Document:

Exhibit 4.3

 

FORM OF AMENDMENT NUMBER TWO TO COMPASS BANCSHARES, INC. LOCAL DIRECTORS COMPENSATION AND BUSINESS DEVELOPMENT PLAN

 

 

 

 

  

  

  

AMENDMENT NUMBER TWO

TO THE COMPASS BANCSHARES, INC. LOCAL DIRECTORS

COMPENSATION AND BUSINESS DEVELOPMENT PLAN

The Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan, effective as of October 22, 2007, as amended by that certain Amendment Number One to the Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan dated November 23, 2009 (the “Plan”), is hereby further amended as follows:

(1)  The Plan shall be re-named “BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan”.

(2) The second sentence of Section 4 is removed in its entirety, and in lieu thereof, the following sentence is substituted in its place:

“The number of BBVA ADSs that may be acquired by Participants pursuant to the Plan shall not exceed an aggregate of 835,093, subject to the adjustments provided for in section 11.”

(3) All other provisions of the Plan shall remain in full force and effect.Exhibit 10.1

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

       THIS
EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is made between Epazz, Inc., an Illinois corporation
(the “Company"), and Shaun Passley (“Executive”) (collectively sometimes referred
to as the “Parties” and individually sometimes referred to as a “Party”). Unless
otherwise indicated, all references to Sections are to Sections in this Agreement. This Agreement is effective as of the “Effective
Date” set forth below.

 

W I T N E S S E T H:

 

       WHEREAS,
the Company desires to obtain the services of Executive, and Executive desires to be employed by the Company upon the terms and
conditions hereinafter set forth.

 

       NOW,
THEREFORE, in consideration of the premises, the agreements herein contained and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto agree as of the date hereof as follows:

 

       1.
Employment. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve the Company as its Chief Executive
Officer, President and Chief Financial Officer or any other titles or lesser titles as the Company’s Board of Directors elects
(the “Employment”) for a term of ten (10) years, beginning on the Effective Date (the “Term”).
The “Effective Date” of the Employment shall be September 6, 2012.

 

       2.
Scope of Employment. During the Employment, Executive will (i) devote his full-time (i.e, an average minimum of 40 hours per
week), attention, and energies to the business of the Company and will diligently and to the best of his ability perform all duties
incident to his employment hereunder; (ii) use his best efforts to promote the interests and goodwill of the Company; and (iii)
perform such other duties commensurate with his office as his superiors at the Company may from time-to-time assign to him. Executive
must work in the Company’s principal office location for at least three day per week.

 

       3.
Compensation and Benefits During Employment. During the Employment, the Company shall provide compensation to Executive as
follows.

 

              (a)
Base Salary - The Company shall pay Executive a minimum base salary, as may be adjusted from time to time, equal to $180,000
per year (the “Salary”), beginning on the Effective Date of this Agreement and ending at the end of the
Term or upon the termination of this Agreement as provided below. A total of $30,000 of the Salary shall be payable yearly on the
anniversary date of the Effective Date in cash. A total of $150,000 of the Salary shall be payable yearly, on each anniversary
of the Effective Date in shares of the Company’s Class A Common Stock (“Shares”), at the rate of
$0.006 per share (the “Share Price”)(i.e., 25,000,000 Shares per year or 250,000,000 Shares in aggregate)(the
“Salary Shares”), which shall be issued to Executive upon the Parties entry into this Agreement and shall
vest to Executive pursuant to the schedule above each year that Executive continues to be employed hereunder, subject in all cases
to the Vesting Date (i.e., final vesting shall not occur until both the Vesting Date has occurred and the shares have vested pursuant
to this Section 3(e)).

 

              (b)
Bonus. The Company shall pay the Executive a bonus of $1,350,000 in Shares, equal to 225,000,004 Shares based on the Share
Price (the “Bonus Shares”), upon the Parties entry into this Agreement, subject in all cases to the Vesting
Date (i.e., final vesting shall not occur until both the Vesting Date has occurred and the shares have vested pursuant to this
Section 3(e)).

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              (c)
Acquisition Bonuses. The Company shall pay the Executive a bonus of $150,000 in Shares (25,000,000 Shares based on the Share
Price), for each of the following acquisitions previously completed by the Company: (a) the acquisition of DeskFlex; (b) the acquisition
of PRM; (c) the acquisition of AutoHire; (d) the acquisition of Intellisys; and (e) the acquisition of K9 Bytes; (a total of $750,000
or 125,000,000 Shares)(the “First Acquisition Shares”); and a bonus of $200,000 or 33,333,333 Shares
(the “Second Acquisition Shares” and together with the First Acquisition Shares, the “Acquisition
Shares”) in connection with the Company’s acquisition of MsHealth. The Acquisition Shares shall be issued to
Executive on the Effective Date and considered earned and vested on the Vesting Date. Executive shall also be eligible to earn
an additional $200,000 bonus (33,333,333 Shares) in the event the Company completes a future acquisition with a total value of
at least $200,000 during the Term of the Agreement (a “Future Acquisition” and the “Future
Acquisition Shares”), provided that the Future Acquisition Shares shall be issued to Executive on the Effective Date
and considered earned and vested on the date that both the Vesting Date has occurred and the completion of such Future Acquisition
has occurred

 

              (d)
Continuing Collateral Bonus. The Company shall pay the Executive a bonus of $200,000 (33,333,333 Shares) in compensation
to Executive for Executive providing his personal residence (the “Collateral”) as collateral for various
business loans and promissory notes of the Company (the “Collateral Bonus Shares”) which Collateral Bonus
Shares shall be considered earned and vested, subject in all cases to the Vesting Date (i.e., final vesting shall not occur until
both the Vesting Date has occurred and the shares have vested pursuant to this Section 3(e)). The Company shall also pay the Executive
a bonus of $200,000 (33,333,333 Shares) per year that Executive continues to provide the Collateral during the Term of this Agreement
(up to an aggregate of $1,800,000 or 299,999,997 Shares)(the “Additional Collateral Bonus Shares”), which
Additional Collateral Bonus Shares shall be issuable to Executive on the Effective Date and vest to Executive at the rate of 33,333,333
Shares on each anniversary of the Effective Date of this Agreement during the Term, subject in all cases to the Vesting Date (i.e.,
final vesting shall not occur until both the Vesting Date has occurred and the shares have vested pursuant to this Section 3(e)).

 

              (e)
Vesting and Forfeiture. All Shares issuable to Executive pursuant to this Agreement shall be subject to forfeiture upon
termination of Executive’s employment as provided below in Sections 11 and 12 of this Agreement prior to vesting (as provided
above in Sections 3(a), 3(c) and 3(d)) and prior to the Vesting Date (“Vesting”). The “Vesting
Date” shall be the date that the Company reports revenues of at least $10 million in its audited financial statements
for a fiscal year then ended as filed with the Securities and Exchange Commission. In the event (a) that this Agreement is terminated;
or (b) the Term of the Agreement expires, prior to the Vesting Date, all Shares issuable to Executive as provided above shall be
forfeited by the Executive and returned to the Company for cancellation, subject in all cases to Section 12(b), below.

 

              (f)
Expenses - So long as this Agreement is in effect, the Company shall reimburse Executive for all reasonable, out-of-pocket
business expenses incurred in the performance of his duties hereunder consistent with the Company’s policies and procedures,
in effect from time to time, with respect to travel, entertainment and other business expenses customarily reimbursed to employees
of the Company in connection with the performance of their duties on behalf of the Company.

 

(g) PTO - Executive
will be entitled to two (2) weeks annually of paid time off (“PTO”) during the Term, not including holidays.
Unused PTO days shall not roll-over into any extension of the Term. Other than the use of PTO days for illness or personal emergencies,
PTO days must be pre-approved by the Company.

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              (h)
Benefits - Executive shall be entitled to participate in all Company employee benefit plans and programs (excluding severance
plans, if any) as Company generally maintains from time to time during the Term for the benefit of its senior employees, in each
case, subject to the eligibility requirements, enrollment criteria and other terms and provisions of such plans or programs. Company
may amend, modify or rescind any employee benefit plan or program and change employee contribution amounts to benefit costs without
notice in its discretion.

 

       4.
Confidential Information. 

 

              (a)
Executive acknowledges that the law provides the Company with protection for its trade secrets and confidential information. Executive
will not disclose, directly or indirectly, any of the Company’s confidential business information or confidential technical
information to anyone without authorization from the Company’s management. Executive will not use any of the Company’s
confidential business information or confidential technical information in any way, either during or after the Employment with
the Company, except as required in the course of the Employment.

 

              (b)
Executive will strictly adhere to any obligations that may be owed to former employers insofar as Executive’s use or disclosure
of his confidential information is concerned.

 

              (c)
Information will not be deemed part of the confidential information restricted by this Section 4 if Executive can show that: (i)
the information was in Executive’s possession or within Executive’s knowledge before the Company disclosed it to Executive
(provided that any information provided to the Executive by entities which the Company is considered successor entities to (collectively
the “Company Parties”) shall be considered confidential information for the purposes of this Agreement);
(ii) the information was or became generally known to those who could take economic advantage of it through no action of Executive;
(iii) Executive obtained the information from a party having the right to disclose it to Executive without violation of any obligation
to the Company or any Company Party, or (iv) Executive is required to disclose the information pursuant to legal process (e.g.,
a subpoena), provided that Executive notifies the Company immediately upon receiving or becoming aware of the legal process in
question. No combination of information will be deemed to be within any of the four exceptions in the previous sentence, however,
whether or not the component parts of the combination are within one or more exceptions, unless the combination itself and its
economic value and principles of operation are themselves within such an exception or exceptions.

 

              (d)
All originals and all copies of any drawings, blueprints, manuals, reports, computer programs or data, notebooks, notes, photographs,
and all other recorded, written, or printed matter relating to research, manufacturing operations, or business of the Company or
the Company Parties made or received by Executive during the Employment are the property of the Company. Upon termination of the
Employment, Executive will immediately deliver to the Company all property of the Company or the Company Parties which may still
be in Executive’s possession. Executive will not remove or assist in removing such property from the Company’s premises
under any circumstances, either during the Employment or after termination thereof, except as authorized by the Company’s
management.

 

              (e)
For a period of one (1) year after the date of termination of the Employment, Executive will not, either directly or indirectly,
hire or employ or offer or participate in offering employment to any person who at the time of such termination or at any time
during such one year period following the time of such termination was an Executive of the Company or the Company Parties without
the prior written consent of the Company.

 

       5.
Ownership of Intellectual Property.

 

              (a)
The Company will be the sole owner of any and all of Executive’s Inventions that are related to the Company’s business
with respect to software, as defined in more detail below.

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              (b)
For purposes of this Agreement, “Inventions” means all inventions, discoveries, and improvements (including,
without limitation, any information relating to manufacturing techniques, processes, formulas, developments or experimental work,
work in progress, or business trade secrets), along with any and all other work product relating thereto.

 

              (c)
An Invention is “related to the Company’s business” (“Company-Related Invention”)
if it is made, conceived, or reduced to practice by Executive (in whole or in part, either alone or jointly with others, whether
or not during regular working hours), whether or not potentially patentable or copyrightable in the U.S. or elsewhere, and it either:
(i) involves equipment, supplies, facilities, or trade secret information of the Company; (ii) involves the time for which Executive
was or is to be compensated by the Company; (iii) relates to the business of the Company or to its actual or demonstrably anticipated
research and development; or (iv) results, in whole or in part, from work performed by Executive for the Company.

 

              (d)
Executive will promptly disclose to the Company, or its nominee(s), without additional compensation, all Company-Related Inventions.

 

              (e)
Executive will assist the Company, at the Company’s expense, in protecting any intellectual property rights that may be available
anywhere in the world for such Company-Related Inventions, including signing U.S. or foreign patent applications, oaths or declarations
relating to such patent applications, and similar documents.

 

              (f)
To the extent that any Company-Related Invention is eligible under applicable law to be deemed a “work made for hire,”
or otherwise to be owned automatically by the Company, it will be deemed as such, without additional compensation to Executive.
In some jurisdictions, Executive may have a right, title, or interest (“Right,” including without limitation
all right, title, and interest arising under patent law, copyright law, trade-secret law, or otherwise, anywhere in the world,
including the right to sue for present or past infringement) in certain Company-Related Inventions that cannot be automatically
owned by the Company. In that case, if applicable law permits Executive to assign Executive’s Right(s) in future Company-Related
Inventions at this time, then Executive hereby assigns any and all such Right(s) to the Company, without additional compensation
to Executive; if not, then Executive agrees to assign any and all such Right(s) in any such future Company-Related Inventions to
the Company or its nominee(s) upon request, without additional compensation to Executive.

 

       6.
Non-competition/Non-Solicitation. As a condition to, and in consideration of, the Company’s entering into this Agreement,
and giving Executive access to certain confidential and proprietary information, which Executive recognizes is valuable to the
Company and, therefore, its protection and maintenance constitutes a legitimate interest to be protected by the provisions of this
Section 6 as applied to Executive and other employees similarly situated to Executive, and for ten dollars ($10) and other good
and valuable consideration, the receipt and sufficiency of which Executive hereby acknowledges, Executive acknowledges and hereby
agrees as follows:

 

              (a)
that Executive is and will be engaged in the business of the Company;

 

              (b)
that during the period of Executive’s Employment under this Agreement, Executive will become familiar with the Company’s
trade secrets and with other proprietary and confidential information concerning the Company;

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              (c)
that the obligations of this Agreement are directly related to the Employment and are necessary to protect the Company’s
legitimate business interests; and that the Company’s need for the covenants set forth in this Agreement is based on the
following: (i) the substantial time, money and effort expended and to be expended by the Company in developing technical designs,
technology, processes, materials, equipment, marketing plans and similar confidential information; (ii) the fact that Executive
will be personally entrusted with the Company’s confidential and proprietary information; (iii) the fact that, after having
access to the Company’s technology and other confidential information, Executive could become a competitor of the Company;
and (iv) the highly competitive nature of the Company’s industry, including the premium that competitors of the Company place
on acquiring proprietary and competitive information; and

 

              (d)
that for a period commencing on the Effective Date and ending twelve (12) months following termination as provided in Section 11,
Executive will not, directly or indirectly, serve as an employee, agent, consultant, stockholder, director, co-partner or in any
other individual or representative capacity, own, operate, manage, control, engage in, invest in or participate in any manner in,
act as consultant or advisor to, render services for (alone or in association with any person, firm, corporation or entity), or
otherwise assist any person or entity that directly or indirectly engages or proposes to engage in (i) the same, or a substantially
similar, type of business as that in which the Company engages; or (ii) the business of distribution or sale of (A) products and
services distributed, sold or license by the Company at the time of termination; or (B) products and services proposed at the time
of termination to be distributed, sold or licensed by the Company, anywhere in the United States (collectively, the “Territory”);
provided, however

 

              (e)
that nothing contained herein shall be construed to prevent Executive from investing in the stock or securities of any competing
corporation listed on any recognized national securities exchange or traded in the over the counter market in the United States,
but only if (i) such investment is of a totally passive nature and does not involve Executive devoting time to the management or
operations of such corporation and Executive is not otherwise involved in the business of such corporation; and if (ii) Executive
and his associates (as such term is defined in Regulation 14(A) promulgated under the Securities Exchange Act of 1934, as amended,
as in effect on the Effective Date), collectively, do not own, directly or indirectly, more than an aggregate of two percent (2%)
of the outstanding stock or securities of such corporation.

 

              (f)
The Parties acknowledge that the foregoing restrictions, as well as the duration and the territorial scope thereof as set above,
are under all of the circumstances reasonable and necessary for the protection of the Company and its business.

 

              (g)
The Parties agree that the restrictions set forth in Section 6(a) through (f) above shall not be applicable if this Agreement is
terminated by Executive for good reason or by the Company without cause.

 

              (h)
Executive agrees that at no time after his employment with the Company will he engage in competition with the Company while making
any use of the Company’s confidential information (as described in Section 4)(the “Confidential/Trade Secret
Information”), or otherwise exploit or make use of the Confidential/Trade Secret Information. Executive agrees that
during the twelve month period following the date his employment with the Company is terminated, he will not directly or indirectly
accept or solicit, in any capacity, the business of any customer of the Company with whom Executive worked or otherwise had access
to the Confidential/Trade Secret Information pertaining to the Company’s business with such customer during the last year
of Executive’s employment with the Company, or solicit, directly or indirectly, or encourage any of the Company’s customers
or suppliers to terminate their business relationship with the Company, or otherwise interfere with such business relationships.

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              (i)
Executive agrees that during the twelve month period following the termination date of Executive’s employment with the Company,
he shall not, directly or indirectly, solicit or otherwise encourage any employees of the Company to leave the employ of the Company,
or solicit, directly or indirectly, any of the Company’s employees for employment. The Parties agree that the restrictions
set forth in this Section 6(i) shall not be applicable if this Agreement is terminated by Executive for good reason or by the Company
without cause.

 

              (j)
During his employment with the Company, Executive shall not: (a) interfere with the Company’s business relationship with
its customers or suppliers, (b) solicit, directly or indirectly, or otherwise encourage any of the Company’s customers or
suppliers to terminate their business relationship with the Company, or (c) solicit, directly or indirectly, or otherwise encourage
any employees of the Company to leave the employ of the Company, or solicit any of the Company’s employees for employment.

 

              (k)
For the purposes of this Section 6, the term “Company” shall be deemed to include the Company Parties.

 

       7.
Legal Fees and Expenses. In the event of a lawsuit, arbitration, or other dispute-resolution proceeding between the Company
and Executive arising out of or relating to this Agreement, the prevailing party, in the proceeding as a whole and/or in any interim
or ancillary proceedings (e.g., opposed motions, including without limitation motions for preliminary or temporary injunctive relief)
will be entitled to recover its reasonable attorneys’ fees and expenses unless the court or other forum determines that such
a recovery would not serve the interests of justice.

 

       8.
Successors. 

 

              (a)
This Agreement shall inure to the benefit of and be binding upon (i) the Company and its successors and assigns; (ii) Executive
and Executive’s heirs and legal representatives, except that Executive’s duties and responsibilities under this Agreement
are of a personal nature and will not be assignable or delegable in whole or in part; and (iii) the Executive Parties as provided
in Section 10.

 

              (b)
The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, Acquisition or otherwise)
to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
As used in this Agreement, the “Company" shall mean the Company as hereinbefore defined and any successor
to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

       9.
Arbitration.

 

              (a)
Except as set forth in paragraph (b) of this Section 9 or to the extent prohibited by applicable law, any dispute, controversy
or claim arising out of or relating to this Agreement will be submitted to binding arbitration before a single arbitrator in accordance
with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect on the date
of the demand for arbitration. The arbitration shall take place before a single arbitrator, who will be a lawyer. Unless otherwise
agreed by the parties, the arbitration shall take place in Chicago, Illinois. The arbitrator is hereby directed to take all reasonable
measures not inconsistent with the interests of justice to expedite, and minimize the cost of, the arbitration proceedings.

 

              (b)
To protect inventions, trade secrets, or other confidential information of Section 4, and/or to enforce the non-competition provisions
of Section 6, the Company may seek temporary, preliminary, and/or permanent injunctive relief in a court of competent jurisdiction,
in each case, without waiving its right to arbitration.

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              (c)
At the request of either party, the arbitrator may take any interim measures he/she deems necessary with respect to the subject
matter of the dispute, including measures for the preservation of confidentiality set forth in this Agreement.

 

              (d)
Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction.

 

       10. Indemnification.

 

              (a)
The Company agrees to indemnify and hold harmless Executive, his nominees and/or assigns (a reference in this Section 10 to Executive
also includes a reference to Executive’s nominees and/or assigns) against any and all losses, claims, damages, obligations,
penalties, judgments, awards, liabilities, costs, expenses and disbursements (incurred in any and all actions, suits, proceedings
and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or
furnishing documents in response to a subpoena or otherwise), including without limitation, the costs, expenses and disbursements,
as and when incurred, of investigating, preparing or defending any such action, suit, proceeding or investigation that is in any
way related to the Executive’s employment with the Company (whether or not in connection with any action in which the Executive
is a party). Such indemnification does not apply to acts performed by Executive, which are criminal in nature or a violation of
law. The Company also agrees that Executive shall not have any liability (whether direct or indirect, in contract or tort, or otherwise)
to the Company, for, or in connection with, the engagement of the Executive under the Agreement, except to the extent that any
such liability resulted primarily and directly from Executive’s gross negligence and willful misconduct.

 

              (b)
These indemnification provisions shall be in addition to any liability which the Company may otherwise have to Executive or the
persons indemnified below in this sentence and shall extend to the following: the Executive, his affiliated entities, partners,
employees, legal counsel, agents, and controlling persons (within the meaning of the federal securities laws), and the officers,
directors, employees, legal counsel, agents, and controlling persons of any of them (collectively, the “Executive Parties”).

 

              (c)
If any action, suit, proceeding or investigation is commenced, as to which any of the Executive parties propose indemnification
under the Agreement, they shall notify the Company with reasonable promptness; provided however, that any failure to so notify
the Company shall not relieve the Company from its obligations hereunder. The Executive Parties shall have the right to retain
counsel of their own choice (which shall be reasonably acceptable by the Company) to represent them, and the Company shall pay
fees, expenses and disbursements of such counsel; and such counsel shall, to the extent consistent with its professional responsibilities,
cooperate with the Company and any counsel designated by the Company. The Company shall be liable for any settlement of any claim
against the Executive Parties made with the Company’s written consent, which consent shall not be unreasonably withheld.
The Company shall not, without the prior written consent of the party seeking indemnification, which shall not be unreasonably
withheld, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless
such settlement, compromise or consent includes, as an unconditional term thereof, the giving by the claimant to the party seeking
indemnification of an unconditional release from all liability in respect of such claim.

       

              (d)
The indemnification provided by this Section 10 shall not be deemed exclusive of, or to preclude, any other rights to which those
seeking indemnification may at any time be entitled under the Company's organizational documents, any law, agreement or vote of
shareholders or disinterested Directors, or otherwise, or under any policy or policies of insurance purchased and maintained by
the Company on behalf of Executive, both as to action in his Employment and as to action in any other capacity.

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              (f)
Neither termination nor completion of the Employment shall effect these indemnification provisions which shall then remain operative
and in full force and effect.

 

       11. Termination.

 

       This
Agreement and the employment relationship created hereby will terminate (i) upon the disability or death of Executive under Section
11(a) or 11(b); (ii) with cause under Section 11(c); (iii) for good reason under Section 11(d); (iv) without good reason under
Section 11(e); or (v) without cause under Section 11(f).

 

	(a)		Disability. The Company shall have the right to terminate the employment of
Executive under this Agreement for disability in the event Executive suffers an injury, illness, or incapacity of such character
as to substantially disable him from performing his duties without reasonable accommodation by Executive hereunder for a period
of more than thirty (30) consecutive days upon Company giving at least thirty (30) days written notice of termination.

 

	(b)		Death.  This Agreement will terminate immediately on the Death of the Executive.

 

	(c)		With Cause. The Company may terminate this Agreement immediately, and without
providing any prior written notice to Executive, at any time because of, (i) the indictment of Executive of an act or acts constituting
a felony or other crime involving moral turpitude, dishonesty or theft or fraud; (ii) Executive’s negligence or insubordination
in the performance of his duties hereunder, after having been given written notice with reasonable detail and an opportunity to
cure within 15 days, unless the Company has experienced a material loss due to such negligence or insubordination, in which case
Executive shall be terminated immediately without any opportunity to cure; (iii) Executive’s lack of performance of his
duties hereunder, after having been given written notice with reasonable detail and an opportunity to cure within 15 days, unless
the Company has experienced a material loss due to Executive’s lack of performance, in which case Executive shall be terminated
immediately without any opportunity to cure; or (iv) Executive’s breach of any material provision of this Agreement (each
“With Cause”).

 

	(d)		Good Reason. The Executive may terminate his employment for “Good
Reason” by giving Company ten (10) days written notice if:

 

	(i)		he is assigned, without his express written consent, any duties materially inconsistent
with his positions, duties, responsibilities, or status with the Company as of the date hereof, or a change in his reporting responsibilities
or titles as in effect as of the date hereof;

 

	(ii)		his compensation is materially reduced;

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	(iii)		the Company does not pay any material amount of compensation due hereunder and then
fails either to pay such amount within the ten (10) day notice period required for termination hereunder or to contest in good
faith such notice. Further, if such contest is not resolved within thirty (30) days, the Company shall submit such dispute to
arbitration under Section 8; or

 

	(iv)		the requirement that Executive relocate to another location of the Company outside
a thirty (30) mile radius from the location of Executive’s office as of the date hereof.

 

	(e)		Without Good Reason. The Executive can terminate this Agreement at any time
for any reason provided that he gives the Company thirty (30) days prior written notice of such intent to terminate.

 

	(f)		Without Cause. The Company can terminate this Agreement at any time without
cause.

 

       12.
Obligations of Company Upon Termination.

 

              (a)
In the event of the termination of Executive’s employment pursuant to Section 11 (a) or (b), Executive will be entitled only
to the compensation earned by him hereunder as of the date of such termination plus eight (8) additional weeks of compensation
at his then current salary, provided that the Executive executes and delivers to the Company a written release in form and substance
satisfactory to the Company, of any and all claims against the Company and all directors and officers of the Company with respect
to all matters arising out of Executive’s Employment hereunder, or the termination thereof (other than claims for entitlements
under the terms of this Agreement or plans or programs of the Company in which Executive has accrued a benefit); and Executive
does not breach any of his covenants and agreements which continue following the date of termination of this Agreement. Any Shares
not Vested by Executive as of the termination date shall be forfeited and returned to the Company for cancellation.

 

              (b)
In the event of the termination of Executive’s employment pursuant to Section 11 (d) or (f), Executive will be entitled only
to the compensation earned by him hereunder as of the date of such termination plus eight (8) additional weeks of compensation
at his then current salary, provided that the Executive executes and delivers to the Company a written release in form and substance
satisfactory to the Company, of any and all claims against the Company and all directors and officers of the Company with respect
to all matters arising out of Executive’s Employment hereunder, or the termination thereof (other than claims for entitlements
under the terms of this Agreement or plans or programs of the Company in which Executive has accrued a benefit); and Executive
does not breach any of his covenants and agreements which continue following the date of termination of this Agreement. Any Shares
not Vested by Executive as of the termination date shall immediately vest to Executive.

 

              (c)
In the event of the termination of Executive’s employment pursuant to Section 11(c) or 11(e), Executive will be entitled
only to the compensation earned by him hereunder as of the date of such termination. Any Shares not Vested by Executive as of the
termination date shall be forfeited and returned to the Company for cancellation.

 

              (d)
Upon termination of Executive’s Employment hereunder, or on demand by the Company during the Term of this Agreement, Executive
will immediately deliver to the Company, and will not keep in his possession, recreate or deliver to anyone else, any and all Company
property, as well as all devices and equipment belonging to the Company (including computers, handheld electronic devices, telephone
equipment, and other electronic devices), Company credit cards, records, data, notes, notebooks, reports, files, proposals, lists,
correspondence, specifications, drawings blueprints, sketches, materials, photographs, charts, all documents and property, and
reproductions of any of the aforementioned items that were developed by Executive pursuant to his employment with the Company,
obtained by Executive in connection with his Employment with the Company, or otherwise belonging to the Company, its successors
or assigns, including, without limitation, those records maintained pursuant to this Agreement.

    	9

    	 

    

 

 

       13.
Other Provisions. 

 

              (a)
All notices and statements with respect to this Agreement must be in writing. Notices to the Company shall be delivered to the
President of the Company. Notices to Executive may be delivered to Executive in person or sent to Executive’s then-current
mailing address as indicated in the Company’s records.

 

              (b)
This Agreement sets forth the entire agreement of the parties concerning the subjects covered herein; there are no promises, understandings,
representations, or warranties of any kind concerning those subjects except as expressly set forth in this Agreement.

 

              (c)
Any modification of this Agreement must be in writing and signed by all parties; any attempt to modify this Agreement, orally or
in writing, not executed by all parties will be void.

 

              (d)
If any provision of this Agreement, or its application to anyone or under any circumstances, is adjudicated to be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability will not affect any other provision or application of this Agreement which
can be given effect without the invalid or unenforceable provision or application and will not invalidate or render unenforceable
such provision or application in any other jurisdiction.

 

              (e)
This Agreement will be governed and interpreted under the laws of the United States of America and the laws of the State of Illinois.

 

              (f)
No failure on the part of any party to enforce any provisions of this Agreement will act as a waiver of the right to enforce that
provision.

 

              (g)
Section headings are for convenience only and shall not define or limit the provisions of this Agreement.

 

              (h)
This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof
of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. A copy of this Agreement signed
by one party and faxed to another party shall be deemed to have been executed and delivered by the signing party as though an original.
A photocopy of this Agreement shall be effective as an original for all purposes.

 

              (i)
Non-Disparagement. Executive will not at any time (during or after Executive’s employment with Company) disparage the reputation
of Company, its affiliates and their respective customers and merchants and its or their respective officers, managers, directors,
agents or employees.

 

              (j)
Cooperation. Executive agrees to cooperate both during and after Executive's employment with the Company, at the Company's sole
cost and expense, with the investigation by the Company involving the Company or any employee or agent of the Company.

 

    	10

    	 

    
 

 

              (k)
No Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or similar process
or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and
of no effect.

 

              (l)
Limitation as to Amounts Payable. In the event that any payment, coverage or benefit provided under this Agreement would, in the
opinion of counsel for the Company, not be deemed to be deductible in whole or in part in the calculation of the Federal income
tax of Company, or any other person making such payment or providing such coverage or benefit, by reason of Section 280G of Internal
Revenue Code of 1986, as amended (the “Code”), the aggregate payments, coverages or benefits provided under this Agreement
shall be reduced to the "safe harbor" level under Section 280G so that the entire amount which is paid to Executive shall
be deductible notwithstanding the provisions of Section 280G of the Code.

 

              (m)
Executive Withholdings and Deductions. All payments to Executive hereunder shall be subject to such withholding and other Executive
deductions as may be required by law.

 

              (n)
Legal Counsel. Executive acknowledges and warrants that (A) he has been advised that Executive's interests may be different from
the Company's interests, (B) he has been afforded a reasonable opportunity to review this Agreement, to understand its terms and
to discuss it with an attorney and/or financial advisor of his choice and (C) he knowingly and voluntarily entered into this Agreement.
The Company and Executive shall each bear their own costs and expenses in connection with the negotiation and execution of this
Agreement.

 

 

 

 

 

[Remainder of page left intentionally blank.]

 

       

    	11

    	 

    

This Agreement contains
provisions requiring binding arbitration of disputes. By signing this Agreement, Executive acknowledges that he (i) has read and
understood the entire Agreement; (ii) has received a copy of it (iii) has had the opportunity to ask questions and consult counsel
or other advisors about its terms; and (iv) agrees to be bound by it. Executed on the Effective Date of September 6, 2012.

 

 

	EPAZZ, INC.:	Executive:
	 	 
	By: /s/ Shaun Passley	/s/ Shaun Passley
	Its:__President___________________	Shaun Passley
	Printed Name: Shaun Passley____	 
	 	 
	Date:___9/6/12_______________	Date:___9/6/12____________

 

 

 

 

 

 

 

 

 

 

    	12

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