EXHIBIT 10.1
Consultant Compensation Agreement
Term
November 1, 2002 to January 31, 2004
Performance
a) endorsement of NASCAR Silicon Motor Speedway ("NSMS");
b) half-day for video taping and photo shoot in Concord Xxxxx store or
studio in Charlotte; and
c) mutually agreeable number of appearance each year associated with a race
weekend or other paid appearance in a given market.
Financial Terms
a) Installation, maintenance and full use of a NSMS simulator at a location
of Xxxxxxx'x choice (home, shop, etc.) in Charlotte area; and
b) 150,000 shares of Interactive Motorsports and Entertainment Corporation
common stock (OTCBB: IMTS) issued under S-8 registration for consulting
services in blocks of 10,000 shares per month for 15 months.
Miscellaneous
a) NSMS will sell Xxxx Xxxxxxx licensed merchandise (including tests for
Xxxx Xxxxxxx generic merchandise). We would encourage Xxxx Xxxxxxx to
sign merchandise in order to facilitate sales; and
b) Xxxx Xxxxxxx will be featured prominently in each NSMS store through
videos and various point of sale materials.
Agreed:
/s/ Xxxx Xxxxxxx November 19, 2002
Xxxx Xxxxxxx Date
/s/ Xxxxxxx X. Xxxxxxxxx November 14, 2002
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Xxxxxxx X. Xxxxxxxxx Date
Chairman and Chief
Executive Officer
