Exhibit 10.5
ENABLE IPC CORPORATION
CONSULTING SERVICES AGREEMENT
DATED MARCH 15, 2005
This Agreement is between Enable IPC Corporation, with offices located at 00000
Xxxxxx Xxxxxxxx, Xxxx 000, Xxxxxxxx, XX ("Company") and Xxxx X. Xxxxxxxxx
("Consultant"). Consultant agrees that as an independent consultant, Xxxx X.
Xxxxxxxxx will serve as Chief Technology Officer of the Company and shall
conduct services typical of such an office, with the objective of
commercializing a battery technology. This Agreement supersedes and replaces
all previous employment and/or consulting agreement(s) between the two parties.
Specific efforts will be based upon the needs and objectives of the business to
be mutually agreed upon with the Company and modified quarterly as appropriate.
Consultant will be generally available during normal business hours for
telephone consultation etc. As necessary or appropriate the scheduled time
available may be modified to accommodate business meetings, travel, etc. It is
expressly agreed between the parties that Consultant is not an employee of the
Company.
In consideration for these services the company agrees (subject to the
provisions below) to grant Consultant a total of one hundred fifty thousand
(150,000) shares of common stock.
In addition, compensation in the amount of $75.00 per hour shall be paid to
Consultant. Consultant shall submit monthly invoices to Company and such
compensation shall be paid within thirty (30) days after receipt of invoice.
This compensation may be paid in any combination of cash, common stock or
options to purchase common stock as agreed to by Employee and Company.
Notwithstanding the foregoing, a minimum monthly cash fee of $750.00 shall be
paid to Consultant for his services.
The agreement is for a term beginning March 15, 2005 and ending March 31, 2006,
and is subject to termination by either party upon 90 days written notice. This
agreement may be terminated at any time, by either party, with or without cause.
This agreement represents the entire agreement between Company and Xxxx X.
Xxxxxxxxx pertaining to such services and supersedes all prior Agreements and
understandings (oral or written). No modification or waiver of any provision of
the Agreement shall be binding unless in writing and signed by both parties. No
waiver of any provision of this Agreement shall constitute a waiver of any other
provision of the Agreement. Completion of this Agreement is subject to its
execution below.
Agreed: CONSULTANT: ENABLE IPC CORPORATION:
/s/Xxxx X. Xxxxxxxxx /s/ Xxxxx X. Xxxxxx
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Xxxx X. Xxxxxxxxx Xxxxx X. Xxxxxx
Consultant CEO
Enable IPC Corporation
