1
EXHIBIT 10.13
January 29, 1999
Xx. Xxx Xxxxxx
00 Xxxxxxxx Xxxxx
Xxx Xxxxxx, XX 00000
Re: CONSULTING SERVICES
-------------------
Dear Xxx:
Integrated Transportation Network Group Inc., a Delaware corporation (the
"Company"), desires to engage you to provide business and financial consulting
services to the Company, as provided in this letter.
Our agreement shall be for a term of one (1) year, unless earlier
terminated by you or by us. Either you or we may terminate this agreement, with
or without cause, upon thirty (30) days written notice. The effective date of
this Agreement shall be January 1, 1999.
You will provide such business and financial consulting services to the
Company as the Company may request, including, but not limited to, consulting
with the Company concerning short and long term strategic and financial
planning, all with a view toward maximizing shareholder value. The Company
acknowledges that you rendered consulting services to the Company from July 1,
1998 through December 31, 1998, in full payment for which the Company shall
issue to you 3,000 shares of common stock of the Company, upon your execution
and delivery of the Subscription Agreement attached to this letter.
So long as this agreement remains in effect, the Company shall pay you at
the rate of $1,000.00 per month, payable semi-annually on June 30th and December
31st, in cash or in shares of common stock, at the option of the Company. In the
event the Company elects to pay you in shares of common stock, the number of
shares of common stock to be issued to you with respect to each semi-annual
period shall be equal to $6,000 (six months at $1,000 per month) divided by the
market price of the Company's common stock on the payment date, as reported on
the quotation system or exchange where the Company's common stock is then
quoted. In the event that this agreement is terminated prior to December 31,
1999, your compensation will be prorated through the date of your termination.
2
You agree to abide by applicable law in connection with the services
rendered by you to the Company. You agree to indemnify and hold the Company
harmless from any losses, liabilities or expenses (including attorney's fees)
which arise out of your violation of any such laws.
If the foregoing terms are acceptable to you, please signify your agreement
by executing this letter below where indicated and returning it to the
undersigned.
INTEGRATED TRANSPORTATION
NETWORK GROUP, INC.
By: /s/ Xxxxxx Xxx
---------------------------------
Xxxxxx Xxx, President
AGREED AND ACCEPTED:
/s/ Xxx Xxxxxx
------------------------------------
Xxx Xxxxxx
