STOCK PURCHASE AGREEMENT
This agreement is entered into between Monogram Pictures, Inc., a Florida
corporation (SELLER) and Xxxxxx X. Xxxxxx, an individual (Buyer) regarding
the sales and purchase of all the outstanding shares of General Personnel
Management, Inc., a California corporation (GPM).
SELLER agrees to sell and BUYER agrees to purchase all the outstanding
shares of GPM for a purchase price of Twenty-Five Thousand Dollars
($25,000), subject to the following conditions:
1. SELLER will forgive any and all indebtedness due from GPM, except that
GPM will reimburse SELLER for auditing cost in the amount of Two-Thousand
Five Hundred Dollars ($25,000)
2. BUYER will cause GPM to forgive any and all indebtedness from SELLER.
3. BUYER will cause GPM to enter into a marketing agreement with SELLER to
provide marketing commission of 1% of Gross Payroll for all new business
referred to GPM from SELLER. Said commission will apply to the first two
years of payroll for each new business referred by SELLER.
4. SELLER warrants that BUYER has full knowledge of all GPM contracts and
obligations and SELLER has entered into no contracts or obligations without
the knowledge of BUYER.
This agreement is to become effective October 1, 2001
Agreed to this 1st day of October, 2001
Xxxxxx X. Xxxxxx
/s/ Xxxxxx X. Xxxxxx
Monogram Pictures, Inc.
/s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx, President
