Document:

Unassociated Document

    
      
        

          SEPARATION
            AGREEMENT AND RELEASE

           

          This
            Separation Agreement and Release (“Agreement”), dated as of October 10, 2006, by
            and between the parties hereto, Michael J. Dodak (“Employee”) and Global Axcess
            Corp (“Employer” or “Company”).

           

          RECITALS

           

          On
            or
            about June 25, 2004, the Company and the Employee entered into that certain
            Employment Agreement (the “Employment Agreement”).

           

          The
            parties desire to terminate the Employment Agreement and otherwise resolve
            amicably all issues arising out of the cessation of Employees’ employment, and
            to memorialize their Agreement. Therefore, in consideration of the mutual
            covenants and promises set forth below, and other good and valuable
            consideration, the receipt and sufficiency of which are hereby acknowledged,
            the
            parties expressly, knowingly and voluntarily agree as follows:

           

          AGREEMENTS

           

          1.  The
            foregoing recitals are incorporated by reference and are acknowledged
            to be true
            and correct.

           

          2.  In
            exchange for the promises made by Employer contained in this Agreement,
            Employee
            agrees as follows:

           

          a.  Employee's
            last day of
            employment is established as Saturday, September 30, 2006 (the “Effective
            Date”). On the Effective Date Employee shall cease being an employee, officer
            and director of Employer.

           

          b.  Employee,
            for Employee
            and Employee’s heirs, assigns, executors, successors, agents, attorneys and
            representatives, and any person acting by, through, on behalf of, or
            under
            Employee hereby covenants not to sue, and irrevocably and unconditionally
            releases Employer, and all of its past, present and future directors,
            shareholders, officers, agents, employees and current and former affiliated
            parent and/or subsidiary business entities, (collectively “Releasees”), and each
            of them, from any and all charges, complaints, claims, liabilities, obligations,
            promises, agreements, controversies, damages, actions, causes of action,
            suits,
            rights, demands, costs, losses, debts, and expenses (including attorneys’ fees
            and costs actually incurred) of any nature whatsoever, known or unknown
            that
            Employee ever had, or now has against the Releasees based on or arising
            out of
            any financial obligations Employer owes to Employee by virtue of any
            agreement
            between the parties therefor.

           

          c.  For
            a reasonable period
            of time in connection with his separation from employment, Employee agrees
            to
            cooperate with the Employer in connection with the transition of various
            activities as reasonably requested by the Employer. Such activities shall
            include, but will not be limited to, the transition of any and all of
            Employee’s
            files (including both hardcopy and electronic information) to the Employer’s
            CEO.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          d.  Employee
            warrants that
            while in the employ of the Employer, Employee did not misrepresent the
            Employer
            or deal with any third party in bad faith. Provided, however, that in
            the event
            a third party makes any claim or assertion that Employee misrepresented
            the
            Employer or dealt in bad faith, such claim or assertion shall not serve
            to
            relieve Employer of its obligations under this Agreement. Employee further
            warrants that Employee has not incurred any expenses or obligations or
            liabilities on behalf of the Employer which have not been disclosed to
            the
            Employer at the signing of this Agreement.

           

          e.  Employee
            recognizes that
            he is deemed an “insider” of Employer and that such status shall continue until
            90 days from the Effective Date (and thereafter if Employee gains access
            to
            non-public information concerning Employer). During the ninety (90) days
            of
            Employee’s insider status after the Effective Date, the Employee shall not trade
            in Company Securities. During the next ninety (90) day period, the Employee
            shall be permitted to sell up to 100,000 shares of Company securities.
            Provided,
            however, that in the event the Employer fails to make any payment required
            under
            this Agreement, the foregoing restrictions on Employee’s right to trade in
            Company securities are void and of no force and effect. In the event
            Employee
            trades in Company securities during such period, Employee shall file
            all SEC
            forms applicable to any such trading activities.

           

          3.  Employee
            agrees that during his employment with Employer, he had access to and
            was
            exposed to the Employer’s, trade secrets (as that term is defined in Section
            688.002(4) of the 2005 Florida Statutes) and confidential business and
            professional information, including, but not limited to, Employer’s policies,
            organization, management, marketing, finances, future plans, budgets,
            strategies, promotional materials, pricing, profit margin, product development,
            employee skills and compensation, customer or client lists and contacts,
            the
            goodwill associated with the Employer’s customers or clients and other
            confidential business information that does not qualify as trade secrets.
            Employee acknowledges and agrees that the release of any such trade secrets
            or
            confidential business or professional information will irreparably harm
            the
            Employer and that the Employer’s trade secrets and confidential business and
            professional information are legitimate business interests of the Employer.
            In
            exchange for the Employer’s covenants and promises, and other good and valuable
            consideration in this Agreement, Employee agrees to be subject to the
            following
            Non-Competition, Non-Solicitation, and Non-Disclosure provisions.

           

          a.  Employee
            agrees that for
            sixty (60) months following his termination from employment, he will
            NOT,
            anywhere in the world:

           

          (i)  directly
            or indirectly,
            as either an owner, operator, agent, employee, independent contractor,
            investor,
            advisor, consultant, partner, officer, director, shareholder or in any
            other
            capacity, engage, participate or invest in a business which competes
            with the
            Employer or its affiliated or related entities with the exception of
            Cash Axcess
            Corporation (Proprietary) Limited (“CAC”) in which the Employer agrees to allow
            Employee to provide consulting services to CAC until Employer has received
            all
            monies due to Employer from the sale of Employer’s ownership in CAC to Coin
            Security Group (Proprietary) Limited estimated to be in April 2007;
            and/or

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          (ii)  directly
            or indirectly
            solicit, entice, encourage or induce any employee of the Employer or
            its
            affiliated or related entities or any person, who at any time within
            one (1)
            year prior to the termination of Employee’s employment shall have been an
            employee of the Employer or its affiliated or related entities, to: (A)
            terminate or negatively alter his or her relationship with the Employer;
            (B) to
            become employed by or associated with any person or company other than
            Employer;
            (C) solicit the business of any current or former client or customer
            of the
            Employer (other than on behalf of the Employer); or (D) induce any former
            or
            current supplier, vendor, consultant, or independent contractor of the
            Employer
            to terminate or negatively alter his, her, or its relationship with the
            Employer; and/or

           

          (iii)  directly
            or indirectly,
            reveal, disclose, publish, use or direct or authorize another to reveal,
            disclose, publish or use Employer’s or its affiliated or related entities’ trade
            secrets or confidential business or professional information without
            the prior
            written consent of Employer.

           

          (iv)  Nothing
            herein contained,
            however, shall restrict Employee from overseeing personal and family
            investments, including, without limitation, any investments in not more
            than
            three percent (3%) of the voting securities in any business which competes
            with
            the Employer or its affiliated or related entities whose stock is listed
            on a
            national securities exchange or is actively traded on the NASDAQ so long
            as in
            connection with such investments Employee does not render services, directly
            or
            indirectly, to a business that competes with the Employer or its affiliated
            or
            related entities. Additionally, nothing contained herein shall preclude
            the
            Employee from selling and processing debit cards anywhere in the world,
            so long
            as Employee does not serve as an officer, director, shareholder or consultant
            in
            Electronic Payment and Transfer Corp., the Company’s former
            subsidiary.

          

          b.  Employee
            agrees that all
            records, files, data, documents and the like relating to the Employer
            shall be
            and remain the sole property of the Employer. Upon termination of Employee’s
            employment with Employer, Employee shall not remove from the Employer’s premises
            or retain any of the materials described in this Section 3.b without
            the prior
            written consent of the Employer, and such materials in Employee’s possession
            shall be delivered promptly to the Employer.

           

          c.  Employee
            acknowledges
            that the legitimate business interests of the Employer are of a special,
            unique
            and extraordinary character, that the restrictions contained in this
            Section 3
            are necessary to protect such legitimate business interests and that
            damages at
            law would be an inadequate remedy. Employee agrees that the Employer
            shall have
            the right to enforce this Agreement and any of its provisions by injunction,
            specific performance or other equitable relief, without the need to show
            actual
            damages, without bond and that the rights and remedies of the Employer
            under
            this Agreement are cumulative and not exclusive of any other right, power
            or
            remedy which the Employer may have under any other agreement or by law.
            In the
            event Employer successfully obtains a preliminary or temporary injunction
            against Employee for any violation of this Section 3, the Employer shall
            be
            relieved of any obligation to pay Employee the sums required under this
            Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          d.   In
            the event that a court
            of competent jurisdiction shall determine that any provision of this
            Section 3
            is invalid or more restrictive than permitted under the governing law
            of such
            jurisdiction, then only as to enforcement of this Section 3 within the
            jurisdiction of such court, such provision shall be interpreted and enforced
            as
            if it provided for the maximum restriction permitted under such governing
            law.

          

          4.  Employee
            agrees to
            provide, free of charge, up to twenty (20) hours per month of consulting
            and/or
            advisory assistance to the Employer as requested by the Employer for
            a period of
            six (6) months following the Effective Date. Such consulting and/or advisory
            assistance may be performed by Employee at Employee’s place of
            business.

           

          5.  The
            Employer agrees as
            follows:

           

          a.  Contemporaneously
            with the execution of this Agreement, Employer shall pay to Employee accrued
            Paid Time Off (“PTO”) of $42,301.14
            (less applicable withholdings, FICA, FUTA and other amounts customarily
            withheld
            from employees of Employer) plus his regular bi-weekly payroll deposit
            for work
            through September 30, 2006.

           

          b.  Employer
            will pay
            Employee approximately 16 months of compensation over a 24 month period
            as
            follows: commencing October 31, 2006 and on the last day of each of the
            following 23 months thereafter (the “Payment Term”) the Employer shall pay
            Employee the sum of $15,699.04 (the “Severance Payment”).

           

          c.  At
            such
            time as the Company receives payment from Coin Security Group in connection
            with
            the sale of the Company’s remaining ownership interest in Cash Axcess
            Corporation, and the balance owed to Employee is equal to or greater
            than the
            sum of $57,698.86, the Employer shall pay to Employee a lump sum in the
            amount
            of $57,698.86, and the remaining balance of the Severance Payment due
            Employee
            after such lump sum payment shall be paid to Employee in equal installments
            over
            the remaining Payment Term. In the event the balance of the Severance
            Payment is
            less than $57,698.86 at the time the foregoing payment is received from
            Coin
            Security Group, then the balance of the Severance Payment shall be paid
            to
            Employee in full with one lump sum payment. 

           

          d.  The
            Severance Payment set forth in Section 5.b. may be prepaid at any time
            by
            Employer in its sole discretion if Employer determines that it has the
            cash
            resources to make such prepayment.

           

          e.  In
            the
            event of a “Change in Control” of Employer the Employer’s assets, the entire
            remaining balance of the Severance Payment owed to Employee shall be
            paid within
            fifteen (15) business days after such event takes place. For purposes
            of this
            Agreement, “Change in Control” shall mean (A) any merger or consolidation of the
            Employer with another entity, whether or not the Employer is the continuing
            or
            surviving entity, that has been voted on and approved by a majority of
            the
            Employer’s shareholders and in which a majority of the Employer’s voting capital
            stock is transferred to holders different from persons or their affiliates
            who
            held the stock immediately prior to such transaction or (B) any sale
            of all or
            substantially all of the Employer’s assets to another entity or person that has
            been voted on and approved by a majority of the Employer’s shareholders and of
            which a majority of the capital stock is held by holders different from
            persons
            or their affiliates who hold voting capital stock of the Employer.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          f.  If
            Employer fails to make a payment when due pursuant to Section 5 a, b,
            c and e,
            then upon written notification of such default from Employee to the Employer,
            the Company shall have thirty (30) days to cure the default. If the Employer
            does not cure the default within the 30-day period then the entire remaining
            balance of the Severance Payment owed to Employee shall become due and
            payable.

           

          g.  Employer
            will pay for the reasonable attorneys’ fees of Employee to have an attorney of
            his choice review the Employment Agreement. Such attorney will also be
            the same
            attorney used by Mr. David Fann regarding Mr. Fann’s separation agreement and
            release.

           

          h.  For
            those
            expenses not previously reimbursed pursuant to Section 5a hereof, within
            ten
            days of the Effective Date Employer will reimburse Employee for any remaining
            customary business expenses incurred on behalf of, and subject to the
            sole
            discretion of, Employer after submission of appropriate supporting
            documentation.

           

          i.  Employer
            will pay the lesser of: (i) $6,600 or (i) the maximum permitted by law
            in
            matching dollars as per the Company’s 401K Plan for contributions made after the
            Effective Date but before the end of 2006.

           

          j.  During
            the period beginning on the Effective Date and ending March 31, 2008
            Employer
            will provide Employee with healthcare benefits for himself and his family
            to the
            extent that that is permissible under its healthcare plans adopted for
            its
            employees as a group; and to the extent that such provision is not permissible,
            Employer will pay Employee a monthly dollar amount equal to the premium
            it would
            otherwise pay on behalf of Employee. As of the Effective Date such medical
            benefits premiums are estimated to be equal to approximately $786 per
            month.

           

          k.  Employee
            will be allowed to keep the following Company-owned assets: (i) laptop
            computer
            used by Employee as of the Effective Date, (ii) mobile phone used by
            Employee as
            of the Effective Date, (iii) pictures displayed at the Employer’s corporate
            office at Ponte Vedra Beach, Florida that were taken by Employee. Employee
            agrees to provide Employer with an electronic copy of all Employer files
            from
            the Employee’s laptop computer and subsequently remove said files from the
            laptop computer.

           

          6.  The
            parties agree that
            this Agreement is undertaken with mutual respect and in the best interest
            of
            both parties. The parties agree that this Agreement shall not constitute
            and
            shall not be construed as an admission of liability or wrongdoing by
            either
            party.

           

          7.  Either
            party’s failure to
            enforce any provision(s) of this Agreement shall not in any way be construed
            as
            a waiver of that provision(s) or prevent that party thereafter from enforcing
            each and every provision of this Agreement.

           

          8.  If
            any of the provisions
            contained in any paragraph herein are found null, void, or inoperative,
            for any
            reason, the remaining provisions shall remain in full force and
            effect.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          9.  The
            parties agree that
            they will not make any untruthful oral or written statement or take any
            other
            action which disparages or criticizes the other party hereto, or Employer’s or
            its affiliated or related entities’ administration, employees, management,
            officers, shareholders or directors. The parties agree that in response
            to any
            third party inquiries that the parties may state such separation was
            on friendly
            terms. In the event any press release is issued relating to Employee’s
            termination of employment with Employer, the parties shall mutually agree
            and
            approve the language of such release.

           

          10.  Employee
            and Employer
            acknowledge that they have read each of the sections herein and fully
            understand
            the terms, nature, and effect of this Agreement, which they voluntarily
            execute
            in good faith and deem to be a fair and equitable settlement of this
            matter.

           

          11.  Except
            as otherwise
            provided in Section 5g, Employer and Employee will each bear their own
            costs and
            expenses incurred in the preparation, review and execution of this
            Agreement.

           

          12.  This
            Agreement supersedes
            any prior agreement or understanding between the parties, written or
            oral, and
            constitutes a complete resolution of all claims by Employee against Releasees.
            There may be no modification of this Agreement except in writing signed
            by the
            parties. The Employment Agreement and any
            other
            employment agreements and/or
            modifications or amendments thereto are
            hereby
            deemed terminated and of no force or effect. Notwithstanding the foregoing
            or
            anything else in this
            Agreement to the contrary, in the event the non-competition and non-solicitation
            agreements contained in Section 3 of this Agreement are determined to
            be
            unenforceable, the non-competition and non-solicitation obligations in
            the
            Employment Agreement shall also continue in full force and effect. Moreover,
            Employee agrees that Employee has the obligation to and will maintain
            and
            protect the confidentiality of Confidential Information (as defined in
            said
            Employment Agreement) following the date of this Agreement. Under no
            circumstances and at no time shall Employee, directly or indirectly,
            disclose,
            divulge, render or offer any knowledge or information with respect to
            any
            Confidential Information. Employee acknowledges and agrees that the unauthorized
            use or disclosure of any of Employer's Confidential Information, obtained
            by
            Employee during the course of employment with Employer constitutes unfair
            competition. Employee therefore promises and agrees not to engage in
            any unfair
            competition with Employer after separation from employment.

           

          13.  All
            notices, consents and
            other communications under this Agreement shall be in writing and shall
            be
            deemed to have been duly given when (a) delivered by hand, (b) sent by
            telex or telecopier (with receipt confirmed), provided that a copy is
            mailed by
            registered mail, return receipt requested, or (c) when received by the
            addressee, if sent by Express Mail, Federal Express or other express
            delivery
            service (receipt requested), in each case to the appropriate addresses
            and
            telecopier numbers set forth below (or to such other addresses and telecopier
            numbers as a party may designate by notice to the other parties):

           

          
            	 	
                    For
                      Employee:

                    Michael
                      J. Dodak

                    Address
                      on file with the Human Resource department of Employer

                    (Personal
                      & Confidential)

                  

          

          
          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    For
                      Employer:

                    Global
                      Axcess Corp

                    Attn:
                      Chief Executive Officer

                    224
                      Ponte Vedra Park Drive

                    Suite
                      100

                    Ponte
                      Vedra Beach, Florida 32082

                    Fax
                      Number: (904) 280-3950

                    (Personal
                      & Confidential)

                  

          

           

          14.  This
            Agreement may be
            filed as a material agreement with appropriate regulatory authorities.
            Any press
            release relating to this Agreement or the termination of Employee shall
            be
            furnished to Employee for his review and approval prior to its release
            to the
            public.

           

          15.  Employee
            agrees to
            cooperate with Employer in a reasonable way with respect to matters arising
            prior to or subsequent to the signing of this Agreement with respect
            to which
            Employee had some involvement or knowledge prior to the Effective Date,
            it being
            agreed that any cooperation or consultation shall not unreasonably interfere
            with Employee’s subsequent employment, if any.

           

          16.  Employee
            agrees that all
            correspondence, drawings, reports, ideas, manuals, letters, data, notes,
            analyses, sales information, personnel information, notebooks, reports,
            charts,
            programs, proposals, legal agreements, files, memoranda, records, and
            any other
            documents concerning the Employer’s customers or products or processes, whether
            or not prepared by and in the course of employment, alone or in conjunction
            with
            others, together with any credit cards and other physical and personal
            property
            which Employee received from the Employer or which Employee generated
            in
            connection with his employment by the Employer, which are in Employee’s
            possession, custody or control, are the sole property of the Employer.
            Employee
            further warrants that he has turned over, or shall promptly return to
            the
            Employer, any such documents or property in his possession, custody or
            control.

           

          17.  Nothing
            in this Agreement
            shall be interpreted as depriving Employee of the protections he is entitled
            to
            under Employer’s insurance policies including, but not limited to, its D&O
            insurance policy and pursuant to Employer’s Articles of Incorporation and
            By-Laws that were in effect on the Effective Date, it being agreed that
            such
            protection shall remain in effect hereafter for the benefit of Employee
            to the
            same extent as other officers and/or directors of Employer.

           

          18.  Employee
            acknowledges
            that any of Employer’s and/or its affiliates’ or related entities’ business
            opportunities which were identified by, known by, or otherwise created
            by
            Employee are the property of the Employer and/or its affiliated or related
            entities.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          19.  The
            parties affirm that
            this Agreement is the product of negotiation and it shall not be construed
            against either party on the basis of sole authorship.

           

          20.  No
            amendment or
            modification of this Agreement requires the consent of any individual,
            partnership, corporation or other entity not a party to this Agreement.
            Nothing
            in this Agreement, express or implied, is intended to confer upon any
            third
            person any rights or remedies under or by reason of this Agreement. It
            is
            expressly understood and agreed that Sections 3, 9, 13, 15, 16 and 17
            shall
            survive any termination of this Agreement.

           

          21.  This
            Agreement may be
            executed in several counterparts with the same effect as if all parties
            hereto
            had signed the same document. All counterparts shall be construed together
            and
            shall constitute one agreement.

           

          22.  This
            Agreement and the
            rights and obligations hereunder shall be governed by, and construed
            and
            interpreted, in all respects, in accordance with the laws of the State
            of
            Florida. In any action to enforce the terms of this Agreement, jurisdiction
            and
            venue shall lie exclusively in the United States District Court, Middle
            District
            of Florida, Jacksonville Division, or the Seventh Judicial Circuit Court
            in St.
            Johns County, Florida. The prevailing party in any action brought to
            enforce the
            terms of this Agreement shall be entitled to an award of reasonable attorney’s
            fees, costs
            and
            expenses.

           

          23.  Employee
            acknowledges
            that Employee has been advised by Employer to seek legal advice regarding
            the
            effect of this Agreement including the release in Section 2. prior to
            signing
            it. Employee has had twenty-one (21) days from the Effective Date, to
            consider
            this Agreement before signing it. Employee understands that he may use
            as much
            of this twenty-one (21) day period as he wishes before signing the Agreement.
            Employee further understands that he may revoke this Agreement within
            seven (7)
            calendar days after signing it. Revocation must be made by delivering
            written
            notice of revocation as provided in Section 13. The seven (7) day revocation
            period, during which the Employee may revoke his acceptance of the Agreement,
            begins on the day he executes this Agreement. Employee understands that
            he may
            not waive the seven (7) day revocation period. By signing this Agreement,
            Employee states that he has received advice of counsel, read it, understands
            it,
            knows that he is giving up important rights, agrees with everything in
            it, and
            has signed it knowingly and voluntarily. Employee agrees that Employer
            shall be
            under no obligation whatsoever to provide any of the benefits in Section
            5. or
            elsewhere herein until after the expiration of the seven (7) days revocation
            period.

           

          IN
            WITNESS WHEREOF, the parties have executed this Agreement in counterparts
            as of
            the day and year first written above.

          
 

          
            	                                                                                                                       
                    	 	GLOBAL
                    AXCESS CORP
	Michael
                    J. Dodak	 	 
	 	 	By:                                   
                    
	 	 	Its:Unassociated Document

    
      

        SEPARATION
          AGREEMENT AND RELEASE

         

        This
          Separation Agreement and Release (“Agreement”), dated as of October 10, 2006, by
          and between the parties hereto, David Fann (“Employee”) and Global Axcess Corp
          (“Employer” or “Company”).

         

        RECITALS

         

        On
          or
          about May 17, 2005, the Company and the Employee entered into that certain
          Employment Agreement (the “Employment Agreement”). 

         

        The
          parties desire to terminate the Employment Agreement and otherwise resolve
          amicably all issues arising out of the cessation of Employees’ employment, and
          to memorialize their Agreement. Therefore, in consideration of the mutual
          covenants and promises set forth below, and other good and valuable
          consideration, the receipt and sufficiency of which are hereby acknowledged,
          the
          parties expressly, knowingly and voluntarily agree as follows:

         

        AGREEMENTS

         

        1.  The
          foregoing recitals are incorporated by reference and are acknowledged to
          be true
          and correct.

         

        2.  In
          exchange for the promises made by Employer contained in this Agreement,
          Employee
          agrees as follows:

         

        a.  Employee's
          last day of
          employment is established as Saturday, September 30, 2006 (the “Effective
          Date”). On the Effective Date Employee shall cease being an employee, officer
          and director of Employer.

         

        b.  Employee,
          for Employee and Employee’s heirs, assigns, executors, successors, agents,
          attorneys and representatives, and any person acting by, through, on behalf
          of,
          or under Employee hereby covenants not to sue, and irrevocably and
          unconditionally releases Employer, and all of its past, present and future
          directors, shareholders, officers, agents, employees and current and former
          affiliated parent and/or subsidiary business entities, (collectively
“Releasees”), and each of them, from any and all charges, complaints, claims,
          liabilities, obligations, promises, agreements, controversies, damages,
          actions,
          causes of action, suits, rights, demands, costs, losses, debts, and expenses
          (including attorneys’ fees and costs actually incurred) of any nature
          whatsoever, known or unknown that Employee ever had, or now has against
          the
          Releasees based on or arising out of any financial obligations Employer
          owes to
          Employee by virtue of any agreement between the parties therefor.

         

        c.   For
          a reasonable period
          of time in connection with his separation from employment, Employee agrees
          to
          cooperate with the Employer in connection with the transition of various
          activities as reasonably requested by the Employer. Such activities shall
          include, but will not be limited to, the transition of any and all of Employee’s
          files (including both hardcopy and electronic information) to the Employer’s
          CEO.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        d.  Employee
          warrants that
          while in the employ of the Employer, Employee did not misrepresent the
          Employer
          or deal with any third party in bad faith. Provided, however, that in the
          event
          a third party makes any claim or assertion that Employee misrepresented
          the
          Employer or dealt in bad faith, such claim or assertion shall not serve
          to
          relieve Employer of its obligations under this Agreement. Employee further
          warrants that Employee has not incurred any expenses or obligations or
          liabilities on behalf of the Employer which have not been disclosed to
          the
          Employer at the signing of this Agreement.

         

        e.  Employee
          recognizes that he is deemed an “insider” of Employer and that such status shall
          continue until 90 days from the Effective Date (and thereafter if Employee
          gains
          access to non-public information concerning Employer). During the ninety
          (90)
          days of Employee’s insider status after the Effective Date, the Employee shall
          not trade in Company Securities. During the next ninety (90) day period,
          the
          Employee shall be permitted to sell up to 100,000 shares of Company securities.
          Provided, however, that in the event the Employer fails to make any payment
          required under this Agreement, the foregoing restrictions on Employee’s right to
          trade in Company securities are void and of no force and effect. In the
          event
          Employee trades in Company securities during such period, Employee shall
          file
          all SEC forms applicable to any such trading activities.

         

        3.  Employee
          agrees that during his employment with Employer, he had access to and was
          exposed to the Employer’s, trade secrets (as that term is defined in Section
          688.002(4) of the 2005 Florida Statutes) and confidential business and
          professional information, including, but not limited to, Employer’s policies,
          organization, management, marketing, finances, future plans, budgets,
          strategies, promotional materials, pricing, profit margin, product development,
          employee skills and compensation, customer or client lists and contacts,
          the
          goodwill associated with the Employer’s customers or clients and other
          confidential business information that does not qualify as trade secrets.
          Employee acknowledges and agrees that the release of any such trade secrets
          or
          confidential business or professional information will irreparably harm
          the
          Employer and that the Employer’s trade secrets and confidential business and
          professional information are legitimate business interests of the Employer.
          In
          exchange for the Employer’s covenants and promises, and other good and valuable
          consideration in this Agreement, Employee agrees to be subject to the following
          Non-Competition, Non-Solicitation, and Non-Disclosure provisions.

         

        a.  Employee
          agrees that for sixty (60) months following his termination from employment,
          he
          will NOT, anywhere in the world:

         

        (i)  directly
          or indirectly,
          as either an owner, operator, agent, employee, independent contractor,
          investor,
          advisor, consultant, partner, officer, director, shareholder or in any
          other
          capacity, engage, participate or invest in a business which competes with
          the
          Employer or its affiliated or related entities; and/or

         

        (ii)  directly
          or indirectly
          solicit, entice, encourage or induce any employee of the Employer or its
          affiliated or related entities or any person, who at any time within one
          (1)
          year prior to the termination of Employee’s employment shall have been an
          employee of the Employer or its affiliated or related entities, to: (A)
          terminate or negatively alter his or her relationship with the Employer;
          (B) to
          become employed by or associated with any person or company other than
          Employer;
          (C) solicit the business of any current or former client or customer of
          the
          Employer (other than on behalf of the Employer); or (D) induce any former
          or
          current supplier, vendor, consultant, or independent contractor of the
          Employer
          to terminate or negatively alter his, her, or its relationship with the
          Employer; and/or

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        (iii)  directly
          or indirectly,
          reveal, disclose, publish, use or direct or authorize another to reveal,
          disclose, publish or use Employer’s or its affiliated or related entities’ trade
          secrets or confidential business or professional information without the
          prior
          written consent of Employer.

         

        (iv)  Nothing
          herein contained,
          however, shall restrict Employee from overseeing personal and family
          investments, including, without limitation, any investments in not more
          than
          three percent (3%) of the voting securities in any business which competes
          with
          the Employer or its affiliated or related entities whose stock is listed
          on a
          national securities exchange or is actively traded on the NASDAQ so long
          as in
          connection with such investments Employee does not render services, directly
          or
          indirectly, to a business that competes with the Employer or its affiliated
          or
          related entities. Additionally, nothing contained herein shall preclude
          the
          Employee from selling and processing debit cards anywhere in the world,
          so long
          as Employee does not serve as an officer, director, shareholder or consultant
          in
          Electronic Payment and Transfer Corp., the Company’s former
          subsidiary.

         

        b.  Employee
          agrees that all
          records, files, data, documents and the like relating to the Employer shall
          be
          and remain the sole property of the Employer. Upon termination of Employee’s
          employment with Employer, Employee shall not remove from the Employer’s premises
          or retain any of the materials described in this Section 3.b without the
          prior
          written consent of the Employer, and such materials in Employee’s possession
          shall be delivered promptly to the Employer.

         

        c.  Employee
          acknowledges
          that the legitimate business interests of the Employer are of a special,
          unique
          and extraordinary character, that the restrictions contained in this Section
          3
          are necessary to protect such legitimate business interests and that damages
          at
          law would be an inadequate remedy. Employee agrees that the Employer shall
          have
          the right to enforce this Agreement and any of its provisions by injunction,
          specific performance or other equitable relief, without the need to show
          actual
          damages, without bond and that the rights and remedies of the Employer
          under
          this Agreement are cumulative and not exclusive of any other right, power
          or
          remedy which the Employer may have under any other agreement or by law.
          In the
          event Employer successfully obtains a preliminary or temporary injunction
          against Employee for any violation of this Section 3, the Employer shall
          be
          relieved of any obligation to pay Employee the sums required under this
          Agreement.

         

        d.  In
          the
          event that a court of competent jurisdiction shall determine that any provision
          of this Section 3 is invalid or more restrictive than permitted under the
          governing law of such jurisdiction, then only as to enforcement of this
          Section
          3 within the jurisdiction of such court, such provision shall be interpreted
          and
          enforced as if it provided for the maximum restriction permitted under
          such
          governing law.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        4.  Employee
          agrees to
          provide, free of charge, up to twenty (20) hours per month of consulting
          and/or
          advisory assistance to the Employer as requested by the Employer for a
          period of
          six (6) months following the Effective Date. Such consulting and/or advisory
          assistance may be performed by Employee at Employee’s place of
          business.

         

        5.  The
          Employer agrees as
          follows:

         

        a.  Contemporaneously
          with the execution of this Agreement, Employer shall pay to Employee accrued
          Paid Time Off (“PTO”) of $23,692.86
          (less applicable withholdings, FICA, FUTA and other amounts customarily
          withheld
          from employees of Employer) plus his regular bi-weekly payroll deposit
          for work
          through September 30, 2006.

         

        b.  Employer
          will pay Employee approximately 11 months of compensation over a 12 month
          period
          as follows: commencing October 31, 2006 and on the last day of each of
          the
          following 11 months thereafter (the “Payment Term”) the Employer shall pay
          Employee the sum of $15,046.13 (the “Severance Payment”).

         

        c.  At
          such
          time as the Company receives payment from Coin Security Group in connection
          with
          the sale of the Company’s remaining ownership interest in Cash Axcess
          Corporation, and the balance owed to Employee is equal to or greater than
          the
          sum of $26,307.14, the Employer shall pay to Employee a lump sum in the
          amount
          of $26,307.14, and the remaining balance of the Severance Payment due Employee
          after such lump sum payment shall be paid to Employee in equal installments
          over
          the remaining Payment Term. In the event the balance of the Severance Payment
          is
          less than $26,307.14 at the time the foregoing payment is received from
          Coin
          Security Group, then the balance of the Severance Payment shall be paid
          to
          Employee in full with one lump sum payment. 

         

        d.    The
          Severance Payment set
          forth in Section 5.b. may be prepaid at any time by Employer in its sole
          discretion if Employer determines that it has the cash resources to make
          such
          prepayment.

         

        e.  In
          the event of a “Change in Control” of Employer the Employer’s assets, the entire
          remaining balance of the Severance Payment owed to Employee shall be paid
          within
          fifteen (15) business days after such event takes place. For purposes of
          this
          Agreement, “Change in Control” shall mean (A) any merger or consolidation of the
          Employer with another entity, whether or not the Employer is the continuing
          or
          surviving entity, that has been voted on and approved by a majority of
          the
          Employer’s shareholders and in which a majority of the Employer’s voting capital
          stock is transferred to holders different from persons or their affiliates
          who
          held the stock immediately prior to such transaction or (B) any sale of
          all or
          substantially all of the Employer’s assets to another entity or person that has
          been voted on and approved by a majority of the Employer’s shareholders and of
          which a majority of the capital stock is held by holders different from
          persons
          or their affiliates who hold voting capital stock of the Employer.

         

        f.  If
          Employer fails to make
          a payment when due pursuant to Section 5 a, b, c or e, then upon written
          notification of such default from Employee to the Employer, the Company
          shall
          have thirty (30) days to cure the default. If the Employer does not cure
          the
          default within the 30-day period then the entire remaining balance of the
          Severance Payment owed to Employee shall become due and payable.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        g.  Employer
          will pay for the
          reasonable attorneys’ fees of Employee to have an attorney of his choice review
          the Employment Agreement. Such attorney will also be the same attorney
          used by
          Mr. Michael Dodak regarding Mr. Dodak’s separation agreement and
          release.

         

        h.  For
          those expenses not
          previously reimbursed pursuant to Section 5a hereof, within ten days of
          the
          Effective Date Employer will reimburse Employee for any remaining customary
          business expenses incurred on behalf of, and subject to the sole discretion
          of,
          Employer after submission of appropriate supporting documentation.

         

        i.  Employer
          will pay the
          lesser of: (i) $6,600 or (i) the maximum permitted by law in matching dollars
          as
          per the Company’s 401K Plan for contributions made after the Effective Date but
          before the end of 2006.

         

        j.  During
          the period
          beginning on the Effective Date and ending September 30, 2007 Employer
          will
          provide Employee with healthcare benefits for himself and his family to
          the
          extent that that is permissible under its healthcare plans adopted for
          its
          employees as a group; and to the extent that such provision is not permissible,
          Employer will pay Employee a monthly dollar amount equal to the premium
          it would
          otherwise pay on behalf of Employee. As of the Effective Date such medical
          benefits premiums are estimated to be equal to approximately $1,156 per
          month.

         

        k.  Employee
          will be allowed
          to keep the following Company-owned assets: (i) laptop computer used by
          Employee
          as of the Effective Date, (ii) mobile phone used by Employee as of the
          Effective
          Date, Employee agrees to provide Employer with an electronic copy of all
          Employer files from the Employee’s laptop computer and subsequently remove said
          files from the laptop computer.

         

        6.  The
          parties agree that
          this Agreement is undertaken with mutual respect and in the best interest
          of
          both parties. The parties agree that this Agreement shall not constitute
          and
          shall not be construed as an admission of liability or wrongdoing by either
          party.

         

        7.  Either
          party’s failure to
          enforce any provision(s) of this Agreement shall not in any way be construed
          as
          a waiver of that provision(s) or prevent that party thereafter from enforcing
          each and every provision of this Agreement.

         

        8.  If
          any of the provisions
          contained in any paragraph herein are found null, void, or inoperative,
          for any
          reason, the remaining provisions shall remain in full force and
          effect.

         

        9.  The
          parties agree that
          they will not make any untruthful oral or written statement or take any
          other
          action which disparages or criticizes the other party hereto, or Employer’s or
          its affiliated or related entities’ administration, employees, management,
          officers, shareholders or directors. The parties agree that in response
          to any
          third party inquiries that the parties may state such separation was on
          friendly
          terms. In the event any press release is issued relating to Employee’s
          termination of employment with Employer, the parties shall mutually agree
          and
          approve the language of such release.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        10.  Employee
          and Employer
          acknowledge that they have read each of the sections herein and fully understand
          the terms, nature, and effect of this Agreement, which they voluntarily
          execute
          in good faith and deem to be a fair and equitable settlement of this
          matter.

         

        11.  Except
          as otherwise
          provided in Section 5g, Employer and Employee will each bear their own
          costs and
          expenses incurred in the preparation, review and execution of this
          Agreement.

         

        12.  This
          Agreement supersedes
          any prior agreement or understanding between the parties, written or oral,
          and
          constitutes a complete resolution of all claims by Employee against Releasees.
          There may be no modification of this Agreement except in writing signed
          by the
          parties. The Employment Agreement and any
          other
          employment agreements and/or
          modifications or amendments thereto are
          hereby
          deemed terminated and of no force or effect. Notwithstanding the foregoing
          or
          anything else in this Agreement to the contrary, in the event the
          non-competition and non-solicitation agreements contained in Section 3
          of this
          Agreement are determined to be unenforceable, the non-competition and
          non-solicitation obligations in the Employment Agreement shall also continue
          in
          full force and effect. Moreover, Employee agrees that Employee has the
          obligation to and will maintain and protect the confidentiality of Confidential
          Information (as defined in said Employment Agreement) following the date
          of this
          Agreement. Under no circumstances and at no time shall Employee, directly
          or
          indirectly, disclose, divulge, render or offer any knowledge or information
          with
          respect to any Confidential Information. Employee acknowledges and agrees
          that
          the unauthorized use or disclosure of any of Employer's Confidential
          Information, obtained by Employee during the course of employment with
          Employer
          constitutes unfair competition. Employee therefore promises and agrees
          not to
          engage in any unfair competition with Employer after separation from
          employment.

         

        13.  All
          notices, consents and
          other communications under this Agreement shall be in writing and shall
          be
          deemed to have been duly given when (a) delivered by hand, (b) sent by
          telex or telecopier (with receipt confirmed), provided that a copy is mailed
          by
          registered mail, return receipt requested, or (c) when received by the
          addressee, if sent by Express Mail, Federal Express or other express delivery
          service (receipt requested), in each case to the appropriate addresses
          and
          telecopier numbers set forth below (or to such other addresses and telecopier
          numbers as a party may designate by notice to the other parties):

         

        
          	 	
                  For
                    Employee:

                  David
                    Fann

                  Address
                    on file with the Human Resource department of Employer
                    (Personal &
Confidential)

                

        

        
        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  For
                    Employer:

                  Global
                    Axcess Corp

                  Attn:
                    Chief Executive Officer

                  224
                    Ponte Vedra Park Drive

                  Suite
                    100

                  Ponte
                    Vedra Beach, Florida 32082

                  Fax
                    Number: (904) 280-3950

                  (Personal
                    & Confidential)

                

        

         

        
        

        14.  This
          Agreement may be
          filed as a material agreement with appropriate regulatory authorities.
          Any press
          release relating to this Agreement or the termination of Employee shall
          be
          furnished to Employee for his review and approval prior to its release
          to the
          public.

         

        15.  Employee
          agrees to
          cooperate with Employer in a reasonable way with respect to matters arising
          prior to or subsequent to the signing of this Agreement with respect to
          which
          Employee had some involvement or knowledge prior to the Effective Date,
          it being
          agreed that any cooperation or consultation shall not unreasonably interfere
          with Employee’s subsequent employment, if any.

         

        16.  Employee
          agrees that all
          correspondence, drawings, reports, ideas, manuals, letters, data, notes,
          analyses, sales information, personnel information, notebooks, reports,
          charts,
          programs, proposals, legal agreements, files, memoranda, records, and any
          other
          documents concerning the Employer’s customers or products or processes, whether
          or not prepared by and in the course of employment, alone or in conjunction
          with
          others, together with any credit cards and other physical and personal
          property
          which Employee received from the Employer or which Employee generated in
          connection with his employment by the Employer, which are in Employee’s
          possession, custody or control, are the sole property of the Employer.
          Employee
          further warrants that he has turned over, or shall promptly return to the
          Employer, any such documents or property in his possession, custody or
          control.

         

        17.  Nothing
          in this Agreement
          shall be interpreted as depriving Employee of the protections he is entitled
          to
          under Employer’s insurance policies including, but not limited to, its D&O
          insurance policy and pursuant to Employer’s Articles of Incorporation and
          By-Laws that were in effect on the Effective Date, it being agreed that
          such
          protection shall remain in effect hereafter for the benefit of Employee
          to the
          same extent as other officers and/or directors of Employer.

         

        18.  Employee
          acknowledges
          that any of Employer’s and/or its affiliates’ or related entities’ business
          opportunities which were identified by, known by, or otherwise created
          by
          Employee are the property of the Employer and/or its affiliated or related
          entities.

         

        19.  The
          parties affirm that
          this Agreement is the product of negotiation and it shall not be construed
          against either party on the basis of sole authorship.

         

        20.  No
          amendment or
          modification of this Agreement requires the consent of any individual,
          partnership, corporation or other entity not a party to this Agreement.
          Nothing
          in this Agreement, express or implied, is intended to confer upon any third
          person any rights or remedies under or by reason of this Agreement. It
          is
          expressly understood and agreed that Sections 3, 9, 13, 15, 16 and 17 shall
          survive any termination of this Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        21.  This
          Agreement may be
          executed in several counterparts with the same effect as if all parties
          hereto
          had signed the same document. All counterparts shall be construed together
          and
          shall constitute one agreement.

         

        22.  This
          Agreement and the
          rights and obligations hereunder shall be governed by, and construed and
          interpreted, in all respects, in accordance with the laws of the State
          of
          Florida. In any action to enforce the terms of this Agreement, jurisdiction
          and
          venue shall lie exclusively in the United States District Court, Middle
          District
          of Florida, Jacksonville Division, or the Seventh Judicial Circuit Court
          in St.
          Johns County, Florida. The prevailing party in any action brought to enforce
          the
          terms of this Agreement shall be entitled to an award of reasonable attorney’s
          fees, costs and expenses.

         

        23.  Employee
          acknowledges that Employee has been advised by Employer to seek legal advice
          regarding the effect of this Agreement including the release in Section
          2. prior
          to signing it. Employee has had twenty-one (21) days from the Effective
          Date, to
          consider this Agreement before signing it. Employee understands that he
          may use
          as much of this twenty-one (21) day period as he wishes before signing
          the
          Agreement. Employee further understands that he may revoke this Agreement
          within
          seven (7) calendar days after signing it. Revocation must be made by delivering
          written notice of revocation as provided in Section 13. The seven (7) day
          revocation period, during which the Employee may revoke his acceptance
          of the
          Agreement, begins on the day he executes this Agreement. Employee understands
          that he may not waive the seven (7) day revocation period. By signing this
          Agreement, Employee states that he has received advice of counsel, read
          it,
          understands it, knows that he is giving up important rights, agrees with
          everything in it, and has signed it knowingly and voluntarily. Employee
          agrees
          that Employer shall be under no obligation whatsoever to provide any of
          the
          benefits in Section 5. or elsewhere herein until after the expiration of
          the
          seven (7) days revocation period.

         

        IN
          WITNESS WHEREOF, the parties have executed this Agreement in counterparts
          as of
          the day and year first written above.

         

        
          
            	                                             
                                                                        
                    	 	GLOBAL
                    AXCESS CORP
	
                    David
                      Fann

                  	 	 
	 	 	By:                                            
                    
	 	 	Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]