AGREEMENT
Agreement effective 17 th day of August, 1999, is among and between
xXxxxXxXxxxxx.xxx, Inc., having a place of business at 000 Xxxx Xxxxxx, Xxxx
Xxxxxxxxxx XX 00000 (Herein :iShop" or "Company") and Xxx Xxxxxx of DTL
Resources, having a place of residence at 00 Xxxxxxxx Xxxxx #00-00 Xxxxxxxxx
0000000 (Herein "DTL")
WHEREAS. iShop is in the process of developing an Internet Mall and
requires assistance in developing it's concepts and Internet related projects,
and
WHEREAS, DTL is desirous of working with iShop to develop iShop's
concepts and provides assistance to iShop and be responsible for certain aspects
of iShop's duties and responsibilities as determined by the Board of Directors
of iShop (BOD), and _"DTL" accepts such responsibilities as determined by the
BOD of iShop.
NOW THEREFORE, in consideration of mutual promises, covenants,
undertakings, terms and conditions, and other good and valuable consideration,
as contained herein, iShop and "DTL", (Herein "The Parties") agree as follows:
1. "DTL" shall be responsible for duties and obligations assigned
to "DTL" by he BOD, and
2. "DTL" shall serve as President of International (Herein "IBD")
of iShop, and advise the Board of Directors of iShop of the best
approaches in executing the Company's plans, concepts and
projects, and
3. "DTL" shall coordinate his activities with other entities
referred to "DTL" by the Company in developing the concepts of
the Company, and executing the Company's plans, and
4. iShop shall issue options to "DTL" to purchase 25,000 shares per
Country developed and established with "iShop" representation.
These shares are "iShop's" non-voting common stock excersisable
at $0.50 per share.
5. Once the company has been listed as an IPO in the USA a
Directors fee will be negotiated between "DTL" and "iShop" or
"Company".
6. The Stocks issued to "DTL" are subject to whatever uniform
restrictions as required by law. These are the same restrictions
that the Officers of the Company are subject to.
7. "DTL" shall keep all information about the Company and it's
contacts, methods of operation and business concepts
confidential, and shall not divulge this information to any
other parties, without express written permission of the
Company.
8. "DTL" shall not engage in any projects that are similar or in
competition with the company.
9 Term- The Term of this Agreement shall commence on the first day
above written and continue in force until one year after the
Company goes public..
10. This agreement may be replaced by incorporating similar
provisions into the shareholder" agreement of a more complete
agreement at a later date with consent of the Board of Directors
and "DTL"
11. The Company shall assist "DTL" with resources reasonably
available to the Company at the discretion of the Board of
Directors of the Company.
12. This Agreement is subject to New York Law.
13. "DTL" shall not make any representations to any third parties on
behalf of the Company without express approval and written
permission of the Company.
14. In case of non-fulfillment of duties all privileges granted
under this Agreement are terminated, and any Stock issued in
good faith and stock options are invalid immediately and shall
be returned to the Company. In the event that "DTL" terminates
this agreement without adequate reason the "DTL" is entitled to
the full amount options issued up to and including that time..
15. "DTL" agrees not to circumvent the Company in any way and not to
assist or work with any and all competing companies and entities
during or after the termination of this Agreement.
16. Offices will be opened initially in Australia, Singapore and
Hong Knog by "DTL" for "the Company".
IN WITNESS WHEREOF, the parties have executed this
Agreement as of the first day written above:
xXxxxXxXxxxxx.xxx, Inc.
By:X /S/ XXXXXX XXXXXXXX
-------------------------
Xxxxxx Xxxxxxxx - CEO
Name: XXX XXXXXX
---------------
X: /S/
----------------------------
