Document:

livc_8k-ex1001.htm

    

    Exhibit
10.1

     

    THIS AGREEMENT is dated the
4th day of February, 2009,

     

    B E T W E E N:

     

    LIVE CURRENT MEDIA INC.,
formerly known as Communicate.com Inc., a corporation incorporated under the
laws of Nevada, USA

     

    (the
“Company”)

     

     OF
THE FIRST PART

     

    - and
-

     

    JONATHAN EHRLICH of Vancouver,
British Columbia

    

    (the
“Executive”)

     

     OF
THE SECOND PART

     

    WHEREAS the Company and the
Executive (collectively, “the parties”) entered into an
agreement (the “Employment
Agreement”) dated as of September 8, 2007 pursuant to which the Company
has been employing the Executive as therein provided;

     

    AND WHEREAS the parties wish
to amend the Employment Agreement as set forth herein;

     

    NOW THEREFORE THIS AGREEMENT WITNESSETH that
in consideration of the premises and the terms and conditions contained herein,
the parties covenant and agree with each other that the Employment Agreement be
amended effective as of January 31, 2009 (the “Effective Date”) as
follows:

     

    1.           Sections
2, 3, 5, 6 and 7  of the Employment Agreement and the definitions of
“Benefits”, “Board”, “Business Day”, “Change of Control of the Company”,
“Disability”, “Effective Date”, “Employment Period”, “Salary”, “Special Bonus”,
“Just Cause and “Termination without Cause or Terminated without Cause” set out
in Section 1 of the Employment Agreement, be deleted.

     

    2.           (a)           As
of the Effective Date, the Executive shall resign as the President, Chief
Operating Officer and employee of the Company and its subsidiaries.

     

    (b)           Upon
the Executive’s resignation as set forth in subsection 2(a) above, the Company
will compensate the Executive as follows:

     

    (i)           A
severance allowance representing twelve (12) months base salary in the total
gross amount of $275,000 and other benefits in the total gross amount of
$23,000, less any amounts as are required by law to be withheld and deducted at
source which shall be remitted by the Company to the requisite governmental
authority or agency (the “Statutory
Deductions”).  The severance allowance will be paid over a
period of twelve (12) months in semi-monthly instalments on each of the
Company’s regular paydays and shall be subject to the Company’s normal payroll
practices;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ii)           additional
benefits in the total gross amount of $52,000 paid in semi-monthly instalments
over a period of twelve (12) months;

     

    (iii)          an
accrued special bonus in the amount of $250,000 paid in equal monthly
instalments over a period of twelve (12) months, less any amounts as are
required by law to be withheld and deducted at source which shall be remitted by
the Company to the requisite governmental authority or agency (the “Statutory
Deductions”).  The net monthly payments shall be converted to
equity and paid as restricted shares of the Company’s common stock at the
closing price of the stock on the 15th day of
each month (“Conversion Price”).  If the 15th day
falls on a weekend or holiday, the Conversion Price will be the stock’s closing
price on the last trading day before the 15th day of
the month;

     

    (iv)          the
Company will pay for and administer Executive’s MSP and Sun Life benefits,
except for long term disability and life insurance, until the earlier of (a)
twelve (12) months from the Effective Date; or (b) the date upon which Executive
becomes employed by a new employer or becomes involved in a new venture in a
full time capacity; and

     

    (v)           if
Executive relocates to Toronto, Ontario prior to September 30, 2009, the Company
shall reimburse the reasonable relocation expenses incurred by Executive up to a
maximum of $25,000 upon submission of all receipts and back-up documentation as
may be requested by the Company.

     

    (c)           In
addition, the Company shall also pay to the Executive at the same
time:

     

    (i)           
Any outstanding vacation pay owing up to the Effective Date;

     

    (ii)           Any
earned but unpaid salary owing up to the Effective Date, less the applicable
Statutory Deductions; and

     

    (iii)          Any
business expenses properly incurred by the Executive up to the Effective Date,
by way of reimbursement.

     

    3.           With
respect to the amounts to be paid Executive as set forth in paragraph 2(b)(i)
and (ii), the parties agree that the Company may pre-pay such amounts at any
time if it has the financial resources to do so.  In the event of a
failure to make any of the payments on the timeline set forth in Section 2(b),
it is agreed that all remaining payments due to the Executive hereunder shall be
considered to have accelerated and become immediately due and payable to the
Executive.

     

    4.           Executive
acknowledges that he is not entitled to any other compensation, benefit, or
payment from the Company other than that expressly set forth in this
Agreement.  The Executive further agrees that the amounts paid and the
value of benefits provided pursuant to paragraph 2(b) may be applied as a
set-off against any later claim that he may make.

     

    5.           In
consideration of the payments and other benefits set forth in this Agreement,
and other good and valid consideration, Executive, on behalf of himself, his
marital community, his heirs, executors, administrators, and assigns
(collectively referred to as “Executive”), does hereby
waive and release Live Current Media Inc., its parents, affiliates,
subsidiaries, and related entities, its successors and assigns, and each of
their present and former directors, officers, employees, agents and attorneys,
both individually and in their representative capacities (collectively referred
to as “Releasee”), from
any and all claims (including any claim to legal fees, short term sick leave,
long term disability and any other payment under any statute, code or
otherwise), damages, causes of action, or disputes of any kind or nature,
whether presently known or unknown, arising in any way out of Executive’s
employment and the cessation of his employment with the Company.  This
release is comprehensive and includes all claims (including claims under any
applicable Employment Standards, Human Rights, Labour or Workplace Safety
legislation), damages, causes of action, or disputes based upon acts or
omissions occurring or which could be alleged to have occurred prior to the date
of this Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    6.           The
Executive acknowledges that he has not relied upon the Company or its legal
counsel for any advice in connection with the tax treatment of the payments set
forth in paragraph 2(b).  The Executive agrees to indemnify and hold
the Company harmless from any and all claims or liability, including costs and
legal fees, incurred as a result of the Executive’s tax treatment of the
payments set forth in paragraph 2(b), or in respect of income tax payable by
Executive that was not withheld, or in respect of any Employment Insurance or
Canada Pension Plan amounts payable by the Company relating to or arising from
Executive’s employment or the termination thereof.

     

    7.           On
or before January 31, 2009, the Executive will return all company property to
the Company (except for the Blackberry and desk top computer used by Executive,
which Company has agreed to give to Executive as long as all Confidential
Information [as defined in the Employment Agreement] is permanently deleted
therefrom).  The Executive and the Company understand and agree that
the term “company property” will be given its broadest meaning and will include,
without limitation, all company equipment, access codes, documents and
electronic files.

     

    8.           Executive
will not say or do anything disparaging about the Company, its managers,
employees, officers, directors, products or services, he will not take any
action injurious to the business interest or reputation of the Company, its
managers, employees, officers or directors, he will not advise or encourage any
person or entity to bring a claim against the Company, and he will not assist
any person or entity in connection with any such claim, unless required by legal
process or applicable law.

     

    9.           Executive
agrees to cooperate with the Company by making himself available at reasonable
times upon the Company’s request in connection with any matters that arise as to
which the Executive has knowledge from his employment at the
Company.

     

    10.         Nothing
contained in this Agreement shall be considered an admission of wrongdoing or
liability by the Company.

     

    11.         Other
than as provided herein, all of the terms and conditions of the Employment
Agreement shall remain in full force and effect.  Without limiting the
foregoing, Executive specifically acknowledges his continuing duties and
obligations under paragraphs 8 (Inventions, Etc.), 9 (Non-Competition), 10 (No
Solicitation of Customers), 11 (No Solicitation of Employees), and 12
(Confidentiality) of the Employment Agreement.

     

    
      	
              12.

            	
              Executive
      acknowledges that he:

            

    

     

    
      	
               
      

            	
              (a)

            	
              has
      had sufficient time to review and consider this Agreement
      thoroughly;

            

    

     

    (b)           has
read and understands the terms of this Agreement and his obligations hereunder;
and

     

    (c)           has
been given an opportunity to obtain independent legal advice, or such other
advice as he may desire concerning the interpretation and effect of this
Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF the parties
have executed this Agreement as of the day and year first above
written.

     

    
      	 
      	
              LIVE
      CURRENT MEDIA INC.

               

            
	 
      	
              By:  /s/ C. Geoffrey
      Hampson                        
      

            
	 
      	
              C.
      Geoffrey Hampson

            
	 
      	 
      
	
              Witness

            	 
      
	 
      	 
      
	 ________________________________	/s/
      Jonathan
      Ehrlich                                
      
	 
      	
              JONATHAN
      EHRLICH

            

    

     

     

     

     

     

     

     

    4Converted by EDGARwiz

JFR

Jean R. Fuselier Sr. PhD, Inc.

1207 Hampshire Lane

Richardson, TX  75080

Telephone
(972) 713-9815

    Facsimile
(972) 713-7288

January
28, 2009

Mr. Kenneth
Wiedrich

Unico, Inc. 

8880 Rio San Diego
Drive

8th
Floor

San Diego, CA
92108

RE:

Consulting
Agreement – Letter of Intent

Dear Kenneth
Wiedrich:

This
Letter of Intent sets forth our mutual understandings with respect to the
performance by Dr. Jean Fuselier (“Dr. Fuselier”) of certain consulting services
concerning the resolution of certain creditor claims against Unico, Inc.
(“Client”), including debt restructuring and debt reduction. This Letter of
Intent shall not be deemed to create a legal or binding obligation on behalf of
either party except where specifically noted herein. It is intended to outline
and form the basis for negotiating a formal, binding definitive agreement (the
“Definitive Agreement”), containing such terms, conditions, covenants,
representations and warranties as are usual and customary to the provision of
the Services, and as maybe agreed and executed by the parties.

 

1.

Creditor
Claims

    

Client
will identify certain claims of creditors (the “Creditors Claims”) and the
confirmed debt of each identified Creditor Claim (the “Confirmed Debt”).
 Client will provide all reasonably requested information regarding the
Creditor Claims and all underlying and supporting documentation as may be
requested by Dr. Fuselier and his designated agents and representatives. 

2.

Services

Dr.
Fuselier will use his best efforts to negotiate with the holders of the Creditor
Claims and attempt to effect a reasonable and fair settlement, discharge, or
release of such Creditor Claims. The efforts by Dr. Fuselier shall hereinafter
be referred to as the “Services.”  Dr. Fuselier has not been engaged to
perform, nor will he agree to perform, any activities or services: (a) in
connection with any capital-raising transaction by or for the benefit of Client
or any of its subsidiaries, parent entities or affiliates, or (b) which directly
or indirectly promote or maintain a market in Client’s securities.

                                                                                                                                                               
Initials: /s/ K.W.   /s/
J.F.  

Mr.
Kenneth Wiedrich, CFO

Unico, Inc. 

Letter of Intent

1-28-2009

Page 2 of 6

Upon
execution of this Letter of Intent, Client will provide Dr. Fuselier, his
designated agents and representatives, full and complete access to inspect,
appraise and make copies of the corporate minutes, agreements, books and records
of Client, and any other documents, agreements, instruments or certificates
relating to the financial condition, ownership and operation of Client’s
business, assets and properties, as may be reasonably requested by Dr. Fuselier,
his designated agents and representatives.  Client and Dr. Fuselier shall
commence and diligently pursue negotiations of the Definitive Agreement while
such due diligence investigation is ongoing and shall use their respective best
efforts to conclude such negotiations and executed the Definitive Agreement
within thirty (30) days of the date of this Letter of Intent, or such longer
period as may be agreed by Client and Dr. Fuselier. 

3.

Payment
of Retainer

Upon
execution of this Letter of Intent, Client shall pay Dr. Fuselier a
non-refundable retainer fee of $36,000 to be paid in shares of registered
 S-8 stock of Client (the “Stock”) calculated at the market value of such
Stock at the time the shares are issued and deposited into a broker account
designated by and in the name of Dr. Fuselier.  Such Stock shall be
registered with the United States Securities and Exchange Commission (“SEC”) and
any applicable state securities regulatory authorities pursuant to an effective
registration statement on Form S-8 or other available form for registration of
securities.  Such Stock shall be duly authorized, fully paid and
non-assessable, shall possess or contain no restrictive legend, and not subject
to any restrictions on sale, transfer or other disposition. 

  

4.

Service
Fees

Client
shall pay Dr. Fuselier a service fee (“Service Fee”) with the amount of such fee
to be determined upon the completion of due diligence as outlined in Item #2
above. 

5.
 Assignment and Assumption of Liability

In certain instances, a designated affiliate of Dr. Fuselier may
agree to the assignment and assumption of certain specified Creditor Claims as
selected by Dr. Fuselier and agreed by Client.  The terms and conditions
surrounding any such assignment and assumption, and the fees payable by Client
in connection therewith, shall be the subject of a separate letter of intent and
definitive agreement between Client and the designated affiliate of Dr.
Fuselier. 

Initials: /s/ K.W.     /s/
J.F.   

Mr.
Kenneth Wiedrich, CFO

Unico, Inc. 

Letter of Intent

1-28-2009

Page 3 of 6

6.
 Continual Involvement of Consultant

Dr.
Fuselier will notify Client monthly, in writing, of all material developments in
connection with the Services.  Additionally, Dr. Fuselier will provide to
Client continuing consulting services regarding cash flow and debt management.
 Such consulting services will be provided for the period of time, and Dr.
Fuselier will be compensated for such consulting services in form and amount, as
agreed by the parties and set forth in the Definitive Agreement.

7.
 Exclusive Dealings 

Client
shall not, nor shall any of Client’s officers, directors or shareholders,
directly or indirectly, through any representative or otherwise, solicit or
entertain offers from, negotiate with or in any manner encourage, discuss,
accept or consider any proposal of any other person relating to the Services to
be provided by Dr. Fuselier.  In the event Client is approached, contacted
or otherwise solicited by any other person regarding the provision by such
person of services substantially similar to the Services to be provided by Dr.
Fuselier, Client will immediately notify Dr. Fuselier regarding any such contact
between and immediately disclose the identity of such person and the terms and
conditions contained in any such offer or proposal or any related inquiry.

8.
Confidentiality and Nondisclosure Agreement

The parties have entered into, or agree that they shall enter
into, the Mutual Non-Disclosure and Confidentiality Agreement substantially in
the form of Exhibit A attached hereto, on or before the execution of this
Letter of Intent.  The parties expressly understand and agree that this
Letter of Intent is subject to the obligations and restrictions concerning
confidentiality and non-disclosure as set forth therein.  Notwithstanding
any other provision in this Letter of Intent, this duty of confidentiality shall
be legally binding upon and enforceable against, the parties hereto.  

9.

General

a)

     Each party hereto represents and warrants
that it has the power and authority to enter into this Letter of Intent and that
neither party will assign its respective rights, duties and obligations
hereunder without the prior written consent of the other. 

b)

      Neither party shall be liable for
failure to perform any material obligation under this Letter of Intent, if the
failure is due to an act of God or other unforeseen event beyond its reasonable
control.

Initials: /s/ K.W     /s/
J.F.   

Mr.
Kenneth Wiedrich, CFO

Unico, Inc. 

Letter of Intent

1-28-2009

Page 4 of 6

c)

     This Letter of Intent will expire and
terminate and be of no force or effect unless executed by both parties hereto
within fifteen (15) days of the date of this Letter of Intent, or such longer
period of time if mutually agreed in writing between the parties hereto.

d)

      All notices and other
communications required or permitted to be given under this Letter of Intent
shall be in writing, by certified mail or courier service, to the addresses
given on the first page of this Letter or Intent. 

e)

      THIS LETTER OF INTENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS
WITHOUT REGARD TO ITS PRINCIPLES CONCERNING CONFLICTS OF LAWS.  ANY CLAIM,
CONTROVERSY, ACTION, PROCEDING OR LAWSUIT ARISING OUT OF OR RELATED TO THIS
LETTER OF INTENT SHALL BE BROUGHT, HEARD AND DETERMINED IN THE STATE OR FEDERAL
COURT, AS APPROPRIATE, LOCATED WITHIN DALLAS COUNTY, STATE OF TEXAS. AS A
MATERIAL INDUCEMENT TO ENTER INTO THIS LETTER OF INTENT, EACH OF THE PARTIES
HERETO IRREVOCABLY CONSENT TO SUCH PERSONAL AND SUBJECT MATTER JURISDICTION AND
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IRREVOCABLY WAIVE ALL RIGHT
TO DEMAND TRIAL BY JURY. 

f)

     Except as and to the extent required by
applicable law, neither party shall, without the prior written consent of the
other party, make, directly or indirectly, any public comment, statement or
communication with respect to, or otherwise to disclose or to permit the
disclosure of the existence of discussions regarding, the subject matter and
terms and conditions of this Letter of Intent or any Definitive Agreement.
 If a party is required by court order or order of any governmental body
having jurisdiction over the parties hereto to make any such disclosure, it must
first notify the other party hereto and provide all reasonably requested
assistance to such party if it seeks to quash the disclosure order or any other
protective order limiting the scope and content of any such disclosure. 

g)

      Each party will be responsible for
and bear all of their respective costs and expenses (including any broker's or
finder's fees and professional’s fees and costs) incurred in connection with the
preparation and execution of this Letter of Intent and the Definitive Agreement.

Initials: /s/ K..W     /s/
J.F.   

Mr.
Kenneth Wiedrich, CFO

Unico, Inc. 

Letter of Intent

1-28-2009

Page 5 of 6

If the foregoing accurately summarizes your understanding of our
agreement with respect to the matters set forth herein, please so indicate by
signing both copies of this Letter of Intent in the space provided and returning
one fully executed copy hereof to the undersigned.  We will commence our
due diligence investigation and the preparation of the Definitive Agreement
right away. 

AGREED
TO AND ACCEPTED ON

February
3, 2009.

Unico,
Inc.

 

By:  /s/
Kenneth Wiedrich

By:
/s/ Dr. Jean R. Fuselier

Kenneth
Wiedrich,
CFO               
Dr. Jean R. Fuselier Sr.

Initials: /s/ K.W     /s/
J.F.   

Mr.
Kenneth Wiedrich, CFO

Unico, Inc. 

Letter of Intent

1-28-2009

Page 6 of 6

EXHIBIT A

FORM OF MUTUAL NON-DISCLOSURE AND CONFIDENTIALITY AGREEMENT

(Attached to Original)

Initials: /s/ K.W     /s/
J.F.

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