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                                                                   EXHIBIT 10.35

                     SEVERANCE AGREEMENT AND GENERAL RELEASE

         This SEVERANCE AGREEMENT AND GENERAL RELEASE ("Severance Agreement")
dated May 5, 2001 is entered into by and between Netzee, Inc. (hereinafter
"Netzee"), and Lewis Daniel Anderson, Jr. (hereinafter "Anderson").

         WHEREAS, Anderson has been employed by Netzee as its Chief Revenue
Officer pursuant to an Employment Agreement dated October 9, 2000 (the
"Employment Agreement");

         WHEREAS, the parties desire to end their employment relationship,
preserve the good will between the parties, and dispose of all claims which each
may have, or may have had, against the other;

         NOW, THEREFORE, for and in consideration of the good and valuable
consideration set forth herein, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

                                       1.

         Unless the context plainly requires otherwise, the term "Anderson"
includes his agents, attorneys, employees, heirs, successors and assigns; and,
the term "Netzee Releasees" includes Netzee and its owners, stockholders,
directors, officers, partners, agents, attorneys, parent entities, employees,
successors, assigns, affiliates, and subsidiaries, and each of their respective
owners, stockholders, directors, officers, partners, agents, attorneys, parent
entities, employees, successors, assigns, affiliates and subsidiaries.

                                       2.

         Anderson hereby resigns from employment with Netzee effective May 5,
2001. After that date, he will have no right to further employment with Netzee;
he shall not apply for reemployment with Netzee; and Netzee will have no
obligation to employ him; however, Netzee shall be obligated to pay Anderson any
compensation earned and benefits accrued through May 5, 2001, in addition to the
payments under Section 3 of this Severance Agreement.

                                       3.

         Netzee will pay Anderson a lump sum payment of One Hundred Thousand
Dollars ($100,000.00), minus appropriate withholdings under federal, state,
city, or other applicable laws and appropriate deductions. From May 5, 2001
through September 30, 2001, Netzee will continue Anderson's health insurance
coverage by making payments pursuant to the Consolidated Omnibus Budget
Reconciliation Act ("COBRA"). For the remainder of the COBRA period,
continuation of this

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coverage will be at Anderson's own expense. Anderson's eligibility for COBRA
continuation shall be governed by the COBRA statute. Anderson agrees to return
to Netzee all property of Netzee, including, but not limited to, all office
equipment, such as laptop computers, printers and cellular telephones. Such
equipment shall be returned to Netzee no later than the close of business on
September 30, 2001. Anderson agrees that the payments and benefits set forth
herein are in excess of those to which he would otherwise be entitled, and that
he has no claims to any benefits or payments from Netzee except as is expressly
set forth herein.

                                       4.

         This Severance Agreement shall supersede and extinguish the Employment
Agreement and the November 9, 1999 Netzee, Inc. Stock Option Agreement, except
for Section 5 of the Employment Agreement, which shall remain in full force and
effect.

                                       5.

         Anderson hereby releases, discharges, and acquits forever the Netzee
Releasees from any and all debts, claims, demands, liabilities, assessments,
actions or causes of action, whether in law or in equity, whether direct or
indirect, whether presently known or unknown, absolute or contingent, arising
under any law, rule, regulation, ordinance, agreement, guideline or other
standard of conduct of any kind and whatsoever which Anderson had, now has, or
may have had against any of the Netzee Releasees from the beginning of time up
to the date of this Severance Agreement. Netzee hereby releases, discharges, and
acquits forever Anderson from any and all debts, claims, demands, liabilities,
assessments, actions or causes of action, whether in law or in equity, whether
direct or indirect, whether presently known or unknown, absolute or contingent,
arising under any law, rule, regulation, ordinance, agreement, guideline or
other standard of conduct of any kind and whatsoever which Netzee had, now has,
or may have had against Anderson from the beginning of time up to the date of
this Severance Agreement.

                                       6.

         Without limiting the foregoing release, Anderson waives all rights he
may have had or now has to pursue any and all remedies available to him under
any cause of action whatsoever against the Netzee Releasees, including without
limitation, claims of wrongful discharge, emotional distress, defamation, breach
of contract, breach of the covenant of good faith and fair dealing, the Employee
Retirement Income Security Act, and any other laws and regulations relating to
employment, including any and all employment laws of the State of Georgia.
Anderson further acknowledges and expressly agrees that he is waiving

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any and all rights he may have had or now has to pursue any claim of
discrimination, including but not limited to, any claim of discrimination based
on sex, age, race, national origin, disability, or on any other basis, under
Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act
of 1990, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of
1967, the Civil Rights Act of 1866, any other analogous law of the State of
Georgia, and all other laws and regulations relating to employment.

                                       7.

         It is understood and agreed that the consideration given for this
Severance Agreement is not to be construed as an admission of liability or fault
on the part of either party, but is in compromise and settlement of disputed
claims.

                                       8.

         Except as set forth herein, this Severance Agreement supersedes all
prior and contemporaneous written and oral agreements and understandings between
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous written and oral discussions, negotiations and agreements
with respect to such subject matter.

                                       9.

         Anderson further warrants and agrees he will not disparage Netzee or
its owners, officers, directors, shareholders, employees, agents, or its
business, products, policies, practices or services, in any way whatsoever.
Netzee warrants and agrees that its current Board members and senior executives
will not disparage Anderson.

                                       10.

         This Severance Agreement has been executed in the State of Georgia and
any questions as to its validity, meaning, interpretation, or application shall
be controlled by the laws of the State of Georgia.

                                       11.

         If any provision of this Severance Agreement is found to be
unenforceable, it shall not affect the enforceability of the remaining
provisions and the Court shall enforce all remaining provisions to the extent
permitted by law.

                                       12.

         Anderson hereby acknowledges and understands and Netzee agrees that:

         (a)      Anderson may have at least twenty-one (21) days after receipt
                  of this Severance Agreement within which he may review and
                  consider, discuss with an attorney of his own choosing, and
                  decide to execute or not execute this Severance Agreement;

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         (b)      Anderson has seven (7) days after the execution of this
                  Severance Agreement within which he may revoke this Severance
                  Agreement;

         (c)      In order to revoke this Severance Agreement, Anderson or his
                  attorney must give written notice to Netzee by delivering a
                  letter to Netzee's CEO, Donny Jackson, and to its legal
                  counsel, Michelle Johnson, stating that Anderson is revoking
                  this Severance Agreement. To effect a revocation, delivery of
                  the letter must be made on or before seven (7) days after the
                  execution of this Severance Agreement. The letter shall be
                  delivered and addressed pursuant to the notice provisions set
                  forth in paragraph 13 below;

         (d)      This Severance Agreement shall not become enforceable until
                  after the expiration of seven (7) days following the date
                  Anderson executes this Severance Agreement and it will only
                  become enforceable if Anderson does not revoke the Severance
                  Agreement as provided for herein; and

         (e)      If Anderson revokes this Severance Agreement, he agrees that
                  he immediately will return to Netzee any and all consideration
                  paid by Netzee under Paragraph 3 above.

                                       13.

         Any notice, demand or other communication which any party is required
or permitted to provide to the other pursuant to this Severance Agreement shall
be in writing and sent by certified mail, return receipt requested, or by
Federal Express, signature required, to Mr. Donny Jackson, Netzee, Inc., 6190
Powers Ferry Road, Powers Ferry Landing East, Suite 400, Atlanta, Georgia 30339
(if to Netzee), or to Lewis Daniel Anderson, Jr., 32 Beechwood Road, Birmingham,
Alabama, 35213 (if to Anderson). Notice will be effective upon the date of
receipt by the party to be notified. In addition, Anderson shall send a copy of
the notice to Netzee to Michelle Johnson, Nelson Mullins Riley & Scarborough,
L.L.P., 999 Peachtree Street, Suite 1400, Atlanta, Georgia 30309, at the same
time and by the same method of delivery as to Netzee. However, the copy to Ms.
Johnson shall not constitute notice.

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                                       14.

         Anderson represents and warrants that he has fully read this Severance
Agreement, that he understands all the terms and conditions set forth herein,
and that he is entering into this Severance Agreement voluntarily and without
promise or benefit other than as set forth herein. Anderson further acknowledges
that he may have at least twenty-one (21) days within which to consider this
Severance Agreement, that he was advised to consult with an attorney of his own
choosing concerning the releases and waivers contained in and the terms of this
Severance Agreement, and that the waivers he has made, the releases he has
given, and the terms that he has agreed to herein are made knowingly,
consciously, and with full appreciation that he is forever foreclosed from
pursuing any of the rights so waived and released.

                                       15.

         This Severance Agreement may be modified or amended only in a writing
signed by the parties hereto.

         IN WITNESS WHEREOF, the undersigned have set their hands and seals on
the date written.

/s/ DANIEL ANDERSON                          /s/ LEWIS DANIEL ANDERSON, JR.
-------------------------------             -----------------------------------
WITNESS                                     LEWIS DANIEL ANDERSON, JR.

                                            NETZEE, INC.

/s/Donny R.  Jackson                        By: /s/Rick Eiswirth
-------------------------------               ---------------------------------
WITNESS
                                            Its:  Senior Vice President & CFO
                                                -------------------------------
                                            Date: May 15, 2001
                                                 ------------------------------

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                                                                  EXHIBIT 10. 36

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
by and between NETZEE, INC., a Georgia corporation (the "Company"), and WILLIAM
TODD SHIVER, an individual resident of the State of Georgia (the "Executive"),
to be effective as of the 7th day of May, 2001 (the "Effective Date").

         The Company desires to employ the Executive as its Senior Vice
President of Sales, and the Executive is willing to serve the Company on the
terms and conditions provided herein.

Defined Terms: Capitalized terms used in this Agreement that are not otherwise
defined herein are defined at Section 15 hereof.

         1.       Employment. The Company hereby employs the Executive, and the
                  Executive hereby agrees to serve the Company, as the Senior
                  Vice President of Sales of the Company, upon the terms and
                  conditions set forth herein. The Executive shall have such
                  authority and responsibilities as are consistent with his
                  position as provided herein and as may be set forth in the
                  Bylaws or assigned by the Chief Executive Officer of the
                  Company (the "CEO") or the President from time to time.

                  The Executive shall devote his full business time, attention,
                  skill, and efforts to the performance of his duties hereunder,
                  except during periods of illness or periods of vacation and
                  leaves of absence consistent with Company policy. This
                  employment relationship between the Executive and the Company
                  shall be exclusive; provided, however, the Executive may
                  devote reasonable periods of time to perform charitable and
                  other community activities, and to manage his personal
                  investments; provided, further, however, that such activities
                  do not interfere with the performance of his duties hereunder
                  and are not adverse to the interests of the Company.

                  Unless otherwise agreed to by the Executive, the Executive
                  shall be headquartered at the Company's offices in and around
                  Atlanta, Georgia, but shall do such traveling as is reasonably
                  required of him in the performance of his duties.

         2.       Term. Unless earlier terminated as provided herein, the
                  Executive's employment under this Agreement shall be for a
                  continuing term (the "Term") of one year, commencing on May 7,
                  2001, which shall be extended automatically (without further
                  action by the Company or the Executive) each day for an
                  additional day so that the amount of time remaining in the
                  Term shall continue to be one year; provided, however, that
                  either party may at any time, by written notice to the other,
                  fix the Term to a finite term of one year, without further
                  automatic extension, which Term shall commence upon the date
                  of such notice. The initial term and the extended term shall
                  be individually and collectively referred to herein as the
                  "Term".

         3.       Compensation and Benefits.

                  a.       The Company shall pay to the Executive a base salary
                           at a rate of $120,000 per annum, in accordance with
                           the salary payment practices of the Company in effect
                           from time to time. Executive may also be eligible for
                           commission or bonus

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                           payments from time to time, upon terms that are
                           mutually agreeable to the parties.

                  b.       The Executive may participate in any employee stock
                           incentive plans established by the Company from time
                           to time and shall be eligible for the grant of stock
                           options, stock, and/or other awards provided
                           thereunder. Additionally, the Board (or the
                           Compensation Committee), upon recommendation by the
                           CEO, shall from time to time consider the Executive's
                           performance and determine if additional grants of
                           stock options, stock, and/or other awards are
                           appropriate. Any grants of stock options shall be
                           described in and subject to the terms and conditions
                           of a separate stock option agreement between the
                           Company and the Executive.

                  c.       The Executive shall participate in all retirement,
                           welfare, deferred compensation, life and health
                           insurance, and other benefit plans or programs of the
                           Company now or hereafter applicable to the Executive
                           or applicable generally to employees of the Company
                           or to a class of employees that includes senior
                           executives of the Company; provided, however, that
                           during any period during the Term that the Executive
                           is subject to a Disability, and during the 180-day
                           period of physical or mental infirmity leading up to
                           the Executive's Disability, the amount of the
                           Executive's compensation provided under Section 3.a.
                           shall be reduced by the sum of the amounts, if any,
                           paid to the Executive for the same period under any
                           disability benefit or pension plan of the Company or
                           any of its subsidiaries.

                  d.       The Company shall provide to the Executive a monthly
                           allowance of not less than $600.00 to partially cover
                           the cost of an automobile owned or leased by the
                           Executive.

                  e.       The Executive shall be entitled to four (4) weeks
                           paid vacation and four (4) floating holidays (in
                           addition to Company-wide holiday periods) each year
                           during the Term, to be taken in accordance with the
                           Company's vacation policies for executives, as in
                           effect from time to time. Unused vacation may not be
                           carried forward to subsequent years.

                  f.       The Company shall reimburse the Executive for travel
                           and accommodations, seminar, and other expenses
                           related to the Executive's duties that are incurred
                           and accounted for in accordance with the practices of
                           the Company, as in effect from time to time.

         4.       Termination.

                  a.       The Executive's employment under this Agreement may
                           be terminated prior to the end of the Initial Term,
                           or if extended, the Extended Term, only as follows:

                           (i)      upon the death of the Executive;

                           (ii)     by the Company due to the Disability of the
                                    Executive upon delivery of a Notice of
                                    Termination to the Executive;

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                           (iii)    by the Company for Cause upon delivery of a
                                    Notice of Termination to the Executive;

                           (iv)     by the Company without Cause upon delivery
                                    of a Notice of Termination;

                           (v)      following a Change in Control wherein his
                                    position is eliminated, by the Executive for
                                    any reason upon delivery of a Notice of
                                    Termination to the Company within a 90-day
                                    period beginning on the 30th day after any
                                    occurrence of a Change in Control;

                           (vi)     by the Executive upon a material breach of
                                    this Agreement by the Company, upon delivery
                                    of a Notice of Termination to the Company at
                                    least thirty (30) days prior to the
                                    Termination Date and chance to cure therein;
                                    and

                           (vii)    by the Executive, for any reason upon
                                    delivery of a Notice of Termination to the
                                    Company.

                  b.       If the Executive's employment with the Company shall
                           be terminated during the Term (i) by reason of the
                           Executive's death, or (ii) by the Company for
                           Disability or Cause, the Company shall pay to the
                           Executive (or in the case of his death, the
                           Executive's estate) within 15 days after the
                           Termination Date, a lump sum cash payment equal to
                           the Accrued Compensation and, if such termination is
                           other than by the Company for Cause, the Pro Rata
                           Bonus.

                  c.       If the Executive's employment with the Company shall
                           be terminated during the Term pursuant to Sections
                           4.a. (iv), (v), or (vi), the Executive shall be
                           entitled to all of the following:

                           (i)      the Company shall pay to the Executive in
                                    cash, as a lump-sum, within 15 days of the
                                    Termination Date, an amount equal to all
                                    Accrued Compensation and the Pro Rata Bonus;

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                           (ii)     the Company shall pay to the Executive in
                                    cash, as a lump-sum, within 15 days of the
                                    Termination Date, an amount equal to one
                                    year's base salary.

                  d.       Following any termination without cause or following
                           any change of control, the Executive shall not be
                           required to mitigate the amount of any payment
                           provided for in this Agreement by seeking other
                           employment or otherwise.

                  e.       In the event that any payment or benefit (within the
                           meaning of Section 280G(b)(2) of the Internal Revenue
                           Code of 1986, as amended (the "Code")) to the
                           Executive or for his benefit paid or payable or
                           distributed or distributable pursuant to the terms of
                           this Agreement or otherwise in connection with, or
                           arising out of, his employment with the Company or a
                           change in ownership or effective control of the
                           Company or of a substantial portion of its assets ( a
                           "Payment" or "Payments"), would be subject to the
                           excise tax imposed by Section 4999 of the Code and/or
                           any interest or penalties are incurred by the
                           Executive with respect to such excise tax (such
                           excise tax, together with any such interest and
                           penalties, are hereinafter collectively referred to
                           as the "Excise Tax"), then the Executive shall
                           promptly receive an additional payment (a "Gross-Up
                           Payment") in an amount such that after payment by the
                           Executive of all taxes (including any interest or
                           penalties, other than interest and penalties imposed
                           by reason of the Executive's failure to file timely a
                           tax return or pay taxes shown due on his return,
                           imposed with respect to such taxes and the Excise
                           Tax, including any Excise Tax imposed upon the
                           Gross-Up Payment, the Executive would retain an
                           amount equal to such original payment or benefit.

                  f.       The severance pay and benefits provided for in this
                           Section 4 shall be in lieu of any other severance or
                           termination pay to which the Executive may be
                           entitled under any Company severance or termination
                           plan, program, practice or arrangement. The
                           Executive's entitlement to any other compensation or
                           benefits shall be determined in accordance with the
                           Company's employee benefit plans and other applicable
                           programs, policies and practices then in effect.

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         5.       Protection of Trade Secrets and Confidential Information.

                  a.       Through exercise of his rights and performance of his
                           obligations under this Agreement, Executive will be
                           exposed to "Trade Secrets" and "Confidential
                           Information" (as those terms are defined below).
                           "Trade Secrets" shall mean information or data or of
                           about the Company or any affiliated entity,
                           including, but not limited to, technical or
                           nontechnical data, formulas, patterns, compilations,
                           programs, devices, methods, techniques, drawings,
                           processes, financial data, financial plans, products
                           plans, or lists of actual or potential customers,
                           clients, distributors, or licensees, that: (i) derive
                           economic value, actual or potential, from not being
                           generally known to, and not being readily
                           ascertainable by proper means by, other persons who
                           can obtain economic value from their disclosure or
                           use; and (ii) are the subject of efforts that are
                           reasonable under the circumstances to maintain their
                           secrecy. To the extent that the foregoing definition
                           is inconsistent with a definition of "trade secret"
                           mandated under applicable law, the latter definition
                           shall govern for purposes of interpreting Executive's
                           obligations under this Agreement. Except as required
                           to perform his obligations under this Agreement or
                           except with Company's prior written permission,
                           Executive shall not use, redistribute, market,
                           publish, disclose or divulge to any other person or
                           entity any Trade Secrets of the Company. The
                           Executive's obligations under this provision shall
                           remain in force (during and after the Term) for so
                           long as such information or data shall continue to
                           constitute a "trade secret" under applicable law.
                           Executive agrees to cooperate with any and all
                           confidentiality requirements of the Company and
                           Executive shall immediately notify the Company of any
                           unauthorized disclosure or use of any Trade Secrets
                           of which Executive becomes aware.

                  b.       The Executive agrees to maintain in strict confidence
                           and, except as necessary to perform his duties for
                           the Company, not to use or disclose any Confidential
                           Business Information at any time during the term of
                           his employment and for a period of one year after the
                           later of (i) the Executive's last date of employment
                           and (ii) the last day of the period with respect to
                           which the Executive received compensation by reason
                           of his termination of employment. "Confidential
                           Business Information" shall mean any non-public
                           information of a competitively sensitive or personal
                           nature, other than Trade Secrets, acquired by the
                           Executive, directly or indirectly, in connection with
                           the Executive's employment (including his employment
                           with the Company prior to the date of this
                           Agreement), including (without limitation) oral and
                           written information concerning the Company or its
                           affiliates relating to financial position and results
                           of operations (revenues, margins, assets, net income,
                           etc.), annual and long-range business plans,
                           marketing plans and methods, account invoices, oral
                           or written customer information, and personnel
                           information. Confidential Business Information also
                           includes information recorded in manuals, memoranda,
                           projections, minutes, plans, computer programs, and
                           records, whether or not legended or otherwise
                           identified by the Company and its affiliates as
                           Confidential Business Information, as well as
                           information that is the subject of meetings and
                           discussions and not so recorded; provided, however,
                           that Confidential Business Information shall not
                           include

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                           information that is generally available to the
                           public, other than as a result of disclosure,
                           directly or indirectly, by the Executive, or was
                           available to the Executive on a non-confidential
                           basis prior to its disclosure to the Executive.

                  c.       Upon termination of employment, the Executive shall
                           leave with the Company all business records relating
                           to the Company and its affiliates including, without
                           limitation, all contracts, calendars, and other
                           materials or business records concerning its business
                           or customers, including all physical, electronic, and
                           computer copies thereof, whether or not the Executive
                           prepared such materials or records herself. Upon such
                           termination, the Executive shall retain no copies of
                           any such materials.

                  d.       As set forth above, the Executive shall not disclose
                           Trade Secrets or Confidential Business Information.
                           However, nothing in this provision shall prevent the
                           Executive from disclosing Trade Secrets or
                           Confidential Business Information pursuant to a court
                           order or court-issued subpoena, so long as the
                           Executive first notifies the Company of said order or
                           subpoena in sufficient time to allow the Company to
                           seek an appropriate protective order. The Executive
                           agrees that if he receives any formal or informal
                           discovery request, court order, or subpoena
                           requesting that he disclose Trade Secrets or
                           Confidential Business Information, he will
                           immediately notify the Company and provide the
                           Company with a copy of said request, court order, or
                           subpoena.

         6.       Non-Solicitation and Related Matters.

                  a.       If the Executive is terminated for Cause or if the
                           Executive resigns pursuant to Section 4(a)(vii)
                           above, then for a period of two years following the
                           date of termination, the Executive shall not (except
                           on behalf of or with the prior written consent of the
                           Company), on the Executive's own behalf or in the
                           service or on behalf of others, (i) solicit, divert,
                           or appropriate to or for a Competing Business, or
                           (ii) attempt to solicit, divert, or appropriate to or
                           for a Competing Business, any person or entity that
                           was a customer of the Company on the date of
                           termination and with whom the Executive had direct
                           material contact within twelve months of the
                           Executive's last date of employment.

                  b.       If the Executive is terminated for Cause or if the
                           Executive resigns pursuant to Section 4(a)(vii)
                           above, then for a period of two years following the
                           date of termination, the Executive shall not, on the
                           Executive's own behalf or in the service or on behalf
                           of others, (i) solicit, divert, or hire away, or (ii)
                           attempt to solicit, divert, or hire away any employee
                           of the Company, regardless of whether the employee is
                           full-time or temporary, the employment is pursuant to
                           written agreement, or the employment is for a
                           determined period or is at will.

                  c.       The Executive acknowledges and agrees that great loss
                           and irreparable damage would be suffered by the
                           Company if the Executive should breach or violate any
                           of the terms or provisions of the covenants and
                           agreements set forth in this Section 6. The

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                           Executive further acknowledges and agrees that each
                           of these covenants and agreements is reasonably
                           necessary to protect and preserve the interests of
                           the Company. The parties agree that money damages for
                           any breach of clauses (a) and (b) of this Section 6
                           will be insufficient to compensate for any breaches
                           thereof, and that the Executive will, to the extent
                           permitted by law, waive in any proceeding initiated
                           to enforce such provisions any claim or defense that
                           an adequate remedy at law exists. The existence of
                           any claim, demand, action, or cause of action against
                           the Company, whether predicated upon this Agreement
                           or otherwise, shall not constitute a defense to the
                           enforcement by the Company of any of the covenants or
                           agreements in this Agreement; provided, however, that
                           nothing in this Agreement shall be deemed to deny the
                           Executive the right to defend against this
                           enforcement on the basis that the Company has no
                           right to its enforcement under the terms of this
                           Agreement.

                  d.       The Executive acknowledges and agrees that: (i) the
                           covenants and agreements contained in clauses (a)
                           through (e) of this Section 6 are the essence of this
                           Agreement; (ii) that the Executive has received good,
                           adequate and valuable consideration for each of these
                           covenants; and (iii) each of these covenants is
                           reasonable and necessary to protect and preserve the
                           interests and properties of the Company. The
                           Executive also acknowledges and agrees that: (i)
                           irreparable loss and damage will be suffered by the
                           Company should the Executive breach any of these
                           covenants and agreements; (ii) each of these
                           covenants and agreements in clauses (a) through (e)
                           of this Section 6 is separate, distinct and severable
                           not only from the other covenants and agreements but
                           also from the remaining provisions of this Agreement;
                           and (iii) the unenforceability of any covenants or
                           agreements shall not affect the validity or
                           enforceability of any of the other covenants or
                           agreements or any other provision or provisions of
                           this Agreement. The Executive acknowledges and agrees
                           that if any of the provisions of clauses (a) and (b)
                           of this Section 6 shall ever be deemed to exceed the
                           time, activity, or geographic limitations permitted
                           by applicable law, then such provisions shall be and
                           hereby are reformed to the maximum time, activity, or
                           geographical limitations permitted by applicable law.

                  e.       The Executive and the Company hereby acknowledge that
                           it may be appropriate from time to time to modify the
                           terms of this Section 6 and the definition of the
                           term "Business" to reflect changes in the Company's
                           business and affairs so that the scope of the
                           limitations placed on the Executive's activities by
                           this Section 6 accomplishes the parties' intent in
                           relation to the then current facts and circumstances.
                           Any such amendment shall be effective only when
                           completed in writing and signed by the Executive and
                           the Company.

         7.       Successors; Binding Agreement.

                  a.       This Agreement shall be binding upon and shall inure
                           to the benefit of the Company, its Successors and
                           Assigns and the Company shall require any Successors
                           and Assigns to expressly assume 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 or assignment had taken
                           place.

<PAGE>   8

                  b.       Neither this Agreement not any right or interest
                           hereunder shall be assignable or transferable by the
                           Executive, his beneficiaries or legal
                           representatives, except by will or by the laws of
                           descent and distribution. This Agreement shall inure
                           to the benefit of and be enforceable by the
                           Executive's legal personal representative.

         8.       Notice. For the purposes of this Agreement, notices and all
                  other communications provided for in this Agreement (including
                  the Notice of Termination) shall be in writing and shall be
                  deemed to have been duly given when personally delivered or
                  sent by certified mail, return receipt requested, postage
                  prepaid, addressed to the respective addresses last given by
                  each party to the other; provided, however, that all notices
                  to the Company shall be directed to the attention of the
                  Chairman of Board with a copy to the Secretary of the Company.
                  All notices and communications shall be deemed to have been
                  received on the date of delivery thereof.

         9.       Modification and Waiver. No provisions of this Agreement may
                  be modified, waived or discharged unless such waiver,
                  modification or discharge is agreed to in writing and signed
                  by the Executive and the Company. No waiver by any party
                  hereto at any time of any breach by the other party hereto of,
                  or compliance with, any condition or provision of this
                  Agreement to be performed by such other party shall be deemed
                  a waiver of similar or dissimilar provisions or conditions at
                  the same or at any prior or subsequent time.

         10.      Governing Law. This Agreement shall be governed by and
                  construed and enforced in accordance with the laws of the
                  State of Georgia without giving effect to the conflict of laws
                  principles thereof. Any action brought by any party to this
                  Agreement shall be brought and maintained in a state or
                  federal court of competent jurisdiction in the State of
                  Georgia.

         11.      Severability. The provisions of this Agreement shall be deemed
                  severable and the invalidity or unenforceability of any
                  provision shall not affect the validity or enforceability of
                  the other provisions hereof.

         12.      Entire Agreement. This Agreement constitutes the entire
                  agreement between the parties hereto and supersedes all prior
                  agreements, understandings and arrangements, oral or written,
                  between the parties hereto with respect to the subject matter
                  hereof.

         13.      Headings. The headings of Sections herein are included solely
                  for convenience of reference and shall not control the meaning
                  or interpretation of any of the provisions of this Agreement.

         14.      Counterparts. This Agreement may be executed in one or more
                  counterparts, each of which shall be deemed an original but
                  all of which together shall constitute one and the same
                  instrument.

         15.      Definitions. For purposes of this Agreement, the following
                  terms shall have the following meanings:

                  a.       "Accrued Compensation" shall mean the aggregate
                           amount of all amounts earned or accrued through the
                           Termination Date but not paid as of the Termination
                           Date

                                       40

<PAGE>   9

                           including (i) base salary and other amounts set forth
                           in Sections 3.e., f. and g., (ii) reimbursement for
                           expenses incurred by the Executive on behalf of the
                           Company during the period ending on the Termination
                           Date and not otherwise reimbursed hereunder, and
                           (iii) bonuses and incentive compensation (other than
                           the Pro Rata Bonus).

                  b.       "Act" shall mean the Securities Act of 1933, as
                           amended.

                  c.       "Bonus Amount" shall mean the greater of (i) the most
                           recent annual bonuses paid or payable to the
                           Executive, or (ii) the average of the annual bonuses
                           paid or payable to the Executive during all previous
                           fiscal years ended prior to the Termination Date.

                  d.       "Business" shall mean the design, development,
                           marketing and implementation of electronic banking
                           software and services for financial institutions.

                  e.       "Bylaws" shall mean the Bylaws of the Company, as
                           amended, supplemented or otherwise modified form time
                           to time.

                  f.       "Cause" shall mean the occurrence of any of the
                           following:

                           (i)      any act that constitutes, on the part of the
                                    Executive, fraud or breach of duty;
                                    provided, however, that such conduct shall
                                    not constitute Cause unless (1) there shall
                                    have been delivered to the Executive a
                                    written notice setting forth with
                                    specificity the reasons that either the
                                    President or CEO believes the Executive's
                                    conduct constitutes the criteria set forth
                                    in clause (i), (2) the Executive shall have
                                    been provided the opportunity, if such
                                    behavior is susceptible to cure, to cure the
                                    specific inappropriate behavior within 30
                                    days following written notice, (3) after
                                    such 30-day period, the President or CEO
                                    determines that the behavior has not been
                                    cured;

                           (ii)     the conviction (from which no appeal may be
                                    or is timely taken) or plea of other than
                                    "not guilty" of the Executive to a felony or
                                    misdemeanor if such misdemeanor involves
                                    moral turpitude; or

                           (iii)    the material breach of this Agreement by the
                                    Executive, upon thirty (30) days written
                                    notice thereof and chance to cure therein.

                  g.       A "Change in Control" shall mean the occurrence
                           during the Term of any of the following events:

                           An acquisition (other than directly from the Company)
                           of any voting securities of the Company (the "Voting
                           Securities") by any "Person" (as the term "person" is
                           used for purposes of Section 13(d) or 14(d) of the
                           Securities Exchange act of 1934 (the "1934 Act"))
                           immediately after which such Person has "Beneficial
                           Ownership" (within the meaning of Rule 13d-3
                           promulgated under the 1934 Act) of 60% or more of the
                           combined voting power of the Company's then
                           outstanding Voting Securities; provided, however,
                           that in determining whether a Change in

                                       41

<PAGE>   10

                           Control has occurred, Voting Securities that are
                           acquired in a "Non-Control Acquisition" (as defined
                           below) shall not constitute an acquisition that would
                           cause a Change in Control. A "Non-Control
                           Acquisition" shall mean an acquisition by (1) an
                           employee benefit plan (or a trust forming a part
                           thereof) maintained by (x) the Company or (y) any
                           corporation or other Person of which a majority of
                           its voting power or its equity securities or equity
                           interest is owned directly or indirectly by the
                           Company (a "Subsidiary"), (2) the Company or any
                           Subsidiary, or (3) any Person in connection with a
                           "Non-Control Transaction" (as defined below).

                           Notwithstanding anything contained in this Agreement
                           to the contrary, if the Executive's employment is
                           terminated prior to a Change in Control and the
                           Executive reasonably demonstrates that such
                           termination (A) was at the request of a third party
                           who has indicated an intention or taken steps
                           reasonably calculated to effect a Change in Control
                           and who effectuates a Change in Control (a "Third
                           Party") or (B) otherwise occurred in connection with,
                           or in anticipation of, a Change in Control that
                           actually occurs, then for all purposes of this
                           Agreement, the date of a Change in Control with
                           respect to the Executive shall mean the date
                           immediately prior to the date of such termination of
                           the Executive's employment.

                  h.       "Compensation Committee" shall mean the compensation
                           committee of the Board.

                  i.       "Competing Business" shall mean any business that, in
                           whole or in part, is the same or substantially the
                           same as the Business, unless such Business is
                           operated and/or conducted by an affiliate of the
                           Company.

                  j.       "Disability" shall mean the inability of the
                           Executive to perform substantially all of his current
                           duties as required hereunder for a continuous period
                           of 90 days because of mental or physical condition,
                           illness or injury.

                  k.       "Notice of Termination" shall mean a written notice
                           of termination from the Company or the Executive, as
                           the case may be, that specifies an effective date of
                           termination, indicates the specific termination
                           provision in this Agreement relied upon, and sets
                           forth in reasonable detail the facts and
                           circumstances claimed to provide a basis for
                           termination of the Executive's employment under the
                           provision so indicated.

                  l.       "Pro Rata Bonus" shall mean an amount equal to the
                           Bonus Amount multiplied by a fraction the numerator
                           of which is the number of days in the fiscal year
                           through the Termination Date and the denominator of
                           which is 365.

                  m.       "Successors and Assigns" shall mean a corporation or
                           other entity acquiring all or substantially all the
                           assets and business of the Company (including this
                           Agreement), whether by operation of law or otherwise.

                  n.       "Termination Date" shall mean, in the case of the
                           Executive's death, his date of death, and in all
                           other cases, the date specified in the Notice of
                           Termination.

                                       42
<PAGE>   11

         IN WITNESS WHEREOF, the Company and Executive have caused this
Agreement to be executed, effective as of the Effective Date.

                                   COMPANY:

                                   NETZEE, INC.

                                   by: /s/Donny R. Jackson
                                       --------------------------------------

                                   Name:  Donny R. Jackson
                                        -------------------------------------

                                   Title: President & CEO
                                          -----------------------------------

                                   EXECUTIVE:

                                   /s/ William Todd Shiver
                                   ------------------------------------------
                                   William Todd Shiver

                                       43

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