Management Services Agreement (MSA) Effective May_____, 2005 This Agreement is between: Sungold International Holdings Corp., (hereinafter referred to as SIHC) 500 Park Place, 666 Burrard Street Vancouver, B.C., CANADA V6C 3P6 And, Tony Currie...
Management Services Agreement (MSA)
Effective May_____, 2005
This Agreement is between:
Sungold International Holdings Corp.,
(hereinafter
referred to as SIHC)
000 Xxxx Xxxxx, 000 Xxxxxxx Xxxxxx
Xxxxxxxxx,
X.X., XXXXXX X0X 0X0
And,
Xxxx Xxxxxx
(hereinafter referred to as TC)
_____________________________________
Xxxxxxx, Xxxxxxx XXXXXX ____________
Whereas, the Board of Directors of SIHC have expressed a desire to appoint a President for SIHC, and to form a Management Committee to oversee the day to day business affairs of the Corporations and,
Whereas, Xxxx Xxxxxx (TC) , shall be appointed as the President of SIHC, and also as a member of the Management Committee which reports directly to the Board of Directors of SIHC on a scheduled basis to be agreed upon and that,
- The Management Committee shall also include Xxxxx Xxxxxxxxx, Xxxxx Xxxxxxx, Xxxx Xxxxxxx, and possibly certain other individuals as appointed unanimously by the Committee and confirmed by Xxxxx Xxxxxxx to the Board of Directors, and
- The Management Committee is an advisory task force which draws its authority for implementing its decisions through the offices of the committee members.
Now therefore and in consideration of the foregoing, it is hereby agreed as follows:
- TC will assume the position of President for SIHC, and sit on the Management Committee.
- The term of this agreement shall be for a One (1) year period of time and take full effect upon signing of this agreement.
- This agreement can be renewed upon expiry in accordance with negotiations between the Management Committee and Board of Directors which shall begin at least three (3) months prior to the expiration of this initial agreement.
- TC shall receive an allocation of 500,000 Class A Common shares at the time of signing. These shares would be automatically revoked if this contract were terminated within three months.
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- TC shall receive a monthly fee, payable in advance on the first of every month, commencing June 1, 2005 of One Thousand Dollars in Canadian funds ($1,000.00) plus GST, plus $200.00 per hour for extra time in the previous month over 5 hours per month, not to exceed 15 extra hours per month.
- Upon signing of this agreement, TC shall be issued an option to purchase at any time before March 31st 2007 from SIHC Treasury 750,000 unrestricted Class A Common shares (trading symbol SGIHF) at Twelve cents US funds ($0.12 US) per share without restriction and tradable upon issuance.
- Expenses incurred by TC on behalf of the company shall be reimbursed by the company.
TERMINATION
This agreement may be terminated by a majority vote of the Management Committee if ratified by the Board of Directors upon payment of three months notice, in which case the stock option rights remain in force as specified until their expiration date.
TC may resign at any time in which case no further payments are owing. If TC resigns, the stock options in force expire within two months of the resignation notice.
EFFECTIVE DATE
This agreement shall be in full force and effect immediately upon acceptance as signed and witnessed below.
The parties agree that an executed copy received by telefax will represent a completed agreement.
This agreement has been approved and accepted by the following individuals who have full and complete authority to legally bind each party respectively:
Sungold International Holdings Corp., | |
/s/ Xxxxxx Xxxxxx | |
Xxxxxx Xxxxxx, Chairman | |
Witnessed by: | |
/s/ Xxxxxxxx X. Xxxxxx | |
Print Name: Xxxxxxxx X. Xxxxxx | |
And, |
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/s/ Xxxx Xxxxxx | |
Xxxx Xxxxxx | |
Witnessed by: | |
/s/ Xxxxx Xxxxxxxxx | |
T. Xxxxx Xxxxxxxxx C.A. | |
Dated this day of May, 2005. |
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