59
EXHIBIT 99.2
AGREEMENT
Dated the 31st day of March, 1999.
BETWEEN:
LAC Enterprises Ltd.
00000 Xxxxxxx Xx.
Xxxxxxxx, XX X0X I B2
AND:
Xxxxxxxxxxxx.xxx, Inc.
#000- Xx. Xxxx Xxxxxx
Xxxxxxx, XX X0X 0X0
WHEREAS:
A. The Company wishes to engage the service of the Consultant as
an independent contractor to provide consulting services on an
ongoing basis to the Company, performing the duties as President/
C.E.O.
B. As a condition to the Company entering into this Agreement
with the Consultant, the Company requires that the Consultant provide
its services to the Company through the Consultant's President,
Xxxxxxx X. Xxxxxxxx (the" President")
C. The Company and the Consultant have reached agreement in
respect to the terms and conditions under which the Consultant agrees
to provide its services to the Company.
In consideration of the premises, covenants and agreements
contained herein the parties hereby agree as follows:
1 SCOPE OF CONSULTING SERVICES
1.1 The Company shall retain the Consultant as an independent
contractor to provide services as President/CEO running the Company
entirely.
1.2 The services to be provided by the Company shall only be
administered by the President on behalf of the Consultant, unless the
Consultant first obtains the consent of all the directors of the
Company in writing,
2. TERM OF CONSULTING SERVICES
2.1 The term of this Agreement shall begin on the 1st day of
April 1999 and shall continue until the 31st day of March 2014.
60
3. FEE FOR CONSULTING SERVICES
3.1 For the services rendered by the consultant to the Company,
the Company will pay to the Consultant a consulting fee of $ 10,000
U.S. per month plus expenses with an annual increase of 5% each year.
The Consultant will also receive between 1 .0 million and 1.7 million
share options per year at . 0 1 cents each to be determined by the
said President.
4. INDEPENDENT CONTRACTOR
4.1 Notwithstanding anything in this Agreement to the contrary,
it is understood and agreed between the parties that the Consultant
is an independent contractor and not an employee of the Company.
5. GENERAL
5.1 This Agreement shall be interpreted and construed and
governed in accordance with the laws of the Province of British
Columbia.
5.2 No amendments or variations of the terms and conditions of
this Agreement shall be valid unless in writing and signed by both
parties.
5.3 The Consultant's rights and obligations under this Agreement
are not assignable without consent of the Company.
5.4 This Agreement constitutes the entire Agreement between the
parties hereto and shall bind and ensure to the benefit of both
parties and their respective successors and permitted assigned.
Signed by the parties as of the first page.
LAC Enterprises Ltd.
/s/ Xxxxxxx X. Xxxxxxxx /s/ Xxxxxxxx Ceccoi
Authorized Signature Witness
Budgethotels,com, Inc.
/s/ Xxxxxxx X. Xxxxxxxx /s/ illegible
Authorized Signature Witness
