CONSULTING AGREEMENTConsulting Agreement • May 15th, 2009 • Element 21 Golf Co • Sporting & athletic goods, nec • Delaware
This Consulting Agreement (the “Agreement”), effective as of September 15, 2008 is entered into by and between, Element 21 Golf Company, a Delaware corporation (herein referred to as the “Company”), and David Sindalovsky, (herein referred to as the “Consultant”). This agreement supersedes any prior oral or written agreements between the parties hereto.
ELEMENT 21 GOLF COMPANYElement 21 Golf Co • May 15th, 2009 • Sporting & athletic goods, nec
Element 21 Golf Co. (Element) agrees to employ Nataliya Hearn as its President and CEO. Dr. Hearn will work full time as an independent contractor, while serving as President and CEO. The term of employment will begin January 1, 2009 for one year, renewable for additional two terms. The total term of this contract is three years. During the term of this agreement Element will pay Dr. Hearn $20,000 per month in cash/stock or option as requested by Dr. Hearn. The value of the shares is set at the closing price of the 5 day closing average as of the date of this agreement ($0.12). The Element common stock will be issued on monthly basis. Element will reimburse Dr. Hearn’s expenses incurred on behalf of Element. Dr. Hearn will also receive a stock option package of 200,000 per year at an exercise price of $0.12.
ELEMENT 21 GOLF COMPANYElement 21 Golf Co • May 15th, 2009 • Sporting & athletic goods, nec
Element 21 Golf Co. (Element) agrees to employ John T. Grippo as its Chief Financial Officer. Mr. Grippo will work part time as an independent contractor, while serving as Chief Financial Officer. The term of employment will begin January 1, 2008 for one year, renewable for an additional term. The total term of this contract is two years. During the term of this agreement Element will pay Mr. Grippo $4,500 in cash per month and $7,500 in Element common stock per month. The amount of stock to be issued will be based upon the average closing price of Element common stock during the month. The Element common stock will be issued within 30 days of the end of each month and will be registered stock. Element will reimburse Mr. Grippo’s expenses incurred on behalf of Element. Element will not require Mr. Grippo to relocate.
