Document:

Exhibit
      10.5.1

    

    
      MIDWESTONE
        FINANCIAL
        GROUP, INC.

      SEVENTH
        AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
        AGREEMENT

    

     

    This
      Seventh Amendment to Second Amended and Restated Credit Agreement (herein,
      the
“Amendment”)
      is
      entered into as of June 30, 2007, between MidWestOne
      Financial
      Group, Inc., an Iowa corporation (the
      “Borrower”),
      and
      Harris N.A. (the “Bank”).

     

    
      PRELIMINARY
        STATEMENTS

    

     

    A.The
      Borrower and the Bank are parties to that certain Second Amended and Restated
      Credit Agreement, dated as of November 30, 2003, as amended (the
“Credit
      Agreement”).
      All
      capitalized terms used herein without definition shall have the same meanings
      herein as such terms have in the Credit Agreement.

     

    B.The
      Borrower has requested that the Revolving Credit Commitment be reduced from
      $9,000,000 to $5,000,000, that the Revolving Credit Termination Date be extended
      to June 30, 2008, and that the Return on Assets covenant set forth in
      Section 7.14 of the Credit Agreement be eliminated and a minimum Net Income
      covenant be added in lieu thereof, and the Bank is willing to do so under the
      terms and conditions set forth in this Amendment.

     

    Now,
      Therefore, for
      good
      and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto agree as follows: 

     

    
      	
              
                SECTION 1.

              

            	
              
                AMENDMENTS.

              

            

    

     

    Subject
      to the satisfaction of the conditions precedent set forth in Section 2
      below, the Credit Agreement shall be and hereby is amended as
      follows:

     

    1.1. The
      amount of the Revolving Credit Commitment set forth in Section 1.1 of the
      Credit Agreement (The Credit) shall be reduced to $5,000,000 and, in furtherance
      thereof, the amount of “$9,000,000” appearing therein shall be deleted and the
      amount “$5,000,000” shall be inserted in lieu therof.

     

    1.2. The
      definition of “Revolving
      Credit Termination Date”
      set
      forth in Section 4 of the Credit Agreement (Definitions) shall be and hereby
      is
      amended and restated in its entirety to read as follows:

     

    “Revolving
      Credit Termination Date”
      means
      June 30, 2008, or such earlier date on which the Revolving Credit
      Commitment is terminated in whole pursuant to Section 2.4, 8.2 or 8.3
      hereof.

     

    1.3. Section 7.14
      of the Credit Agreement (Return on Assets) shall be deleted and a new
      Section 7.14 (Minimum Net Income) shall be inserted in lieu thereof, which
      shall read as follows:

     

    Section 7.14.
      Minimum Net Income. As
      of the
      last day of each June and December in each year (commencing June 30, 2007),
      the Borrower shall have Consolidated Net Income of not less than $1,800,000
      for
      the two (2) fiscal quarters then ended.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              
                SECTION 2.

              

            	
              
                CONDITIONS
                  PRECEDENT.

              

            

    

     

    The
      effectiveness of this Amendment is subject to the satisfaction of all of the
      following conditions precedent:

     

    2.1.The
      Borrower and the Bank shall have executed and delivered this
      Amendment.

     

    2.2.Legal
      matters incident to the execution and delivery of this Amendment shall be
      satisfactory to the Bank and its counsel.

     

    
      	
              
                SECTION 3.

              

            	
              
                REPRESENTATIONS.

              

            

    

     

    In
      order
      to induce the Bank to execute and deliver this Amendment, the Borrower hereby
      represents to the Bank that as of the date hereof, after giving effect to
      amendments set forth above, the representations and warranties set forth in
      Section 5 of the Credit Agreement are and shall be and remain true and
      correct (except that the representations contained in Section 5.5 shall be
      deemed to refer to the most recent financial statements of the Borrower
      delivered to the Bank) and the Borrower is in compliance with the terms and
      conditions of the Credit Agreement and no Default or Event of Default exists
      under the Credit Agreement or shall result after giving effect to this
      Amendment.

     

    
      	
              
                SECTION 4.

              

            	
              
                MISCELLANEOUS.

              

            

    

     

    4.1.The
      Borrower heretofore executed and delivered to the Bank various Collateral
      Documents. The Borrower hereby acknowledges and agrees that the Liens created
      and provided for by the Collateral Documents continue to secure, among other
      things, the Obligations arising under the Credit Agreement as amended hereby;
      and the Collateral Documents and the rights and remedies of the Bank thereunder,
      the obligations of the Borrower thereunder, and the Liens created and provided
      for thereunder remain in full force and effect and shall not be affected,
      impaired or discharged hereby. Nothing herein contained shall in any manner
      affect or impair the priority of the liens and security interests created and
      provided for by the Collateral Documents as to the indebtedness which would
      be
      secured thereby prior to giving effect to this Amendment.

     

    4.2.Except
      as
      specifically amended herein, the Credit Agreement shall continue in full force
      and effect in accordance with its original terms. Reference to this specific
      Amendment need not be made in the Credit Agreement, the Notes, or any other
      instrument or document executed in connection therewith, or in any certificate,
      letter or communication issued or made pursuant to or with respect to the Credit
      Agreement, any reference in any of such items to the Credit Agreement being
      sufficient to refer to the Credit Agreement as amended hereby.

     

    4.3.The
      Borrower agrees to pay on demand all costs and expenses of or incurred by the
      Bank in connection with the negotiation, preparation, execution and delivery
      of
      this Amendment, including the fees and expenses of counsel for the
      Bank.

     

    4.4.This
      Amendment may be executed in any number of counterparts, and by the different
      parties on different counterpart signature pages, all of which taken together
      shall constitute one and the same agreement. Any of the parties hereto may
      execute this Amendment by signing any such counterpart and each of such
      counterparts shall for all purposes be deemed to be an original. Delivery of
      a
      counterpart hereof by facsimile transmission or by e-mail transmission of an
      Adobe portable document format file (also known as a “PDF” file) shall be
      effective as delivery of a manually executed counterpart hereof. This Amendment
      shall be governed by, and construed in accordance with, the internal laws of
      the
      State of Illinois.

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    This
      Seventh Amendment to Second Amended and Restated Credit Agreement is entered
      into as of the date and year first above written.

    
       

      
        
          	 	 	 
	 	
                  
                  

                  
                    MIDWESTONE
                      FINANCIAL GROUP, INC.

                  

                
	 
 	 
 	 
 
	
                	By  	/s/
                  David A. Meinert 
	 	
                  

                  
                    Name
                      David
                      A. Meinert

                    Title
                      EVP
                      & CFO

                  

                

        

        
           

          Accepted
            and agreed to.

        

        
          	 	
                  HARRIS
                    N.A.

                
	 	 	 
	
                	By  	/s/
                  Robert Bomben
	 	
                  

                  
                    
                      Name
                        Robert
                        Bomben 

                      Title
                        DirectorExhibit
        10.1

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      THIS
        AGREEMENT
        made as
        of this 01
        day
        of
February,
        2007.

      

      BETWEEN:
        

      

      Phinder
        Technologies Inc.,
        a
        Florida corporation (hereinafter
        referred to as the "Corporation") 

      OF
        THE FIRST PART 

      

      -
        and -

      

      John
        Alexander van Arem,
        of the
        City of Toronto, in the Province of Ontario 

      

      (hereinafter
        referred to as the "Executive") 

      

      OF
        THE SECOND PART 

      

      WHEREAS
        the
        Corporation and the Executive have agreed to enter into this Employment
        Agreement to formalize in writing the terms and conditions reached between
        them
        governing the Executive's employment; 

      

      NOW
        THEREFORE
        in
        consideration of the covenants and agreements herein contained and for other
        good and valuable consideration, the receipt and sufficiency of which are
        hereby
        acknowledged by the parties, the parties hereto agree as follows: 

      

      ARTICLE
        1 - COMMENCEMENT AND TERM

      

      1.1  Term.
        

      

      The
        term
        of this Agreement shall commence February 1, 2007 and shall continue
        indefinitely until terminated in accordance with this Agreement. 

      

      ARTICLE
        2 -EMPLOYMENT

      

      2.1  Position.
        

      

      Subject
        to the terms and conditions hereof, the Executive shall be employed by the
        Corporation in the office of Chief Executive Officer and shall perform such
        duties and exercise such powers and responsibilities of such office as are
        set
        out in this Agreement, as are contained in the By-laws of the Corporation
        and as
        are otherwise prescribed or specified from time to time by the board of
        directors of the Corporation. 

      

      

      2.2  Responsibilities.
        

      

      The
        Executive agrees to devote a sufficient portion of his time, attention and
        ability to the business and affairs of the Corporation, to discharge the
        responsibilities assigned to the Executive, and to use the Executive's best
        efforts to perform faithfully and efficiently all such
        responsibilities.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        Corporation acknowledges as follows: 

      

      
        
          
            	
                  	a)	
                    that
                      the Executive has other business interests and obligations
                      and he shall be
                      entitled to devote time during office hours to look after these
                      interests;

                  

          

        

      

      

      
        	 	
                b)

              	
                that
                  such business interests may be performed for entities that are
                  not related
                  to the Corporation and may involve providing interest services
                  other than
                  an Interest Yellow Pages Advertising Service
                  ("Business");

              

      

      

      
        	 	
                c)

              	
                that
                  so long as the Executive is in compliance with his obligations
                  respecting
                  paragraphs 5.2, 5.4 and 5.5 herein, he may be contracted by other
                  entities
                  to provide services to them;

              

      

      

      
        	 	
                d)

              	
                that,
                  unless a business opportunity relates directly to the Business,
                  the
                  Executive shall not be obligated to share said opportunity with
                  the
                  Corporation and, furthermore, the Executive shall be permitted
                  to make
                  personal use of the said business
                  opportunity;

              

      

      

      
        	 	
                e)

              	
                so
                  long as the Executive is discharging his responsibilities as set
                  out by
                  the Corporation hereunder, the pursuit by the Executive of other
                  business
                  interests shall not be a breach of the Executive's obligations
                  under the
                  Business
                  Corporations Act
                  (Ontario) 

              

      

      

      The
        Executive shall ensure that his responsibilities to the corporation shall
        be
        carried out to the best of his abilities.

      

      ARTICLE
        3 - REMUNERATION

      

      3.1  Salary.
        

      

      The
        Corporation shall pay the Executive a base salary (the "Base Salary") of
        $14,000
        per month in lawful currency of the United States of America (USD).

      

      3.2 Benefits
        and Perquisites. 

      

      
        	 	
                (a)

              	
                The
                  Executive shall be entitled to participate in all of the Corporation's
                  group insurance benefit plans, currently including basic medical,
                  extended
                  health and dental, long-term disability and life. All plans are
                  governed
                  by their terms. 

              

      

      

      
        	 	
                (b)

              	
                The
                  Executive shall be entitled to a car allowance of $850 USD per
                  month plus
                  a $200 USD parking allowance. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	 	
                (c)

              	
                The
                  executive shall also be reimbursed for all expenses incurred for
                  the
                  business, which shall include but not be limited to: cell phone,
                  all
                  travel, hotel, restaurant and other entertainment expenses which
                  the
                  executive shall incur.

              

      

      

      
        	 	
                (d)

              	
                The
                  Executive is not entitled to any other benefit or perquisite other
                  than as
                  specifically set out in this Agreement or agreed to in writing
                  by the
                  Corporation.

              

      

      

      3.3  Vacation.
        

      

      The
        Executive shall be entitled to 6 weeks vacation with pay annually. Such vacation
        shall be taken at a time or times acceptable to the Corporation having regard
        to
        its operations. Accumulated vacation can be carried or at the option of the
        executive unused vacation days can be paid out.

      

      
        
          3.4  
            Bonuses

        

      

      

      
        	 	
                (a)

              	
                The
                  Executive shall be entitled to the following bonuses, in the form
                  of share
                  options, when the Corporation first attains the benchmarks set
                  out
                  below:

              

      

      

      Bonus: 

      
        	 	
                ·

              	
                Level
                  1
                  -
                  When the corporation posts gross revenues in excess of $4,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  500,000 options to purchase common shares In Phinder Technologies
                  Inc. at
                  $0.15 USD.

                Additionally
                  when reaching level 1, the Executive shall receive an additional
                  increase
                  of $2,000 USD per month effectively raising the Base Salary to
                  $16,000 USD
                  per month. 

              

      

       

      
        	 	
                ·

              	
                Level
                  2
                  -
                  When the corporation posts gross revenues in excess of $6,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  500,000 options to purchase common shares In Phinder Technologies
                  Inc. at
                  $0.15 USD. 

                Additionally
                  when reaching level 2, the Executive
                  shall receive an increase of $2,000 USD per month effectively raising
                  the
                  Base Salary to $18,000 USD per
                  month.

              

      

       

      
        	 	
                ·

              	
                Level
                  3
                  -
                  When the corporation posts gross revenues in excess of $7,500,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  750,000 options to purchase common shares In Phinder Technologies
                  Inc. at
                  $0.15 USD.

                Additionally
                  when reaching level 3, the Executive shall receive an increase
                  of $2,000
                  USD per month effectively raising the Base Salary to $20,000 USD
                  per
                  month. 

              

      

       

      
        	 	
                ·

              	
                Level
                  4
                  -
                  When the corporation posts gross revenues in excess of $10,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  750,000 options to purchase common shares In Phinder Technologies
                  Inc. at
                  $0.15 USD. 

                
                  Additionally
                    when reaching level 4, the Executive shall receive an increase
                    of $2,000
                    USD per month effectively raising the Base Salary to $22,000
                    USD per
                    month.

                

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                ·

              	
                Level
                  5
                  -
                  When the corporation posts gross revenues in excess of $15,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  1,000,000 options to purchase common shares In Phinder Technologies
                  Inc.
                  at $0.15 USD.

                Additionally
                  when reaching level 5, the Executive shall receive an increase
                  of $2,000
                  USD per month effectively raising the Base Salary to $24,000 USD
                  per
                  month. 

              

      

       

      
        	 	
                ·

              	
                Level
                  6
                  -
                  When the corporation posts gross revenues in excess of $20,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  1,000,000 options to purchase common shares In Phinder Technologies
                  Inc.
                  at $0.15 USD.

                Additionally
                  when reaching level 6, the Executive shall receive an increase
                  of $2,000
                  USD per month effectively raising the Base Salary to $26,000 USD
                  per
                  month. 

              

      

       

      
        	 	
                ·

              	
                Level
                  7
                  -
                  When the corporation posts gross revenues in excess of $30,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  1,500,000 options to purchase common shares In Phinder Technologies
                  Inc.
                  at $0.15 USD.

                Additionally
                  when reaching level 7, the Executive shall receive an increase
                  of $4,000
                  USD per month effectively raising the Base Salary to $30,000 USD
                  per
                  month. 

              

      

       

      
        	 	
                ·

              	
                Level
                  8-
                  When the corporation posts gross revenues in excess of $50,000,000
                  USD for
                  one fiscal quarter the Executive shall be entitled to an additional
                  2,000,000 options to purchase common shares In Phinder Technologies
                  Inc.
                  at $0.15 USD.

                Additionally
                  when reaching level 8, the Executive shall receive an increase
                  of $10,000
                  USD per month effectively raising the Base Salary to $40,000 USD
                  per
                  month. 

              

      

      

      

      
        	
              	(b)	
                The
                  share options in paragraph 3.4(a) shall be common shares. In the
                  event the
                  corporation consolidates its shares or does a forward split, said
                  bonus
                  shares shall be issued prorated, i.e. in the event of a consolidation
                  of
                  shares of the Corporation of 2 old shares in return for one new
                  one the
                  executive shall be entitled to earn 250,000 shares for each level
                  the
                  corporation reaches. In the event of a forward split the Executive
                  shall
                  receive the same multiple of options on the Levels 1 through 5
                  as the
                  shares of the corporation split.

              

      

      

      
        	
              	(c)	
                These
                  bonus shares shall be considered fully earned and shall fall under
                  rule
                  144 of the securities and exchange act. The shares shall be entitled
                  to
                  piggy back registration rights. Should the corporation file a registration
                  statement these shares shall automatically be
                  included.

              

      

      

      
        	
              	(d)	
                These
                  options shall be exercisable as cashless
                  options.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        4 - TERMINATION OF EMPLOYMENT

      

      4.1  Termination
        by the Corporation for Just Cause, Disability or Death

      

      
        	 	
                (a)

              	
                The
                  Corporation may not terminate this Agreement and the Executive's
                  employment hereunder without payment of any compensation unless
                  Just Cause
                  can be proven.

              

      

      

      
        	 	
                (b)

              	
                The
                  Corporation may terminate this Agreement and the Executive's employment
                  hereunder without payment of any compensation either by way of
                  anticipated
                  earnings or damages of any kind at any time for Just Cause.
                  

              

      

      

      
        	 	
                (c)

              	
                The
                  Corporation may terminate this Agreement and the Executive's employment
                  hereunder at any time for reason of Disability, upon payment of
                  a lump sum
                  of equal to six (6) months Base Salary to the Executive. Upon terminating
                  this Agreement for reasons of Disability, the Corporation shall
                  continue
                  to provide insurance benefits provided under paragraph 3.2(a) for
                  a period
                  of eighteen (18) months, save and except for long-term disability,
                  which
                  shall be provided until such time as the Executive no longer qualifies
                  to
                  receive benefits thereunder according to the term of the insurance
                  coverage.

              

      

      

      
        	 	
                (d)

              	
                The
                  Corporation may terminate this Agreement and the Executive's employment
                  hereunder for reason of Death of the Executive, but only after
                  payment of
                  the benefits of any life insurance policy provided to the Executive
                  pursuant to paragraph 3.2(a), such payment being made to the Executive's
                  designated beneficiary. Between the time of the Executive's death
                  and the
                  termination of this Agreement, the Executive's estate, and any
                  beneficiaries, heirs or successors of the Executive, shall not
                  be entitled
                  to any benefits, bonuses or payments under this Agreement save
                  and except
                  for death benefits pursuant to insurance
                  coverage.

              

      

      

      
        	 	
                (c)

              	
                "Just
                  Cause" shall mean just cause for termination at law and shall include,
                  without limitation,: 

              

      

      

      
        	
              	(i)	
                gross
                  misconduct or dishonesty in the discharge of his duties hereunder;
                  

              

      

      

      
        	
              	(ii)	
                theft
                  or misappropriation of the Corporation's property;
                  

              

      

      

      
        	
              	(iii)	
                wilful
                  and material breach of fiduciary duties;

              

      

      

      
        	
              	(iv)	
                gross
                  incompetence or gross negligence in the performance of the Executive's
                  duties; or 

              

      

      

      
        	
              	(v)	
                the
                  Executive commits a material breach of this Agreement and fails
                  to remedy
                  same, after written notice from the Corporation with particulars,
                  within a
                  period which is reasonable in the circumstances.
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
              	(d)	
                For
                  the purposes of this Agreement, "Disability" shall have occurred
                  if the
                  Executive has been unable due to illness, disease, or mental or
                  physical
                  disability (in the opinion of a qualified medical practitioner
                  who is
                  satisfactory to the Executive and the Corporation acting reasonably),
                  to
                  fulfil his obligations hereunder either for any consecutive six
                  (6) month
                  period or for any period of 9 months (whether or not consecutive)
                  in any
                  consecutive 12 month period, or the Executive has been declared
                  by a court
                  of competent jurisdiction to be mentally incompetent or incapable
                  of
                  managing his affairs. 

              

      

      

      If
        there
        is a dispute between the Executive and the Corporation as to the existence
        or
        nature of the Disability, the parties agree to retain the services of one
        or
        more medical practitioners, properly licensed in Canada and Ontario in their
        field in order to resolve the dispute. If the Executive and the Corporation
        cannot agree on a qualified medical practitioner to confirm the nature or
        existence of the Disability, each party shall select a medical practitioner,
        and
        the two practitioners shall select a third who shall be the approved medical
        practitioner for this purpose. 

      

      
        
          
            	4.2	 	
                    Termination
                      by the Employer Without Cause.

                  

          

        

      

      

      If
        the
        Executive's employment is terminated after September 30, 2005 by the Corporation
        for any reason other than for Just Cause, Disability or Death, then the
        following provisions shall apply: 

      

      
        	 	
                (a)

              	
                The
                  Corporation shall pay to the Executive his Base Salary for 1 months
                  plus
                  an additional 1 month per year of employment with the Corporation
                  up to a
                  maximum of 12 months following the date of termination and any
                  perquisites
                  to which such executive is entitled under sections 3.2(b) and 3.3
                  hereof.
                  Additionally all benefits that are unearned or unvested at the
                  time of
                  termination shall be deemed to be earned and vested and the Executive
                  shall be entitled to receive immediately upon termination all 5
                  bonus
                  levels set out in Section 3.4 hereof regardless of whether the
                  various
                  targets have been met or not. This shall also apply if the Employee
                  agrees
                  with the board that it is in the best interest of the corporation
                  to hire
                  a new CEO.

              

      

      

      
        	 	
                (b)

              	
                The
                  Corporation shall, to the extent it may do so legally and in compliance
                  with the Corporation's benefit plans in existence from time to
                  time,
                  continue all group insurance benefits at a level equivalent to
                  those
                  provided to the Executive immediately prior to the termination
                  for a
                  period of 6 months plus 1 month per year of employment with the
                  Corporation up to a maximum of 18 months following the date of
                  termination
                  provided that, (a) the benefits contemplated by this sub-paragraph
                  shall
                  terminate on the date the Executive obtains alternate employment
                  providing
                  comparable benefits; and (b) if the Corporation cannot continue
                  any
                  particular group insurance benefit, the Corporation shall reimburse
                  the
                  Executive for any expenses incurred by the Executive to replace
                  such group
                  insurance benefit. 

              

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	 	
                (c)

              	
                In
                  the event the Executive's employment is terminated in accordance
                  with this
                  Section 4.2, the Term of this Agreement will end and the Executive
                  will
                  not be required to perform any services hereunder following the
                  date of
                  termination. 

              

      

      
        

        
          
            
              	4.3	 	
                      
                        Early
                          Termination by the Employer Without
                          Cause.

                      

                    

            

          

        

         

      

      If
        the
        Executive's employment is terminated before September 30, 2005 by the
Corporation
        for any reason other than for Just Cause, Disability or Death, then the
        Corporation shall pay to the Executive compensation equal to three (3) months
        Base Salary.

       

      
        
          
            
              	4.4	 	
                      
                        Termination
                          by the Executive. 

                      

                    

            

             

          

        

      

      
        	 	
                (a)

              	
                The
                  Executive may terminate this Agreement, at any time, upon the occurrence,
                  of any of the following without prior written notice to the Corporation:
                  

              

      

      

      
        	
              	(i)	
                a
                  reduction in the Executive's then current Base Salary
                  

              

      

      

      
        	 	
                (ii)
                  

              	
                a
                  material diminution in the Executive's duties or the assignment
                  to the
                  Executive of duties which are materially inconsistent with his
                  duties or
                  which materially impair the Executive's ability to function as
                  the Chief
                  Executive Officer; 

              

      

      

      (each
        defined as a "Good Reason") 

      

      
        	 	
                (b)

              	
                In
                  the event Executive terminates this Agreement for Good Reason,
                  he shall be
                  entitled to the same payments as provided in Section 4.2 above
                  excluding
                  any unearned bonuses. 

              

      

      

      
        	 	
                (c)

              	
                The
                  Executive may terminate this Agreement, at any time, for other
                  than a Good
                  Reason upon giving the Corporation sixty (60) days notice of said
                  termination.

              

      

      

      
        	 	
                (d)

              	
                If
                  the Executive terminates this Agreement under paragraph 4.4(c),
                  the
                  Executive shall be entitled to receive all unpaid Base Salary and
                  all
                  unpaid amounts under paragraphs 3.2, 3.3 and 3.4 as at the date
                  of the
                  notice as well as all Base Salary, benefits under paragraphs 3.2
                  and 3.3
                  and bonuses under paragraph 3.4 that become due and payable between
                  the
                  time notice is given and the time that this Agreement
                  terminates.

              

      

       

      
        
          	4.5	 	
                  
                    Termination
                      upon a Change of Control.

                  

                

        

         

      

      
        	 	
                (a)

              	
                If,
                  following a Change in Control, the Executive's employment is terminated
                  without Just Cause or the Executive terminates his employment for
                  Good
                  Reason, the Executive shall be entitled to the payments provided
                  in this
                  Section 4.5 in addition to those set out in paragraphs 4.2 and
                  4.4. Also,
                  immediately following a Change in Control, all amounts, entitlements
                  of
                  benefits in which Executive is not vested shall become fully vested
                  and
                  for the purposes of paragraph 4.4(b) shall be deemed to have been
                  earned.
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                (b)

              	
                The
                  Executive may terminate his employment upon the occurrence of a
                  Change of
                  Control by providing written notice to the Corporation within six
                  months
                  of the occurrence of such Change of Control and the effective date
                  of such
                  termination and the termination of the Executive's employment shall
                  be 30
                  days from the date of such written notice.

              

      

      

      
        	 	
                (c)

              	
                For
                  the purposes of this Agreement, a "Change of Control" shall mean
                  the
                  occurrence, at any time during the term of this Agreement, of any
                  third
                  party person or group of persons acting jointly or in concert acquiring,
                  directly or indirectly, a controlling interest in the outstanding
                  voting
                  shares in the Corporation, whether by way of takeover bid, merger,
                  amalgamation or otherwise. 

              

      

      

      
        	 	
                (c)

              	
                In
                  the event of termination of the Executive's employment pursuant
                  to this
                  Section 4.5, then the following provisions shall apply:
                  

              

      

      

      
        	
              	(i)	
                The
                  Corporation shall pay forthwith to the Executive or as he may direct,
                  a
                  lump sum amount equal 6 months Basic Salary plus any perquisites
                  to which
                  he is entitled under sections 3.2 and 3.3 hereof and any bonus
                  to which
                  the Executive would otherwise be entitled based on the formula
                  set out in
                  Section 3.4 hereof, as amended by paragraph 4.5(a).; and
                  

              

      

      

      
        	 	
                (ii)

              	
                The
                  Corporation shall continue, to the extent it may do so legally
                  and in
                  compliance with the Corporation's benefit plans in existence from
                  time to
                  time, all group and insurance benefits at a level equivalent to
                  those
                  provided to the Executive immediately prior to the termination
                  for a
                  period of 6 months following the date of termination, provided
                  that, if
                  the Corporation cannot continue any particular group insurance
                  benefit,
                  the Corporation shall reimburse the Executive for any expenses
                  incurred by
                  the Executive to replace such group insurance
                  benefit.

              

      

      

      
        	 	
                (iii)

              	
                With
                  respect to a termination pursuant to paragraph 4.5(a), the provisions
                  of
                  this paragraph 4.5(c) are in addition to payments owing under paragraphs
                  4.2 and 4.4 (as applicable). Where benefits and payment are extended
                  over
                  a period of time, these periods shall extend the time periods otherwise
                  applicable under paragraphs 4.2 and 4.4.

              

      

      

      
        	
              	(iv)	
                Nature
                  of Payment .
                  Any amounts due under this Article 4 are in the nature of severance
                  payments considered to be reasonable by the Corporation and are
                  not in the
                  nature of a penalty. 

              

      

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            	4.6	 	
                    
                      Payment
                        to Date of Termination.

                    

                  

          

        

      

      

      Regardless
        of the reasons for the termination, the Corporation shall make payment to
        the
        Executive to the effective date of termination for all Base Salary, any accrued
        but unpaid vacation entitlements, any earned but unpaid Bonuses and any other
        amounts earned, accrued or owing to the Executive but not yet paid as well
        as
        other or additional benefits in accordance with applicable plans or programs
        of
        the Corporation. 

      
         

        
          
            	4.7	 	
                    
                      Return
                        of Property. 

                    

                  

          

           

        

      

      Upon
        any
        termination of this Agreement, the Executive shall forthwith deliver or caused
        to be delivered to the Corporation all books, documents, computer disks and
        diskettes and other electronic data, effects, money, securities or other
        property belonging to the Corporation or for which the Corporation is liable
        to
        others, which are in the possession, charge, control or custody of the
        Executive. 

      
         

        
          
            	4.8	 	
                    
                      Release.
                        

                    

                  

          

        

      

      

      The
        Executive and the Corporation acknowledge and agree that the payments pursuant
        to this Article 4 shall be in full satisfaction of all terms of termination
        of
        the Executive's employment, including termination pay and severance pay pursuant
        to the Employment
        Standards Act (Ontario)
        as amended from time to time. Except as otherwise provided in this Article,
        the
        Executive shall not be entitled to any further termination payments, damages
        or
        compensation whatsoever. As a condition precedent to any payment pursuant
        to
        this Article 4, the Executive agrees to deliver to the Corporation prior
        to any
        such payment, a full and final release from all actions or claims in connection
        therewith in favour of the Corporation, its affiliates, subsidiaries, directors,
        officers, employees and agents, in a form reasonably satisfactory to the
        Corporation and the Corporation agrees to deliver to the Executive prior
        to any
        such payment, a full and final release from all actions or claims in connection
        therewith in favour of the Executive in a form reasonably satisfactory to
        the
        Executive. 

      
        
           

          
            
              	4.9	 	
                      
                        Set-Off.
                          

                      

                    

            

             

          

        

      

      Upon
        termination, howsoever caused, the Executive authorizes the Corporation to
        deduct from any payment due to him pursuant to this Agreement, any amounts
        owed
        to the Corporation howsoever caused, including by reason of purchases, advances,
        loans, or in recompense for damages to or lawful property and equipment.
        This
        provision shall be applied so as not to conflict with any applicable
        legislation. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        
          	4.10	 	
                  
                    Provincial
                      Legislation. 

                  

                

        

      

      

      All
        payments made and notice given pursuant to this Article 4 shall include notice
        of termination and severance pay as defined in the Employment
        Standards Act (Ontario)
        as it may from time to time be amended, the provisions of which are deemed
        to be
        incorporated into this Agreement and shall prevail to the extent greater.
        

      

      ARTICLE
        5 - COVENANTS OF THE PARTIES

       

      
        
          
            	5.1	 	
                    
                      Corporate
                        Opportunities.

                    

                  

          

        

      

      

      So
        long
        he is an Executive of the Corporation, the Executive shall share with the
        Corporation any corporate opportunities directly related to the Business
        that he
        or she has knowledge of and such Executive shall not make any personal use
        of
        such corporate opportunity directly or indirectly. The Executive shall not
        be
        required to share business or corporate opportunities with the Corporation
        that
        do not directly relate to the Business.

       

      
        
          	5.2	 	
                  
                    Confidentiality.
                      

                  

                

        

      

      

      It
        is
        essential to the success of the Corporation that the business and affairs
        of the
        Corporation and its subsidiaries be kept in the strictest confidence. In
        the
        event of termination of this Agreement, each party, and in the event the
        Executive ceases to be an employee of the Corporation, shall, until the expiry
        of one (1) years from such event, keep all information pertaining to or
        concerning the Corporation and its subsidiaries (other than as hereinafter
        provided) in the strictest confidence and not disclose any such information
        to a
        third person other than: 

      

      
        	 	
                (a)
                  

              	
                an
                  Affiliated Body Corporation or Associate of the party where it
                  is
                  necessary for the purposes of the Corporation that such Affiliated
                  Body
                  Corporate or Associate enters into an agreement with the Corporation
                  under
                  which such Affiliated Body Corporation or Associate agrees not
                  to use such
                  information for any purpose other than those of the Corporation
                  and be
                  bound by the provisions of this Section 5.2;

              

      

      

      
        	 	
                (b)

              	
                a
                  governmental or other authority to which the disclosure is required
                  by law
                  and where there is no reasonable means to avoid such disclosure;
                  

              

      

      

      
        	
              	(c)	
                a
                  court determining the rights of the parties under this Agreement;
                  

              

      

      

      
        	 	
                (d)

              	
                professional
                  advisors in connection with the performance of their professional
                  services; and 

              

      

      

      
        	 	
                (e)

              	
                information
                  regarding the Corporation where disclosure is necessary for legitimate
                  business reasons. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      For
        the
        purposes of this Agreement, "Affiliated Body Corporate" shall be defined
        as a
        corporate entity that for the purposes of the Income
        Tax Act
        (Canada)
        would be defined as a Related Person of the Corporation. For the purposes
        of
        this Agreement, "Associate" shall be defined as any non-corporate entity
        that
        for the purposes of the Income
        Tax Act
        (Canada)
        would be defined as a Related Person of the Corporation.

       

      
        	5.3	 	
                
                  Standard
                    of Care. 

                

              

      

    

    
      
The
        standard of care for protecting information under Section 5.2 will be that
        degree of care which the parties would use to prevent disclosure, publication or
        dissemination of their own proprietary or confidential information and no
        liability will be incurred by the parties for disclosure of such information
        for
        whatever reason, including inadvertence, accident or mistake, if they have
        exercised such standard of care in protecting such information. 

       

      
        
          	5.4	 	
                  
                    Exceptions
                      Regarding Confidentiality.

                  

                

        

         

      

      No
        party
        shall be obligated to keep in confidence or shall incur any liability for
        disclosure of information to a third party (the "Recipient") of the nature
        aforesaid which: 

      

      
        	 	
                (a)

              	
                was
                  already known to the Recipient at the time of receipt, other than
                  as a
                  result of the activities of the Corporation;

              

      

      

      
        	
              	(b)	
                was
                  permitted to be disclosed by the party from whom it was obtained;
                  

              

      

      

      
        	 	
                (c)

              	
                has
                  been published or is otherwise within the public domain at the
                  time of its
                  disclosure to the Recipient; 

              

      

      

      
        	
              	(d)	
                come
                  into the public domain without any breach of this Agreement; or
                  

              

      

      

      
        	 	
                (e)

              	
                becomes
                  known or available to the Recipient other than as a result of the
                  activities of the Corporation but without any breach of this Agreement
                  by
                  a party. 

              

      

       

      
        	 	
                (f)

              	
                was
                  introduced to the corporation by the Executive through one of the
                  Executive’s other business
                  interests.

              

      

      
         

        
          
            	5.5	 	
                    
                      Restrictive
                        Covenants.

                    

                  

          

        

      

      

      
        	 	
                (a)

              	
                The
                  Executive will not at any time, without the prior written consent
                  of the
                  Corporation, during the term of this Agreement or for a period
                  of three
                  months, or, if the Executive's employment is terminated without
                  Just
                  Cause, for a period equal to the number of days prior notice of
                  termination that the Executive would otherwise entitled to under
                  the
                  Employment
                  Standards Act (Ontario),
                  after the termination of this Agreement or the Executive's employment
                  (regardless of the reason for such termination), either individually
                  or in
                  partnership, jointly or in conjunction with any other person or
                  persons,
                  firm, association, syndicate, company or corporation, whether as
                  agent,
                  shareholder, employee, consultant, Client, or in any manner whatsoever,
                  directly or indirectly: 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (i)
                  

              	
                anywhere
                  in the Territory, engage in, carry on or other-wise have any interest
                  in,
                  advise, lend money to, guarantee the debts or obligations of, permit
                  the
                  Executive's name to be used in connection with any business which
                  is
                  competitive to the Business or which provides the same or substantially
                  similar services as the Business; 

              

      

      

      
        	 	
                (ii)
                  

              	
                for
                  the purpose of competing with any business of the Corporation,
                  solicit,
                  interfere with, accept any business from or render any services
                  to anyone
                  who is a Client or a prospective client of the Corporation at the
                  time
                  Executive ceased to be employed by the Corporation or who was a
                  Client
                  during the 12 months immediately preceding such time;
                  

              

      

      

      
        	
              	(iii)	
                solicit
                  or offer employment to any person employed or engaged by the Corporation
                  at the time the Executive ceased to be employed by the Corporation
                  or who
                  was an employee or during the 12 month period immediately preceding
                  such
                  time. 

              

      

      

      
        	
              	(b)	
                For
                  the purposes of this Agreement: 

              

      

      

      
        	
              	(i)	
                "Territory"
                  shall mean the world

              

      

      

      
        	
              	(ii)	
                "Business"
                  shall mean the Internet Yellow Pages Advertising Program, and related
                  business operations, operated by the
                  Corporation.

              

      

      

      
        	
              	(iii)	
                "Client"
                  shall mean all existing clients of the Corporation as well as any
                  entity
                  with whom the Corporation has within the previous six (6) months
                  or is, in
                  negotiation with a view to the Corporation being instructed to
                  provide
                  goods or services to such entity. 

              

      

      
        
           

          
            
              	5.6	 	
                      
                        General
                          Provisions 

                      

                    

            

             

          

        

      

      
        	 	
                (a)

              	
                The
                  Executive acknowledges and agrees that in the event of a breach
                  of the
                  covenants, provisions and restrictions in Section 5.5, the Corporation's
                  remedy in the form of monetary damages will be inadequate and that
                  the
                  Corporation shall be and is hereby authorized and entitled, in
                  addition to
                  all other rights and remedies available to it, to apply for and
                  obtain
                  from a court of competent jurisdiction interim and permanent injunctive
                  relief and an accounting of all profits and benefits arising out
                  of such
                  breach. 

              

      

      

      
        	 	
                (b)

              	
                The
                  parties acknowledge that the restrictions in Section 5.5 are reasonable
                  in
                  all of the circumstances and the Executive acknowledges that the
                  operation
                  of restrictions contained in Section 5.5 may seriously constrain
                  his
                  freedom to seek other remunerative employment. If any of the restrictions
                  are determined to be unenforceable as going beyond what is reasonable
                  in
                  the circumstances for the protection of the interests of the Corporation
                  but would be valid, for example, if the scope of their time periods
                  or
                  geographic areas were limited, the parties consent to the court
                  making
                  such modifications as may be required and such restrictions shall
                  apply
                  with such modifications as may be necessary to make them valid
                  and
                  effective. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
           

          
            
              	5.7	 	
                      
                        Scope
                          of Application.

                      

                    

            

          

        

      

      

      The
        foregoing restrictions shall apply to any action taken by the Executive,
        directly or indirectly, alone or in concert or in partnership with others,
        whether as agent, representative, principal, employee, consultant, director
        or
        in any other capacity. 

       

      
        	5.8	 	
                
                  Limitation
                    of Time Periods and Geographic Area.
                    

                

              

      

    

    
      
While
        these restrictions are considered by the parties to be reasonable, they may
        fail
        for unforeseen technical reasons. Accordingly the parties have agreed that
        if
        any of these restrictions are determined to be unenforceable as going beyond
        what is reasonable in the circumstances for the protection of the interests
        of
        the Corporation and its Shareholders but would be valid if, for example,
        the
        scope of their time periods or geographic areas were limited, the restrictions
        shall apply with such modifications as may be necessary to make them valid
        and
        effective. 

      

      ARTICLE
        6 - DIRECTORS AND OFFICERS

      
        
          	6.1	 	
                  
                    Insurance. 

                  

                

        

      

      

      The
        Corporation shall maintain such directors' and officers' liability insurance
        for
        the benefit of the Executive in accordance with corporate policies and as
        generally provided to the directors of the Corporation. 

       

      
        
          	6.2	 	
                  
                    Indemnification. 

                  

                

        

      The
        Corporation agrees that. if the Executive is made a party, or is threatened
        to
        be made a party, to any action, suit or proceeding, whether civil, criminal,
        administrative or investigative (a "Proceeding"), by reason of the fact that
        he
        is or was a director, officer or employee of the Corporation or is or was
        serving at the request of the Corporation as a director, officer, member,
        employee or agent of another corporation, partnership, joint venture, trust
        or
        other enterprise, including service with respect to employee benefit plans,
        whether or not the basis of such Proceeding is the Executive's alleged action
        in
        an official capacity while serving as a director, officer, member, employee
        or
        agent, the Executive shall be indemnified and held harmless by the Corporation
        to the fullest extent legally permitted or authorized by the Corporation's
        certificate of incorporation or by-laws or resolutions of the Corporation's
        board of directors or, if greater, by the laws of the Province of Ontario,
        and
        the federal laws of Canada applicable to the Corporation, against all cost,
        expense, liability, and loss (including, without limitation, attorney's fees,
        judgments, fines, or penalties and amounts paid or to be paid in settlement)
        reasonably incurred or suffered by the Executive in connection therewith,
        and
        such indemnification shall continue as to the Executive even if he has ceased
        to
        be a director, member, employee or agent of the Corporation or other entity
        and
        shall inure to the benefit of the Executive's heirs, executors and
        administrators. The Corporation shall advance to the Executive all reasonable
        costs and expenses incurred by him in connection with a Proceeding within
        20
        days after receipt by the Corporation of a written request for such advance.
        Such request shall include an undertaking by the Executive to repay the amount
        of such advance if it shall ultimately be determined that he is not entitled
        to
        be indemnified against such costs and expenses. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      ARTICLE
        7 - ARBITRATION

       

      
        
          	7.1	 	
                  
                    Arbitration.
                      

                  

                

        

      If
        any
        dispute or controversy shall occur between the parties hereto relating to
        the
        interpretation or implementation of any of the provisions of this Agreement,
        such dispute shall be resolved by arbitration. Such arbitration shall be
        conducted by a single arbitrator to be appointed in accordance with the Rules
        for the Conduct of Arbitrators of the Arbitrators Institution of Canada Inc.
        (the "Rules"). The procedure to be followed shall be those set out in the
        Rules
        or, if there are no Rules in effect at the commencement of the arbitration,
        the
        arbitration shall proceed in accordance with the provisions of the Arbitrations
        Act (Ontario).
        The arbitrator shall have the power to proceed with the arbitration and to
        deliver his award notwithstanding the default by any party in respect of
        any
        procedural order made by the arbitrator. The decision arrived at pursuant
        to the
        arbitration, howsoever constituted, shall be final and binding and no appeal
        shall lie therefrom. Judgment upon the award rendered pursuant to the
        arbitration may be entered in any court having jurisdiction. 

      

      ARTICLE
        8 - CONTRACT PROVISIONS

       

      
        
          	8.1	 	
                  
                    Headings
                      

                  

                

        

      

      

      The
        headings of the Articles and paragraphs herein are inserted for convenience
        of
        reference only and shall not affect the meaning or construction hereof.

       

      
        
          	8.2	 	
                  
                    Independent
                      Advice. 

                  

                

        

      

      

      The
        Corporation and the Executive acknowledge and agree that they have each obtained
        independent legal advice in connection with this Agreement and they further
        acknowledge and agree that they have read, understand and agree with all
        of the
        terms hereof and that they are executing this Agreement voluntarily and in
        good
        faith. 

       

      
        
          	8.3	 	
                  
                    Gender.
                      

                  

                

        

      

      

      Words
        denoting any gender include both genders 

       

       

      
        
          	8.4	 	
                  
                    Governing
                      Law. 

                  

                

        

         

      

      This
        Agreement shall be construed and interpreted in accordance with the laws
        of the
        Province of Ontario and the federal laws of Canada applicable therein. Each
        of
        the parties hereby irrevocably attorns to the jurisdiction of the courts
        of the
        Province of Ontario with respect to any matters arising out of this Agreement.
        

       

      
        
          	8.5	 	
                  
                    Entire
                      Agreement. 

                  

                

        

         

      

      This
        Agreement, together with the plans and documents referred to herein, constitute
        and express the whole agreement of the parties hereto with reference to any
        of
        the matters or things herein provided for or herein before discussed or
        mentioned with reference to such employment of the Executive. All promises,
        representations, collateral agreements and understandings not expressly
        incorporated in this Agreement are hereby superseded by this Agreement.

       

      
        
          	8.6	 	
                  
                    Severability.
                      

                  

                

        

         

      

      If
        any
        provision contained herein is determined to be void or unenforceable in whole
        or
        in part, it shall not be deemed to affect or impair the validity of any other
        provision herein and each such provision is deemed to be separate and distinct.
        

       

      
        
          	8.7	 	
                  
                    Notice.
                      

                  

                

        

      Any
        notice required or permitted to be given under this Agreement shall be in
        writing and shall be properly given if personally delivered, delivered by
        facsimile transmission (with confirmation of receipt) or mailed by prepaid
        registered mail addressed as follows: 

       

      
        	 	(a) 	in the case of the
                Corporation: Phinder
                Technologies Inc.	
                181
                  University Avenue, Suite 210

                Toronto,
                  Ontario, M5H 3M7.

                Attention:
                  Chief Executive Officer

              
	 	 	
                 

              	 
	 	(b)	
                in
                  the case of the Executive: 

              	
                to the last address of the Executive

                in the records of the
                  Corporation  

              

      

      

      or
        to
        such other address as the parties may from time to time specify by notice
        given
        in accordance herewith. Any notice so given shall be conclusively deemed
        to have
        been given or made on the day of delivery, if personally delivered, or if
        delivered by facsimile transmission or mailed as aforesaid, upon the date
        shown
        on the facsimile confirmation of receipt or on the postal return receipt
        as the
        date upon which the envelope containing such notice was actually received
        by the
        addressee. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	8.8	 	
                  
                    Successors.
                      

                  

                

        

         

      

      This
        Agreement shall enure to the benefit of and be binding upon the parties hereto
        and their respective personal or legal representatives, heirs, executors,
        administrators, successors and assigns. 

       

      
        
          	8.9	 	
                  
                    Taxes.
                      

                  

                

        

      

      

      All
        payments under this Agreement shall be subject to withholding of such amounts,
        if any, relating to tax or other payroll deductions as the Corporation may
        reasonably determine and should withhold pursuant to any applicable law or
        regulation. 

       

      
        
          	8.10	 	
                  
                    Currency.
                      

                  

                

        

      

      

      All
        dollar amounts set forth or referred to in this Agreement refer to United
        States
        currency unless specified otherwise.

       

      
        
          	8.11	 	
                  
                    Counterparts.
                      

                  

                

        

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

      

      The
        rest of this page left intentionally blank.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      PHINDER
        TECHNOLOGIES INC. 

      

      

      By:_____________________

      Name:
        Wayne Doss

       

      I
        am a
        director of the corporation and I am authorised to bind the
        corporation.

       

      

      By:_____________________

      Name:
        Kevin Donahue

       

      I
        am a
        director of the corporation and I am authorised to bind the
        corporation.

      

      

      By:_____________________

      Name:
        John A. van Arem

      Title:
        Chief Executive Officer

      

       

      
        	SIGNED SEALED & DELIVERED	 }	 
	 	 }	 
	 	 }	 
	 	 }	 
	 	 }	 
	 	 }	______________________________

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