GLOBALTEX INDUSTRIES INC.
Suite 501 - 000 Xxxxxxx Xxxxxx
Xxxxxxxxx, XX X0X 0X0
Xxxxxx
January 31, 2003
Xxxxxx X. X'Xxxxx
And
LOGG Investment Research Inc.
0000 0xx Xxxxxx
Xxxxxx, XX
XXX 00000
Dear Sirs,
Re: Corporate Finance Services Agreement Amendment
Whereas LOGG and the Corporation entered into a Corporate Finance Services
Agreement ("Agreement") dated March 25, 2002 which the parties have agreed to
amend by this letter agreement as follows:
FOR VALUABLE CONSIDERATION IT IS HEREBY AGREED AS FOLLOWS:
1. All defined terms shall be as in the Agreement.
2. The term Services in the Agreement shall be amended to include identifying a
potential employee or employees ("Potential Employee") for the Corporation who
has the appropriate technical expertise and experience to develop and operate
the Willow Creek coal property, such that LOGG has been party to negotiations
and discussions with the Potential Employee so that the Corporation is
ssatisfied that LOGG has been instrumental in securing the Potential Employee's
employment.
3. The compensation for performing the Services as described in Article 2 of
this Amended Agreement shall be equal to twenty-five per cent (25%) of the
first year base salary of a Potential Employee engaged by the Corporation. The
compensation shall be payable in its entirety upon the signing of an employment
contract with a Potential Employee for a minimum term of one year and may be
payable in cash or in shares, subject to regulatory approval. In the event that
there is a period of time for any reason prior to the commitment by the
Corporation and the Potential Employee to an employment contract, then the fee
will only be payable upon the commitment to an employment contract for a
minimum term of one year.
4. The terms of the Amended Agreement and specific compensation are subject to
receiving the appropriate regulatory approvals.
5. In all other respects, the terms of the Agreement remain unaltered and in
full force and effect.
Sincerely,
Globaltex Industries Inc.
Per: ________"Xxxx Xxxxxx"______
President
Accepted and agreed as of the ___31_ day of _______January_, 2003.
LOGG Investment Research Inc.
Per: _______"Xxxxxx X X'Xxxxx"________
Accepted and agreed as of the ___31_ day of ______ January__, 2003.
________"Xxxxxx X X'Xxxxx"____
Xxxxxx X. X'Xxxxx
(to be executed under seal)
