MANAGEMENT SERVICES AGREEMENT
THIS MANAGEMENT SERVICES AGREEMENT executed this 27th day of January, 2004, by and between Xxxx Xxxxxxx (“RUDOVER”) and The Electric Xxxxxxx.xxx Inc., (“ELECTRIC”), a Nevada corporation, with offices at Suite 0000-0000 X. Xxxxxxx Xxxxxx, Xxxxxxxxx, XX X0X 0X0 (collectively the “Parties”).
WHEREAS, ELECTRIC wishes to enter into a management services agreement with RUDOVER.
IT IS THEREFORE NOW AGREED AS FOLLOWS:
| 1. | Effective February 1st 2004 or such
other date as may be determined by its Board of Directors, RUDOVER shall
be appointed as ELECTRIC’s President and Chief Executive Officer
and as a director, to hold such offices until the earlier of the date
he resigns or is replaced. |
|
| 2. | The initial term of this agreement is
for twelve (12) months and may be extended upon mutual agreement of the
parties hereto, provided however that the Board of Directors of ELECTRIC
may terminate this Agreement upon thirty days written notice to RUDOVER. |
|
| 3. | In his position as President and Chief
Executive Officer, RUDOVER shall be charged with developing ELECTRIC’s
current business model and to review and evaluate investment opportunities
for ELECTRIC (the “SERVICES”). |
|
| 4. | As compensation and in consideration
for the SERVICES, ELECTRIC shall pay to RUDOVER the sum of US$1,000 per
month, payable monthly in arrears. |
|
| 5. | RUDOVER shall not be required to devote
his entire time and attention to ELECTRIC’s business, but shall devote
such time as is necessary to properly carry out his duties hereunder and
provide the SERVICES. |
|
| 6. | RUDOVER shall be entitled to a business
expense account allowance, to cover all travel, entertainment and business
expenses, which he incurs on behalf of ELECTRIC, provided that such allowance
and expenses are first approved by ELECTRIC’s Board of Directors.
RUDOVER shall maintain records to substantiate this account allowance
and provide a monthly expense report. |
|
| 7. | This Agreement shall be subject to the
laws of the Province of British Columbia. |
|
| 8. | This Agreement supersedes all prior
or contemporaneous oral or written statements concerning the subject matter
herein, and represents the complete and final understanding between the
parties hereto. Any modification of this |
Agreement is ineffective unless provided
in writing and executed by all of the parties hereto. |
||
| 9. | RUDOVER acknowledges that he may not
assign his rights or delegate his duties or obligations under this agreement. |
|
| 10. | In the performance of his obligations
hereunder RUDOVER shall be an independent contractor of ELECTRIC. RUDOVER
shall perform the services enumerated herein according to his own means
and methods of work and shall not be subject to the control or supervision
of ELECTRIC. ELECTRIC acknowledges that nothing in this Agreement shall
be construed to require RUDOVER to provide services to ELECTRIC at any
specific time or in any specific place or manner. |
|
| 11. | If a suit or action is instituted in
connection with any controversy arising out of this agreement, the prevailing
party shall be entitled to recover from the other party, in addition to
costs, such sums as the court may adjudge reasonable as attorneys fees,
including fees on appeal from a judgment, order or decree. |
|
| 12. | This agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. |
IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first written above.
THE ELECTRIC XXXXXXX.XXX INC.
_________________________________
Director: J. XXXXX XXXX
_________________________________
XXXX XXXXXXX
