This AGREEMENT was made on August 12, 1999 and replaces any previous contracts.
Between: 000.xxx, inc, ('ABET')
ABET is a public company listed on the OTC Bulletin Board.
And: Xxxxxxx Xxxxx ('BM') as Consultant.
BM is a resident of British Columbia
ABET is prepared to have BM as the VP Operations under the following terms and
conditions:
1. Term and Starting Date:
The initial term is 12 months starting August 13, 1999. Renewable terms and
conditions subject to board approval.
2. Compensation:
a) Base salary of $6,000 (Canadian)/monthly paid by-monthly.
b) Signing bonus of 250,000 shares of ABET to be awarded BM or his nominee.
These shares to be released to BM according to SEC regulations,
c) Stock Options: in addition, BM to be awarded options to purchase an
additional 250,000 shares at 50 cents (US)/share (option good
for 2 years)
d) Out of pocket costs to be reimbursed, at cost to BM on a monthly basis,
e) The 250,000 share stock option can only be exercised after the 12th month
and only if BM has remained a consultant for that period.
f) The 250,000 bonus shares are awarded as follows:
120,000 shares March 1, 2000 and 15,000 shares per month, thereafter,
for a total of 180,000 over 12 months with an additional 70,000 shares
due at the end of the 12-month period.
3. Duties:
a) Nominated to the Board of ABET as director.
AGREED: SIGNED:
August 12, 1999 August 12, 0000
/x/ Xxxxxxx Xxxxx /s/ Xxxxxxxx X Xxxxxxxx
Xxxxxxx Xxxxx 000.xxx, Inc., Xxxxxxxx X Xxxxxxxx,
President and CEO
