EXHIBIT 4.8
CONSULTING AGREEMENT, dated the 15th day of November, 2002, by and between
ModernGroove Entertainment, Inc. having executive offices at 0000 X. Xxxxxxx
Xxxxxxxxxx Xxxxx 0000, Xxxxxxxxxx, XX 00000 (the "Company"), and Xxxxx Xxxxxx,
an individual, whose address is 00 Xxxxxxxxxxx Xxx, Xxxx Xxxx, Xxxxxxx X0X0X0
(the "Consultant").
W I T N E S S E T H
WHEREAS, the Consultant has considerable knowledge of and experience providing
consulting services regarding the identification, evaluation, structuring,
negotiating and closing of joint ventures, strategic alliances and business
acquisitions as well as product development (the "Business"); and
WHEREAS, the Company desires to obtain the benefit of Consultant's special
knowledge and experience regarding the identification, evaluation, structuring,
negotiating and closing of joint ventures, strategic alliances and business
acquisitions as well as product development; and
WHEREAS, the Company's management has determined that it would be in the best
interest of the Company to make use of the Consultant's knowledge and
experience; and
WHEREAS, Consultant desires to serve as consultant to the Company;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained the Company and the Consultant hereby agree as
follows:
1. Term. The Company hereby engages Consultant to render the consulting services
as hereinafter set forth, and Consultant hereby agrees to render such services
for a period commencing the date hereof and terminating on October 31, 2002
(the "Term").
2. Consulting Services. The Company hereby retains the Consultant, and the
Consultant agrees, to render consulting and advisory services to the Company
during the Term hereof in connection with the Business, from time to time, and
as the Chief Executive Officer of the Company may reasonably request. Consultant
shall not be required to expend any minimum number of hours hereunder and the
rendering of all
consulting services shall be subject in priority to Consultant's own business
interests.
3. Consulting Fees. In consideration for (i) the availability of Consultant to
render the services, (ii) the services to be rendered by Consultant during the
Term, and (iii) the other provisions of this Agreement, the Company shall
promptly issue to the Consultant 1,000,000 shares of the Company's common stock,
which shares shall be subject to S-8 Registration to be filed between November
15, 2002 and December 15, 2002.
4. Expenses. Upon submission of proper vouchers or other similar evidence of
expenditures, the Company shall, upon request by Consultant, reimburse
Consultant for all reasonable travel and out-of-pocket expenses incurred by
Consultant in connection with services requested and rendered hereunder. All
expense items require the prior approval of the Company.
5. Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given when either
served personally or two (2) business days after being sent priority next day
delivery by a nationally recognized courier or three (3) business days after
being mailed by certified or registered mail, return receipt requested; or to
such address or to such persons as either party shall have last designated by
written notice to the other.
6. Assignability. This Agreement shall inure to the benefit of and be binding
upon the parties, their successors and permitted assigns. Neither party may
assign this Agreement or its rights or obligations hereunder without the prior
written consent of the other party.
7. Entire Agreement. This instrument constitutes the entire agreement of the
parties hereto with respect to the subject matter hereof and supercedes all
prior agreements and understandings, written or oral, among them with respect to
the subject matter hereof. Only a written instrument signed by the parties may
modify this Agreement.
8. Governing Law. This Agreement shall be governed by and construed (both as to
validity and performance) and enforced in accordance with the laws of the State
of Texas without giving effect to the conflicts or choice of law provisions
thereof.
9. Counterparts. This Agreement may be executed in counterparts each of which
shall be deemed an original and all of which taken together shall constitute one
and the same agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
ModernGroove Entertainment, Inc. and Xxxxx Xxxxxx.
ModernGroove Entertainment, Inc.
/s/ Xxxx Xxxx
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Xxxx Xxxx, CEO
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
