Exhibit 99.2
The following consulting Agreement between Global Wataire, Inc. (The Company or
(GW) and Ameri-can Equipment Sales & Leasing Inc. or AESL outlines the terms
under which Xxxxxx Xxxxxxx will perform the consulting services for the company.
Xx. Xxxxxxx will be the President & CEO.
The contract shall be for a term of sixty months (five years) commencing on
the 25th day of August 2007.
3. Compensation:
a) Fee of $US 220,000 annually, to be invoiced to the Company at the
rate of $ 18,333.33 monthly. The Board of Directors will review this
fee from time to time.
b) Xxxxxx Xxxxxxx will be granted family health and dental benefits
of $US15, 000 dollars annually. The Board of Directors will review
this fee from time to time.
c) Entitlement to a bonus of up to 50% of annual fee if and when
granted by the Board of Directors subject to the achievement of annual
performance criteria as approved by the Board.
d) You will be entitled to participate in the company's stock option
plan when grants are determined by the Board of Directors.
e) AESL will invoice the company monthly for Xx. Xxxxxxx'x out of
pocket expenses such as travel, meals and entertainment and other such
expenses related to the execution of his duties, including $1,000 per
month as an automobile allowance.
4. Non competition:
The Contract will contain the usual provision prohibiting you from
competing with the company for a period of two (2) years from the expiry or
termination of your services.
5. Duties:
Your duties shall include:
- Execute the company business plan and implement controls and
procedures to insure structured company growth.
- Identify and perform due diligence of potential merger and
acquisitions targets for Board of Directors review. Execute approved
transactions as directed and integrate the new businesses into the
company business plan
- Develop customer relations and awareness of the Company.
- Develop and maintain government public relations.
- Any other duties as determined by the Board of Directors.
6. Termination for any reason:
The Company shall have the right to terminate your contract at any time
with a payment of twice the outstanding fee remaining on the term of the
contract at the time of termination, plus a cash settlement of $1,000,000.
The fee payments will be in the form of cash.
7. Termination by consultant:
The consultant shall provide a minimum of two (2) months notice prior to
termination of the contract.
Please sign this letter below to indicate your agreement with the above terms.
Yours truly,
Xxxxxx X. Xxxxx
Chairman of Audit Committee
Global Wataire Inc.
Agreed this 25 day of August 2007.
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Ameri-can Equipment Sales & Leasing Inc.
