Document:

exhibit10_63.htm

    FOREBEARANCE
      AND MODIFICATION AGREEMENT

    

            This
      Forbearance and
      Modification Agreement (this "Agreement") by and between Invisa, Inc., a Nevada
      corporation, having a business at 290 Cocoanut Avenue, Sarasota Florida 34236
      (the “Borrower”), and Centurian Investors, Inc., a Delaware corporation, having
      an address at 290 Cocoanut Avenue, Suite 1A, Sarasota, Florida 34236 (the
“Lender”) is entered into as if this  1st day of June, 2008 and shall
      be effective as of the date hereof (the “Effective Date”).

    

    RECITALS:

    

    WHEREAS,
      Lender and Borrower are
      parties to a certain Promissory Note, dated February 28, 2007, in the principal
      amount of up to One Hundred Fifty Thousand ($150,000.00) (the “First Note”),
      that certain Promissory Note, dated July 25, 2007 in the principal amount of
      Fifty Thousand ($50,000) dollars (the “Second Note”), that certain Promissory
      Note, dated October 23, 2007 in the principal amount of Fifty Thousand ($50,000)
      dollars (the “Third Note”), that certain Promissory Note, dated March 28, 2008
      in the principal amount of One Hundred Fifty Thousand ($150,000.00) dollars
      (the
“Fourth Note”) and that certain Promissory Note, dated June 1, 2009 in the
      principal amount of One Hundred Thousand ($100,000.00) Dollars (the “Fifth
      Note”; the First Note, Second Note, Third Note, Fourth Note and the Fifth Note
      being hereinafter collectively referred to as the “Notes”); and

    

    WHEREAS,
      the Notes are secured by (a)
      an aggregate of  Sixty Six Million Six Hundred Sixty Six Thousand Six
      Hundred Sixty Six (66,666,666 ) shares of common stock of Borrower and (b)
      a
      first priority lien on all of the assets of Borrower as more specifically
      described in the Notes and that certain General Security Agreement, dated
      February 28, 2007 (the “Security Agreement” the Notes and the Security
      Agreement, together with all documents executed in connection therewith being
      hereinafter referred to collectively as the “Loan Documents”); and

    

    WHEREAS,
      Borrower hereby requests
      Lender’s forbearance with respect to certain provisions of the Notes;
      and

    

    WHEREAS,
      Borrower and Lender desire
      to modify certain of the provisions of the Notes as more specifically set forth
      herein.

    

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

     

            1.              Terms
      used herein which are defined in the Loan Documents shall have the same meanings
      when used herein unless otherwise provided herein.

     

            2.              Without
      in any way waiving any existing Event of Default and at the request of the
      Borrower, Lender hereby agrees forbear from exercising any remedy available
      to
      Lender upon the occurrence of an Event of Default under paragraph 13(a)(i)
      of
      each of the First Note, Second Note, Third Note and Fourth Note  from
      the Effective Date hereof and until the earlier of September 30, 2008 or an
      Acceleration under any provision other than paragraph 13(a)(i) under such Notes
      (the “Forbearance Period”).

     

            3.              The
      interest rate payable during the Forbearance Period shall be the Interest
      Rate.

     

            4.              Borrower
      understands and agrees that the remaining provisions of the Notes shall remain
      in full force and effect without any changes or modification except as expressly
      stated herein; including, without limitation, the cure periods set forth in
      paragraph 13(b) of the Notes.   Borrower further agrees that in
      the event that all principal and interest payments due and owing to Lender
      under
      the Notes are not paid in full on or before the Maturity Date, then, for
      purposes of paragraph 13(b) of the Notes, an Acceleration event shall be deemed
      to have occurred on the Maturity Date.  Borrower hereby waives any
      requirement by Lender to deliver to Borrower a Default Notice under paragraph
      13(b) of the Notes and agrees that the Maturity Date shall be deemed the date
      of
      the Default Notice for purposes of calculating the cure and other time periods
      set forth in paragraph 13(b) of the Notes.

     

            5.              The
      provisions set forth herein are limited precisely as written and shall not
      be
      deemed to (a) be a consent to, or waiver or modification of, any other term
      or
      condition of the Loan Documents, or (b) except as expressly set forth herein,
      prejudice any right or rights which the Lender may now have or may have in
      the
      future under or in connection with the Loan Documents or any of the other
      documents referred to therein. Except as expressly modified hereby or by express
      written amendments thereof, the terms and provisions of the Loan Documents
      or
      any other documents or instruments executed in connection with any of the
      foregoing are and shall remain in full force and effect. In the event of a
      conflict between this Agreement and any of the foregoing documents, the terms
      of
      this Agreement shall be controlling. The representations and warranties made
      in
      each Loan Document are true and correct in all material respects on and as
      of
      the date of this Agreement.

     

            6.              To
      induce the Lender to execute and deliver this Agreement (which representations
      shall survive the execution and delivery of this Agreement), Borrower represents
      and warrants to the Lender that:

    

                (a)
      this Agreement
      has been duly authorized, executed and delivered by it and constitutes the
      legal, valid and binding obligation, contract and agreement of the Borrower
      enforceable against it in accordance with its terms, except as enforcement
      may
      be limited by bankruptcy, insolvency, reorganization, moratorium or similar
      laws
      or equitable principles relating to or limiting creditors' rights generally;
      and

     

                (b)
      the execution,
      delivery and performance by the Borrower of this Agreement (i) has been duly
      authorized by all requisite corporate action, (ii) does not require the consent
      or approval of any governmental or regulatory body, agency, or other party
      and
      (iii) will not (A) violate (1) any provision of law, statute, rule or regulation
      or its certificate of incorporation or bylaws, (2) any order of any court or
      any
      rule, regulation or order of any other agency or government binding upon it,
      or
      (3) any provision of any material indenture, agreement or other instrument
      to
      which it is a party or by which its properties or assets are or may be
      bound.

     

            7.              As
      a condition to and as consideration for the agreements of Lender set forth
      herein, Borrower shall:

     

            
      (a) pay to Lender  all  accrued but unpaid interest
      on the Notes.;

     

                 
(b)
      prepay any and all remaining
      interest on the Notes from the date hereof  through May 31,
      2008.

     

              
                             (c)
      pay to Lender a forbearance fee in the amount Two Thousand ($2,000.00)
      dollars.

    

                                              (d)
      Borrower shall pay all costs and expenses of Lender in connection with this
      Agreement, including, without limitation, reasonable attorneys fees of
      Lender.

    

                                            
       (e) Permit Lender, at its request and in its discretion, to appoint up to
      three members to the Board of Directors of Borrower at any time during the
      forbearance period.

    .

    

    8.              None
      of the provisions of this Agreement shall inure to the benefit of Borrower
      or
      any person other than Lender. Consequently, Borrower shall not be, and no person
      other than the Lender shall be, entitled to rely upon or raise a claim or
      defense, in any manner whatsoever, the failure of Lender to comply with the
      provisions of this Agreement.  Lender shall

    not
      incur
      any liability to Borrower or any other person for any act or
      omission  whatsoever.

    

    9.              This
      Agreement and the rights and obligations of the parties hereunder and under
      the
      Forbearance Agreement shall be construed in accordance with and be governed
      by
      the laws of the State of Florida.

    

    10.              This
      Agreement and the documents referred to herein represent the entire
      understanding of the parties hereto regarding the subject matter hereof and
      supersede all prior and contemporaneous oral and written agreements of the
      parties hereto with respect to the subject matter hereof.

    

    11.              This
      Agreement may be executed in any number of counterparts and by different parties
      on separate counterparts and all of such counterparts shall together constitute
      one and the same instrument. Complete sets of counterparts shall be lodged
      with
      the Borrower and the Lender.

    

    IN
      WITNESS WHEREOF, this Agreement is
      executed as of the date first written above and shall be effective as of the
      Effective Date.

    

    

    

    INVISA,
      INC.                                                                                               CENTURIAN
      INVESTORS, INC.

    

    

    

    /s/Edmund
      C.
      King                                                                                       /s/
      Howard Curd

    Name: Edmund
      C.
      King                                                                                Name: 
Howard Curd

    Title:   Chief
      Financial
      Officer                                                                      Title:
      President

    Dated: 
      July 25, 2008                            
Dated: 
July
      25, 2008June 24, 2008

July 23, 2008

Mr. Drew A. Moyer

1219 Green Street

Perkasie, PA 18944

Dear Drew:

This letter will serve as an agreement between you and Technitrol, Inc. ("TNL") regarding what constitutes a termination of your employment at TNL and setting forth the rights and obligations of each of us upon the occurrence of such a termination.  We intend that this letter constitutes a legal and binding agreement between us, and we acknowledge good and valuable consideration for our joint promises in this letter.  The Board of Directors of TNL (the "Board of Directors" or "Board") approved this Agreement at a meeting on July 23, 2008, and it shall have a term which expires three years from that date.

	Definitions.

"Agreement" means this letter between TNL and Drew A. Moyer dated July 23, 2008.

"Cause" means any of the following: (a) the occurrence of gross negligence or willful misconduct which is materially injurious to TNL and which, if susceptible of cure, is not cured within thirty (30) days after notice to you which cites with reasonable particularity the actions or omissions believed to constitute such gross negligence or willful misconduct; (b) conviction of or the entry of a pleading of guilty or nolo contendere to any felony, unless the Board of Directors of TNL concludes in good faith that such event does not render you unable to effectively perform your duties as Chief Financial Officer or materially and adversely affect TNL's reputation or ongoing business activities; or (c) misappropriation of TNL's funds or other dishonesty which in the good faith opinion of the Board of Directors of TNL, renders you unable to effectively manage TNL or materially and adversely affects TNL's reputation or ongoing business activities.

"Disability" or "complete disability" or "total disability" shall mean that you are unable to engage in any substantially similar gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period not less than 12 months. 

"Good Reason" means:

a)   a material change in your authority, duties or responsibilities

b)   the failure of TNL or the Board to act in good faith with respect to this Agreement or the falure to perform its material obligations under this Agreement which have not been cured within twenty (20) days after written notice from you setting forth the acts or omissions alleged to constitute such a failure with reasonable particularity, or

c)   any actual reduction in your annual base salary (for purposes of this Agreement a failure to raise your base salary in any period shall not be considered to be a reduction in your base salary) or

d)   TNL requiring you to be based at any office or location which is located more than 25 miles from Trevose, PA, or

e)   Failure to be included in any benefit plan in which all other senior TNL similarly situated executives participate.

"Sec. 409A" means Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

2.Employment Termination .

Your employment with TNL shall terminate upon the earlier occurrence of any of the following events to be effective from and after the date of such event:

A.   your death or retirement;

B.   you become totally disabled;

C.   TNL terminates your employment for Cause ;

D.   TNL terminates your employment for any reason other than Cause; 

E.   You terminate your employment for Good Reason; or

F.   You terminate your employment for any reason other than Good Reason

3.Effect of Employment Termination.

(i)Death or Retirement:  Upon termination of your employment due to your death, or your voluntary retirement after the age of 62, then, TNL will pay you or your estate a sum equal to:

a.The unpaid portion of your base salary through the end of the month in which termination occurs;

b.any bonus (commensurate with those paid to other executives) for the bonus period in which termination occurs,  pro-rated to the date of termination; and

c.any other ordinary course benefits to which you were entitled as an employee of TNL and/or pursuant to a cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of your death, including reimbursement for expenses not yet paid and incurred in accordance with TNL's policy.

d.All of the benefits referred to in this Section 3(i) will be paid no later than thirty (30) days after the date of your death or retirement, except those provided under the Technitrol, Inc. Supplemental Executive Retirement Plan (or its successor Plan(s)) which shall be provided for in accordance with the terms of such plan.

(ii)       Total Disability:  Upon termination of your employment due to your complete disability, then (in addition to providing to you the benefits due under any disability, retirement or other benefit plan),  TNL will pay you a sum equal to:

a.the unpaid portion of your base salary through the end of the month in which termination is determined to have occurred;

b.any bonus (commensurate with those paid to other executives) for the bonus period in which termination is determined to have occurred, pro rated to the date of termination; and

c.any other ordinary course benefits to which you were entitled as an employee of TNL and/or pursuant to a cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of your disability, including reimbursement for expenses not yet paid and incurred in accordance with TNL's policy.

d.The benefits set forth in subsection (ii) above will be paid no later than thirty (30) days after the date on which your complete disability is deemed to commence.

(iii)By TNL for Cause or by You Without Good Reason:

Upon employment termination by TNL for Cause or by you without Good Reason, TNL will pay you, within thirty (30) days after the date of your termination, a sum equal to:

a.The unpaid portion of your base salary through the effective date of termination; and

b.any other ordinary course benefits to which you were entitled as an employee of TNL and/or pursuant to a cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of termination, including reimbursement for expenses not yet paid and incurred in accordance with TNL's policy.

(iv)By TNL Without Cause or by You for Good Reason:

Upon termination of your employment by TNL without Cause or by you for Good Reason, TNL will:

a.Pay you the unpaid portion of your base salary through the end of the month in which termination occurs;

b.Pay you an amount equal to 2.625 times your annual salary in effect at the date of termination; 

c.Pay you any other ordinary course benefits to which you were entitled as an employee of TNL and/or pursuant to a cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of termination, including reimbursement for expenses not yet paid which were incurred in accordance with TNL's policy;

d.Immediately vest any shares of restricted stock which are held by you on the date of such termination and which have not yet vested and pay you any related cash or tax gross-up payments provided for by any applicable plan.

e.Provide you with health and life insurance benefits as you were receiving them on the date of termination along with your health club membership, in each case for 18 months following the date of termination.  TNL will continue to pay these expenses on your behalf when due for the period indicated in the preceding sentence.  However, if it is necessary, in the opinion of counsel, to ensure that this Agreement is in compliance with Section 409A, you may pay any or all of these expenses when due until the date that is six months after the date of your termination of employment and TNL will reimburse you for such expenses that you have paid on the date which is six months after your termination date.

f.Provide you with outplacement services from an agency of your choice reasonably satisfactory to TNL. TNL will pay the reasonable expenses of such a service for a period not to exceed 12 months from commencement of such services.

g.In the event that any compensation or remuneration paid or payable to you by TNL is deemed to be "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and as a result you are subject to excess tax with respect to such payments, TNL will pay you, in addition to any other payments or benefits to which you are otherwise entitled, an amount that, taking into account any income or excess taxes payable with respect to such payment, would result in you receiving the amount you would have received initially if excess taxes were not imposed on such payment deemed to be excess parachute payments.

All of the benefits referred to in this section (iv) above will be paid no later than thirty (30) days after the date of your  termination, or, if necessary, in the opinion of counsel, to ensure that this agreement is in compliance with Sec. 409A, on the date that is six months after your termination of employment.

4.Capacity and Duties.

You shall devote your full working time, energy, skill and best efforts to the performance of your duties set forth in this Agreement, in a manner which will faithfully and diligently further the business and interests of TNL and its subsidiaries, and shall not be employed by, or participate or engage in, or be a part of in any manner, including as an employee, consultant, director, trustee or similar function  (with the exception of (1) the Philadelphia Zoo and Penn Foundation, and (2) a business operated by a member of your immediate family in which your involvement does not materially interfere with your ability to perform your duties for TNL in a good, workmanlike and timely manner), the management or operation of any other enterprise without the prior written consent of the Board, which consent may be granted or withheld in its sole discretion.

5.Confidentiality.

You acknowledge a duty of confidentiality owed to TNL and shall not, at any time during your employment by TNL or thereafter, use, divulge, furnish, or make accessible to anyone, without the express authorization of the Board, any trade secret, private or confidential information of TNL or any of its subsidiaries obtained or acquired while so employed.  All computer software, customer lists, price lists, catalogs, records, and proprietary know-how acquired while an employee of TNL, are acknowledged to be the property of TNL and shall not be duplicated, removed from TNL's possession, or made use of other than in pursuit of TNL's business; and, upon termination of employment for any reason, you shall promptly deliver to TNL, without further demand, all copies thereof which are then in your possession or control.

 
6.Inventions and Improvements.

During the term of your employment, you shall promptly communicate to TNL all ideas, discoveries and inventions which are or may be useful to TNL or its business.   You acknowledge that all ideas, discoveries, inventions, and improvements which are made, conceived, or reduced to practice by you and every item of knowledge relating to TNL's business interests (including potential business interests) gained by you during your employment are the property of TNL, and you irrevocably assign all such ideas, discoveries, inventions, improvements, and knowledge to TNL for its sole use and benefit, without additional compensation. The provisions of this Section shall apply whether such ideas, discoveries, inventions, improvements or knowledge are conceived, made or gained by you alone or with others, whether during or after usual working hours, whether on or off the job, whether applicable to matters directly or indirectly related to TNL's business interests (including potential business interests), and whether or not within the specific realm of your duties. You shall, upon the request of TNL, at any time during or after your employment with TNL, sign all instruments and documents requested by TNL and otherwise cooperate with TNL to protect its right to such ideas, discoveries, inventions, improvements, and knowledge, including applying for, obtaining, and enforcing patents and copyrights thereon.

7.Noncompetition.

During the term of your employment and for 18 months after any termination of employment, you shall not directly or indirectly:

a.engage, directly or indirectly, anywhere in the world, in the manufacture, assembly, design, distribution or marketing of any product or equipment substantially similar to or in competition with any product or equipment which at any time during the term of such employment or the immediately preceding twelve month period has been manufactured, sold or distributed by TNL or any subsidiary or any product or equipment which TNL or any subsidiary was developing during such period for future manufacture, sale or distribution;

b.be or become a stockholder, partner, owner, officer, director or employee or agent of, or a consultant to or give financial or other assistance to, any person or entity considering engaging in any such activities or so engaged;

c.seek in competition with the business of TNL to procure orders from or do business with any customer of TNL;

d.solicit, or contact with a view to the engagement or employment by, any person or entity of any person who is an employee of TNL;

e.seek to contract with or engage (in such a way as to adversely affect or interfere with the business of TNL) any person or entity who has been contracted with or engaged to manufacture, assemble, supply or deliver products, goods, materials or services to TNL; or

engage in or participate in any effort or act to induce any of the customers, associates, consultants, or employees of TNL or any of its affiliates to take any action which might be disadvantageous to TNL or any of its affiliates; except that nothing in this Agreement shall prohibit you from owning, as a passive investor, in the aggregate not more than 5% of the outstanding publicly traded stock of any corporation so engaged.  The duration of your covenants set forth in this Section shall be extended by a period of time equal to the number of days, if any, during which you are in violation of the provisions contained in this Agreement.

8.Injunctive and Other Relief.

You acknowledge that the covenants contained in this Agreement are fair and reasonable in light of the consideration paid under this Agreement, and that damages alone shall not be an adequate remedy for any breach by you of such covenants, and accordingly expressly agree that, in addition to any other remedies which TNL may have, TNL shall be entitled to injunctive relief in any court of competent jurisdiction for any breach of any such covenants by you.  Nothing contained in this Agreement shall prevent or delay TNL from seeking, in any court of competent jurisdiction, specific performance or other equitable remedies in the event of any breach by you of any of your obligations under this Agreement.

Monetary claims against you under this Agreement will in no event exceed the amount actually paid to you under this Agreement.

9.Mitigation

You shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, and compensation earned from such employment or otherwise shall not reduce the amounts otherwise payable under this Agreement.  No amounts payable under this Agreement shall be subject to reduction or offset in respect of any claims which TNL (or any other person or entity) may have against you.

10.Employment Status

You and TNL acknowledge and agree that your employment is "at will" and may be terminated at any time, by TNL with or without Cause or by you with or without Good Reason, subject to applicable law.

11.Miscellaneous Provisions

A.Neither you nor TNL will assign this Agreement without the prior written consent of the other.  This Agreement will bind any successors to TNL.

B.Each notice, request, demand, approval or other communication which may be or is required to be given under this Agreement shall be in writing and shall be deemed to have been properly given when delivered personally at the address set forth below for the intended party during normal business hours at such address, when sent by facsimile or other electronic transmission to the respective facsimile transmission numbers of the parties set forth below with telephone confirmation of receipt, or when sent by recognized overnight courier or by the United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to TNL:Technitrol, Inc.

1210 Northbrook Drive

Suite 470

Trevose, PA 19053

Attn: Chairman of the Board and General Counsel

If to you:Drew A. Moyer

___________________________

___________________________

C.This Agreement is the entire agreement between us regarding the subject matter to which it relates and supersedes all prior agreements and understandings, oral or written.  The Agreement cannot be amended, changed or modified except in a writing signed by both parties.

D.The Agreement will be governed and construed in accordance with Pennsylvania law.

E.The invalidity or unenforceability of any particular provision or part of any provision of the Agreement shall not affect the other provisions or parts of the Agreement.  If any provision of the  Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be interpreted to provide protection as nearly equivalent to that found to be invalid or unenforceable and if any such provision shall be so determined to be invalid or unenforceable by reason of the duration or geographical scope of the covenants contained in this Agreement, such duration or geographical scope, or both, shall be considered to be reduced to a duration or geographical scope to the extent necessary to cure such invalidity.

F.Any indemnification obligations of TNL to which you are entitled as a director, officer and employee of TNL, whether by contract or pursuant to TNL's charter or by-laws, relating to the period prior to termination, shall survive such termination and shall thereafter be paid to you as and when due in accordance with applicable law and the constituent documents of TNL.

G.The obligations of TNL under this Agreement (together with TNL's obligations to you under a cash or stock-based incentive or bonus plan or other benefit, retirement or other plan, program or arrangement), shall be in lieu of any other damages, compensation or benefits to which you might be entitled, directly or indirectly, in connection with this Agreement.

H.The payments due to you under this Agreement are conditioned upon the execution and delivery by you, and/or your personal representatives, of a general release, pursuant to which you shall release TNL from all claims relating to your employment or otherwise, except TNL's continuing obligations under this Agreement; provided that such release shall not obligate you to perform any services for TNL during any period after your employment nor correlate any benefits to which you are entitled on "transition period" cooperation.

If the foregoing meets with your approval, please sign where indicated below and return a signed copy to me.

Sincerely,

TECHNITROL, INC.

/s/ James M. Papada, III

By:  James M. Papada, III

Chief Executive Officer

 

ACCEPTED AND AGREED

/s/ Drew A. Moyer

Drew A. Moyer

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