EXHIBIT 10.27
Business Consultant Agreement between Petro Timor Companhia de Petroleos, SA and
Xx. Xxxx X. Xxxxxxx
BUSINESS CONSULTANT AGREEMENT
This agreement dated October 1, 2003 is made by and between Petro Timor
Companhia de Petroleos, SA, referred to as "Company", AND Xx. Xxxx X. (Xxxx)
Xxxxxxx whose address is 0000 Xxxxxxxx Xxxxxx, Xxxxxx XX 00000, referred to as
"Consultant."
1. CONSULTATION SERVICES. The Company hereby employs the Consultant to
perform the following services in accordance with the terms and
conditions set forth in this agreement:
o Monitor exploration and production activities on a world-wide
basis in order to identify worthwhile projects for potential
investment opportunities on behalf of the Company.
o At the request of the Company, perform further evaluations in
connection with potential acquisitions of such investment
opportunities identified by the Company.
2. TERMS OF AGREEMENT. This agreement will begin October 1, 2003 and will
end at a date agreed to by either party. Either party may cancel this
agreement on thirty (30) days notice to the other party in writing, by
mail or hand delivery.
3. TIME DEVOTED BY CONSULTANT. It is anticipated the Consultant will spend
approximately 15 hours per month in fulfilling its obligations under
this contract. The particular amount of time may vary from day to day
or week to week. However, the Consultant shall devote a minimum of 13
hours per month to his duties in accordance with this agreement.
4. PLACE WHERE SERVICES WILL BE RENDERED. The Consultant will perform
services in accordance with this contract at the locations the
Consultant deems necessary. In addition the Consultant will perform
services on the telephone and at such other places as designated by the
Company to perform these services in accordance with this agreement.
5. PAYMENT TO CONSULTANT. The Consultant will be paid at the rate of $1000
per month for work performed in accordance with this agreement.
However, the Consultant will be paid at an hourly rate of $75 per hour
for additional hours worked per month that exceed 15 hours per month.
The Consultant will submit an itemized statement setting forth the time
spent and services rendered, and the Company will pay the Consultant
the amounts due as indicated by statements submitted by the Consultant
within ten (10) days of receipt. In the event that the performance of
these services requires travel to other locations, the Company agrees
to reimburse the Consultant for reasonable travel expenses upon
submission of an appropriate expense statement and receipts.
6. INDEPENDENT CONTRACTOR. Both the Company and the Consultant agree that
the Consultant will act as an independent contractor in the performance
of his duties under this contract. Accordingly, the Consultant shall be
responsible for payment of all of his taxes including Federal, State
and local taxes arising out of the Consultant's activities in
accordance with this contract, including by way of illustration but not
limitation, Federal and State income tax, Self-Employment tax,
Unemployment Insurance taxes, and any other taxes or business license
fee as required.
7. CONFIDENTIAL INFORMATION. The Consultant agrees that any information
developed for the Company by the Consultant, pursuant to this contract
will be treated by the Consultant in full confidence and will not be
revealed to any other persons, firms or organizations without express
permission of the Company.
8. EMPLOYMENT OF OTHERS. The Company may from time to time request that
the Consultant arrange for the services of others. All costs to the
Consultant for those services will be paid by the Company but in no
event shall the Consultant employ others without the prior
authorization of the Company.
9. SIGNATURES. Both the Company and the Consultant agree to the above
contract.
COMPANY
Petro Timor Companhia de Petroleos, SA
By: /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx, President
CONSULTANT
By: /s/ Xxxx X. Xxxxxxx
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Xx. Xxxx X. Xxxxxxx
