February 4, 1999
Xx. Xxxxx Xxxxxx, CEO
MAGNITUDE INFORMATION SYSTEMS, INC.
00 Xxxxxxx Xxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Re: Legal Services Agreement
Dear Xx. Xxxxxx:
This letter will memorialize our agreement regarding the payment of
heretofore outstanding balances due the undersigned for legal services provided
during calendar year 1998 by the undersigned to Magnitude Information Systems,
Inc., previously known as Proformix Systems, Inc. (the "Company").
In consideration of the aforesaid services heretofore provided during
calendar year 1998 and in lieu of payment in cash for such services rendered
during 1998, the undersigned shall receive from the Company, immediately upon
the execution of this Agreement, 100,000 shares of the Company's shares of
common stock to be registered by the Company immediately pursuant to Form S-8
Registration Statement in satisfaction of all financial obligations owed by the
Company to the undersigned arising from any heretofore outstanding invoices for
legal services rendered during 1998.
If the forgoing properly reflects our understanding, please so indicate
and date this agreement in the space provided below and return one fully execute
copy for our files. After the counter-execution of this Agreement, kindly issue
and forward the necessary Company stock certificates as recited above.
An additional copy of this agreement is enclosed for your convenience.
Very truly yours,
BY: /s/ Xxxxxx X. Xxxxxxxxxxx
--------------------------
Xxxxxx X. Xxxxxxxxxxx
AGREED AND ACCEPTED BY:
MAGNITUDE INFORMATION SYSTEMS, INC.
BY: /s/ Xxxxx Xxxxxx, CEO
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Xxxxx Xxxxxx, CEO
Dated: 2/5/99
