COMPENSATION AGREEMENT
EXHIBIT
10.2
This
Compensation Agreement is dated as of February 8, 2007 among Shearson Financial
Network, Inc. a Nevada corporation (the “Company”), and Xxxxxxx Xxxxxxxxx
(“Consultant”).
WHEREAS,
the Company has requested the Consultant to provide the Company with legal
services in connection with their business, and the Consultant has agreed
to
provide the Company with such legal services; and
WHEREAS,
the Company wishes to compensate the Consultant with shares of its common
stock
for such services rendered;
NOW
THEREFORE, in consideration of the mutual covenants hereinafter stated, it
is
agreed as follows:
1. The
Company will issue 3,308,207 shares of the Company’s common stock, par value
$.001 per share, to the Consultant immediately following the filing of a
registration statement on Form S-8 with the Securities and Exchange Commission
registering such shares, as set forth in Section 2 below. The shares to be
issued shall represent consideration for legal services performed by the
Consultant on behalf of the Company.
2. The
above
compensation shall be registered using a Form S-8. The Company shall file
such
Form S-8 with the Securities and Exchange Commission within five business
days
of the execution of this agreement.
3. Upon
execution of this Compensation Agreement, any and all obligations of either
of
the parties arising from the compensation agreement by and between the Company
and Consultant, dated December 6, 2006, shall, in all respects, be deemed
to be
null and void and of no further force and effect.
IN
WITNESS WHEREOF, this Compensation Agreement has been executed by the Parties
as
of the date first above written.
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XXXXXXX
XXXXXXXXX
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/s/
Xxxxxxx Xxxxxxxxx
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Xxxxxxx
Xxxxxxxxx
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SHEARSON
FINANCIAL NETWORK, INC.
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By:
/s/
Xxxxxxx X. Xxxxxx
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Xxxxxxx
X. Xxxxxx
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Chief
Executive Officer
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