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EXHIBIT 10.1
[XXXXXX.XXX LETTERHEAD]
March 1, 1999
Xxxx Xxxxxxxx
0000 Xx Xxxxx Xxxxxx
Xx Xxxxx, Xx. 92009
Dear Xx. Xxxxxxxx,
This letter shall serve as an understanding of the agreement between Xxxx
Xxxxxxxx (Advisor) and XxxXxx.xxx Incorporated (Company).
A: ADVISOR AGREES TO PERFORM THE FOLLOWING FUNCTIONS FOR THE COMPANY.
1. Use his best efforts to create a sports memorabilia advisory
board consisting of not less than three additional high profile
name athletes (active or retired) as mutually agreed upon by the
parties.
2. Advisor will act as Chairman of the Board.
3. Advisor will assist the Company in obtaining and creating sports
memorabilia to be sold on the Company's website.
4. Advisor will assist the Company on an ongoing basis to develop a
relationship with and obtain collectible items from active and
retired professional athletes as the parties shall agree.
5. All members of the Advisory Board shall grant the Company the
right to use their names as members of such board on all
advertising endeavors undertaken by the Company.
6. All Advisory Board members shall make themselves available not
less than 2 hours per month to hold online conversations with
customers and clients of the Company on its website. Advisor
shall not be in breach of this agreement should the Company
accept any Board member not agreeing to this provision.
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B: COMPANY AGREES TO PAY ADVISOR THE FOLLOWING COMPENSATION
1. 50,000 Shares for the Company's Common Stock for services
previously performed.
2. 200,000 options at $0.45 for services as Chairman of the
Advisory Board. The options shall vest immediately and upon
exercise and written notice to the Company the shares issued
under paragraph B1 and B2 will be registered for sale under
Section S8 of the Securities Act of 1934.
3. All options shall have a three-year term.
4. The Company shall make available additional Common Stock and
options of the Company to compensate other members of the
Advisory Board in such amounts as the parties agree.
THIS AGREEMENT SHALL BE RENEWABLE EACH YEAR AT THE MUTUAL AGREEMENT OF
THE PARTIES FOR SUCCESSIVE ONE-YEAR TERMS.
Agreed to by;
/s/ Xxxx Xxxxxxxx 3/1/99
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Xxxx Xxxxxxxx Date
/s/ XXXXXXX X. XXXXXXXX 3/1/99
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XxxXxx.xxx Incorporated Date
