EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is made this 11th day of September, 2000
between U.S. Wireless Data, Inc., a Colorado corporation (the "Company"), and
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("Executive"), an individual who presently resides at ▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇.
WHEREAS, the parties hereto wish to enter into an employment agreement to
document the employment of the Executive in the "Position" described below, and
to set forth certain additional agreements between the Executive and the
Company.
NOW, THEREFORE, in consideration of the mutual covenants, agreements and
representations contained herein, the parties hereto agree as follows:
1. TERM. The Company will employ the Executive, and the Executive will
serve the Company, under the terms of this Agreement for a term of two (2)
years, commencing no later than September 30, 2000, which term shall be subject
to automatic renewal for successive one-year terms unless either party notifies
the other party of its or his intent not to renew this Agreement (which
non-renewal may be for any or no reason by either party) at least ninety (90)
days prior to the end of the applicable term or renewal term. Notwithstanding
the foregoing, the Executive's employment hereunder may be earlier terminated,
as provided in Section 4 hereof. The term of this Agreement, as in effect from
time to time in accordance with the foregoing, shall be referred to herein as
the "Term." The period of time between the commencement and the termination of
the Executive's employment hereunder shall be referred to herein as the
"Employment Period."
2. EMPLOYMENT.
a. Position. The Company hereby employs the Executive for the Employment
Period as its Senior Vice President, Chief Financial Officer and Treasurer on
the terms and conditions set forth in this Agreement.
b. Authority and Duties. The Executive shall perform all duties and
functions and discharge all responsibilities as are customarily performed by the
Senior Vice President, Chief Financial Officer and Treasurer of a publicly-held
company and, in addition, all duties, functions and responsibilities specified
by the Chief Executive Officer of the Company to the extent such specifications
are consistent with the Executive's position as Senior Vice President, Chief
Financial Officer and Treasurer. The Executive shall report directly and be
responsible to the Chief Executive Officer of the Company. During the Employment
Period, the Executive shall devote his full business time, skill and efforts to
the business of the Company and use his best efforts in performing services for
the Company. The Executive shall work out of the Company's offices located in
the New York City metropolitan area; provided, however, the Executive shall be
required to travel in performing services under this Agreement and to provide
services to the Company from time to time at other locations to the extent
required by the Company's Board of Directors or Chief Executive Officer.
Executive will not be required to relocate his residence outside of the New York
City Metropolitan area.
3. COMPENSATION AND BENEFITS.
a. Salary. During the Employment Period, the Company shall pay to the
Executive, as compensation for the performance of his duties and obligations
under this Agreement, a base salary at the rate of $225,000 per annum, payable
in arrears in accordance with the normal payroll practices of the Company in
effect from time to time. The present normal payroll practices of the Company
provide for base salary payments not less frequently than twice each month. Such
base salary shall be subject to annual review after each year worked with the
first such review to take place during the third calendar quarter of 2001. Each
party agrees that there has been no promise or inducement to Executive that his
base salary will be increased.
b. Annual Bonus. During the Employment Period, the Executive shall have the
opportunity to earn an annual bonus. The Company, through its Chief Executive
Officer, acting on behalf of the Company, and the Executive, shall endeavor to
mutually establish from time to time certain corporate and/or individual
performance goals for Executive, it being understood and agreed by both parties
to this Agreement that the Company and its officers shall not have any liability
to the Executive for or in respect of a bonus or the failure to pay a bonus if
the parties fail to agree on said goals. Without in any way limiting the
discretion of the Chief Executive Officer of the Company to determine whether to
pay or not pay bonuses and to determine the amount of any such bonuses, the
Company has set a minimum guaranteed bonus of $50,000 for the Executive for the
first full year of employment and an annual target bonus for successive years of
$50,000. Such bonuses, if and to the extent payable, will be paid after the
expiration of each anniversary year by the end of the first calendar quarter of
the following anniversary year.
c. Equity Participation. The Company's Board of Directors has approved for
the Executive to be granted options to purchase four hundred thousand (400,000)
shares of common stock of the Company at an exercise price equal to the closing
price of the Company's stock on the Executive's first day of employment, subject
to the provisions of the Company's "2000 Stock Option Plan". The aforementioned
options will vest at the rate of 134,000, 133,000 and 133,000 shares at the end
of each of the first, second and third anniversary of the date of grant,
respectively. Upon the occurrence of a Change in Control, as such term is
defined in Section 4.b.(3) below, all outstanding options granted by the Company
to the Executive during the Employment Period, shall become vested and
exercisable, subject to the other terms of the option(s).
d. Other Benefits. During the Employment Period, the Executive shall be
entitled to participate in all of the employee benefit plans, programs and
arrangements of the Company in effect during the Employment Period which are
generally available to senior executives of the Company, subject to and on a
basis consistent with the terms, conditions and overall administration of such
plans, programs and arrangements, as amended from time to time. In addition,
during the Employment Period, the Executive shall be entitled to fringe benefits
and perquisites comparable to those generally available to all other senior
executives of the Company, as amended from time to time.
e. Business Expenses. During the Employment Period, the Company shall
reimburse the Executive for all documented reasonable business expenses incurred
by the Executive in the performance of his duties under this Agreement, in
accordance with the Company's policies as in effect from time to time.
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f. Indemnification. The Company shall indemnify Executive for losses
suffered by Executive arising out of third party lawsuits relating directly to
his employment by the Company to the extent such indemnification is permitted by
the applicable law of the state in which the Company is incorporated or
organized and consistent with and in accordance with the Company's articles or
certificate of incorporation and by-laws; provided, however, Executive shall
promptly notify Company of any such lawsuit and cooperate with Company in
connection therewith.
g. Relocation Allowance. The Company will reimburse Executive or make
direct payment to vendors, subject to the terms of this provision, for actual
and reasonable relocation related costs incurred by Executive during the first
twenty-four months of Executive's Employment Period in relocating Executive's
current principal residence to the New York Metropolitan area, up to a maximum
of $50,000. Actual costs may include, but are not limited to, broker commissions
for the sale of Executive's current principal residence, shipment of household
goods, short-term commutation costs from Executive's current principal residence
to the Company's offices and reasonable hotel or temporary housing costs (to be
agreed upon in advance) in the New York Metropolitan Area, until completion of
actual relocation. Executive shall use his best efforts to complete the
relocation as soon as practicable, but not later than August 31, 2002. This
allowance is being made in the form of a forgivable loan, and as such Executive
will sign a full recourse promissory note(s) to the Company in the amount of
each relocation allowance, and such promissory note(s) will be canceled (i) upon
the Executive completing the initial two-year Employment Period, (ii) if
Executive is terminated by the Company "without cause", or (iii) if the
Executive terminates with "good reason". The failure of Executive to satisfy
(i), (ii) or (iii) in the immediately preceding sentence upon termination of
Executive's employment with the Company shall cause the promissory notes to
become immediately due and payable to the Company and shall include daily
interest at the prime rate as in effect on each day the promissory notes were
outstanding.
4. TERMINATION OF EMPLOYMENT.
a. Termination for Cause. The Company may at any time terminate the
Executive's employment hereunder for cause. For purposes of this Agreement and
subject to the Executive's opportunity to cure to the extent provided in Section
4.c. hereof, the Company shall have "cause" to terminate the Executive's
employment hereunder if such termination shall be the result of:
(1) Fraud in connection with the Executive's performance hereunder;
(2) Dishonesty in connection with the Executive's performance
hereunder except to the extent the Executive proves such dishonesty was both
unintentional and covered only a matter which was de minimis;
(3) The failure by the Executive to perform his material duties
hereunder or any other material breach by Executive of this Agreement;
(4) The failure by the Executive to follow, in a material manner, the
lawful directions of or policies established by the Board of Directors or the
Chief Executive Officer of the Company unless the tasks are of the type which
could not reasonably be required of Executive pursuant to this Agreement;
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(5) The conviction for, or plea of nolo contendere to, a charge of
commission of a felony or crime involving moral turpitude;
(6) The Executive's performance of any services under this Agreement
while under the influence of drugs, alcohol or any controlled substance except,
with respect to controlled substances only, to the extent Executive proves (a)
taking any controlled substance was prescribed by a medical doctor to treat a
medical problem, (b) such controlled substance was used only in accordance with
said doctor's instructions, and (c) taking such controlled substance does not
and did not adversely affect Executive's job performance during more than a de
minimis period of time; or
(7) The Executive acting in a manner, which damages or could
reasonably be expected to damage the business or reputation of the Company.
The parties agree that each of the foregoing breaches, events, crimes,
behaviors, acts, inactions or occurrences constitutes independent grounds for
"cause" and the failure of any breach, event, crime, behavior, act, inaction or
occurrence to constitute "cause" under any paragraph of this Section 4.a. shall
not prevent that same breach, event, crime, behavior, act, inaction or
occurrence from constituting "cause" under a different paragraph of this Section
4.a.
b. Termination for Good Reason. The Executive shall have the right at any
time to terminate his employment with the Company for any reason upon thirty
(30) days' prior written notice. For purposes of this Agreement and subject to
the Company's opportunity to cure as provided in Section 4.c. hereof, the
Executive shall have "good reason" to terminate his employment hereunder at any
time during his employment if such termination shall be the result of:
(1) A breach by the Company of the compensation and benefits
provisions set forth in Section 3 hereof;
(2) A material breach by the Company of any other material term of
this Agreement; or
(3) A "Change in Control" of the Company. However, the Executive's
election to terminate this agreement due to a Change in Control shall not be
deemed for "good reason" if such election to terminate takes place either prior
to the 181st day following the Change in Control or after the 365th day
following the Change in Control.
For purposes hereof, a "Change in Control" of the Company shall occur
or be deemed to have occurred only if any of the following events occurs:
(i) any "person," as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act") (other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company,
or any corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportion
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as the ownership of stock of the Company), is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company
representing more than 50% of the combined voting power of the
Company's then outstanding securities; or
(ii) individuals who, as of June 1, 2000 (the "Effective Date"),
constitute the Board of Directors of the Company (as of the
Effective Date, the "Incumbent Board") cease for any reason to
constitute at least a majority of the Board of Directors of the
Company provided that any person becoming a director subsequent
to the date hereof whose election, or nomination for election by
the Company's stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board
(other than an election or nomination of an individual whose
initial assumption of the office is in connection with an actual
or threatened election contest relating to the election of the
directors of the Company, as such terms are used in Rule 14a-11
of Regulation 14A under the Exchange Act) shall be, for purposes
of this Agreement, considered as though such person were a member
of the Incumbent Board; or
(iii)the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other
than (A) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving
entity) more than 60% of the combined voting power of the voting
securities of the company or such surviving entity outstanding
immediately after such merger or consolidation or (B) a merger or
consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no "person" (as
hereinabove defined) acquires more than 50% of the combined
voting power of the Company's then outstanding securities; or
(iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or
dispositions by the Company of all or substantially all of the
Company's assets.
c. Notice and Opportunity to Cure. It shall be a condition precedent
to the Company's right to terminate the Executive's employment for "cause" and
the Executive's right to terminate his employment for "good reason" that (1) the
party seeking the termination shall first have given the other party written
notice stating with reasonable specificity the reason for the termination
("breach") and (2) if such breach is susceptible of cure or remedy, a period of
ten (10) days from and after the giving of such notice shall have elapsed
without the breaching party having effectively cured or remedied such breach
during such 10-day period, unless such breach cannot be cured or remedied within
ten (10) days, in which case the period for remedy or cure shall be extended for
a reasonable time (not to exceed an additional ten (10) days) provided the
breaching party has made and continues to make a diligent effort to effect such
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remedy or cure. Notwithstanding anything contained in this Agreement, the
parties agree that any breach, event, crime, behavior, action, inaction or
occurrence constituting "cause" (or which would constitute "cause" after the
giving of notice) under Section 4.a. (1), (2), (5), (6) or (7) shall not under
any circumstances be susceptible or capable of cure or remedy under this Section
4.c.
d. Termination Upon Death or Permanent and Total Disability. The
Employment Period shall automatically without further action be terminated by
the death of the Executive. The Employment Period may be terminated by the
Company at any time if the Executive shall be rendered incapable of performing
his duties to the Company at the same level by reason of any medically
determined physical or mental impairment that (i) can reasonably be expected to
result in death or (ii) can reasonably be expected to last or has lasted for a
period of three (3) or more consecutive months or for a period of four (4) or
more months during any twelve (12) month period from the first date of the
Executive's impairment or absence or projected absence due to the disability
("Disability"). If the Employment Period is terminated by reason of a Disability
of the Executive, the Company shall give thirty (30) days advance written notice
to that effect to the Executive.
5. CONSEQUENCES OF TERMINATION.
a. Termination Without Cause or for Good Reason. In the event of
termination of the Executive's employment hereunder by the Company without
"cause" (other than upon death or Disability or non-renewal) or by the Executive
for "good reason" (each as defined in Section 4 hereof), subject to Section 8
the Executive shall be entitled to only the following pay and benefits:
(1) Severance Pay. Executive shall receive severance payments for
a 365-day period after the termination date or until the Executive obtains new
fulltime employment (the "Severance Period"), whichever is sooner, in regular
payroll increment payments with each such payment to be equal to the base salary
payments which would have been received under this Agreement on each such date
if Executive's employment had not been terminated. In the event the Executive is
terminated without cause and secures full-time employment at a salary that is
less than that which he was scheduled to be paid for the current year of
employment at the Company, the Executive will be paid any such shortfall by the
Company for the remainder of the Severance Period on a prorated basis. This
provision will not apply in the event the Executive terminates this agreement.
Additionally, any unvested options awarded to the Executive in the Company's
stock option plan will fully vest immediately on the date of termination. In the
event the Executive terminates this agreement for "good reason" due to a Change
in Control as explained in paragraph 4b of this agreement, the Executive will
receive the severance pay as outlined above, plus an amount equal to the
Executive's last annual bonus divided by the number of pay periods in the
calendar year, paid in regular payroll increments during the Severance Period.
Any accrued but unpaid bonus will be paid.
(2) Benefits Continuation. Continuation for the Severance Period
of coverage under the group medical care, disability and life insurance benefit
plans or arrangements in which the Executive is participating at the time of
termination; provided, however, that the Company's obligation to provide such
coverages shall be terminated if the Executive obtains comparable substitute
coverage from another employer at any time during the Severance Period. The
Executive shall be entitled, at the expiration of the Severance Period, to elect
continued medical coverage in accordance with Section 4980B of the Internal
Revenue Code of 1986, as amended (or any successor provision thereto).
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b. Other Terminations. In the event of termination of the Executive's
employment hereunder for any reason other than (a) without "cause" or (b) for
"good reason" (i.e., termination for death, Disability, with "cause" or without
"good reason"), or if Executive makes the election provided for in Section 8, or
if the Term is not renewed, the Executive shall be paid base salary only through
the date of termination or non-renewal, and Executive shall not be entitled to
any severance, bonus or other pay, or any benefits continuation rights, except
for benefits continuation rights as may otherwise be provided (e.g., Cobra
benefits) under the applicable benefit plans relating to the Executive;
provided, however, that upon termination for death or Disability, the Company in
its sole and absolute discretion, will grant to Executive or his estate a pro
rated bonus of up to the amount provided in connection with a termination
without "cause". Any accrued but unpaid bonus will be paid.
6. CONFIDENTIALITY. The Executive agrees that he shall not at any time
during the Term hereof or at any time thereafter for any reason, in any fashion,
form or manner, either directly or indirectly, divulge, disclose or communicate
to any person, firm, corporation or other business entity, in any manner
whatsoever, any confidential information or trade secrets concerning the
business of the Company, including, without limiting the generality of the
foregoing, the techniques, methods or systems of its operation or management,
any information regarding its financial matters, or any other information
concerning the business of the Company, its manner of operation, its plans or
other data. The provisions of this Section 6 shall not apply to (i) information
that is public knowledge other than as a result of disclosure by the Executive
in breach of this Section 6; or (ii) information disclosed by Executive under a
requirement of law or as directed by applicable legal authority having
jurisdiction over the Executive.
7. INVENTIONS. The Executive is hereby retained in a capacity such that the
Executive's responsibilities include the making of technical and managerial
contributions of value to the Company. The Executive hereby assigns to Company
all right, title and interest in such contributions and inventions made or
conceived by the Executive alone or jointly with others during the Employment
Period which relate to the business of the Company. This assignment shall
include, without limitation, (a) the right to file and prosecute patent
applications on such inventions in any and all countries, (b) the patent
applications filed and patents issuing thereon, and (c) the right to obtain
copyright, trademark or trade name protection for any such work product. The
Executive shall promptly and fully disclose all such contributions and
inventions to the Company and assist the Company in obtaining and protecting the
rights therein (including patents thereon), in any and all countries; provided,
however, that said contributions and inventions will be the property of Company,
whether or not patented or registered for copyright, trademark or trade name
protection, as the case may be.
8. NON-COMPETITION. The Executive agrees that he shall not during the
Employment Period and, if applicable, the Severance Period, without the approval
of the Board of Directors of the Company, directly or indirectly, alone or as
partner, joint venturer, officer, director, employee, consultant, agent,
independent contractor, stockholder or otherwise (other than as provided below),
engage in any "Competitive Business" within the United States. For purposes of
the foregoing, the term "Competitive Business" shall mean any business involved
in development, marketing, sale or support of products or services (a) which can
reasonably be expected to cause customers not to use the Company's or any of its
subsidiaries' or affiliates' products or services or (b) which are similar to or
competitive with products or services provided or supplied by the Company or any
of its subsidiaries or affiliates. Notwithstanding the foregoing, the Executive
shall not be prohibited during the non-competition period applicable above from
acting as a passive investor by owning not more than one percent (1%) of the
issued and outstanding capital stock of any publicly-held company. The
Executive, at his option, may elect to eliminate the above restrictions in this
Section 8 only during the Severance Period but any such election shall, without
further action, be deemed an automatic and irrevocable relinquishment by
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Executive and termination of all of his rights to pay and benefits under Section
5.a. During the Employment Period and the Severance Period, if applicable, and
for a period of one (1) year after the later of expiration of the Employment
Period and the Severance Period, the Executive shall not, without the prior
written consent of the Board of Directors of the Company, directly, or
indirectly, alone or as partner, joint venturer, officer, director, employee,
consultant, agent, independent contractor, stockholder or otherwise, (a) solicit
or induce any employee, independent contractor or consultant of the Company or
any current or future subsidiary or affiliate thereof to terminate or reduce his
or her employment or engagement with the Company or any current or future
subsidiary or affiliate thereof or (b) solicit the business of or any business
from any current or future customer or supplier to the Company or any current or
future subsidiary or affiliate thereof or induce any such customer or supplier
not to do business with or reduce its business transactions with the Company or
any subsidiary or affiliate thereof.
9. BREACH OF RESTRICTIVE COVENANTS; SEVERABILITY. The parties hereto intend
all provisions of this Agreement to be enforced to the fullest extent permitted
by law. The parties agree that Sections 6, 7 and 8 are reasonable and necessary
to protect the Company's interests and properties and that a breach or violation
of Sections 6, 7 or 8 hereof will result in immediate and irreparable injury and
harm to the innocent party, who shall have, in addition to any and all remedies
of law and other consequences under this Agreement, the right to an injunction,
specific performance or other equitable relief to prevent the violation of the
covenant or agreement hereunder. The parties agree that each of such covenants
and agreements is separate, distinct and severable not only from the other of
such covenants and agreements but also from the other and remaining provisions
of this Agreement; that the unenforceability of any such covenant or agreement
shall not affect the validity or enforceability of any other such covenants or
agreements or any other provision or provisions of this Agreement. Should a
court of competent jurisdiction determine that the scope of any provision of
this Agreement is too broad to be enforced as written, the parties intend that
the court should reform the provision to such narrower scope as it determines to
be enforceable. If, however, any provision of this Agreement is held to be
illegal or unenforceable or by its severance, invalid or unenforceable under
present or future law, such provision shall be fully severable from this
Agreement, this Agreement shall be construed and enforced as if such illegal,
invalid or unenforceable provision were never a part hereof and the remaining
provisions of this Agreement shall remain in full force and effect and shall not
be affected by the illegal, invalid or unenforceable provision or by its
severance.
10. NOTICE. For the purposes of this Agreement, notices, demands and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given within one business day of dispatch if
sent by hand delivery or reputable overnight courier, addressed as follows:
a. If to the Company, to:
U.S. Wireless Data, Inc.
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: Chief Executive Officer
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b. If to the Executive, to:
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
or to such other respective addresses as the parties hereto shall designate to
the other by like notice, provided that notice of a change of address shall be
effective only upon receipt thereof.
11. JURISDICTION; VENUE; LEGAL FEES; ETC.
a. Executive hereby irrevocably consents to the exclusive jurisdiction
of any State or federal court located within the SOUTHERN DISTRICT of New York
OR NEW YORK COUNTY in connection with any dispute or legal proceeding arising
under this Agreement. Executive hereby waives any objection that it may have to
the conduct of any action or proceeding in any such court based on improper
venue or forum non conveniens, waives personal service of any and all process
upon it, and consents that all service of process may be made by mail or courier
service directed to it at the address designated for it set forth in this
Agreement and that service so made shall be deemed to be completed upon the
earlier of actual receipt or ten (10) days after the same shall have been
posted. Each of the parties hereby waives, to the fullest extent permitted by
applicable law, any right it may have to a trial by jury in respect of any
litigation directly or indirectly arising out of, under or in connection with
this Agreement. Each of the parties certifies that no representative, agent or
attorney of either party has represented, expressly or otherwise, that the other
would not, in the event of litigation, seek to enforce the foregoing waivers.
b. The prevailing party in any proceeding brought under this Agreement
shall be reimbursed by the other party for all costs, fees and expenses,
including without limitation, attorneys' fees and expenses, incurred by such
prevailing party in preparation for, in the investigation of, and/or otherwise
directly or indirectly in connection with any such proceeding.
12. WAIVER OF BREACH. Any waiver of any breach of the Agreement shall not
be construed to be a continuing waiver or consent to any subsequent breach on
the part either of the Executive or of the Company.
13. NON-ASSIGNMENT; SUCCESSORS. Executive may not assign or in any way
transfer his rights or delegate or in any way transfer his duties or obligations
under this Agreement. This Agreement shall inure to the benefit of the
successors and assigns of the Company and this Agreement shall inure to the
benefit of and be binding upon the heirs, representatives, estate and successors
of the Executive.
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14. WITHHOLDING OF TAXES. All payments required to be made by the Company
to the Executive under this Agreement shall be subject to the withholding of
such amounts, if any, relating to tax, and other payroll deductions as the
Company may reasonably determine it should withhold pursuant to any applicable
law or regulation or as agreed to by Executive and Company.
15. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.
16. GOVERNING LAW. Except as set forth in Section 3.f., this Agreement
shall be construed, interpreted and enforced in accordance with the laws of the
State of New York, without giving effect to the conflict of law principles
thereof. The parties have selected a New York choice of law for this Agreement
because the Company's offices are located in New York.
17. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement by
the Company and the Executive with respect to the subject matter hereof (except
with respect to the stock options referred to in Section 3.c. which, except for
the last sentence of Section 3.c., shall not be governed by this Agreement but
shall be evidenced by a separate agreement between the parties) and supersedes
any and all prior agreements or understandings between the Executive and the
Company with respect to the subject matter hereof, whether written or oral. This
Agreement may be amended or modified only by a written instrument executed by
the Executive and the Company.
18. CAPTIONS. Paragraph captions contained in this Agreement are inserted
only as a matter of convenience and for reference and in no way define, limit or
extend or describe the scope of this Agreement or the intent of any provision
hereof.
19. LEGAL COUNSEL. Each party hereto has retained counsel in connection
with the drafting and negotiation of this Agreement . Each party hereby waives
any right, claim or defense he may have that any provision of this Agreement or
that any provision thereof is unenforceable, illegal, invalid or unconscionable
arising out of or relating to his failure to retain counsel in connection with
this transaction.
20. AGREEMENT NOT TO BE CONSTRUED AGAINST DRAFTSPERSON. This Agreement
shall be construed without giving effect or regard to any principle that a
contract should be construed against its draftsperson.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first referenced above.
U.S. WIRELESS DATA, INC.
By:
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Name: ▇▇▇▇ ▇▇▇▇▇▇▇
Title: Chairman and CEO
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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