Quest Patent Research Corporation 19 Fortune Lane Jericho, New York 11753 516-364-3500
Exhibit 10.10
Quest
Patent Research Corporation
00 Xxxxxxx Xxxx
Xxxxxxx, Xxx Xxxx 00000
000-000-0000
August 11, 2010
Xx. Xxxx X. "Xxxx" Xxxx
P. O. Xxx 0000
Xxxxxx Xxxxx Xx, XX 00000
Dear Xxxx:
This letter sets forth the conditions of your Consulting Agreement with Quest Patent Research Corporation, which will be formalized in an Agreement dated August 10, 2010.
Your duties will be to use your best efforts to locate and approach appropriate organizations to participate in Quest's Q Card project. This will include introducing Quest and assisting in completing agreements with all such institutions.
You will receive options to purchase, at a price of $.001 per share, 5 million shares of Quest stock which can be exercised at any time during the five-year Agreement either on a cash or cashless basis.
The Consulting Agreement will be in effort until December 31, 2015,
The Consulting Agreement can be terminated by either party with 30 days notice. However, if Quest terminates the agreement, you will have two years from the date of such termination to exercise your options.
Expenses incurred in performance of your duties will be mutually agreed upon and reimbursed when Quest is financially able to do so.
In addition, compensation will be mutually agreed upon if any efforts on your part result in Quest securing financing for any patents in its portfolio.
Your signature below will acknowledge acceptance of these conditions.
We are pleased to have you on board again and look forward to working with you. Sincerely,
Xxxxxxx X. Xxxxxxxx Chief Executive Officer
Sincerely, | Accepted: | |
/s/ Xxxxxxx X. Xxxxxxxx | /s/ Xxxx X. “Xxxx” Xxxx | |
Xxxxxxx X. Xxxxxxxx | Xxxx X. “Xxxx” Xxxx | |
Chief Executive Officer | ||