Document:

Settlement Agreement dated December 28, 2005

 Exhibit 10.1 
  
 SETTLEMENT AGREEMENT 
  

This Settlement Agreement (the “Agreement”) is made and entered into the 28th day of December, 2005, by and among Integrated Tek Solutions, Inc. (“Integrated”), Michael Mindlin (collectively, with Integrated, the
“Plaintiff”) (as defined in Section 2.2 of this Agreement), Computer Software Innovations, Inc. (“CSI”), Nancy Hedrick, Joe G. Black, Thomas P. Clinton, Beverly Hawkins, William J. Buchanan (collectively, with CSI, the
“CSI Defendants”) (as defined in Section 2.3 of this Agreement), Alan Marrullier, The Geneva Companies, Inc. (“Geneva”) (collectively, with Marrullier, the “Geneva Defendants”) (as defined in Section 2.4 of
this Agreement), Andrew Worden, Barron Partners, LP (“Barron”) (collectively, with Worden, the “Barron Defendants”) (as defined in Section 2.5 of this Agreement), Philip Seifert (collectively, with Liberty Capitol, LLC and
Liberty Financial Company, LLC, the “Liberty Defendants”) (as defined in Section 2.6 of this Agreement), Liberty Capital, LLC (“Liberty”) (as defined in Section 2.6 of this Agreement), Ned Gelband, Lee Haskin, and the
Capital Access Group, LLC (“Capital”) (collectively, with Gelband and Haskin, the “Capital Defendants”) (as defined in Section 2.7 of this Agreement). 
  

	1.	RECITALS 

  
 WHEREAS 
  
 1.1. CSI is a computer software and technology company with offices located in Easley, South Carolina. 
  
 1.2. In or about May 2004, Integrated and the CSI Defendants entered into a
Letter of Intent setting forth the material terms of a transaction whereby Integrated would purchase all of the outstanding stock of CSI. In or about July 2004, Integrated and the CSI Defendants entered into a superseding Letter of Intent setting
forth the material terms of the proposed transaction between Integrated and CSI. The Geneva Defendants served as financial and business advisors to the CSI Defendants in connection with the proposed transaction. 

 1.3. The Barron Defendants, Liberty Defendants and Capital Defendants were involved in the procurement of
financing for the proposed transaction. 
  
 1.4. The proposed
transaction was not completed. 
  
 1.5. On or about
February 11, 2005, VerticalBuyer, Inc., a Delaware corporation announced that it had entered into an agreement to merge with Computer Software Innovations, Inc., a South Carolina corporation (“CSI - South Carolina”) and had changed
its name to “Computer Software Innovations, Inc.” On February 15, 2005, CSI announced that it had consummated its merger with CSI - South Carolina and that Barron was an investor in the new public company. 
  
 1.6. On or about April 4, 2005, Integrated commenced an action against
the CSI Defendants and Geneva Defendants in the New York Supreme Court, County of New York, (the “Court”) bearing Index No. 05/601186 (the “Action”), seeking monetary damages against the CSI Defendants and Geneva Defendants
for various causes of action allegedly arising out of the failed proposed transaction between the CSI Defendants and Integrated. 
  
 1.7. On or about May 31, 2005, Integrated filed and served its Amended Verified Complaint (the “Amended Complaint”), by which it added the
Barron Defendants, Seifert, Liberty, and Capital Defendants as additional parties to the Action. The Amended Complaint sought monetary damages against the various defendants under the following theories of relief: breach of contract, tortious
interference with contractual relations, fraud, aiding and abetting a fraud, negligent misrepresentation and promissory estoppel. 
  
 1.8. On or about August 15, 2005, the CSI Defendants, Geneva Defendants, and Barron Defendants answered the Amended Complaint. 
  

 2 

 1.9. On or about August 15, 2005, the Liberty Defendants moved the Court for an order dismissing the
causes of action asserted against them. 
  
 1.10. On or about
October 27, 2005, the Barron Defendants cross-moved the Court for an order dismissing the causes of action asserted against them. 
  
 1.11. On or about October 28, 2005, the CSI Defendants and Geneva Defendants cross-moved the Court for an order dismissing the causes of action
asserted against them. 
  
 1.12. On or about October 31,
2005, the Capital Defendants moved the Court for an order dismissing the causes of action asserted against them. 
  
 1.13. In order to avoid the expense and uncertainty of any further litigation, and without admission of any liability or wrongdoing, the parties hereto
enter into this Agreement to resolve the disputes between them. 
  
 NOW, THEREFORE, in consideration of the terms, conditions and mutual promises set forth herein and intending to be legally bound hereby, Integrated, Mindlin, CSI, Hedrick, Black, Clinton, Hawkins, Buchanan,
Marrullier, Geneva, Worden, Barron, Seifert, Gelband, Haskin and Capital agree as follows: 
  

	2.	ADDITIONAL DEFINITIONS 

  
 2.1. The Definitions contained herein shall only apply to this Agreement and any related documents, but shall not apply to any other agreement, nor shall
they be used as evidence, except with respect to this Agreement and the meaning of any term used herein. 
  
 2.2. “Integrated” means Integrated Tek Solutions, Inc. and its members, agents, employees, officers, shareholders, directors, attorneys,
representatives, predecessors, successors and assigns, including Yasup, LLC (“Yasup”), and “Plaintiff” means Integrated, Mindlin and their members, agents, employees, officers, shareholders, directors, attorneys, representatives,
predecessors, affiliates, successors and assigns. 
  

 3 

 2.3. “CSI” means Computer Software Innovations, Inc., a Delaware corporation; and its agents,
employees, officers, shareholders, directors, attorneys, representatives, predecessors (including CSI - South Carolina), successors and assigns, and “CSI Defendants” means CSI, Hedrick, Black, Clinton, Hawkins, Buchanan and their members,
agents, employees, officers, shareholders, directors, attorneys, representatives, predecessors, affiliates, successors and assigns. 
  
 2.4. “Geneva” means The Geneva Companies, Inc. and its agents, employees, officers, shareholders, directors, attorneys, representatives,
predecessors, successors and assigns, and “Geneva Defendants” means Geneva, Marrullier and their members, agents, employees, officers, directors, attorneys, representatives, predecessors, affiliates, successors and assigns. 
  
 2.5. “Barron” means Barron Partners, LP and its agents, employees,
officers, shareholders, directors, attorneys, representatives, predecessors, successors and assigns, and “Barron Defendants” means Barron, Worden and their members, agents, employees, officers, directors, attorneys, representatives,
predecessors, affiliates, successors and assigns. 
  
 2.6.
“Liberty Defendants” means Seifert, Liberty Capitol, LLC, Liberty Financial Company, LLC and their members, agents, employees, officers, directors, attorneys, representatives, predecessors, affiliates, successors and assigns. To the
knowledge of the Liberty Defendants, Liberty, though a named defendant in the Action, does not exist and, in any event, in no way is affiliated with the Liberty Defendants. 
  
 2.7. “Capital” means Capital Access Group, LLC and its agents, employees, officers, shareholders, directors,
attorneys, representatives, predecessors, successors and assigns, and “Capital Defendants” means Capital, Gelband, Haskin and their members, agents, employees, officers, directors, attorneys, representatives, predecessors, affiliates,
successors and assigns. 
  

 4 

 2.8. “Defendants” means the CSI Defendants, Geneva Defendants, Barron Defendants, Liberty
Defendants, Liberty and Capital Defendants. 
  
 2.9.
“Parties” means, collectively, Plaintiff and Defendants; “Party” means, individually, any Plaintiff or Defendant. 
  

	3.	SETTLEMENT OBLIGATIONS OF THE PARTIES 

  
 3.1. Within one (1) business day of the execution of this Agreement by all Parties, the Parties will deliver and/or exchange the following:

  
 (a) a Stipulation of Discontinuance, in the
form annexed hereto as Exhibit A, discontinuing with prejudice any and all claims, crossclaims and counterclaims in the Action, without costs, disbursements or attorneys’ fees to any party as against another, such Stipulation of Discontinuance
to be executed by counsel for the respective parties in the Action; and 
  
 (b) Integrated shall receive on behalf of Defendants, a check payable to “Stavis & Kornfeld, LLP, as attorneys” in the amount of Six Hundred Thousand Dollars ($600,000.00). 
  

	4.	MUTUAL RELEASES OF AND BY PLAINTIFFS AND OF, BY AND AMONG DEFENDANTS 

  
 4.1 Except with respect to obligations arising under this Agreement, each Party, collectively, individually and for any
person or entity claiming by or through any of them, including without limitation each of their respective past, present and future parent companies, subsidiaries, affiliates, divisions, partners, real or alleged alter egos, and each of their
respective agents, employees, directors, principals, officers, owners, shareholders, partners, investors, successors, heirs and assigns, hereby releases and forever discharges each and every other Party, including without limitation to each of their
respective past, present and future parent companies, subsidiaries, affiliates, divisions, partners, real or alleged alter egos, and each of their respective 

  

 5 

 
agents, employees, directors, principals, officers, owners, shareholders, partners, investors, insurers and re-insurers, successors, heirs and assigns, of
and from any claim, obligation, right, cause of action or liability, whether direct or indirect, known or unknown, foreseen or unforeseen, existing or hereafter arising, or acquired based in whole or in part on any act, omission, transaction or
occurrence from the beginning of time through the date of this Agreement related, directly or indirectly, to the subject matter of the Action. Notwithstanding the immediately preceding sentence, as between any of the CSI Defendants and any
other CSI Defendant, the foregoing discharge and release shall relate solely to the Action and to any CSI shareholder derivative claim threatened or brought primarily related to this Agreement and shall not affect any claims relating to any
subsequent lawsuit or proceeding. 
  
 4.2 Each Party hereto
specifically acknowledges that it may be releasing another Party from unknown claims and, in that connection, is assuming the risk that such claim(s) may exist but it will not be permitted to prosecute them. In the event that, after the execution of
this Agreement, any claims arise in connection with the subject matter of the Action, the foregoing release among and between the Parties shall automatically and immediately be deemed applicable and such claims shall be considered to have been
released, including without limitation to all claims concerning each Party’s respective past, present and future parent companies, subsidiaries, affiliates, divisions, partners, real or alleged alter egos, and each of their respective agents,
affiliates, employees, directors, principals, officers, owners, shareholders, partners, investors, insurers and re-insurers, successors, heirs and assigns, of and from any claim, obligation, right, cause of action or liability, whether direct or
indirect, known or unknown, foreseen or unforeseen, existing or hereafter arising. 
  

	5.	INDEMNIFICATION/HOLD HARMLESS 

  
 5.1. Each Party to this Agreement agrees to defend, indemnify and/or hold harmless 

  

 6 

 
the others from any and all damages, costs and expenses, including but not limited to attorneys’ fees such Party incurs as a result of any breach of the
indemnifying Party’s obligations, representations and warranties set forth in this Agreement. 
  
 5.2. Integrated and Mindlin further acknowledge and agree that they shall be solely responsible for, and indemnify Defendants against, any and all future
claims asserted against any of the Defendants arising out of the transactions and occurrences which formed the basis for the Action, including any future claims asserted by Yasup, or any other party. 
  

	6.	DISPUTE RESOLUTION IN THE EVENT OF DISPUTES ARISING OUT OF THIS AGREEMENT 

  
 6.1. This Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the internal laws of
the State of New York, applied without regard to New York’s conflicts of law principles. Any action or proceeding relating to this Agreement shall be brought in the Supreme Court of the State of New York, County of New York, and the Parties
each consent to the jurisdiction of that Court and agree that venue is proper in that Court. The Parties further waive their right to trial by jury in that Court. 
  
 6.2. In the alternative, the Parties, upon mutual agreement, may submit any dispute arising out of the Agreement to binding
arbitration before the American Arbitration Association. However, such a demand for arbitration shall not be made after the date when institution of legal or equitable proceedings based on such dispute would be barred by the applicable statute of
limitations. Unless the parties to the arbitration mutually agree otherwise, any arbitration pursuant to this paragraph shall be conducted in accordance with the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration
Association then currently in effect. Any determination rendered by the arbitrator shall be final. 
  

 7 

	7.	REPRESENTATIONS AND WARRANTIES 

  
 7.1. The Parties hereto each represent and warrant, to the extent applicable, as follows: 
  
 (a) that each is fully authorized to enter into this Agreement; 
  
 (b) that each is an entity duly organized, validly existing
and in good standing under the laws of the state of its formation; 
  
 (c) that each has taken all necessary internal legal actions to duly approve the making and performance of this Agreement and that no further corporate or other internal approval is necessary; 
  
 (d) that the making and performance of this Agreement will
not violate any provision of law or of its organizational documents; 
  
 (e) that each has read this entire Agreement and understands the contents hereof, that the terms hereof are contractual and not merely recitals, and has signed this Agreement of his/her/its own free act; and

  
 (f) that in making this Agreement, each is
competent, has reached the age of maturity and has obtained the advice of legal counsel. 
  

	8.	MISCELLANEOUS 

  
 8.1. This Agreement is intended to confer rights and benefits only upon the Parties hereto, and not upon any other person or entity, and no other person
or entity shall have any legally enforceable right arising out of or relating to this Agreement. Any right to assert a breach of this Agreement is reserved to the Parties to this Agreement. 
  
 8.2. This Agreement shall be binding upon and shall inure to the benefit of
the Parties hereto and their respective successors, assigns, affiliates, subsidiaries, agents, executors and legal representatives. 
  
 8.3. This Agreement reflects the joint drafting efforts of all Parties to this Agreement and any ambiguities in this Agreement shall not be construed
against any party hereto. 
  

 8 

 8.4. This Agreement constitutes the entire agreement between the Parties hereto. Except as explicitly set
forth in this Agreement, there are no representations, warranties or inducements, whether oral or written, express or implied, that in any way affect or condition the validity of this Agreement or any of the conditions or terms of this Agreement.

  
 8.5. This Agreement may not be amended, revoked or modified in
whole or in part except by a writing executed by each of the parties hereto. 
  
 8.6. Each party to this Agreement shall execute and deliver to any other party or parties hereto all instruments and do such further acts and things as the other party or parties may reasonably request which are
necessary to effectuate the purposes of this Agreement. 
  
 8.7.
The failure of a party to object to one or more breaches or violations of this Agreement shall not constitute a waiver or limitation upon the right of such party to object to any other breach or violation of this Agreement. 
  
 8.8. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 8.9. Each party hereto shall pay its own fees and expenses in connection with
this Agreement, however, in the event any dispute or action between the Parties arises out of this Agreement, including, but not limited to, any litigation or arbitration proceedings, bankruptcy proceedings and appellate proceedings (and efforts to
enforce the judgment, award of other disposition of any of the same), the prevailing party(ies) to such a dispute shall be entitled to have and recover from the non-prevailing party(ies) all fees, costs and expenses incurred in connection with such
dispute, including reasonable attorneys’ fees. 
  

 9 

 8.10. If any term, provision, covenant or condition of this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
  
 8.11. This Agreement may be executed by manual signatures or by facsimile signatures and, for purposes of this Agreement,
signatures transmitted via facsimile shall be deemed originals. This Agreement may also be executed in one or more counterparts, each of which shall be an original, and all of which together shall constitute one Agreement. 
  
 8.12. The undersigned represent and warrant that they have read this
Agreement and understand its contents and are executing it freely and voluntarily with an intent to be bound by its terms. 
  
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and year first set forth above. 
  
 [SIGNATURES ON FOLLOWING PAGES] 
  

 10 

			
	INTEGRATED TEK SOLUTIONS, INC.
		
	By:	 	/s/    MICHAEL MINDLIN        
	 Name:
	 	Michael Mindlin
	 Title:
	 	President

  

					
	 STATE OF NEVADA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF CLARK
	  	)	  	 

  
 On the 20 day of
December, 2005, before me, the undersigned, personally appeared Michael Mindlin, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged
to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    LUCINDA BROWNING        
	Notary Public

  

 11 

	
	
	/s/    MICHAEL MINDLIN        
	MICHAEL MINDLIN

  

					
	 STATE OF NEVADA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF CLARK
	  	)	  	 

  
 On the 20 day of
December, 2005, before me, the undersigned, personally appeared Michael Mindlin, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged
to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    LUCINDA BROWNING        
	Notary Public

  

 12 

			
	 COMPUTER SOFTWARE
 INNOVATIONS,
INC.

		
	By:	 	/s/    NANCY K. HEDRICK        
	 Name:
	 	Nancy K. Hedrick
	 Title:
	 	President/CDO

  

					
	 STATE OF NORTH CAROLINA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF HENDERSON
	  	)	  	 

  
 On the 20 day of
December, 2005, before me, the undersigned, personally appeared Nancy Hedrick, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to
me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    PAULA A. GRIFF        
	Notary Public

  

 13 

	
	
	/s/    NANCY K. HEDRICK        
	NANCY HEDRICK

  

					
	 STATE OF NORTH CAROLINA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF HENDERSON
	  	)	  	 

  
 On the 20 day of
December, 2005, before me, the undersigned, personally appeared Nancy Hedrick, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to
me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    PAULA A. GRIFF        
	Notary Public

  

 14 

	
	
	/s/    JOE G. BLACK        
	JOE G. BLACK

  

					
	 STATE OF SC
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF PICKENS
	  	)	  	 

  
 On the 19 day of
December, 2005, before me, the undersigned, personally appeared Joe G. Black, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to
me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    SUZANNE C. BURNS        
	Notary Public

  

 15 

	
	
	/s/    THOMAS P. CLINTON        
	THOMAS P. CLINTON

  

					
	 STATE OF NORTH CAROLINA
	 	)	  	 
	 	 	 	  	SS.:
	 COUNTY OF HENDERSON
	 	)	  	 

  
 On the 20 day of
December, 2005, before me, the undersigned, personally appeared Thomas P. Clinton, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and
acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    PAULA A. GRIFF        
	Notary Public

  

 16 

	
	
	/s/    BEVERLY N.
HAWKINS        
	BEVERLY HAWKINS

  

					
	 STATE OF N.C.
	 	)	  	 
	 	 	 	  	SS.:
	 COUNTY OF HENDERSON
	 	)	  	 

  
 On the 19 day of
December, 2005, before me, the undersigned, personally appeared Beverly Hawkins, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged
to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    PAULA A. GRIFF        
	Notary Public

  

 17 

	
	
	/s/    WILLIAM J.
BUCHANAN        
	WILLIAM J. BUCHANAN

  

					
	 STATE OF SOUTH CAROLINA
	 	)	  	 
	 	 	 	  	SS.:
	 COUNTY OF ANDERSON
	 	)	  	 

  
 On the 16 day of
December, 2005, before me, the undersigned, personally appeared William J. Buchanan, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and
acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    AMY CRAH
WHITNEY        
	Notary Public

  

 18 

			
	THE GENEVA COMPANIES, INC.
		
	By:	 	/s/    ALAN MARRULLIER        
	 Name:
	 	Alan Marrullier
	 Title:
	 	Managing Director

  

					
	 STATE OF FLORIDA
	 	)	  	 
	 	 	 	  	SS.:
	 COUNTY OF PINELLAS
	 	)	  	 

  
 On the 23 day of
December, 2005, before me, the undersigned, personally appeared Allan Marrullier, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged
to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    AMANDA BOSTROM        
	Notary Public

  

 19 

	
	
	/s/    ALAN MARRULLIER        
	ALAN MARRULLIER

  

					
	 STATE OF FLORIDA
	 	)	  	 
	 	 	 	  	SS.:
	 COUNTY OF PINELLAS
	 	)	  	 

  
 On the 23 day of
December, 2005, before me, the undersigned, personally appeared Alan Marrullier, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged
to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    AMANDA BOSTROM        
	Notary Public

  

 20 

			
	BARRON PARTNERS LP
		
	By:	 	/s/    ANDREW BARRON
WORDEN        
	Name:	 	Andrew Barron Worden
	 Title:
	 	 

  

					
	 STATE OF
                    
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF
                    
	  	)	  	 

  
 On the
     day of December, 2005, before me, the undersigned, personally appeared
                                       
 , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and by his/her
signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	 
	Notary Public

  

 21 

	
	
	/s/    ANDREW WORDEN        
	ANDREW WORDEN

  

					
	 STATE OF
                    
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF
                    
	  	)	  	 

  
 On the
     day of December, 2005, before me, the undersigned, personally appeared
                                       
 , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and by his/her
signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	 
	Notary Public

  

 22 

	
	
	/s/    PHILIP SEIFERT        
	PHILIP SEIFERT

  

					
	 STATE OF VIRGINIA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF FAIRFAX
	  	)	  	 

  
 On the 22 day of
December, 2005, before me, the undersigned, personally appeared M. Elizabeth Camp, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and
acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    M. ELIZABETH CAMP        
	Notary Public

  

 23 

			
	CAPITAL ACCESS GROUP LLC
		
	By:	 	/s/    NED GELBAND        
	Name:	 	Ned Gelband
	Title:	 	Managing Partner

  

					
	 STATE OF NY
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF NY
	  	)	  	 

  
 On the 28th day of December, 2005, before me, the undersigned, personally appeared Ned Gelband, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person
or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    DIANE RUBIN        
	Notary Public

  

 24 

	
	
	/s/    NED GELBAND        
	NED GELBAND

  

					
	 STATE OF NY
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF NY
	  	)	  	 

  
 On the 21st day of December, 2005, before me, the undersigned, personally appeared Ned Gelband, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person
or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    DIANE RUBIN        
	Notary Public

  

 25 

	
	
	/s/    LEE HASKIN        
	LEE HASKIN

  

					
	 STATE OF FLORIDA
	  	)	  	 
	 	  	 	  	SS.:
	 COUNTY OF PALM BEACH
	  	)	  	 

  
 On the 20th day of December, 2005, before me, the undersigned, personally appeared Lee Haskin, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and by his/her signature on the instrument, the individual, person
or entity upon behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/    MARGUERITE D.
LOBIG        
	Notary Public

  

 26Form of Stock Option Agreement

 Exhibit 4.2 
  
 i2 TELECOM INTERNATIONAL, INC. 
  
 Stock Option Agreement 
  
 THIS AGREEMENT is made as of
                    , by and between i2 TELECOM INTERNATIONAL, INC., a Washington corporation (the “Company”), and
                             (the “Optionee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company desires to grant to the Optionee an option to purchase
shares of the Company’s common stock, no par value per share (the “Common Stock”), in consideration for the Optionee’s consulting services to the Company. 
  
 NOW, THEREFORE, the parties hereto, intending to be legally bound, do agree as follows: 
  
 1. Grant of Option. Subject to the terms and conditions of this
Agreement, the Company hereby grants to Optionee the right and option to purchase from the Company all or part of an aggregate of
                     shares of Common Stock. This option is not intended to constitute an incentive stock option within the meaning of
Section 422A of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 2. Option Price and Time of Exercise. The per-share purchase price at which the shares subject to option hereunder may be purchased by Optionee pursuant to his exercise of this option shall be
                    , which price equals the closing sale price per share of the Common Stock on the
                    , the date of grant of this option. The Optionee’s right to exercise this option shall vest as to
            % of the shares of Common Stock underlying the option at the end of each of the first
             years following the date hereof. The right to exercise the option shall be cumulative to the extent not theretofore exercised. The right to exercise the option
shall expire, except as provided in Paragraph 5 below, at the close of business on the day preceding the                     
anniversary hereof (the “Option Period”). 
  
 3.
Method of Exercise and Payment for Shares. This option shall be exercised by written notice delivered to the Company at its principal office, specifying the number of shares to be acquired upon such exercise, and accompanied by cash payment
of the exercise price. 
  
 4. Non-transferability. This
option is not transferable by Optionee except as otherwise provided in Paragraph 5 below, and during Optionee’s lifetime is exercisable only by him. 
  
 5. Exercise After Death. In the event Optionee dies before the expiration of this option, Optionee’s estate, or the person or persons to whom
his rights under this option shall pass by will or the laws of descent and distribution, may exercise this option, to the extent exercisable at the date of death, at any time within six months following Optionee’s death (but in any event before
the expiration of the Option Period). 

 6. Adjustments. 
  
 (a) Adjustments by Stock Split, Stock Dividend, Etc. If the Company shall at any time increase or decrease the number
of its outstanding shares of Common Stock, or change in any way the rights and privileges of such shares, by means of the payment of a Common Stock dividend or the making of any other distribution upon such shares payable in Common Stock, or through
a Common Stock split or subdivision of shares, or a consolidation or combination of shares, or through a reclassification or recapitalization involving the Common Stock, then the numbers, rights and privileges of the shares of Common Stock
underlying the option granted hereunder shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and non-assessable at the time of such occurrence. 
  
 (b) Dividend Payable in Stock of Another Corporation, Etc. If the
Company shall at any time pay or make any dividend or other distribution upon the Common Stock payable in securities or other property (except money or Common Stock), a proportionate part of such securities or other property shall be set aside and
delivered to the Optionee upon exercise hereof. 
  
 (c)
Apportionment of Price. Upon any occurrence described in the preceding subsections (a) and (b) of this Section 8, the total option price hereunder shall remain unchanged but shall be apportioned ratably over the increased or
decreased number or changed kinds of securities or other property subject to this option. 
  
 (d) Rights to Subscribe. If the Company shall at any time grant to the holders of its Common Stock rights to subscribe pro rata for additional shares thereof or for any other securities of the Company or
of any other corporation, there shall be added to the number of shares underlying this option the Common Stock or other securities which the Optionee would have been entitled to subscribe for if immediately prior to such grant the Optionee had
exercised his entire option, and the option price shall be increased by the amount which would have been payable by the Optionee for such Common Stock or other securities. 
  
 (e) Determination by the Company. Adjustments under this Section 6 shall be made by the Company, whose
determinations with regard thereto shall be final and binding. No fractional shares of Common Stock shall be issued on account of any such adjustment. 
  
 7. Merger, Consolidation, Etc. 
  
 (a) Effect of Transaction. Upon the occurrence of any of the following events, if the notice required by Section 7(b) hereof shall have first
been given, the option granted hereunder shall automatically terminate and be of no further force and effect whatsoever, without the necessity for any additional notice or other action by the Company: (i) the merger, consolidation or
liquidation of the Company or the acquisition of its assets or stock pursuant to a nontaxable reorganization, unless the surviving or acquiring corporation, as the case may be, shall assume all outstanding options of the Company or substitute new
options for them pursuant to Section 425(a) 
  

 2 

 of the Code; (ii) the dissolution or liquidation of the Company; (iii) the appointment of a receiver for all or
substantially all of the Company’s assets or business; (iv) the appointment of a trustee for the Company after a petition has been filed for the Company’s reorganization under applicable statutes; or (v) the sale, lease or
exchange of all or substantially all of the Company’s assets and business. 
  
 (b) Notice of Such Occurrences. At least 30 days’ prior written notice of any event described in Section 7(a) hereof, except the transactions described in subsections 7(a)(iii) and (iv) as to
which no notice shall be required, shall be given by the Company to the Optionee. If the Optionee is so notified, he may exercise all or a portion of the entire unexercised portion of this option at any time before the occurrence of the event
requiring the giving of notice. Such notice shall be deemed to have been given when delivered personally to the Optionee or when mailed to the Optionee by registered or certified mail, postage prepaid, at the Optionee’s last address known to
the Company. 
  
 8. Binding Effect, Entire Agreement.
Subject to the limitations stated above, this Agreement shall be binding upon and inure to the benefit of the personal representatives of Optionee and the successors of the Company. This Agreement constitutes the entire agreement between the parties
and cannot be altered, modified, or changed in any way unless made in writing and signed by the party against whom such alteration, modification, or change is asserted. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its Chief Executive Officer and Secretary and the
Optionee has signed this Agreement. 
  

			
	 i2 TELECOM INTERNATIONAL, INC.

		
	 By:
	 	  

	 	 	Paul R. Arena
	 	 	Chief Executive Officer
	
	EMPLOYEE
	
	  

	 	 	Optionee

  

 3

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