Contract
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SYSTEMS INC.
This Agreement is made effective as of May 15, 2002 by and between:
View Systems, Inc., of Xxxxxxxxx, XX 00000, and
Xxxxx Xxx of 000 XX Xxxxxxx 0, Xxxxxxxxx, XX 00000
In this Agreement, the party who is contracting to be receiving services shall be referred to as “View”, and the party who will be providing the services shall be referred to as “Val”.
Whereas Val has a background in corporate development, managing the public market, investor relations and public relations with expertise in start-ups and mergers and acquisitions.
View desires to have services provided by Val.
Therefore, the parties agree as follows:
1. DESCRIPTION OF SERVICES. Val has been performing and shall perform the following services for View: corporate development and business consulting.
2. PERFORMANCE OF SERVICES. The manner in which the Services are to be performed and the specific hours to be worked by Val shall be determined by Val. View will rely on Val to work as many hours as may be reasonably necessary to fulfill Val’s obligations under this Agreement. Val will report to the Board of Directors during this engagement.
3. PAYMENT. View grants Val 480,000(1) shares of common stock and 250,000 shares for a sign up bonus and 500,000(2) for performing the above duties. View agrees to register the 500,000 shares for resale, at its expense. This registration obligation includes View’s obligation to (i) use its best efforts to register or qualify the shares acquired upon exercise of the warrants for offer or sale under state securities or blue sky laws of such jurisdictions as Val shall reasonably request and do any and all other acts and things which may be necessary or advisable to enable Val to consummate the proposed sale, transfer or other disposition of such securities in any jurisdiction; and (ii) furnish to Val any prospectus included in any such registration statement, and all amendments and supplements to such documents, in each case as soon as available and in such quantities as Val may from time to time reasonably request.
1 These shares are earned at a rate of 40,000 shares per month for
each month of service and may be issued at Val's request or quarterly.
2 These hsares are for miscellaneous expenses and work in process needs
and will be registered as soon as practicable.
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4. NEW PROJECT APPROVAL. Val and View recognize that Val's Services will include working on various projects for View. Val shall obtain the approval of View prior to the commencement of a new project.
5. TERM/TERMINATION. This Agreement may be terminated by either party upon 30 days notice to the other party.
6. RELATIONSHIP OF PARTIES. It is understood by the parties that Val is an independent contractor with respect to View, and not an employee of View. View will not provide fringe benefits, including health insurance benefits, paid vacation, or any other employee benefits, for the benefit of Val.
7. DISCLOSURE. Val is required to disclose any outside activities or interests, including ownership or participation in the development of prior inventions, that conflict or may conflict with the best interests of View. Prompt disclosure is required under this paragraph if the activity or interest is related, directly or indirectly, to:
| - | a product or product line of View |
| - | a manufacturing process of View |
| - | a customer or potential customer of View |
| - | a product or system design of View |
| - | a distributor, reseller or OEM of View |
8. INDEMNIFICATION. Val agrees to indemnify and hold View harmless from all claims, losses, expenses, fees including attorney fees, costs, and judgments that may be asserted against View that result from the acts or omissions of Val, Val's employees, if any, and Val's agents.
9. ASSIGNMENT. Val's obligations under this Agreement may not be assigned or transferred to any other person, firm, or corporation without the prior written consent of View.
10. NONSOLICITATION. During the term of this Agreement, and for 12 months thereafter, Val shall not solicit or hire View's employees to work for it, nor shall he solicit View's customers to sell products substantially similar to View's products. During the term of this Agreement, and for 12 months thereafter, Val shall not compete, directly or indirectly with View, in producing, selling and distributing products that are substantially similar to View's products.
11. CONFIDENTIALITY. View recognizes that Val has and will have the following information:
| - | inventions |
| - | products |
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| - | prices |
| - | costs |
| - | discounts |
| - | future plans |
| - | business affairs |
| - | trade secrets |
| - | technical information |
| - | customer lists |
| - | product design information |
| - | copyrights |
and other proprietary information (collectively, “Information”) which are valuable, special and unique assets of View and need to be protected from improper disclosure. In consideration for the disclosure of the Information, Val agrees that he will not at any time or in any manner, either directly or indirectly, use any Information for Val’s own benefit, or divulge, disclose, or communicate in any manner any Information to any third party without the prior written consent of View. Val will protect the Information and treat it as strictly confidential. A violation of this paragraph shall be a material violation of this Agreement.
12. UNAUTHORIZED DISCLOSURE OF INFORMATION. If it appears that Val has disclosed (or has threatened to disclose) Information in violation of this Agreement, View shall be entitled to an injunction to restrain Val from disclosing, in whole or in part, such Information, or from providing any services to any party to whom such Information has been disclosed or may be disclosed.
13. CONFIDENTIALITY AFTER TERMINATION. The confidentiality provisions of this Agreement shall remain in full force and effect after the termination of this Agreement.
14. RETURN OF RECORDS. Upon termination of this Agreement, Val shall deliver all records, notes, data, memoranda, models, and equipment of any nature that are in Val's possession or under Val's control and that are View's property or relate to View's business.
15. NOTICES. All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in person or deposited in the United States mail, postage prepaid, addressed as follows:
IF for View:
View Systems, Inc.
Xxxxxxx Than, President
Or its Board of Directors
IF for Val:
Xxxxx Xxx
000 XX Xxxxxxx 0
Xxxxxxxxx, Xxx Xxxxxx 00000
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Such address may be changed from time to time by either party by providing written notice to the other in the manner set forth above.
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16. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
17. AMENDMENT. This Agreement may be modified or amended if the amendment is made in writing and is signed by both parties.
18. SEVERABILITY. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
19. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
20. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of Maryland.
Party receiving services:
View Systems, Inc.
| By: | /s/ Xxxxxxx Than |
Xxxxxxx Than President |
Party providing services:
| /s/ Xxxxx Xxx | |
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