Document:

Exhibit
        10.2

      

      SECOND
        AMENDED ADVISORY SERVICES AGREEMENT

      

      This
        Second Amended Advisory Services Agreement (the “Second
        Amendment”),
        is
        effective as of May 18, 2007, between James B. Panther, II (the “Consultant”),
        and
        VoIP, Inc. (the “Company”).

      

      WHEREAS,
        on
        May 9,
        2007, the Consultant and the Company entered into an Advisory Services Agreement
        (the “Services
        Agreement”),
        and
        on May 14, 2007 these parties entered into a First Amended Advisory Services
        Agreement; and

      

      WHEREAS,
        the
        Consultant and the Company wish to further amend certain sections of the
        Services Agreement; and

      

      NOW,
        THEREFORE,
        in
        consideration of the mutual covenants contained in this Second Amendment,
        and
        for good and valuable consideration, the receipt of which is hereby
        acknowledged, it is agreed as follows:

      

        
          	
                  1.

                	 	
                  It
                    is agreed that Sections 3(d), 3(e), 4(e), and the related Exhibits
                    A and C
                    of the Services Agreement shall be eliminated.

                
	 	 	 
	
                  2.

                	 	
                  It
                    is further agreed that the Consultant will not engage in capital
                    raising
                    or stock promotion activities on behalf of the Company during
                    the term of
                    the Services Agreement, as amended.

                
	 	 	 
	
                  3.

                	 	
                  It
                    is further acknowledged that the Consultant is an “accredited investor”
                    (as defined in Rule 501 of Regulation D), and such Consultant
                    has such
                    experience in business and financial matters that he is capable
                    of
                    evaluating the merits and risks of an investment in the Company’s
                    securities as provide for in the Services Agreement (the “Securities”), as
                    amended. Such Consultant is not required to be registered as
                    a
                    broker-dealer under Section 15 of the Exchange Act and such Purchaser
                    is
                    not a broker-dealer. The Consultant acknowledges that an investment
                    in the
                    Securities is speculative and involves a high degree of
                    risk.

                

        

      

       

      IN
        WITNESS WHEREOF, this Second Amended Advisory Services Agreement has been
        executed by the parties first listed above on as of May 18, 2007.

      

      
        	
                CONSULTANT:

              	
                COMPANY:

              
	
                JAMES
                  B. PANTHER, II

              	
                VOIP,
                  INC.

              
	 	 
	
                /s/
                  James B. Panther, II 
                  

                

                James
                  B. Panther, II

              	
                /s/
                  Anthony Cataldo
                  

                

                By:
                  Anthony Cataldo 
                  Its:
                    Chief
                    Executive OfficerExhibit
      10.3

    

    SETTLEMENT
      AGREEMENT AND RELEASE

    

    THIS
      SETTLEMENT AGREEMENT AND RELEASE ("Agreement") is dated as of May 23, 2007
      by
      and between CROSS COUNTRY CAPITAL PARTNERS, L.P. ("Cross Country"), and VOIP,
      INC. ("VoIP").

     

    WHEREAS,
      Cross Country and VoIP entered into a certain Subscription Agreement dated
      as of
      August 26, 2005, as amended on November 16, 2005 (the “Subscription
      Agreement”);

     

    WHEREAS,
      pursuant to the Subscription Agreement, Cross Country purchased from VoIP a
      certain number of warrants and shares of VoIP’s stock;

     

    WHEREAS,
      on or about September 25, 2006 Cross Country brought an action against VoIP
      entitled Cross
      Country Capital Partners, LP v. VoIP, Inc.,
      Cause
      No. 06-10030 (the “Action”) in the District Court for Dallas County, Texas,
      116th
      Judicial
      District, (the "Court"), whereby Cross Country asserted claims against VoIP
      alleging that VoIP breached certain provisions of the Subscription Agreement
      (the “Claims”);

     

    WHEREAS,
      on or about February 5, 2007, Cross Country filed Plaintiff’s First Amended
      Original Petition alleging additional breaches of the Subscription Agreement
      by
      VoIP;

     

    WHEREAS,
      VoIP denies that it is liable for the relief sought in the Action, but
      acknowledges that it does not have sufficient cash to satisfy the claims made
      in
      the Action;

     

    WHEREAS,
      VoIP currently only has the means to satisfy payment of bona fide claims through
      the issuance to Cross Country of authorized shares, pursuant to Section 3(a)(10)
      of the Securities Act of 1933; and 

     

    WHEREAS,
      all of the parties are mutually desirous of settling this matter;

     

    NOW,
      THEREFORE, in consideration of the terms and conditions hereinafter set forth,
      the sufficiency of which is hereby acknowledged, the parties do hereby agree
      as
      follows:

     

    1.    The
      foregoing recitals are true and correct.

     

    2.    SETTLEMENT
      SHARES.
      As soon
      as practicable following entry of an order by the Court in accordance with
      Paragraph 4 herein, and subject to subparagraphs 2(a) and (b) below, VoIP shall
      cause to be issued 12,500,000 free trading shares of VoIP common stock to Cross
      Country (the "Settlement Shares"). The strike price of the 1,537,500 Class
      D
      Warrants and 687,500 Class D Warrants currently owned by Cross Country shall
      be
      changed to $0.18 (the “New Strike Price”) and Cross Country shall continue to
      own such warrants at the New Strike Price.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                	(a)	
                  Of
                    the 12,500,000 Settlement Shares, 6,250,000 such shares (the
“Volume
                    Limitation Shares”) are subject to the following restriction: During any
                    ninety (90) day period, Cross
                    Country may only sell an amount of the Volume Limitation Shares
                    in an
                    aggregate amount up to 1% of the outstanding common stock of
                    VoIP as shown
                    by the most recent report or statement published by VoIP. After
                    every sale
                    as contemplated herein, Cross Country will provide evidence of
                    such sale
                    through a confirming monthly statement or on another comparable
                    document;

                

        

      

    

     

    
      
        
          	
                	(b)	
                  The
                    remaining 6,250,000 Settlement Shares (the “Remaining Settlement Shares”)
                    may be disposed of by Cross Country at such time or times thereafter,
                    and
                    in such manner, as it deems appropriate in its sole discretion;
                    provided,
                    however, that Cross Country shall provide VoIP with two (2) days
                    prior
                    notice of any such disposition.

                

        

      

    

     

    3.    SECOND
      CLOSING.
      Any
      rights to a Second Closing pursuant to paragraph 1(b) of the Subscription
      Agreement shall be null and void.

     

    4.    FAIRNESS
      HEARING.
      Promptly upon execution hereof (but in any event within three (3) Business
      Days
      thereof), VoIP and Cross Country agree, pursuant to 15 U.S.C. §77(a)(10), to
      submit the terms and conditions of this Agreement to the Court for a hearing
      on
      the fairness of such terms and conditions, for the issuance of an exemption
      from
      registration of the Settlement Shares and an Order approving the Agreement.
      VoIP
      avers it is a “reporting issuer” that files reports with the SEC under Section
      13 of the Securities and Exchange Act of 1934 (the “Exchange Act”); VoIP avers
      it is current in all its filing required under the Exchange Act; and Cross
      Country avers it has access to, and has accessed all such filings. In connection
      with such a Fairness Hearing, VoIP, the issuer of the securities, and Cross
      Country, the proposed person to whom the securities are to be issued, agree
      that
      the value of the Settlement Shares utilized to satisfy the Claims is fair and
      reasonable. This Agreement shall become binding upon the parties only upon
      entry
      of an order by the Court substantially in the form annexed hereto as Exhibit
      A
      (the “Order”); and in the event the Order is not so entered, this Agreement
      shall be null and void.

     

    5.    NECESSARY
      ACTION.
      At all
      times after the execution of this Agreement and entry of the Order by the Court,
      each party hereto agrees to take or cause to be taken all such necessary action
      including, without limitation, the execution and delivery of such further
      instruments and documents, as may be reasonably requested by any party for
      such
      purposes or otherwise necessary to complete or perfect the transaction
      contemplated hereby.

     

    6.    CONFIDENTIALITY
      AGREEMENT.
      At all
      times prior to execution of this Agreement, the parties hereto agree to not
      disclose to any other person any of the terms of said Agreement.

     

    7.    RELEASES.

     

    
      	 	
              (a)

            	
              Upon
                delivery of the Settlement Shares to Cross Country and in consideration
                of
                the terms and conditions of this Agreement, and except for the obligations
                and representations arising or made hereunder or a breach hereof,
                Cross
                Country hereby releases, acquits and forever discharges VoIP and
                each,
                every and all its current and past officers, directors, shareholders,
                affiliated corporations, subsidiaries, agents, employees, representatives,
                attorneys, predecessors, successors and assigns, of and from any
                and all
                claims, damages, causes of action, suits and costs, of whatever nature,
                character or description, whether known or unknown, anticipated or
                unanticipated, which Cross Country may now have or may hereafter
                have or
                claim to have against VoIP with respect to the Action. Nothing herein
                shall be deemed to negate or affect Cross Country's right to enforce
                the
                terms and conditions of this
                Agreement.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Upon
                delivery of the Settlement Shares to Cross Country and in consideration
                of
                the terms and conditions of this Agreement, and except for the obligations
                and representations arising or made hereunder or a breach hereof,
                VoIP
                hereby releases, acquits and forever discharges Cross Country and
                each,
                every and all its current and past officers, limited partners, general
                partners, directors, shareholders, affiliated corporations, subsidiaries,
                agents, employees, representatives, attorneys, predecessors, successors
                and assigns of and from any and all claims, damages, causes of action,
                suits and costs, of whatever nature, character or description, whether
                known or unknown, anticipated or unanticipated, which VoIP may now
                have or
                may hereafter have or claim to have against Cross Country with respect
                to
                the Action. Nothing herein shall be deemed to negate or affect VoIP’s
                right to enforce the terms and conditions of this
                Agreement.

            

    

     

    8.    CONTINUING
      JURISDICTION.
      Simultaneously with the execution of this Agreement, the attorneys representing
      the parties hereto will execute an Agreed Order of Dismissal substantially
      in
      the form annexed hereto as Exhibit B (the “Agreed Order of Dismissal”), which
      shall be held by Cross Country's counsel and filed with the Court after VoIP’s
      delivery of the Settlement Shares in accordance with paragraph 2 herein. In
      order to enable the Court to grant specific enforcement and other equitable
      relief in connection with this Agreement, (a) the parties consent to the
      jurisdiction of the Court for purposes of enforcing this Agreement and (b)
      each
      party to this Agreement expressly waives any contention that there is an
      adequate remedy at law or any like doctrine that might otherwise preclude
      injunctive relief to enforce this Agreement.

     

    9.    CONTINUING
      OBLIGATION.
      Both
      parties agree to use their best efforts to cooperate with the Court to cause
      the
      Order to be timely entered and agree that delays caused due to Court calendars
      shall not constitute a valid reason to void this Agreement.

     

    10.        
      INFORMATION.
      VoIP
      and Cross Country each represent that prior to the execution of this Agreement,
      they have had the advice of counsel, they fully informed themselves of its
      terms, contents, conditions and effects, and that no promise or representation
      of any kind has been made to them except as expressly stated in this
      Agreement.

     

    11.       
       OWNERSHIP
      AND AUTHORITY.
      VoIP
      and Cross Country represent and warrant that they have not sold, assigned,
      transferred, conveyed or otherwise disposed of any or all of any claim, demand,
      right or cause of action, relating to any matter which is covered by this
      Agreement, that each is the sole owner of such claim, demand, right or cause
      of
      action, and each has the power and authority and has been duly authorized to
      enter into and perform this Agreement and that this Agreement is a binding
      obligation of each, enforceable in accordance with its terms.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    12.         BINDING
      NATURE.
      This
      Agreement shall be binding on all parties executing this Agreement and their
      respective successors, assigns and heirs.

     

    13.         AUTHORITY
      TO BIND.
      Each
      party to this Agreement represents and warrants that the execution, delivery
      and
      performance of this Agreement and the consummation of the transaction provided
      in this Agreement have been duly authorized by all necessary action of the
      respective entity and that the person executing this Agreement on its behalf
      has
      the full capacity to bind that entity. Each party further represents and
      warrants that it has been represented by independent counsel of its choice
      with
      the negotiation and execution of this Agreement and that counsel has reviewed
      this Agreement.

     

    14.         SIGNATURES.
      This
      Agreement may be signed in counterparts and the Agreement, together with its
      counterpart signature pages, shall be deemed valid and binding on each party
      when duly executed by all parties. Facsimile signatures shall be deemed valid
      and binding for all purposes.

     

    15.         CHOICE
      OF LAW, ETC.
      Notwithstanding the place where this Agreement may be executed by either of
      the
      parties, or any other factor, all terms and provisions hereof shall be governed
      by and construed in accordance with the laws of the State of Texas, applicable
      to agreements made and to be fully performed in that State and without regard
      to
      principles of conflicts of law thereof. 

     

    16.         INCONSISTENCY.
      In the
      event of any inconsistency between the terms of this Agreement and any other
      document executed in connection herewith, the terms of this Agreement shall
      control to the extent necessary to resolve such inconsistency.

     

    17.         ATTORNEYS’
      FEES.
      In any
      proceeding involving or relating to the actual or alleged breach of any term
      of
      this Agreement, the prevailing party shall be entitled to an award of its
      reasonable attorneys' fees and costs.

     

    18.         MODIFICATION.
      This
      Agreement may be amended, altered or modified only by a written agreement among
      the parties.

     

    19.         NO
      WAIVER.
      Failure
      of any party to insist upon compliance with any provision hereof shall not
      constitute a waiver thereof, and no waiver of any provision of this Agreement
      shall be effective unless it is in writing and signed by the party against
      whom
      it is asserted. Any waiver of any provision of this Agreement shall only be
      applicable to the specific provision and instance to which it is related and
      shall not be deemed to be a continuing or future waiver as to such provision
      or
      as to any other provision.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
      first indicated above.

     

    
      	 	VOIP,
              INC.
	 	 	 
	 	
              By:

            	
              /s/
                Robert Staats

            
	 	 	
              Robert
                Staats

            
	 	 	
              Its:
                Chief Accounting Officer

            
	 	 	 
	 	 	 
	 	CROSS
              COUNTRY CAPITAL PARTNERS, L.P.
	 	 	 
	 	
              By:

            	
              /s/
                Denton Jones

            
	 	 	
              Denton
                Jones

            
	 	 	
              Its:
                General Partner

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