Document:

Exhibit 10.9 

SETTLEMENT
AND MUTUAL RELEASE AGREEMENT 

          This
Settlement and Mutual Release Agreement (“Agreement”) is entered into as of July
12, 2007 by and between two
Colorado corporations known as Dare 2 Share Ministries (“Dare 2 Share”) and
Iptimize, Inc. (“Iptimize”). Each may be referenced below as “Party” and
collectively they are the “Parties.”

WITNESSETH:

          WHEREAS,
Iptimize was and is in the business of providing telecommunication services and
was hired by Dare 2 Share to provide such services and to install a
telecommunications system;

          WHEREAS,
Dare 2 Share paid Iptimize a total sum of $6,378 for the purchase of certain
manufacture’s warranties (collectively “Warranties”) inventoried on: Quote 1047
as “ACD OAISYS Extended WTY” ($1,800), “TASKE AGENT WTY 4 YRS” ($840), “TASKE
BASE EXT. WTY 4 YR” ($2,000) and “TOSHIBA 5 YR” ($838); Quote 10693 as
“Extended warranty for ongoing support and free upgrades” ($900). Executed
copies of Quotes 1047 and 10693 are attached hereto as Exhibits A and B;

          WHEREAS,
contrary to their agreement, Iptimize failed to purchase the Warranties
inventoried and paid for by Dare 2 Share; Dare 2 Share was injured as a result;

          WHEREAS,
Dare 2 Share has incurred approximately $1,000 in attorney’s fees (“Attorney’s
Fees”) to resolve this matter; and

          WHEREAS,
the Parties have agreed that Iptimize will pay Dare 2 Share a sum of $7,378
(“Payment”) to settle this matter outside of litigation and the Parties resolve
to release each other from any and all claims related to the subject matter of
this Agreement in the manner described below.

          NOW,
THEREFORE, for and in consideration of the mutual covenants herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

AGREEMENT

          1.     
Payment. Payment shall be in the amount of $7,378, representing the sum of the
Warranties ($6,378) and Dare 2 Share’s Attorney Fees ($1,000). The Payment
shall be structured over a period of five months as follows: The first payment
in the amount of TWO THOUSAND THREE HUNDRED AND SEVENTY-EIGHT dollars ($2,378)
shall be due July 1, 2007 and equal payments of ONE THOUSAND TWO HUNDRED AND
FIFTY dollars ($1,250) shall be due and owing on the first of each month
thereafter for four consecutive months or until the full debt is otherwise
extinguished.

          2.     Default
and Remedy. Iptimize shall make each scheduled payment when it becomes due
and owing on the first of each month. Should Iptimize fail to make a payment in
the manner described above (“Default”), Dare 2 Share shall be immediately
entitled to seek the entry of a default judgment in its favor and against
Iptimize for any and all of the Payment then outstanding, plus EIGHT PERCENT
(8%) interest accruing from the date of the missed payment. Any delay in
collecting on a Default shall not constitute a waiver of any kind.

          3.     Acknowledgment
and Waiver. Iptimize recognizes that Dare 2 Share is entitled the amounts
described above and herein forever waives any and all defenses it may raise
against Dare 2 Share in the collection of such amounts, including but not
limited to the entry of default judgment in the event of Default.

          4.     Iptimize’s
Forbearance. Except for the enforcement of this Agreement, Iptimize shall
forever refrain and forbear from commencing, instituting, or prosecuting any
lawsuit, action, or other proceedings against Dare 2 Share relating to any
matter based upon, involving, or arising out of, the Warranties, Attorney’s
Fees or other matter subject to this Agreement.

          5.     Dare
2 Share’s Forbearance. Except for the enforcement of this Agreement, Dare
2 Share shall forever refrain and forbear from commencing, instituting, or
prosecuting any lawsuit, action, or other proceeding against Iptimize relating
to any matter based upon, involving, or arising out of, the Warranties,
Attorney’s Fees or other matter subject to this Agreement.

          6.     Releases.
Except for the enforcement of this Agreement, the Parties irrevocably,
unconditionally and generally release, quit, and forever discharge each other
and each other’s respective owners, stockholders, predecessors, successors,
assigns, agents, directors, members, officers, employees, former employees,
representatives, attorneys, affiliates (and the agents, directors, officers,
employees, representatives and attorneys of such affiliates), and all persons,
acting by, through, under or in concert with any of them, from any and all
charges, complaints, claims, damages, actions, causes of action, suits, rights,
demands, costs, loss, debts and expenses (including attorneys’ fees, statutory
penalties, treble damages and costs incurred) of any nature whatsoever, known
or unknown (“Claim” or “Claims”), which any of them now have, own or hold,
claim to own or hold, or which any of them at any time heretofore owned or
held, or claimed to own or hold, from the beginning of time until the date of
this Agreement. This release shall not apply to any act of intentional fraud
perpetrated by either party upon the other.

          7.     No
Prior Assignments. The Parties represent and warrant to each other that
they have not assigned or transferred, or purported to assign or transfer, to
any person, business, or entity whatsoever any claims, reimbursements, debt,
liabilities, demands, obligations, costs, expenses, damages, actions, defenses,
or causes of action which they have released in this Agreement.

          8.     Consent
of the Parties: The parties acknowledge that this is a legally binding document
and that by signing it they forever release and forebear certain legal claims
they have against each other pursuant to the terms above.

2

                   The
parties acknowledge that they have read this Agreement, they understand all of
its terms and that this Agreement is executed voluntarily, without duress, and
with full knowledge of its legal significance. Each party expressly
acknowledges and agrees that it has sought and received all legal and other
counsel as it requires to evaluate, understand and enter into this Agreement.

          9.     Capacity
of the Parties: Each party represents and warrants that it has full
capacity and authority to settle, compromise, and release its claims and to
enter into this Agreement and that no other person or entity has acquired, or
will in the future acquire or have any right to assert, against any person or
entity released by this Agreement any portion of that party’s claims released
herein.

          10.     Attorney
Fees. In the event of litigation to enforce the terms of this Agreement, the
prevailing party shall be awarded its reasonable attorney fees and costs in
such proceeding.

          11.     Miscellaneous
Provisions.

                         (a)     The
Parties represent and warrant to each other that no representation, warranty,
or promise concerning the subject matter of this Agreement, but not expressly
contained in this Agreement, has been made to them and they are not entering
into this Agreement on the basis of any representation, warranty, or promise,
express or implied, which is not expressly contained in this Agreement, that
they are entering into this Agreement with full knowledge of any and all rights
which they may have, that they assume the risks of any mistake of facts or law
with respect to true facts or law which are unknown to them, that the terms of
this Agreement are contractual and not merely by way of recital, that they have
each carefully read this Agreement, that they understand all of the terms and
conditions of this Agreement, that they have had all of the terms and
conditions of this Agreement explained to them, and that they have not executed
this Agreement under any duress or coercion, but rather, they have executed
this Agreement freely and voluntarily of their own informed free will after
consulting with counsel.

                         (b)     If
any particular part of this Agreement should be determined to be invalid,
unenforceable, or otherwise illegal, such part shall be severed from this
Agreement, and the remaining clauses and parts thereof shall remain in full
force and effect.

                         (c)     This
fully executed Agreement represents the entire agreement of the Parties. Any
negotiations, representations, promises, offers, covenants, or warranties which
are not specifically set forth in this Agreement are of no force or effect.
Regardless of the content of any previous negotiations, discussions,
considerations, warranties, or representations, this Agreement shall control
and this Agreement may not be modified by any oral agreement. This Agreement
may be modified or amended only by a written agreement executed by each of the
Parties.

                         (d)     This
Agreement shall be binding upon the Parties and their representatives, agents, past and present employees,
successors and assigns. The foregoing notwithstanding, this Agreement is not
intended, nor shall it be construed, as creating third-party

3

beneficiary rights in any
other business or person. Any benefit(s) to a third-party arising out of this
Agreement are understood to be incidental and not intended.

                         (e)     The
Parties agree to execute any and all documents and do all other things which
may be necessary to effectuate the terms of this Agreement.

                         (f)     Whenever
in this instrument the context may so require, the masculine, feminine and
neuter gender shall each be deemed to include the other and the singular and plural
each to refer to the other.

                         (g)     The
Parties have had access to counsel of their choosing and have been advised
concerning the effects of this Agreement and associated instruments. In the
event that any language of this Agreement is held to be uncertain or ambiguous,
any such uncertainty or ambiguity shall not be interpreted against any Party to
the Agreement, and this Agreement shall be construed neutrally.

                         (h)     Each
Party hereto represents, warrants, and agrees that the person who executed this
Agreement on its behalf has the right and authority to enter this Agreement on
behalf of that Party and has the full right and authority to execute this
Agreement and to fully bind that Party to the terms and obligations of this
Agreement. Each of the persons signing the Agreement on behalf of one or more
of the Parties hereto makes the same warranties referred to above.

                         (i)     This
Agreement may be executed in multiple, original counterparts, each of which
constitutes and serves as the original hereof.

4

          Signed,
sealed and delivered this 12 day
of July, 2007.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CAUTITON! READ BEFORE SIGNING 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
AGREED:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
DARE 2 SHARE MINISTRIES

	
 

	
IPTIMIZE, INC.

	
 

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
By:

	

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 David Teraberry

	
Name:

	
   Clinton J. Wilson
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 VP Finance & Operations

	
Title:

	
   President

	
 

	
STATE OF Colorado       
)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
    
            
             
          ) ss.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
COUNTY OF Jefferson   )

	
 

	
 

	
 

          Subscribed,
sworn to and acknowledged before me by David Teraberry, Vice President of Finance and Operations this 16 day of July, 2007.

          Witness my
hand and official seal.

(SEAL)

          My
commission expires

	
 

	
 

	
 

	
OCTOBER 18, 2009

	
 

	
 

	
 

	
 

	
/s/ Evelyn A. Anderson

	
 

	
 

	

	
 

	
 

	
Notary Public

	
 

	
 

	
 

	
 

	
 

	
 

	
STATE OF Colorado           
)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             
            
                    ) ss.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
COUNTY OF Denver           )

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

          Subscribed, sworn to and acknowledged before me by Clint Wilson,
President of Iptimize, Inc., this 12 day
of July, 2007.

          Witness
my hand and official seal.

          My
commission expires:

	
 

	
 

	
 

	
JESSICA EDWARDS
NOTARY PUBLIC

 STATE OF COLORADO

	
 

	

	
 

	

	
 

	
Notary Public

	
My Commission Expires 07/26/10

	
 

	
 

5

Page Intentionally Blank

6

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBIT A

	
 

	
 

	
 

	
 

	
 

	
Quote

	
 

	
 

	
 

	
 

	
 

	
No.

	
10497

	
 

	
 

	
 

	
Iptimize, Inc.
 (Formerly Digital Telecom)

	
 

	
Date:

	
5/4/2005

	
4949 S. Syracuse St.

 Suite 450

 Denver, CO 80237 USA

 Phone: 303-268-3600  Fax:
 303-268-3639

 E-Mail: cshettsline@iptimize.com

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Prepared for

	
     Prepared
 by Chuck Shettsline

	
 

	
 

	
 

	
Dare 2 Share

	
Account No.

	
     1944

	
5181 Ward Rd

 Wheat Ridge, CO
 80033 U.S.A.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 Qty.   Item ID 

	
  

	
Description 

	
  

	
  

	
UOM 

	
  

	
Sell 

	
  

	
  

	
Total 

	
  

	

	
 

	
 

	
 

	
Labor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
  1.00  IN-T1-CTX670

	
 

	
Installation/Programming of T1 Interface CTX670.

	
 

	
 

	
Eac 

	
 

	
750.000

	
 

	
$

	
750.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Standard installation procedures for RDTU
 as described in the Strata
 CTX Installation and Maintenance Manual installation Labor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1  MiscMaterials

	
 

	
ACD OAISYS Extended WTY

	
 

	
 

	
EA 

	
 

	
1,800.000

	
 

	
$

	
1,800.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1  MiscMaterials

	
 

	
TASKE AGENT WTY 4 YRS.

	
 

	
 

	
EA 

	
 

	
840.000

	
 

	
$

	
840.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1  MiscMaterials

	
 

	
TASKE BASE EXT.  WTY 4 YR.

	
 

	
 

	
EA 

	
 

	
2,000.000

	
 

	
$

	
2,000.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1  MiscMaterials
 

	
 

	
TOSHIBA 5 YEAR

	
 

	
 

	
EA

	
 

	
838.000

	
 

	
$

	
838.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Item Total:

	
 

	
$

	
46,163.50

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Total:

	
 

	
$

	
46,163.50

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
              Prices
 are firm until 6/3/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Quoted
by:          Chuck Shettsline 

	
 

	
 

	
Date: 

	
 

	
5/4/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Accepted by: 

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
*
 Printed: 5/4/2005 2:57 PM

	
 

	
 

	
 

	
 

	
 

	
Page 3 of 3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

EXHIBIT B

	
 

	
 

	
 

	
 

	

	
Quote

	
 

	
 

	
 

	
 

	
 

	
No.

	
10693

	
 

	
 

	
 

	
Iptimize, Inc.

	
 

	
Date:

	
8/17/2005

	
4949 S. Syracuse St.

 Suite 450
Denver,  CO  80237  USA 

 Phone: 303-268-3600  Fax:
 303-268-3639

 E-Mail: cshettsline@iptimize.com

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Prepared for

	
Prepared
 by Chuck Shettsline

	
 

	
 

	
 

	
Dare 2 Share

	
Account No.

	
     1944

	
5181 Ward Rd

 Wheat Ridge, CO
  80033 U.S.A.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
Qty.   Item ID 

	
  

	
Description 

	
  

	
  

	
UOM 

	
  

	
Sell 

	
  

	
  

	
Total 

	
  

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
    15  CTI-TASKE-AGENT

	
 

	
TASKE Contact agent license

	
 

	
 

	
EA

	
 

	
152.000

	
 

	
$

	
2,280.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
    60  MiscMaterials

	
 

	
Extended warranty for ongoing support and free upgrades

	
 

	
 

	
EA 

	
 

	
15.000

	
 

	
$

	
900.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
      6  DKT3010SD

	
 

	
10-button Digital Speakerphone with LCD - Charcoal Gray

	
 

	
 

	
Eac

	
 

	
196.000

	
 

	
$

	
1,176.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
See Features for add’l. detail

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Phone

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Includes
 7-ft. modular 2-wire cord.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 4.00  MACLaborLOC1

	
 

	
MAC Labor: Toshiba, Norstar and other Key

	
 

	
 

	
ea

	
 

	
95.000

	
 

	
$

	
380.00

	
 

	
 

	
 

	
Systems-Local Accounts 

     Labor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Item Total:

	
 

	
$

	
4,736.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Total:

	
 

	
$

	
4,736.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          Prices
 are firm until 9/16/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Quoted
by:          Chuck Shettsline 

	
 

	
 

	
Date: 

	
 

	
8/17/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Accepted by: 

	
 

	

	
 

	
 

	
Date:

	
 

	
8/17/05

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
*
 Printed: 8/17/2005 12:58 PM

	
 

	
 

	
 

	
 

	
 

	
Page 1 of 1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBIT B

	
 

	
 

	
 

	
 

	
 

	
Quote

	
 

	
 

	
 

	
 

	
 

	
No.

	
10693

	
 

	
 

	
 

	
Iptimize, Inc.

	
 

	
Date:

	
8/17/2005

	
4949 S. Syracuse St.

 Suite 450
Denver,  CO  80237  USA 

 Phone:
 303-268-3600   Fax: 303-268-3639

 E-Mail: cshettsline@iptimize.com

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Prepared for

	
Prepared
 by Chuck Shettsline

	
 

	
 

	
 

	
Dare 2 Share

	
Account No.

	
     1944

	
5181 Ward Rd

 Wheat Ridge, CO
 80033 U.S.A.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
Qty.   Item ID  

	
   

	
Description  

	
   

	
   

	
UOM  

	
   

	
Sell  

	
   

	
   

	
Total  

	
   

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
    15  CTI-TASKE-AGENT

	
 

	
TASKE Contact agent license

	
 

	
 

	
EA

	
 

	
152.000

	
 

	
$

	
2,280.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
    60  MiscMaterials

	
 

	
Extended warranty for ongoing support and free upgrades

	
 

	
 

	
EA 

	
 

	
15.000

	
 

	
$

	
900.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
      6   DKT3010SD

	
 

	
10-button Digital Speakerphone with LCD - Charcoal Gray

	
 

	
 

	
Eac

	
 

	
196.000

	
 

	
$

	
1,176.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
See Features for add’l. detail

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Phone

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Includes
 7-ft. modular 2-wire cord.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 4.00  MACLaborLOC1

	
 

	
MAC Labor: Toshiba, Norstar and other Key

	
 

	
 

	
ea

	
 

	
95.000

	
 

	
$

	
380.00

	
 

	
 

	
 

	
Systems-Local Accounts 

      Labor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Item Total:

	
 

	
$

	
4,736.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Total:

	
 

	
$

	
4,736.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          Prices
 are firm until 9/16/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Quoted
by:          Chuck Shettsline 

	
 

	
 

	
Date: 

	
 

	
8/17/2005

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Accepted by: 

	
 

	

	
 

	
 

	
Date:

	
 

	
8/17/05

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
*
 Printed: 8/17/2005 12:58 PM

	
 

	
 

	
 

	
 

	
 

	
Page 1 of 1Exhibit 10.10 

Termination, Waiver and Release
Agreement (the “Agreement”) made this 27th day of July 2007 between IPtimize, Inc., a Minnesota
corporation with offices at 2135 South Cherry St., Suite 200, Denver, CO. 80222
(the “Company”) and John R. Evans, residing at 7724 South Birch Court, Centennial, CO 80122 (“Evans”). The Company
and Evans are sometimes hereinafter individually referred to as a “Party” and
collectively as the “Parties”.

W I T N E S S E T H:

WHEREAS, the Parties are all of
the parties to an employment agreement dated October 1, 2005 (the “Employment Agreement”); and

WHEREAS, the Parties desire to
waive and terminate the Employment Agreement and release one another from any and all obligations, duties or liabilities
arising thereunder.

NOW, THEREFORE, in consideration of the foregoing recitals, and the other
good and valuable consideration hereinafter set forth, the
receipt and adequacy of which are hereby
acknowledged and accepted, the Parties agree as follows:

               1.          Termination.
The Parties hereby
jointly and severally terminate the
Employment Agreement effective upon the execution of this Agreement;

               2.          Waiver
and Agreement. Evans hereby waives any
and all of his rights under the Employment
Agreement and covenants and agrees to resign form the Company’s Board of Directors at the first meeting thereof following the
Company’s Special Meeting of Stockholders to be held in June 2007;

               3.          Consideration.
In consideration for Evan’s
waiver of his rights under the
Employment Agreement and agreement to resign as aforesaid, the Company hereby covenants and agrees as follows:

                   
       A.          Accrued
Expenses. The $15,000 in accrued expenses incurred by Evans
under the Employment Agreement shall be paid by the Company in the following manner:

          a.)
$5,000 upon acceptance this agreement and;

          b.)
the remaining $10,000 of out of the proceeds of the Company’s proposed permanent PIPE
financing;

                    
       B.          Accrued
Remuneration. The $88,000 in accrued
remuneration due by the Company to Evans under the Employment Agreement shall
be converted
into an aggregate of 586,667 presently existing shares of the Company’s Common Stock, no par
value per share (the “Conversion Shares”);

                    
      C.          Lock
Up. The Conversion Shares
together with any and all other shares of the Company’s Common Stock owned by John R. Evans
shall be voluntarily locked up for 12 months in accordance with the terms of the Lock Up
Letter annexed hereto as Exhibit “A”, which is being executed by all of the officers
and directors of the Company.

               4.          General
Release. By
virtue of the execution of this Agreement, each of the Parties hereby release and discharge
each other from any and all liability, actions, claims of any kind or nature, expressed,
implied that may arise from the relationship of the Parties under and pursuant to the
Employment Agreement and the negotiations
and conversations that preceded the Employment Agreement; and

               5.          Entire
Agreement. Each of
the Parties hereby covenants that this Agreement is intended to and does contain and embody herein all of the understandings
and Agreements, both written or oral, of the Parties hereby with respect to the subject matter of this Agreement, and that
there exists no oral agreement or understanding,
express or implied liability, whereby the absolute, final and unconditional character and nature of this Agreement shall be in
any way invalidated, empowered or affected. There are no representations,
warranties or covenants other than those set forth herein.

IN WITNESS WHEREOF, the Parties have
executed this Agreement on the day and year first above written.

IPTIMIZE, INC.

	
 

	
 

	
By:

	

	
 

	

	
 

	
Clinton
 J. Wilson, President

	
 

	
 

	
 

	

	

	
 

	
             John R. Evans

	
 

	
 

John
R. Evans
 7724 South Birch
Court

Centennial, CO 80122

Lock
Up Letter

July 27, 2007

Board of Directors

IPtimize, Inc.

2135 S. Cherry St.

Suite 200

Denver, CO. 80222

Gentlemen:

The undersigned, the
owner of shares of Common Stock, no par value per share (the “Shares”) of
IPtimize, Inc., a Minnesota corporation (the “Company”) and in an effort to
assist the Company with its future financing, the undersigned agrees to the
following lock-up or “standstill” provisions with respect to the Shares:

          1.          The
undersigned hereby covenants and agrees that the undersigned shall not sell,
contract to sell, transfer, hypothecate, grant an option to purchase, make any
short sale or otherwise dispose of the undersigned’s Shares (collectively a
“Sales Event”) for a period of 12 months from the earlier of: (i) the date the
first registration statement filed by the Company after the date of this
Agreement is declared effective by the Securities and Exchange Commission (the
“Registration Statement”); or (ii) December 15, 2008 (the “Lock-up Period”).
The undersigned acknowledges that the prior written consent of the Company or
the Company’s placement agent anticipated to be retained in connection with a
contemplated financing shall be required for any Sales Event during the Lock-up
Period;

          2.          The
undersigned hereby further covenants and agrees that any and all certificates
representing the undersigned’s Shares shall be the subject of stop transfer
instructions and may bear a restrictive legend that says: “The securities
represented by this certificate are subject to a written lock up letter dated
May 2007 prohibiting the sale, transfer, pledge or other disposition hereof
except in compliance with the terms of such letter agreement;”

          3.          Following
the expiration of the Lock-up Period, the Company shall remove such legends
from the undersigned’s Shares promptly upon the request of the undersigned. In
the event that the Company has not filed the Registration Statement

and obtain an effective date for the Registration
Statement by December 31, 2007, the undersigned shall be released from the
provisions of this Section 3. The Company shall give notice to the undersigned
when it has obtained an effective date for the Registration Statement;

          4.          The
undersigned hereby covenants and agrees to indemnify and hold the Company
harmless from any and all liability, including attorney’s fees, incurred by the
Company in preventing any attempted sale, transfer or pledge of the undersigned’s
Shares in violation or attempted violation of this letter agreement or by the
Company’s transfer agent in implementing the terms and conditions of this
letter agreement or in complying with the Company’s instructions hereunder; and

          5.          The
Company represents to the undersigned that all of the shares of the Company’s
common stock owned by: (i) the executive officer, directors and principal
stockholders of the Company; and (ii) the Company’s financial advisor and
placement agent will be subject to the same lock up provisions as the
undersigned.

Very truly yours,

John R. Evans

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]