Xxxxxx Xxxxx Xxxxxx
00X Xxxxxxx Xxxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Consulting and Service Agreement
The Undersigned, Xxxxxx X. Xxxxxx, as Chairman and Chief
Executive Officer of Betting, Inc., hereinafter known as CLIENT,
hereby appoints and authorizes Xxxxxx Xxxxx Xxxxxx as their BROKER
and/or FINDER and/or CONSULTANT for the purpose of locating,
analyzing and obtaining for CLIENT any potential corporate
acquisitions with terms and conditions that are acceptable to
CLIENT.
Scope of Services.
FINDER/CONSULTANT agrees to perform for the CLIENT all
services and consulting related to analyzing, negotiating and
advising CLIENT on any potential corporate acquisition, mergers or
affiliations related to the off shore and Internet related gaming
industry.
Consulting services include but are not limited to the
negotiation and closing of the Radiate Software acquisition, the
SoftBet analysis and negotiation, the Softec, Inc. analysis and
negotiation, and analyzing and negotiation of any potential merger
candidates, and any and all companies that the CONSLUTANT and CLIENT
mutually agree are suitable acquisition or partner candidates.
In addition, FINDER/CONSULTANT agrees to perform for the
CLIENT all services and consulting with respect to the conception
and implementation of a plan of action to obtain financing for the
capitalization of CLIENT. These additional services include, but
are not limited to, the analyzing, negotiation , and closing of
funding/capitalization proposals from Xxxx Xxxx XxXxxxx, Next
Millenium Capital, Xxxxxx Xxxxxxx and Associates, and Lexxus
Capital.
Period of Performance.
The period of Performance under this Agreement shall begin
immediately upon signing and delivery of initial Compensation and
continue for a primary twelve-month term. This Agreement can be
renewed under these same terms by written agreement by both parties.
This Agreement can be terminated by either party for cause.
Contractual Relationship.
In performing the services, under this Agreement, Xxxxxx Xxxxx
Xxxxxx, shall operate as, and have the status of Independent
Contractor. XXXXXX shall not have the authority to enter into any
contract binding the CLIENT, or create any obligations on the part
of the CLIENT. The CLIENT will be responsible for determining the
terms and conditions of any corporate acquisition.
Compensation.
As full consideration for the performance of the basic
services described above, the CLIENT shall pay
FINDER/CONSULTANT/XXXXXX compensation as follows:
CLIENT hereby agrees to pay CONSULTANT a fee of 300,000 shares of
Betting, Inc. common stock in the form of free trading S-8
consultant stock. CLIENT Understands and hereby agrees that there
is no guarantee that any potential acquisition can be successfully
negotiated, completed or closed. Compensation is payable to
FINDER/CONSULTANT who is an independent contractor representing the
CLIENT on a Best Efforts basis.
BETTING, INC.
By: /s/ Xxxxxx X. Xxxxxx Date: May 20, 1999
Xxxxxx X. Xxxxxx, Chairman
and Chief Executive Officer
/s/ Xxxxxx Xxxxx Xxxxxx Date: May 20, 1999
Xxxxxx Xxxxx Xxxxxx
