AGREEMENT
Agreement made and entered into as of the 8th day of June,
1999 (the "Effective Date") by and between Xxx Xxxxxx of eConnect,
a Nevada corporation (hereinafter referred to as "Company"), and
Xxxxx Xxxxxxxxx (hereinafter referred to as "Consultant") and shall
serve as the Agreement between Company and Consultant superseding
all prior agreements between Company and Consultant whether oral or
written.
Witnesseth
Whereas, the Company is desirous of entering into a contract
with the Consultant wherein said Consultant will be engaged by the
Company in accordance with the terms and conditions contained; and
Whereas, Consultant is willing to enter into a consulting
agreement with Company in accordance with the terms and conditions
hereinafter provided on a non-exclusive basis.
Now, therefore, for and in consideration of the mutual
promises and covenants contained herein and subject specifically to
conditions hereof, and intending to be legally bound thereby, the
parties agree as follows:
1. Term of Agreement. The Company hereby engages Consultant and
Consultant hereby agrees to work for the Company for a period
beginning the 8th day of June, 1999 and ending on the 15th day of
July 1999 unless this Agreement is extended by the parties hereto.
2. Services of Consultant. The Consultant is retained on a best
efforts basis to advise and assist in the development and creation
of specific software needed for the Company's hardware and Internet
products.
3. Compensation. Upon execution of this Agreement, Consultant
shall receive the sum of Two Hundred Fifty Thousand (250,000) shares
of S-8 stock (free trading stock) in the Company to be issued in the
name of the Consultant as compensation for consultant services.
4. Indemnity. The Company hereby agrees to indemnify and hold
Consultant harmless of and from any and all costs, expenses, fees,
claims, damages, and injuries, including attorneys' fees of any kind
which may incur or be required to pay by reason of this Agreement.
5. Severability. The invalidity or non-enforceability of any
provision hereof shall in no way affect the validity or
enforceability of any provision.
6. Expenses. All authorized expenses shall be reimbursed to
Consultant by the Company, on or before the 15th day of each
calendar
7. Modification. This Agreement shall not be changed or modified
or discharged except in writing by the consent of the parties
hereto.
-
8. Entire Agreement. This Agreement contains the entire Agreement
and understanding between the parties concerning the subject matter
contained herein. All modifications or amendments to this Agreement
must be made in writing and signed by the parties hereto.
9. Choice of Law and Venue. The parties agree that this Agreement
shall be governed and construed in accordance with the laws of the
State of California. The parties and obligations of this Agreement
shall be adjudicated in a court of competent jurisdiction in Los
Angeles, California.
10. No Assignment. This Agreement may not be assigned by either
party to any other person, entity, assignee, or successor in
interest to the parties without the prior written consent of the
other party.
11. Effect of Facsimiles. Facsimile copies of this full recourse
agreement, including any addendum and modifications, are deemed
originals, when signed as such by both parties, unless hard copies
are requested by the transacting parties.
12. Authority. The parties hereby represent and warrant that the
individuals executing this Agreement on their behalf are authorized
to do so and will bind the parties to the terms and conditions of
this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement
on the date first written above.
eCONNECT
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx, Chairman
and Chief Executive Officer
/s/ Xxxxx Xxxxxxxxx
Xxxxx Xxxxxxxxx
