EXHIBIT 10.1
Xxxxx 00, 0000
Xxxxxx X. Xxxxxxxxxxx, Esq.
0 Xxxx Xxxxx
Xxxxxxx, Xxx Xxxx 00000
Re: Legal Services Agreement
Dear Dore:
This letter will memorialize our agreement regarding the payment to you
for legal services provided and to be provided during calendar year 1999 to
Magnitude Information Systems, Inc., previously known as Proformix Systems,
Inc., (the "Company") in the same manner and scope as you have provided to date
from the beginning of this calendar year.
In consideration of the aforesaid services you shall receive the sum of
$3,000 per month plus a non-accountable expense retainer of $800 per month plus
such additional out of pocket expenses as may be periodically authorized by the
company in advance. All of the foregoing sums shall be due and payable on a
bi-weekly basis.
As consideration for entering into this agreement, you shall receive from
the Company, immediately upon execution of this Agreement, 83,333 shares of the
Company's shares of common stock to be registered by the Company immediately but
no later than 30 days hereafter pursuant to Form S-8 Registration Statement plus
an option to purchase up to 50,000 shares of the Company stock at an exercise
price of $1.00 per share which option shall be exercisable from time to time
during a period of four (4) years from the date hereof and which shares
underlying said option shall be Registered as soon as may be practicable
hereafter either on Form S-8 or such other appropriate registration form or
statement but in no event shall such registration occur any later than 30 days
from the date hereof.
If the foregoing properly reflects our understanding, please so indicate
and date this agreement in the space provided below and return one fully
executed copy for our files. After the counter-execution of this Agreement, we
will issue and forward the necessary Company stock certificates and option form
to you as recited above.
An additional copy of this agreement is enclosed for your convenience.
Very truly yours,
MAGNITUDE INFORMATION SYSTEMS, INC.
BY : /s/ XXXXX XXXXXX
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Xxxxx Xxxxxx, President
AGREED AND ACCEPTED:
BY: /s/ XXXXXX X. XXXXXXXXXXX
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Xxxxxx X. Xxxxxxxxxxx
Dated: 3/12/99
