AGREEMENT
Exhibit
10.3
AGREEMENT
AGREEMENT
dated this 22nd day of May 2005, by and between Somebox, Inc. (hereinafter
“SOMEBOX”), a Delaware Corporation, with offices located at 00 Xxxxxx Xxxxxx,
0xx
Xxxxx,
Xxx Xxxx, Xxx Xxxx 00000 and Xxxxxx Xxxxx, President of SOMEBOX.
WHEREAS,
SOMEBOX
has filed a Registration Statement with the United States Securities and
Exchange Commission (hereinafter the “SEC”) on Form SB-2 and has filed an
Exhibit 10.2 to such Registration Statement regarding methods of payment of
offering expenses; and
WHEREAS,
such
Registration Statement includes in the “Management’s Discussion and Analysis or
Plan of Operation” section, a specific discussion of SOMEBOX’s cash requirements
for the next twelve (12) months (exclusive of offering expenses) and its
specific viable plans to meet such requirements.
NOW,
THEREFORE,
it is
herewith agreed as follows:
The
undersigned, as President of SOMEBOX herewith agrees to defer SOMEBOX
compensation otherwise payable to him so as to permit SOMEBOX to remain viable
and further agrees to loan SOMEBOX amounts necessary to meet SOMEBOX’s expenses
if sufficient revenues are not generated therefore to the extent that gross
profits are insufficient to pay SOMEBOX’s costs and expenses. If and when
loaned, the loan will be evidenced by a non-interest bearing unsecured corporate
note to be treated as a loan until repaid, if and when SOMEBOX has the financial
resources to do so.
The
parties hereto understand that the above constitutes a binding Agreement and
that the contents thereof are referred to in the aforesaid Registration
Statement in the “Management’s Discussion and Analysis or Plan of Operation”
section.
1
The
above
constitutes the entire Agreement between the parties hereto.
IN
WITNESS WHEREOF,
the
parties hereto have caused this Agreement to be executed as of the
22nd day
of
May 2005.
/s/
Xxxxxx Xxxxx
By:
________________________________
Xxxxxx
Xxxxx, President
/s/
Xxxxxx Xxxxx
By:
_________________________________
Xxxxxx
Xxxxx , Individually
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