EXHIBIT 10.22
Agreement for Finders Fee with Ingen Technologies, Inc. & Xx Xxxxxx
INGEN TECHNOLOGIES, INC.
AGREEMENT FOR A FINDER'S FEE
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AGREEMENT, made and entered into October 1, 2004, by and between Xxxxxx
X. Xxxxxx, Individually of Grace Holdings, Inc. a Maryland Corporation with
offices located at 000 Xxxxx Xxxxxx, Xxxxxxx XX 00000 ("Grace and Xxxxxx"), and
Ingen Technologies, Inc., a Georgia Corporation with offices located at 000 X.
Xxxxxx Xxxx Xxxx, Xxxxxxxx, XX 00000 ("CRTZ").
W I T N E S S E T H:
It is agreed that, Xxxxxx and Grace are appointed effective October 1,
2004, as non-exclusive finder for a period of 6 months by CRTZ. Should Xxxxxx
and Xxxxx introduce or assist with a Company, individual investor or any
prospect for business investment or combination, and CRTZ or its nominee, or any
affiliated company or person acting on behalf of CRTZ, directly or indirectly,
wish to negotiate with said prospect and ultimately, a legal binding transaction
is effected with the prospect, either by debt or equity investment, acquisition,
consolidation, merger, purchase of assets or through any form or union with said
prospect within twelve (12) months from date of submission by Xxxxxx and Grace,
to CRTZ or its nominee, or any affiliated company or person acting on CRTZ's
behalf, by virtue of this Agreement recognizes Xxxxxx and Xxxxx as the "Finder
of Record," acknowledge hereby that Xxxxxx and Grace is deemed a
"Party-in-Interest" to the proposed transaction(s) and is further deemed to be a
principal party to any closing or series of closings required to fully effect
the transaction(s) contemplated hereby and will protect Xxxxxx and Grace's
position with respect to Xxxxxx and Grace's Finder's Fee, as listed in Fee
Schedule below. This fee is to be paid to Xxxxxx and Xxxxx at the time of said
closing(s), or as mutually agree by Certified or Bank Check only, calculated on
the total value of the transaction(s) on the basis of the Fee Schedule as herein
below described.
FEE SCHEDULE
5% ON THE VALUE OF EACH TRANSACTION OF $1,000,000;PLUS
4% ON THE SECOND $1,000,000;PLUS
3% ON THE THIRD $1,000,000;PLUS
2% ON THE FOURTH $1,000,000;PLUS
1% ON THE VALUE OF EACH TRANSACTION IN THE EXCESS OF $5,000,000.
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As such, a 5% fee would be paid on the first million dollars obtained a
4% fee would be paid on the second million dollars, a 3% fee would be paid on
the third million dollars, a 2% fee would be paid on the fourth million dollars
and a 1% fee would be paid on all additional monies raised.
Consideration is defined as all cash, payments in stock, options, fees,
notes, leases or other evidences of indebtedness. It is intended to include the
total value of any investment, debt or equity, earn out, or consulting
agreements, covenants, assets, standby facilities or instruments of credit of
any kind to be given or committed to be given in connection with the prospective
transaction(s) contemplated herein, and/or assumption of debt. Xxxxxx and
Grace's fee shall be based upon all of the foregoing.
Xxxxxx and Xxxxx, at either's option, may elect to obtain all or part
as mutually agreed of its fee in shares of stock of the Company in lieu of cash.
The stock shall be valued at eighty percent (80%) of its most recent bid price
for the purpose of conversion to its cash value in this transaction. This
Agreement shall be binding upon the parties hereto, their heirs, estates,
successors and assigns.
This Agreement may be executed in counterparts, each of who shall be deemed to
be an original, but all such counterparts shall together constitute one and the
same instrument.
IN WITNESS WHEREOF, CRTZ, Xxxxxx and CRTZ have dully executed this Agreement as
of the day and year first above written.
INGEN TECHNOLOGIES, INC.
/S/ XXXXX SAND
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XXXXX SAND, CEO & CHAIRMAN
/S/ XXXXXX X. XXXXXX
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BY: XXXXXX X. XXXXXX, PERSONALLY
GRACE HOLDINGS, INC.
/S/ XXXXXX X. XXXXXX
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BY: XXXXXX X. XXXXXX, PRESIDENT
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