GLOBALTEX INDUSTRIES INC.
Suite 501 - 000 Xxxxxxx Xxxxxx
Xxxxxxxxx, XX X0X 0X0
Xxxxxx
Xxxxx 0, 0000
Xxxxxx X. X'Xxxxx
And
LOGG Investment Research Inc.
0000 0xx Xxxxxx
Xxxxxx, XX
XXX 00000
Dear Sirs,
Re: Corporate Finance Services Agreement Compensation
Whereas LOGG and the Corporation entered into a Corporate Finance Services
Agreement ("Agreement") dated March 25, 2002 and amended on January 31, 2003
and wish to confirm the transactions which are being considered under the terms
of the Agreement:
FOR VALUABLE CONSIDERATION IT IS HEREBY AGREED AS FOLLOWS:
1. All defined terms shall be as in the Agreement and the Amended Agreement.
2. It is acknowledged that LOGG has met the requirements to earn the
compensation in respect for funds invested by directly by each of the following
individuals:
Xx. Xxxxxxx X. Xxxxxx,
Xxx. Xxxxxx-Xxx Xxxxxx,
Xx. Xxxx Xxxxx, and
Xx. Xxxxxx Xxxxxxxxx
and the employment of Xx. Xxxxxxx X. Xxxxxx, subject to each of these
transactions being completed within ninety days from the date of this letter.
3. The Corporation will pay to LOGG the following, subject to receiving any
necessary regulatory approvals:
a. Seven per cent of funds invested in the Corporation by the individuals named
in article 2 for up to one million dollars Canadian and five per cent of all
funds in excess on one million dollars Canadian.
b. Twenty-five per cent (25%) of the first year base salary of Xx. Xxxxxxx X.
Xxxxxx upon his employment by the Corporation.
4. Subject to regulatory approvals the compensation will be payable and will be
paid within thirty days of the above transaction or transactions closing.
5. LOGG and O'Brien hereby acknowledge that no further Services, except those
described in Article 2 in this letter, have been undertaken that would entitle
LOGG to any further compensation under the Agreement or the Amending Agreement.
The payment of the compensation as described in this letter will be in full and
complete satisfaction of the Corporation's obligations under the terms of the
Agreement and Amending Agreement.
6. The Agreement and the Amended Agreement hereby terminate as of the date of
this letter, excepting the requirements to complete the compensation as
described in this letter.
Sincerely,
Globaltex Industries Inc.
Per: "Xxxx Xxxxxx"
President
Accepted and agreed as of the 3rd day of March, 2003.
LOGG Investment Research Inc.
Per: "Xxxxxx X. X'Xxxxx"
Accepted and agreed as of the 3rd day of March 2003.
"Xxxxxx X. X'Xxxxx"
Xxxxxx X. X'Xxxxx
(to be executed under seal)
