SEC Contract Filing

Filing Date: 2019-04-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pyds-blaisebenderindepende.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="sB1AA30EDE822833DC5B2E4A21721DD94"></a></div><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:12px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INDEPENDENT DIRECTOR AGREEMENT</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS INDEPENDENT DIRECTOR AGREEMENT is made effective as of the April 1, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;), between PAYMENT DATA SYSTEMS, INC., a Nevada corporation with an address at 3611 Paesanos Parkway, Suite 300, San Antonio, Texas, 78216 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and Blaise Bender, residing at 924 Canterbury Hill St, San Antonio, Texas 78209 (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Director</font><font style="font-family:inherit;font-size:11pt;">&#8221;). </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, it is essential to the Company to retain and attract as directors the most capable persons available to serve on the board of directors of the Company (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:11pt;">&#8221;); and </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Company believes that Director possesses the necessary qualifications and abilities to serve as a director of the Company and to perform the functions and meet the Company&#8217;s needs related to its Board, and</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Company appointed the Director effective as of the date hereof (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and desires to enter into an agreement with the Director with respect to such appointment; and</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Director is willing to accept such appointment and to serve the Company on the terms set forth herein and in accordance with the provisions of this Agreement.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">1. Position</font><font style="font-family:inherit;font-size:11pt;">.&#160;&#160;Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed, and the Director hereby agrees to serve the Company in such position upon the terms and conditions hereinafter set forth, provided, however, that the Director&#8217;s continued service on the Board after the initial three-year term on the Board, which term is subject to the Company&#8217;s bylaws, as amended, and as may be subsequently amended, and pursuant the Company&#8217;s bylaws, state or federal law or the rules of any stock exchange on which the Company&#8217;s securities are listed, shall be subject to any necessary approval by the Company&#8217;s stockholders.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">2. Service</font><font style="font-family:inherit;font-size:11pt;">.&#160;&#160;Director will serve as a director of the Company and perform all duties as a director of the Company, including without limitation (a) attending meetings of the Board, (b) serving on one or more committees of the Board (each a &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Committee</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and attending meetings of each Committee of which Director is a member, and (c) using reasonable efforts to promote the business of the Company. The Company currently intends to hold at least one in-person regular meeting of the Board and each Committee each quarter, together with additional meetings of the Board and Committees as may be required by the business and affairs o