Exhibit 10.03
FINANCIAL SERVICES AGREEMENT
THIS FINANCIAL SERVICES AGREEMENT is entered into this 1st day of
October, 2001, by and between PLASTICS MFG. COMPANY, a corporation
organized and existing under the laws of the State of Wisconsin, having
its principal place of business at W190 X00000 Xxxxxxxxxx Xxx, Xxxxxxxxxx,
Xxxxxxxxx 00000 (the "Company") and MOLDMAKERS LEASING & INVESTMENTS
LIMITED PARTNERSHIP, LLP, a limited liability partnership organized and
existing under the laws of the State of Wisconsin having its principal
place of business at Wl88 X00000 Xxxxx Xxxx, Xxxxxxxxxx, Xxxxxxxxx 00000
("MML").
W I T N E S S E T H :
WHEREAS, the Company is in the business of manufacturing plastic
molded parts; and
WHEREAS, as part of its regular business, MML engages in financial
services, including making arrangements for equipment and real estate
leases, commercial and bank loans, financial advice and other services
requiring financial expertise; and
WHEREAS, the Company and MML have agreed that MML will perform
financial services for the Company on a monthly basis and that the Company
has agreed to pay MML in the form of compensation therefor an orderly
reduction of said deposit.
NOW, THEREFORE, in consideration of the premises and mutual covenant
hereinafter contained, the parties agree as follows:
1. THE SERVICES
MML agrees to provide financial and consulting and reference services
for the Company throughout the term of this Agreement. Such services shall
include arrangements for equipment leases and other leases, arrangements
and references for bank loans and other commercial lending arrangements,
and financial advice and expertise. The Company recognizes that its
success and growth is partly dependent on such services.
2. PAYMENT FOR SERVICES
The Company shall pay MML a Financial Services Fee at the rate of
$50,000.00 per month throughout the term of this Agreement. Such fees may
be paid, or accrued, by means of a reduction in the deposit due MML.
3. INDEPENDENT CONTRACTOR
MML acknowledges and agrees that it is an independent contractor and
not an employee of the Company.
4. TERM
This Agreement shall be effective beginning as of October 1, 2001 and
shall continue until terminated by written notice, of either party given
no less than thirty (30) days prior to the termination date
5. NOTICES
All notices and xxxxxxxx shall be in writing and sent via first class
mail to the Company and MML at their respective addresses set forth at the
beginning of this Agreement, or to such other address as either party
shall notify the other party by notice given hereunder.
6. GENERAL PROVISIONS
a. MML shall not assign this Agreement or delegate its duties
hereunder and shall not subcontract any of the services to be performed
hereunder without the prior written consent of the Company.
b. MML shall perform the services described herein as an independent
contractor and shall not be considered an employee, partner, or joint
venturer of the Company or otherwise related to the Company for any
purpose.
c. This Agreement shall be governed by the laws of the State of
Wisconsin.
d. This Agreement constitutes the entire understanding between MML
and the Company respecting the services described herein.
e. The failure of either party to exercise its rights under this
Agreement shall not be deemed to be a waiver of such rights or a waiver of
any subsequent breach.
IN WITNESS WHEREOF, the partes hereto have duly executed this
Agreement as of the date first above written.
Plastics Mfg. Company (the "Company")
By: XXXX X. XXXXXXX
Xxxx X. Xxxxxxx, President
Moldmakers Leasing & Investments
Limited Partnership, LLP ("MML")
By: XXXXX X. XXXXXXXX
Xxxxx X. Xxxxxxxx, Partner
