CONSULTING AGREEMENT
THIS AGREEMENT is between Xxxxx X. Xxxxxx Consulting, Inc., a Florida
corporation, hereinafter referred to as "the Consulting Company," and American
Bank, hereinafter referred to as "the Bank."
1. Retention of Consulting Company. The Bank hereby retains the
Consulting Company, and the Consulting Company hereby agrees to render
consulting services to the Bank.
2. Consulting Company's Services. The Consulting Company
agrees to provide the Bank with consultation and advice, on request.
3. Term of Agreement. The term of this Agreement shall run from the
date of its execution by the parties until December 31, 2000.
4. Consulting Company Fee. The Consulting Company shall
be paid the following non-refundable retainers for all services rendered by the
Consulting Company:
a. First Payment. The Consulting Company's first payment shall
be $50,000.00. This payment shall be made by the Bank to the Consulting Company
within 30 days of execution of this Agreement by the Consulting Company.
b. Second Payment. The Consulting Company's second payment
shall be $125,000. This payment shall be paid to the Consulting Company on or
before January 10, 1999.
c. Third Payment. The Consulting Company's third payment shall
be $125,000. This payment shall be paid to the Consulting Company on or before
January 10, 2000.
d. Penalty for Late Payments. If payment is not made within
thirty days as agreed, interest shall be due on the unpaid balance at a rate of
eighteen percent (18%) per year. If there is a collection action, the prevailing
party in such suit shall be entitled to an award of a reasonable attorney's fee
and costs of action.
e. Payments in the Event of Death of Xx. Xxxxxx. The
non-refundable retainer payments shall be made to the Consulting Company
notwithstanding the death of Xx. Xxxxxx, as set forth in the preceding schedule.
5. Arbitration. The parties agree that all disputes concerning alleged
breaches of the Consulting Agreement made by the parties shall be decided by
arbitration in accordance with the Rules of the American Arbitration
Association, and with the assistance of the American Arbitration Association. In
such an arbitration, the arbitrator shall be authorized to award any legal or
equitable remedies available at law. The prevailing party in an arbitration
brought pursuant to this Agreement shall be entitled to an award of a reasonable
attorney's fee and costs of action. Any arbitration award may be enforced in
court as provided by law.
6. Execution. There shall be two duplicate originals of this Agreement,
one for each party.
FOR THE CONSULTING COMPANY: FOR THE BANK:
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Xxxxx X. Xxxxxx Xxxxxx X. Xxxxxxx
President President
Xxxxx X. Xxxxxx Consulting, Inc. American Bank
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