Document:

Exhibit
      10.1

    

    SEPARATION
      AND RELEASE AGREEMENT

    

    

    This
      SEPARATION
      AND RELEASE AGREEMENT
      (this
“Agreement”) is made and entered into as of the date set forth below, by and
      between Bennet P. Tchaikovsky (“Tchaikovsky”) and Innovative Card Technologies,
      Inc. (“Company”). Tchaikovsky and the Company may be collectively referred to
      hereafter as the “Parties” or individually as the “Party.” 

    

    WHEREAS,
      Tchaikovsky has been employed by the Company since July 6, 2004;

    

    WHEREAS,
      Company
      and Tchaikovsky mutually desire to end Tchaikovsky ’s employment with Company;
      and

    

    WHEREAS,
      Tchaikovsky and Company further desire to settle fully and finally all
      differences between them, including, but in no way limited to, any difference
      arising out of Tchaikovsky ’s employment with Company and the termination
      thereof;

    

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual promises herein contained, the parties
      hereby agree as follows:

    

    1. Tchaikovsky
      acknowledges and agrees that his employment with the Company shall be terminated
      effective on the date of Tchaikovsky ‘s signature on this agreement (the
“Termination Date”). From the Termination Date, Tchaikovsky acknowledges he
      shall no longer be included as an insured person or as a Company employee under
      the Company’s insurance policies. 

     

    2. Tchaikovsky
      acknowledges and agrees that the following constitutes the entire amounts owed
      by Company to Tchaikovsky as of the Termination Date:

    

    Regular
      Pay: $4,401.04 gross amount, less amounts required to be withheld by law or
      authorized by Tchaikovsky to be withheld.

    

    Accrued
      Vacation: $2,626,34 gross amount, less amounts required to be withheld by law
      or
      authorized by Tchaikovsky to be withheld.

    

    3. In
      exchange for Tchaikovsky’s release of the Company from any past and future
      obligations (if any), whether monetary or otherwise, allegedly owed by the
      Company to Tchaikovsky
      based
      upon Tchaikovsky’s
      employment (as delineated in Section 7 below), Company
      has agreed to immediately vest Tchaikovsky in the remainder of Tchaikovsky’s
      60,000 unvested options. However, Tchaikovsky acknowledges and agrees that
      he
      may not trade any shares of common stock of the Company presently held by
      Tchaikovsky, including, but not limited to common stock underlying any and
      all
      options and warrants held by Tchaikovsky, for a period of 90 (ninety) days
      from
      the Termination Date. As further consideration for Tchaikovsky’s
      release, Tchaikovsky
      will be
      entitled to keep the computer and related accessories issued to him by the
      Company. Additionally, the 90-day termination provision for the 150,000 options
      previously granted to Tchaikovsky is hereby waived by the
      Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Subject
      to any other agreements
      with the
      Company, Tchaikovsky shall be entitled to such continuation of health care
      coverage as is required under, and subject to, applicable law, of which
      Tchaikovsky has been notified in writing, provided Tchaikovsky timely exercises
      Tchaikovsky ’s rights in accordance therewith. 

    

    5. Tchaikovsky
      must turn over to Company all files, memoranda, records, credit cards and other
      documents and physical or personal property that Tchaikovsky received from
      Company and that are the property of Company, unless expressly provided for
      or
      consented to otherwise by the Company. 

    

    6.
       Tchaikovsky
      understands and agrees that in the course of employment with Company,
      Tchaikovsky may have acquired and/or had access to confidential information,
      including trade secrets, proprietary data and/or non-public information
      concerning the business, professional and/or personal affairs, activities and
      operations of Company. Tchaikovsky will not divulge any such information. In
      addition, Tchaikovsky agrees to continue to honor all confidentiality
      commitments of Company known to him to any third parties.  The obligations
      of this paragraph not to disclose the Information shall not apply to the extent
      that Tchaikovsky is required by law to respond to any demand for the Information
      from any court, governmental entity or governmental agency.  If Tchaikovsky
      is required by law to so respond, Tchaikovsky agrees to provide Company with
      prompt notice thereof so that Company may seek a protective order or other
      appropriate remedy. 

    

    7. Complete
      Release by Tchaikovsky

    

    (a) Waiver
      of All Claims. Tchaikovsky
      agrees that he is not entitled to receive, will not claim and expressly waives
      any entitlement to rights, benefits or compensation from the Company arising
      out
      or related to his employment with the Company, other than as expressly set
      forth
      in this Agreement.

    

    (b) Release.
      Tchaikovsky irrevocably and unconditionally releases all of the claims described
      in subsection (c) of this Section 7 that Tchaikovsky may now have against the
      following persons or entities (the “Releasees”): the Company, all of its past
      and present employees, officers, directors, stockholders, owners,
      representatives, assigns, attorneys, agents, insurers, employee benefit programs
      (and the trustees, administrators, fiduciaries and insurers of such programs)
      and any other persons acting by, through, under or in concert with any of the
      persons or entities listed in this subsection.

    

    (c) Claims
      Released.
      The
      claims released include all claims, promises, debts, causes of action or similar
      rights of any type or nature Tchaikovsky has or had which in any way relate
      to
      (i) Tchaikovsky’s employment with the Company, or the termination of that
      employment, such as claims for compensation, bonuses, commissions, lost wages
      or
      unused accrued vacation or sick pay, (ii) the design or administration of any
      employee benefit program or Tchaikovsky’s entitlement to benefits under any such
      program, (iii) any claims to attorneys’ fees and/or other legal costs, and (iv)
      any other claims or demands Tchaikovsky may on any basis have. The claims
      released include, but are not limited to, claims arising under any of the
      following statutes or common law doctrines:

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (1) Anti-Discrimination
      Statutes,
      such as
      the Age Discrimination in Employment Act, which prohibits age discrimination
      in
      employment; the Civil Rights Act of 1991, Title VII of the Civil Rights Act
      of
      1964, and §1981 of the Civil Rights Act of 1866, which prohibit discrimination
      based on race, color, national origin, religion or sex; the Equal Pay Act,
      which
      prohibits paying men and women unequal pay for equal work; the Americans With
      Disabilities Act, which prohibits discrimination against the disabled; the
      California Fair Employment and Housing Act, which prohibits discrimination
      in
      employment based upon race, color, national origin, ancestry, physical or mental
      disability, medical condition, martial status, sex, or age; and any other
      federal, state or local laws or regulations prohibiting employment
      discrimination.

    

    (2) Federal
      Employment Statutes,
      such as
      the Employee Retirement Income Security Act of 1974, which, among other things,
      protects pension or health plan benefits; and the Fair Labor Standards Act
      of
      1938, which regulates wage and hour matters.

    

    (3) Other
      Laws,
      such as
      any federal, state or local laws restricting an employer’s right to terminate
      employees or otherwise regulating employment; any federal, state or local law
      enforcing express or implied employment contracts or requiring an employer
      to
      deal with employees fairly or in good faith; and any other federal, state or
      local laws providing recourse for alleged wrongful discharge, physical or
      personal injury, emotional distress, fraud, negligent misrepresentation, libel,
      slander, defamation and similar or related claims. The laws referred to in
      this
      section include statutes, regulations, other administrative guidance and common
      law doctrines.

    

    (d) Release
      Extends to Both Known and Unknown Claims.
      This
      release covers both claims that Tchaikovsky knows about and those Tchaikovsky
      does not know about. Tchaikovsky understands the significance of his release
      of
      unknown claims and his waiver of any statutory protection against a release
      of
      unknown claims. Tchaikovsky expressly waives the protection of any such
      governmental statutes or regulations.

    

    More
      particularly, and without limitation, Tchaikovsky acknowledges that he has
      read
      and is familiar with and understands the provisions of Section 1542 of the
      California Civil Code, which provides:“A
      GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
      OR
      SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH,
      IF
      KNOWN TO HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
      DEBTOR.”

    

    TCHAIKOVSKY
      EXPRESSLY WAIVES ANY RIGHT OR CLAIM OF RIGHT TCHAIKOVSKY MAY HAVE UNDER SECTION
      1542 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (e) Ownership
      of Claims.
      Tchaikovsky represents that he has not assigned or transferred, or purported
      to
      assign or transfer, all or any part of any claim released by this
      Agreement.

    

    8. Tchaikovsky’s
      Promises.
      In
      addition to the release of claims provided for in section 7, Tchaikovsky agrees
      to the following:

    

    (a) No
      Pursuit of Released Claims.
      Tchaikovsky promises never to file or prosecute a lawsuit, administrative
      complaint or charge, or other complaint or charge asserting any claims that
      are
      released by the Agreement. Tchaikovsky represents that Tchaikovsky has not
      filed
      or caused to be filed any lawsuit, complaint or charge with respect to any
      claim
      this Agreement releases. Tchaikovsky further agrees to request any government
      agency or other body assuming jurisdiction of any complaint or charge relating
      to a released claim to withdraw from the matter or dismiss the matter with
      prejudice.

    

    (b) Agreement
      to be Kept Confidential.
      Tchaikovsky agrees not to disclose the terms, amount or existence of this
      Agreement to anyone other than a member of Tchaikovsky’s immediate family or a
      professional representative of Tchaikovsky and, even as to such a person, only
      if such person is informed of and agrees to honor this confidentiality
      requirement. Such person’s violation of this confidentiality requirement shall
      be treated as a violation of this Agreement by Tchaikovsky. This subsection
      shall not prohibit disclosure of the terms, amount or existence of this
      Agreement to the extent necessary legally to enforce this Agreement or to the
      extent otherwise legally required.

    

    (c) Agreement
      to Not Seek Future Employment with the Company.
      Tchaikovsky further acknowledges and agrees that he shall not seek or apply
      for
      any positions with the Company in the future. Tchaikovsky acknowledges and
      agrees that any failure by the Company to hire or retain Tchaikovsky in the
      future shall give rise to no claims on his part.

    

    9. Consequences
      of Tchaikovsky’s Violation of Promises.
      If
      Tchaikovsky breaks any of the promises in this Agreement, such as, by way of
      example and not by way of limitation, by filing or prosecuting a lawsuit or
      charge based on claims that Tchaikovsky has released, or if any representation
      made by Tchaikovsky in this Agreement was false when made, Tchaikovsky will:
      (i)
      immediately return to the Company the consideration paid to him pursuant to
      section 3 above; and (ii) pay reasonable attorneys’ fees and all other costs
      incurred as a result of such breach or false representation, such as, by way
      of
      example and not by way of limitation, the Company’s cost of defending any suit
      brought with respect to a claim released by him.

    

    10. Period
      for Consideration of Agreement.
      Tchaikovsky
      acknowledges that he was given a period of 21 days to review and consider this
      Agreement before signing it. Tchaikovsky further acknowledges that: (i) he
      took
      advantage of this period to consider this Agreement before signing it; (ii)
      he
      carefully read this Agreement; and (iii) he fully understands this Agreement
      and
      is entering into it voluntarily and without coercion or duress.

    

    11. Consulting
      with Attorney.
      Tchaikovsky acknowledges that the Company strongly encouraged Tchaikovsky to
      discuss this Agreement with an attorney of Tchaikovsky’s own choosing (at
      Tchaikovsky’s own expense) before signing this Agreement. Tchaikovsky
      acknowledges that he has had ample opportunity to consult with an attorney.
      Tchaikovsky further acknowledges that he has met with an attorney or knowingly
      and willingly declined to do so.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    12. This
      Agreement shall be in lieu of and in full and final discharge of any and all
      obligations to Tchaikovsky for compensation, severance payments, or any other
      expectations of payment, remuneration, continued coverage of any nature or
      benefit on the part of Tchaikovsky arising out of or in connection with
      Tchaikovsky ’s employment with Company, or under any agreement, arrangement,
      commitment, plan, program, practice or policy of Company, or otherwise.

    

    13. This
      Agreement shall not in any way be construed as an admission by either party
      or
      by any of such party’s Releasees that he/she/it has acted wrongfully with
      respect to the other party or any person, or that such party has any rights
      whatsoever against the other party or the other party’s Releasees except as
      specifically set forth herein, and each of the party’s Releasees specifically
      disclaims any liability to or wrongful acts against the other party or any
      other
      person, on the part of himself/itself, its employees, or its or their agents.
      Tchaikovsky and Company each represent that such party has not filed any
      complaints or charges or lawsuits of any kind whatsoever against the other
      party
      or any of the other party’s Releasees with any governmental agency or any court
      and Company and Tchaikovsky each further represents and agrees that such party
      will not do so at any time hereafter with regard to any matter related to or
      arising out of Tchaikovsky ’s employment with Company (or with any of the
      Releasees, as applicable) or with the termination thereof.

    

    14. The
      Parties agree not to intentionally disclose, publish, or otherwise disseminate
      (or cause or permit to be disclosed, published or otherwise disseminated,
      whether themselves or through one or more third parties), either orally or
      in
      writing, to any third party, any information, thoughts, suppositions, opinions,
      or other statements or comments which may be derogatory, disparaging or
      defamatory to the other in any manner whatsoever. The Parties agree that damages
      from the violation of this provision would be difficult to ascertain and
      therefore that, among other relief, injunctive relief is appropriate to enforce
      the terms hereof, in addition to whatever other remedies the non-breaching
      party
      would be entitled to in the event of breach.

    

    15. In
      any
      claim or action between the Parties involving this Agreement, the prevailing
      party shall be entitled to recover from the other party, in addition to damages,
      injunctive or other relief, if any, all costs and expenses (whether or not
      allowable as “cost” items by law) reasonably incurred at, before and after trial
      or on appeal, or in any bankruptcy proceeding, including without limitation,
      attorneys’ fees, witness fees (expert or otherwise), deposition costs, copying
      charges and other expenses.

    

    16. It
      is the
      desire and intent of the parties hereto that the provisions of this Agreement
      be
      enforced to the fullest extent permissible under law. Should there be any
      conflict between any provision hereof and any present or future law, such law
      will prevail, but the provisions affected thereby will be curtailed and limited
      only to the extent necessary to bring them within the requirements of law,
      and
      the remaining provisions of this Agreement will remain in full force and effect
      and be fully valid and enforceable.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    17. This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of California without regard to conflicts of laws provisions. This
      Agreement is binding on the successors and assigns of, and sets forth the entire
      agreement between, the parties hereto; fully supersedes any and all prior
      agreements or understandings between the parties hereto pertaining to the
      subject matter hereof (except for those provisions of the Employment Agreement
      that expressly survive the expiration or earlier termination of said Employment
      Agreement); and may not be changed except by explicit written agreement to
      that
      effect subscribed by the parties hereto in writing. 

    

    18. The
      parties agree that the exclusive venue for any and all controversies or claims
      arising out of, in connection with, or relating to this Agreement, or a breach
      hereof, shall be in the County of Los Angeles in either: (i) the Superior Court
      of California, County of Los Angeles; or (ii) the United States District Court,
      Central District of California. The parties hereto expressly consent and submit
      to the jurisdiction of either such court, and agree to accept service of process
      inside or outside the State of California in any matter that is to be submitted
      to either such court pursuant hereto.

    

    19. All
      notices or other communications under this Agreement shall be in writing and
      sent by certified or registered air mail with postage prepaid, return receipt
      requested; by facsimile; or by hand delivery. Notices and other communications
      to Company shall be addressed to Innovative Card Technologies, Inc.,10880
      Wilshire Blvd. Suite 950 Los Angeles, CA 90024 (or to such other address as
      Company may designate in writing from time to time). Notices and other
      communications to Tchaikovsky shall be addressed to Tchaikovsky at the address
      set forth on the signature page hereto (or to such other addresses as the
      parties may designate in writing from time to time). Such notices and other
      communications shall be deemed given and received within five (5) days of
      mailing, if sent by certified or registered air mail; when receipt has been
      confirmed electronically by the sender’s fax machine, if sent by facsimile; or
      upon delivery, if hand delivered.

    

    PLEASE
      READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN
      CLAIMS.

    
       

    

    
      
        	
                Bennet
                  P. Tchaikovsky:

              	 	
                Innovative
                  Card Technologies, Inc.: 

              
	 	 	 	 
	
                /s/
                  Bennet P. Tchaikovsky

              	 	
                By:

              	 
	 	 	 	
                Steve
                  Delcarson, CEO

              
	
                Date:
                  October 29, 2007

              	 	 	 
	 	 	
                Date:

              	 
	
                Address:

              	 	 	 

      

    

     

    
      
         

      

      
        6Exhibit
      10.2

     

    CONSULTING
      SERVICES AGREEMENT

    

    This
      Consulting Services Agreement (“Agreement”) between Innovative Card
      Technologies, Inc. (“INCARD"), a Delaware corporation having its principal place
      of business at 10880 Wilshire Blvd. Suite 950 Los Angeles, CA 90024 and Bennet
      P. Tchaikovsky, an individual (hereinafter “Consultant”). 

    

    
      	 	
              1.

            	
              Independent
                Contractor Relationship:
                The INCARD and Consultant desire to enter into an independent contractor
                relationship as set forth in this Agreement. It is the intent and
                purpose
                of this Agreement that Consultant shall at all times be an independent
                contractor of INCARD and nothing contained herein shall be construed
                to
                create or establish the relationship of employer and employee, principal
                and agent, joint venturer, or partner between the INCARD and Consultant.
                Both parties acknowledge that Consultant is not an employee of Company
                for
                state or federal tax purposes. Consultant is an independent contractor
                and
                therefore shall be liable for any state and federal payroll taxes
                in
                connection with this agreement. Consultant shall have no authority
                to
                assume or create any obligation or liability in the name of, or on
                behalf
                of, INCARD or subject INCARD to any obligation or liability.
                

            

    

    

    
      	 	
              2.

            	
              Consultant’s
                Representations and Warrantees.
                Consultant acknowledges and agrees that as an independent, separate
                business, Consultant is solely responsible for whatever profit or
                loss
                Consultant may incur through performance of this agreement. Consultant
                represents that he has the qualifications and ability to perform
                the
                services sought in a professional manner, without the advice, control,
                or
                supervision of INCARD. Consultant shall be solely responsible for
                the
                professional performance of the services as set forth in Sections
                4 and 5
                below. Consultant further acknowledges and agrees that he shall have
                no
                authority to bind INCARD contractually or otherwise in any manner.
                In
                executing this Agreement, Consultant specifically acknowledges that
                he has
                consulted or had a reasonable opportunity to consult with counsel
                of his
                own choice and that he has executed this Agreement after independent
                investigation and without fraud, duress, coercion or undue influence.
                Consultant represents that Consultant is free of any Federal. State
                or
                Local restrictions on the performance of services contemplated; and
                Consultant warrants that he is not prohibited from performing services
                for
                INCARD for any other reason. Furthermore, Consultant represents that
                he
                has no other existing conflict of interest in entering into this
                agreement
                or in providing any of the services
                contemplated.

            

    

    

    
      	 	
              3.

            	
              Term:
                The term of this consulting agreement shall commence on October29,
                2007
                and end on June 29, 2008. In the event either party wishes to terminate
                the agreement prior to the end of the term, they may do so under
                Section
                7.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              4.

            	
              Consulting
                Services:
                Consultant agrees to provide the following services (the
                “Services”):

            

    

    

    
      	 	
              a.

            	
              Accounting
                and business consulting services on an as needed basis for INCARD.
                However, Consultant is not performing such services in his capacity
                as a
                Certified Public Accountant or as an attorney. INCARD shall retain
                its own
                counsel and outside Certified Public Accounting firm to review
                Consultant’s work. 

            

    

    
      	 	
              b.

            	
              Consultant’s
                primary task shall be to assist with the preparation and filing of
                INCARD’s September 30, 2007 10-QSB and to assist INCARD’s subsequently
                appointed Chief Financial Officer (“CFO”) with any other items related to
                the CFO transitioning into his new position. After January 1, 2008,
                Consultant will make himself available to answer questions on a limited
                basis of no more than one hour per month for the remainder of the
                term.
                

            

    

    

    
      	 	
              5.

            	
              Scope
                and Rules Governing Provision of Services:
                Consultant’s provision of the Services shall be defined and governed as
                follows:

            

    

    

    
      	 	
              a.

            	
              Consultant
                shall perform all services hereunder in a commercially reasonable
                manner
                and to the best of his ability. However, Consultant shall have no
                liability to INCARD for any loss, liability, cost or expense suffered
                or
                incurred by INCARD as a result of any act or omission by Consultant,
                except such as arise from the gross negligence or willful misconduct
                of
                Consultant. 

            

    

    
      	 	
              b.

            	
              Consultant
                agrees that all research records, diagrams/drawings, photos/film,
                documents, technical data, formulae, processes, software, methods
                of
                manufacture, inventions and improvements and like, all list of customers,
                records of customer requirements and usage, and other information
                concerning the business of INCARD or its affiliates, whether prepared
                by
                Consultant, or coming into his possession in the course of his duties
                under this Agreement (all of the forgoing hereinafter referred to
                as
                “data”), are considered INCARD property (the “Proprietary Information”).
                Proprietary Information also includes, but is not limited to, specific
                customer requirements, customer and potential customer lists, including
                information concerning INCARD’s employees, agents or divisions, and
                pricing information.

            

    

    
      	 	
              c.

            	
              Consultant
                will maintain in confidence and will not, directly or indirectly,
                disclose
                or use, either during or after the term of this Agreement, any Proprietary
                Information or confidential information or know-how belonging to
                INCARD,
                whether or not it is in written or permanent form, except to the
                extent
                necessary to perform the Services. Upon termination of Consultant’s
                services to INCARD, or at the request of INCARD before termination,
                Consultant shall deliver to INCARD all material in Consultant’s possession
                relating to INCARD’s business, including, but not limited to, any and all
                copies of any materials given to the Consultant by INCARD or generated
                by
                Consultant. The obligations concerning Proprietary Information extend
                to
                information belonging to customers and suppliers of INCARD about
                whom
                Consultant may have gained knowledge as a result of performing the
                Services. 

            

    

    
      	 	
              d.

            	
              Consultant
                further acknowledges and agrees that any material or work product
                created
                or developed by Consultant pursuant to this Agreement in connection
                with
                the Services and all the elements thereof furnished by INCARD hereunder
                will be created within the scope of Consultant’s engagement by INCARD and,
                accordingly, the parties expressly agree that, immediately upon creation
                thereof, said materials and work are, and shall be, considered INCARD’s
                sole and exclusive property for purposes of intellectual property
                rights
                and that INCARD is, and shall be considered, the author of said materials
                and work product for all purposes. If, for any reason, it should
                be
                determined that such materials and work product are not work made
                for
                hire, then this Agreement shall be deemed an assignment by Consultant
                to
                INCARD of all such rights.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              6.

            	
              Compensation
                to Consultant:
                In exchange for Services, INCARD agrees to pay Consultant as
                follows:

            

    

    

    
      	
              Invoice
                Date

            	 	
              Base
                Fee

            	 	
              Medical Reimbursement

            	 	
              Cellphone

            	 
	
              October
                29, 2007

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	
              NTE
                $400.00

            	 
	
              November
                29, 2007

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	
              NTE
                $400.00

            	 
	
              December
                29, 2007

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	
              NTE
                $400.00

            	 
	
              January
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              February
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              March
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              April
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              May
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              June
                29, 2008

            	 	
              $

            	
              10,833

            	 	
              $

            	
              1,437

            	 	 	 	 
	
              Totals

            	 	
              $

            	
              97,497

            	 	
              $

            	
              12,933

            	 	 	
              NTE
                $1,200

            	 

    

    

    NTE-
      not to exceed

    

    
      	 	
              (a)

            	
              Consultant,
                at the beginning of each period, shall provide INCARD with and invoice
                for
                the base fee, medical reimbursement and cellphone costs (where
                appropriate) for the coming period. Consultant will be paid upon
                five (5)
                business days upon presentation of such invoice.
                

            

    

    
      	 	
              (b)

            	
              Consultant
                shall be entitled to reimbursement for reasonable expenses while
                Consultant performs services provided that Consultant obtains a Purchase
                Order prior to incurring the expenditure that is approved by an officer
                of
                INCARD.

            

    

    
      	 	
              (c)
                

            	
              Consultant
                will not be entitled to any other compensation or expense reimbursement
                unless approved in advance and with a valid Purchase
                Order.

            

    

     

     

    
      	
            	
              7.

            	
              Termination
                Prior to End of Term.
                This Agreement shall automatically terminate on June 29, 2008. In
                the
                event that Consultant becomes a full-time employee of any company,
                corporation, limited liability company or other business entity prior
                to
                the end of the term, Consultant or INCARD may terminate this Agreement
                without cause. Upon transmission of written notice of termination
                by
                either Party, any obligation to pay compensation by INCARD or to
                provide
                services by Consultant shall cease immediately. Consultant shall
                be
                required to transmit written notice to INCARD immediately upon learning
                he
                has obtained full time employment with another party via facsimile
                and
                first class mail (“Employment Notification”). In the event Consultant
                fails to provide timely Employment Notification, Consultant shall
                be
                required to return all amounts paid by INCARD for any period after
                Consultant commenced such full time employment along with additional
                liquidated damages of $2,500 for each week that passes from the start
                date
                of employment and the transmission of the Employment Notification.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              8.

            	
              Miscellaneous:
                This Agreement contains the entire understanding of the parties with
                respect to the subject matter hereof and neither party has relied
                upon any
                representation, warranty or promise not contained herein.
                

            

    

    
      	 	
              a.

            	
              No
                failure by either party to insist upon the strict performance of
                any term
                or provision of this Agreement shall constitute a waiver thereof
                on that
                or any subsequent occasion. 

            

    

    
      	 	
              b.

            	
              This
                Agreement may be amended, and any term or provision hereof may be
                waived,
                only in a writing signed by the party charged with such amendment
                or
                waiver. 

            

    

    
      	 	
              c.

            	
              In
                the event of any litigation between the parties with respect to this
                Agreement or the performance of either party hereunder, the prevailing
                party shall be entitled to recover, in addition to any other relief
                awarded by the court, its reasonable attorneys’ fees and other costs of
                preparing for and participating in the litigation.
                

            

    

    
      	 	
              d.

            	
              This
                agreement shall be governed and construed by the laws of the State
                of
                California. Consultant agrees that any litigation initiated by Consultant
                relating in any manner to this Agreement shall be conducted in Los
                Angeles, California. 

            

    

    
      	 	
              e.

            	
              If
                any term, provision, condition or covenant to this Agreement or its
                application to any party or circumstance shall be held, to any extent,
                invalid or unenforceable, then the remainder of this Agreement, or
                the
                application of such term, provision, condition or covenant to any
                party or
                circumstances other than those as to whom or which it is held invalid
                or
                unenforceable, shall not be effected and shall be valid and enforceable
                to
                the fullest extent permitted by law.

            

    

    
      	 	
              f.

            	
              Each
                of the covenants, agreements, representations, and warranties contained
                in
                this Agreement shall survive the execution of this
                Agreement.

            

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed the Agreement effective this
      October 29, 2007.

     

    
      	
              Innovative
                Card Technologies, Inc.

            	Bennet
              P. Tchaikovsky
	 	 
	 	 
	
              /s/
                Steve Delcarson

            	 	
              /s/
                Bennet P. Tchaikovsky

            	 
	
              Steve
                Delcarson, CEO

            	
              Bennet
                P. Tchaikovsky

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