On May 29, 2007, FreeStar Technology Corporation (the "Company") entered into new employment agreements with each of Paul Egan and Ciaran Egan, which replace their prior employment agreements with the Company.

Paul Egan's employment agreement has a five year term. Under the agreement, Paul Egan will continue to serve in his current role of President and Chief Executive Officer of the Company, reporting to the Board of Directors. The Company will pay Paul Egan Ђ300,000 (approximately US$403,000, based on current exchange rates) per year in base salary, plus an automobile allowance of Ђ1,500 (approximately US$2,000 based on current exchange rates) per month and other benefits. The Board of Directors will review the annual base salary each year, but may not reduce it below the initial base salary level. Paul Egan will be eligible for bonuses to be paid in stock or stock options, with such bonuses to be determined by the Board of Directors. If Mr. Egan's employment is terminated by the Company Without Cause (as defined in the employment agreement) or by Mr. Egan for Good Reason (as defined in the employment agreement), then Mr. Egan shall be entitled to a lump sum payment equal to one year's annual salary, plus any applicable bonuses.

Ciaran Egan's employment agreement has a five year term. Under the agreement, Ciaran Egan will continue to serve in his current role as Chief Executive Officer of the Company, reporting to the President. The Company will pay Ciaran Egan Ђ300,000 (approximately US$403,000, based on current exchange rates) per year in base salary, plus an automobile allowance of Ђ1,500 (approximately US$2,000 based on current exchange rates) per month and other benefits. The Board of Directors will review the annual base salary each year, but may not reduce it below the initial base salary level. Ciaran Egan will be eligible for bonuses to be paid in stock or stock options, with such bonuses to be determined by the Board of Directors. If Mr. Egan's employment is terminated by the Company Without Cause (as defined in the employment agreement) or by Mr. Egan for Good Reason (as defined in the employment agreement), then Mr. Egan shall be entitled to a lump sum payment equal to one year's annual salary, plus any applicable bonuses.

The foregoing summaries of the employment agreements with Paul Egan and Ciaran Egan are qualified in their entirety by reference to the full and complete terms of the employment agreements with Paul Egan and Ciaran Egan, which are attached hereto as Exhibits 10.1 and 10.2, respectively.

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description of Exhibit

10.1 Employment Agreement with Paul Egan
10.2 Employment Agreement with Ciaran Egan