EXHIBIT "B"
PAYMENT AGREEMENT
made by and between
AMMONIA HOLD, INC.
and
CORPORATE RELATIONS GROUP, INC.
THIS AGREEMENT is made this 22nd day of May, 1997, will serve as confirmation of
payment terms for services
to be provided AMMONIA HOLD, INC. ("CLIENT") whereby CORPORATE RELATIONS GROUP,
INC. ("CRG")
has agreed to perform said services as defined in the
"Lead Generations/Corporate Relations Agreement."
TERMS
A. CLIENT will pay to CRG, FOUR HUNDRED FIVE THOUSAND DOLLARS
($405,000 U.S. cy).
B. This Agreement is subject to compliance with the rules of the
Exchanges on which Client is listed and registered.
C. It is understood and agreed by the Parties that the above compensation
in U.S. currency, or free
trading shares of the Company, should be paid timely upon execution of
this Agreement. CRG will
retain the option, but is not compelled to begin its performance under
this Agreement prior to the
payment of such compensation in U.S. currency or free trading shares.
D. In the event of termination of the Agreement by Client, CRG shall be
fully released and forever discharged by Client from any further
obligations or liabilities with respect to the "Lead
Generation/Corporate Relations Agreement" and any results therefrom,
save and except liabilities arising from CRG's own negligence during
the term of this Agreement. Concurrently, Client shall be fully
released and forever discharged by CRG from any and all obligations of
further payments or liabilities with respect to the "Lead
Generation/Corporate Relations Agreement." This release in no way
affects Point #7, Page 2 of the "Lead Generation/Corporate Relations
Agreement."
E. Shares shall be made free trading through the registration that is
mutually agreed upon by the Company's
attorney and CRG's attorney.
F. Company shall issue options to CRG as outlined below.
Amount Price Duration
100,000 shares at $4.25 One (1) year from the date of this Agreement
100,000 shares at $5.25 Two (2) years from the date of this Agreement
100,000 shares at $6.25 Three (3) years from the date of this Agreement
100,000 shares at $7.25 Five (5) years from the date of this Agreement
100,000 shares at $8.25 Five (5) years from the date of this Agreement
G.The Client further agrees to issue immediately at no cost to CRG 100,000
Common Shares of 144 restricted
stock; (1) the shares shall be returned in full if the Client completes
the appropriate registration allowing
CRG to exercise its options within a period of 120 days from the
signing of this contract. (2) Should the
Company fail to affect the appropriate registration within the
aforementioned time, the Company and CRG
agree that CRG shall be entitled to keep all 100,000 shares of 144
Restricted stock and then the shares will
become the property of CRG and be considered additional payment of this
agreement. It is further agreed
that CRG will have piggyback registration rights to register the
aforementioned stock on any future
registration at the Company's expenses.
IN WITNESS WHEREOF, this Agreement is executed as of the date first above
written.
CORPORATE RELATIONS GROUP, INC.
BY: BY:
Xxxxxxx X. Xxxxxx, President Xxxxx X. Xxxxxx III, Consultant
AMMONIA HOLD, INC.
BY:
Xxxx Xxxxxxx, President
