EXHIBIT 10.0
MANAGEMENT AGREEMENT
Training Together, Inc. (the "company") and The Personal Trainer LLC (the
"master franchisee" for the state of Florida for the Fitness For Life
Corporation franchise system), and Xxxxxx Xxxxxxx, Xx. and Xxxx Xxxxxxxx
individually, agree as follows, as of August 23, 2001:
1. Starting when at least 300,000 shares of the company's common stock
have been sold in the public offering by the company under Regulation
A of the Securities Act of 1933, the company will pay Xxxxxx Xxxxxxx,
Xx. and Xxxx Xxxxxxxx a total of $1,500 per month per location to set
up and operate the company's training studios in Florida, and recruit
and supervise trainers for those studios. Each of Xx. Xxxxxxx, Jr.,
and Xx. Xxxxxxxx, must devote 40 hours of time per calendar month
minimum to provide these services to the company. Xx. Xxxxxxx, Jr.,
and Xx. Xxxxxxxx, each will be the initial trainers for customers at
the company's locations. These payments will start when a lease has
been signed for a Florida location.
2. In addition, Xx. Xxxxxxx, Jr. and Xx. Xxxxxxxx may provide personal
training services to the company's customers at the company's
locations, as personal trainers, and the company will pay Xx. Xxxxxxx,
Jr. and Xx. Xxxxxxxx for such services provided, in addition to
amounts paid under paragraph 1. However, such persons will be entitled
to be paid for trainer work only in excess of the trainer work at the
company's locations by the two individuals which generates at least
$1,500 per month in customer fees for the company, from all locations.
Xx. Xxxxxxx, Jr. and Xx. Xxxxxxxx agree that the initial $1,500 of
personal trainer work for customers is covered by the monthly fee
under paragraph 1. Xx. Xxxxxxx, Jr. and Xx. Xxxxxxxx will have no
rights to work as personal trainers at any locations the company may
own outside Florida
3. In addition, the company will pay the master franchisee 20% of the
company's quarterly net profits from operations of locations in
Florida. "Net profits" means gross receipts from the company's Florida
locations, less all operating and administrative expenses (including
the payments under paragraph 1, and general corporate expenses).
Expenses will be prorated as necessary if the company has locations
outside Florida. If the master franchisee hires personnel (in addition
to Xx. Xxxxxxx and Xx. Xxxxxxxx) to supervise operations at company
locations in Florida, the 20% of quarterly net profits payments under
this paragraph 3 will not be increased.
4. The term of this management agreement is month-to-month and may be
terminated by the company or by the master franchisee on 30 days'
notice.
Training Together, Inc. The Personal Trainer, LLC
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxx Xxxxxxx, Xx.
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Xxxxx X. Xxxxx, CEO Xxxxxx Xxxxxxx, Xx., Manager
/s/ Xxxxxx Xxxxxxx, Xx. By: /s/ Xxxx Xxxxxxxx
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Xxxxxx Xxxxxxx, Xx., Xxxx Xxxxxxxx
Individually
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx, Individually
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