CONSULTING SERVICES AGREEMENT
This Consulting Services Agreement ("Agreement"), dated November 14,
2003 (the "Effective Date"), is made by and between AuGrid Corporation, a Nevada
corporation ("Client"), having its principal place of business at 0000 Xxxx 00xx
Xxxxxx, 0xx Xxxxx, Xxxxxxxxx, Xxxx 00000 and Optima Ventures, Inc., /X. Xxxxxxx
("Consultant"), having its principal place of business at
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WHEREAS, Consultant has extensive knowledge and experience in the areas
of overseas operations and financial, advisory and business development
services;
WHEREAS, Consultant desires to be engaged by Client to provide
information, evaluation and consulting services to the Client in Consultant's
knowledge and expertise on the terms and subject to the conditions set forth
herein;
WHEREAS, Client is a publicly held corporation with its common stock
shares trading on the OTC Bulletin Board under the ticker symbol "AGRD," and
desires to further develop its business; and
WHEREAS, Client desires to engage Consultant to provide information,
evaluation and consulting services to the Client in Consultant's area of
knowledge and expertise on the terms and subject to the conditions set forth
herein.
NOW, THEREFORE, in consideration for those services Consultant provides
to Client, the parties agree as follows:
1. Services of Consultant.
Consultant agrees to assist Client with Client's oversees office and
operations and to perform for Client financial, advisory and business
development services as may be required. As such Consultant will provide bona
fide Services to Client. The Services to be provided by Consultant will not be
in connection with the offer or sale of securities in a capital-raising
transaction, and will not directly or indirectly promote or maintain a market
for Client's securities.
2. Consideration.
Client agrees to pay Xxxxx Xxxxxxx Albadarneh, Consultant's Chairman
and Chief Executive Officer, as Consultant's fee and as consideration for
Services provided, Fifty Million (50,000,000) shares of S-8 free trading common
stock in Client ("Shares" or "Fee"). Within thirty (30) days after the Effective
Date, Client will cause to be filed with respect to the Shares a Form S-8
Registration Statement with the SEC including any amendments thereto necessary
to cause such Form S-8 to become effective. Shares are due and payable
immediately upon the effectiveness of the Form S-8 Registration Statement with
the SEC and with any appropriate state's securities administrator (the "Due
Date").
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3. Confidentiality.
Each party agrees that during the course of this Agreement, information
that is confidential or of a proprietary nature may be disclosed to the other
party, including, but not limited to, product and business plans, software,
technical processes and formulas, source codes, product designs, sales, costs
and other unpublished financial information, advertising revenues, usage rates,
advertising relationships, projections and marketing data ("Confidential
Information"). Confidential Information shall not include information that the
receiving party can demonstrate (a) is, as of the time of its disclosure, or
thereafter becomes part of the public domain through a source other than the
receiving party, (b) was known to the receiving party as of the time of its
disclosure, (c) is independently developed by the receiving party, or (d) is
subsequently learned from a third party not under a confidentiality obligation
to the providing party.
4. Late Payment.
Client shall pay to Consultant all Shares within fifteen (15) days of
the Due Date. Failure of Client to finally pay any Shares within fifteen (15)
days after the applicable Due Date shall be deemed a material breach of this
Agreement, justifying suspension of the performance of the Services provided by
Consultant and will be sufficient cause for immediate termination of this
Agreement by Consultant. Any such suspension will in no way relieve Client from
payment of Shares, and, in the event of collection enforcement, Client shall be
liable for any costs associated with such collection, including, but not limited
to, legal costs, attorneys' fees, courts costs, and collection agency fees.
5. Indemnification.
(a) Client.
Client agrees to indemnify, defend, and shall hold harmless Consultant
and/or its agents, and to defend any action brought against said parties with
respect to any claim, demand, cause of action, debt or liability, including
reasonable attorneys' fees to the extent that such action is based upon a claim
that: (i) is true, (ii) would constitute a breach of any of Client's
representations, warranties, or agreements hereunder, or (iii) arises out of the
negligence or willful misconduct of Client, or any Client Content to be provided
by Client and does not violate any rights of third parties, including, without
limitation, rights of publicity, privacy, patients, copyrights, trademarks,
trade secrets, and/or licenses.
(b) Consultant.
Consultant agrees to indemnify, defend, and shall hold harmless Client,
its directors, employees and agents, and defend any action brought against same
with respect to any claim, demand, cause of action, debt or liability, including
reasonable attorneys' fees, to the extent that such an action arises out of the
gross negligence or willful misconduct of Consultant.
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(c) Notice.
In claiming any indemnification hereunder, the indemnified party shall
promptly provide the indemnifying party with written notice of any claim, which
the indemnified party believes falls within the scope of the foregoing
paragraphs. The indemnified party may, at its expense, assist in the defense if
it so chooses, provided that the indemnifying party shall control such defense,
and all negotiations relative to the settlement of any such claim. Any
settlement intended to bind the indemnified party shall not be final without the
indemnified party's written consent, which shall not be unreasonably withheld.
6. Limitation of Liability.
Consultant shall have no liability with respect to Consultant's
obligations under this Agreement or otherwise for consequential, exemplary,
special, incidental, or punitive damages even if Consultant has been advised of
the possibility of such damages. In any event, the liability of Consultant to
Client for any reason and upon any cause of action, regardless of the form in
which the legal or equitable action may be brought, including, without
limitation, any action in tort or contract, shall not exceed ten percent (10%)
of the fair market value of the Shares determined at the time such Shares were
paid.
7. Termination and Renewal.
(a) Term.
This Agreement shall become effective on the date written above and
shall terminate twelve (12) months thereafter (the "Term"). Unless otherwise
agreed upon in writing by Consultant and Client, this Agreement shall not
automatically be renewed beyond its Term.
(b) Termination.
Either party may terminate this Agreement on thirty (30) calendar days
written notice, or if prior to such action, the other party materially breaches
any of its representations, warranties or obligations under this Agreement.
Except as may be otherwise provided in this Agreement, such breach by either
party will result in the other party being responsible to reimburse the
non-defaulting party for all costs incurred directly as a result of the breach
of this Agreement, and shall be subject to such damages as may be allowed by law
including all attorneys' fees and costs of enforcing this Agreement.
(c) Termination and Payment.
Upon any termination or expiration of this Agreement, Client shall pay
all unpaid and outstanding fees through the effective date of termination or
expiration of this Agreement. And upon such termination, Consultant shall
provide and deliver to Client any and all outstanding Services due through the
termination or expiration date of this Agreement.
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8. Miscellaneous.
(a) Independent Contractor.
This Agreement establishes an "independent contractor" relationship
between Consultant and Client.
(b) Rights Cumulative; Waivers.
The rights of each of the parties under this Agreement are cumulative.
The rights of each of the parties hereunder shall not be capable of being waived
or varied other than by an express waiver or variation in writing. Any failure
to exercise or any delay in exercising any of such rights shall not operate as a
waiver or variation of that or any other such right. Any defective or partial
exercise of any of such rights shall not preclude any other or further exercise
of that or any other such right. No act or course of conduct or negotiation on
the part of any party shall in any way preclude such party from exercising any
such right or constitute a suspension or any variation of any such right.
(c) Benefit; Successors Bound.
This Agreement and the terms, covenants, conditions, provisions,
obligations, undertakings, rights, and benefits hereof, shall be binding upon,
and shall inure to the benefit of, the undersigned parties and their heirs,
executors, administrators, representatives, successors, and permitted assigns,
except that performance of the Services to be provided by Consultant under this
Agreement are of a personal nature and the obligation(s) to perform the Services
will not be assignable or delegable in whole or in part unless the person to
whom the obligation to perform the Services is assigned or delegated is
Consultant's officer, director, employee or independent contractor.
(d) Entire Agreement.
This Agreement contains the entire agreement between the parties with
respect to the subject matter hereof. There are no promises, agreements,
conditions, undertakings, understandings, warranties, covenants or
representations, oral or written, express or implied, between them with respect
to this Agreement or the matters described in this Agreement, except as set
forth in this Agreement. Any such negotiations, promises, or understandings
shall not be used to interpret or constitute this Agreement.
(e) Assignment.
Neither this Agreement nor any other benefit or obligation to accrue
hereunder shall be assigned, transferred or delegated by either party, either in
whole or in part, without the written consent of the other party, and any
purported assignment, transfer or delegation in violation hereof shall be void.
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(f) Amendment.
This Agreement may be amended only by an instrument in writing executed
by all the parties hereto.
(g) Severability.
Each part of this Agreement is intended to be severable. In the event
that any provision of this Agreement is found by any court or other authority of
competent jurisdiction to be illegal or unenforceable, such provision shall be
severed or modified to the extent necessary to render it enforceable and as so
severed or modified, this Agreement shall continue in full force and effect.
(h) Section Headings.
The Section headings in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.
(i) Construction.
Unless the context otherwise requires, when used herein the singular
shall be deemed to include the plural, the plural shall be deemed to include
each of the singular, and pronouns of one or no gender shall be deemed to
include the equivalent pronoun of the other or no gender.
(j) Further Assurances.
In addition to the instruments and documents to be made, executed and
delivered pursuant to this Agreement the parties hereto agree to make, execute
and deliver or cause to be made, executed and delivered, to the requesting party
such other instruments and to take such other actions as the requesting party
may reasonably require to carry out the terms of this Agreement and the
transactions contemplated hereby.
(k) Notices.
Any notice which is required or desired under this Agreement shall be
given in writing and may be sent by personal delivery or by mail (either a)
United States mail, postage prepaid; or b) Federal Express or similar generally
recognized overnight carrier), addressed as follows (subject to the right to
designate a different address by notice similarly given):
To Client: To Consultant:
X.X. Xxxxxxx, CEO Xxxxx Xxxxxxx Albadarneh, CEO
AuGrid Corporation Optima Venture, Inc.
0000 Xxxx 00xx Xxxxxx, 0xx Xxxxx [XXXXXXX]
Xxxxxxxxx. Xxxx 00000
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(l) Governing Law.
This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Texas without reference to its conflicts of laws, rules
or principles. Each of the parties consent to the exclusive jurisdiction of the
federal courts of the State of Texas in connection with any dispute arising
under this Agreement and hereby waives, to the maximum extent permitted by law,
any objection, including any objection based on forum non coveniens, to the
bringing of any such proceeding in such jurisdictions.
(m) Consents.
The person signing this Agreement on behalf of each party hereby
represents and warrants that they have the necessary power, consent and
authority to execute and deliver this Agreement on behalf of such party.
(n) Survival of Provisions.
The provisions contained in paragraphs 3, 5, 6, and 8 of this Agreement
shall survive the termination of this Agreement
(o) Execution in Counterparts.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one
and the same agreement.
(p) Faxed Copies.
For purposes of this Agreement, a faxed signature will constitute and
original signature.
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and have agreed to and accepted the terms herein on the date written
above.
Client
AuGrid Corporation
By: /s/ X.X. XXXXXXX
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X.X. Xxxxxxx
Chief Executive Officer
Consultant
Optima Ventures, Inc.
By: /s/ XXXXX XXXXXXX ALBADARNEH
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Xxxxx Xxxxxxx Albadarneh
Chief Executive Officer
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