CONSULTING CONTRACT
Whereas, Xxxxxx Xxxxxx, on behalf of eConnect
(hereinafter "Company") wishes to contract Xxxxxx
Xxxxx (hereinafter "Consultant") as a consultant
at an hourly rate of $100.00 per hour.
Whereas, Consultant shall endeavor to, on a best
efforts basis, advise, direct and implement
potential European strategic alliances on behalf
of the Company. Consultant will dedicate at least
375 hours of time on behalf of Company.
Consultant is not a registered Broker/Dealer and
will not and cannot directly solicit for
commissions the buying or selling of Company
securities.
Company agrees that all expenses, including but
not limited to printing, copies, and mailings,
directly incurred in the course of any of the
aforementioned criteria, will be reimbursed to
Consultant upon presentation of supportive
documents.
Company does agree to pay Consultant, two hundred-
fifty thousand (250,000) "free-trading" shares of
eConnect stock, priced at $0.01 per share for
services performed by Consultant. The stock shall
be sent directly to Consultant at 0000 Xxxxx
Xxxxx, Xxxxxxx, Xxxxxxx 00000.
Company acknowledges that Consultant may be
required to split any and all stock issued as a
result of this Consulting Contract with others
Company acknowledges that the failure to issue the
stock at closing shall irreparably injure
Consultant. Company agrees that in addition to any
legal remedies to which Consultant may be
entitled, Consultant shall, in addition thereto,
be entitled to the equitable remedy of injunction,
enjoining the conclusion of the transaction or
mandatory injunction requiring the payment of all
stocks.
All shares of stock to be received by Consultant
hereby are freely assignable. The obligations and
benefits to Company shall inure to the benefit of
and be binding on the Officers and Directors of
the surviving company to the extent said surviving
entity is required by law or equity to take on the
responsibility and contractual obligations of
Company as a result of the merger/acquisition,
transaction or event as it may be.
Now then, whereas Company, its Board of Directors
and/or Officers have agreed to the terms and
conditions set forth above, both parties do hereby
enter into this contract,
eConnect
By: /s/ Xxxxxx X. Xxxxxx
Date: August 19, 1999
Xxxxxx X. Xxxxxx, Chairman
and Chief Executive Officer
/s/ Xxxxxx Xxxxx
Date: August 19, 1999
Xxxxxx Xxxxx
