Document:

Letter Agreement dated March 1, 2002 by and between Registrant and Bala Vishwanath

SMARTE SOLUTIONS, INC.

March 1, 2002

From: Bala Vishwanath

To: Board of Directors of Smarte Solutions, Inc.

Pursuant to the Executive Employment Agreement between myself and Smarte Solutions, Inc. (Employment Agreement) I request approval of the following business activities outside of my role as President of the Company, as defined in paragraph 1a and other paragraph of the Employment Agreement:

Stock ownership:

I have or may obtain an ownership stake of 5% or more in the following companies:

Elmaq Software Pvt Ltd

Elmaq Software, Inc.

Board Involvement:

I have or may retain a seat on the Board of Directors of the following companies:

Elmaq Software Pvt Ltd

Elmaq Software, Inc.

Business Involvement:

I have or may have a business relationship with the following companies so long as I do not hold a fulltime position and any association does not effect my full time position at Smarte Solutions:

Elmaq Software Pvt Ltd

Elmaq Software, Inc.

We are in agreement that the involvements listed above shall not constitute a breach or violation of the terms of the Executive Employment Agreement so long as such continued participation shall not materially conflict with my performance as an employee of the Company in accordance with the terms and provisions of the SSI Executive Employment agreement.

We hereby agree to the above by our signatures below:

By: /s/ MICHAEL SHAPIRO

By: /s/ MARK ESHELMAN

Michael Shapiro

            Mark Eshelman

CEO/Board Member

Board MemberFirst Amendment to Employment Agreement dated July 1, 2002 by and between Registrant and Bala Vishwanath

FIRST AMENDMENT

TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “First Amendment”) is dated effective as of July 01, 2002, by and between Bala Vishwanath (the “Executive”) and Smarte Solutions, Inc., a Delaware corporation (the “Company”).

WHEREAS, the parties hereto together entered into an Employment Agreement dated March 1, 2002 (the “Agreement”);

WHEREAS, the parties desire to amend the Agreement in certain respects as more specifically set forth below; and

WHEREAS, capitalized terms not defined herein shall have the meanings given to them in the Agreement.

NOW, THEREFORE, in consideration of the premises and the representations, warranties and agreements herein contained, the parties hereto agree as follows:

1.

Amendments, Additions and Deletions to Agreement. 

(a)

The parties hereby agree to amend and restate Section 2(a) of the Agreement to read in its entirety as follows:

2.

Cash and Incentive Compensation.

(a)

Salary and Bonus.  During the period commencing on the Commencement Date and continuing through and until the Total Funding Date (as defined below), the Company shall pay the Executive as compensation for his services an initial base salary at a gross annual rate of not less than $90,000.00.  The “Total Funding Date” shall refer to the date the Company secures and closes equity or debt financing totaling $3,000,000.00 or more (inclusive of monies raised in the Initial Funding) or at the time investors holding Bridge Notes convert their Notes to equity.  In the event that the Total Funding Date occurs, the Company shall increase the Executive’s initial base salary to a gross annual rate of not less than $120,000.00 for a period of 2 years, and $120,000.00 subsequently thereafter.  Subject to the approval of the Board, the Company shall also provide the Executive an incentive cash bonus plan.  In the event that the Total Funding Date does not occur, the Company shall continue to pay the Executive a salary at the gross annual rate not less than $90,000.00, subject to any increases determined at the sole discretion of the Company’s Board of Directors.  The annual compensation specified in this Subsection (a), together with any modifications in such compensation that the Company may grant from time to time, is referred to in this Agreement as “Base Salary”. Such Base Salary shall be payable in accordance with the Company’s standard payroll procedures.  In addition to a Base Salary, Executive will be eligible to be considered for a financing bonus upon the Initial Funding Date (the “Financing Bonus”).  The Financing Bonus will be earned only if Executive is employed by the Company at the time of payment.  The Financing Bonus will be Fifteen Thousand Dollars $15,000.00), payable no more than ten (10) days after the Total Funding Date.

2.

Ratification.  Except as expressly amended by this First Amendment, the Agreement and the exhibits and schedules thereto shall remain in full force and effect.  None of the rights, interests and obligations existing and to exist under the Agreement are hereby released, diminished or impaired, and the parties hereby reaffirm all covenants, representations and warranties in the Agreement.

3.

Execution in Counterparts.  For the convenience of the parties, this First Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

4.

Governing Law.  This First Amendment shall be governed by and construed in accordance with the laws of the State of Texas.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly 

executed effective as of the date first above written.

SMARTE SOLUTIONS, INC.

By: /s/ MICHAEL SHAPIRO

Michael Shapiro, Chief Executive Officer

/s/ BALA VISHWANATHNon-Qualified Stock Option Agreement dated March 11, 1999 by and between Registrant and Bala Vishwanath

MOVEMONEY.COM, INC.

Non-Qualified Stock Option Agreement

This Agreement ("Agreement") is entered into as of March 11, 1999 ("Effective Date"), between MoveMoney.com, Inc., a Texas corporation (the "Company"), and Balamani S. Vishwanath, as an employee of the Company (the "Optionee").

RECITALS:

The Company desires to grant to the Optionee an option (the "Option") to purchase shares of its Common Stock, $0.001 par value (the "Common Stock").

The parties agree as follows:

1. Grant of Option. The Company hereby irrevocably grants to the Optionee the right and option to purchase all or any part of an aggregate of 2,457,000 shares of Common Stock ("Shares") on the terms and conditions and subject to all the limitations set forth herein.

2. Purchase Price. The purchase price of the Shares covered by the Option shall be $0.00133 per Share.

3. Exercise of Option. Subject to the other terms and conditions of this Agreement, the Option shall be exercisable as to 68,250 of the Shares on April 11, 1999, and shall become exercisable as to an additional 68,250 of the Shares upon the expiration of each additional month until the March 11,2002, at which time the Option shall be exercisable in full.

Notwithstanding the foregoing, upon any Sale of the Company (as defined below), the Option shall immediately vest with respect to 100% of the Shares (to the extent that such Shares are not vested immediately prior to a Sale of the Company). A "Sale of the Company shall occur if the Company shall engage in a merger, consolidation, recapitalization, reorganization or sale, lease or transfer of all or substantially all of the Company's assets, and the Company or its shareholders immediately prior to the closing of such transaction shall beneficially own, immediately after or as a result of such transaction, equity securities of the surviving or acquiring corporation or such corporation's parent corporation possessing less than 51% of the voting power of the surviving or acquiring corporation or such corporation's parent corporation; provided however, that a Sale of the Company shall not be deemed to occur upon any public or private offering or series of such offerings of securities of the Company that result in any such change in beneficial ownership.

Except as provided herein, the Option may not be exercised at any time unless Optionee shall have been in the continuous employ of the Company, or a parent or a subsidiary of the Company, as a consultant or employee of the Company, from the date of this Agreement to the date of the exercise of the Option.

4. Term of Option. The Option shall terminate on March 11, 2009 (the "Expiration Date"), but shall be subject to earlier termination as provided herein.

5. Termination of Employment. If Optionee's employment with the Company is terminated for reasons other than (i) permanent disability or (ii) death, the Option shall be exercisable, subject to the Expiration Date, only during the period of three months following such termination and only to the extent the Option was exercisable on the termination date; provided, however, that the Option will immediately terminate if Optionee is terminated for Cause. "Cause" means the termination by the Company of Optionee's employment for the following grounds:

(a) act or acts of fraud or misrepresentation by Optionee resulting or intending to result in personal gain or enrichment at he expense of the Company;

(b) misappropriation, embezzlement, theft or willful damage of or to any asset of the Company by Optionee or the inappropriate use of any of the Company funds or acts by Optionee;

(c) a good faith determination by the Board of Directors of the Company that Optionee has committed an act of gross negligence or willful misconduct which has or could reasonably be expected to have an adverse effect on the business or affairs of the company; or

(d) any criminal or illegal act or any act of moral turpitude by Optionee which adversely, whether directly or indirectly, affects the name or good will of the Company.

If Optionee's employment with the Company is terminated due to permanent disability, Optionee shall have the right to exercise the Option, to me extent the Option was exercisable on the termination date, through the Expiration Date. Whether any termination of employment is due to retirement or permanent disability, and whether an authorized leave of absence or absence on military or government service or for other reasons shall constitute a termination of employment, shall be determined by the board of directors of the Company.

If Optionee shall die while entitled to exercise the Option, Optionee's estate, personal representative or beneficiary, as the case may be, shall have the right to exercise the Option, to the extent the Option was exercisable on the date of Optionee's death, through the Expiration Date.

Except as provided otherwise provided in this paragraph 5, to the extent the Option is not exercisable on the termination of employment, the Option, or applicable portion thereof, shall be terminated and forfeited in full.

6. Non-Assignability. The Option shall not be transferable by the Optionee otherwise than by will or by the laws of descent and distribution and shall be exercisable, during the Optionee's lifetime, only by the Optionee or his or her guardian or legal representative. The Option shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights
granted hereunder contrary to the provisions of this paragraph 6, or the levy of any attachment or similar process upon the Option or such rights, shall be null and void.

7. Exercise of Option and Issue of Shares. The Option may be exercised in whole or in part (to the extent that it is exercisable in accordance with its terms) by giving written notice to the Company, together with the tender of the Option price. Such written notice shall be signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised, shall contain any representation required by paragraph 8 below and shall otherwise comply with the terms and conditions of this Agreement. The Company shall pay all transfer or original issue taxes with respect to the issue of the Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection herewith. Except as specifically set forth herein, the holder acknowledges that any income or other taxes due from him or her with respect to this Option or the Shares issuable pursuant to this Option shall be the responsibility of the holder and that the Company may, in accordance with the Internal Revenue Code of 1986, as amended (the "Code"), require the holder to pay additional withholding taxes in respect of the amount that is considered compensation includable in such holders' gross income. The holder of this Option shall have rights as a shareholder only with respect to any Shares covered by the Option after due exercise of the Option and tender of the full exercise price for the shares being purchased pursuant to such exercise.

8. Purchase for Investment Unless the offering and sale of the Shares to be issued upon the exercise of the Option shall have been effectively registered under the Securities Act of 1933, as amended, or any successor legislation (the "Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled.

The person(s) who exercise the Option shall represent to the Company, at the time of such exercise, that such person(s) are acquiring such Shares for his or her own account, for investment and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Snares shall be bound by the provisions of the following legend which shall be endorsed upon the certificates) evidencing their option Shares issued pursuant to such exercise;

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. WITHOUT SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, EXCEPT UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER."

Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including, without limitation, the Act and all applicable state securities or "blue sky" laws).

9. Notices. Any notices required or permitted by the terms of this Agreement shall be given by personal delivery or registered or certified-mail, return receipt requested, addressed as follows:

To the Company:

MoveMoney.com, Inc.

1301 Capital of Texas Highway Building B, Suite 310 Austin, Texas 78746 Attn: President

To the Optionee, to the address shown below,

or to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given when given in accordance with these provisions.

*

10. Governing Law. This Agreement shall be construed and enforced in accordance

with the internal laws, and not the laws of conflict, of the State of Texas.

11, Benefit of Agreement. This Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

EXECUTED as of March 11, 1999.

MOVEMONEY.COM, INC.

 

By:  /s/ SANJAY LALL

SANJAY LALL, PRESIDENT

/s/ BALAMANI S VISHWANATH

Address:

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