Document:

EX-10.2

 

Exhibit 10.2

January 21, 2007

Mr. Larry Pitorak

9501 Pekin Rd.

Novelty, OH 44072

Dear Larry:

I am delighted to offer you the position of Senior Vice President/Chief Financial and
Administrative Officer, for Blair Corporation with a prospective starting date of January 23, 2007.
I am confident that you will continue to be a major contributor to the company, just as you have
during the course of your engagement through Tatum CFO Partners, LLP. This offer includes the
following total compensation package as a Grade 5 Executive Officer:

	 	•	 	A base annual salary of $320,000, paid biweekly.
	 
	 	•	 	Annual incentive compensation which equates to: 20% of annual base salary paid
assuming “threshold” income is achieved, 40% of annual base salary paid assuming “target”
income is achieved, and 80% of annual base salary paid if “stretch” income objectives are
met. Incentive compensation would be paid at the full year for 2007 based on the
opportunities for an executive officer grade 5, contingent on meeting the minimum threshold
requirements for the program, and as approved by the Compensation Committee.
	 
	 	•	 	Participation in the 2007 Company’s Long Term Incentive Program as approved by
the Compensation Committee, which includes an equity grant of 3,100 shares of restricted
stock, which vests in equal increments over five years.
	 
	 	•	 	Blair acknowledges your request to waive health benefits under the Company’s
benefit programs and will provide a monthly payment in the amount equal to the lesser of (a)
Blair’s monthly cost for providing family coverage for health, dental and vision benefits to
an employee or (b) $355 on an after-tax basis. BLAIR will also offer outplacement services to
a provider selected by you for a not-to-exceed amount of $10,000.
	 
	 	•	 	A severance agreement that includes 12 months of base salary in effect at the
time should BLAIR elect to terminate you without “material cause.” “Material cause” is herein
defined as insubordination, financial dishonesty against BLAIR, continued failure or refusal
to perform the duties assigned to you after notice and reasonable opportunity to correct the
performance, willful neglect of duties assigned to you, or commission of an act of moral
turpitude.. During the severance period, Blair will continue to provide a monthly payment in
the amount equal to the lesser of (a) Blair’s monthly cost for providing family coverage for
health, dental and vision benefits to an employee or (b) $355 on an after-tax basis.

 

 

	 	•	 	Immediate participation in the Company’s 401(k) Plan, where the Company matches
employees’ contributions to the Plan (on a pre-tax basis) up to 5% of base salary. The
Company’s contributions are immediately vested.
	 
	 	•	 	Four weeks (20 days) of vacation upon hire, and the accrual of vacation
thereafter at the rate of 20 days annually. Any portion of your current year vacation (up to
80 hours) can be carried forward to the ensuing year.
	 
	 	•	 	Five “personal days” upon hire, of which any unused days are redeemable for cash
compensation, and the receipt of five personal days each calendar year thereafter.
	 
	 	•	 	You will receive temporary housing, not to exceed six months, to provide time for
you and your family to find suitable housing as you transition to this area. You will be
compensated for the extra income tax liability you may incur from these arrangements.
	 
	 	•	 	A group term life insurance benefit equal to your base salary, rounded up to the
next highest $1,000.
	 
	 	•	 	You will receive a monthly payment in the amount equal to the lesser of (a)
Blair’s monthly cost for providing family coverage for health, dental and vision benefits to
an employee or (b) $355 on an after-tax basis.
	 
	 	•	 	Disability insurance which provides 52 weeks of full pay through the Company as
sick time followed by 66 2/3 percent of pay through a disability plan.
	 
	 	•	 	Upon occurrence of a Change in Control of the Company, as defined in Section 4(A)
of the Change in Control Severance Agreement, followed by termination of Executive’s
employment within three years following the Change in Control, the “Severance Period” shall
mean 36 . Please refer to the Change in Control Agreement, section (5) A-G,
“Termination of Benefits” for further detail regarding compensation and benefits.

As a matter of course, you agree not to disclose or use BLAIR confidential information for any
purpose other than performing your duties for BLAIR and will comply with Blair’s policies regarding
confidential information. This obligation extends during your employment with BLAIR and after the
date of termination of that employment. Also, for a period of one year following the termination of
your employment for any reason, voluntary or involuntary, you will not work for any person or
entity that directly competes with BLAIR or solicit any BLAIR executive officer or director for
employment with another entity.

Sincerely,

/s/ ADELMO S. LOPEZ

Adelmo S. Lopez

Chief Executive Officer

- 2 -Certificate of Amendment to Articles of Incorporation

    Exhibit
      4.1

     

    ROSS
      MILLER

    Secretary
      of State

    204
      North
      Carson Street, Ste 1

    Carson
      City, Nevada 89701-4299

    (775)
      664-5708

    Website: 
      secretaryofstate.biz

     

    
      	 
	
               

               CERTIFICATE
                OF AMENDMENT

            
	
               (PURSUANT
                TO NRS 78.385 and
                78.390)

               

            

    

     

     

    

    
      
        	
                USE
                  BLACK ONLY - DO NOT HIGHLIGHT 

              	
                ABOVE
                  SPACE IS FOR OFFICE USE
                  ONLY 

              

      

    

     

    Certificate
      of Amendment to Articles of Incorporation

    For
      Nevada Profit Corporations

    (Pursuant
      to NRS 78.385 and 78.390 - After Issuance of Stock)

    

    1.  Name
      of
      corporation:

     

    
      
        	HOMASSIST
                CORPORATION

      

    

     

    2.  The
      articles have been
      amended as follows (provide article numbers, if available):

     

    
      
        	
                Article
                  1 is hereby amended to read as follows: "DigitalPost Interactive,
                  Inc."

                

                Article
                  3 is hereby amended to read in its entirety as follows:

                

                "The
                  stock of the corporation is divided into two classes: (1) 480,000,000
                  shares of common stock, par value $0.001 per share and (2) 20,000,000
                  shares of preferred stock, par value $0.001 per share. The board
                  of
                  directors shall have the authority, by resolution or resolutions,
                  to
                  divide the preferred stock into series, to establish and fix the
                  distinguising designation of each such series and the number of
                  shares
                  thereof (which number by like action of the board of directors,
                  from time
                  to time thereafter may be increased, except when otherwise provided
                  by the
                  Board of Directors in creating such series, or may be decreased,
                  but not
                  below the number of shares thereof then outstanding) and, within
                  the
                  limitations of applicable law of the State of Nevada or as otherwise
                  set
                  forth in this article, to fix and determine the relative rights
                  and
                  preferences of the shares of each series so established prior to
                  issuance
                  thereof.”
 

      

    

     

    3.  The
      vote by which the
      stockholders holding shares in the corporation entitling them to exercise at
      lease a majority of the voting power, or such greater proportion of the voting
      power as may be required in the case of a vote by classes or series, or as
      may
      be required by the provisions of the* articles of incorporation have voted
      in
      favor of the amendment is :

     

    __________________78.2
      %__________________

     

    4.  Effective
      date of filing
      (optional):  
_______________________________________________________

    (must
      not
      be later than 90 days after the certificate is filed)

    

    5.  Officer
      Signature
(Required):          X                                              
      /s/ Irene
      Braham                                                 

     

    

    *If
      any
      proposed amendment would alter or change any preference or any relative or
      other
      right given to any class or series of outstanding shares, then the amendment
      must be approved by the vote, in addition to the affirmative vote otherwise
      required, of the holders of shares representing a majority of the voting power
      of each class or series affected by the amendment regardless of limitations
      or
      restrictions on the voting power thereof.

    

    IMPORTANT:
      Failure
      to include any of the above information and submit the proper fess may cause
      this filing to be rejected.

     

    
      	This form must
              be
              accompanied by appropriate fees. 	
              Nevada
                Secretary of State AM 78.385 Amend 2007 

              Revised
                on: 01/01/07Dear Bruno:

TERMINATION AND RELEASE

This Termination and Release Agreement is made and entered into this ___ day of January, 2007, effective December 31, 2006, by and among Broadcast International, Inc., a Utah Corporation (“Broadcast”), Yang Lan Studio, Ltd, a Hong Kong corporation (“Yang Lan”), Broadvision Global, Ltd., a British Virgin Islands corporation (“Broadvision”), and Sun Media Investment Holdings, Ltd, a Hong Kong corporation (“Sun”).

Whereas, Broadcast entered into a Stock Purchase Agreement dated August 15, 2006, with Yang Lan (“Stock Purchase Agreement”), a copy of which is attached hereto and incorporated herein by reference; and, 

Whereas, Broadcast entered into a Technology License Agreement dated August 15, 2006, with Yang Lan (“E-Publishing License”), a copy of which is attached hereto and incorporated herein by reference; and, 

Whereas, Broadcast entered into a Technology License Agreement dated August 15, 2006, with Broadvision (“Broadvision License”), a copy of which is attached hereto and incorporated herein by reference; and, 

Whereas, Broadcast entered into a Share Exchange Agreement dated August 15, 2006, with Sun (“Share Exchange Agreement”), a copy of which is attached hereto and incorporated herein by reference; and, 

Whereas, the parties desire now to terminate all of the above described agreements and provide for their rescission all on the terms and conditions contained herein.

Now, therefore, in consideration of the above and the terms and conditions set forth hereafter, the parties agree as follows:

1.

E-Publishing License.  Broadcast and Yang Lan shall amend the E-Publishing License and Yang Lan agrees that 3,500,000 shares of common stock issued by Broadcast in consideration of the E-Publishing License shall be returned to Broadcast and shall be cancelled.  This shall be accomplished by Yang Lan surrendering  Broadcast International certificate # 3816 to Broadcast’s transfer agent and having two certificates issued; one of which shall be for 3,500,000 shares in the name of Broadcast International, Inc. and one for 500,000  in the name of Yang Lan Studios, Ltd.  All of the other terms and conditions of the license shall remain in full force and effect.

2.

Broadvision License.  Broadcast and Broadvision hereby agree to terminate the Broadvision License.  Yang Lan and Broadvision agree that Broadcast shall cancel Broadcast International, Inc. certificate # 3818 for 1,000,000 shares in the name of Beijing Broadvision, Inc.

2(a).   Sun New Media Shares.  Broadcast International certificate # 3842, currently issued in the name of Sun New Media Inc. in the amount of 1,000,000 shares and which was issued in consideration of the Broadvision License, shall remain outstanding and shall be considered to be additional consideration for the amended E-publishing license.     

3.

Share Exchange Agreement.  Broadcast and Sun hereby terminate the Share Exchange Agreement and Sun agrees to return the 3,000,000 shares of Broadcast common stock represented by certificate # 3815 issued by Broadcast to Sun in consideration of the Share Exchange Agreement.  Broadcast shall return the 1,515,544 shares of common stock of Sun New Media, Inc. received by Broadcast from Sun in consideration of the Share Exchange Agreement. 

4.

Stock Purchase Agreement.  Broadcast and Yang Lan hereby terminate the Stock Purchase Agreement.  Yang Lan shall surrender the 666,667 shares of Broadcast common stock purchased by Yang Lan and Broadcast shall cancel the purchased shares.  In addition, Broadcast shall cancel the A, B, C and D warrants granted to Yang Lan as part of the purchase. Broadcast shall pay to Yang Lan the purchase price originally paid pursuant to the Stock Purchase Agreement less payments made by Broadcast as requested and directed by Dr. Wu.  The original purchase price was $1,000,000.  Of that total, Broadcast advanced $500,000 to Validian, Inc. pursuant to a Memorandum of Understanding (“Validian MOU”). Broadcast shall pay to Yang Lan the sum of $500,000 and shall assign to Yang Lan all of its rights under the Validian MOU in full satisfaction of amounts owed to Yang Lan by reason of this Termination Agreement. The $500,000 shall be paid within 10 days of the execution of the amendments to the E-Publishing License. Provided, however, Broadcast will complete the licensing arrangement described in the Validian MOU, but shall cause all of the Validian common stock issuable by reason of the licensing arrangement to be issued to Yang Lan, less 1 million shares to be retained by Broadcast International..

 

5.

Resignation from Broadcast Board.  Dr. Wu hereby resigns from the Board of Directors of Broadcast effective upon execution hereof. 

6.

Broadcast Release.  In consideration of the recitals and agreement provisions set forth in this Agreement and the Broadcast shares to be surrendered to it,  the receipt and sufficiency of which is hereby acknowledged, and with the intent of binding itself and its successors and assigns, Broadcast hereby fully and forever releases and discharges, Yang Lan, Broadvision, and Sun, and their current and future, officers, directors, shareholders, agents, servants, affiliates, successors, heirs, personal representatives  from any and all claims, demands, actions, causes of action, judgments and liabilities of any kind or nature whatsoever in law, equity or otherwise, whether known or unknown, suspected or unsuspected, which have existed or which may have existed or which do exist or which may result therefrom, pertaining in any way whatsoever to the Stock Purchase Agreement, Stock Exchange Agreement, the Broadvision License and the E-Publishing License  from the beginning of time up to the execution date hereof.

7.

Yang Lan, Sun, and Broadvision Release.  In consideration of the recitals and agreement provisions set forth in this Agreement and the cash to be paid,  the receipt and sufficiency of which is hereby acknowledged, and with the intent of binding themselves and their successors and assigns, Yang Lan, Sun and Broadvision hereby fully and forever release and discharge, Broadcast, and its current and future, officers, directors, shareholders, agents, servants, affiliates, successors, heirs, personal representatives  from any and all claims, demands, actions, causes of action, judgments and liabilities of any kind or nature whatsoever in law, equity or otherwise, whether known or unknown, suspected or unsuspected, which have existed or which may have existed or which do exist or which may result therefrom, pertaining in any way whatsoever to the Stock Purchase Agreement, Stock Exchange Agreement, the Broadvision License and the E-Publishing License  from the beginning of time up to the execution date hereof.

8.

Other.  

a.  Notices.  Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid.  Any such notice shall be deemed given when so delivered personally, telegraphed, telexed or sent by facsimile transmission or, if mailed, fourteen (14) days after the date of deposit in the mail, as follows:

i.  If to Yang Lan, Sun, or Broadvision:

Dr. Bruno Wu

#387, Yongjia Road, Shanghai

P.R. China

Fax:  8621 64453377

ii.  If to Broadcast:

Rodney M. Tiede

7050 Union Park Ave. #600

Salt Lake City, Utah  84047

Fax: 801-562-1773

Any party may change its address for notice hereunder by notice to the other parties hereto in writing.

b.  Entire Agreement.  This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

c.  Waivers and Amendments.  This Agreement may be amended, modified, superceded canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

d.  Governing Law.  This Agreement shall be governed by and be construed in accordance with the internal laws of the State of Utah applicable to agreements made and to be performed entirely with such state.  

e.  Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

f.  Attorneys’ fees.  In the event there is a default under this Agreement, the party in default shall pay all costs, expenses and attorneys’ fees incurred by the other party in enforcing its rights hereunder.

g.  Headings.  The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

h.  Further Actions.  Each party hereto will execute such further documents and instruments and take such further actions as may reasonably be requested by the other party to consummate the termination and to transfer with full title all stock transferred herewith or to otherwise effect the other purposes of this agreement. The foregoing notwithstanding, this Termination Agreement shall be effective in all respects, including transfer of title of assets, upon execution hereof and other actions shall be deemed required only to more completely document the intent of the parties.

i.  Availability of Equitable Remedies.  Since a breach of the provisions of this Agreement could not adequately be compensated by money damages, any party shall be entitled in addition to any other right or remedy available to it, to an injunction restraining such breach or threatened breach and to specific performance of any such provision of this Agreement, and, in either case, no bond or other security shall be required in connection wherewith, and the parties hereby consent to the issuance of such an injunction and to the ordering of specific performance.

j.  Authority of Signors.  Each of the signors of this Agreement represents and warrants that he has the authority from each respective party to enter into this Agreement for and in behalf of the party for which and that such action has been duly authorized by the appropriate corporate action by the party.

In witness whereof, the parties have executed this Agreement effective as of the date first above written.

BROADCAST INTERNATIONAL, INC 

/s/ Rodney M. Tiede                    

By:

Rodney M. Tiede

Title:

President

YANG LAN STUDIO LTD.

/s/ Bruno Wu             

By: 

Bruno Wu

Title:

President

SUN MEDIA INVESTMENT HOLDINGS, LTD.

/s/ Bruno Wu                   

By:  Bruno Wu

Title:  President

BROADVISION GLOBAL, LTD.

/s/ Bruno Wu  

By:  Bruno Wu

Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]