Document:

Exhibit 10.30

 

ADDENDUM TO PROMISSORY NOTE

 

of April 1, 2003

Las Vegas, Nevada

 

As a provision of this Note, it is the
expressed intent of the Holder to provide sufficient funds to MediCor Ltd. to
pay for shortfalls in cash caused by the operating activities of MediCor
Ltd.  This commitment to fund operating
shortfalls extends to July 1, 2006, at which time the Holder and MediCor
Ltd. shall have the option of renegotiating, terminating, or extending the
terms and conditions of this Note.

 

 

	
   

  	
  MediCor Ltd.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theodore R. Maloney

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
  Date:

  	
  June 30, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  International Integrated Industries, LLC

  
	
   

  	
  Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald K. McGhan

  	
   

  
	
   

  	
  Its:

  	
  Chairman

  
	
   

  	
  Date:

  	
  June 30, 2005Exhibit 10.29

 

Consulting Services Agreement

 

This
Consulting Services Agreement (“Agreement”), effective October 15, 2003 (“The
Effective Date”), is made by and between Vitrix, Inc., (“Customer”), and
Todd P. Belfer (“Consultant”).

 

WHEREAS,
Customer desires to obtain certain consulting services (“Services”); and

 

WHEREAS,
Consultant has represented to Customer that it has the desire and expertise to
provide such Services; and

 

WHEREAS,
Customer has agreed to retain Consultant to provide such Services on the terms
and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual promises and for other good and valuable
consideration as hereinafter set forth, and intending to be legally bound
hereby, Customer and Consultant (each a “Party” and collectively the “Parties”)
agree as follows:

 

1.
SERVICES

 

Consultant
will provide the Services described in Attachment A.

 

2. FEES
AND EXPENSES

 

2.1         Fees.  In exchange for the Services, Customer shall
provide Consultant with 200,000 Vitrix stock options at a price of $.75 per
share.  The options will vest equally
(50,000 per year) over a four-year period. The terms of your options will be
set forth in a separate option agreement (the “Option Agreement”).  Consultant must continue as a member of the
board of directors of Customer in order for vesting to continue.

 

2.2         Expenses. 
Customer shall reimburse Consultant for all reasonable, out-of-pocket
expenses incurred in the performance of the Services, including, but not
limited to telephone calls, travel and accommodation charges, provided that
Customer pre-approves any significant expenses.

 

3. CONFIDENTIAL INFORMATION

 

The
term “Confidential Information” means any and all documentation, material or
information provided by Customer to Consultant, and all information regarding
Customer’s business affairs, customer’s finances, properties, methods of
operation, data, systems, procedures, algorithms or computer programs which
Consultant may acquire possession or knowledge of in connection with the
Services, except such information or data: (i) as Customer and Consultant
(“the Parties”) agree in writing is not proprietary or confidential; or (ii) is
otherwise in the public domain not as a result of a breach of any obligation of
confidentiality owed to Customer by Consultant or any third party.

 

3.1         Obligation
of Confidentiality.  Consultant shall use the Confidential
Information solely to provide the Services. 
Consultant agrees that, during the term of Services and up to a period
of three (3) years thereafter, it will hold the Confidential Information
in strict confidence.

 

4. OWNERSHIP OF CONSULTANT’S EFFORTS

 

Unless
otherwise agreed by the Parties, all Services rendered by Consultant and the
resulting products of such Services, including but not limited to proposals,
marketing or sales plans, presentations, licensing, service and other
agreements, reports and any other materials specifically prepared for Customer
(“the Materials”), shall be considered “works made for hire” and all right,
title and interest in such Materials shall be owned by Customer.

 

5. TERM
AND TERMINATION

 

The
term (“Term”) shall begin on the Effective Date and, unless otherwise
terminated in accordance with

 

 

this Section, shall continue for a period of four
(4) years from such date.  Upon the
expiration of this Term, the Parties may, at their option, elect to enter into
a different business arrangement.

 

5.1         Termination by
Customer.  Customer shall have the right to terminate
this Agreement, for reasons of non-performance, upon thirty (30) days notice in
writing.

 

5.2         Termination
by Consultant.  Consultant shall have the right to
terminate this Agreement, for any reason, upon thirty (30) days notice in
writing.

 

5.3         In the
event of termination, Consultant shall be entitled to compensation for any
Services provided prior to termination. Upon termination, Consultant shall, at
the request and option of Customer, either promptly return to Customer all
Confidential Information and any Materials, together with any copies thereof,
or provide Customer with a written notice certifying that all such items have
been destroyed.

 

6.
LIMITATION OF LIABILITY

 

IN NO
EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES (INCLUDING WITHOUT LIMITATION LOST PROFITS OR GOODWILL),
EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  CONSULTANT’S TOTAL AGGREGATE LIABILITY TO
CUSTOMER OR TO ANY THIRD PARTY UNDER THIS AGREEMENT WILL BE LIMITED TO THE
PAYMENTS DUE OR PAID UNDER THIS AGREEMENT.

 

7.
INDEPENDENT CONTRACTOR STATUS

 

Consultant
is an independent contractor under this Agreement and nothing herein shall be
construed to create a partnership or joint venture between the parties.

 

8.
GOVERNING LAW

 

All
questions concerning the validity, operation, interpretation, and construction
of this Agreement will be governed by and determined in accordance with the
laws of the State of Arizona.

 

9.
SEVERABILITY

 

If
any provision of this Agreement shall be held illegal, unenforceable, or in
conflict with any law of a federal, state or local government having
jurisdiction over this Agreement, the validity of the remaining portions or
provisions hereof shall not be affected thereby.

 

10.
NOTICES

 

All
notices and other communications required or permitted to be given under this
Agreement shall be in writing and shall be considered effective when deposited
in the U.S. mail as registered mail, return receipt requested, postage prepaid
or sent by courier and addressed to the parties at the addresses noted below,
unless by such notice a different address shall have been designated in
writing.

 

	
  For
  Company:

  	
   

  	
  For
  Customer:

  
	
  Attn.
  Craig Smith

  	
   

  	
  Attn:
  Todd P. Belfer

  
	
  Vitrix, Inc.

  	
   

  	
   

  
	
  51
  W. Third Street, Suite 310

  	
   

  	
   

  
	
  Tempe,
  AZ 85281

  	
   

  	
   

  

 

11.  FORCE MAJEURE

 

Notwithstanding
anything else in this Agreement, no default, delay or failure to perform on the
part of either Party shall be considered a breach of this Agreement if such
default, delay or failure to perform is shown to be due to causes beyond
reasonable control of the Party charged with a default, including, but not
limited to causes such as strikes, lockouts, or other labor disputes, riots,
civil disturbances, actions or

 

 

inactions
or governmental authorities or suppliers, epidemics, war, embargoes, severe
weather, fire, earthquakes, acts of God or the public enemy, nuclear disasters,
or default of a common carrier.

 

12.  ENTIRE AGREEMENT

 

This
Agreement constitutes the entire agreement between Customer and Consultant in
relation to this subject matter, and supersedes all prior representations,
proposals, discussions and communications, whether oral or in writing.  This may be modified only by an instrument in
writing, signed by both Parties.

 

The
Parties have caused this Agreement to be executed by their duly authorized representatives.

 

 

	
  Vitrix, Inc.

  	
   

  	
  Todd P. Belfer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  

 

 

EXHIBIT A

DESCRIPTION
OF SERVICES

 

Services
will include but not necessarily be limited to the following:

 

1.               Work with investment bankers, brokers and
individual investors with intent to raise money for Customer.

 

2.               Introduce executives of Customer to potential
new investors.

 

3.               Provide contacts and make introductions with
local companies to facilitate the sale of the Customer’s products and services
into that base.

 

4.               Work with KCSA on Public Relations and
Investor Relations activities for Customer.

 

5.               Assist in Mergers and Acquisition candidate
definition and potential acquisition process.

 

6.               Travel as necessary on behalf of Customer,
including doing investor road shows.

 

7.               Spend time in strategy sessions with
executives of Customer.Exhibit 10.30

 

BONUS PLAN
DOCUMENT

 

	
  Subject:

  	
  Bonus Plan for the President &
  CEO of Time America, Inc.

  
	
   

  	
   

  
	
  Effective
  Date:

  	
  January 1, 2005

  

 

General Information

 

On                           , 2005,
the compensation committee (the “Committee”) of the Board of Directors of Time
America, Inc. (the “Company”) retroactively adopted an incentive
compensation plan (the “Plan”) for Thomas S. Bednarik for the fiscal year
ending June 30, 2005 (“Fiscal 2005”). 
The Plan was subsequently adopted by the full Board of Directors of the
Company at the recommendation of the Committee. 
The Plan is an annual bonus plan that provides for the payment of
quarter cash bonus payments based on the achievement of specified forecasted
quarterly revenue and net income objectives for Fiscal 2005.  The Plan also provides for option grants
based on the achievement of such objectives.

 

Participation Eligibility

 

Mr. Bednarik is the only
participant eligible for incentive compensation under the Plan.

 

Maximum Bonus
Potential

 

Mr. Bednarik may earn
incentive compensation of up to U.S. $20,000 in the remaining two quarters of
Fiscal 2005 ($10,000 per fiscal quarter) and options to purchase 40,000 shares
of common stock of the Corporation (20,000 per fiscal quarter), if the
forecasted quarterly net sales revenue and operating income objectives
described herein are met.

 

Measurement
Period; Bonus Payments

 

Mr. Bednarik shall be
entitled to receive quarterly incentive compensation payments under the Plan
based upon the achievement of the following forecasted quarterly net sales
revenue and operating income objectives (70% of such amount based on
achievement of the Net Sales Revenue Target and 30% of such amount based on the
achievement of Operating Income Target). 
Such payments, if any, shall be due and payable on the 20th
day of the calendar month immediately following the end of a fiscal quarter.

 

 

	
   

  	
   

  	
  3rd Qtr 2005

  	
   

  	
  4th Qtr 2005

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Sales Revenue Target:

  	
   

  	
  $

  	
  1,612,067

  	
   

  	
  $

  	
  1,804,569

  	
   

  
	
  Operating Income Target:

  	
   

  	
  $

  	
  273

  	
   

  	
  $

  	
  <63,499

  	
  > 

  
									

 

Payment of the above incentive
compensation shall be based on the following formulas:

 

Net Sales Revenue Incentive Compensation Payable =

 

Actual Net Sales Revenue/Revenue
Objective = % of Revenue Objective Achieved

 

% of
Revenue Objective Achieved x $7,000

 

Operating Income Compensation Payable = 

 

Actual Operating Income/Operating
Income Objective = % of Net Income Objective Achieved

 

% of
Operating Income Objective Achieved x $3,000

 

Mr. Bednarik shall also be
entitled to receive options to purchase up to 20,000 shares (or pro rata
number) of common stock each fiscal quarter based on the achievement of the
above-referenced objectives.

 

In no event shall the incentive
compensation payable under this Plan exceed $10,000 (or 100% of the specified
performance objectives) in any fiscal quarter. 
Further, 90% of the sales revenue objective or operating income
objective, as the case may be, must be achieved in order to be eligible to
receive compensation under this Plan with respect to a specified performance
objective.

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