Exhibit 10.14
INDEMNITY AGREEMENT
FOR GOOD AND VALUABLE CONSIDERATION, including but not limited to the agreement
of Xxxxx Xxxxxx and Xxxxx Xxxx ("indemnities") to provide his/her personal
guarantee to assist in financing for the undersigned company, the undersigned,
Innovative Software Technologies, Inc. ("Company" or "Indemnitor"), bye and
under the authority of its Board of Directors, hereby covenants and agrees to
indemnify and hold Indemnitee harmless from and against any and all claim,
demand, loss, cost, action or liability, including attorneys fees and costs
incurred in defending against any such claim, demand or action, arising from,
relation to or in any way resulting from obligations undertaken by Indemnitee as
personal guarantor for indemnitor.
In addition the company will place an additional 3,000,000 shares of its common
stock in the escrow account of Attorney Xxxxx Xxxxxxx to further indemnify the
guarantor. This stock will be fully issues and outstanding in the hands of the
escrow agent. Upon failure of the company to satisfy its obligation this stock
will be sold to cover the obligations, which were guaranteed.
By signing below, the undersigned, as an officer of Indemnitor, represents and
warrants that this Indemnity Agreement ha been authorized and approved by the
Board of Directors of Indemnitor, by resolution duly and properly adopted, and
that the undersigned has authority to execute this instrument on behalf of the
Company.
DATED this 16th day of August, 2002.
By: /s/ D. Xxxxx Xxxxxxx
Xxxxxxx Xxxxx Xxxxxxx
Innovative Software Technologies, Inc.
It's President
Attest: /s/ Xxxxx Xxxxxx
Secretary - Xxxxx Xxxxxx
