December 1, 1998
Xx. Xxxxxxx X. Xxxxxx, Chairman
MAGNITUDE INFORMATION SYSTEMS, NC.
00 Xxxxxxx Xxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Re: Additional Compensation Agreement
Dear Xx. Xxxxxx:
This letter will set forth our agreement regarding the additional
compensation to be paid to the undersigned resulting from the undersigned acting
as President and Chief Executive Officer of Magnitude Information Systems, Inc.
(the "Company") during 1998.
In consideration of the services heretofore rendered and to be so rendered
as President and CEO of the Company during the balance of 1998, the undersigned
shall receive 150,000 shares of the Company's common shares of stock to be
registered by the Company as soon as may be practicable pursuant to Form S-8
Registration Statement. Except for the foregoing, the undersigned shall not
receive any additional compensation for such services.
If the forgoing properly reflects our understanding, please so indicate
and date this agreement in space provided below and return one fully execute
copy for my 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/ Xxxxx Xxxx
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Xxxxx Xxxx
AGREED AND ACCEPTED BY:
MAGNITUDE INFORMATION SYSTEMS, INC.
BY:/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, Chairman
Dated:
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