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MUTUAL RELEASE
AGREEMENT
This Mutual Release Agreement (this "Agreement")
is made and entered into this __ day of December, 2006, by Brian
Wade Bickford, an individual having an address at 477 Congress
Street, 5 th Floor, Portland, Maine 04101 ("Brian
Bickford") and Bloodhound Search Technologies, Inc., a Nevada
corporation having an address at 19901 Southwest Freeway, Suite
114, Sugar Land, Texas 77479 (the "Company").
WITNESSETH :
WHEREAS, Brian Bickford was employed by the
Company as its Chief Executive Officer pursuant to the terms and
conditions of the Employment Agreement dated October 20, 2006 (the
"Employment Agreement");
WHEREAS, the Company and Brian Bickford have
mutually consented to the resignation of Brian Bickford’s
employment, without cause, and the discontinuation of Brian
Bickford’s affiliation with the Company, effective
immediately;
NOW, THEREFORE, in consideration of the premises
and mutual promises contained herein, and for other good and
valuable consideration, the undersigned, intending to be legally
bound by this Agreement, agrees as follows:
1. Reimbursement
of Business Expenses . Brian Bickford shall be fully
reimbursed for the amount of $2,667.79, representing reasonable and
necessary business expenses incurred by Brian Bickford in
connection with the performance of his duties under the Employment
Agreement.
2. Return of
Company Materials . Brian Bickford shall return all files,
documentation, and information materials on the Company to the
Company within three business days from the date set forth above
and not duplicate, make copies, keep or distribute any of such
materials.
3. Further
Assurance . Brian Bickford shall promptly sign instruments,
documentation, filings or certifications required by the Company to
give full effect to the release of Brian Bickford’s position
and duties as Chief Executive Officer as of the date hereof, if any
is required.
4. Release by the
Company .
(a) The Company and
its directors, officers, agents, advisors, representatives, and
direct and indirect affiliates and their respective successors and
assigns (collectively, the "Company Releasors") hereby irrevocably,
unconditionally and forever release Bickford (as defined in
paragraph 5 herein) of and from any and all actions, causes of
actions, suits, debts, charges, demands, complaints, claims,
administrative proceedings, liabilities, obligations, promises,
agreements, controversies, damages and expenses (including but not
limited to compensatory, punitive or liquidated damages,
attorney’s fees and other costs and expenses incurred), of
any kind or nature whatsoever, in law or equity, whether presently
known or unknown (collectively, the "Claims"), which the Company or
any of the Company Releasors ever had, now have, or hereafter can,
shall, or may have, for, upon, or by reason of any matter, cause,
or thing whatsoever against Brian Bickford. Without limiting the
foregoing, the Company expressly acknowledges that its release
hereunder is intended to include in its effect, without limitation,
all Claims which have arisen and of which he knows, does not know,
should have known, had reason to know, suspects to exist or might
exist in his favor at the time of the signing, and that this
Agreement extinguishes any such Claim or Claims. This release shall
be binding upon each of Company and the Company Releasors and their
respective partners, officers, directors, stockholders, employees,
agents, advisors, representatives, personal representatives, heirs,
assigns, successors and affiliates, and shall inure to the benefit
of Brian Bickford.
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(b) The Company and
each of the Company Releasors acknowledges and agrees that none of
them will e
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