Exhibit 10.2- Contract for Investment Banker
CONTRACT FOR INVESTMENT BANKING SERVICES
THIS CONTRACT FOR INVESTMENT BANKING SERVICES AGREEMENT ("Agreement") is made
and entered into on this 10th day of January 2003, by and between 0Xxxxxxx.xxx,
Inc., a Delaware Corporation ("Client") and Y.E.N.N. Asset Management, a Cayman
Islands Corporation ("Contractor").
RECITALS
A. Client is in the business of developing private label licensed products
that have a universal appeal worldwide.
B. Client and Contractor desire to enter into a relationship whereby
Contractor will provide access to investors and funding for development of these
private label licensed products, with concentration on the North and South
American markets.
ARTICLE I TERM OF CONTRACT
1.1 Term of Contract. The term of this Agreement shall be thirty (30)
months from the date set forth above, unless terminated earlier.
ARTICLE II SERVICES TO BE PERFORMED BY CONTRACTOR
2.1. Specific Services. Contractor agrees to use his or her best efforts to
provide essential information and solicit contacts with individuals
and/or companies interested in providing financial services to the
Client.
2.2. Methods of Performing Services. Contractor shall determine the
method, details, and means of performing the services described in
Section 2.1 of this Agreement.
2.3 Status of Contractor. Contractor is not an employee of Client
for any purpose whatsoever, but is an independent contractor. Client is
interested only in the results obtained by Contractor, who shall have
the sole control of the manner and means of performing under this
Agreement. Client shall not have the right to require Contractor to do
anything, which would jeopardize the relationship of independent
contractor between Contractor and Client. All expenses and
disbursements, including, but not limited to, those for travel and
maintenance, entertainment, office, clerical, and general expenses, that
may be incurred by Contractor in connection with this Agreement shall be
borne wholly and completely by Contractor, and Client shall not be
responsible or liable therefore. Contractor does not have, nor shall it
hold itself out as having, any right, power or authority to create any
contract or obligation, either express or implied, on behalf of, in the
name of, or obligating Client, or to pledge Client's credit, or to
extend credit in Client's name unless Client shall consent thereto in
advance in writing. Client shall have the right to appoint or otherwise
designate suitable representatives (herein collectively referred to as
"Contractor's Representatives"). Contractor shall be solely responsible
for Contractor's representatives and their acts. Contractor's
Representatives shall be at Contractor's own risk, expense, and
supervision, and Contractor's Representatives shall not have any claim
against Client for salaries, commissions, items of cost, or other form
of compensation or reimbursement, and Contractor represents, warrants,
and covenants that Contractor's Representatives shall be subordinate to
Contractor and subject to each and all of the terms, provisions and
conditions applying to Contractor hereunder. Contractor agrees he or she
is not entitled to the rights or benefits afforded to Client's
employees, including disability or unemployment insurance, workers'
compensation, medical insurance, sick leave, or any other employment
benefit. Contractor is responsible for providing; at his or her own
expense, disability, unemployment, and other insurance, workers'
compensation, training, permits and licenses for himself or herself and
for his or her employees and subcontractors.
2.4 Payment of Income Taxes. Contractor is responsible for paying
when due all income taxes, including estimated taxes, incurred as a
result of the compensation paid by Client to Contractor for services
under this Agreement. On request, Contractor will provide Client with
proof of timely payment. Contractor agrees to indemnify Client for any
claims, costs, losses, fees, penalties, interest, or damages suffered by
Client resulting from Contractor's failure to comply with this
provision.
2.5 Use of Employees or Subcontractors. Contractor may, at
Contractor's own expense, use any employees or subcontractors as
Contractor deems necessary to perform the services required of
Contractor by this Agreement. Client may not control, direct or
supervise Contractor's employees or subcontractors in the performance of
those services.
ARTICLE III COMPENSATION
3.1 Compensation. Five hundred thousand (500,000) shares of the
Client's US $0.0001 par value common stock with Rule 144 restrictions.
3.2 Payment of Expenses. Contractor will be responsible for all expenses
incurred in performing services under this Agreement.
ARTICLE IV OBLIGATIONS OF CONTRACTOR
4.1 Minimum Amount of Service. Contractor agrees to devote a
minimum of one hundred (100) hours per month to performing the above-
described services.
4.2 Non-Exclusive Relationship. Contractor may represent, perform
services for, and contract with as many additional clients, persons, or
companies as Contractor, in his or her sole discretion, sees fit. 4.3
Time and Place of Performing Work. Contractor may perform the services
under this agreement at any suitable time and location he or she
chooses.
4.4 Web Site Information. Client will supply to Contractor, without
cost, from time to time, reasonable quantities of information and
literature on the Web Site and related activities, which Agent, in its
sole discretion, determines would be helpful to Contractor to perform
the services under this Agreement.
4.5 Workers' Compensation. Contractor agrees to provide workers'
compensation insurance for Contractor's employees and agents and agrees
to hold harmless and indemnify Client for any and all claims arising out
of any injury, disability or death of any Contractor's employees or
agents.
4.6 Contractor's Qualifications. Contractor represents that he or
she has the qualifications and skills necessary to perform the services
under this Agreement in a competent, professional manner, without the
advice or direction of Client. This means Contractor is able to fulfill
the requirements of this Agreement. Failure to perform all the services
required under this Agreement constitutes a material breach of the
Agreement. Contractor has complete and sole discretion for the manner
in which the work under this Agreement will be performed.
ARTICLE V OBLIGATIONS OF CLIENT
5.1 Cooperation of Client. Client agrees to comply with all reasonable
requests of Contractor and provide access to all documents reasonably necessary
to the performance of Contractor's duties under this Agreement.
5.2 Place of Work. Contractor agrees that Client is not responsible for
furnishing space on Client's premises for use by Contractor while performing the
services under this Agreement.
ARTICLE VI TERMINATION OF AGREEMENT
6.1 Expiration of Agreement. Unless otherwise terminated as provided in
this Agreement, this Agreement will continue in effect for a period of thirty
months (30) months and shall then terminate unless renewed in writing by both
parties.
6.2 Termination on Notice. Notwithstanding any other provision of this
Agreement, either party may terminate this Agreement at any time by giving
thirty (30) days written notice to the other party. Unless otherwise terminated
as provided in this Agreement, this Agreement will continue in force for a
period of thirty months (30) months.
6.3 Termination on Occurrence of Stated Events. This Agreement will
terminate automatically on the occurrence of any of the following
events: (a) Bankruptcy or insolvency of either party;
(b) Sale of the business of either party;
(c) Death of Contractor; and/or
(d) Assignment of this Agreement by either party without the consent of the
other party.
6.4 Termination for Default. If either party defaults in the
performance of this Agreement or materially breaches any of its
provisions, the non-breaching party may terminate this Agreement by
giving at least thirty (30) days written notification to the breaching
party. Termination will take effect immediately on receipt of notice by
the breaching party or five (5) days after mailing notice, whichever
this Agreement includes, but is not limited to, the following:
(a) Client's failure to pay Contractor any compensation due within forty-
five (45) days after written demand for payment.
(b) Contractor's failure to complete the services specified in Section 2.1
of this Agreement.
(c) Contractor's material breach of any warranty, representation or
agreement contained in this Agreement.
ARTICLE VII NON-DISCLOSURE OF PROPRIETARY INFORMATION; NON-COMPETITION AND NON-
CIRCUMVENTION
7.1 New Developments. Contractor agrees that all designs, plans,
reports, specifications, drawings, inventions, processes, and other
information or items produced by Contractor while performing services
under this Agreement will be assigned to Client as the sole and
exclusive property of Client and Client's assigns, nominees and
successors, as will any copyrights, patents or trademarks obtained by
Contractor while performing services under this Agreement. On request
and at Client's expense, Contractor agrees to help Client obtain patents
and copyrights for any new developments. This includes providing data,
plans, specifications, descriptions, documentation , and other
information, as well as assisting Client in completing any required
application or registration.
7.2 Non-Disclosure of Proprietary and Confidential Information By
Contractor. In consideration and recognition of the fact that during the term
of this Agreement, Contractor may have access to Proprietary Information (as
used in this Article VII "Proprietary Information" shall mean and include,
without limitation, any and all marketing and sales data, plans and strategies,
financial projections, Client lists, prospective Client lists, promotional
ideas, data concerning Client's services, designs, methods, inventions,
improvements, discoveries, designs whether or not patentable, "know-how",
training and sales techniques, and any other information of a similar nature
disclosed to Contractor or otherwise made known to Contractor as a consequence
of or through this Agreement during the term hereof. The term Proprietary
Information shall not include any information that (i) at the time of the
disclosure or thereafter is or becomes generally available to and known by the
public, other than as a result of a disclosure by Contractor or any agent or
representative of Contractor in violation of this Agreement, or (ii) was
available to Contractor on a non confidential basis from a source other than
Client, or any of Client's officers, directors, employees, agents or other
representatives) or other information and data of a secret and proprietary
nature which Client desires to keep confidential, and that Client has furnished,
or during the term will furnish such information to Contractor, Contractor
agrees and acknowledges (as used in this Article VII, Contractor shall mean and
include, Contractor and any subsidiaries, affiliates, related entities,
officers, agents, shareholders, partners, principals and/or employees) that
Client has exclusive proprietary rights to all Proprietary Information, and
Contractor hereby assigns to Client all rights that he or she might otherwise
possess in any Proprietary Information. Except as required in the performance
of Contractor's duties to Client, Contractor will not at any time during or
after the term hereof, directly or indirectly use, communicate, disclose,
disseminate, lecture upon, publish articles or otherwise put in the public
domain, any Proprietary Information relating to Client or Client's services,
products or business. Contractor agrees to deliver to Client any and all copies
of Proprietary Information in the possession or control of Contractor upon the
expiration or termination of this Agreement, or at any other time upon request
by Client. The provisions of this section shall survive the termination of this
Agreement.
7.3 Non-Competition and Non-Circumvention by Contractor. In
consideration and recognition of the fact that Contractor has access to
Proprietary Information under the terms and provisions of this Agreement
and that Client will be introducing Contractor to various product
manufacturers, retailers and distributors, Contractor represents,
warrants and covenants to Client as follows:
(a) Contractor shall at no time disclose to any person, without Client's
prior written consent, any of the terms, conditions or provisions specified in
this Agreement unless such disclosure is lawfully required by any federal
governmental agency or is otherwise required to be disclosed by law or is
necessary in any legal proceeding regarding the subject matter of this
Agreement.
(b) During the term of this Agreement, Contractor shall not circumvent
Client for the purpose of transacting any business with any person or entity
which business shall interfere with any relationship whatsoever between such
person or entity and Client, or use any Proprietary Information to compete with
the business of Client. Contractor shall not solicit any of Client's employees,
independent contractors or agents for employment. Contractor shall not hire or
engage in any way, any enterprise or person that competes with, or is engaged in
a business substantially similar to, the business of Client.
(c) Contractor shall not for a period of two (2) years immediately following
the termination of this Agreement with Client, either directly or indirectly
(i)make known to any person, firm or corporation the names or addresses of any
of Client's clients or any other information pertaining to them or Client's
products or services;
(ii) call on, solicit, or take away, or attempt to call on, solicit or take away
any of Client's clients either on Contractor's behalf or that of another person,
firm or corporation.
(d) Contractor shall not, during the term hereof or for a period of two (2)
years following such term, enter into an agreement or contract directly with any
manufacturer, retailer or distributor introduced to Contractor by Client for any
services provided by Client herein or for any similar services.
(e) Contractor acknowledges and agrees that the representations, warranties
and covenants made by Contractor and set forth in this section are material and
that Client would not enter into this Agreement without Contractor's making such
representations, warranties and covenants to Client.
(f) Contractor acknowledges and agrees that any breach by Contractor of the
representations, warranties and covenants contained herein will cause
irreparable harm and loss to Client, which harm and loss cannot be reasonably or
adequately compensated in damages in an action at law. Therefore, Contractor
expressly agrees that, in addition to any other rights or remedies which Client
may possess, Client shall be entitled to injunctive and other equitable relief
to prevent or remedy a breach of the representations, warranties and covenants
made by Contractor herein.
(g) The terms and provisions of this section shall survive the termination
of this Agreement for a period of two (2) years.
ARTICLE VIII GENERAL PROVISIONS
8.1 Notices. Unless otherwise provided in this Agreement, any notice
required or permitted by this Agreement to be given to either party
shall be deemed to have been duly given if in writing and delivered
personally or mailed by first-class, registered or certified mail,
postage prepaid and addressed as follows:
If to Contractor: Y.E.N.N. Asset Management
Xxxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxx Xxx Xxxx `
XXX X.X. Xxx 0000 Xxxxxx Xxxx,
Xxxxxx Xxxxxxx
If to Client: 0XXxxxxx.xxx, Inc. 0000 Xxxxxxx Xxxxxx,
Xxxxx 000 Xxxxxxxxx, Xxxxxxx Xxxxxxxx
Xxxxxx X0X 0X0
8.2 Assignment of Contract. Contractor shall not assign or
otherwise transfer its rights under this Agreement, without the prior
written consent of Client. Any attempt to make such an assignment
without Client's consent shall be void. Client's consent shall not be
reasonably withheld.
8.3 Amendments. Contractor and Client agree that this Agreement
shall be modified only by a written agreement duly executed by persons
authorized to execute agreements on their behalf. 8.4 Nonwaiver.
Contractor and Client agree that no failure to exercise, and no delay in
exercising any right, power, or privilege hereunder on the part of
either party shall operate as a waiver of any right, power or privilege.
Contractor and Client further agree that no single or partial exercise
of any right, power, or privilege hereunder shall preclude its further
exercise.
8.5 Payment of Monies Due Deceased Contractor. If Contractor dies before
completing the services under this Agreement, any monies due Contractor
from Client under this Agreement as of the date of death will be paid
to Contractor's executors, administrators, heirs, personal
representatives, successors and assigns.
8.6 Attorneys' Fees. If any legal or equitable action is necessary
to enforce the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys' fees in addition to any other relief
to which that party may be entitled. This provision shall be construed
as applicable to the entire Agreement.
8.7 Severability. If any part of this Agreement is adjudged by any
court of competent jurisdiction to be invalid, that judgment shall not
affect or nullify the remainder of this Agreement, and the effect shall
be confined to the part immediately involved in the controversy
adjudged.
8.8 Governing Law. This Agreement shall be deemed to have been made
in, and shall be construed pursuant to, the laws of the State of Nevada.
8.9 Entire Agreement. Client and Contractor acknowledge and agree
that this Agreement including the Exhibits attached hereto, is the
complete and exclusive statement of the mutual understanding of the
parties and that it supersedes and cancels all previous written and oral
agreements and communications relating to the subject matter of this
Agreement.
8.10 Indemnification. Contractor shall save Client and its agents, officers,
directors, shareholders, employees, attorneys, successors, predecessors, parent
and subsidiary corporations, affiliates, accountants, representatives,
contractors, and assigns and all persons acting by, through,under or in concert
with any of them, harmless from and against and shall indemnify Client and its
agents, officers, directors, shareholders, employees, attorneys, successors,
predecessors, parent and subsidiary corporations, affiliates, accountants,
representatives, contractors, and assigns and all persons acting by, through,
under or in concert with any of them, for any liability, loss, costs, expenses,
or damages howsoever caused by reason of any injury (whether to body, property,
or personal or business character or reputation) sustained by any person or to
property by reason of any act, neglect, default or omission of Contractor or any
of Contractor's agents, employees, or other representatives, and Contractor
shall pay all amounts to be paid or discharged in case of an action or any such
damages or injuries. If Client or its agents, officers, directors,
shareholders, employees, attorneys, successors, predecessors, parent and
subsidiary corporations, affiliates, accountants, representatives, contractors,
and assigns and all persons acting by, through, under or in concert with any of
them, is sued in any court for damages by reason of any of the acts of
Contractor, Contractor or such other party shall defend the resulting action (or
cause same to be defended) at Contractor's expense and shall pay and discharge
any judgment that may be rendered in any such action; if Contractor fails or
neglects to so defend in such action, Client may defend such action and any
expenses, including reasonable attorneys' fees, which Client may pay or incur in
defending such action and the amount of any judgment which Client may be
required to pay shall be promptly reimbursed by Contractor upon demand by
Client. IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
signed on the date first written above.
CONTRACTOR CLIENT
Y.E.N.N. Asset Management 0XXxxxxx.xxx, Inc.
a Cayman Island Corporation a Delaware Corporation
/s/: Xxxxx Xxxxxxx /s/: Xxxxxx Xxxxx
By: ----------------- By: ----------------------
Its: Authorized Signatory Its: President
/s/: Ferdinand Marehard
By: -------------------------
Its: Secretary
