Exhibit 10.7
INDEMNITY AGREEMENT
FOR GOOD AND VALUABLE CONSIDERATION, including but not limited to the agreement
of Xxxxxxx Xxxxx Xxxxxxx ("Indemnitee") to provide his/her personal guarantee to
assist in financing for the undersigned company, the undersigned, Innovative
Software Technologies, Inc. ("Company" or "Indemnitor"), by and under the
authority of its Board of Directors, hereby covenants and agrees to indemnify
and hold Indemnitee harmless from and against any and all claim, demand, loss,
cost, action or liability, including attorneys fees and costs incurred in
defending against any such claim, demand or action, arising from, relating to or
in any way resulting from obligations undertaken by Indemnitee as personal
guarantor for Indemnitor.
In addition the company will place 150,000 shares of its common stock in the
escrow account of Attorney Xxxxx Xxxxxxx to further indemnify the guarantor.
This stock will be fully issued and outstanding in the hands of the escrow
agent. Upon the failure of the company to satisfy its obligation this stock will
be sold to cover the obligations, which were guaranteed.
By signing below, the undersigned, as an officer of Indemnitor, represents and
warrants that this Indemnity Agreement has been authorized and approved by the
Board of Directors of Indemnitor, by resolution duly and properly adopted, and
that the undersigned has authority to execute this instrument on behalf of the
Company.
DATED this 17 day of August, 2001.
/s/ D. Xxxxx Xxxxxxx
By Xxxxxxx Xxxxx Xxxxxxx
It's President
Attest: /s/ Xxxxx Xxxxxx
Secretary - Xxxxx Xxxxxx
Accepted: D. Xxxxx Xxxxxxx
Xxxxxxx Xxxxx Xxxxxxx
