Contract
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10.13
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Agreement
dated October 2, 2006 with Xxxxx
Xxxxx
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000
Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
Xxxxxxxxxx, XXX, 00000
Tel:
(000) 000-0000 - Fax: (000) 000-0000
October
2, 2006
Xx.
Xxxxx
Xxxxx
000
Xxxxxxx Xxxxx XX
Xxxxxxx,
Xxxxxxx
X0X
0X0
Dear
Xxxxx:
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Re:
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Appointment
as Director
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Dear
Xxxxx:
Further
to our recent meeting in Calgary and telephone discussions I am writing to
confirm your appointment as a Director of Mogul Energy International, Inc.
(the
“Company”)
effective as of today’s date.
We
look
forward to your involvement with the Company and also confirm that your
remuneration for the services to be provided by you during the time that
your
serve as a Director will be $8,000 USD per month; the monthly payment will
be
paid by delivery to you, within 10 business days after the end of the calendar
month, the number of shares of common stock of the Company equal to the quotient
obtained by dividing $6,000 by the prevailing price of the Company stock.
For
purposes of this provision the term “prevailing
price”
shall
mean the average closing price of the Company’s stock as quoted on the NASD
OTCBB (or such other exchange on which the Company’s stock may then be quoted or
listed for trading for the five trading days prior to the last business day
of
the calendar month. If the Company’s stock in not quoted or listed on the NASD
OTCBB or the other exchange, then the prevailing price will be the price
at
which the Company last offered and sold shares of its common stock. The shares
to be delivered to you hereunder have not been registered under the Securities
Act of 1933 and are deemed “restricted” shares as that term is defined in the
1933 act). The remaining $2,000 per month will be paid in cash either by
wire
transfer or cheque.
In
addition (i) all expenses incurred for travel on the Company’s behalf including
flights and meals will be paid for by the Company and (ii) at such time as
the
Company’s shareholders approve the Companys 2006 Incentive Stock Plan, you will
granted options to purchase up to 250,000 shares of the Company’s commons stock
upon the same terms and conditions as the rest of senior management and the
Company’s stock option plan.
-
2
-
Please
confirm your acceptance to the above appointment by signing below and fax
back a
signed copy to me at the above fax number.
Sincerely,
/s/
Naeem
Xxxx
Xxxxx
Tyab
President
I,
Xxxxx
Xxxxx, hereby accept the appointment as Director of Mogul Energy International,
Inc.
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/s/
Xxxxx Xxxxx
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|
|
Xxxxx
Xxxxx
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