This AGREEMENT was made on August 3, 1999.
Between: 000.xxx inc. ('ABET')
ABET is a public company listed on the US OTC Bulletin Board.
And: Xxxxxxxx X Xxxxxxxx ('LPB") as Consultant.
LPB is a resident of British Columbia.
ABET is prepared to have LPB act as President and CEO of ABET o the following
terms and conditions:
1. Terms and Starting Date:
The initial term is 12 months, commencing August 9th 1999. Renewable term and
conditions subject to board approval.
2. Compensation
a) Base salary of $8,000 (Canadian)/month paid bi-monthly,
b) Signing bonus of 500,000 shares of ABET to be award LPB or his nominee.
These shares to be released to LPB according to SEC regulations,
c) Stock options: in addition, LPB to be awarded options to purchase an
additional 500,000 shares at 50 cents (US)/share (option good for
2 years),
d) Out of pocket costs to be reimbursed, at cost, to LPB on a monthly basis,
e) The 500,000 share stock option can only be exercised after the 12th month
and only if LPB has remained as a consultant for that period.
f) The 500,000 bonus shares are awarded as follows:
180,000 shares January 31, 2000 and 30,000 share per month, thereafter,
for a total of 360,000 shares over 12 months with an additional 140,000
shares due at the end of the above 12-month period.
3. Duties:
a) LPB to agree to be appointed to the board of ABET as a director and to be
the acting President and DEO,
b) Attached is a preliminary itemized list of things to be done,
c) LPB to be fully in charge of ABET and to report to the Board of
Directors, who in turn, report to the shareholders. The major
shareholder is Baycove Investments Limited who will either appoint a
member to the Board or be a member of the Advisory Board.
4. Trial Period:
There is to be a 30 day trail period, on the 30th day (September 9/99):
a) Should LPB decide that he does not wish to continue in the role of
President and CEO as outlined herein, LPB shall simply be paid $8,000 for the
month plus all of his out of pocket costs,
b) Should the board of ABET, as directed by the major shareholder, Baycove
Investments Limited decide that LPB is not suitable to be President and CEO then
LPB aggress that his total compensation to be $8,000 for the month plus all of
his out of pocket costs plus a termination bonus of $10,000 plus 10,000
free-trading shares of ABET and he shall continue to be employed for a further
month at $8,000/month.
AGREED: SIGNED:
August 9, 1999 August 9, 1999
/s/ Xxxxxxxx X Xxxxxxxx /s/ Xxxxx Xxxxx
Xxxxxxxx X Xxxxxxxx Baycove Investments Limited
