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EXHIBIT 99.3
AUGUST 1999 LEGAL SERVICES CONSULTING AGREEMENT
THIS LEGAL SERVICES CONSULTING AGREEMENT ("Agreement") is entered into
as of August 5, 1999 by and between Virtual Technology Corporation ("VTC"), a
Minnesota corporation and Xxxxxxx X. Xxxxxxx, 0000 Xxxxx Xxxxxx Towers, 000
Xxxxx Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000-0000.
RECITALS
WHEREAS, VTC is a public company in the business of selling computers
and computer-related equipment on the Internet whose common stock is quoted on
the OTC bulletin board;
WHEREAS, Xxxxxxx X. Xxxxxxx is an attorney licensed in the State of
Minnesota who has provided general corporate legal services to VTC.
WHEREAS, VTC desires to contract with Xxxxxxx for the provision of
ongoing legal services, which services shall not be in connection with the offer
or sale of securities in a capital-raising transaction and shall not directly or
indirectly promote or maintain a market for the Company's securities, by
issuance of shares of the Company's common stock in lieu of cash payment, such
shares to be unrestricted.
AGREEMENT
NOW, THEREFORE, it is mutually agreed by and between the parties as
follows:
In consideration of the performance by Xxxxxxx of the legal services
designated herein, VTC will issue Xxxxxxx 100,000 shares of VTC's common stock
(the "Shares") whose per share value shall be based upon the opening market
price as of the date of this Agreement. These shares will be issued as soon as
practicable following execution of this Agreement and the filing of a
Registration Statement under the Securities Act of 1993, as amended on Form S-8
covering the shares.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on the date first above written.
VIRTUAL TECHNOLOGY CORPORATION,
a Minnesota corporation
By: /s/ XXXXXXX ISRAEL
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Xxxxxxx Israel, Chairman
/s/ XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx, Service Provider
