adhere to
statutory procedures related to the approval of, and the abandonment of, the
transactions contemplated by the Acquisition Agreement, and all other matters
whatsoever which have or allegedly have occurred or transpired at any time from
the beginning of time through and including the Effective Date, excluding only
the rights of JK and CFI arising out of this Mutual Release.

       

      3.  Delivery of Tendered Shares.
Contemporaneously
with the execution and delivery of this Mutual Release, the holders of the
Tendered Shares shall deliver certificates evidencing the Tendered Shares to
Signature Stock Transfer, Inc. (the “Transfer Agent”) via an
overnight delivery service for cancellation.  By execution of this
Agreement and delivery of the Tendered Shares to the Transfer Agent, MGL, JK,
Mulcahy, CFI, Cimino, and the holders of the Third Party Shares each agree that
the Tendered Shares may be cancelled by the Transfer Agent and agrees that Versa
Card may deliver a copy of this Agreement to the Transfer Agent to confirm the
intent of MGL, JK, Mulcahy, CFI, Cimino, and the holders of the Third Party
Shares to cancel the Tendered Shares, subject to the issuance of the CFI
Retained Shares.

       

      4.  Resignations.

       

      (a)  Mulcahy
hereby resigns as an officer, employee, and director of Versa, and as a member
of any committee of the Board of Directors of which Mulcahy is a member,
effective the Effective Date.  Mulchay releases Versa of and from any
and all liability or obligation whatsoever for compensation, back pay, benefits,
and other remuneration.

       

      (b)  Cimino
and CFI hereby resign as an independent contractor of Versa effective the
Effective Date.  Cimino and CFI each release Versa of and from any and
all liability or obligation whatsoever for compensation, back pay, benefits, and
other remuneration.

       

      (c)  Zacarias Rivera (“Rivera”) hereby resigns as an
officer, employee, and director of Versa, and as a member of any committee of
the Board of Directors of which Rivera is a member, effective the
Effective Date.  Rivera releases Versa of and from
any and all liability or obligation whatsoever for compensation, back pay,
benefits, and other remuneration.

       

      5.  Resale Limitation. JK and
CFI each agree that no more than 20,000 Retained Shares may be sold in the
aggregate by JK and CFI during any calendar week (the “Resale Restriction”). The
Resale Restriction shall not apply if and when (a) the trading volume
exceeds 250,000 shares per week for four consecutive weeks, until such time as
the weekly trading volume falls below 250,000 shares per week or
(b) the trading market is changed to the NASDAQ Stock Market, New York
Stock Exchange, or the American Stock Exchange.  If the Resale
Restriction is violated, Versa Card shall have the right to place a stop
transfer order with the Transfer Agent and cancel a number of Retained Shares
equal to 200% of the number of Retained Shares sold in excess of the Resale
Restriction.  Upon request JK and CFI shall provide evidence of
compliance with the terms of this Section 5, which may include copies of the
account statements for the brokerage accounts in which the Retained Shares were
deposited.  Subject to the Resale Restriction, holders of the Retained
Shares shall have complete discretion to determine when, if, and how to sell the
Retained Shares.

       

      6.  Non-Interference.

       

      (a)  Once
the Retained Shares have been held for 6 months from the original date of
issuance, Versa Card shall fully cooperate the holders of the Retained Shares in
causing the restrictive legends to be removed from the certificates evidencing
the Retained Shares, if and to the extent the holder of such shares is not then
an affiliate of Versa Card and if and when thereafter that such holder is not an
affiliate of Versa Card, Versa Card shall promptly after request fully cooperate
in causing the removal of such restricted legend.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      (b)  Neither
Versa Card, nor any Versa Stockholder Releasor, nor any party acting on its or
their behalf, shall initiate any action to cancel, reduce, stop transfer, or
terminate the Retained Shares or to interfere with the lawful disposition of the
Retained Shares in accordance with Rule 144.

       

      (c)  Versa
Card covenants that for six (6) months after the Effective Date (the “Protected Period”), Versa
Card shall not effect any reverse stock split, stock consolidation, or any other
corporate reorganization, merger, or similar transaction that would reduce the
total number of outstanding shares of stock of Versa Card or any successor
company on a pro-rata basis (a “Transaction”), except for one
1 for 2 reverse stock split, unless Versa Card shall issue a additional shares
of Common Stock to JK and CFI so that the number of shares of Common Stock held
by JK and CFI immediately following the Transaction is equal to the number of
shares of Common Stock held by JK and CFI immediately before such Transaction
(the “Gross
Up”).  For clarity, the Gross Up shall not apply to the initial
Transaction during the Protected Period, but would apply to any subsequent
Transaction during the Protected Period.  The Gross Up shall not apply
after the Protected Period.  If after, or in connection with, the
initial Transaction during the Protected Period, Versa issues to Hamouth or any
affiliate of Hamouth additional shares of Common Stock or securities convertible
into, exercisable for, or exchangeable for, Common Stock (“Securities”), Versa shall
make a written irrevocable offer to issue a proportional number of Securities to
JK and CFI on the same terms and conditions that such Securities were offered to
Hamouth or an affiliate of Hamouth.  JK and CFI shall have 30 days
from the date they receive written notice of the issuance of the Securities to
Hamouth to accept the offer.

       

      7.  Representations.
Each
party to this Agreement represents and warrants to each other party to this
Agreement that: (a) such party has the necessary power, authority, and
legal capacity to execute and deliver this Agreement; (b) this Agreement
has been duly and validly executed by, and is enforceable against, such party in
accordance with its terms; and (c) such party has had the opportunity to
review this Agreement and the transactions contemplated by this Agreement with
such parties’ own legal counsel and advisors and is not relying on Krevolin
& Horst, LLC, with respect to this Agreement or the securities laws of any
jurisdiction.  Krevolin & Horst, LLC has represented Versa Card in
this matter and not any present or future officer, director, or
shareholder.

       

      8.  Miscellaneous.
This
Mutual Release may be executed in any number of counterparts, each of which
shall be deemed an original but all of which together shall be deemed for all
purposes to constitute one and the same instrument.  This Agreement
shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to its rules governing conflicts of
law.  Paragraph headings are inserted only for convenience and are not
to be used to define, limit, or construe the scope of any term or provision of
this Agreement.  This Mutual Release shall be binding upon and inure
to the benefit of the parties hereto and their respective affiliates,
successors, and assigns.  Versa Card agrees to indemnify any MGL
Releasee and any Third Party against any loss, damage, cost, or expense incurred
by such MGL Releasee or any third party resulting from a violation of Section 6
of this Agreement.

       

      IN
WITNESS WHEREOF, the parties hereto have executed this Mutual Release as of the
date first above written.

       

      
        	Versa
      Card Inc. and Mulcahy 	 	
                MK
      and MGL

              
	 	 	 
	By: 	

                 

              	 	 
	 	

                Shane
      Mulcahy, individually, and as Chief Executive Officer of Versa Card,
      Inc.

              	 	

                James
      Mackay, individually and as President of Mackay Group
  Ltd

              
	 	 	 	 
	Versa
      Stockholder Releasors	 	Cimino
      and CFI
	 	 	 
	William
      R. Dunavant, individually, and as an officer of Dunavant Family Holdings,
      Inc.	 	Michael
      Cimino, individually, and as President of Celebrity Foods,
  Inc.
	 	 	 
	Rene
      Hamouth, individually, and as trustee of the Hamouth Family
Trust	 	 
	 	 	 Rivera joins in the execution of this
      Agreement for purposes of Section 4(c)
	 	 	 
	

                Richard
      Specht

              	 	

                Zacarias
      Rivera

              
	 	 	 	 

      

       

      
        
          
            
            

          

          
            -3-

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
A

      TO

      MUTUAL
RELEASE AND SETTLEMENT AGREEMENT

       

       

      List
of Tendered Shares

      
        	
                Certificate
      Number

              	 	
                Holder
      Name

              	 	
                Number
      of Shares

              	 
	 	
                3724

              	 	
                James
      Mackay

              	 	 	9,333,334	 
	 	
                3728

              	
                 

              	
                James
      Mackay

              	 	 	7,592,000	 
	 	
                3719

              	 	
                James
      Mackay

              	 	 	7,500,000	 
	 	
                3718

              	 	
                Celebrity
      Foods, Inc.

              	 	 	2,000,000	1
	 	
                3722

              	 	
                Shane
      Mulcahy

              	 	 	500,000	 
	 	
                3703

              	 	
                Pacific
      Cement Philippines Inc.

              	 	 	236,000	 
	 	
                3700

              	 	
                Augusto
      Lim Pardo

              	 	 	87,333	 
	 	
                3701

              	 	
                Joseph
      Anthony B. Pardo

              	 	 	87,333	 
	 	
                3702

              	 	
                Jose
      Ramon V Cortez

              	 	 	113,867	 
	 	
                3699

              	 	
                Ndewura
      Wayo Isfau

              	 	 	142,133	 
	
                Total

              	 	 
      	 	 	24,833,334	 

      

       

      1     The
parties acknowledge and agree to instruct the transfer agent to issue and
deliver a certificate evidencing the CFI Retained Shares promptly after receipt
of certificate 3718.EMPLOYEE
AGREEMENT

     

    THIS
AGREEMENT (the “Agreement”) is made and
entered into by and between Versa Card Inc., a Delaware corporation (“Versa Card”), and the person
whose signature appears below (“Employee”) as of the date
written below the signature of Versa Card.  Versa Card desires to
employ Employee upon the terms and conditions of this Agreement and the offer
letter dated February 21, 2009 (the “Offer Letter”), the terms of
which are, by this reference, incorporated in this
Agreement.  Execution of this Agreement by Employee is a condition
precedent to the obligation of Versa Card to employ or continue to employ
Employee and to pay any remuneration to Employee in respect of such
employment.  In consideration of the employment and/or continued
employment of Employee, the parties agree:

    1.      Terms
of Employment.      Versa
Card hereby employs Employee, on and subject to the terms and conditions of this
Agreement.  Employee shall perform such duties as may be assigned by
the chief executive officer or the supervisor or manager of such Employee from
time to time.  Employee agrees to the best of Employee's ability to
loyally and conscientiously perform the duties and obligations required of and
from Employee pursuant to this Agreement.

     

    2.      Term
and Termination.      The term
of employment of Employee shall commence on the Effective Date and shall
continue until termination of employment.  Employee is an employee at
will and may be terminated by Versa Card for any reason or no reason, with or
without cause.  Employee’s covenants in Sections 3, 4, 5, 6, and
7 of this Agreement shall survive the termination of Employee’s
employment.

     

    3.      Proprietary
Information.      Versa
Card has invested and will continue to invest considerable effort and expense in
the development of software, technology, and other Proprietary
Information.  Versa Card has taken steps and will continue to take all
reasonable steps necessary to protect the secrecy of Proprietary Information of
Versa Card.  Employee acknowledges and agrees that Employee’s position
with Versa Card will afford Employee an opportunity to access Proprietary
Information of Versa Card.  The misappropriation, unauthorized use, or
improper disclosure of Proprietary Information would cause irreparable harm to
Versa Card.  Employee agrees to hold Proprietary Information in
confidence for the benefit of Versa Card.  Employee shall not directly
or indirectly use or disclose, except as authorized in writing by Versa Card,
any Proprietary Information (whether or not developed or compiled by Employee)
for any purpose not directly related to Versa Card’s Business, and then only for
the benefit of Versa Card.  Employee’s obligations as set forth in
this Section 3 shall remain in effect with respect to Trade Secrets for so long
as Versa Card is entitled to protection of rights in such Trade Secrets under
applicable law, and with respect to Confidential Information for the duration of
employment and for a period of five (5) years after termination of
employment.  Upon request by Versa Card, and in any event upon
termination of Employee’s employment, Employee shall (a) promptly deliver
to Versa Card all property belonging to Versa Card including, without
limitation, all Work Product and Proprietary Information (and all embodiments
thereof) then in Employee’s custody, control, or possession, (b) delete
from all non-Versa Card owned or leased computers and media then in Employee’s
custody, control, or possession any electronic copies of Work Product and
Proprietary Information, and (c) destroy all tangible copies of Work
Product and Proprietary Information not located on Versa Card’s premises and
under Employee’s custody, control, or possession, as a condition precedent to
any remuneration payment due to Employee.

     

    4.      Assignment
of Works.      Employee
acknowledges and agrees that all Copyrightable Works are “work made for hire” as
such term is defined in 17 U.S.C. Section 101, the ownership and copyright
of which shall be vested solely in Versa Card.  Employee hereby irrevocably
assigns to Versa Card, and upon the future creation thereof automatically
assigns to Versa Card, without further consideration, the exclusive ownership of
all Work Product, and all physical embodiments thereof, including Copyrightable
Works, to the extent such Copyrightable Works are not “work made for hire” in
any applicable jurisdiction.  Employee agrees (a) to disclose
immediately to Versa Card all Work Product; (b) to comply with all
record-keeping requirements of Versa Card; and (c) at the request and
expense of Versa Card, to do all things and sign all documents or instruments
reasonably necessary in the opinion of Versa Card to eliminate any ambiguity as
to the rights of Versa Card in such Work Product including, without limitation,
providing to Versa Card Employee’s full cooperation in any litigation or other
proceeding to establish, protect, or obtain such rights.  In the event that
Versa Card is unable for any reason whatsoever to secure the Employee’s
signature to any document reasonably necessary or appropriate for any of the
foregoing purposes (including without limitation, renewals, extensions,
continuations, divisions, or continuations in part), Employee hereby irrevocably
designates and appoints Versa Card and its duly authorized officers and agents
as Employee’s agent and attorney-in-fact to act for and on behalf of Employee
for the limited purpose of executing and filing any such document and doing all
other lawfully permitted acts to accomplish the foregoing purposes with the same
legal force and effect as if executed by Employee.  This appointment
is coupled with an interest and shall survive the death or disability of
Employee.

     

    5.      Covenants.      Employee
covenants that Employee shall, during the term of employment and for a period
of eighteen (18) months (the “Restricted Period”) following
termination of Employee’s employment, observe the following separate and
independent covenants:  (a) Employee will not perform services
comparable to the services Employee performed for Versa Card as an employee or
independent contractor for any Competing Enterprise within the Area;
(b) Employee will not, without the prior written consent of Versa Card,
either directly or indirectly, on Employee’s own behalf or in the service or on
behalf of others, solicit, contact, call upon, communicate with, or attempt to
communicate with any customer or prospect of Versa Card, or any representative
of any customer or prospect of Versa Card, with a view to providing services
competitive with the services sold, provided, or under development by Versa Card
during the period of two years immediately preceding the termination of
Employee’s employment with Versa Card, provided that the restrictions set forth
in this Section 5(b) shall (x) apply only to customers or prospects of
Versa Card, and representatives of customers or prospects of Versa Card, with
which Employee had Material Contact during such two-year period and (y) not
apply to customers or prospects of Versa Card, and representatives of customers
or prospects of Versa Card with whom Employee had a business relationship prior
to the date of this Agreement; and (c) neither Employee nor any Affiliate
will, without Versa Card’s prior written consent, either directly or indirectly,
on Employee’s own behalf or in the service or on behalf of
others:  (i) solicit for employment, hire, or attempt to hire, or
engage or attempt to engage as an independent contractor, any person that is or
was employed by Versa Card, or (ii) solicit, encourage, or offer any
inducement to any employee or independent contractor of Versa Card to leave the
employ of Versa Card, whether or not such employee or independent contractor is
a full-time or temporary employee of Versa Card and whether or not such
employment or engagement is pursuant to written agreement and whether or not
such employment or engagement is at will, provided
that this restriction shall cease with respect to any former employee or
independent contractor of Versa Card once such former employee or independent
contractor has not been employed by Versa Card for at least nine (9)
months.

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

     

    6.      Agreement
Not to Disparage.      Employee
shall not publish, utter, broadcast, or otherwise communicate any information,
misinformation, comments, opinions, remarks, articles, letters, or any other
form of communication, whether written or oral, regardless of its believed
truth, to any person or entity (including, without limitation, any of Versa
Card’s customers, prospective customers, suppliers, and competitors, and any
industry trade group) which is adverse to, reflects unfavorably upon, or tends
to disparage Versa Card, the technology, products, prospects, or financial
condition of Versa Card, or any shareholder, officer, director, or employee of
Versa Card.

     

    7.      Remedies.      Employee
acknowledges and agrees that Versa Card is engaged in the Business of Versa Card
in and throughout the Area, and that by virtue of the training, duties, and
responsibilities attendant to Employee’s employment by Versa Card and the
special knowledge of the Business and operations of Versa Card that Employee
will have as a consequence of Employee’s employment by Versa Card, great loss
and irreparable damage would be suffered by Versa Card if Employee were to
breach or violate the covenants and agreements of Employee contained in this
Agreement.  Employee further acknowledges and agrees that each such
covenant and agreement is reasonably necessary to protect and preserve the
interest of Versa Card.  Therefore, in addition to all the remedies
provided at law or in equity, Employee agrees that Versa Card shall be entitled
to a temporary restraining order, a temporary injunction, and a permanent
injunction, without the requirement of posting bond, to prevent a breach of any
of the covenants or agreements of Employee contained herein.  Employee
agrees that the existence of any claim, demand, action, or cause of action of
Employee against Versa Card shall not constitute a defense to the enforcement by
Versa Card of any of the covenants or agreements of Employee or rights of
Employee.

     

    8.      Conflicting
Obligations.      Employee
represents and warrants to Versa Card that, except as listed on Attachment
1 hereto, Employee is not subject to any agreement which prohibits,
restricts, or impairs in any way, Employee’s ability to perform the duties of
employment or to use Employee’s best efforts to promote the interests of Versa
Card.

     

    9.      Scope
of Employment.      Absent
the respective owner’s written authorization, Employee will not copy,
distribute, transmit, reverse engineer, decompile, disassemble, or transfer,
directly or indirectly, in any form, by any means, or for any purpose, the
Proprietary Information of any third party.  Employee will not make
any improper use of any third party intellectual property.  It is not,
nor will it ever be, a condition of employment that Employee violate the legal
rights or interests of any third party.

     

    10.           General
Provisions.      In the
event that any one or more of the provisions, or parts of any provisions,
contained in this Agreement shall for any reason be held invalid, illegal, or
unenforceable in any respect by a court of competent jurisdiction, the same
shall not invalidate or otherwise affect any other provision hereof, and this
Agreement shall be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein.  Specifically, but without
limiting the foregoing in any way, each of the covenants of the parties to this
Agreement contained herein shall be deemed and shall be construed as a separate
and independent covenant.  This Agreement and the rights and obligations of
Versa Card hereunder may be assigned by Versa Card, and shall inure to the
benefit of, shall be binding upon, and shall be enforceable by any such
assignee.  This Agreement and the rights and obligations of Employee
hereunder may not be assigned by Employee.   The waiver by Versa
Card of any breach of this Agreement by Employee shall not be effective unless
in writing, and no such waiver shall operate or be construed as a waiver of the
same or another breach on a subsequent occasion.  This Agreement
embodies the entire agreement of the parties relating to the employment of
Employee by Versa Card.  No amendment or modification of this Agreement
shall be valid or binding upon Versa Card or Employee unless made in writing and
signed by the parties.

     

    11.           Governing
Law.      This
Agreement and the rights of Versa Card and Employee shall be governed by, and
construed in accordance with, the laws of the State of Texas without regard to
its conflicts of law provisions.  Employee agrees that any appropriate
state court sitting in Harris County, Texas or any Federal Court sitting in the
Southern District of Texas (Houston Division) shall have exclusive jurisdiction
of any case or controversy arising under or in connection with this Agreement
and shall be a proper forum in which to adjudicate such case or
controversy.  Employee consents to the jurisdiction of such courts,
and irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of such suit, action, or proceeding in
any such court and further waives the right to object, with respect to such
suit, action, or proceeding, that such court does not have jurisdiction over
Employee.  In any suit, arbitration, mediation, or other proceeding to
enforce any right or remedy under this Agreement or to interpret any provision
of this Agreement, the prevailing party will be entitled to recover its costs,
including reasonable attorneys’ fees, and all costs and fees incurred on appeal
or in a bankruptcy or similar action.

     

    12.           Definitions.      The
following terms are used herein with the meanings thereafter
ascribed:

     

    “Affiliate” means any person
or entity directly or indirectly controlling, controlled by, or under common
control with Employee.  As used herein, the word “control” means the power
to direct the management and affairs of a person.

     

    “Area” means the States of
Florida and Texas.

     

    “Business” means providing
(a) care management and practice management services to medical providers
focusing on treatment of musculo-skeletal injuries resulting from accidents,
(b) related support services to attorneys that handle cases involving
musculo-skeletal injuries resulting from accidents, and (c) funding of
medical treatment for accident victims represented by attorneys that handle
cases involving musculo-skeletal injuries resulting from accidents.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    “Competing Enterprise” means
any person or any business organization of whatever form engaged directly in the
Business, but excluding any person or business with whom Employee had business
relationships prior to the date of this Agreement.

     

    “Confidential Information”
means information, other than Trade Secrets, that is of value to its owner and
is treated by its owner as confidential, including, but not limited
to:  (a) any useful process, formula, composition of matter, or
device which (i) is new or which Employee has a reasonable basis to believe
may be new, (ii) is being used or studied by Versa Card and is not
described in a patent, and (iii) is not readily ascertainable from
inspection of any commercially available product of Versa Card; (b) any
engineering, technical, or product specifications of any current or future
product of Versa Card; (c) any computer software (whether in source or
object code) and all flow charts, algorithms, coding sheets, design concepts,
test data, or documentation related thereto, whether or not copyrighted,
patented, or patentable; (d) information concerning Versa Card’s pricing
strategies, licensing strategies, and advertising campaigns;
(e) information regarding Versa Card’s executives, employees, personnel
assignments, customers, and suppliers; (f) Versa Card’s financial
information; (g) Versa Card’s training, policy, and procedure manuals;
(h) the terms and conditions of this Agreement; (i) information
received by Versa Card from a third party pursuant to an obligation of
confidentiality; and (j) any data or information defined herein as a Trade
Secret, but which is determined by a court of competent jurisdiction not be a
trade secret under applicable law.

     

    “Copyrightable Works” means
all works of authorship including without limitation, computer programs, data
and databases, documentation, marketing collateral, and all embodiments thereof,
including all worldwide rights therein under copyright, trademark, trade secret,
confidential information, and any other applicable intellectual property
law.

     

    “Effective Date” means the
date Employee first performs services for Versa Card, as established by Versa
Card’s records.

     

    “Material Contact” with a
person or entity means: working with, supervising Versa Card’s dealings with,
obtaining Proprietary Information from, performing any action or service
resulting in payment from, or taking any other action which advances or is
intended to advance the business relationship between Versa Card and such person
or entity.

     

    “Other Works” means all
inventions (whether or not patentable), discoveries, improvements, designs,
techniques, and business methods and all embodiments thereof, including all
worldwide rights therein under patent, copyright, trademark, trade secret,
confidential information, and any other applicable intellectual property
law.

     

    “Proprietary Information”
means, collectively, Confidential Information and Trade
Secrets. 

     

    “Trade Secrets” means
information, without regard to form, including, but not limited to, technical or
nontechnical data, a formula, a pattern, a compilation, a program, a device, a
method, a technique, a drawing, a process, financial data, financial plans,
product plans, or a list of actual or potential customers or suppliers which is
not commonly known by or available to the public and which
information:  (a) derives economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or
use; and (b) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy.

     

    “Works” means all
Copyrightable Works and all Other Works.

     

    “Work Product” means all Works
that have been produced or created in whole or in part by Employee (a) on
or after the date of this Agreement, or (b) prior to the date of this
Agreement if Versa Card paid Employee for Employee’s services or for the
Works.  Notwithstanding the foregoing, “Work Product” shall not
include Works that do not relate to Versa Card’s Business or to any then
existing research or development of Versa Card developed (i) entirely on
Employee's own time without the use of Versa Card's equipment, supplies, and
facilities, or reference to any of Versa Card's Proprietary Information, or
(ii) after termination of employment.

     

    IN
WITNESS WHEREOF, Versa Card and Employee have executed this Agreement as of the
dates set forth below.

     

    
      
        
          	
                  EMPLOYEE:

                	 	
                  Accepted:
      Versa Card Inc.

                
	____________________________________________	 	
                  By:____________________________________________

                
	
                  William
      Donovan, M.D.

                	 	
                        John
      A. Talamas, Chief Operating Officer

                
	 	 	 
	
                  Date:___________________________________________

                	 	
                  Date:___________________________________________

                

        

      

    

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    ATTACHMENT
1

    TO

    EMPLOYEE
AGREEMENT

     

    Conflicting
Obligations Of Employee

     

    None.

    
      
         

      

      
        -4-

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