EXHIBIT 10.69
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This Consulting Agreement is made as of the 3rd day of June,
2003
BETWEEN:
XXXXXX X. XXXXX, Consultant, of the City of Toronto in the Province of
Ontario (hereinafter referred to as "Xxxxx")
OF THE FIRST PART
AND
IVP TECHNOLOGY CORPORATION, a corporation incorporated pursuant to the
laws of the State of Nevada (hereinafter referred to as "IVP")
OF THE SECOND PART
WHEREAS IVP is involved in negotiations involving a number of strategic
alliances and/or acquisitions; and
WHEREAS Xxxxx can facilitate the process of negotiation by consulting with
the management of IVP in the areas of strategic planning and marketing in the
field of entertainment software distribution;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the
premises, the mutual agreements and covenants herein contained and for other
good and valuable consideration now paid by each of the parties hereto to the
other (the receipt and sufficiency of which is hereby acknowledged), the parties
hereto agree as follows:
1. APPOINTMENT
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IVP hereby engages Xxxxx and Xxxxx agrees to render services to IVP as a
consultant upon the terms and conditions hereinafter set forth.
2. TERM
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The term of this Consulting Agreement shall begin as of the date of this
Agreement, and shall terminate on June 1st, 2004, unless earlier terminated in
accordance with paragraph 7 herein or extended as agreed to between parties.
3. SERVICES
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During the term of this Agreement; Xxxxx shall provide advice to, undertake
for and consult with IVP concerning management, marketing, consulting, strategic
planning, corporate organization and structure, financial matters in connection
with the operation of the businesses of IVP, expansion of services, acquisitions
and business opportunities, and shall review and advise IVP regarding its
overall progress, needs and condition. Xxxxx agrees to provide on a timely basis
the following enumerated services contemplated thereby:
(a) The implementation of short-range and long-term strategic
planning to fully develop and enhance IVP's domestic marketing
plan as it relates specifically to entertainment software
including, without limiting the generality of the foregoing, the
identification of potential sources of distribution in North
America;
(b) Advise IVP relative to the recruitment and employment of key
executives consistent with the efficient marketing of 1VP's
products and services; and
(c) Assistance with regard to the identification, evaluation,
structuring, negotiating and closing of joint ventures, strategic
alliances, business acquisitions and advice with regard to the
ongoing managing and operating of such acquisitions upon
consummation thereof.
4. DUTIES OF IVP
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IVP shall provide Xxxxx, on a regular and timely basis, with all approved
data and information about it, its subsidiaries, its management, its products
and services and its operations as shall be reasonably requested by Xxxxx, and
shall advise Xxxxx of any facts which would effect the accuracy of any data and
information previously supplied pursuant to this paragraph. IVP shall promptly
supply Xxxxx with full and complete copies of financial reports, all filings
with all federal and state securities agencies; with full and complete copies of
all stockholder reports; with all data and information supplied by any financial
analyst, and with all brochures or other sales materials relating to its
products or services.
5. COMPENSATION
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In consideration for the provision of the consulting services described in
paragraph 3 hereinabove, IVP will issue and deliver five million (5,000,000)
shares of IVP's Common Stock to Xxxxx (the "Shares"). The parties hereto agree
that the Shares shall be issued to Xxxxx on a fully paid and non-assessable
basis in consideration for services rendered by Xxxxx to IVP and that the Shares
shall bear the appropriate legend restricting the transfer of the Shares as
required by Rule 144 as promulgated pursuant to the terms of the Securities Act
of 1933.
Expenses relating to any activities undertaken by Xxxxx under this
Consulting Agreement will be charged to IVP at cost on a monthly basis. Travel
and accommodation terms will be mutually agreed upon prior to the activity being
undertaken. Expenses will be invoiced and payment due within thirty (30) days of
receipt of an invoice.
6. REPRESENTATION AND INDEMNIFICATION
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IVP shall be deemed to have made a continuing representation of the
accuracy of any and all facts, material information and data which it supplies
to Xxxxx and acknowledges its awareness that Xxxxx will rely on such continuing
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representation in disseminating such information and otherwise performing its
advisory functions. Xxxxx in the absence of notice in writing from IVP will rely
on the continuing accuracy of material, information and data supplies to IVP.
Xxxxx represents that he has knowledge of and is experienced in providing the
aforementioned services.
7. LIMITATION OF LIABILITY
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In the event that either party shall be liable to the other pursuant to
the terms of this Consulting Agreement for any failure to perform in connection
with this Consulting Agreement, that party's liability shall be limited as
follows:
(a) All liabilities in contract and tort for direct loss shall be
limited to the actual value of the shares paid in the year of the
claim; and
(b) All liabilities in contract and in tort for incidental, indirect,
special or consequential damages including, but not limited to,
loss of revenues or profits shall be excluded.
8. CONFIDENTIAL INFORMATION
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Each party may use the information received from the other party pursuant
to this Consulting Agreement and may provide such information to their
respective employees as applicable for their use only in connection with the
Agreement.
Each party agrees that it shall use the same means it uses to protect its
own confidential and proprietary information to prevent the disclosure and to
protect the confidentiality of-both
i. written information received from the other party which is marked or
identified as "confidential",
ii. written or verbal information which is of its nature confidential; and
iii. oral or visual information identified as confidential at the time of
disclosure which is reduced to written form and provided to the other
in such written form promptly after such oral or visual disclosure,
The foregoing shall not prevent either party from disclosing Information
that is:
iv. already known by the recipient party prior to the disclosure thereof
with no obligation of confidentiality;
v. publicly known or becomes publicly known not due to any unauthorized
act of the recipient party;
vi. rightfully received from a third party;
vii. independently developed by the recipient party without use of the
other party's Information;
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viii.disclosed without similar restrictions by the party owning the
Information to any third party;
ix. approved by the other party for disclosure; or
x. required to be disclosed pursuant to a governmental or legal
requirement provided that the disclosing party gives to the other
party written notice of such requirement prior to any such disclosure.
Upon expiration or termination of the Consulting Agreement or upon written
request of the party providing the Information, the other party shall return all
copies of the Information to the providing party or certify in writing that all
copies of the Information have been destroyed. Either party may return the
Information, or any part of it, to the other party at any time.
Each party makes no warranty, express, or implied, with respect to the
Information. Neither party shall be liable to the other or to any other person
hereunder for amounts representing loss of profits or loss of business or
indirect, consequential or punitive damages of the other party or of such other
person in connection with the provision or use of the Information hereunder.
Nothing contained in this Agreement shall be construed as granting or
conferring any rights by license or otherwise in the Information.
Each party acknowledges and agrees that the Information is the
confidential and/or proprietary and/or trade secret information of the other and
the unauthorized use or disclosure of the Information could cause irreparable
harm and significant injury to the other party for which that other party would
have no adequate remedy at law.
Therefore each party shall have the right, in addition to any other rights
it may have at law or in equity, to seek and obtain immediate injunctive relief
in respect of any breach or potential breach of this Consulting Agreement by the
other.
The provisions of this Clause 6 shall survive the expiry or termination
for whatever reason of this Consulting Agreement.
9. MISCELLANEOUS
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TERMINATION: This Consulting Agreement may be terminated by either Party
upon written notice to the other Party for any reason which shall be effective
five (5) business days from the date of such notice. This Consulting Agreement
shall be terminated immediately upon written notice for material breach of this
Consulting Agreement.
MODIFICATION: This Consulting Agreement sets forth the entire understanding
of the Parties with respect to the subject matter hereof. This Consulting
Agreement may be amended only in writing signed by both Parties.
COUNTERPARTS: This consulting agreement may be executed in any number of
counterparts by original or facsimile signature by the authorized officer of IVP
and Xxxxx each of which counterparts, when executed and delivered, shall be an
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original but such counterparts together shall constitute one and the same
instrument.
NOTICES: Any notice required or permitted to be given hereunder shall be in
writing and shall be mailed or otherwise delivered in person or by facsimile
transmission at the address of such Party set forth above or to such other
address or facsimile telephone number as the Party shall have furnished in
writing to the other Party.
WAIVER: Any waiver by either Party of a breach of any provision of this
Consulting Agreement shall not operate as or be construed to be a waiver of any
other breach of that provision or of any breach of any other provision of this
Consulting Agreement. The failure of a Party to insist upon strict adherence to
any term of this Consulting Agreement on one or more occasions will not be
considered a waiver or deprive that Party of the right thereafter to insist upon
adherence to that term of any other term of this Consulting Agreement.
SEVERABILITY: If any provision of this Consulting Agreement is invalid,
illegal, or unenforceable, the balance of this Consulting Agreement shall remain
in effect, and if any provision is inapplicable to any person or circumstance,
it shall nevertheless remain applicable to all other persons and circumstances.
DISAGREEMENTS: Any dispute or other disagreement arising from or out of
this Consulting Agreement shall be submitted to arbitration under the rules of
the American Arbitration Association and the decision of the arbiter(s) shall be
enforceable in any court having jurisdiction thereof. Arbitration shall occur
only in the State of Nevada. The interpretation and the enforcement of this
Agreement shall be governed by Nevada Law as applied to residents of the State
of Nevada relating to contracts executed in and to be performed solely within
the State of Nevada. In the event any dispute is arbitrated, the prevailing
Party (as determined by the arbiter(s)) shall be entitled to recover that
Party's reasonable attorney's fees incurred (as determined by the arbiter(s)).
IN WITNESS THEREOF, this Consulting Agreement has been executed by the
Parties as of the date first above written.
IVP TECHNOLOGY CORPORATION
______________________________________
Xxxxx Xxx Xxxxxx
President and CEO
___________________________ ______________________________________
Witness Xxxxxx X. Xxxxx
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