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EXHIBIT 10.40
Xx. Xxxx X. Xxxxxx
Chairman of the Board of Directors
SFMT, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000 March 1, 1994
Dear Xx. Xxxxxx:
This letter of agreement (the "Agreement") will confirm and
evidence the agreement between SFMT, Inc. ("SFMT") and you ("Xxxxxx") as
follows:
1. Consulting Services
SFMT and Xxxxxx hereby agree that during the term of this
Agreement, Xxxxxx shall provide his consulting services upon the terms and
conditions described herein, it being understood that Xxxxxx will render
services to SFMT as an independent contractor and not as an employee. The
services provided by Xxxxxx will consist of consulting services with respect to
strategic direction, finance, market analysis, capital raising and liaison with
joint venture partners, and the rendering of advice by Xxxxxx in connection
with new clients and business opportunities.
2. Term of Consultancy
The term of this Agreement shall begin on January 1, 1994 and
shall end on December 31, 1994. This Agreement shall be renewable for
successive one year terms unless cancelled by either party by written notice
given not less than thirty 30 days before an anniversary of this Agreement.
3. Consulting Fee
In consideration of Xxxxxx'x services hereunder, SFMT shall pay
Xxxxxx an annual fee of $90,000, payable in equal monthly increments (or such
other increments as the parties shall mutually agree upon).
SFMT, Inc.
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000 Xxxxxxx Xxxxxx, Tel: 000-000-0000 Fax: 000-000-0000
0xx Xxxxx,
Xxx Xxxx, XX 00000, XXX
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4. Termination
This Agreement may be terminated at any time and for any reason
or no reason by either party upon 30 days' written notice.
5. Location
There shall be no restriction on the place of performance of
services hereunder by Xxxxxx. Notwithstanding the previous sentence, SFMT shall
provide the use of its facilities and employees to Xxxxxx.
6. Reimbursement of Expenses
SFMT shall reimburse Xxxxxx for all reasonable business expenses
incurred by Xxxxxx in the performance of services hereunder.
7. Non-exclusivity
Xxxxxx shall be free to devote such time and effort as he sees
fit to conduct other business and provide consulting services to clients other
than SFMT.
8. Governing Law
This Agreement shall be construed and enforced in accordance
with, and governed by, the laws of the State of New York.
SFMT INC.
By /s/ [ILLEGIBLE]
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Name:
Title:
Accepted and Agreed:
/s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx
