Term of agreement between Jon Barron and Sweet Success Enterprises
Exhibit 10.11
Term of agreement between Xxx Xxxxxx and Sweet Success Enterprises
Section I
100,000 share options priced at 70 cents immediately
100,000 share options priced at 70 cents upon acceptance of the first 3 new formulas
100,000 share options priced at 70 cents upon acceptance of the next 3 new formulas
100,000 share options priced at 70 cents upon acceptance of the last 4 formulas
Section 2
10,000 share options priced at $2. 50 upon official launch of each new formula (product)
Section 3
30,000 share options priced at $2.50 for each formula (product) as it sells through 250,000 cases
Section 4
1% of net proceeds to the company from retailers and distributors of all now Formulas stated above as they sell though l million cases cumulatively with a one Million dollar cap
Additional notes to the agreement
1. Xxx Xxxxxx will become a director of Sweet Success Enterprises as Of August 1st 2005
2. All use of Xxx Xxxxxx’x name must have prior approval.
3. Xxx Xxxxxx will become a spokesperson for the company. (To be defined between BG s and JB)
4. This agreement is subject to review upon a change of management (BG) or a Change of control
5. The options will have a cashless exercise capability
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Xxx Xxxxxx |
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Xxxxxxx X Xxxxxxxxx |
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