EXHIBIT 10.2
XXXXXXX XXXXXXX X'XXXXXX, M.B.A., X.X.
00 Xxx Xxxxxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Telephone: 000-000-0000 * Facsimile: 000-000-0000
MEMORANDUM OF AGREEMENT AND ACCEPTANCE
March 29, 2005
The purpose of this Memorandum of Agreement and Acceptance is to ful1y
acknowledge the receipt of an offer of Probationary Employment (90 days) by
BioSolutions (hereinafter referred to as "BSLM") to Xxxxxxx Xxxxxxx X'Xxxxxx,
(hereinafter referred to as "X'Xxxxxx") and dated 29 March 2005, attached hereto
and made a part hereof.
The term of this Probationary Employment shall commence on 1 April 2005 and
extend for a period of ninety (90) days henceforth.
During this Probationary Employment X'Xxxxxx shall hold the position of
President and CEO of BSLM..
Further, during this period of Probationary Employment, X'Xxxxxx shall have
certain duties and obligations to BSLM, to wit;
1. Interfacing with brokerage communities
2. Work with attorney and C.P.A. in regards to security aspects
(including, but not limited to; SEC. 10K and lOQ filings
3. Write a formal business plan.
4. Maintain normal business hours
5. Travel to Mississippi as required.
Further during this Probationary Employment, BSLM shall have certain duties and
obligations to X'Xxxxxx to wit;
1. BSLM shall pay to X'Xxxxxx the sum of Four Thousand Dollars ( $4,0(0)
per month, payable on the 1st ($2.000) and 15th ($2,000) of each and
every month.
2. BSLM will provide $400.00 per month for the rental of BSLM offices at
00 Xxx Xxxxxxx, Xxxxxxxxxx, Xxx Xxxxxx.
3. BSLM will provide and pay for the instillation of two (2) telephone
lines and pay for the monthly xxxxxxxx for each.
4. BSLM will reimburse X'Xxxxxx for pre-approved travel and business
related expenses incurred in the execution of his duties as President
and Director of BSLM.
Furthermore, at the end of the successfully and mutually satisfactorily
completed 90 day Probationary Employment, X'Xxxxxx will be vested in permanent
employment with BSLM.
At the end of the ninety (90) days, both BSLM and X'Xxxxxx will negotiate in
good faith efforts to reduce X'Xxxxxx'x now, on-going permanent employment to a
written Employment Contract to include, among other provisions, stock options
and other benefits consistent with BSLM's company policy(s).
This Employment Contract shall include but not be limited to X'Xxxxxx'x monthly
salary being increased to Five Thousand Dollars ($5,000) per month, payable on
the 1st ($2,500) and on the 15th ($2,500) of each and every month.
AGREED TO AND ACCEPTED BY: AGREED TO AND ACCEPTED BY:
/s/ Xxxxxxx Xxxxxxx X'Xxxxxx /s/ Xxxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxx X'Xxxxxx, M.B.A., X.X. BY:
