EXHIBIT 10.5
PENGE CORP 0000 Xxxxxxx Xxxxxx Xxxxxx 0
Xxxxx 000
Xxx Xxxxx, XX 00000
000-000-0000 Xxxx Xxxxxxx
000-000-0000 XX Xxxxxx
March 5, 2003
Hi Xxxxx,
Per our conversation yesterday here is a consulting agreement like we talked
about
CONSULTING AGREEMENT BETWEEN XXXXX MAJOR AND PENGE CORP.
Penge Corp would like to hire Xxxxx Major on an ongoing basis to consult with
Penge Corp related to Tree Farm and other business opportunities for
approximately 500 hours a year. This lime is flexible and is primarily intended
to be used as strategy, information and relationship introduction time.
Penge Corp agrees to pay Xxxxx Major $1,000 a month consulting fee beginning
April 1st, 2003. Either party can cancel this consulting fee with 30 days
written notice.
Penge Corp agrees to pay 150,000 shares of Penge common stock as a consulting
signing bonus on April 1st, 2003. Penge Corp agrees that on or before April
15th, 2004 Xxxxx will be able to sell the shares on the open market to cover
$30,000 worth of personal taxes. If Xxxxx is unable to sell the shares on the
open market then Penge Corp agrees to purchase the 150,000 shares for $30,000
before April 15th, 2004.
[HANDWRITTEN] *CHANGED TO 150,000 @ .10 = $15,000 ON 2/1/04
Xxxxx Major Xxxx Xxxxxxx, Penge Corp
/S/ Xxxxx Major /S/ Xxxx Xxxxxxx
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Date March 5, 2003 Date March 5, 2003
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