[LOGO] GlobalEuroNet Group, Inc.
MEMORANDUM OF UNDERSTANDING - PROFIT PARTICIPATION
This Memorandum of Understanding ("MOU"), entered on the 1st day of April, 2000,
by and between GlobalEuroNet Group Inc. ("GEN") and Xxxxxx Xxxxxx-Xxxxxxxx
("Xxxxxx-Xxxxxxxx") sets forth the agreement terms of the parties hereto.
WHEREAS: Xxxxxx-Xxxxxxxx is a Managing Director for GEN based in London, England
Responsibilities of Xxxxxx-Xxxxxxxx include territorial coverage of Italy and
Israel.
WHEREAS: GEN is an investment company seeking to place investments in private
companies engaged in information technology; communications; Internet business;
and related products, applications and industries.
This MOU details the terms of the relationship between the parties effective as
of April 1, 2000, that have been agreed in principle and make up the basis of
further negotiation, agreement and execution of a definitive agreement.
1. GEN anticipates that it will generate a 22.5% carried interest by way
of profit participation. As long as Xxxxxx-Xxxxxxxx retains the position
as Managing Director for GEN, a total of 1.5 points from the 22 points
shall be allocated to Xxxxxx-Xxxxxxxx.
Agreed and accepted this 20th day of July, 2000.
By: /s/ Xxx X. Xxxxxxxx By: /s/ Xxxxxx Xxxxxx-Xxxxxxxx
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GlobalEuroNet Group Inc. Advicorp Ltd.
