Business Development Agreement
This agreement is entered into by and between Xxxxxx Xxxxxxx
and Xxxxxx Xxxxx on November 19, 1999. The purpose of this
agreement is to offer full disclosure as to the purpose and
intent of both parties as follow:
1. Xxxxxx Xxxxxxx is the owner of the name Xxxxxx.xxx.
2. Xxxxxx.xxx is used as an online auction community
similar to xxxx.xxx
3. Xxxxxx.xxx is developed as an online auction site
similar to xxxx.xxx
4. Xxxxxx Xxxxx posses expertise in business
development, marketing, advertising, management, and
any other skills needed to make a business
successful.
5. Xxxxxx Xxxxx wishes to develop xxxxxx.xxx to be a
direct competitor to xxxx.xxx
6. Xxxxxx Xxxxx wishes to consult daily with Xxxxxx
Xxxxxxx as to the business' development including
but not limited to incorporation, advertising,
marketing, technical, site servers, user
acquisition, and any other factors necessarily to
have xxxxxx.xxx become a well known entity on the
World Wide Web, and to place xxxxxx.xxx in a
position in order for it to be publicly traded.
7. Xxxxxx Xxxxxxx agrees to the site development and to
the paragraph's stated above.
8. Both Xxxxxx Xxxxx and Xxxxxx Xxxxxxx agree that from
time to time, and for the benefit of the business,
other decisions need to be implemented and enforced.
9. Both Xxxxxx Xxxxx and Xxxxxx Xxxxxxx agree that
Xxxxxx Xxxxxxx will be the final decision maker in
implementing anything whatsoever discussed as to the
benefit of the business.
For their mutual agreement as stated above, both Xxxxxx
Xxxxx and Xxxxxx Xxxxxxx agree to compensate Xxxxxx Xxxxx a
fee of One Million Five Hundred thousand US dollars as
follows:
a. From every dollar that is generated to the
company whether it be in the form of revenue or
capital investment, Xxxxxx Xxxxx is t receive
29% until the stated 1.5 million dollars stated
in the paragraph above is met.
b. The compensation could be less than the stated
29% mentioned above as long as it is agreed
upon by both parties.
c. The 1.5 million stated above cold be lessoned
or increased as long as agreed by the parties.
d. When Xxxxxx.xxx is incorporated, the
corporation is to adhere to this contract.
By their mutual agreement, this contract is signed on
November 19, 1999 in the city of Tujunga, State of
California.
/s/ Xxxxxx Xxxxxxx /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxxxx Xxxxxx Xxxxx
