EXHIBIT 10.2
FIRST AMENDED BUSINESS CONSULTING CONTRACT
11-1-01
TO: Xx Xxxxxx Xxxxx
Xxxxx Consulting Inc
0000Xxxxxxxx Xx Xxxx 000
Xxxxx Xxxx, XX 00000
Dear Xx Xxxxxx Xxxxx:
Based upon our various conversations Capco Energy Inc. (Capco) agrees to
substitute the agreement executed between Capco and Sayed Consulting Inc (SCI)
as of 4-20-01, herein referred to as "The Agreement" and this First Amended
Agreement herein referred to as the "Amended Agreement".
The terms and conditions of the Amended Agreement are as follows:
1. SCI shall be retained to provide the marketing and financial services to
Capco on a continuous basis until 12-31-02 or any other date the parties
chose on a mutual consent basis.
2. The services shall include but not limited to: Investor relations with
current shareholders, effective dissemination of the Company's message to
the financial community, news releases and other related activities as
directed by Capco.
3. SCI shall also provide assistance to list the Company on a major exchange.
4. Capco shall pay a consulting fee amounting to $3000 monthly and $2000(upon
exercise of options as described herein below) plus non-accountable
expenses of $2000/month, which shall include local auto expense, telephone,
computer and other miscellaneous office expenses. In addition Capco shall
reimburse all other accountable expenses in relations to travel out of
Location, which is undertaken by SCI, which are approved by Capco.
5. In Consideration for the services provided and in addition of the cash
disbursement as provided for herein above, Capco shall provide 150,000 paid
shares of Capco stock (Delivered already) and grant options to SCI to
acquire 500,000 shares of Capco at $0.93/per share expiring March 31st 02
and additional options to acquire 600,000 shares of Capco at $1.15/share
expiring 6-30-02. In addition so long as the contract is in force by
December 31st 2002 and all the previous options have been exercised then
Capco shall grant an additional options to SCI to acquire 150,000 share of
Capco at $1.75 per share expiring March 31, 2003 or within 90 days of the
termination of the Amended Agreement which ever is later.
6. Either party can terminate this contract by giving a notice of 2 weeks to
the other party. Capco's obligation in the event of termination by either
part shall be to pay all the unpaid but approved expenses and consulting
fees up to the date of termination.
7. Upon the Execution of the Amended Agreement, all the terms of the Agreement
as well as any other written and verbal agreement(s) shall be void.
If the above terms are acceptable then please execute a copy and forward to
my attention by 11-06-01.
Sincerely yours, Accepted:
/s/ Xxxxx Xxxxxxxxx /s/ Xxxxxx Xxxxx
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Xxxxx Xxxxxxxxx Xxxxxx Xxxxx
President
Capco Energy Inc.
