Document:

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                                   EXHIBIT 4.1

                          REGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
May 30, 2001, between Mr. Robert F. Gruder ("Mr. Gruder"), Information
Architects Corporation, a North Carolina corporation, ("IARC"), and Mark B.
Fisher ("Mr. Fisher") (collectively, the "Parties").

                  WHEREAS, the Parties and others have entered into a Settlement
Agreement dated as of May 30, 2001 (the "Settlement Agreement"), pursuant to
which, among other things, Mr. Gruder shall cause (1) 610,000 shares of Common
Stock, which shares may include, in addition to the outstanding shares of Common
Stock of IARC owned by Mr. Gruder, shares of Common Stock issued by IARC, and
(2) a non-negotiable promissory note in the principal amount of $600,000 (the
"Non-Recourse Note"), in the form annexed as EXHIBIT F to the Settlement
Agreement, together with the Security Agreement in the form annexed as EXHIBIT G
to the Settlement Agreement, to be delivered to Mr. Fisher, in accordance with
this Agreement and the Settlement Agreement, as part of the settlement;

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                  WHEREAS, Mr. Gruder will cause 500,000 shares of Common Stock
to be deposited in escrow with ZNC pursuant to the Stock Escrow Agreement
annexed as EXHIBIT H to the Settlement Agreement, which shares shall constitute
the sole collateral of the Non-Recourse Note subject to the Security Agreement.

                  NOW, THEREFORE, in consideration of mutual covenants and
agreements hereinafter contained and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Parties hereto agree as
follows:

                  SECTION 1. Definitions. As used in this Agreement, the
following capitalized words and terms shall have the following meanings:

                           (a) "Agreement" shall have the meaning set forth in
         the recitals.

                           (b) "Commission" shall mean the Securities and
         Exchange Commission.

                           (c) "Common Stock" or "Common Shares" shall mean the
         Common Stock, $.001 par value, of IARC.

                           (d) "Exchange Act" shall mean the Securities Exchange
         Act of 1934, as amended from time to time, including the rules and
         regulations of the Commission thereunder.

                           (e) "Final Order" shall mean the event as described
         in Paragraph 7 of the Settlement Agreement.

                           (f) "IARC" shall have the meaning set forth in the
         recitals.

                           (g) "Mr. Fisher" shall have the meaning set forth in
         the recitals.

                           (h) "Mr. Gruder" shall have the meaning set forth in
         the recitals.

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                           (i) "Non-Recourse Note" shall have the meaning set
         forth in the recitals.

                           (j) "Parties" shall have the meaning set forth in the
         recitals.

                           (k) "Person" shall mean an individual, partnership,
         corporation, limited liability entity, trust or unincorporated
         organization, or a government agency or political subdivision thereof.

                           (l) "Prospectus" shall mean the prospectus included
         in the Registration Statement, as amended or supplemented by any
         prospectus supplement, with respect to the offering of the Shares and
         all other amendments, and supplements to the Prospectus, including
         post-effective amendments and all material incorporated by reference in
         such Prospectus.

                           (m) "Registration Date" shall mean the date the
         Registration Statement is declared effective by the Securities and
         Exchange Commission.

                           (n) "Registration Statement" shall mean the
         registration statement to be filed with the Commission under the
         Securities Act which covers the Shares pursuant to the provisions of
         this Agreement, including the Prospectus, amendments and supplements to
         such Registration Statement, including post-effective amendments, all
         exhibits and all material incorporated by reference in such
         Registration Statement.

                           (o) "Securities Act" shall mean the Securities Act of
         1933, as amended from time to time, including the rules and regulations
         of the Commission thereunder.

                           (p) "Security Agreement" shall mean have the meaning
         set forth in the recitals.

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                           (q) "Settlement Agreement" shall mean the meaning set
         forth in the recitals.

                           (r) "Shares" shall mean the 610,000 Common Shares
         that Mr. Gruder shall cause to be delivered to Mr. Fisher and the
         500,000 Common Shares to be deposited in escrow as collateral for
         Non-Recourse Note pursuant to this Agreement and the Settlement
         Agreement.

                           (s) "ZNC" shall mean Zeldes, Needle & Cooper, A
         Professional Corporation.

                           The capitalized terms used in this Agreement and not
defined herein shall have the meanings set forth in
the Settlement Agreement.

                  SECTION 2. Deliverance and Acceptance of the Shares. Upon an
entry of the Final Order Mr. Gruder agrees to cause the following to be
delivered to Mr. Fisher: (1) 275,000 Common Shares to be issued by IARC, (2)
335,000 of his personal Common Shares, and (3) the Non-Recourse Note. Mr. Gruder
will simultaneously cause 500,000 of his personal Common Shares, which are to
serve as sole collateral for the Non-Recourse Note, to be delivered to ZNC in
escrow. The 335,000 personal Common Shares and the 500,000 personal Common
Shares of Mr. Gruder will be transferred in a transaction exempt from
registration pursuant to the so-called Section 4 (1 1/2) exemption under the
Securities Act and the 275,000 Common Shares to be issued by IARC will be issued
in a transaction exempt from registration pursuant to the Section 4(2) exemption
under the Securities Act. Mr. Gruder and IARC will cause the Shares to be
registered for resale under the Securities Act in accordance with Section 3
below. Mr. Fisher agrees to accept the Shares in accordance with the Settlement
Agreement.

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                  SECTION 3. Registration.

                  SECTION 3.1. Registration of the Shares. In accordance with
this Agreement and the Settlement Agreement, (i) Mr. Gruder and IARC will use
their best efforts to effect registration of the Shares under the Securities Act
to permit the resale of the Shares by Mr. Fisher from time to time, in
accordance with the intended method or methods of disposition thereof, and (ii)
IARC will:

                  (a) prepare and file with the Commission, no later than the
third business day after Mr. Fisher provides the information required by Section
6.2 of this Agreement, or June 12, 2001, whichever is later, the Registration
Statement on Form S-3, or any other appropriate form under the Securities Act,
which form shall be available for the resale of the Shares by Mr. Fisher from
time to time, in accordance with the intended method or methods of distribution
thereof, and use their best efforts to cause the Registration Statement to
become effective as soon as reasonably practicable after the Final Order;
provided that before filing the Registration Statement or Prospectus or any
amendments or supplements thereto, including documents incorporated by reference
after the initial filing of the Registration Statement, IARC and Mr. Gruder will
furnish to Mr. Fisher copies of all such documents proposed to be filed;

                  (b) prepare and file with the Commission such amendments and
post-effective amendments to the Registration Statement and all reports under
the Exchange Act incorporated by reference therein as may be necessary to keep
the Registration Statement in effect and current for a period of two (2) years
(plus the number of days of any discontinuance pursuant to Section 4 hereof)
from the Registration Date; cause the Prospectus to be supplemented by any
required prospectus supplement; and as so supplemented to be filed pursuant to
Rule 424 under the Securities Act; and comply with the provisions of the
Securities Act with respect to the

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disposition of all of the Shares during the applicable period in accordance with
the intended methods of disposition by Mr. Fisher thereof set forth in the
Registration Statement or Prospectus;

                  (c) notify Mr. Fisher (1) when a Prospectus or any prospectus
supplement or post-effective amendment has been filed, and, with respect to the
Registration Statement or any post-effective amendment, when the same has become
effective, (2) of any request by the Commission for amendments or supplements to
the Registration Statement or the Prospectus or for additional information, (3)
of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation or threatening of any proceeding
for that purpose, (4) of the receipt by IARC of any notification with respect to
the suspension of the qualification of any of the Shares for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, and (5) of the happening of any event which requires the making of any
changes in the Registration Statement or Prospectus so that such documents will
not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading; and

                  (d) furnish to Mr. Fisher without charge, at least one signed
copy of the Registration Statement and any post-effective amendment thereto,
including financial statements and schedules, all documents incorporated therein
by reference and all exhibits (including those incorporated by reference) and
deliver to Mr. Fisher, without charge, as many copies of the Prospectus and any
amendment or supplement thereto as such Persons may reasonably request; IARC
consents to the use of such Prospectus or any amendment or supplement thereto by
Mr. Fisher, in connection with the offering and sale of the Shares, subject to
the provisions of Section 4 hereof.

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                  IARC may require Mr. Fisher to furnish to IARC such
information regarding the distribution of the Shares as IARC may from time to
time reasonably request in writing.

                  SECTION 3.2. Blue Sky. Mr. Gruder and IARC will use their best
efforts to register or qualify the Shares for offer and sale under the
securities or blue sky laws of such jurisdictions within the United States as
Mr. Fisher may reasonably request; use their reasonable efforts to keep each
such registration or qualification effective during the period the Registration
Statement is required to be kept effective; and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of
the Shares; provided that IARC will not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified or to take any
action which would subject it to general service of process in any such
jurisdiction where it is not then so subject.

                  SECTION 4. Discontinuance in Certain Events. (a) Upon Mr.
Fisher's receipt of written notice from IARC of the happening of any event of
the kind described in Sections 3.1(c)(2), 3.1(c)(3), 3.1(c)(4) or 3.1(c)(5)
hereof, Mr. Fisher will forthwith discontinue disposition of the Shares until
Mr. Fisher's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3.1(c)(1) hereof, or until Mr. Fisher is advised in
writing by IARC that the use of the applicable Prospectus may be resumed and Mr.
Fisher has received copies of any additional or supplemental filings which are
incorporated by reference in such Prospectus, and, if so directed by IARC, Mr.
Fisher will deliver to IARC all copies, other than permanent file copies then in
Mr. Fisher's possession, of the Prospectus covering the Shares current at the
time of receipt of such notice.

                  (b) Upon Mr. Fisher's receipt of written notice from IARC to
the effect that IARC is engaged in negotiations looking towards its
participation in a material merger,

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acquisition or other form of business combination or any other transaction which
is material to IARC which, based on written advice from its counsel, may require
disclosure for the Shares to be sold pursuant to the Registration Statement in
compliance with law, Mr. Fisher will forthwith discontinue disposition of the
Shares until Mr. Fisher is advised in writing by IARC that such disclosure has
been made or become unnecessary (which advice shall be promptly provided), it
being understood that IARC will in a timely manner make all public disclosure
required by law and the disclosure policies of the NASDAQ National Market System
(the "National Market").

                  (c) At any time following the expiration of six months from
the Registration Date, IARC shall have the right to require Mr. Fisher to
discontinue disposition of the Shares at any time from and after the date it has
filed a registration statement with the Commission in connection with an
underwritten offering of its Common Stock through and until 15 days after the
closing of such sale, to the extent required by the managing underwriters of
such offering and notified to Mr. Fisher in writing by IARC or such managing
underwriters; provided, however, IARC may utilize such right only once in any
twelve-month period.

                  (d) If Mr. Fisher is required by any of the events set forth
in paragraphs (a), (b) or (c) of this Section 4 to discontinue disposition of
any amount of the Shares, the two-year period referred to in Section 3.1(b)
shall be extended by the number of days which elapse from the date such
discontinuance is required to the date Mr. Fisher receives notice of the
cessation of such discontinuance.

                  SECTION 5. Registration Expenses.

                  SECTION 5.1. Expenses Incurred by Mr. Gruder and IARC. All
expenses of Mr. Gruder and IARC incident to Mr. Gruder and IARC's performance of
or compliance with this Agreement, including all registration and filing fees,
including fees with respect to filings

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required to be made with the National Association of Securities Dealers, fees
and expenses of compliance with securities or blue sky laws, printing expenses,
and fees and disbursements of counsel for IARC and of the independent certified
public accountants of IARC, will be borne by Mr. Gruder and IARC. Mr. Gruder and
IARC will, in addition, pay their internal expenses (including, without
limitation, all salaries and expenses of IARC's officers and employees
performing legal or accounting duties), the expense of any annual or other
audits, the fees and expenses incurred in connection with the listing of the
Shares on any securities exchange on which the Common Stock of IARC is then
listed and the fees and expenses of any Person, including special experts,
retained by Mr. Gruder or IARC.

                  SECTION 5.2. Expenses Incurred by Mr. Fisher. All expenses
incurred by Mr. Fisher incident to Mr. Fisher's performance or compliance with
this Agreement shall be borne by Mr. Fisher, and Mr. Gruder and IARC shall have
no liability or obligation with respect thereto.

                  SECTION 6. Indemnification.

                  SECTION 6.1. Indemnification by Mr. Gruder and IARC. Mr.
Gruder and IARC, jointly and severally, agree to indemnify and hold harmless, to
the full extent permitted by law, Mr. Fisher against all losses, claims, damages
and liabilities, and to reimburse such indemnified party for any legal or other
expenses as and when incurred in connection with investigating or defending
against any such losses, claims, damages or liabilities, caused by any untrue or
alleged untrue statement of a material fact contained in the Registration
Statement, Prospectus or preliminary prospectus, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are contained in any information furnished in writing for inclusion in the
Registration Statement to Mr. Gruder and IARC by Mr. Fisher.

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                  SECTION 6.2. Indemnification by Mr. Fisher. Mr. Fisher will
furnish to IARC and Mr. Gruder in writing such information as Mr. Gruder and
IARC reasonably request for use in connection with the Registration Statement or
Prospectus and Mr. Fishers agrees to indemnify, to the fullest extent permitted
by law, Mr. Gruder and IARC, IARC's directors and officers and each Person who
controls IARC (within the meaning of the Securities Act) against any losses,
claims, damages and liabilities, and to reimburse for any legal or other
expenses incurred in connection with investigating or defending against any such
losses, claims, damages or liabilities, caused by any untrue or alleged untrue
statement of a material fact required to be stated in the Registration Statement
or Prospectus or preliminary prospectus, or necessary to make the statements
therein not misleading, to the extent that such untrue statement or omission is
contained in any information so furnished in writing by Mr. Fisher to IARC for
inclusion in the Registration Statement or Prospectus. In no event shall the
liability of Mr. Fisher hereunder be greater in amount than the aggregate dollar
amount of the proceeds received by Mr. Fisher upon the sale of the Shares giving
rise to such indemnification obligation.

                  SECTION 6.3. Delivery of Prospectus. The indemnity provisions
in Sections 6.1 and 6.2 above are subject to the condition that, insofar as they
relate to any untrue statement (or alleged untrue statement) or omission (or
alleged omission) made in a preliminary prospectus, but eliminated or remedied
in the amended Prospectus on file with the Commission at the time the
Registration Statement becomes effective, such indemnity provisions shall not
inure to the benefit of any Person selling the Shares if IARC has previously
delivered copies of such Prospectus to such Person and if a copy of the
Prospectus was not furnished to the Person or entity asserting the loss,
liability, claim or damage at or prior to the time such action is required by
the Securities Act.

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                  SECTION 6.4. Conduct of Indemnification Proceedings. Any
Person entitled to indemnification hereunder will (1) give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification
and (2) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party, provided, however,
that any Person entitled to indemnification hereunder shall have the right to
employ separate counsel and to participate in the defense of such claim, but the
fees and expenses of such counsel shall be at the expense of such Person unless
(a) the indemnifying party has agreed to pay such fees or expenses, or (b) the
indemnifying party shall have failed to assume the defense of such claim and
employ counsel reasonably satisfactory to such Person or (c) in the reasonable
judgment of any such Person and the indemnifying party, based upon advice of
their respective counsel, a conflict of interest may exist between such Person
and the indemnifying party with respect to such claims (in which case, if the
Person notifies the indemnifying party in writing that such Person elects to
employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such claim
on behalf of such Person). If such defense is not assumed by the indemnifying
party, the indemnifying party will not be subject to any liability for any
settlement made without its consent (but such consent will not be unreasonably
withheld). No indemnifying party will consent to entry of any judgment or enter
into any settlement which does not include, as an unconditional term thereof,
the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation. An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim, will
not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, a conflict

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of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim, in which event, the indemnifying
party shall be obligated to pay the fees and expenses of such additional counsel
or counsels.

                  SECTION 7. Representations and Warranties.

                  SECTION 7.1. Representations and Warranties of IARC and Mr.
Gruder. IARC represents and warrants, and agrees with Mr. Fisher that:

                  (a) On the Registration Date, when any amendment thereto
becomes effective (including the filing of any document incorporated by
reference in the Registration Statement), when any supplement to the Prospectus
is filed with the Commission and at all times when the Prospectus may be
delivered in connection with sales of the Shares by Mr. Fisher, (1) the
Registration Statement and the Prospectus will comply in all material respects
with the applicable requirements of the Securities Act and the Exchange Act and
(2) neither the Registration Statement nor the Prospectus will contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein not
misleading; provided, however, that IARC makes no representation or warranties
as to the information contained in or omitted from the Registration Statement or
the Prospectus in reliance upon and in conformity with information furnished in
writing to IARC by the Mr. Fisher specifically for use in connection with the
preparation of the Registration Statement and the Prospectus;

                  (b) The documents to be incorporated by reference in the
Registration Statement, the Prospectus, any amendment or supplement thereto or
any preliminary prospectus, when they become effective under the Securities Act
or were or are filed with the Commission

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under the Exchange Act, as the case may be, conform or will conform in all
material respects with the requirements of the Securities Act or the Exchange
Act, as applicable;

                  (c) The financial statements of IARC to be set forth or
incorporated by reference in the Registration Statement and Prospectus at any
time will fairly present the financial condition of IARC as of the dates
indicated and the results of operations and changes in financial position for
the periods therein specified in conformity with generally accepted accounting
principles consistently applied throughout the periods involved (except as
otherwise stated therein);

                  (d) IARC has been duly incorporated and is an existing
corporation in good standing under the laws of its jurisdiction of
incorporation, has full power and authority (corporate and other) to conduct its
business as described in the Registration Statement and Prospectus and is duly
qualified to do business in each jurisdiction in which it owns or leases real
property or in which the conduct of its business requires such qualification
except where the failure to be so qualified, considering all such cases in the
aggregate, does not involve a material risk to the business, properties,
financial position or results of operations of IARC; and all of the outstanding
shares of capital stock of each such subsidiary have been duly authorized and
validly issued, are fully paid and non-assessable and (except as otherwise
stated in the Registration Statement) are owned beneficially by IARC subject to
no security interest, other encumbrance or adverse claim;

                  (e) The outstanding shares of Common Stock of IARC and the
Shares have been duly authorized and are, or when issued as contemplated hereby
will be, validly issued, fully paid and non-assessable and conform, or when so
issued will conform, to the description thereof in the Prospectus;

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                  (f) Except as shall be set forth in the Prospectus, there is
not pending or, to the knowledge of Mr. Gruder or IARC, threatened any action,
suit or proceeding to which IARC is a party, before or by any court or
governmental agency or body, that might result in any material adverse change in
the condition (financial or other), business, prospects, net worth or results of
operations of IARC, or might materially and adversely affect the properties or
assets thereof;

                  (g) All contracts or documents of IARC that are required to be
filed as exhibits to the Registration Statement or to any of the documents
incorporated by reference therein by the Securities Act or the Exchange Act or
by the rules and regulations of the Commission thereunder will be so filed;

                  (h) The performance of this Agreement and the consummation of
the transactions herein contemplated will not result in a breach or violation of
any of the terms and provisions of, or constitute a default under, any statute,
any agreement or instrument to which Mr. Gruder or IARC is a party or by which
either is bound or to which any of the property of Mr. Gruder or IARC is
subject, IARC's charter or by-laws, or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over IARC or any of its
properties; no consent, approval, authorization or order of, or filing with, any
court of governmental agency or body is required for the consummation of the
transactions contemplated by this Agreement in connection with the issuance or
transfer of the Shares, except such as may be required under the Securities Act
or state securities laws; and Mr. Gruder and IARC have full power and authority
to authorize, issue and transfer the Shares as contemplated by this Agreement,
free of any preemptive rights;

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                  (i) Mr. Gruder and IARC have not individually or collectively
undertaken to advertise, generally solicit, sell or transfer the Shares to the
public and have not participated in any action, with respect to the Shares
constituting a public offering.

                  (j) Mr. Gruder represents that he has title to the 335,000
Common Shares to be transferred to Mr. Fisher, and the 500,000 Common Shares to
be delivered to ZNC in escrow as sole collateral for the Non-Recourse Note, free
and clear of all liens and encumbrances.

                  (k) IARC agrees to:

                           (i)      cause public information with respect to
                                    IARC to be available, as set forth in Rule
                                    144 or any comparable rule or regulation
                                    under the Securities Act, at all times;

                           (ii)     use its best efforts to file with the
                                    Commission in a timely manner all reports
                                    and other documents required of IARC under
                                    the Securities Act and the Exchange Act; and

                           (iii)    furnish to Mr. Fisher forthwith upon request
                                    a written statement by IARC as to its
                                    compliance with the Current Public
                                    Information condition of Rule 144(c) and
                                    under the Securities Act.

                  SECTION 7.2. Representations and Warranties By Mr. Fisher.

                  Mr. Fisher understands that the Shares initially issued and
transferred are not registered under the Securities Act. Mr. Fisher also
understands that the 335,000 personal Common Shares and the 500,000 personal
Common Shares of Mr. Gruder in IARC are being transferred in a transaction
exempt from registration pursuant to the so-called Section 4(1 1/2) exemption
under the Securities Act. Mr. Fisher also understands that the 275,000 Common
Shares to be issued by IARC will be issued in a transaction exempt from
registration pursuant to the Section 4(2) exemption under the Securities Act.
Furthermore, Mr. Fisher understands that the Shares are not registered under any
state securities laws and are sold in reliance upon the exemptions from
registration provided under such laws. Mr. Fisher makes the following

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agreements, representations and warranties with the intent that the same may be
relied upon by Mr. Gruder and IARC in determining his suitability as a receiver
of the Shares:

                  (a) The Shares are unregistered and are restricted and will
not be freely alienable and transferable until the Registration Statement
becomes effective;

                  (b) Mr. Gruder and IARC have made available to Mr. Fisher all
documents and information that Mr. Fisher has requested relating to an
investment in IARC, have afforded Mr. Fisher the opportunity to discuss this
investment with and to ask questions of Mr. Gruder or representatives of IARC
concerning the terms and conditions of the offering of the Shares, and have
provided answers to all such questions concerning such offering. Mr. Fisher has
examined or has had the opportunity to examine before the date hereof all
information that he deems to be material to an understanding of IARC, the
business of IARC and the offering of the Shares, and has had the opportunity to
obtain any additional information that is necessary to verify the accuracy of
all information made available to Mr. Fisher by Mr. Gruder and IARC;

                  (c) Mr. Fisher acknowledges that the Shares will be acquired
solely by and for his own account (with no other person having any beneficial
interest in the Shares), and are not being purchased for resale or distribution,
except as permitted under the Securities Act; Mr. Fisher has no contract,
undertaking, agreement or arrangement with any person to sell, transfer or
pledge to such person or anyone else the Shares (or any interest therein) being
issued or transferred, as the case may be, pursuant to the Settlement Agreement,
or any part thereof; the financial condition of Mr. Fisher is such that he has
no need for liquidity with respect to his investment in the Shares and no
present or foreseeable need to dispose of any portion of the Shares to satisfy
any existing or contemplated undertaking or indebtedness; and the overall
commitment by Mr. Fisher to various investments which are not readily marketable
is not

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disproportionate to his net worth and will not become excessive as a result of
his investment in the Shares;

                  (d) Mr. Fisher has such knowledge and experience in financial,
investment and business matters that he is capable of evaluating the merits and
risks of any investment in the Shares;

                  (e) Mr. Fisher has a current net worth such that he is able to
bear the economic risk of his investment in the Shares for an indefinite period
of time, and the loss of his entire investment in the Shares would not
materially adversely affect Mr. Fisher;

                  (f) Mr. Fisher expressly acknowledges that:

                           (i)      He is not dependent upon a current return
                                    with respect to his investment in the
                                    Shares,

                           (ii)     Neither Mr. Gruder, IARC, nor any other
                                    person acting on behalf of IARC offered to
                                    sell to Mr. Fisher any Shares by means of
                                    any form of general solicitation or
                                    advertising, such as media advertising;

                  (g) Mr. Fisher acknowledges that the certificates of the
Shares will contain a restrictive legend which restricts the sale of the Shares
unless the Shares have been registered with the Commission or an exemption to
the Securities Act applies;

                  (h) Mr. Fisher understands that IARC will give stop transfer
instructions to the appropriate transfer agent of the Shares, until such time as
the shares have been registered or an applicable exemption to the Securities Act
applies;

                  SECTION 8. Termination. In the event the settlement is
terminated pursuant to Paragraph 5 and/or Paragraph 26 of the Settlement
Agreement, then this Agreement shall terminate without any liability of any
Party.

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                  SECTION 9. Communications. All notices or communications
provided for herein shall be delivered, mailed first class, or telexed or
telecopied and confirmed in writing in accordance with the information set forth
below:

                  (a)      As to IARC:

                           Information Architects Corporation
                           Attn:  Chief Executive Officer
                           4064 Colony Road, Suite 100
                           Charlotte, NC  28211
                           facsimile:  704-365-5175

                           with a copy to:

                           Frank J. Silvestri, Jr., Esq.
                           Zeldes, Needle & Cooper
                           1000 Lafayette Boulevard
                           P.O. Box 1740
                           Bridgeport, CT 06601-1740
                           facsimile:  203-333-1489

                  (b)      As to Robert G. Gruder

                           Robert G. Gruder
                           Chief Executive Officer
                           Information Architects Corporation
                           4064 Colony Road, Suite 100
                           Charlotte, NC 28211
                           facsimile: 704-365-5175

                           with a copy to:

                           Frank J. Silvestri, Jr., Esq.
                           Zeldes, Needle & Cooper
                           1000 Lafayette Boulevard
                           P.O. Box 1740
                           Bridgeport, CT 06601-1740
                           facsimile:  203-333-1489

                  (c)      As to Mark B. Fisher

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                           Mark B. Fisher
                           c/o Marc J. Issacs, Esq.
                           Marc J. Issacs P.C.
                           777 Third Avenue
                           19th Floor
                           New York, NY  10017
                           facsimile:  212-751-5445

                           with a copy to:

                           Melvin A. Brosterman
                           Stroock & Stroock & Lavan LLP
                           180 Maiden Lane
                           New York, NY 10038-4982
                           facsimile:  212-806-6006

                  SECTION 10. Miscellaneous.

                  SECTION 10.1. Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Connecticut. Any
disputes arising under this Agreement shall be resolved by binding arbitration
pursuant to Paragraph 19 of the Settlement Agreement.

                  SECTION 10.2. Successors and Assigns. All terms and provisions
of this Agreement (including all covenants, conditions, agreements,
representations and warranties) shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

                  SECTION 10.3. No Oral Change. This Agreement may not be
changed orally, but only by an agreement in writing and signed by the party
against whom enforcement of any waiver, change, modification or discharge is
sought. The headings of the various sections hereof are for convenience only and
shall not affect the meaning hereof.

                  SECTION 10.4. Counterparts Clause. This Agreement may be
executed in counterparts, all of which taken together shall constitute one and
the same instrument and shall

                                       19
<PAGE>   20

be effective when counterparts have been signed by each party and delivered to
the other parties hereto.

                                       20
<PAGE>   21

                  IN WITNESS WHEREOF, the undersigned have caused this Agreement
to be signed as of the first date written above.

                                         ---------------------------------------
                                         Robert F. Gruder

                                         INFORMATION ARCHITECTS CORPORATION

                                         By:
                                             -----------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:
                                                --------------------------------

                                         ---------------------------------------
                                         Mark B. Fisher

                                       21<PAGE>   1

                                  EXHIBIT 10.1

                         UNITED STATES BANKRUPTCY COURT
                             DISTRICT OF CONNECTICUT
                               BRIDGEPORT DIVISION

--------------------------------------------
                                            :
In re:                                      :        Chapter 7
                                            :
         GEM TECHNOLOGIES, INC.             :        Case No. 93-50754
                                            :
                  Debtor                    :
                                            :
--------------------------------------------

                              SETTLEMENT AGREEMENT

         THIS SETTLEMENT AGREEMENT is entered into as of MAY 30, 2001, by and
among the following parties (collectively, the "Parties"):

         (a) Robert F. Gruder ("Gruder");

         (b) Information Architects Corporation, a North Carolina corporation
formerly named Alydaar Software Corporation, which is the survivor of a merger
between Daar, Inc., a North Carolina corporation, and Alydaar Software
Corporation, a Utah corporation formerly named both Gem Technologies, Inc. and
Enertronix, Inc. ("IARC");

         (c) Thomas J. Dudchik ("Dudchik");

         (d) Richard Belford, as Trustee of the Estate of Gem Technologies, Inc.
a Connecticut corporation (the "Debtor") in a case (the "Bankruptcy Case") filed
under Chapter 7 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Connecticut in Bridgeport captioned In re
Gem Technologies, Inc., No. 93-50754 (the "Trustee");

<PAGE>   2

         (e) Mark B. Fisher ("Fisher");

         (f) Steven R. Goldberg ("Goldberg"); and

         (g) Andrew Kaplan, Kenneth Carter, John R. Conhenney, Brian Donahue,
Randi Fisher, Jonathan Fleisig, Thomas Hansen, Melvin A. Brosterman, Bernard A.
Hoffman, Joseph F. Joyce, Jack Kamin, Dennis Maloney, Edmond Mekertichian,
Russell Paparo, Neil Rosenfeld, Robert Shearman, Keith Simons, Joann P.
Visconto, Donald Vogel and Joel Weisman (collectively, the "Fisher Group").

         WHEREAS, Gruder was chairman, president and majority shareholder of the
Debtor upon its incorporation in 1989; and

         WHEREAS, in October 1989 the Fisher Group and Goldberg loaned the
Debtor $175,000 pursuant to a Note Purchase Agreement and Promissory Notes
(collectively, the "Loan Documents") providing for the conversion of the
Promissory Notes into equity interests in the Debtor under conditions and
circumstances as set forth in detail in the Loan Documents; and

         WHEREAS, in October 1989 Robert Gruder, Trustee became record owner of
a majority of the shares of Enertronix, Inc., a predecessor of IARC; and

         WHEREAS, the Debtor was dissolved by the Connecticut Secretary of State
in July 1992; and

         WHEREAS, the Bankruptcy Case was commenced by the filing of a petition
for relief on March 8, 1993; and

         WHEREAS, an order was entered closing the Bankruptcy Case and
discharging the Trustee on November 3, 1993; and

                                       2
<PAGE>   3

         WHEREAS, the Fisher Group commenced litigation against Gruder, Dudchik,
the Debtor and IARC in the Connecticut Superior Court for the Judicial District
of Fairfield at Bridgeport by writ returnable on July 23, 1996, in a case
captioned Kaplan v. Gruder, No. CV-96-0334308S (the "State Court Case"); and

         WHEREAS, as of the date of commencement of the State Court Case Gruder
was the record owner of certain shares of IARC, record ownership of which had
previously been in the name of "Robert F. Gruder, Trustee"; and

         WHEREAS, in the State Court Case the Fisher Group alleged, among other
things, that they had a right to receive an equity interest in IARC upon the
exercise of the conversion rights granted to them in the Loan Documents, and
that their attempt to exercise such rights had been wrongly rejected; and

         WHEREAS, the defendants in the State Court Case denied all liability;
and

         WHEREAS, the Court in the State Court Case rendered decisions by
memoranda dated May 19, 1999 and May 25, 2000, in which certain relief sought by
the Fisher Group was granted, other relief was denied, and the right to other
relief was held to belong solely to the Trustee; and

         WHEREAS, judgment in the State Court Case was entered for the Fisher
Group in the amount of $175,000, plus interest in the amount of $185,979.45 as
of May 25, 2000, plus attorneys' fees and expenses in the amount of $403,241.72;
and

         WHEREAS, Gruder caused the sum of $765,421.17 to be deposited in escrow
by his attorneys, Zeldes, Needle & Cooper, A Professional Corporation ("ZNC") on
June 14, 2000, which sum, with interest thereon (aggregating

                                       3
<PAGE>   4

$796,239.32 as of April 30, 2001) ZNC continues to hold in escrow (the "June
2000 Escrow Account"); and

         WHEREAS, the Fisher Group filed an appeal to the Appellate Court from
the judgment of the Superior Court in the State Court case, which appeal bears
docket no. AC 20901 (the "State Court Appeal"); and

         WHEREAS, Gruder filed a cross appeal in the State Court Appeal; and

         WHEREAS, the State Court Appeal is awaiting assignment for oral
         argument; and

         WHEREAS, on or about December 20, 1999 the Trustee moved to reopen the
Bankruptcy Case, which motion was granted on February 14, 2000; and

         WHEREAS, Fisher claims that, subsequent to the reopening of the
Bankruptcy Case, he purchased 1,411 shares of the Debtor's Common Stock (the
"Acquired Shares") from the individuals listed on EXHIBIT A hereto; and

         WHEREAS, Fisher, Goldberg and the Fisher Group have filed documents
titled "Proof of Claim" in the Bankruptcy Case to which Gruder filed objections;
and

         WHEREAS, by complaint dated June 26, 2000 the Trustee initiated an
adversary proceeding against Gruder, captioned Belford v. Gruder, Adv. Pro. No.
00-5049 (the "Adversary Proceeding"), purporting to seek the turnover of all of
Gruder's shares in IARC and all proceeds from any sales of IARC shares by
Gruder; and

         WHEREAS, the Trustee, Fisher, Goldberg and the Fisher Group claim that
certain shares of IARC, record ownership of which was previously in the name of

                                       4
<PAGE>   5

Robert Gruder, Trustee, should have been listed as an asset of the Debtor in
1993 and that such shares, of which record ownership is now in Gruder's name, as
well as the proceeds realized from sales of such shares, should now be turned
over to the Trustee by Gruder; and

         WHEREAS, as a purported shareholder of the Debtor, Fisher further
claims an interest in certain IARC shares of which Gruder has been the record
owner, as well as in the proceeds of sales thereof; and

         WHEREAS, Goldberg and the Fisher Group claim that, as a result of the
Loan Documents, they are entitled to an ownership interest in certain IARC
shares of which Gruder has been the record owner, as well as the proceeds of
sales thereof; and

         WHEREAS, Gruder denies that the shares of IARC of which he is or was
record owner are or were property of the Debtor, denies that the Trustee, the
Debtor, Fisher, Goldberg, or the Fisher Group has ever had any property interest
in such shares or the proceeds thereof at any time, and denies all liability in
the Adversary Proceeding; and

         WHEREAS, the trial in the Adversary Proceeding has commenced but has
not been concluded; and

         WHEREAS, on February 7, 2001, the Bankruptcy Court entered an order
from the bench prohibiting Gruder from alienating, transferring or encumbering
any shares in IARC of which he is the record owner (the "Injunction"); and

         WHEREAS, Gruder filed a motion in the adversary proceeding seeking to
disqualify the Trustee's counsel (the "Disqualification Motion"), which motion
the

                                       5
<PAGE>   6

Bankruptcy Court denied from the bench on March 1, 2001, with a written
memorandum to follow; and

         WHEREAS, on March 9, 2001 Gruder filed an appeal to the United States
District Court from the oral decision of the Bankruptcy Court denying the
Disqualification Motion (the "Bankruptcy Appeal"); and

         WHEREAS, pursuant to the Stipulated Motion for Entry of Order Staying
Appeal, a copy of which is annexed hereto as EXHIBIT B, Gruder and the Trustee
have stipulated to a stay of all proceedings on the Bankruptcy Appeal pending
implementation of the settlement provided for in this Settlement Agreement; and

         WHEREAS, Gruder caused the sum of $400,000 to be deposited in escrow by
ZNC on April 23, 2001, which sum, with interest thereon, ZNC continues to hold
in escrow (the "April 2001 Escrow Account"); and

         WHEREAS, in order to avoid the expense, delay and uncertainty of future
litigation, and without admitting that any claims, defenses, objections,
positions, arguments or appeals of any Party are or may be meritorious, the
Parties wish to resolve their differences, and IARC in particular has determined
that it is in its best interest to resolve all pending litigation matters
pertaining to it to avoid future expense (including attorneys' fees), the risks
of prolonged litigation and the disruption of its business activities;

         NOW, THEREFORE, in consideration of the foregoing recitals, all of
which are incorporated as substantive provisions of this Settlement Agreement,
their respective rights and obligations hereunder, the mutual promises set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of

                                       6
<PAGE>   7

which are hereby acknowledged, the Parties, intending to be legally bound,
hereby agree with each other as follows:

         1. Contemporaneously with the execution hereof, Gruder, the Trustee,
Fisher and ZNC, as Escrow Agent, shall execute the Cash Escrow Agreement annexed
hereto as EXHIBIT C. The funds being held in the April 2001 Escrow Account shall
thereafter be released pursuant to the terms of the Cash Escrow Agreement.

         2. Forthwith upon the execution of this Settlement Agreement by the
Parties, the Trustee shall file with the Bankruptcy Court a Motion for Order
Approving Settlement of Claims Between Richard Belford, the Chapter 7 Trustee
for Gem Technologies, Inc., Robert F. Gruder, Information Architects
Corporation, Thomas J. Dudchik, Mark B. Fisher, Steven R. Goldberg and the
Fisher Group ("Motion to Approve Settlement") annexed hereto as EXHIBIT D . The
Trustee shall cause a hearing to be set on the Motion to Approve Settlement on
July 10, 2001 at 2:00 p.m. (or as soon thereafter as the Bankruptcy Court's
calendar will allow), subject to postponement pursuant to paragraph 5 hereof;
shall provide notice of the Motion to Approve Settlement and the hearing to all
parties in interest in the Bankruptcy Case, including but not limited to all
creditors, equity security holders and contract parties who are listed in the
Debtor's Statement and Schedules as they may be amended to date, or who have
filed proofs of claim or interest, or who have been otherwise disclosed to the
Trustee, or who are listed on EXHIBIT A as sellers of Acquired Shares to

                                       7
<PAGE>   8

Fisher; and, at the hearing, shall provide or proffer testimony in support of
the Motion to Approve Settlement and the relief requested therein.

         3. Contemporaneously with the execution hereof, IARC, Gruder and Fisher
shall execute the Registration Rights Agreement annexed hereto as EXHIBIT E (the
"Registration Rights Agreement") with respect to the 610,000 common shares of
IARC referred to in paragraph 7(a) hereof and the 500,000 common shares of IARC
referred to in paragraph 7(b) hereof.

         4. No later than the third business day after Fisher provides the
information required by ss.6.2 of the Registration Rights Agreement, or June 12,
2001, whichever is later, IARC shall cause a Registration Statement to be filed
with the Securities and Exchange Commission ("SEC") on Form S-3 (or such other
form as may be appropriate under the Securities Act of 1933), which, upon being
declared effective, will cause the shares of IARC that are the subject of the
Registration Rights Agreement to be registered for resale to the public under
the Securities Act of 1933 (the "Registration Statement"). (The date on which
the Registration Statement is declared effective is referred to as the
"Registration Date.")

         5. In the event that, as of 12:00 noon on the last business day before
a hearing on the Motion to Approve Settlement (the "Hearing") is initially
scheduled to be heard or to which such Hearing has been continued or adjourned,
the Registration Statement cannot yet be declared effective due to the fact that
the SEC has issued (or stated its intention to issue) a comment letter to which
IARC has not yet responded to the SEC's satisfaction, then Fisher and the

                                       8
<PAGE>   9

Trustee shall elect to do one of the following: (a) adjourn the Hearing for
twenty-one (21) days or such longer period of time if agreed to by the Parties;
or (b) declare this Settlement Agreement terminated. Fisher and the Trustee
shall give notice of this election to Gruder and IARC no later than 12:00 noon
on the last business day preceding the Hearing. If Fisher and the Trustee
disagree, or if either of them fails to give such notice of their election by
12:00 noon on the last business day preceding the Hearing, the Hearing shall be
adjourned for twenty-one (21) days. If this Settlement Agreement is terminated
pursuant to this paragraph, the Trustee will withdraw the Motion to Approve
Settlement

         6. The parties agree that counsel for the Trustee and counsel for
Gruder shall jointly request the Court to schedule trial dates on the Adversary
Proceeding for a date no earlier than August 15, 2001 so that the Trustee can
proceed with the trial of the Adversary Proceeding in the event the Motion to
Approve Settlement is withdrawn or otherwise denied.

         7. Upon the entry of an order by the Bankruptcy Court granting the
Motion to Approve Settlement and upon such order becoming final and unappealable
after exhaustion of all appeals or the expiration of the time for any appeal or
motion for extension of time to appeal with no appeal or motion having been
filed (the "Final Order," which shall be deemed entered on the date on which it
becomes final as described in this sentence), Gruder shall take the following
actions:

                  (a) Gruder shall cause a certificate or certificates for
610,000 common shares of IARC to be delivered to Fisher. The shares shall become

                                       9
<PAGE>   10

registered for resale to the public upon the effectiveness of the Registration
Statement, which will permit the resale of the Shares by Fisher as described in
the Registration Rights Agreement, shall be free and clear of all liens and
encumbrances, and may, in addition to shares owned by Gruder, include shares
newly issued by IARC.

                  (b) Gruder shall execute and deliver to Fisher a
non-negotiable promissory note (the "Non-Recourse Note") in the principal amount
of $600,000 dated as of June 1, 2001 in the form annexed hereto as EXHIBIT F,
together with a Security Agreement in the form annexed hereto as EXHIBIT G (the
"Security Agreement") and Stock Escrow Agreement in the form annexed hereto as
EXHIBIT H (the "Stock Escrow Agreement"). The Non-Recourse Note shall be with
recourse only with respect to the collateral described in and subject to the
Security Agreement, but otherwise shall be without recourse. The sole collateral
shall be 500,000 common shares of IARC, which Gruder shall simultaneously cause
to be deposited in escrow with ZNC pursuant to the Stock Escrow Agreement. The
shares shall become registered for resale to the public upon the effectiveness
of the Registration Statement, which will permit the resale of the Shares by
Fisher as described in the Registration Rights Agreement, and shall be free and
clear of all liens and encumbrances.

                  (c) Gruder shall cause ZNC to release all sums held in the
June 2000 Escrow Account to Fisher or his designee.

                                       10
<PAGE>   11

                  (d) Gruder shall cause his counsel to withdraw the Bankruptcy
Appeal in accordance with the Stipulated Motion for Entry of Order Staying
Appeal.

                  (e) Gruder shall cause ZNC to release and deliver $100,000
from the April 2001 Escrow Account to Fisher or his designee in accordance with
the terms of the Cash Escrow Agreement. In the event any term of this Settlement
Agreement conflicts with any term of the Cash Escrow Agreement, the Cash Escrow
Agreement shall be controlling.

                  (f) Gruder shall cause ZNC to release and deliver $300,000
plus all accrued interest (the "Estate Funds") from the April 2001 Escrow
Account to the Trustee in accordance with the terms of the Cash Escrow
Agreement. In the event any term of this Settlement Agreement conflicts with any
term of the Cash Escrow Agreement, the Cash Escrow Agreement shall be
controlling.

         8. Prior to the Hearing, Fisher, Goldberg and The Fisher Group will
deliver to Pullman & Comley, LLC ("P&C"), counsel for the Trustee, in escrow,
withdrawals with prejudice of their "Proofs of Claim" and the "Proof of Claim"
of Paul Opotzner ("Opotzner") filed in the Bankruptcy Case. Upon the entry of
the Final Order, the Trustee will cause P&C to file the withdrawals of the
"Proofs of Claim" filed by Fisher, the Fisher Group, Goldberg and Opotzner.

         9. The Trustee will disburse the Estate Funds as follows, subject to
obtaining such additional orders from the Bankruptcy Court as may be necessary
or appropriate in the circumstances:

                                       11
<PAGE>   12

                  (a) The Trustee shall make all distributions in strict
compliance with 11 U.S.C. ss.726, including administrative expenses, all allowed
proofs of claim (priority and general unsecured), tardily filed allowed proofs
of claim, interest on claims as allowed by the Bankruptcy Code, and allowed
proofs of interest, except that no payments pursuant to this subparagraph shall
be made to any Party. In paying administrative expenses, the Trustee shall pay
one-third of the Estate Funds as attorneys' fees to his special counsel in the
Adversary Proceeding. The distributions to holders of allowed proofs of interest
shall be determined as follows: Each shareholder of the Debtor holding an
allowed proof of interest shall be paid an amount equal to one five-thousandth
of the total Estate Funds remaining after all payments with higher priority
under the Bankruptcy Code have been made, multiplied by the number of shares
held by such shareholder.

                  (b) To the extent there are any Estate Funds remaining after
the payments described in subparagraph (a), the balance will be divided equally
and paid one-half to Gruder and one-half to Fisher or his designee as
reimbursement of fees and expenses advanced herein.

         10. Gruder represents and warrants that IARC has only one class of
common stock. Neither Gruder, IARC nor Dudchik has made any warranties, express
or implied, with respect to the past, present or future value of the shares to
be delivered pursuant to paragraph 7(a) or 7(b) hereof, or with respect to the
future capital structure of IARC.

                                       12
<PAGE>   13

         11. Nothing in this Settlement Agreement shall preclude the Trustee or
any other Party from objecting to any Proof of Claim or Proof of Interest filed
by a person or entity not a Party hereto. In particular:

                  (a) In the event that Opotzner's Proof of Claim has not been
withdrawn pursuant to paragraph 8 of this Settlement Agreement before
disbursement of the Estate Funds is to be made, Fisher will object to Opotzner's
Proof of Claim and prosecute his objection with reasonable diligence. Gruder
will cooperate in the prosecution of Fisher's objection. Any other Party to this
Settlement Agreement may join in the prosecution of Fisher's objection or file
and prosecute an independent objection.

                  (b) Gruder anticipates objecting to the Proof of Claim filed
by the Internal Revenue Service on the ground that it was paid.

                  (c) In the event that Frank Bachinsky ("Bachinsky") files a
Proof of Claim or Proof of Interest, Gruder will assert any good faith objection
thereto and prosecute such objection with reasonable diligence. Any Party may
join in the prosecution of Gruder's objection or file and prosecute an
independent objection. Gruder represents that he is not aware of (a) any claims
that Bachinsky has as a creditor of the Debtor, or (b) any claims by any
creditor of the Debtor other than those listed on the schedules filed in the
Bankruptcy Case.

         12. The Parties understand, acknowledge, and do not contest that the
Trustee may notify the Debtor's creditors and shareholders of the existence of
assets and/or potential assets to be received by the Debtor's estate.

                                       13
<PAGE>   14

         13. (a) Simultaneously with the execution of this Settlement Agreement,
the Fisher Group shall cause its counsel in the State Court Case to execute the
following and deliver them in escrow to Gruder's counsel in the State Court
Case: (i) a withdrawal of action, a copy of which is annexed hereto as EXHIBIT I
(the "Superior Court Withdrawal"); (ii) a Stipulated Withdrawal of Appeal and
Cross-Appeal, a copy of which is annexed hereto as EXHIBIT J (the "Appellate
Withdrawal"); and (iii) a Satisfaction of Judgment, a copy of which is annexed
hereto as EXHIBIT K (the "Satisfaction").

                  (b) Upon the completion by Gruder of the acts described in
paragraph 7, Gruder shall cause his counsel to execute and file the Superior
Court Withdrawal and the Appellate Withdrawal.

                  (c) In the event the Superior Court rejects the Superior Court
Withdrawal, Gruder shall cause his counsel to file the Satisfaction.

         14. Pending the entry of the Final Order, none of the Parties shall
file or respond to any discovery requests filed by any other Party in the
Bankruptcy Case or the Adversary Proceeding, or take any other actions in any
forum inconsistent with this Settlement Agreement.

         15. Upon the entry of the Final Order, the Trustee shall cause his
counsel to provide notice that the Injunction has been vacated and is of no
further force or effect to (a) all persons to whom he or his counsel gave notice
of the entry of the Injunction and (b) any persons to whom Gruder or IARC
requests such notice to be provided.

                                       14
<PAGE>   15

         16. Effective upon the entry of the Final Order, Gruder, Dudchik and
IARC, by virtue of their execution of this Agreement, do remise, release and
forever discharge the Trustee, the Debtor's Bankruptcy Estate, the Debtor,
Fisher, Goldberg, the Fisher Group and their agents, employees and attorneys, of
and from any and all debts, obligations, reckonings, promises, covenants,
agreements, contracts, endorsements, bonds, specialties, controversies, suits,
actions, causes of action, trespasses, variances, judgments, extents,
executions, damages, claims or demands, in law or in equity, which Gruder,
Dudchik and IARC ever had, now have or hereafter can, shall or may have against
the Trustee, the Debtor's Bankruptcy Estate, the Debtor, Fisher, Goldberg, the
Fisher Group and their agents, employees and attorneys that are, were or could
have been brought for, upon or by reason of any matter, cause or thing
whatsoever, from the beginning of the world to the date first written above,
including but not limited to any proofs of claim and/or proofs of interest that
are, were or could have been filed in the Bankruptcy Case, which claims, to the
extent they were or may be filed, shall be deemed withdrawn. Nothing in this
paragraph, however, shall operate to relieve the Trustee, the Debtor's
Bankruptcy Estate, the Debtor, Fisher, Goldberg, the Fisher Group or their
agents, employees and attorneys, from any obligation created by this Settlement
Agreement or any Exhibit hereto, or as a release of any claim arising out of the
breach of this Settlement Agreement or any Exhibit hereto.

         17. Effective upon the entry of the Final Order, the Trustee, by virtue
of his execution of this Agreement, on behalf of himself and the Debtor's

                                       15
<PAGE>   16

Bankruptcy Estate, does remise, release and forever discharge Gruder, Dudchik,
IARC, Fisher, Goldberg, the Fisher Group and their agents, employees, officers,
directors and attorneys, of and from any and all debts, obligations, reckonings,
promises, covenants, agreements, contracts, endorsements, bonds, specialties,
controversies, suits, actions, causes of action, trespasses, variances,
judgments, extents, executions, damages, claims or demands, in law or in equity,
which the Trustee or the Debtor's Bankruptcy Estate ever had, now have or
hereafter can, shall or may have against Gruder, Dudchik, IARC, Fisher,
Goldberg, the Fisher Group and their agents, employees, officers, directors and
attorneys that are, were or could have been brought for, upon or by reason of
any matter, cause or thing whatsoever, from the beginning of the world to the
date first written above. Nothing in this paragraph, however, shall operate to
relieve Gruder, Dudchik, IARC, Fisher, Goldberg, the Fisher Group or their
agents, employees, officers, directors and attorneys, from any obligation
created by this Settlement Agreement or any Exhibit hereto, or as a release of
any claim arising out of the breach of this Settlement Agreement or any Exhibit
hereto.

         18. Effective upon the entry of the Final Order, Fisher, Goldberg and
the Fisher Group, by virtue of their execution of this Agreement, do remise,
release and forever discharge Gruder, Dudchik, IARC, the Trustee, the Debtor's
Bankruptcy Estate, the Debtor and their agents, employees, officers, directors
and attorneys, of and from any and all debts, obligations, reckonings, promises,
covenants, agreements, contracts, endorsements, bonds, specialties,
controversies, suits, actions, causes of action, trespasses, variances,
judgments,

                                       16
<PAGE>   17

extents, executions, damages, claims or demands, in law or in equity, which
Fisher, Goldberg, and the Fisher Group ever had, now have or hereafter can,
shall or may have against Gruder, Dudchik, IARC, the Trustee, the Debtor's
Bankruptcy Estate, the Debtor and their agents, employees, officers, directors
and attorneys that are, were or could have been brought for, upon or by reason
of any matter, cause or thing whatsoever, from the beginning of the world to the
date first written above. Nothing in this paragraph, however, shall operate to
relieve Gruder, Dudchik, IARC, the Trustee, the Debtor's Bankruptcy Estate, the
Debtor or their agents, employees, officers, directors and attorneys, from any
obligation created by this Settlement Agreement or any Exhibit hereto, or as a
release of any claim arising out of the breach of this Settlement Agreement or
any Exhibit hereto. Fisher, Goldberg and the Fisher Group further agree that,
commencing as of the effective date of this Settlement Agreement, none of them
will acquire any claims against Gruder, Dudchik or IARC from any third party;
finance the prosecution of any claims (other than the claims now being asserted
by the Trustee in the Adversary Proceeding) against Gruder, Dudchik or IARC
being brought in the name of any other party; or act as a representative of any
class, group, person or entity in any class action, derivative action or similar
proceeding brought in a representative or derivative capacity against Gruder,
Dudchik or IARC.

         19. Any disputes arising under this Settlement Agreement or any Exhibit
hereto shall be resolved by binding arbitration pursuant to the Commercial
Arbitration Rules of the American Arbitration Association ("AAA

                                       17
<PAGE>   18

Rules"). The arbitration shall take place in Fairfield County, Connecticut
before a single arbitrator. The Parties jointly designate William Narwold as the
arbitrator. The prevailing party shall be awarded its attorneys' fees and costs.
Should William Narwold be unable or unwilling to serve, the Parties involved in
the dispute shall have two weeks from receipt of notice of William Narwold's
inability or unwillingness to serve within which to agree on the identity of the
arbitrator. If the Parties are unable to agree, the arbitrator shall be selected
pursuant to the AAA Rules then in effect.

         20. This Settlement Agreement and the Exhibits hereto embody the entire
agreement and understanding of the Parties and supersede all prior agreements
and understandings, written or oral, relating to the subject matter hereof. No
Party has made any warranty or representation to any other Party on which such
Party is relying in executing this Settlement Agreement except as expressly set
forth herein.

         21. This Settlement Agreement and the Exhibits hereto shall be
construed and enforced in accordance with federal bankruptcy law insofar as
federal bankruptcy law provides the controlling rule of decision, but otherwise
in accordance with the law of the State of Connecticut except for that state's
laws with respect to conflicts of law.

         22. This Settlement Agreement and the Exhibits hereto shall be binding
on the Parties and their respective successors and assigns, and shall inure to
the benefit of and shall be enforceable only by the Parties and their respective
heirs, executors, personal representatives, successors and assigns. There is no
third

                                       18
<PAGE>   19

party not a signatory to this Settlement Agreement or the Exhibits hereto upon
whom the Parties intend to confer any benefit, and no person or entity shall be
entitled to claim third-party beneficiary status with respect to this Settlement
Agreement or any Exhibit hereto.

         23. Any notice required or permitted under this Settlement Agreement or
any Exhibit hereto shall be in writing, shall be effective upon receipt, and
shall be delivered personally or sent (i) by facsimile transmission, (ii) by
certified U.S. Mail, return receipt requested, postage prepaid, or (iii) by
recognized overnight delivery service to the Parties as follows:

                  (a)      As to Gruder:

                           Robert F. Gruder
                           Chief Executive Officer
                           Information Architects Corporation
                           4064 Colony Road, Suite 100
                           Charlotte NC 28211
                           facsimile: 704-365-5175

                           with a copy to:

                           Frank J. Silvestri, Jr.
                           Zeldes, Needle & Cooper
                           P.O. Box 1740
                           1000 Lafayette Boulevard
                           Bridgeport, CT 06601
                           facsimile:  203-333-1489

                  (b)      As to Dudchik:

                           Thomas J. Dudchik
                           314 Town Road
                           East Haddam, CT  06423
                           facsimile: none

                                       19
<PAGE>   20

                           with a copy to:

                           Frank J. Silvestri, Jr.
                           Zeldes, Needle & Cooper
                           P.O. Box 1740
                           1000 Lafayette Boulevard
                           Bridgeport, CT 06601
                           facsimile:  203-333-1489

                  (c)      As to IARC:

                           Information Architects Corporation
                           Attn: Chief Executive Officer
                           4064 Colony Road, Suite 100
                           Charlotte NC 28211
                           facsimile:  704-365-5175

                           with a copy to:

                           Frank J. Silvestri, Jr.
                           Zeldes, Needle & Cooper
                           P.O. Box 1740
                           1000 Lafayette Boulevard
                           Bridgeport, CT 06601
                           facsimile:  203-333-1489

                  (d)      As to the Trustee:

                           Richard Belford
                           Belford and Belford
                           9 Trumbull Street
                           New Haven CT 06511
                           facsimile: 203-865-0869

                           with a copy to:

                           Elizabeth J. Austin, Esq.
                           Pullman & Comley, LLC
                           850 Main Street
                           P.O. Box 7006
                           Bridgeport, CT  06604-7006
                           facsimile: 203-576-8888

                                       20
<PAGE>   21

                           and

                           Melvin A. Brosterman, Esq.
                           Stroock & Stroock & Lavan, LLP
                           180 Maiden Lane
                           New York, NY  10038-4982
                           facsimile: 212-806-6006

                  (e)      As to Fisher:

                           Mark B. Fisher
                           c/o MBF Clearing Corp.
                           One North End Avenue
                           World Financial Center
                           Suite 1201
                           New York, NY  10282-1101
                           facsimile: 212-845-4197

                           with a copy to:

                           Marc J. Isaacs, Esq.
                           Marc J. Isaacs, P.C.
                           777 Third Avenue
                           19th Floor
                           New York, NY  10017
                           facsimile: 212-751-5445

                  (f)      As to Goldberg:

                           Steven R. Goldberg
                           One North End Avenue
                           World Financial Center
                           Suite 1201
                           New York, NY 10282-1101
                           facsimile: 212-845-5102

                  (g)      As to the Fisher Group:

                           Mark B. Fisher
                           c/o MBF Clearing Corp.
                           One North End Avenue
                           World Financial Center
                           Suite 1201
                           New York, NY  10282-1101
                           facsimile: 212-845-4197

                                       21
<PAGE>   22

                           with a copy to:

                           Marc J. Isaacs, Esq.
                           Marc J. Isaacs, P.C.
                           777 Third Avenue
                           19th Floor
                           New York, NY  10017
                           facsimile: 212-751-5445

                            and

                           Melvin A. Brosterman, Esq.
                           Stroock & Stroock & Lavan, LLP
                           180 Maiden Lane
                           New York, NY  10038-4982
                           facsimile: 212-806-6006

                           and

                           Elizabeth J. Austin, Esq.
                           Pullman & Comley, LLC
                           850 Main Street
                           P.O. Box 7006
                           Bridgeport, CT  06604-7006
                           facsimile: 203-576-8888

Any Party may change its address or the designation of the person to whom copies
of notices are to be directed by giving notice in accordance with this
paragraph.

         24. This Settlement Agreement and the Exhibits hereto may be executed
simultaneously in a number of counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute a single agreement.
Gruder, IARC, Dudchik and the Trustee acknowledge that the Trustee will file the
Motion to Approve Settlement if Fisher signs this Settlement Agreement and
applicable Exhibits as agent for Goldberg and the members of the Fisher Group;
provided, however, that before the Hearing Fisher must

                                       22
<PAGE>   23

produce either copies of this Settlement Agreement and applicable Exhibits
executed by Goldberg and all members of the Fisher Group, or properly executed
powers of attorney authorizing Fisher to execute this Settlement Agreement and
applicable Exhibits on their behalf. If, on the date on which the Hearing is
scheduled, all necessary signatures have not been obtained, the Hearing will be
adjourned for such time as Fisher may require to obtain all such signatures.

         25. This Settlement Agreement may only be amended by a writing signed
by all of the Parties. Notwithstanding the foregoing, Exhibits to this
Settlement Agreement may be amended in accordance with the terms thereof.

         26. In the event that (a) the Motion to Approve Settlement is denied by
or as the result of an order or judgment of any court that is final after the
exhaustion of all appeals, or after the expiration of the time for any appeal or
motion for extension of time to appeal with no appeal or motion having been
filed, or (b) the Motion to Approve Settlement is withdrawn pursuant to
paragraph 5 hereof, this Settlement Agreement and the Exhibits hereto shall be
null and void ab initio and of no force or effect, any escrows created pursuant
to this Settlement Agreement, the Cash Escrow Agreement and the Stock Escrow
Agreement shall be terminated, and all documents and property being held in
escrow pursuant to this Settlement Agreement or any Exhibit hereto shall be
delivered, free of escrow, to the Party who initially deposited it in escrow.

         27. The Parties acknowledge that they and their counsel have had the
opportunity to participate equally in the drafting of this Settlement Agreement
and

                                       23
<PAGE>   24

the Exhibits hereto. In the event of a dispute, no party shall be treated, for
any purpose, as the author of this Settlement Agreement or any Exhibit, nor have
any ambiguity resolved against him, her or it on account thereof.

         28. Nothing in this Settlement Agreement or any Exhibit may be deemed,
construed or claimed to be an admission of, or to constitute a determination of
any liability or wrongdoing by or on behalf of any Party.

         29. Except for such disclosures as may be (a) reasonably necessary to
effectuate the transactions contemplated by this Settlement Agreement and the
Exhibits hereto; (b) reasonably necessary to enable the Trustee to fulfill his
duties as the Debtor's Chapter 7 Trustee; (c) required by law; (d) compelled by
legal process; (e) made in connection with any arbitration proceeding commenced
under this Settlement Agreement or any Exhibit; or (f) reasonably necessary in
connection with the obtaining of professional advice from a legal, financial or
tax advisor, the Parties shall maintain this Settlement Agreement and Exhibits
in confidence and not disclose the provisions or terms thereof to any other
person or entity. In particular, the Parties agree that a copy of this
Settlement Agreement shall be annexed to the Motion to Approve Settlement.

         30. The Parties agree not to make disparaging, critical or otherwise
detrimental statements or comments, orally or in writing, to any person or
entity about any Party to this Settlement Agreement based on claims or events at
issue in the State Court Case, the State Court Appeal, the Bankruptcy Case or
the Adversary Proceeding; provided, however, that nothing in this paragraph
shall impose any limitations on communications made in the circumstances

                                       24
<PAGE>   25

enumerated in paragraph 29 of this Settlement Agreement. The term "disparaging"
shall mean tending, directly or by implication, to create a negative impression
in the minds of a reasonable audience.

         31. This Settlement Agreement and the Exhibits hereto constitute a
unitary agreement. All Exhibits are incorporated as substantive provisions of
this Settlement Agreement. If any one or more provisions of this Settlement
Agreement or any Exhibit is disapproved or declared unenforceable by a final and
unappealable order of a court of competent jurisdiction, the entire Settlement
Agreement and all Exhibits shall be unenforceable, void ab initio, and of no
further force or effect.

         IN WITNESS WHEREOF, the Parties have executed this Settlement Agreement
as of the date first written above.

                                                -------------------------------
                                                Robert F. Gruder

                                                INFORMATION ARCHITECTS
                                                CORPORATION

                                                By:
                                                   ----------------------------
                                                     [print name]
                                                     Its

                                                -------------------------------
                                                Thomas J. Dudchik

                                                -------------------------------
                                                Richard Belford, Trustee

                                       25
<PAGE>   26

                                                -------------------------------
                                                Mark B. Fisher

                                                -------------------------------
                                                Steven R. Goldberg

                                                -------------------------------
                                                Andrew Kaplan

                                                -------------------------------
                                                Kenneth Carter

                                                -------------------------------
                                                John R. Conhenney

                                                -------------------------------
                                                Brian Donahue

                                                -------------------------------
                                                Randi Fisher

                                                -------------------------------
                                                Jonathan Fleisig

                                                -------------------------------
                                                Thomas Hansen

                                                -------------------------------
                                                Melvin A. Brosterman

                                                -------------------------------
                                                Bernard A. Hoffman

                                       26
<PAGE>   27

                                                -------------------------------
                                                Joseph F. Joyce

                                                -------------------------------
                                                Jack Kamin

                                                -------------------------------
                                                Dennis Maloney

                                                -------------------------------
                                                Edmond Mekertichian

                                                -------------------------------
                                                Russell Paparo

                                                -------------------------------
                                                Neil Rosenfeld

                                                -------------------------------
                                                Robert Shearman

                                                -------------------------------
                                                Keith Simons

                                                -------------------------------
                                                Joann P. Visconto

                                                -------------------------------
                                                Donald Vogel

                                                -------------------------------
                                                Joel Weisman

                                       27
<PAGE>   28

EXHIBITS:

A.       List of Persons from Whom Fisher Acquired Shares in Debtor

B.       Motion to Stay Bankruptcy Appeal

C.       Cash Escrow Agreement

D.       Motion to Approve Settlement

E.       Registration Rights Agreement

F.       Promissory Note

G.       Security Agreement

H.       Stock Escrow Agreement

I.       Superior Court Withdrawal

J.       Withdrawal of State Court Appeal

K.       Satisfaction of Judgment

                                       28

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