EXHIBIT 10.63
MEMORANDUM OF AGREEMENT
This memorandum confirms an agreement between VERTICAL COMPUTER SYSTEMS ("VCSY")
and STRATEGIC MEDIA ALLIANCE, INC. "SMA"), with respect to WORLDBRIDGE
WEBCASTING LLC. and VCSY's obligations to SMA.
1. VCSY's Obligations. The amended terms set forth below shall be predicated on
VCSY's obligation to continue to make its bi-monthly payments of $5,000.00 to
Strategic Media Alliance through June 2002.
2. Amended Terms. The parties hereby agree to amend the terms of the WorldBridge
Webcasting LLC Operating Agreement, dated, June 19, 2001, as follows:
a. With respect to the World Bridge Webcasting LLC, Vertical's "Percentage
Interest" shall be 49% and SMA's "Percentage Intersest" shall be 51%.
b. VCSY shall have no obligation or responsibility to provide office space
and bookkeeping services to WorldBridge Webcasting.
c. The $100,000 still outstanding as a capital contribution to the World
Bridge Webcasting LLC shall be paid on or before January 15, 2002. In the event
that VCSY does not make such payment by January 15, 2002, VCSY's "Percentage
Interest" shall be reduced to 25%.
The parties hereby agree to the terms contained herein on the date first set
forth above.
ACCEPTED AND AGREED:
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Xxxxxxx Xxxx
Vertical Computer Systems, Inc.
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Xxxxx Xxxxxx
Strategic Media Alliance, Inc.
