DYNAMIC I-T, INC. TEL: 000-000-0000
FAX: 000-000-0000
0000 XXXXXXXX XXXXXX
XXXXX XXXXXX, XX 00000
11 April, 2000
Xx. Xxxxxxxxx Venkatesh
Assistant Professor and Tyser Fellow
The Xxxxxx X. Xxxxx School of Business
4313 Van Munching Hall
University of Xxxxxxxx
Xxxxxxx Xxxx, XX 00000
Dear Xx. Xxxxxxxxx:
This letter, when signed by you, shall constitute a valid and binding agreement
pursuant to which you shall render services as a consultant to the distance
learning division of this company.
The services to be rendered by you hereunder shall commence on or about May 1,
2000 and shall consist of:
1. Consultation with management at locations designated by the company. In this
regard we agree that you shall not be required to travel to distant locations
at times that conflict with your academic duties at Hong Kong University or
with your prescheduled professional engagements.
2. The development of courses and the required audio and visual materials
dealing with e-commerce and such other subjects upon which we mutually agree
designed specifically for delivery via the World Wide Web and/or other
technologies appropriate to the material being presented.
3. Introduction to us of other persons with expertise that can form the basis
for additional courses to be offered by the company.
4. Introduction to the company of entities with which you have a consulting
relationship with the intent that they may become subscribers to the
company's seminars and courses
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5. As full consideration for the services to be rendered to us hereunder we
agree:
A. To grant to you options for 50,000 shares in this company, at $0.50 per
share, receipt of which you hereby acknowledge.
B. To pay to you a fee of $15,000 for each seminar in which you are the
principal lecturer or for which you supply substantially all of the
content. Each such payment shall apply as an advance against ten percent
(10%) of total worldwide gross income realized by the company from
exploitation of each such seminar, in all media, in perpetuity and without
deduction.
6. We agree that you shall be free to continue presenting seminars and courses
at which you and the participants are at the same location; however, you shall
be exclusive to us with respect to all distance learning formats developed in
whole or in part by you specifically for us.
7. In the event your services hereunder require that you travel more than 50
miles from your principal residence we agree to provide you with airfare and to
provide and pay for a first class hotel and a mid sized rental automobile for
your exclusive use during the entire time you are at a location required by us.
This letter setting forth all of the terms and conditions of our understanding
shall become a valid and binding agreement, enforceable under the laws of the
State of Colorado, when signed by you in the space provided below.
Sincerely yours,
Dynamic I-T, Inc.
By:
--------------------------
Vice-President
Agreed:
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J. Xxxxxxxxxxx Xxxxxxxx, Ph.D
