EXHIBIT 10.72
CONSULTING AGREEMENT
This CONSULTING AGREEMENT (this "Agreement") made as of this 24th day of April
2001 is by and between iiGroup, Inc., a Delaware corporation, with its principal
place of business at 0000 X. Xxxxxxxx Xxxx Xxxx, Xxxxx 000, Xxxx Xxxxx, Xxxxxxx
00000, and Xxxxxx Xxxxxxx, with his principal place of business at 0000 Xxxxxxxx
Xxxx, Xxxx Xxxxx, Xxxxxxx 00000, (the "Consultant").
R E C I T A L S:
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The Company is a public company with a class of equity securities publicly
traded, and desires to retain Consultant to provide certain consulting services.
Consultant desires to provide certain consulting services to the Company in
accordance with the terms and conditions contained hereinafter.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereto hereby agree as follows:
1. CONSULTING SERVICES. During the term of this Agreement, Consultant is hereby
retained by the Company to provide management consulting, sales and merger and
acquisition services to the Company, as said services relate to corporate and
portfolio companies, including, without limitation, advice regarding
acquisitions, consolidations, mergers, joint ventures, finance and
administration. Consultant shall provide such services as reasonably requested
by the Company during the term of this Agreement, provided that nothing
hereunder shall require Consultant to devote a minimum number of hours per
calendar month toward the performance of services hereunder. Unless otherwise
agreed to by Consultant, all services hereunder shall be performed by
Consultant, in its sole discretion, at its principal place of business or other
offices.
2. TERM. The term of this Agreement shall be for one year commencing as of the
date first written above and terminating one day prior to the first anniversary
hereof; provided, however, that this Agreement shall be renewable for subsequent
one year terms, by mutual agreement of the parties in writing, at least thirty
(30) days prior to the expiration of the then current term.
3. COMPENSATION. In consideration for the performance of services hereunder, the
Company hereby agrees to pay Consultant the aggregate sum of 750,000 shares of
the Company's common stock as compensation for the term of this Agreement within
30 days of the execution of this Agreement. The Company hereby agrees to pay on
a pre-approval basis reasonable expenses incurred by Consultant in connection
with such services to be rendered hereunder. Consultant may, from time to time,
deem it to be in the best interests of the Company to retain an outside
consultant in connection with certain specific acquisitions or proposed
transactions. In such event, the Company hereby agrees to pay any and all fees
and expenses of such consultant.
4. REPRESENTATIONS OF THE COMPANY. The Company hereby represents and warrants
that any and all information supplied hereunder to Consultant in connection with
any and all services to be performed hereunder by Consultant for and on behalf
of the Company shall be true, complete and correct as of the date of such
dissemination and shall not fail to state a material fact necessary to make any
of such information not misleading. The Company hereby acknowledges that the
ability of Consultant to adequately provide the aforementioned consulting
services hereunder and/or to initiate and/or effectuate introductions on behalf
of the Company with respect to potential strategic relationships is dependent
upon the prompt dissemination of accurate, correct and complete information to
Consultant. The Company further represents and warrants hereunder that this
Agreement and the transactions contemplated hereunder, have been duly and
validly authorized by all requisite corporate action; that the Company has the
full right, power and capacity to execute, deliver and perform its obligations
hereunder; and that this Agreement, upon execution and delivery of the same by
the Company, will represent the valid and binding obligation of the Company
enforceable in accordance with its terms. The representations and warranties set
forth herein shall survive the termination of this Agreement.
5. INDEMNIFICATION. The Company hereby agrees to indemnify, defend and hold
harmless Consultant, its officers, directors, principals, employees, affiliates,
and shareholders, and their successors and assigns from and against any and all
claims, damages, losses, liability, deficiencies, actions, suits, proceedings,
costs or legal expenses (collectively the "Losses") arising out of or resulting
from: (i) any breach of a representation, or warranty by the Company contained
in this Agreement; or (ii) any activities or services performed hereunder by
Consultant, unless such Losses were the result of the intentional misconduct or
gross misconduct of Consultant; or (iii) any and all costs and expenses
(including reasonable attorneys' and paralegals' fees) related to the foregoing,
and as more fully described below.
If Consultant receives written notice of the commencement of any legal
action, suit or proceeding with respect to which the Company is or may be
obligated to provide indemnification pursuant to this Section 5, Consultant
shall, within thirty (30) days of the receipt of such written notice, give the
Company written notice thereof (a "Claim Notice"). Failure to give such Claim
Notice within such thirty (30) day period shall not constitute a waiver by
Consultant of its right to indemnity hereunder with respect to such action, suit
or proceeding. Upon receipt by the Company of a Claim Notice from Consultant
with respect to any claim for indemnification which is based upon a claim made
by a third party ("Third Party Claim"), Consultant may assume the defense of the
Third Party Claim with counsel of its own choosing, as described below. The
Company shall cooperate in the defense of the Third Party Claim and shall
furnish such records, information and testimony and attend all such conferences,
discovery proceedings, hearings, trial and appeals as may be reasonably required
in connection therewith. Consultant shall have the right to employ its own
counsel in any such action, but the fees and expenses of such counsel shall be
at the expense of Consultant unless the Company shall not have promptly employed
counsel to assume the defense of the Third Party Claim, in which event such fees
and expenses shall be borne solely by the Company. The Company shall not satisfy
or settle any Third Party Claim for which indemnification has been sought and is
available hereunder, without the prior written consent of Consultant. If the
Company shall fail with reasonable promptness either to defend such Third Party
Claim or to satisfy or settle the same, Consultant may defend, satisfy or settle
the Third Party Claim at the expense of the Company and the Company shall pay to
Consultant the amount of any such Loss within ten (10) days after written demand
therefor. The indemnification provisions hereunder shall survive the termination
of this Agreement.
6. AMENDMENT. No modification, waiver, amendment, discharge or change of this
Agreement shall be valid unless the same is evidenced by a written instrument,
executed by the party against which such modification, waiver, amendment,
discharge, or change is sought.
7. NOTICES. All notices, demands or other communications given hereunder shall
be in writing and shall be deemed to have been duly given when delivered in
person or transmitted by facsimile transmission or the third calendar day after
being mailed by United States registered or certified mail, return receipt
requested, postage prepaid, to the addresses herein above first mentioned or to
such other address as any party hereto shall designate to the other for such
purpose in the manner hereinafter set forth.
8. ENTIRE AGREEMENT. This Agreement contains all of the understandings and
agreements of the parties with respect to the subject matter discussed herein.
All prior agreements, whether written or oral, are merged herein and shall be of
no force or effect.
9. SEVERABILITY. The invalidity, illegality or unenforceability of any provision
or provisions of this Agreement will not affect any other provision of this
Agreement, which will remain in full force and effect, nor will the invalidity,
illegality or unenforceability of a portion of any provision of this Agreement
affect the balance of such provision. In the event that any one or more of the
provisions contained in this Agreement or any portion thereof shall for any
reason be held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be reformed, construed and enforced as if such invalid, illegal
or unenforceable provision had never been contained herein.
10. CONSTRUCTION AND ENFORCEMENT. This Agreement shall be construed in
accordance with the laws of the State of Florida, without application of the
principles of conflicts of laws. If it becomes necessary for any party to
institute legal action to enforce the terms and conditions of this Agreement,
the successful party will be awarded reasonable attorneys' fees at all trial and
appellate levels, expenses and costs. Any suit, action or proceeding with
respect to this Agreement shall be brought in the state or federal courts
located in Palm Beach County in the State of Florida. The parties hereto hereby
accept the exclusive jurisdiction of those courts for the purpose of any such
suit, action or proceeding. Venue for any such action, in addition to any other
venue permitted by statute, will be Palm Beach County, Florida. The parties
hereto hereby irrevocably waive, to the fullest extent permitted by law, any
objection that any of them may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement or
any judgment entered by any court in respect thereof brought in Palm Beach
County, Florida, and hereby further irrevocably waive any claim that any suit,
action or proceeding brought in Palm Beach County, Florida, has been brought in
an inconvenient forum.
11. BINDING NATURE. The terms and provisions of this Agreement shall be binding
upon and inure to the benefit of the parties, and their respective successors
and assigns.
12. COUNTERPARTS. This Agreement may be executed in any number of counterparts,
including facsimile signatures which shall be deemed as original signatures. All
executed counterparts shall constitute one Agreement, notwithstanding that all
signatories are not signatories to the original or the same counterpart.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.
CONSULTANT: COMPANY:
/s/ Xxxxxx Xxxxxxx By: /s/Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx Xxxxxx Xxxxxxx/President
