Document:

Exhibit 10.2

ASSET SALE AGREEMENT

AGREEMENT, made October 6, 2009, between Multi-view Technologies, Inc., a Delaware corporation (“Seller”), and Incredible 3D, Inc., a Delaware corporation  (“Purchaser”).

WHEREAS, Purchaser desires to acquire, and Seller desires to sell, the assets of the business known as Multi-view Technologies, Inc. as hereinafter specified, upon the terms and conditions hereinafter set forth,

NOW, THEREFORE, in consideration of the covenants and agreements hereafter set forth, and other valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

1.  

Agreement to Sell.  Seller agrees to sell, transfer and deliver to Purchaser, and Purchaser agrees to purchase, upon the terms and conditions hereinafter set forth, the following assets of the business known as Multi-view Technologies, Inc. (collectively, the “Assets”), as more fully described in Schedule 1 hereto:

(a)

all computers and related equipment, 3d screens and all other equipment (the “Equipment”);

(b)

all 3d related software (the “Software”)

(c)

all right, title and interest of Seller’s intellectual property, including business and marketing plans, all copyrights and trademarks, all contracts and agreements made on behalf of Seller pertaining to its business and books of account, files, ledgers, vendor lists, customer records, and confidential information, papers and records pertaining to Seller’s Business. (the “Intellectual Property”);

(d)

the goodwill of the business (the “Goodwill”); and

(e)

All accounts receivable of the Seller to the date of closing and all other assets of its business, including but not limited to all inventory (“Inventory”).

Purchase Price.  The purchase price to be paid by Purchaser is $161,092.67. The purchase price is comprised of the following components:

Equipment/Software:

$14,796.00

Intellectual Property:

$146,296.67

Goodwill:

$0.00

Inventory

$0.00

The parties agree to use the foregoing allocation, which was the result of arm’s length negotiations, for purposes of all federal, state and local tax returns.

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2.

Payment of Purchase Price. The Purchase Price shall be paid as follows: The Buyer shall assume the Seller’s creditor obligations in the amount of $161,092.67, as more fully described in Schedule 3 hereto. The Seller shall obtain the full consent of the described creditors in connection with this transaction. 

3.

The Closing.  The “closing” means the settlement of the obligations of Seller and Purchaser to each other under this agreement, including obtaining the full consent of the described creditors as provided in Article 3 hereof and the delivery of the closing documents provided for in Article 5 hereof.  The closing shall be held on or about October 30, 2009 (the “closing date”).

4.

Closing Documents.  At the closing, Seller shall deliver to Purchaser:

(a)

An executed Bill of Sale substantially in the form of Appendix A hereto.

(b)

An executed Debt Assumption Agreement substantially in the form of Appendix B hereto.

(c)

Copies of executed resolutions duly adopted by the board of directors and shareholders of Seller authorizing the sale of the Assets and the performance by Seller of its obligations hereunder.

(d)

Such other instruments as may be necessary or proper to transfer to Purchaser all other ownership interests in the Assets to be transferred under this agreement.

6.

Creditors of Seller.  Other than with respect to the creditors described in Schedule 2 hereto, Seller agrees to unconditionally indemnify and hold Purchaser harmless against any and all claims made by the creditors of Seller.  In the event any taxing authority asserts any claim against assets to be transferred hereunder, due to Seller’s failure to pay taxes, Purchaser may pay the same and shall be entitled to a set off against any payment due under said note.

7.

Intentionally Left Blank.  

8.

Representations and Warranties of Seller.  Seller represents and warrants to Purchaser as follows:

(a)

Seller is a corporation duly organized and validly existing under the laws of Delaware, is duly qualified to do business in Delaware and is in good standing.  Seller has full power and authority to conduct its business as now carried on, and to carry out and perform its undertakings and obligations as provided herein.  The execution and delivery by Seller of this agreement and the consummation of the transactions contemplated herein have been duly authorized by the Seller’s board of directors and prior to the closing date shall be duly authorized by the Seller’s shareholders and will not conflict with or breach any provision of the Certificate of Incorporation or Bylaws of Seller.

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(b)

No action, approval, consent or authorization of any governmental authority is necessary for Seller to consummate the transactions contemplated hereby.

(c)

Seller is the sole owner of and has good and marketable title to the Assets, free of all liens, claims and encumbrances, except as may be set forth herein.

(d)

Seller represents that Schedule 8(d) hereto contains a true and accurate list of all its creditors at the date of the execution of this contract setting forth their names, addresses and amounts due or an affidavit that there are no such creditors.

(e)

There are no violations of any law or governmental rule or regulation pending or threatened against Seller or the Assets.

(f)

There are no judgments, liens, suits, actions or proceedings pending or threatened against Seller or the Assets.

(g)

Other than described in Schedule 8(g) hereto, there are no actions, claims or disputes pending or threatened between shareholders of the Seller or between the Seller and any shareholder.

(h)

Any and all financial and other information provided to Purchaser by Seller during Purchaser’s due diligence was true and accurate as of the date given and continues to be true and accurate as of the date hereof, and Seller has had no adverse changes to it’s business or financial condition that have not been disclosed to Purchaser prior to execution hereof.

9.

Representations and Warranties of Purchaser.  Purchaser represents and warrants to Seller as follows:

(a) Purchaser has full power and authority to carry out and perform its undertakings and obligations as provided herein.

(b) No action, approval, consent or authorization of any governmental authority is necessary for Purchaser to consummate the transactions contemplated hereby.

(c)

There are no judgments, liens, suits, actions or proceedings pending or, to the best of Purchaser’s knowledge, threatened against Purchaser or his property.

10.

No Other Representations.  Purchaser acknowledges that neither Seller nor any representative or agent of Seller has made any representation or warranty (expressed or implied) regarding the Assets or the business, or any matter or thing affecting or relating to this agreement, except as specifically set forth in this agreement.  Seller shall not be liable or bound in any manner by any oral or written statement, representation, warranty, agreement or information pertaining to the Assets or the business or this agreement furnished by any broker, agent or other person, unless specifically set forth in this agreement.  

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11.

Intentionally Left Blank.  

12.

Conditions to Closing.  The obligations of the parties to close hereunder are subject to the following conditions precedent:

(a)

All of the terms, covenants and conditions to be complied with or performed by the other parties under this agreement on or before the closing shall have been complied with or performed in all material respects.

(b)

All representations or warranties of the other parties herein are true in all material respects as of the closing date.

(c)

On the closing date, there shall be no liens or encumbrances against the Assets, except as may be provided for herein.

(d)

 The approval and consent by the respective Boards of Directors of Seller and    Purchaser of this Agreement; the required approval and consent of any government entities or regulating bodies.

If Purchaser shall be entitled to decline to close the transactions contemplated by this agreement, but Purchaser nevertheless shall elect to close, Purchaser shall be deemed to have waived all claims of any nature arising from the failure of Seller to comply with the unmet condition(s) or other provisions of this agreement of which Purchaser shall have actual knowledge at the closing.

13.

Intentionally Left Blank.  

14.

Intentionally Left Blank.  .   

15.

 Default.  In the event Seller defaults hereunder, Seller shall reimburse Purchaser for Purchaser’s cost for a judgment and lien search and Purchasers reasonable attorney’s fees.  In the event Purchaser defaults, Purchaser shall reimburse Seller for Sellers reasonable attorney’s fees.

16.

Brokerage.  The parties hereto represent and warrant to each other that they have not dealt with any broker or finder in connection with this agreement or the transactions contemplated hereby, and no broker or any other person is entitled to receive any brokerage commission, finder’s fee or similar compensation in connection with this agreement or the transactions contemplated hereby.  Each of the parties shall indemnify and hold the other parties harmless from and against all liability, claim, loss, damage or expense, including reasonable attorneys’ fees, pertaining to any broker, finder or other person with whom such party has dealt.

17.

Assignment.  Purchaser shall not assign this agreement without the prior written consent of Seller in each instance except to a corporate entity controlled by the Purchaser or a subsidiary of Purchaser.  Any other attempted assignment without Seller’s consent shall be null and void.  Prior to the closing, Purchaser herein shall have the right to assign this agreement to a 

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corporation, provided that the corporation assumes all of the terms, covenants and condition of this agreement to be paid or performed by Purchaser; the Purchaser named herein shall be the majority shareholder of the corporation; the Purchaser named herein personally shall guarantee to Seller full payment and performance of all obligations arising hereunder and all other closing documents to be delivered hereunder.  No assignment shall relieve the original Purchaser from any liability hereunder.

18. 

Notices.  All notices, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been properly given if delivered by hand or by Federal Express courier or by registered or certified mail, return receipt requested, with postage prepaid, to Seller or Purchaser and their attorneys, as the case may be at the following:

If to Buyer:

Jean M. McCormick

Incredible 3D, Inc.

2601 Annand Drive Suite 16

Wilmington Delaware 19808

With a copy to:

David M. Bovi, Esq.

David M. Bovi, P.A.

319 Clematis Street, Suite 700

West Palm Beach, Florida 33401

If to Seller:

Brad Bent-Gourley

Multi-view Technologies, Inc.

4768 Willow Glen Drive

Las Vegas, NV 89147

With a copy to:

Scott A. Mersky, Esq.

224 Datura Street, Suite 1308

West Palm Beach, Florida 33401

Any party may change the address to which notices are to be mailed by giving notice as provided herein to all other parties.

19.

Entire Agreement.  This agreement contains all of the terms agreed upon between Seller and Purchaser with respect to the subject matter hereof.  This agreement has been entered into after full investigation.  All prior oral or written statements, representations, promises, understandings and agreements of Seller and Purchaser are merged into and superseded by this agreement, which alone fully and completely expresses their agreement.

20.

Changes Must Be In Writing.  No delay or omission by either Seller or Purchaser in exercising any right shall operate as a waiver of such right or any other right.  This agreement may not be altered, amended, changed, modified, waived or terminated in any respect or particular unless the same shall be in writing signed by the party to be bound.  No waiver by any party of any breach hereunder shall be deemed a waiver of any other or subsequent breach.

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21.

Captions, Schedules and Appendices.  The captions in this agreement are for convenience only and are not to be considered in construing this agreement.  The appendices and schedules annexed to this agreement are an integral part of this agreement, and where there is any reference to this agreement it shall be deemed to include the appendices and schedules.

22.

Governing Law.  This agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  If any provisions of this agreement shall be unenforceable or invalid, such unenforceability or invalidity shall not affect the remaining provisions of this agreement.

23.

Binding Effect.  This agreement shall not be considered an offer or an acceptance of an offer by Seller, and shall not be binding upon Seller until executed and delivered by both Seller and Purchaser.  Upon such execution and delivery, this agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

 

IN WITNESS WHEREOF, the parties have executed this agreement the date first above written.

Witnesses:

Incredible 3D, Inc.

_____________________

By:

Name:_______________

      Jean M. McCormick, President

Multi-view Technologies, Inc. 

_____________________

By:

Name:________________                                    Brad Bent-Gourley, Chief Visual Officer

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Schedule 1

To

Asset Sale Agreement

List of Assets

Equipment:

2 x 45” VR21 Sharp Screens

                        1 x 46” Spatial View Screen

                        2 x computers

1 x computers (undeliverable)

                        1 x 19” Monitor (undeliverable)

                        2 x Sharp Laptops (undeliverable)

Software:

2 x Visumotion Player

                        1 x Visumotion Player (undeliverable)

                        Visumotion Zlice  (undeliverable)

                        All other Visumotion software due to MVT from Visumotion GMBH

Intellectual Property:

MVT Business Plan

Goodwill:

None

Inventory:

Several minutes Playable 3D Content

----------------------------------------------------------------------------

Schedule 3

To

Asset Sale Agreement

Assumed Creditor Obligations

Chief Visual Officer 

Back Employment Compensation:

$91,085.00

DMBPA Attorney Fees:

$44,611.87

UCM Loans:

$23,420.11

Robert Oberosler Loans

$1,975.69

Total:

$161,092.67

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Schedule 8(d)

To

Asset Sale Agreement

List of Creditor Obligations

Chief Visual Officer 

Back Employment Compensation:

$91,085.00

DMBPA Attorney Fees:

$44,611.87

UCM Loans:

$23,420.11

Robert Oberosler Loans

$1,975.69

Total:

$161,092.67

----------------------------------------------------------------------------

Schedule 8(g)

To

Asset Sale Agreement

List of Actions, Claims Or Disputes

Multi-View Technologies, Inc. v. Melissa Dalmau

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Appendix A 

Bill of Sale

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BILL OF SALE

BILL OF SALE, dated October 30, 2009, from Multi-view Technologies, Inc., a Delaware corporation (the “Seller”), to Incredible 3D, Inc., a Delaware corporation (the “Buyer”).

WHEREAS, Seller has agreed to sell to Buyer, and Buyer has agreed to acquire from Seller certain assets which are set forth on Schedule 1 hereto (the “Assets”).

WHEREAS, in accordance with the Asset Purchase Agreement executed in connection herewith, Buyer has delivered to the Seller the consideration described therein. 

NOW THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Seller hereby sells, assigns, transfers, conveys, and delivers to Buyer, its successors and assigns forever, all of Seller’s rights, title and interest, legal and equitable, in and to the Assets, all as the same shall exist on the date hereof.

TO HAVE AND TO HOLD the same unto Buyer, its successors, personal representatives, and assigns forever, with power at its own expense to receive, collect, enforce and sue for the same, for its own use and benefit, in any action or proceeding, in the name of the undersigned or otherwise.

The Seller  does hereby covenant that he will, at any time and from time to time, at the request of Buyer, execute and deliver to it any new or confirmatory instrument and all other and further instruments necessary or convenient to confirm and establish ownership and possession of the Assets assigned to Buyer by the terms hereof.

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be signed as of the date and year above written.          

By:

                            

      Brad Bent-Gourley, Chief Visual Officer

Incredible 3D, Inc. hereby accepts this Bill of Sale, and the Assets covered hereunder, in the condition and pursuant to the terms and conditions set forth herein.    

By:

      Jean M. McCormick, President

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SCHEDULE 1

Schedule 1

To

Bill of Sale

List of Assets

Equipment:

2 x 45” VR21 Sharp Screens

                        1 x 46” Spatial View Screen

                        2 x computers

1 x computers (undeliverable)

                        1 x 19” Monitor (undeliverable)

                        2 x Sharp Laptops (undeliverable)

Software:

2 x Visumotion Player

                        1 x Visumotion Player (undeliverable)

                        Visumotion Zlice (undeliverable)

                        All other Visumotion software due to MVT from Visumotion GMBH

Intellectual Property:

MVT Business Plan

Goodwill:

None

Inventory:

Several minutes Playable 3D Content

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Appendix B 

Debt Assumption Agreement

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DEBT ASSUMPTION AGREEMENT

THIS DEBT ASSUMPTION AGREEMENT is entered into on October 30, 2009 by and between Multi-view Technologies, Inc., a Delaware corporation (“Seller”); Incredible 3D, Inc., a Delaware corporation (“Purchaser”); and the undersigned creditors (collectively the “Creditors” and each a “Creditor”).

WHEREAS, Buyer and Seller have entered into an agreement of even date hereof whereby Sellers agrees to sell and Buyer agrees to purchase Seller’s assets (the “Asset Sale Agreement”). 

WHEREAS, Paragraph 3 of the Asset Sale Agreement provides that on the closing, the Buyer shall assume the Seller’s creditor obligations in the amount of $161,092.67 (the “Creditor Obligations”), and that the Seller shall obtain the full consent of the Creditors in connection therewith.

WHEREAS, each Creditor consents to the Buyer’s assumption of the Creditor Obligations.

NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration received by the parties, receipt of which is acknowledged: 

1.

Buyer’s Debt Assumption.

On behalf of Seller, Buyer hereby agrees to assume and become fully responsible for payment of the entire amount of Creditor obligations of $161,092.67, as more fully described in paragraph 3 of the Asset Sale Agreement.

2.

Creditors’ Consent.

Each Creditor consents to the sale of the assets described in the Asset Sale Agreement by the Seller to the Buyer, and the Buyer’s assumption of the entire amount of the Creditor obligations of $161,092.67 as more fully described in paragraph 3 of the Asset Sale Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above stated.

Witness:

____________________

By:______________________  

     Jean M. McCormick, President

     Incredible 3D, Inc.

_____________________

By:______________________            

     Brad Bent-Gourley, Chief Visual Officer

     Multi-view Technologies, Inc

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_____________________

By:______________________            

     Robert Oberosler, President

     Universal Capital Management, Inc., Creditor

____________________

By:______________________  

     David M. Bovi, President,

     David M. Bovi, P.A., Creditor

____________________

______________________  

Brad Bent-Gourley, individually, Creditor

____________________

______________________  

Robert Oberosler, individually, Creditor

14Exhibit 10.3

EMPLOYEE AGREEMENT

THIS EMPLOYEE AGREEMENT made as of October 30, 2009, by and between Incredible 3D, Inc., a Delaware corporation (the “Company”); Jean M. McCormick (“Employee”); and for purposes of Article 4.2, only, BF Acquisition Group V, Inc., a Florida corporation.

WHEREAS, the Company wishes to employ Employee under the terms and conditions set forth and Employee wishes to be employed on these terms and conditions.

THEREFORE, in consideration of the agreements contained in this Employee Agreement, the parties, intending to be legally bound, agree as follows:

ARTICLE 1

Employment

1.1.

Employment. The Company agrees to employ Employee, and Employee accepts employment with the Company, on and subject to the terms and conditions set forth in this Employee Agreement. 

1.2.

Term.

Subject to the provisions for termination as provided in Article 9 of this Employee Agreement, the term of this agreement shall be deemed to have commenced on October 5, 2009 and shall terminate twelve (12) months thereafter. This Employee Agreement shall be automatically renewed for successive twelve (12) month terms unless either party gives notice of its intention not to renew by delivering written notice to the other party not less than sixty (60) days prior to the expiration of the existing term.

ARTICLE 2

Duties 

2.1.

Position and Duties. The Company agrees to employ Employee to act as its President. Employee shall be responsible for performing the duties as described on Appendix A, attached hereto and made a part hereof. Employee agrees that she will serve the Company faithfully and to the best of her ability during the term of employment, under the direction of Chief Executive Officer and the Board of Directors. The Company and Employee may jointly from time to time to change the nature of Employee’s duties and job title.

2.2.

Time Devoted to Work.  Employee agrees that she will devote all of the necessary business time, attention, and energies, as well as Employee’s best talents and abilities to the business of the Company in accordance with the Company’s instructions and directions.  Employee may engage in other business activities unrelated to the Company during the term of this Employee Agreement so long as such other business activities do not interfere with the terms and conditions of this Employee Agreement.

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ARTICLE 3

Place of Employment

3.1.

Place of Employment.   Employee shall perform her duties under this Employee Agreement at 14014 NW Passage, Suite 139, Marina del Rey, California 90292 until an office in Los Angeles is opened. 

ARTICLE 4

Compensation of Employee

4.1. 

Base Compensation.  For all services rendered by Employee under this Employee Agreement, the Company agrees to pay Employee the rate of $2,000 per week, which shall be payable to Employee not less frequently than bi-weekly, or as is consistent with the Company’s practice for its other employees.  If the company is more than sixty (60) late with pay it is in default of this contract. 

4.2.

Other Compensation.  Employee shall receive other compensation as more fully described on Appendix B, attached hereto and made a part hereof. 

4.3.

 Reimbursement for Business Expenses.  Subject to the approval of the Company, the Company shall promptly pay or reimburse Employee for all reasonable business expenses incurred by Employee in performing Employee’s duties and obligations under this Employee Agreement, but only if Employee properly accounts for expenses in accordance with the Company’s policies.

ARTICLE 5

Vacations and Other Paid Absences

5.1. 

Vacation Days.  Employee shall be entitled to the same paid vacation days each calendar year during the term of this Employee Agreement as authorized by the Company for its other employees.

5.2. 

Holidays.   Employee shall be entitled to the same paid holidays as authorized by the Company for its other employees.

5.3.

Sick Days and Personal Absence Days.  Employee shall be entitled to the same number of paid sick days and personal absence days as authorized by the Company for its other employees.

ARTICLE 6

Key Man Life Insurance

During the term of this Employee Agreement, the Company shall maintain in effect a key man life insurance policy on the life of Employee in the face amount of $500,000 or such higher amount as the Company shall in its sole discretion decide to maintain during the term of this Employee Agreement. Any proceeds payable under the policy shall be paid to the Company. 

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ARTICLE 7

Fringe Benefits

Employee shall be entitled to participate in and receive benefits from all of the Company’s employee benefit plans that are now, or in the future may be, maintained by the Company for its employees, including, without limitation, the Company’s health insurance plan. No amounts paid to Employee from an employee benefit plan shall count as compensation due Employee as base salary or additional compensation.  Nothing in this Employee Agreement shall prohibit the Company from modifying or terminating any of its employee benefit plans in a manner that does not discriminate between Employee and other Company employees.

ARTICLE 8

Maintenance of Liability Insurance

So long as Employee shall serve as an executive officer of the Company pursuant to this Employee Agreement, the Company shall obtain and maintain in full force and effect a policy of director’s and officer’s liability insurance in reasonable amounts from an established and reputable insurer. In all policies of such insurance, Employee shall be named as an insured in such manner as to provide Employee the same rights and benefits as are accorded to the most favorably insured of the Company’s officers or directors. 

ARTICLE 9

Termination of Employment

9.1.

Termination of Employment. Employee’s employment hereunder shall automatically terminate upon (i) her death; (ii) the expiration of the term of this Employee Agreement; or (iii) Employee voluntarily leaving the employ of the Company.

9.2.

Termination For Employee’s Failure to Meet Performance Standard.  Employee’s employment with the Company shall terminate, at the Company’s discretion, upon 15 days prior written notice to Employee if the Company terminates her employment hereunder for "cause". For purposes hereof, "cause" shall include (i) Employee’s willful malfeasance, misfeasance, nonfeasance or gross negligence, (ii) any willful misrepresentation or concealment of a material fact made by Employee in connection with this Employee Agreement; (iii) the willful breach of any covenant made by Employee hereunder; or (iv) the failure of Employee to meet the performance standards more fully described in Appendix A attached hereto and made a part hereof.

Notwithstanding the above, if the Employee is terminated by the Company without cause, the Company shall be obligated to pay to Employee the compensation set forth in Article 4 hereof for the remainder of the term of this Employee Agreement.

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ARTICLE 10

Confidential Information

10.1.

 Disclosures While Employed by the Company.  Employee acknowledges that, in performing the duties required by this Employee Agreement, Employee will be making use of, acquiring and adding to the confidential and proprietary information of the Company and/or those persons or entities directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Company (each an “Affiliate” and collectively, the “Affiliates”), which (i) is of a special nature and value, (ii) is not public information or is not generally known or available to the Company’s and/or the Affiliates’ competitors, (iii) is known only by the Company and/or the Affiliates and those of their respective employees, independent contractors, consultants, suppliers, customers or agents to whom such data and information must be confided in order to apply it to the uses intended, and (iv) relates to matters such as, but not limited to, the Company’s and the Affiliates’ respective methods of operation, internal structure, financial affairs, programs, software, equipment and techniques, existing and contemplated facilities, products and services, know-how, inventions, systems, devices (whether or not patentable), methods, ideas, procedures, manuals, confidential studies and reports, lists of suppliers and customers and prospective suppliers and customers, financial information and practices, plans, pricing, selling techniques, sales and marketing programs and methods, names, addresses and telephone numbers of the Company’s and/or the Affiliates’ suppliers and customers, credit and financial data of the Company’s and/or the Affiliates’ suppliers and customers, particular business requirements of the Company’s and/or the Affiliates’ suppliers and customers, special methods and processes involved in designing, producing and selling the Company’s and/or the Affiliates’ products and services, any other information related to the Company’s and/or the Affiliates’ suppliers and customers that could be used as a competitive advantage by the Company’s and/or the Affiliates’ competitors if revealed or disclosed to such competitors or to persons or entities revealing or disclosing same to such competitors, and all “trade secrets” (as that term is defined in O.C.G.A.  s. 10-1-761, as amended) of the Company and/or the Affiliates, all of which, together with any and all extracts, summaries and photo, electronic or other copies or reproductions, in whole or in part thereof, stored in whatever medium (including electronic or magnetic), shall be deemed the Company’s and/or the Affiliates’ exclusive property, as applicable, and shall be deemed to be “Confidential Information.”  Employee acknowledges that the Confidential Information has been and will continue to be of central importance to the business of the Company and the Affiliates, and that disclosure of it to, or its use by, others could cause substantial loss to the Company and the Affiliates.  In consideration of Employee’s employment hereunder, Employee agrees that, at all times during the term of this Employee Agreement, and (i) with respect to all Confidential Information constituting “trade secrets,” for so long thereafter as such Confidential Information continues to constitute “trade secrets” (or for the period beginning on the last day of the term of this Employee Agreement and ending five (5) years thereafter, whichever is longer); and (ii) with respect to all Confidential Information not constituting “trade secrets,” for the period beginning on the last day of the term of this Employee Agreement and ending five (5) years thereafter, Employee shall not, directly or indirectly, use, divulge or disclose to any person or entity, other than those persons or entities employed or engaged by the Company who or which are authorized to receive such information, any of such Confidential Information, and Employee shall hold all of the Confidential Information confidential and inviolate and will not use such Confidential Information against the best interests of the Company or any of the Affiliates.

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10.2.

Disclosures After Employment Terminates; Return of Records.  Employee acknowledges and agrees that all supplier, customer, employee and contractor files, contracts, agreements, financial books, records, instruments and documents, supplier and customer lists, memoranda, data, reports, sales documentation and literature, software, rolodexes, telephone and address books, letters, research, listings, and any other instruments, records or documents relating or pertaining to (i) the customers or suppliers of the Company and/or any of the Affiliates serviced by or serving the Company, any of the Affiliates or Employee, (ii) the duties performed hereunder by Employee, or (iii) the business of the Company and/or any of the Affiliates (collectively, the “Records”) shall at all times be and remain the exclusive property of the Company and/or the Affiliates, as applicable.  Upon termination of Employee’s employment hereunder for any reason whatsoever, Employee shall promptly return to the Company all Records (whether furnished by the Company or any of the Affiliates or prepared by Employee), and Employee shall neither make nor retain, nor allow any third party to make or retain, any photo, electronic or other copy or other reproduction of any of such Records after such termination.  

10.3

Assignment of Inventions and Works Made for Hire.   Employee hereby irrevocably assigns and transfers, and agrees to assign and transfer, to the Company all of Employee’s right, title and interest in and to any and all Inventions and Works Made for Hire (each as hereinafter defined) made, generated or conceived by Employee at any time during the term of this Employee Agreement, whether alone or with the assistance of others, whether or not made, generated or conceived during normal business hours, and whether or not her employment with the Company is hereafter terminated for any reason whatsoever.  For purposes of this Employee Agreement, “Inventions” shall mean any and all discoveries, improvements, innovations, ideas, formulae, devices, systems, software programs, processes, products and any other creations similar thereto which pertain or relate to the Company’s primary business of providing glasses free 3D technology solutions, including, but not limited to 3D hardware, software, content libraries, content distribution platforms, subscription services, and intellectual property. For purposes of this Employee Agreement, “Works Made for Hire” shall mean any and all “work made for hire”, as that term is defined in Section 101 of the United States Copyright Law, Title 17 of the United States Code, as amended.  Upon the Company’s request, Employee will promptly execute and sign any and all applications, assignments, and other documents, and will promptly render all assistance, which may be reasonably necessary for the Company to obtain patent, copyright or any other form of intellectual property protection. 

ARTICLE 11

Protective Covenants

Employee acknowledges that her specialized skills, abilities and contacts are important to the success of the Company, and agrees that she shall faithfully and strictly adhere to the following covenants:

11.1.

Non-competition. Employee acknowledges that by reason of the character and nature of the Company’s business activities and operations, and further by reason of the scope of the territory in which Employee will perform the services under this Employee Agreement, in order to protect the Company’s legitimate business interests it is necessary for Employee to agree not to engage in certain specified activities in such territory at any time during the term of this 

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Employment Agreement and for a period of time thereafter. Employee also acknowledges that she possess the knowledge, skills and ability to obtain lucrative work with other businesses that do not constitute a Competing Business (as defined below).  Therefore, at all times during the term of this Employee Agreement, and for a period of two (2) years thereafter, Employee will not, directly or indirectly, within the Territory (as defined below), (a) for herself, in her capacity as a Competing Business, (b) as a consultant, manager, supervisor, employee or owner of a Competing Business (as defined below), or (c) as an independent contractor for a Competing Business, engage in any business in which Employee provides services which are the same as or substantially similar to the services Employee is providing hereunder. “Competing Business” shall mean any person, business or entity who or which sells, markets , develops or distributes 3-D content, and/or sells, furnishes or provides services substantially the same as those sold, marketed, distributed, furnished or supplied or expected to be sold, marketed, distributed, furnished or supplied by the Company during the term of this Employee Agreement, but shall not mean a specific division of a Competing Business so long as such specific division does not directly or indirectly provides products or services which are the same as or substantially similar to the products provided by the Company. Employee is providing hereunder. “Territory” shall mean the (i) the United States of America; (ii) any market area that the Company conducts its business; or (iii) any contemplated market area that the Company intends to conduct its business within the following two (2) years of the date of Employee’s termination. “Contemplated Market Area” shall mean any market area which the Company has evaluated, is evaluating, or expects to evaluate and the Company has a reasonable expectation that the Company will conduct business in such area. Employee agrees that she and the Company may amend the definition of “Territory” from and after the date hereof to reflect any significant contraction or expansion of the geographical area in which she performs the services hereunder.  

11.2

Non-solicitation of Customers. Employee agrees that all customers whose relationships are managed by Employee, or with whom Employee has contact during the term of this Employee Agreement, are the Company’s customers, and that all fees and revenues produced from such relationships or contacts are the exclusive property of the Company.  Employee hereby waives and releases all claims and rights of ownership to such customer relationships, fees and revenues.  Furthermore, at all times during the term of this Employee Agreement and for a period of one (1) year thereafter, Employee will not directly or indirectly, on her own behalf or on behalf of any person, firm, partnership, association, corporation, business organization, entity or enterprise, solicit, call upon or attempt to solicit or call upon, any customer or prospective customer of the Company, or any representative of any customer or prospective customer of the Company, with a view to the sale or provision of any product or service competitive or potentially competitive with any product or service sold or provided, or under development, by the Company at any time during the shorter in duration of the term of this Employee Agreement and the last two (2) years thereof; provided that the restrictions set forth in this sentence shall apply only to customers or prospective customers of the Company, or representatives of customers or prospective customers of the Company, with which Employee had contact at any time during the shorter in duration of the term of this Employee Agreement and the last two (2) years thereof.

11.3

Non-solicitation of Employees and Independent Contractors.  At all times during the term of this Employee Agreement and for a period of one (1) year thereafter, Employee will not directly or indirectly solicit or encourage any employee or independent contractor of the 

6

Company to leave such employment or engagement with the Company, or directly or indirectly employ or engage in any capacity any former employee or independent contractor of the Company, unless such former employee or independent contractor of the Company shall have ceased to be so employed or engaged by the Company for a period of at least one (1) year immediately prior to such action by Employee.

ARTICLE 12

Construction

Employee acknowledges and agrees that the covenants and agreements contained in Articles 10 and 11 of this Employee Agreement are the essence of this Employee Agreement, and that each of such covenants and agreements is reasonable and necessary to protect and preserve the interests and business of the Company.  Employee further acknowledges and agrees that: (i) each of such covenants and agreements is separate, distinct and severable, not only from the other of such covenants and agreements, but also from the remaining provisions of this Employee Agreement, (ii) the unenforceability of any such covenants or agreements shall not affect the validity or enforceability of any other such covenants or agreements or any other provision or provisions of this Employee Agreement, and (iii) in the event any court of competent jurisdiction or arbitrator, as applicable, determines, rules or holds that any such covenant or agreement hereof is overly broad or against the public policy of the state, then said court or arbitrator, as the case may be, is specifically authorized to reform and narrow said covenant or agreement to the extent necessary to make said reformed and narrowed covenant or agreement valid and enforceable to the maximum enforceable restriction permitted by law.

  

ARTICLE 13

Remedies

It is specifically understood and agreed that (i) any breach of any of the provisions of Article 10 or 11 of this Employee Agreement is likely to result in irreparable injury to the Company, (ii) the remedy at law alone will be an inadequate remedy for such breach, and (iii) in addition to any other remedy it may have for such breach, the Company shall be entitled to enforce the specific performance of this Employee Agreement by Employee and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages.  Notwithstanding any other provision of this Employee Agreement to the contrary, any and all obligations of the Company to pay any compensation to Employee for any reason shall cease and terminate upon the breach by Employee of any of the obligations of Employee under Articles 10 or 11 of this Employee Agreement.

ARTICLE 14

Existing Restrictive Covenants and Indemnification

Employee represents and warrants that (i) Employee is not a party to or subject to any outstanding contract, agreement or order whereby Employee is prohibited from entering into this Employee Agreement, or any outstanding restrictive covenant or noncompetition agreement which would interfere with or prevent Employee’s employment hereunder as contemplated by this Employee Agreement; (ii) Employee has performed any and all duties or obligations that she may have under any contract or agreement with a former Employer or other party, including, 

7

without limitation, the return of all confidential materials; and (iii) Employee is currently not in possession of any confidential materials or property belonging to any such former Employer or other party.  Employee acknowledges and agrees that she shall advise the Company in the event that her duties with the Company should be changed or enlarged in such a manner as to conflict with any such prior contract, agreement, order or restrictive covenant.  Without limitation on any other rights or remedies available to the Company with respect to Employee’s breach of her obligations hereunder, Employee shall defend, indemnify and hold the Company, the Affiliates, and each of their respective shareholders, officers, directors, employees, counsel, agents, affiliates and assigns (collectively, the “Company Indemnities”) harmless from and against any and all direct or indirect demands, claims, payments, obligations, recoveries, deficiencies, fines, penalties, assessments, actions, causes of action, suits, losses, diminution in the value of assets of the Company, compensatory, punitive, exemplary or consequential damages (including, without limitation, lost income and profits and interruptions of business), liabilities, costs, expenses, and interest on any amount payable to a third party as a result of the foregoing, whether accrued, absolute, contingent, known, unknown or otherwise asserted against, imposed upon or incurred by Company Indemnities, or any of them, by reason of or resulting from, arising out of, based upon or otherwise in respect of (1) any conflict between Employee’s employment hereunder and any prior employment, duty, contract, express or implied agreement, order or restrictive covenant, or (2) any misrepresentation by Employee hereunder as to any facts which are the subject matter of any conflict or violation of any prior contract, agreement, order or restrictive covenant on the part of Employee.

ARTICLE 15

Notice to Future Employers

If Employee’s employment hereunder terminates for any reason, (i) Employee shall, during the one (1) year period after the effective date of such termination, inform any subsequent employers, business partners or colleagues of the existence and provisions of Articles 11.1 and 11.2 of this Employee Agreement and, if requested, provide a copy of such Articles of this Employee Agreement to any such employer, business partner or colleague; and the Company may, at any time, notify any future employer, business partner or colleague of Employee of the existence and provisions of Articles 11.1 and 11.2 of this Employee Agreement. 

ARTICLE 16

Notices

Any notice given under this Employee Agreement to either party shall be made in writing.  Notices shall be deemed given when delivered by hand, document delivery service, or when mailed by registered or certified mail, return receipt requested, postage prepaid, and addressed to the party at the address set forth below.

Employee address: 

Jean M. McCormick

14014 NW Passage, Suite 139

Marina del Rey, CA 90292

8

With a copy to:

________________

________________

________________

Company address: 

Incredible 3D, Inc.

2601 Annand Drive Suite 16

Wilmington Delaware 19808

with a copy to:

David M. Bovi, Esq.

319 Clematis Street, Suite 700

West Palm Beach, Florida 33401

Each party may designate a different address for receiving notices by giving written notice of the different address to the other party. The written notice of the different address will be deemed given when it is received by the other party.

ARTICLE 17

Binding Agreement

17.1.

Company’s Successors.  The rights and obligations of the Company under this Employee Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.

17.2.

Employee’s Successors.  This Employee Agreement shall inure to the benefit and be enforceable by Employee’s personal representatives, legatees, and heirs. If Employee dies while amounts are still owed, such amounts shall be paid to Employee’s legatees or, if no such person or persons have been designated, to Employee’s estate.

ARTICLE 18

Waivers

The waiver by either party of a breach of any provision of this Employee Agreement shall not operate or be construed as a waiver of any subsequent breach.

ARTICLE 19

Entire Agreement

19.1.

No Other Agreements.  This instrument contains the entire agreement of the parties pertaining to the employment of Employee by the Company.  The parties have not made any agreements or representations, oral or otherwise, express or implied, pertaining to the employment of Employee by the Company other than those specifically included in this Employee Agreement.

19.2. 

Prior Agreements. This Employee Agreement supersedes any prior employee agreements pertaining to or connected with or arising in any manner out of the employment of Employee by the Company. All such agreements are terminated and are of no force or effect whatsoever.

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ARTICLE 20

Amendment of Agreement

No change or modification of this Employee Agreement shall be valid unless it is in writing and signed by the party against whom the change or modification is sought to be enforced. No change or modification by the Company shall be effective unless it is approved by the Company’s Board of Directors and signed by an officer specifically authorized to sign such documents.

ARTICLE 21

Severability of Provisions

If any provision of this Employee Agreement is invalidated or held unenforceable, the invalidity or unenforceability of that provision or provisions shall not affect the validity or enforceability of any other provision of this Employee Agreement.

ARTICLE 22

Assignment of Agreement

Other than as otherwise provided for in this Employee Agreement, so long as Employee is an Employee pursuant to this Employee Agreement, the Company shall not assign this Employee Agreement without Employee’s prior written consent, which consent shall not be unreasonably withheld. Employee may not assign this Employee Agreement.

ARTICLE 23

Governing Law and Venue

 This Agreement shall be deemed to have been entered into by all parties within the State of Delaware and all questions regarding the validity and interpretation of this Employee Agreement shall be governed by and construed and enforced in all respects in accordance with the laws of the State of Delaware as applied to contracts made and to be performed entirely within Delaware without regard to choice of law provisions.  The sole and proper venue shall be New Castle County, Delaware.

ARTICLE 24

Arbitration of Disputes

If a dispute arises out of or relates to this Employee Agreement, or the breach thereof, and if the dispute cannot be settled through negotiation, the parties agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association under its Employment Mediation Rules before resorting to arbitration, litigation or some other dispute resolution procedure.

Signature Page Attached

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IN WITNESS, the parties have executed this Employee Agreement in duplicate on the date and year first above written.

Employee,

_______________

______________________

Witness

Jean M. McCormick

Incredible 3D, Inc.,

_______________

By: _____________________

Witness 

      Jean M. McCormick, President

BF Acquisition Group V, Inc.,

_______________

By: _____________________

Witness 

      William R. Colucci, President 

11

Appendix A

Duties of Employee

Employee, as the Company’s President, subject to the supervision of the Chief Executive Officer and the control of the Board of Directors, shall be responsible for:

A.

Setting the Company’s initial business strategy, 

B.

Preparing the Company’s business plan and executing on it;

C.

Overseeing the Company’s business operations; and

D.

Such other powers and duties as may be prescribed by the Chief Executive Officer or Board of Directors which is reasonably agreed upon by Employee. 

Appendix B

Other Compensation

							
	I.

	 
	At the end of the six month and twelve month period commencing on the date of this Employee Agreement, the Board of Directors will convene to evaluate Employee’s employment performance and to consider awarding Employee a performance bonus $36,000 per six month period and/or a salary increase equal to $1,500 per week. Additionally, at the end of the twelve month period commencing on the date of this Employee Agreement, the Board of Directors will convene to evaluate Employees’ total cash and compensation pursuant to this Employee Agreement.

	 
	 
	 
	 
	 
	 
	 

	II.

	 
	Restricted Stock Award:

	 
	Shares:

	 
	1,000,000 shares of restricted BF Acquisition Group V, Inc. common stock

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Grant Date:

	 
	Date of full execution of Employee Agreement

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Vesting Schedule: 400,000 shares vest immediately, and the remaining shares shall vest as follows: 200,000 shares vest at the end of every twelve month period, which period commences on the date hereof for so long as the Employee is employed by the Company. No shares shall vest to the employee if the Employee’s employment with the Company terminates for any reason. Further, all unvested shares shall become vested immediately prior to any consolidation or merger of the Company with or into another corporation (other than any consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification of the outstanding shares of Common Stock) or the conversion of such outstanding shares of Common Stock into shares or other stock or other securities or property, or the liquidation, sale or transfer of the property of the Company as an entity or substantially in its entirety and for other similar events.

	 
	 
	 

	III.

	 
	Such other compensation as may be determined by the Board of Directors.

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