EXHIBIT 10.24
Promotion Connections, Inc.
000 Xxxxxxxx Xxxxxxx
Xxx Xxxxxxx, XX 00000
000-000-0000
Xxx Xxxxxx
November 16, 2001
Xx. Xxxx Xxxxx
Ultimate Sports Inc.
0000 Xxxxxxxx Xxxx.
Xxxxx Xxxxxx, XX 00000
Dear Xxxx
Per my conversation with you and Xxxxxx, the following shall constitute an
agreement describing the working relationship between Promotion Connections,
Inc. and Ultimate Sports Entertainment, Inc.
Promotion Connections will act in concert with Ultimate Sports to strategize,
contact, present and sell in promotion programs utilizing Ultimate products
and resources. Promotion Connection will make available to Ultimate Sports
its contacts and relationships in order to broaden the reach of Ultimate
Sports products.
As compensation, Ultimate Sports will pay the following:
Monthly Retainer: $5,000
Commission 7.5% on first $1,000,000 in sales 8.5% thereafter
Stock Options 50,000 shares annually (current option at $.125 each)
Travel Expenses: pre-approved airfare, hotel, transportation etc.
Other Expenses: Presentation materials, long distance and cell phone mailing
expenses, fully documented and billed monthly
Term: 12 months, commencing November 15, 2001, with review after 8 months,
after which either party may terminate this agreement with 30 days notice.
If the above accurately represents our agreement, please sign below and return
a copy to me. If any of this is inaccurate, please get in touch with me asap
and we'll get it fixed.
I truly look forward to a long and profitable relationship with you and Xxxxxx
and the Ultimate Sports Force. I appreciate your confidence in bringing me on
board.
Best Regards,
/s/ Xxx Xxxxxx
Xxx Xxxxxx
Acknowledged and agreed:
By /s/ Xxxx Licht______________
Xxxx Xxxxx
Ultimate Sports Entertainment, Inc.
Cc Xxxxxx Xxxxx
