SUPPLEMENTAL COMPENSATION AGREEMENT
SUPPLEMENTAL COMPENSATION AGREEMENT
THIS SUPPLEMENTAL COMPENSATION AGREEMENT, dated effective as of December 16, 2004,
BETWEEN:
STREAM COMMUNICATIONS NETWORK & MEDIA INC., a company duly incorporated under the laws of the Province of British Columbia and having a business office and an address for notice and delivery located at Suite 1020 – 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0.
(the "Company");
OF THE FIRST PART
AND:
XXXXX XXXXX, an employee, director and officer of the Company and having an address for notice and delivery located at c/o Suite 1020 – 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Employee");
OF THE SECOND PART
WHEREAS:
| A. | The Company is a reporting company duly incorporated
under the laws of the Province of British Columbia, and with its shares
trading on the Over-the-Counter Bulletin Board in the United States of
America; |
| B. | The Company is involved in the business of operating
cable television, internet and Voip in the country of Poland; |
| C. | The Employee has been employed by the Company since
March 1, 1996 up to and including the date of this agreement, (the “Service
Period”), who has been and continues to be instrumental to the ongoing
operation and development of the Company and its business; |
| D. | During the Service Period the Employee has provided
the Company with such general administrative services as was determined
and required, from time to time, by the Board of Directors of the Company
in their sole and absolute discretion, in connection with the operations
and development of the Company, or of any of its subsidiaries. Specifically
the Employee has acted as the Company’s Corporate Secretary and
been involved in the acquisition of cable television companies, strategic
planning, marketing of cable television services and providing administrative
services (collectively, the “Services”); |
| E. | In recognition of the past services rendered to
the Company by the Employee during the Service Period, the Company wishes
to provide the Employee with additional compensation by issuing common
shares of the Company to the Employee at the deemed price of $0.41
USD per share, |
NOW THEREFORE THIS AGREEMENT WITNESSETH that, in consideration of the mutual covenants and provisos herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
STOCK COMPENSATION
| 1.1 | Common Shares. The Company shall issue to
the Employee Eighty Thousand (80,000) common shares in the Company’s
capital stock (the “Company Shares”) at an issue price of
$0.41 USD per share or $32,800 in the aggregate (the “Issue
Price”). |
2
| 1.2 | Payment of Issue Price. The Employee shall
be deemed to have paid the full amount of the Issue Price by having provided
the Company with the Services during the Service Period. |
GENERAL PROVISIONS
| 2.1 | Entire Agreement. This Agreement constitutes
the entire agreement to date between the parties hereto and supersedes
every previous agreement, expectation, negotiation, representation or
understanding, whether oral or written, express or implied, statutory
or otherwise, between the Parties with respect to the subject matter of
this Agreement including, without limitation, the Underlying Agreement.
|
| 2.2 | No Assignment. This Agreement may not be
assigned by either party except with the prior written consent of the
other party. |
| 2.3 | Further Assurances. The parties will from
time to time after the execution of this Agreement make, do, execute or
cause or permit to be made, done or executed, all such further and other
acts, deeds, things, devices and assurances in law whatsoever as may be
required to carry out the true intention and to give full force and effect
to this Agreement. |
| 2.4 | Applicable Law. The situs of this Agreement
is Vancouver, British Columbia, and for all purposes this Agreement will
be governed exclusively by and construed and enforced in accordance with
the laws prevailing in the Province of British Columbia. |
IN WITNESS WHEREOF the parties hereto have executed this Agreement effective as of the date first set out above.
STREAM COMMUNICATIONS NETWORK & MEDIA INC.
| /s/ Xxxxxxxxx X. Xxx | ||
| Authorized Signatory | ||
| SIGNED, SEALED AND DELIVERED | ||
| BY XXXXX XXXXX in the presence of: | ||
| /s/ Xxxx Xxxx | /s/ Xxxxx Xxxxx | |
| Signature of Witness | XXXXX XXXXX | |
| Xxxx Xxxx | ||
| Name of Witness | ||
| 0000 X. 00xx Xxx. | ||
| Address of Witness | ||
| Xxxxxxxxx, X.X. X0X 0X0 |
