EXHIBIT 10.16
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AGREEMENT
This is an Agreement made May 25, 1999, by and among Commerce Group
Corp. ("Commerce"), a Wisconsin corporation with its principal place of
business at 0000 Xxxxx 00xx Xxxxxx, Xxxxxxxxx, Xxxxxxxxx, 00000, and The
Interactive Business Channel ("IBC"), a Delaware corporation, with its
principal place of business located at 00000 XxxXxxxxx Xxxxxxxxx, #000,
Xxxxxx, Xxxxxxxxxx, 00000, and Ecomm Group Inc. ("Ecomm"), a Wisconsin
corporation with its principal place of business at 0000 Xxxxx 00xx
Xxxxxx, Xxxxxxxxx, Xxxxxxxxx, 00000.
WHEREAS, on the 27th day of January, 1999, Commerce and IBC entered
into an Agreement, to, among other things, develop Ecomm's Web Portal
site;
WHEREAS, the parties wish to modify certain provisions of that
agreement;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. Web Site Development. The IBC will continue to design, develop,
market and manage Ecomm's Web Portal site. The parties incorporate by
reference the "XxXxxxxxxx.xx" Ecomm Group Inc. Business Plan and
projections prepared by Xxxxxxx Xxxxxx, and acknowledge that will be the
basic plan for the web portal going forward from this date, which plan
can be from time to time modified by the mutual agreement of the parties.
As President of Ecomm, Xxxxxxx Xxxxxx will manage the development of
Ecomm's Web Portal site.
2. Compensation. As compensation for the services of IBC and
Xxxxxxx Xxxxxx, Commerce agrees to transfer to IBC 500,000 Rule 144
Restricted shares of Commerce's ten cent ($0.10) par value common stock
after certain dates in accordance with the following timetable:
1 month after this agreement is signed 100,000 shares
2 months after this agreement is signed 100,000 shares
3 months after this agreement is signed 100,000 shares
4 months after this agreement is signed 100,000 shares
5 months after this agreement is signed 100,000 shares
3. January 27, 1999 Agreement. In all other respects, the January
27, 1999 Agreement will remain in effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed in triplicate on the day and year first above written.
COMMERCE GROUP CORP. INTERACTIVE BUSINESS CHANNEL, INC.
/s/ Xxxxxx X. Xxxxxxxx /s/ Xxxxxxx Xxxxxx
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By: Xxxxxx X. Xxxxxxxx By: Xxxxxxx Xxxxxx, President
President
ECOMM GROUP INC.
/s/ Xxxxxxx Xxxxxx
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By: Xxxxxxx Xxxxxx, President
