EXHIBIT 10.21
Compensation Agreement
between
Guardian Technologies International, Inc.
and
Telinks Canada Inc.
On this 18th day of September, 2003, the following parties, Guardian
Technologies International, Inc. (GDTI), 00000 Xxxxxxxx Xxxxxx, Xxxxx 000,
Xxxxxx, Xxxxxxxx 20166 and Telinks Canada, Inc. (Telinks), 0000 Xxxxxxxx Xxxxx,
Xxxxx 00, Xxxxxxxxxxx, Xxxxxxx X0X 0X0 Xxxxxx hereby enter into a Compensation
Agreement. The terms and conditions of the Agreement are as follows:
1. TERM:
The initial term of the Agreement will be for one (1) year with
automatic two (2) year renewals unless either party has given
written notice of an intention to terminate the Agreement not less
than 60 days prior to the expiry date. Notwithstanding such
termination, products or services already committed to customers,
in contract or proposal form, will be honoured for compensation
purposes.
2. COMMISSION RATE:
The commssion rate will be five (5%) percent of the gross revenue
in excess of $2,000,000.00 U.S. (to GDTI - ???????). The Telinks
commission will be paid within fifteen (15) days upon GDTI's
receipt of customer's invoiced payment. Telinks has the option to
receive their commission payment in cash, GDTI common stock at
then current market value or a combination of the two. For the
first $2,000,000.00 U.S. ,Telinks can purchase 200,000 GDTI
warrants at an exercise price of U.S.$2.00. The warrant period is
from September 17, 2003 to September 16, 2005.
3. This Alliance Partner Agreement shall be governed by the laws of the State of
Virginia applicable therein.
FOR GUARDIAN TECHNOLOGIES INTERNATIONAL, INC: FOR TELINKS CANADA, INC:
/S/ XXXXXX X. XXXXXX /S/ XXXXXXX XXXXXXX
--------------------------- ----------------------
XXXXXX X. XXXXXX - PRESIDENT XXXXXXX XXXXXXX - PRESIDENT
(Name & Title) (Name & Title)
SEPTEMBER 18, 2003 SEPTEMBER 18, 2003
(Date) (Date)
