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10.02
July 20, 1999
PERSONAL AND CONFIDENTIAL
Xx. Xxxxxxx Xxxxxxx
#400 - 000 X. Xxxxxxx Xxxxxx
Xxxxxxxxx, X.X. V6B 1G1
Dear Xxxxxxx:
Re: Management Consulting Agreement
The purpose of this letter is to make you an offer of
Management Consulting on the following terms and
conditions:
1) Position: President, COO, and Director
2) Salary:$140,000 USD per annum
3) Term: This Management Consulting agreement is for a
period of two years, ending August 31, 2001.
4) Stock Options: Xxxxxxxxxxxx.xxx will grant 150,000
company options at the allowable price as dictated
by rules of the NASD and SEC.
5) Termination: In the event you wish to terminate
this agreement, you will provide the Company with
reasonable notice. In the event that the Company
wishes to terminate this agreement, it shall be
obligated to provide you with not less than eight
months notice or pay in lieu thereof.
6) Position Review: Xxxxxxxxxxxx.xxx will review the
performance and contribution of Xxxxxxx Xxxxxxx in
the first 6 months of this contract and if the
performance is deemed positive will update the
position to CEO.
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7) Conditions Precedent: The obligations of both
parties to this agreement will be subject to the
following:
- The Company will receive $2,000,000 million USD in
interim financing as currently contemplated.
- Xxxxxxx Xxxxxxx will stay as a director of Mercury
for a period of time.
- Xxxxxxx Xxxxxxx receives nomination to the
Xxxxxxxxxxxx.xxx Board of Directors as soon as
possible.
If you are in agreement with the term and conditions set
out in this letter, please sign and return a copy to us.
We look forward to continue our relationship with you at
Xxxxxxxxxxxx.xxx.
Sincerely,
XXXXXXXXXXXX.XXX
/s/ Xxxxxx Xxxxx
CHIEF EXECUTIVE OFFICER, DIRECTOR
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XXXXXXX X. XXXXXXX
