EX 10.7
COMMISSION AGREEMENT
THIS AGREEMENT is made as of June 8, 1997 between Lotus Pacific, Inc.,
hereinafter referred to as "Lotus" and Clarinet Overseas Ltd., hereinafter
referred to as "Clarinet".
WITNESS THAT
IN CONSIDERATION OF the promises and mutual covenants and agreements
herein contained, the parties agree as follows:
1. Clarinet shall introduce accredited investors to Lotus' private
placements of its common stock shares.
2. Lotus agrees to pay Clarinet 6% of the total amount of funds
from the investors that Clarinet introduced plus one (1) share of common
stock of Lotus for each US $16.00 that Lotus raised from those investors.
3. All said shares of Lotus' common stock are restricted securities
as defined in Rule 144 of Securities Act of 1933, as amended. Clarinet shall
comply with all regulations of the Securities and Exchange Commission of the
United States in its presentation, and shall not make any improper statements
of Lotus to prospective investors.
4. This agreement shall become effective on June 8, 1997 and
terminate on March 31, 1998.
5. The payment of said commission shall be paid by April 10, 1998,
and there is no guarantee of any minimum amount to be paid under this
Agreement.
6. The term "Clarinet" as used herein shall be deemed to include the
employees and officers of Clarinet Overseas Ltd. in the performance of this
Agreement. The obligations, warranties, and representations of Clarinet
Overseas Ltd. hereunder are also imposed on the employees and officers of
Clarinet.
IN WITNESS WHEREOF, the parties hereto have cause this Agreement to
be executed as of the day and year first above written.
Lotus Pacvific, Inc. Clarinet Overseas Ltd.
By: /S/ By: /S/
Xxxxx Xxx, President Xxxxxxx Xxx, President
