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<SEC-DOCUMENT>0001354488-10-001112.txt : 20100406
<SEC-HEADER>0001354488-10-001112.hdr.sgml : 20100406
<ACCEPTANCE-DATETIME>20100406111039
ACCESSION NUMBER:		0001354488-10-001112
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100331
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100406
DATE AS OF CHANGE:		20100406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISSUER DIRECT CORP
		CENTRAL INDEX KEY:			0000843006
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				261331503
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		10733466

	BUSINESS ADDRESS:	
		STREET 1:		201 SHANNON OAKS CIRCLE
		STREET 2:		SUITE 105
		CITY:			CARY
		STATE:			NC
		ZIP:			27511
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		201 SHANNON OAKS CIRCLE
		STREET 2:		SUITE 105
		CITY:			CARY
		STATE:			NC
		ZIP:			27511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INC
		DATE OF NAME CHANGE:	20071002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INCORPORATED
		DATE OF NAME CHANGE:	19920703
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FORM 8-K</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT<br>
<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report (Date of earliest event reported): March 31, 2010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">201 Shannon Oaks Circle Suite 105, Cary North Carolina 27511</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

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ITEM 1.01&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: bold">&#160;&#8212;</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font></font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 31, 2010, Issuer Direct Corporations (the &#8220;Company&#8221;) entered into two Settlement and Release Agreements (the &#8220;Settlement Agreement&#8221;) with Messrs. Edward Gistaro and Chauncey Schmidt, each of whom are members of the Company&#8217;s Board of Directors.&#160;&#160;Pursuant to the terms and conditions of the Settlement Agreement, the Company issued 229,485 shares of the Company&#8217;s common stock, par value $0.001, (&#8220;Common Stock&#8221;) at a conversion price of $0.13 per share of Common Stock in consideration of the complete satisfaction of unsecured notes issued by Company to each of Messrs. Gistaro and Schmidt on November 16, 2007 in the original principal amount of $25,000 (the &#8220;Notes Payable&#8221;).&#160;&#160;As of the date of the Settlement Agreement, the total amount due and payable
, including all accrued but unpaid interest, equaled $29,833.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, on March 31, 2010, the Company entered into a similar Settlement and Release Agreement with Brian R. Balbirnie the Chief Executive Officer and a member of the Board of Directors of the Company. Pursuant to the terms and conditions of the Settlement Agreement, Mr. Balbirnie agreed to covert his note payable that has been in default since December 31, 2007, for twenty six shares of the Company&#8217;s Preferred Series A Shares, whereby the company converted $23,525.00 in principal and interest in the amount of $4,242.50 for a total of $27,779.50 for the Preferred Series A shares.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The securities issued in these transactions have not been registered under the Securities Act of 1933, as amended (the "Act") and may not be offered or sold in the United States in the absence of an effective registration statement or exemption from the registration requirements under the Act. The issuances of the securities were made pursuant to an exemption from registration requirements under Regulation D and/or Section 4(2) of the Act.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing description is qualified in its entirety by the agreements and the other instruments relating to the documents attached to this Current Report on Form 8-K.<a name="FIS_FINANCIAL_STATEMENTS_AND_EXHIBITS"><!--EFPlaceholder--></a></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 9.01 &#8212; FINANCIAL STATEMENTS AND EXHIBITS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(d) Exhibits:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Settlement and Release Agreement - Gistaro</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="isdr_ex102.htm">10.2</a></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Settlement and Release Agreement - Schmidt</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="isdr_ex103.htm">10.3</a></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Settlement and Release Agreement - Balbirnie</font></div>
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<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Date: April 6, 2010</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/ B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">rian</font> R. B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">albirnie</font></font></div>
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<TYPE>EX-10.1
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<DESCRIPTION>SETTLEMENT AND RELEASE AGREEMENT - GISTARO
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><a href="isdr_8k.htm">Back to 8-K</a></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THIS SETTLEMENT AGREEMENT AND RELEASE (&#8220;Agreement&#8221;) is entered into, effective the 31st day of March 2010 (the &#8220;Effective Date&#8221;), by and between Issuer Direct Corporation, a Delaware corporation (&#8220;Issuer Direct&#8221;) and Edward Gistaro, an individual (&#8220;Gistaro&#8221;).&#160;&#160;Issuer Direct and Gistaro are referred to in this Agreement individually as the &#8220;Party&#8221; or collectively as the &#8220;Parties.&#8221;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to an unsecured note payable issued on November 16, 2007, Issuer Direct owes to Gistaro $29,833, including all principal and accrued but paid interest (&#8220;Settled Debt&#8221;). Issuer Direct and Gistaro desire to settle the Settled Debt pursuant to the terms and conditions of this Agreement.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Issuer Direct agrees to issue to Gistaro 229,485 shares of the common stock, par value $.001 per share, of Issuer Direct (the &#8220;Shares&#8221;), upon the execution of this Agreement in settlement of the Settled Debt. Upon issuance of the Shares to Gistaro, the Shares shall be &#8220;restricted securities&#8221;, as that term is defined under Rule 144 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and may not be sold or otherwise transferred unless the Shares have been registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in the opinion of counsel other than from Gistaro reasonably satisfactory to Issuer Direct, an exemption from the registration requirements under the Securities Act is available. Gistaro understands and
 acknowledges that Issuer Direct makes no representations or warranties regarding the future price of the Shares, the current or future value of the Shares, or its current business, operations or financial condition or prospects and, except as expressly set forth in this Agreement, Gistaro has not relied on any representations or warranties from Issuer Direct or its representatives in any manner whatsoever. Gistaro represents and warrants to Issuer Direct that he is an &#8220;accredited investor&#8221;, as such term is defined under Rule 501(a)(3) of the Securities Act, they are acquiring the Shares for their own account and for investment purposes, they have no present intention to distribute the Shares publicly, and they have the financial sophistication and knowledge to understand the risk of acceptance of the Shares in cancellation of the Advance and can risk an entire loss of their investment in the Shares.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In consideration of the performance of Issuer Direct described in Paragraph 3, above, Gistaro, on behalf of itself and its successors, assigns, members, managers, officers, employees, agents, and representatives hereby releases and forever discharges, Issuer Direct, together with its successors, assigns, directors, officers, agents, employees, and representatives, from any and all actions, causes of action, claims, liability, demands, damages, costs, and expenses of every kind whatsoever, in law or in equity, known or unknown, contemplated, accrued, existing or not yet mature, which Gistaro has or may have as of the Effective Date relating specifically to the Settled Debt.&#160;&#160;This paragraph shall not discharge Issuer Direct from any obligations arising out of this Agree
ment.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Parties represent that they have made no assignment and will make no assignment of the actions, causes of action, or claims released herein.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is expressly understood that any action by any Party in connection with this Agreement is not, and shall not be construed as, an admission of liability; rather, any such actions are made and done only as part of this settlement and release of disputed claims.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each undersigned Party acknowledges that: (1) the Party has read this Agreement fully and carefully before signing it; (2) the Party has consulted with or has had the opportunity to consult with an attorney regarding the legal effect and meaning of this Agreement and all of its terms and conditions, and that the Party is aware of the contents of this Agreement and its legal effects; (3) the Party has had the opportunity to make whatever investigation or inquiry that the Party deems necessary or appropriate in connection with the subject matter of this Agreement; (4) the Party is of sound mind and is executing this Agreement voluntarily and free from any undue influence, coercion, duress, or fraud of any kind; and (5) the Party is waiving and releasing all claims against the oth
er Party as provided herein knowingly and voluntarily.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Parties agree, to the extent permitted by law, that any and all disputes arising from or related to this Agreement shall be settled exclusively by binding arbitration with the Judicial Arbiter Group, Inc. in Cary, North Carolina.&#160;&#160;The arbitration shall be based on the substantive laws of the State of North Carolina.&#160;&#160;The arbitrator shall order, to the extent permitted by law, that disclosures shall be made and discovery shall be permitted in a manner generally comparable to that prescribed by the North Carolina Rules of Civil Procedure, and the North Carolina Rules of Evidence shall apply.&#160;&#160;&#160;Judgment entered upon the award by the arbitrator may be entered in any court having jurisdiction thereof.&#160;&#160;The decision of the arbitrator shall be in writing and shall include 
an explanation for the decision.&#160;&#160;The prevailing party, if any, as determined by the arbitrator, shall be awarded all costs and fees, including, without limitation, reasonable attorneys&#8217; fees and the costs and fees of arbitration.</font></div>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>isdr_ex102.htm
<DESCRIPTION>SETTLEMENT AND RELEASE AGREEMENT - SCHMIDT
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<a href="isdr_8k.htm">Back to 8-K</a><br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT 10.2</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;SETTLEMENT AND RELEASE AGREEMENT</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160; THIS SETTLEMENT AGREEMENT AND RELEASE (&#8220;Agreement&#8221;) is entered into, effective the 31st day of March 2010 (the &#8220;Effective Date&#8221;), by and between Issuer Direct Corporation, a Delaware corporation (&#8220;Issuer Direct&#8221;) and Chauncey Schmidt, an individual (&#8220;Schmidt&#8221;). Issuer Direct and Schmidt are referred to in this Agreement individually as the &#8220;Party&#8221; or collectively as the &#8220;Parties.&#8221;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to an unsecured note payable issued on November 16, 2007, Issuer Direct owes to Schmidt $29,833, including all principal and accrued but paid interest (&#8220;Settled Debt&#8221;).&#160;&#160;Issuer Direct and Schmidt desire to settle the Settled Debt pursuant to the terms and conditions of this Agreement.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Issuer Direct agrees to issue to Schmidt 229,485 shares of the common stock, par value $.001 per share, of Issuer Direct (the &#8220;Shares&#8221;), upon the execution of this Agreement in settlement of the Settled Debt. Upon issuance of the Shares to Schmidt, the Shares shall be &#8220;restricted securities&#8221;, as that term is defined under Rule 144 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and may not be sold or otherwise transferred unless the Shares have been registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in the opinion of counsel other than from Schmidt reasonably satisfactory to Issuer Direct, an exemption from the registration requirements under the Securities Act is available.&#160;&#160;S
chmidt understands and acknowledges that Issuer Direct makes no representations or warranties regarding the future price of the Shares, the current or future value of the Shares, or its current business, operations or financial condition or prospects and, except as expressly set forth in this Agreement, Schmidt has not relied on any representations or warranties from Issuer Direct or its representatives in any manner whatsoever.&#160;&#160;&#160;Schmidt represents and warrants to Issuer Direct that he is an &#8220;accredited investor&#8221;, as such term is defined under Rule 501(a)(3) of the Securities Act, they are acquiring the Shares for their own account and for investment purposes, they have no present intention to distribute the Shares publicly, and they have the financial sophistication and knowledge to understand the risk of acceptance of the Shares in cancellation of the Advance and can risk an entire loss of their investment in the Shares.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In consideration of the performance of Issuer Direct described in Paragraph 3, above, Schmidt, on behalf of itself and its successors, assigns, members, managers, officers, employees, agents, and representatives hereby releases and forever discharges, Issuer Direct, together with its successors, assigns, directors, officers, agents, employees, and representatives, from any and all actions, causes of action, claims, liability, demands, damages, costs, and expenses of every kind whatsoever, in law or in equity, known or unknown, contemplated, accrued, existing or not yet mature, which Schmidt has or may have as of the Effective Date relating specifically to the Settled Debt.&#160;&#160;This paragraph shall not discharge Issuer Direct from any obligations arising out of
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>isdr_ex103.htm
<DESCRIPTION>SETTLEMENT AND RELEASE AGREEMENT - BALBIRNIE
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>THIS SETTLEMENT AGREEMENT AND RELEASE (&#8220;Agreement&#8221;) is entered into, effective the 31st day of March 2010 (the &#8220;Effective Date&#8221;), by and between Issuer Direct Corporation, a Delaware corporation (&#8220;Issuer Direct&#8221;) and Brian R. Balbirnie, an individual (&#8220;Balbirnie&#8221;).&#160;&#160;Issuer Direct and Balbirnie are referred to in this Agreement individually as the &#8220;Party&#8221; or collectively as the &#8220;Parties.&#8221;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to an unsecured note payable issued on September 17, 2007, Issuer Direct owes to Balbirnie $27,780, including all principal and accrued but paid interest (&#8220;Settled Debt&#8221;).&#160;&#160;Issuer Direct and Balbirnie desire to settle the Settled Debt pursuant to the terms and conditions of this Agreement.</font></div>

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