CONSULTING AGREEMENT
This Consulting Agreement (hereinafter referred to as the "Agreement'),
effective as of the 8th day of April 2010:
Between GOLDEN GATE HOMES, INC., whose business office is located at 000
XXXXXXXX XXX, XXXXX 000, Xxxx, Xxxxxxxxxx X.X.X.
(Hereinafter referred to as the "Company")
And Xxxxx XxXxxxxxx, who's located at 0000 Xxxxx Xxx Xxxxx, Xxxxxxxx, XX 00000
(Hereinafter referred to as "Xx. XxXxxxxxx" or the "Agent").
RECITALS:
1. The Company seeks to retain Xx. XxXxxxxxx to provide introductions to
parties interested in buying real estate from the US and/or interested in
investing in the common stock or debt of the Company.
2. The Company would expect to get a number of such introductions each
month, and in exchange, will compensate Xx. XxXxxxxxx for these services in
shares of GNGT common stock at a rate of 5,000 shares per month. For SEC
reporting and accounting reasons, these shares will be paid to the Agent at the
end of each three month period in one 15,000 share amount. This arrangement
shall continue until a Funding Event occurs, or until either party cancels the
arrangement with 30 days notice.
3. A Funding Event is defined as the Company raising at least $2,000,000 for
general corporate purposes.
4. After a Funding Event, and assuming the mutual continuation of the
consulting retention, the compensation will continue at a monthly rate of $5,000
a month and the lesser of 2,500 shares a month or the number of shares to be the
sum of $5,000 in the numerator divided by the denominator of the stock price of
GNGT common stock. The cash component will be paid on the 30th of each month
and the stock component will be paid at the end of each three month period, paid
in arrears, using the closing stock price of the last day of the three month
period.
5. The Company and Xx. XxXxxxxxx also agree to work together to raise
capital from $1,000,000 up to $10,000,000, subject to approval by the Board.
6. The Company agrees to compensate Xx. XxXxxxxxx in his choice of cash
and/or shares (such common shares not to exceed 50% of the total compensation
unless by mutual consent) at a rate of 3.00% of the amount of cash investment
received by the Company for any introductions my by Xx. XxXxxxxxx that lead to a
direct cash investment in the company. The Company has the right to not accept
such investment offers, at the Board's discretion.
7. If an investment bank underwriter is engaged by the Company, any leads
provided by Xx. XxXxxxxxx that invest in the Company will be protected as long
as disclosed to the underwriters as "protected investors", and Xx. XxXxxxxxx
will receive his 3.00% commission.
8. This Agreement will begin on April 15, 2010. April will be treated as a
one-time half month, with the three month period beginning on May 1, 2010, so
the first three month period will end on July 31, 2010, and will encompass a 3
month period.
9. The Agent may represent himself as a "consultant to" or "shareholder of"
Golden Gate Homes, Inc. The Agent is not an officer of the Company and can not
bind the Company into any agreements without the express direction of the Board
of Golden Gate Homes, Inc.
/s/ Xxx Xxxxxxx /s/ Xxxxx XxXxxxxxx
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Xxx Xxxxxxx Xxxxx XxXxxxxxx
Chief Executive Officer Consultant
Golden Gate Homes, Inc.
