EXHIBIT 10.2
COMPENSATION AGREEMENT
THIS COMPENSATION AGREEMENT (this "Agreement") is made as of the 3rd
day of May, 2007, by and between Techlabs, Inc., a Florida corporation (the
"Company"), with its principal place of business at 0000 XX Xxxxxx Xxxxx Xxxx.,
Xxxxx 000, Xxxxxx Xxxxx, Xxxxxxx, 00000 and Xxxxx Xxxxxxx, an individual
("Xxxxxxx"), with his principal place of business located at 00000 Xxxxx Xxx
Xxxxx, Xxxx Xxxxx, Xxxxxxx 00000.
R E C I T A L S:
WHEREAS, the Company desires to retain Xxxxxxx to provide certain
services to it as hereinafter set forth.
WHEREAS, Xxxxxxx is willing to be engaged by the Company to perform
those services.
NOW, THEREFORE, in consideration of the mutual promises set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:
1. Engagement. The Company hereby retains Xxxxxxx for a period of six
(6) months from the date hereof to provide a variety of business services,
including administration of the company's legal, accounting and marketing
operations and professional relationships, as well as other services as
requested by the Company reasonably related to the foregoing. Xxxxxxx shall be
permitted to engage additional consultants to assist him in the performance of
the Services, which such additional consultants shall agree to be bound by the
provisions of Section 5 of this Agreement. Xxxxxxx shall be responsible for the
compensation due to such additional consultants.
2. Compensation for Services. As full and complete consideration for
the performance of the Services, the Company shall issue Xxxxxxx 200,000 shares
of the Company's common stock, which is equal to approximately $16,000 based
upon the fair market value of the Company's common stock as of the date hereof.
Such shares shall be issued pursuant to the Company's 1999 Stock Incentive Plan
and, upon issuance, shall be fully paid, duly issued and freely tradeable.
Xxxxxxx shall bear all of his own expenses related to the Services to be
rendered to the Company pursuant to this Agreement, including but not limited to
telephone, telecopier, Internet, overnight mails and travel.
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3. Representations and Warranties of Xxxxxxx. Xxxxxxx represents and
warrants that he has the full right, power and capacity to execute and deliver
this Agreement and perform his obligations hereunder; that the execution and
delivery of this Agreement and the performance by Xxxxxxx of his obligations
pursuant to this Agreement do not constitute a breach of or a default under any
agreement or instrument to which he is a party or by which he or any of his
assets are bound; and that this Agreement, upon execution and delivery of the
same by Xxxxxxx, will represent the valid and binding obligation of Xxxxxxx
enforceable in accordance with its terms. The representations and warranties set
forth herein shall survive the termination of this Agreement.
4. Limitation on Scope of Services; Indemnification.
a. The scope of the services to be rendered by Xxxxxxx to the Company
are as set forth herein, it being understood by the parties that all content of
documents to which the Company is a party are the responsibility of the Company.
The Company acknowledges its understanding that Xxxxxxx is not an attorney, that
the scope of the services to be provided by him are not legal in nature, that he
will not be providing any legal advice regarding the Services or any other
matter, and that the Company will seek the counsel of its attorneys in all
matters related to the Services as it deems necessary.
b. The Company will indemnify and hold Xxxxxxx harmless against any
losses, claims, damages or liabilities, joint or several (which will, for all
purposes of this Agreement, include, but not be limited to, all costs of defense
and investigation and all reasonable attorneys' fees, including appeals) to
which Xxxxxxx may become subject in connection with the Services to be performed
by him pursuant to this Agreement and reimburse Xxxxxxx for any legal or other
expenses reasonably incurred in connection with investigating or defending
against any such loss, claim, action, proceeding or investigation. The foregoing
indemnity agreement will be in addition to any liability which the Company may
otherwise have.
5. Confidentiality. Xxxxxxx agrees that all non-public information
pertaining to the prior, current or contemplated business of the Company
constitutes valuable and confidential assets of the Company. Such information
shall include, without limitation, information relating to customer lists,
bidding procedures, intellectual property, patents, trademarks, trade secrets,
financing techniques and sources and such financial statements of the Company as
are not available to the public. Xxxxxxx shall hold all such information in
trust and confidence for the Company and shall not use or disclose any such
information for other than the Company's business and shall be liable for
damages incurred by the Company as a result of the use or disclosure of such
information by Xxxxxxx, except (i) where such information is publicly available
or later becomes publicly available other than through a breach of this
Agreement, or (ii) where such information is subsequently lawfully obtained by
Xxxxxxx from a third party or parties, or (iii) if such information is known to
Xxxxxxx prior to the execution of this
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Agreement, or (iv) as may be required by law. Xxxxxxx acknowledges and agrees
that the Company's remedy at law for a breach or threatened breach of any of the
provisions of this paragraph would be inadequate and the breach shall be per se
deemed as causing irreparable harm to the Company. In recognition of this fact,
in the event of a breach or threatened breach by Xxxxxxx of any of this
paragraph, Xxxxxxx agrees that, in addition to any remedy at law available to
the Company including, but not limited to, monetary damages, and the Company,
without posting any bond, shall be entitled to obtain equitable relief in the
form of specific performance, temporary restraining order, temporary or
permanent injunction or any other equitable remedy which may then be available
to the Company. Nothing herein contained shall be construed as prohibiting the
Company from pursuing any other remedies available to it for such breach or
threatened breach.
6. Amendment or Assignment; Parties in Interest. No modification,
waiver, amendment, discharge or change of this Agreement shall be valid unless
the same is evidenced by a written instrument, executed by the party against
which such modification, waiver, amendment, discharge, or change is sought. This
Agreement is not assignable by Xxxxxxx without the prior written consent of the
Company, which such consent may not be forthcoming. The Agreement herein set
forth is made solely for the benefit of the Company and Xxxxxxx; any person
controlling either of them, and their respective executors, administrators,
successors and assigns; and no other person will acquire or have any rights
under or by virtue of this Agreement.
7. Notices. All notices, demands or other communications given
hereunder shall be in writing and shall be deemed to have been duly given on the
day when delivered in person or transmitted by confirmed facsimile transmission
or on the third calendar day after being mailed by United States registered or
certified mail, return receipt requested, postage prepaid, to the addresses
herein above first mentioned or to such other address as any party hereto shall
designate to the other for such purpose in the manner herein set forth.
8. Entire Agreement. This Agreement contains all of the understandings
and agreements of the parties with respect to the subject matter discussed
herein. All prior agreements, whether written or oral, are merged herein and
shall be of no force or effect.
9. Severability. The invalidity, illegality or unenforceability of any
provision or provisions of this Agreement will not affect any other provision of
this Agreement, which will remain in full force and effect, nor will the
invalidity, illegality or unenforceability of a portion of any provision of this
Agreement affect the balance of such provision. In the event that any one or
more of the provisions contained in this Agreement or any portion thereof shall
for any reason be held to be invalid, illegal or unenforceable in any respect,
this Agreement shall be reformed, construed and enforced as if such invalid,
illegal or unenforceable provision had never been contained herein.
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10. Construction and Enforcement. This Agreement shall be construed in
accordance with the laws of the State of Florida, without and application of the
principles of conflicts of laws. If it becomes necessary for any party to
institute legal action to enforce the terms and conditions of this Agreement,
and such legal action results in a final judgment in favor of such party
("Prevailing Party"), then the party or parties against whom said final judgment
is obtained shall reimburse the Prevailing Party for all direct, indirect or
incidental expenses incurred, including, but not limited to, all attorney's
fees, court costs and other expenses incurred throughout all negotiations,
trials or appeals undertaken in order to enforce the Prevailing Party's rights
hereunder. Any suit, action or proceeding with respect to this Agreement shall
be brought in the state or federal courts located in St. Lucie County in the
State of Florida. The parties hereto hereby accept the exclusive jurisdiction
and venue of those courts for the purpose of any such suit, action or
proceeding. The parties hereto hereby irrevocably waive, to the fullest extent
permitted by law, any objection that any of them may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any judgment entered by any court in respect thereof
brought in St. Lucie County, Florida, and hereby further irrevocably waive any
claim that any suit, action or proceeding brought in St. Lucie County, Florida,
has been brought in an inconvenient forum.
11. Binding Nature, No Third Party Beneficiary. The terms and
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties, and their respective successors and assigns, and is made solely and
specifically for their benefit. No other person shall have any rights, interest
or claims hereunder or be entitled to any benefits under or on account of this
Agreement as a third-party beneficiary or otherwise.
12. Counterparts. This Agreement may be executed in any number of
counterparts, including facsimile signatures which shall be deemed as original
signatures. All executed counterparts shall constitute one Agreement,
notwithstanding that all signatories are not signatories to the original or the
same counterpart.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
TECHLABS, INC.
By: /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx, President
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
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