Document:

STOCK PURCHASE AGREEMENT

             

             

            THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made and entered into as of 18th day of September 2008 (the “Effective Date”) by and between:

             

            Bastion Payment Systems Corporation (“Bastion”), a corporation duly organized and existing under and by virtue of the laws of the Philippines, with principal place of business at 9th Floor, Don Chua Lamko Building, H.V. dela Costa corner Leviste Streets, Salcedo Village, Makati City, Philippines 1227, represented in this act by Wilfred G. Tan, Chief
            Executive Officer, who has been duly authorized to sign this agreement for and in behalf of Bastion

             

            - and -

             

            MobiClear, Inc. (the “Company”), a corporation duly organized and existing under and virtue of the laws of Pennsylvania with a registered office at 1515 Market Street, Suite 1210, Philadelphia, Pennsylvania, United States of America 19102, represented in this act by Stephen P. Cutler, Chief Executive Officer, who has been duly authorized to sign this agreement
            for and in behalf of MobiClear

             

            on the following:

             

            PREMISES:

             

            Bastion and the Company are the sole two equity owners of Mobiclear Inc., a corporation duly organized and existing under the laws of the Philippines (“Mobiclear PH”). Simoun Ung, a director of the Company, also serves as a [director] of Bastion. Bastion owns 167,500 shares of the 250,000 issued and outstanding common shares of Mobiclear PH (the “Bastion
            Shares”), while the Company owns the remaining 82,500 common shares of Mobiclear PH. The Company has determined that it wishes to acquire the Bastion Shares in exchange for 750,000 shares of the Company’s common stock (the “Company Shares”), and Bastion has determined that it is willing to sell the Bastion Shares to the Company for that consideration.

             

            AGREEMENT:

             

            NOW, THEREFORE, upon the foregoing premises, which are incorporated herein by reference, and for and in consideration of the mutual promises and covenants contained in this Agreement, it is hereby agreed as follows:

             

            Article I.

            Purchase And Sale Of Shares

             

            1.1       Authorization. The Company has duly authorized the sale and issuance, pursuant to the terms of this Agreement, of the Company Shares as consideration for Bastion Shares.

            1.2       Sale and Purchase of Shares. Subject to the terms and conditions of this Agreement, the Company, upon execution and acceptance of this Agreement, agrees to sell and issue to Bastion, and Bastion agrees to pay for and purchase from the Company, 1,250,000 of the Company’s shares
            (the "Company Shares") as consideration for the Bastion Shares.

             

            
                

            

            Article II.

            The Closing

             

            2.1       Payment of Purchase Price. On tendering this Agreement, Bastion shall deliver to the Company one or more certificates representing the Bastion Shares.

            2.2       Delivery of Certificates for the Company Shares. Within five business days after acceptance of the Bastion Shares, the Company shall transmit to Bastion such number of certificates as Bastion may reasonably request evidencing the Company Shares.

            2.3       Issuance Expenses. The Company shall pay for all costs and expenses of issuing and delivering the certificates for the Company Shares, including all transfer taxes, if any, respecting the issuance and delivery of the Shares to Bastion.

            Article III.

            Representations Of The Company

             

            The Company hereby represents and warrants to Bastion as follows, as of the date of the Company's execution of this Agreement and at and as of the Closing Date:

             

            3.1       Organization and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Pennsylvania, United States. The Company is duly qualified or otherwise authorized to transact business as a foreign corporation and is in
            good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on the operations or financial condition of the Company.

             

            3.2       Capitalization. The Company is authorized to issue (a) 250,000,000,000 shares of Common Stock, $0.0001 par value per share, of which 17,591,487 shares were issued and outstanding and 66,113 shares were reserved for issuance on the exercise of outstanding options and warrants as of August
            31, 2008, and (b) 150,000,000 shares of preferred stock, $0.0001 par value per share, of which nil are issued and outstanding as of August 31, 2008, 2008. The Common Stock and the Preferred Stock of the Company have the voting powers, designations, preferences, rights and qualifications, limitations or restrictions set forth in the articles of incorporation and amendments thereto. All of the issued and outstanding shares of capital stock of the Company have been duly authorized and
            validly issued and are fully paid and nonassessable and not issued in violation of the preemptive right of any person. The undesignated Preferred Stock may be issued in such series with the voting powers, designations, preferences, rights, and qualifications, limitations or restrictions as may be duly approved by the board of directors.

             

            3.3       Authority for Agreement. The execution, delivery and performance of this Agreement by the Company have been duly authorized by all necessary corporate action. This Agreement has been duly executed and delivered by the Company. This Agreement constitutes the valid and binding obligation
            of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium and similar laws affecting the rights and remedies of creditors generally and to general principles of equity.

             

            
                

                
                    	
                                 

                            	
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            3.4       Issuance and Sale of Shares. The issuance and sale of the Company Shares by the Company has been duly authorized and the Company Shares have been duly reserved for issuance by all necessary corporate action on the part of the Company, and the Company Shares, when issued and delivered
            against payment therefor in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and non-assessable and not issued in violation of the preemptive right of any person. Based in part on the representations made by or on behalf of Bastion in Article IV hereof, the offer, issuance and sale of the Shares pursuant to this Agreement are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and applicable state
            securities laws.

             

            3.5       No Breach. Neither the execution, delivery nor performance of this Agreement by the Company will (a) conflict with or violate any provision of the articles of incorporation or bylaws of the Company as in effect as of the date hereof, (b) require on the part of the Company any filing
            with, or permit, authorization, consent or approval of, any governmental entity, (c) result in breach of, constitute a default under, or require any notice, consent or waiver under, any contract, agreement or other instrument to which the Company is a party or by which it is bound (other than any consent or waiver which has already been obtained), or (d) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Company, excluding from all of the
            foregoing such matters as would not in the aggregate have a material adverse effect on the assets, business or financial condition of the Company or upon the transactions contemplated hereby.

             

            3.6       No Actions and Proceedings. There are no actions, suits or claims or legal or arbitral proceedings or governmental inquiries or investigations, pending, or, to the Company's knowledge, any threatened against the Company, which questions the validity of this Agreement or the right of the
            Company to enter into it, or which might result, either individually or in the aggregate, in any material adverse change in the business, prospects, assets or condition, financial or otherwise, of the Company.

             

            Article IV

            Representations Of Bastion

             

            Bastion represents and warrants to the Company as follows as of the date of Bastion’s execution of this Agreement and at and as of the Closing Date:

             

            
                	
                             

                        	
                            4.1

                        	
                            Offshore Transaction. Bastion represents and warrants to the Company as follows:

                        

            

             

            (i)         Bastion is not a U.S. person, as that term is defined under Regulation S, and is not purchasing the Company Shares on behalf of any U.S. person. Under Regulation S, a U.S. person means:

             

            (1)      any natural person resident in the United States;

             

            (2)      any partnership or corporation organized or incorporated under the laws of the United States;

             

            (3)      any estate of which any executor or administrator is a U.S. person;

             

             

            (4)      any agency or branch of a foreign entity located in the United States;

             

            (5)      any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

             

            (6)      any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident in the United States; and

             

            
                

                
                    	
                                 

                            	
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            (7)      any partnership or corporation if (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated and owned by accredited
            investors (as defined in Rule 501 of Regulation D) that are not natural persons, estates, or trusts.

             

            (ii)        Bastion was outside of the United States as of the date of execution and delivery of this Agreement. No offer to purchase the Company Shares was made in the United States.

             

            (iii)       Bastion is purchasing the Company Shares for its own account or for the account of beneficiaries for whom Bastion has full investment discretion, each of which beneficiaries is bound to all of the terms and provisions hereof including all representations and warranties herein. Bastion is purchasing the Company Shares for investment
            purposes only and not with a view to, or for sale in connection with, any “distribution” (as such term is used in Section 2(11) of the Securities Act) thereof or for the account or on behalf of any U.S. person.

             

            (iv)       The Company Shares have not been registered under the Securities Act and may not be transferred, sold, assigned, hypothecated, or otherwise disposed of, unless such transaction is the subject of a registration statement filed with and declared effective by the SEC or unless an exemption from the registration requirements under the
            Securities Act is available. Bastion represents and warrants and hereby agrees that the Company Shares are “restricted securities” as defined in Rule 144.

             

            (v)        Bastion acknowledges that the purchase of the Company Shares involves a high degree of risk and is aware of the risks and further acknowledges that it can bear the economic risk of the purchase of the Company Shares, including the total loss of its investment.

             

            (vi)       Bastion understands that the Company Shares are being offered and sold to it in reliance on the safe harbor from the registration requirements of the Securities Act, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments, and understandings of Bastion set forth herein in
            order to determine the applicability of such safe harbor and the suitability of Bastion to acquire the Company Shares.

             

            (vii)      Bastion is sufficiently experienced in financial and business matters and one or more of its officers and directors are directly involved in the activities of the Company such that Bastion is capable of evaluating the merits and risks of its investments, making an informed decision relating thereto, and protecting its own interests in
            connection with the transaction.

             

            (viii)     In evaluating its investment, Bastion has consulted its own investment and/or legal and/or tax advisors.

             

            (ix)       Bastion understands that in the view of the SEC, the statutory basis for the safe harbor claimed for this transaction would not be present if the offering of the Company Shares, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act.

             

            (x)        Bastion is not an underwriter of, or dealer in, the Company Shares, and Bastion is not participating pursuant to a contractual agreement in the distribution of the Company Shares.

             

            
                

                
                    	
                                 

                            	
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                           (xi)       Bastion has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Company Shares or any use of this Agreement, including: (1) the legal requirements within its jurisdiction for the purchase of the
            Company Shares; (2) any foreign exchange restrictions applicable to such purchase; (3) any governmental or other consents that may need to be obtained; and (4) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Company Shares. Bastion’s subscription and payment for, and its continued ownership of the Company Shares, will not violate any applicable securities or other laws of its
            jurisdiction.

             

            (xii)      No consent, approval or authorization of, or designation, declaration or filing with any governmental authority on the part of Bastion is required in connection with the valid execution and delivery of this Agreement.

             

            4.2       Authority for Agreement. Bastion has full power and authority to execute, deliver and perform its obligations under this Agreement in accordance with its terms. Bastion has not been organized, reorganized or recapitalized specifically for the purpose of investing in the Company. This
            Agreement has been duly executed and delivered by Bastion and constitutes a valid and binding obligation of Bastion , enforceable against Bastion in accordance with its terms.

             

            4.3       Current Public Information. Bastion acknowledges that Bastion has been furnished with or has acquired copies of the Company’s most recent Annual Report on the Form 10-K filed with the SEC and the Forms 10-Q and 8-K filed thereafter.

             

            4.4       Independent Investigation; Access. Bastion acknowledges that Bastion, in making the decision to purchase the Company Shares, has relied upon independent investigations made by it and its purchaser representatives, if any, and Bastion and such representatives, if any, have prior to any sale
            to it, been given access and the opportunity to examine all material contracts and documents relating to this offering and an opportunity to ask questions of, and to receive answers from, the Company or any person acting on its behalf concerning the terms and conditions of this offering. Bastion and its advisors, if any, have been furnished with access to all publicly available materials relating to the business, finances, and operation of the Company and materials relating to the
            offer and sale of the Company Shares that have been requested. Bastion and its advisors, if any, have received complete and satisfactory answers to any such inquiries.

             

            4.5       Restrictions on Transfer. The Company will prepare and issue one or more certificates for the Company Shares registered in such name or names as specified by Bastion. Such certificate(s) shall bear a legend in substantially the following form:

             

            These shares have been issued pursuant to Regulation S as an exemption to the registration provisions under the Securities Act of 1933, as amended. These shares cannot be transferred, offered, or sold in the U.S. or to U.S. persons (as defined in Regulation S) unless the securities are registered under the Securities Act or an exemption from the registration requirements of the
            Securities Act is available.

             

            4.6       Exemption; Reliance on Representations. Bastion understands that the offer and sale of the Company Shares is not being registered under the Securities Act of 1933. The Company is relying on the terms and provisions governing offers and sales made outside the United States pursuant to
            Rules 901 through 905 of Regulation S and the Preliminary Notes thereto, which govern this transaction.

             

            
                

                
                    	
                                 

                            	
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            Article V.

            Indemnification By Bastion

             

            5.1        Indemnification. Bastion hereby agrees to indemnify and hold harmless the Company, each of its directors and officers, its controlling persons, and any person participating in the offer and sale of the Company Shares and to hold them harmless from and against any and all
            liability, damage, cost, or expense, including reasonable attorney's fees incurred, on account or arising out of:

             

            (a)        Any inaccuracy in its declarations, representations, and warranties set forth herein or made by Bastion to the Company in connection with Bastion’s purchase of the Company Shares;

             

            (b)       The disposition of any of the Company Shares contrary to Bastion's declarations, representations, and warranties set forth herein; and

             

            (c)        Any action, suit, or proceeding based on (i) the claim that said declarations, representations, or warranties made by Bastion were inaccurate or misleading or otherwise cause for obtaining damages or redress from the Company, (ii) the disposition of any of the Company Shares or any part thereof, or (iii) the breach by Bastion of
            any part of this Agreement.

             

            Article VI.

            Miscellaneous

             

            6.1       No Assignment. This Agreement, and the rights and obligations of Bastion, may not be assigned in whole or in part by Bastion to any person or entity without the prior written consent of the Company, which such consent may be granted or withheld by the Company in its sole
            discretion.

             

            6.2       Costs. The Company and Bastion shall each pay all of their own costs and expenses incurred or to be incurred by each in negotiating and preparing this Agreement and in closing and carrying out the transactions contemplated by this Agreement, except as expressly otherwise provided
            herein.

            6.3       Notice. All notices and other communications made or required to be given pursuant to this Agreement shall be in writing and shall be deemed given if delivered personally or by facsimile transmission (if receipt is confirmed by the facsimile operator of the recipient), or delivered by
            overnight courier service or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice; provided that notices of a change of address shall be effective only upon receipt thereof):

             

            
                	
                            If to the Company, to:

                        	
                            Mobiclear Inc.

                        
	
                             

                        	
                            27th Floor, Chatham House

                        
	
                             

                        	
                            116 Valero Street

                        
	
                             

                        	
                            Salcedo Village

                        
	
                             

                        	
                            Makati City 1227 Philippines

                        
	
                             

                        	
                            Telephone: (02) 884-1793

                        
	
                             

                        	
                            Facsimile: (02) 856-0649

                        
	
                             

                        	
                            Electronic Mail: steve.cutler@mobiclear.com

                        
	
                             

                        	
                             

                        

            

             

             

            
                

                
                    	
                                 

                            	
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                            If to Bastion, to:

                        	
                            Bastion Payment Systems Corporation

                        
	
                             

                        	
                            9th Floor, Don Chua Lamko Bldg.

                        
	
                             

                        	
                            H.V. dela Costa corner Leviste Sts.

                        
	
                             

                        	
                            Salcedo Village, Makati City

                        
	
                             

                        	
                            Philippines 1227

                        
	
                             

                        	
                            Telephone: (02) 884-430

                        
	
                             

                        	
                            Electronic Mail: Wilfred.tan.@paybps.com

                        

            

             

            or such other addresses and facsimile numbers as shall be furnished in writing by any party in the manner for giving notices hereunder, and any such notice, demand, request, or other communication shall be deemed to have been given as of the date so delivered or sent by facsimile transmission (if receipt is confirmed by the facsimile operator of the recipient), three days after the date so mailed, or
            one day after the date so sent by overnight delivery.

             

            6.4       Attorneys' Fees. In the event that any party institutes any action or suit to enforce this Agreement or to secure relief from any default hereunder or breach hereof, the breaching party shall reimburse the nonbreaching party for all costs, including reasonable attorneys' fees, incurred
            in connection therewith and in enforcing or collecting any judgment rendered therein, including such costs which are incurred in any bankruptcy or appellate proceeding.

            6.5       Survival. The representations, warranties, and covenants of the respective parties shall survive the Closing.

            6.6       Form of Execution; Counterparts. A valid and binding signature hereto or any notice or demand hereunder may be in the form of a manual execution or a true copy made by photographic, xerographic, or other electronic process that provides similar copy accuracy
            of a document that has been executed. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument.

            6.7       Construction. This Agreement is the result of negotiation between the parties hereto, each of which has been, or has had the opportunity to be, represented by independent legal counsel of such party's own selection. Accordingly, no provision of this Agreement or any agreement,
            certificate, or other writing delivered in accordance with this Agreement shall be constructed against any party merely because of such party's involvement in its preparation.

            6.8       Amendment or Waiver. Every right and remedy provided herein shall be cumulative with every other right and remedy, whether conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any party of the performance of any obligation by the other
            shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring or existing. At any time prior to the Closing Date, this Agreement may be amended by a writing signed by all parties hereto, with respect to any of the terms contained herein, and any term or condition of this Agreement may be waived or the time for performance thereof may be extended by a writing signed by the party or parties for whose benefit the provision is
            intended.

            6.9       Validity of Provisions and Severability. If any provision of this Agreement is, or becomes, or is deemed invalid, illegal, or unenforceable in any jurisdiction, such provision shall be deemed amended to conform to the applicable jurisdiction, or if it cannot be so amended without
            materially altering the intention of the parties, it will be stricken. However, the validity, legality, and enforceability of any such provisions shall not in any way be effected or impaired thereby in any other jurisdiction and the remainder of this Agreement shall remain in full force and effect.

             

            
                

                
                    	
                                 

                            	
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                          6.10      Entire Agreement; Modification. This Agreement constitutes the entire agreement and understanding between the parties pertaining to the subject matter of this Agreement. This Agreement supersedes all prior agreements, if any, any
            understandings, negotiations, courses of dealing, and discussions, whether oral or written, between the parties hereto, including any subsidiary of the Company. No supplement, modification, waiver, or termination of this Agreement shall be binding unless executed in writing by the party to be bound thereby.

             

            6.11     Governing Law. This Agreement shall be governed by, enforced and construed under and in accordance with the laws of the United States of America and, with respect to matters of state law, with the laws of the state of Pennsylvania.

            
                	
                             

                        	
                            EXECUTED as of the date written below.

                        

            

             

             

            
                	
                            MOBICLEAR, INC.

                             

                             

                            By:

                             

                             

                            /s/ Stephen P. Cutler

                            STEPHEN P. CUTLER

                            Chief Executive Officer

                        	
                            BASTION PAYMENT SYSTEMS CORP.

                             

                             

                            By:

                             

                             

                            /s/ Wilfred G. Tan

                            WILFRED G. TAN

                            Chief Executive Officer

                        

            

             

             

            
                

                
                    	
                                 

                            	
                                - 8 -EMPLOYMENT AGREEMENT

            EMPLOYMENT AGREEMENT (this "Agreement"), dated effective as of September 1, 2008, by and between MOBICLEAR INC., a corporation organized and existing under the laws of the State of Pennsylvania (the "Company"), and PAUL PASION, an individual residing at
            144 H.V. Dela Costa Street, Salcedo Village, Makati City, Philippines (the "Executive").

            W I T N E S S E T H:

            WHEREAS, the Company wishes to employ the Executive upon the terms and subject to the conditions set forth herein, and the Executive desires to enter into this Agreement and accept such employment, upon such terms and conditions.

            NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally bound hereby, agree as follows:

            1.         Employment. Subject to the terms and conditions set forth herein, the Company shall employ the Executive as Chief Information Officer of the Company and the Executive accepts such employment for the Employment Term (as defined in Section 3). During the Employment Term, the
            Executive shall perform the duties consistent with such office and such other duties as may from time to time be assigned to him by the Board of Directors of the Company (the "Board").

            2.         Performance.

                             (a)       During the Employment Term, the Executive shall perform and discharge the duties that may be assigned to him by the Board from time to time in accordance with this Agreement, and the Executive shall devote his best talents, efforts and
            abilities to the performance of his duties hereunder.

            (b)       During the Employment Term, the Executive shall perform such duties on a part-time basis until such time as it is agreed to make the position full-time. The Executive shall be permitted to have other employment and other outside business activities (other than in connection with MobiClear or any other affiliate of
            the Company); provided, however, that the Executive shall advise the Company of such activities which shall not conflict with Mobiclear.

            3.         Employment Term. Unless earlier terminated pursuant to Section 6, the employment term shall begin on September 1, 2008 (the "Effective Date"), and shall continue for a period of one (1) year from such date (the
            "Initial Term"); provided that such term shall be automatically extended for additional periods of one (1) year commencing on September 1, 2009 and each September 1 thereafter (such period the "Additional Term") unless either party shall have given notice to the other party that such party does not desire to extend the term of this Agreement. Any such notice must comply with Section
            10 and be given at least sixty (60) days prior to the end of the Initial Term or the Additional Terms, as applicable (the Initial Term and the Additional Term or Terms, if applicable, shall be known collectively as the "Employment Term"). Notwithstanding anything in this Agreement to the contrary, the Employment Term shall end on the Termination Date as defined in Section 6(g).

             

            
                

            

            4.         Compensation.

                              (a)       Base Salary. As compensation for services hereunder and in consideration of the Executive’s other agreements hereunder, during the Employment Term, the Company shall pay the
            Executive a base salary, payable in accordance with the customary payroll practices of Company procedures, at a monthly rate of US$10,000.00, subject to review by the Board no less frequently than annually for increases (such base salary, as increased from time to time being hereinafter referred to as "Base Salary”.

            (b)       Any withholding and other applicable taxes shall be paid by the company.

            (c)       Option package. As compensation for services hereunder and in consideration of the Executive’s other agreements hereunder, during the Employment Term, the Company shall, provided that the Company is satisfied with the performance of the Executive, furnish the
            Executive with an options to purchase up to 96,000 shares of common stock of the Company, granted after a minimum of three months options to purchase 24,000 shares of common stock – exercise price as of the effective date of this agreement, 5 year term and a grant of an additional 24,000 shares on each of the first, second and third anniversary dates of commencement of employment, on the proviso that the Executive is still in the employ of the Company

            5.         Benefits. During the Employment Term, the Company shall provide the Executive with the following benefits:

            (a)       Vacation, Sick Leave. The Executive shall be entitled four weeks of paid vacation during each full calendar year of the Employment Term (and a pro rata portion thereof for any portion of the Employment Term that is less than a full calendar year); provided that no
            single vacation may exceed two consecutive weeks in duration, unless approved by the Company. Unused vacation may notbe carried over to successive years.

            (b)       Expenses. The Executive shall be reimbursed by the Company for all reasonable expenses actually incurred or paid by him in connection with the performance of his duties hereunder in accordance with policies established by the Company from time to time and upon
            presentation of expense statements and/or such other supporting information as the Company may reasonably require.

            6.         Termination. The employment hereunder of the Executive may be terminated prior to the expiration of the Employment Term in the manner described in this Section 6.

            (a)       Termination by the Company for Good Cause. The Company shall have the right to terminate the employment of the Executive for Good Cause (as such term is defined in Section 6(h)(ii)) by written notice to the Executive specifying the particulars of the circumstances
            forming the basis for such Good Cause.

            (b)       Termination upon Death. The employment of the Executive hereunder shall terminate immediately upon his death.

            
                
                    	
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            (c)       The Company's Options upon Disability. If the Executive becomes physically or mentally disabled during the Term so that he is unable to perform the services required of him pursuant to this Agreement for a period of three (3) successive months, or an aggregate of
            three (3) months in any twelve-month period (the "Disability Period"), the Company shall have the option, in its discretion, by giving written notice thereof, either to (A) terminate the Executive's employment hereunder pursuant to Section 6(a); or (B) continue the employment of the Executive hereunder upon all the terms and conditions set forth herein. During the Disability Period, the Executive shall continue to receive the
            compensation and other benefits provided herein net of any payments received under any disability policy or program of which the Executive is a beneficiary or recipient.

            (d)       Voluntary Resignation by the Executive. The Executive shall have the right to voluntarily resign his employment hereunder for other than Good Reason (as such term is defined in Section 6(h)(iii)) by written notice to the Company.

            (e)       Termination by the Company Without Good Cause. The Company shall have the right to terminate the Executive's employment hereunder without Good Cause by written notice to the Executive, but the obligations placed upon the Company in Section 7 will apply.

            (f)        Resignation by the Executive for Good Reason. The Executive shall have the right to terminate his employment for Good Reason by written notice to the Company specifying the particulars of the circumstances forming the basis for such Good Reason.

            (g)       Resignation by the Executive because of non-allocation of shares. The Executive shall have the right to terminate his employment for non-allocation of shares by written notice to the Company should shares according to 4(c) above not have been allocated to the
            Executive within three months from the date of this agreement.

            (h)       Resignation by the Executive because of non-allocation of options. The Executive shall have the right to terminate his employment for non-allocation of shares by written notice to the Company should shares according to 4(d) above not have been allocated to the
            Executive within four months from the date of this agreement.  

            (i)        Termination Date. The "Termination Date" is the date as of which the Executive's employment with the Company terminates in accordance with this Agreement. Any notice of termination given pursuant to the
            provisions of this Agreement shall specify the Termination Date.

            (j)        Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

            
                
                    	
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            (i)        "person" means any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, joint venture, court or government (or political subdivision or agency thereof).

            (ii)       "Good Cause" shall mean the occurrence of any of the following: (A) any act or omission which constitutes a material breach of this Agreement or the willful failure or the willful refusal of the Executive to substantially perform his duties,
            provided, however, that the Board has delivered to the Executive a written demand to cure the breach or for substantial performance, which demand specifically identifies the manner in which the Executive has breached the Agreement or failed to substantially perform his duties, and the Executive has been given ten (10) days after such notice (or such longer period as may reasonably be
            necessary) in which to cure the failure or to substantially perform his duties, (B) the Executive's conviction of a crime which constitutes a felony under applicable law, or a plea of guilty or nolo contendere with respect thereto; (C) the commission by the Executive of any dishonest or wrongful act or the gross negligence of the Executive involving fraud, misrepresentation or moral turpitude causing material damage or
            potential damage to the Company or any client of the Company, or any act or omission by the Executive that is materially injurious to the business or reputation of the Company; (D) any violation of the provisions of Section 8 hereof that causes material harm to the Company; or (E) the reasonable determination by a licensed medical professional mutually agreed upon by the Company and the Executive that the Executive is dependent upon a controlled substance which either has:
            (1) not been prescribed by a licensed medical professional; or (2) been prescribed by a licensed medical professional but the dosages taken by the Executive exceed that prescribed by such licensed medical professional.

            (iii)      "Good Reason" means the occurrence of any of the following events:

            (A)      the assignment to the Executive of any duties inconsistent in any material respect with the Executive's then position (including status, offices, titles and reporting relationships), authority, duties or responsibilities, or any other action or actions by the Company which when taken as a whole results in a significant diminution in the
            Executive's position, authority, duties or responsibilities, excluding for this purpose any isolated, immaterial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;

            (B)      a material breach by the Company of one or more provisions of this Agreement, provided that such Good Reason shall not exist unless the Executive shall first have provided the Company with written notice specifying in reasonable detail the factors constituting such material breach and such material breach shall not have been cured by the
            Company within thirty (30) days after such notice or such longer period as may reasonably be necessary to accomplish the cure;

            
                

                 

                
                    	
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            (C)      a material reduction in the Executive’s Base Salary or a reduction in any other benefit or payment described in this Agreement provided that those changes (either individually or in the aggregate) will result in a material adverse change with respect to the benefits to which the Executive was entitled as of the Effective
            Date;

            (D)      a failure by the Company to require any successor entity to the Company specifically to assume all of the Company’s obligations to the Executive under this Agreement; and

            (F)       any purported termination by the Company of the Executive's employment otherwise than as expressly permitted by this Agreement.

            7.         Obligations of Company on Termination. Notwithstanding anything in this Agreement to the contrary, the Company's obligations on termination of the Executive's employment shall be as described in this Section 7. In the event that prior to the expiration of the Employment Term,
            the Company terminates the Executive's employment, pursuant to Section 6(a), (b), (c) or (e), or the Executive resigns, pursuant to Section 6 (d) or 6(f), within thirty (30) days following the Termination Date, the Company shall pay the Executive a single lump sum cash payment (the "Severance Payment") equal to the sum of the following:

            (A)      the equivalent of three (3) month’s Base Salary; and

            (B)      any Base Salary, cash bonuses, vacation and un-reimbursed expenses accrued but unpaid as of the Termination Date.

            
                	
                             

                        	
                              8.

                        	
                            Covenants of the Executive

                        

            

            (a)       During the Employment Term and for a period of two (2) years thereafter the Executive shall not, directly or indirectly, employ, solicit for employment or otherwise contract for the services of any employee of the Company or any of its affiliates at the time of this Agreement or who shall subsequently become an
            employee of the Company or any such affiliate; and

            (b)       During the Employment Term and for a period of two (2) years thereafter the Executive will not solicit, in competition with the Company or its affiliates, any person who is, or was at any time within two years prior to the Termination Date, a customer of the business conducted by the Company or any of its
            affiliates. For purposes of this Agreement, the reasonable decision of the Board as to what constitutes a competing business shall be final and binding upon the Executive; provided that the Executive’s ownership of securities of eight percent (8%) or less of any publicly traded class of securities of a public company shall not be considered to be competition with the Company or any of its affiliates.

            
                
                    	
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            (c)       During the Employment Term and following the termination of this Agreement, the Executive will not: (i) divulge, transmit or otherwise disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Company of any such
            order), directly or indirectly, other than in the regular and proper course of business of the Company, any confidential knowledge or information with respect to the operations, finances, organization or employees of the Company or with respect to confidential or secret processes, services, techniques, customers or plans with respect to the Company; and (ii) use, directly or indirectly, any confidential information for the benefit of anyone other than the Company;
            provided, however, that the Executive has no obligation, express or implied, to refrain from using or disclosing to others any such knowledge or information which is or hereafter shall become available to the public other than through disclosure by the Executive. All new processes, techniques, know-how, inventions, plans, products, patents and devices developed, made or invented by the
            Executive, alone or with others, while an employee of the Company which are related to the business of the Company shall be and become the sole property of the Company, unless released in writing by the Company, and the Executive hereby assigns any and all rights therein or thereto to the Company.

            (d)       All files, records, correspondence, memoranda, notes or other documents (including, without limitation, those in computer-readable form), real property or intellectual property relating or belonging to the Company or its affiliates, whether prepared by the Executive or otherwise coming into his possession in the
            course of the performance of his services under this Agreement, shall be the exclusive property of Company and shall be delivered to Company and not retained by the Executive (including, without limitations, any copies thereof) upon termination of this Agreement for any reason whatsoever.

            (e)       The Executive acknowledges that a breach of his covenants contained in this Section 8 may cause irreparable damage to the Company and its affiliates, the exact amount of which will be difficult to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, the Executive agrees that
            if he breaches any of the covenants contained in this Section 8, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief.

            (f)        The Company and the Executive further acknowledge that the time, scope, geographic area and other provisions of this Section 8 have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the activities contemplated by this
            Agreement. In the event that the agreements in this Section 8 shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, they shall be interpreted to extend only over the maximum period of time for which they may be enforceable and/or over the maximum geographical area as to which they may be enforceable
            and/or to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court in such action.

            
                 
            

            
                
                    	
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            (g)       The Executive agrees to cooperate with the Company, during the Employment Term and thereafter (including following the Executive’s termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company or any of its affiliates in any action,
            suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any affiliate, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any affiliate as reasonably requested; provided, however that the same does not materially interfere with his then current professional activities and is not contrary to
            the best interests of the Executive. The Company agrees to reimburse the Executive, on an after-tax basis, for all expenses actually incurred in connection with his provision of testimony or assistance.

            (h)       The parties agrees that, during the Employment Term and thereafter (including following the Executive’s termination of employment for any reason) that they will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which
            may, directly or indirectly, disparage the other party or any of its affiliates or their respective officers, directors, employees, advisors, businesses or reputations. Notwithstanding the foregoing, nothing in this Agreement shall preclude the either party from making truthful statements or disclosures that are required by applicable law, regulation or legal process.

            9.         Arbitration. The parties agree that any dispute, claim, or controversy based on common law, equity, or any federal, state, or local statute, ordinance, or regulation (other than workers’ compensation claims) arising out of or relating in any way to the Executive’s
            employment, the terms, benefits, and conditions of employment, or concerning this Agreement or its termination and any resulting termination of employment, including whether such a dispute is arbitrable, shall be settled by arbitration. This agreement to arbitrate includes but is not limited to all claims for any form of illegal discrimination, improper or unfair treatment or dismissal, and all tort claims. The Executive will still have a right to file a discrimination charge with a
            federal or state agency, but the final resolution of any discrimination claim will be submitted to arbitration instead of a court or jury. The arbitration proceeding will be conducted under the employment dispute resolution arbitration rules of the American Arbitration Association in effect at the time a demand for arbitration under the rules is made. The decision of the arbitrator(s), including determination of the amount of any damages suffered, will be exclusive, final, and
            binding on all parties, their heirs, executors, administrators, successors and assigns. Each party will bear its own expenses in the arbitration for arbitrators’ fees and attorneys’ fees, for its witnesses, and for other expenses of presenting its case. Other arbitration costs, including administrative fees and fees for records or transcripts, will be borne equally by the parties.

            
                
                    	
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            10.         Notices. Any notices required or permitted hereunder shall be in writing and shall be deemed to have been given when personally delivered or when mailed, certified or registered mail, postage prepaid, to the following addresses:

            If to the Executive:

            
                	
                            Paul Pasion

                            144 H.V. Dela Costa Street

                            Salcedo Village

                            Makati City, 1227 Philippines

                        

            

            If to the Company:

            
                	
                            MOBICLEAR INC.

                            27th Floor, Chatham House

                            116 Valero Street

                            Salcedo Villager

                            Makati City 1227, Philippines

                             

                        

            

            
                	
                             

                        	
                            11.

                        	
                            General.

                        

            

            (a)       Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Pennsylvania applicable to contracts executed and to be performed entirely within the State of Pennsylvania.

            (b)       Construction and Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the parties
            undertake to implement all efforts which are necessary, desirable and sufficient to amend, supplement or substitute all and any such invalid, illegal or unenforceable provisions with enforceable and valid provisions which would produce as nearly as may be possible the result previously intended by the parties without renegotiation of any material terms and conditions stipulated herein.

            (c)       Performance; Assignability. The Executive represents and warrants to the Company that the Executive has no contracts or agreements of any nature that the Executive has entered into with any other person, firm or corporation that contain any restraints on the Executive’s ability
            to perform his obligations under this Agreement.The Executive may not assign his interest in or delegate his duties under this Agreement. This Agreement is for the employment of the Executive, personally, and the services to be rendered by him under this Agreement must be rendered by him and no other person. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns. Notwithstanding anything else in this
            Agreement to the contrary, the Company may assign this Agreement to and all rights hereunder shall inure to the benefit of any person, firm or corporation resulting from the reorganization of the Company or succeeding to the business or assets of the Company by purchase, merger or consolidation. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
            to assume expressly and agree to perform this Agreement

            
                
                    	
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            in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place. The Company’s failure to obtain such an assumption and agreement prior to the effective date of a succession will be a breach of this Agreement and will entitle the Executive to compensation from the Company in the same amount and on the same terms as if the Executive
            were to terminate his employment for Good Reason, except that, for purposes of implementing the foregoing, the date on which any such succession becomes effective will be deemed the Termination Date.

            (d)       Compliance with Rules and Policies. The Executive shall perform all services in accordance with the policies, procedures and rules established by the Company, including, but not limited to, the By-Laws of the Company. In addition, the Executive shall comply with all laws, rules and
            regulations that are generally applicable to the Company, its affiliates and their employees, directors and officers.

            (e)       Withholding. The Company shall withhold from all amounts due hereunder any withholding taxes payable to federal, state, local or foreign taxing authorities.

            (f)        Entire Agreement, Modification. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, supersedes all prior agreements and undertakings, both written and oral, and may not be modified or amended in any way except in writing
            by the parties hereto.

            (g)       Duration. Notwithstanding the Employment Term hereunder, this Agreement shall continue for so long as any obligations remain under this Agreement.

            (h)       Survival. The covenants set forth in Section 8 of this Agreement shall survive and shall continue to be binding upon the Executive notwithstanding the termination of this Agreement for any reason whatsoever. It is expressly agreed that the remedy at law for the breach or threatened
            breach of any such covenant is inadequate and that the Company, in addition to any other remedies that may be available to it, in law or in equity, shall be entitled to injunctive relief to prevent the breach or any threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy.

            (i)        Waiver. No waiver by either party hereto of any of the requirements imposed by this Agreement on, or any breach of any condition or provision of this Agreement to be performed by, the other party shall be deemed a waiver of a similar or dissimilar requirement, provision or
            condition of this Agreement at the same or any prior or subsequent time. Any such waiver shall be express and in writing, and there shall be no waiver by conduct.

            (j)        Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

            
                
                    	
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            IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

             

            
                	
                            Date:_____________________

                        	
                            MOBICLEAR INC.

                        
	
                             

                        	
                             

                        
	
                             

                        	
                            By /s/ Stephen P. Cutler

                        
	
                             

                        	
                            Name: Stephen P. Cutler

                        
	
                             

                        	
                            Title: President and Chief Executive Officer

                        
	
                             

                        	
                             

                        
	
                            Date:_____________________

                        	
                            PAUL PASION

                        
	
                             

                        	
                             

                        
	
                             

                        	
                            /s/ Paul Pasion

                        

            

             

             

            
                
                    	
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