MANAGEMENT SERVICES AGREEMENT
THIS AGREEMENT made this _____ day of _________, 199___.
BETWEEN: REBOUND RUBBER CORPORATION
000 - 0000 Xxxxx Xxxx
Xxxxxxxx, Xxxxxxx Xxxxxxxx
X0X 0X0
(hereinafter referred to as "Rebound")
OF THE FIRST PART
AND: SHINA INVESTMENTS LTD.
X.X. Xxx 000,
Xxxxxxxxx Xxx, Xxxxxxx Xxxxxxxx
X0X 0X0
(hereinafter referred to as the "Contractor")
OF THE SECOND PART
WHEREAS Rebound Rubber Corporation has acquired certain technology
rights which it intends to develop and promote in the North
American market
and eventually the world market and the Board of Directors has
initiated a
plan of action to evaluate business strategies and develop
appropriate
profitable business activities or associations, and pursuant
thereto the
Company requires the services of management personnel,
AND WHEREAS the Company is in an uncertain financial position
and,
consequently, is not empowered to make long term financial
commitments,
THEREFORE, the parties hereto agree as follows:
1. Term:
This contract shall be on a month-to-month basis with a minimum
period of operation of nine (9) months.
2. Commencement:
Commencement is April 1, 1998 (to be extended for a further one
year if agreed by both parties)
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3. Compensation:
Compensation shall be at the rate of $6,000.00 per month for each
month the contract is activated (subject to review for the one year
extension)
4. Payment Terms:
Payment shall not be required to be paid monthly but shall accrue
as an obligation of Rebound to the Contractor. Payments will be
made in such amounts and at such times that management deems
appropriate relative to cash resources available or contemplated
for the Company.
5. Conditions of Employment:
Rebound recognizes that the compensation herein may not be
commensurate with normal industry standards pursuant to the
qualifications and experience of the Contractor's designated
personnel. Accordingly, Rebound agrees to consider additional
remuneration from time to time pursuant to intensified activity
periods and may compensate the Contractor or their designated
personnel by way of stock options, bonuses or other incentive
remuneration.
6. Position:
The Contractor shall supply on an equivalent to full time basis a
designated executive employee to fulfill the position of Chief
Financial Officer of the Company. Until such time and unless
as agreed otherwise, the designated person pursuant to this
ontract shall be Xxxxxxx Pinch. By mutual agreement, the
Contractor and Rebound may change this designation, subject
to approval of regulatory bodies as required.
7. Duties:
The Chief Financial Officer shall be responsible for:
- all financial and accounting records including
preparation for audit;
- all statutory filings and remittances including the
filing of Corporation Tax Returns and other information returns;
- financial projections, budgets and business plan
preparation together with the Chief Executive Officer
- financial evaluation of target businesses or potential
acquisitions or mergers;
- other financial, tax or corporate administrative
duties.
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IN WITNESS WHEREOF the parties hereto hereby agree to
the above terms and conditions and have executed this
Agreement on the day and year first written above.
REBOUND RUBBER CORP.
/s/ D. XXXXX XXXXXXX /s/ XXX XXXXXX
----------------------------- ---------------
Authorized Signatory Witness
SHINA INVESTMENTS LTD..
/s/ XXXXXXX PINCH
------------------------------------- seal
Authorized Signatory
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MANAGEMENT SERVICES AGREEMENT
ADDENDUM
WHEREAS Rebound Rubber Corporation (Rebound) has an
agreement dated April 1, 1998 with Shina Investments Ltd.
("the "Contractor") for the provision of management
services and
WHEREAS Rebound and the Contractor wish to extend the
agreeement for an additional year to December 31, 1999
as provided in the agreement,
THEREFORE the parties agree as follows:
1. The term of the agreement will be one year commencing on
January 1, 1999 and ending on December 31, 1999.
2. Compensation shall be at the rate of $7,750.00 per
month for the 12 month period.
3. All other terms and conditions will remain the same.
IN WITNESS WHEREOF the parties hereto agree to
the above terms and conditions and have executed
this Agreeement as at January 4, 1999.
REBOUND RUBBER CORP.
/s/ D.XXXXX XXXXXXX /s/ XXXXXXX XXXXXX
------------------- -----------------------
Authorized Signatory Witness
SHINA INVESTMENTS LTD.
/s/ XXXXXXX X. PINCH seal
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Authorized Sigantory
