February 4, 1999
Xx. Xxxxx Xxxxxx, CEO
MAGNITUDE INFORMATION SYSTEMS, NC.
00 Xxxxxxx Xxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Re: Legal Services Agreement
Dear Xx. Xxxxxx:
This letter will memorialize our agreement regarding the payment of
certain outstanding balances due the undersigned and/or his affiliates for legal
services heretofore provided by the undersigned or his affiliates to Magnitude
Information Systems, Inc., previously known as Proformix Systems, Inc. (the
"Company").
In consideration of such services heretofore provided and in lieu of
payment in cash for such services rendered, the undersigned shall receive from
the Company, immediately upon the execution of this Agreement, 40,000 shares of
the Company's common stock to be registered by the Company immediately pursuant
to Form S-8 Registration Statement in satisfaction of related financial
obligations owed by the Company to the undersigned and/or his affiliates arising
from any heretofore legal services rendered.
If the forgoing properly reflects our understanding, please so indicate
and date this agreement in the space provided below and return one fully
execute copy for our files. After the counter-execution of this Agreement,
kindly issue and forward the necessary Company stock certificates as recited
above.
An additional copy of this agreement is enclosed for your convenience.
Very truly yours.
BY: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx
AGREED AND ACCEPTED BY:
MAGNITUDE INFORMATION SYSTEMS, INC.
BY: /s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, CEO
Dated:
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