Document:

Exhibit 10.10

 

AGREEMENT
AND SETTLEMENT

 

March 22,
2005

 

AGREEMENT AND SETTLEMENT (“Agreement”) made
as of this date and incorporating the terms of an oral agreement established on
or about August 9, 2004, between Datameg Corp., a New York corporation
(the “Company”), and Kanti Purohit (“Consultant”).

 

WHEREAS, Consultant possesses knowledge and
skills that can be beneficial to Company; and

 

WHEREAS, the President of the Company (the “President”)
recognizes that the Consultant’s contribution to the growth and success of the
Company can be substantial

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained, the parties agree as follows:

 

1. Employment Period. The Company entered
into an oral agreement with Consultant on or about August 9, 2004 to
employ Consultant on the terms and conditions set forth herein, for the period
commencing on August 9, 2004 and ending on March 3, 2005.

 

2. Position and Duties. Consultant performed
the functions and duties as was reasonably prescribed from time to time by the
President. The Consultant devoted his time and efforts to the business and
affairs of the Company and the promotion of its interests and performed all
duties and services on behalf of the Company necessary to carry out such functions.

 

3. Compensation. Consultant and Company
agreed on a salary at the weekly equivalent of $150,000.00 per annum.

 

4. Settlement Terms. In full satisfaction of
all employment-related claims, including but not limited to salary, stock
issuances and other benefits, Consultant and Company agree to the following:

 

(a)           One-time
payment to Consultant of $l0,000.00, bank or cashier’s
check, on or before March 22, 2005.

 

(b)           Stock
issuance to Consultant of 350,000 shares, common of Company stock (DTMG; OTC
BB), on or before April 8, 2005. As of this date, this issuance will bring
Consultant’s holdings to l,350,000 shares, common, of
Company stock. Company and Consultant agree that these shares will be
registered with the Company’s next SB-2 filing with the Securities
Exchange Commission.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the date and year written above.

 

	
   

  	
  Datameg Corp.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Kanti Purohit

  	
   

  	
  By:

  	
  /s/ Andrew Benson

  	
   

  
	
  Kanti Purohit, Consultant 

  	
  Andrew Benson, PresidentExhibit 10.11

 

AGREEMENT

 

March 22,
2005

 

EMPLOYMENT AGREEMENT (“Agreement”) made as of
this date between Datameg Corp., a New York corporation (the “Company”), and
Kanti Purohit (“Consultant”).

 

WHEREAS, Consultant possesses knowledge and
skills that can be beneficial to Company; and

 

WHEREAS, the President of the Company (the “President”)
recognizes that the Consultant’s contribution to the growth and success of the
Company can be substantial 

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained, the parties agree as follows:

 

1. Employment Period. The Company agrees to
employ Consultant on the terms and conditions set forth herein, for the period
commencing March 22, 2005 and ending on March 22, 2006.

 

2. Position and Duties. Consultant agrees to
perform the functions and duties as reasonably prescribed from time to time by
the President. The Consultant agrees to devote his time and efforts to the
business and affairs of the Company and the promotion of its interests and
perform all duties and services on behalf of the Company necessary to carry out
such functions.

 

3. Compensation. Consultant and Company agree
to a retainer of $5,000.00, to be paid to Consultant on or before April 15,
2005. Consultant will draw down on that amount at an hourly rate of $100 per
hour. Consultant will submit detailed billing information to Company on a
monthly basis. Consultant will notify, in writing, Company whenever the
retainer balance drops below $1,000.00; after receiving written notice, Company
will pay a further retainer of $5,000.00 within 10 days of such notice. If
termination of Consultant, as defined in Section 5 below, takes place or
if Consultant resigns or otherwise ends his relationship with the Company for
any reason whatever, Consultant agrees to return any unused retainer monies to
the Company.

 

4. Expenses. Consultant will be reimbursed
for any employment-related expenses incurred by him during the course of the
employment period.

 

5. Termination. Consultant’s employment and
association with the Company may be terminated at any time for cause or for any
reason whatever. Company and Consultant agree that this Agreement constitutes
an “at will” agreement.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the date and year written above.

 

	
   

  	
   

  	
  Datameg Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Kanti Purohit

  	
   

  	
   

  	
  By:

  	
  /s/ Andrew Benson

  	
   

  
	
  Kanti Purohit, Consultant

  	
   

  	
  Andrew Benson, President

  
							

 

1Exhibit 10.13

 

RELEASE

 

In consideration of forty-five thousand              00/100
dollars ($45, 000.00) and other valuable consideration paid by Datameg
Corporation (“releasee”) to Hickey Hills Partners, LLC (“releasor’), its
members, partners, agents, servants, employees, representatives, attorneys,
successors and assigns the receipt whereof is hereby acknowledged the releasor
hereby remises, releases and forever discharges the said releasee from all
debts, demands, actions, causes of actions, suits, accounts, covenants, contracts,
agreements, damages and any and all claims, demands and liabilities whatsoever
of every name and nature, both in LAW and EQUITY, which the said releasor or
its members, partners, agents, servants, employees, representatives, attorneys,
successors and assigns now or ever had against the said releasee arising on the
account of monies owed by the releasee to the releasor and more particularly on
account of the legal action of Hickey Hill Partners, LLC vs. Datameg Corp.,
Boston Municipal Court No. 03 CV 3626.

 

IN WITNESS WHEREOF and under seal, the said
Hickey Hills Partners, LLC has caused this instrument to be executed this    day
of April, 2005.

 

	
  Witness:

  	
   

  	
  Hickey Hills Partners, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ David H. Galpern

  	
   

  
	
   

  	
   

  	
   

  	
  David H. Galpern

  
	
   

  	
   

  	
   

  	
  Authorized AgentExhibit 10.14

 

	
  350

  	
  TERM
  SHEET

  	
   

  

 

 

	
  350 Group, LLC

  

  350 Fifth Avenue South

  Suite 203

  Naples FL 34102

  Office 239-282-8300

  Fax 239 262 2212 

  	
  DATAMEG
  CORPORATION

  (NORTH ELECTRIC COMPANY, INC.)

  	
   

  
	
  Thursday, March 31,
  2005

  

  

  	
   

  

 

 

	
  Goals &

  Objectives

  	
   

  	
  To serve as advisor to the CEO/President of
  DataMeg Corporation and its affiliate entity, North Electric Company, Inc.
  (“North Electric” and together, “Datameg/NECI”), and apply 350 Group’s
  resources including global professional network, operational expertise, and
  corporate finance solutions to develop North Electric and respectively,
  DataMeg, as a viable and profitable provider of products and services to the
  IP telephony industry (including voice, data and video media).

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  350 Group

  	
   

  	
  1.

  	
   

  	
  Strategic Advisor

  
	
  Duties

  	
   

  	
   

  	
   

  	
  •

  	
  Serve as advisor to the proposed “Office of
  the CEO” as mentioned in Exhibit A;

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Advise on development of the Datameg/NECI
  Strategic Business Plan;

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Implement specific strategic initiatives as
  directed by Datameg/NECI CEO and Board; and

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Generally, provide management guidance in
  pursuit of monthly business progress following the points of outlined in Exhibit A,
  attached.

  
							

 

	
   

  	
   

  	
  2.

  	
   

  	
  Investment Banking

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Develop and implement the Datameg/NECI
  fundraising strategy;

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Provide introductions to suitable contacts
  through its relationship with high net worth private investors, institutional
  investors and investment banks, and manage, in collaboration with DataMeg
  Chairman and CEO, the investor interface between the company and the investment
  community; and

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Develop as a sales tool, instruments for
  equipment lease financing with the objective to facilitate more rapid market
  adoption of North Electric products and services.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
   

  	
  Operations Support

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Create sales, marketing, distribution and
  contract manufacturing relationships to enable routine production and
  delivery of products and services; and

  
	
   

  	
   

  	
   

  	
   

  	
  •

  	
  Oversee implementation of appropriate
  business systems and reporting tools to facilitate the routine, timely reporting
  required of DataMeg/NECI entities.

  

 

1

 

	
  DataMeg / North

  	
   

  	
  1.

  	
   

  	
  Obtain Board of Directors approval for 350
  Group Engagement;

  
	
  Electric Duties

  	
   

  	
  2.

  	
   

  	
  Grant access to the appropriate individuals
  in a timely fashion;

  
	
   

  	
   

  	
  3.

  	
   

  	
  Provide Business Strategy Content by
  submitting business documents, plans, ideas, marketing materials, financial
  reports to 350 Group and other content elements in a timely manner;

  
	
   

  	
   

  	
  4.

  	
   

  	
  Provide monthly management reports to 350
  Group (including sales and financial reports) and hold no less frequently
  than monthly status meetings; and

  
	
   

  	
   

  	
  5.

  	
   

  	
  Alert 350 Group to all inquires about
  partnerships, investment or licensing.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Engagement

  Term

  	
   

  	
  Thirty six (36) months automatically
  renewing in twelve (12) month installments. Exclusive representation
  agreement to handle business transactions related to the financing and
  capital structure of DataMeg/NECI (Stock Sales, Fundraising, Bridge and
  Mezzanine Loans, Joint Ventures, Partnerships, Asset Sales and the like).
  Success Fee protection for all contacts within 12 months after termination
  and 24 months for 350 Group contacts made prior to termination.

  
	
   

  	
   

  	
   

  
	
  Cancellation

  	
   

  	
  Thirty (30) days cancellation notice for
  either party, after first 120 days.

  
	
   

  	
   

  	
   

  
	
  Primary Staffing

  	
   

  	
  Tim Cartwright, Managing Director

  
	
   

  	
   

  	
  Craig Lyon, Managing Director

  
	
   

  	
   

  	
  Reznor Orr, Managing Director

  
	
   

  	
   

  	
   

  
	
  Success Fees

  	
   

  	
  1.

  	
   

  	
  Upon signature of Term Sheet, Twenty Five
  percent (25%) of DataMeg common stock issued at par value into performance pool;
  350 Group to earn stock over time utilizing a vesting schedule and only
  upon DataMeg /NECI achieving the specific performance milestones set forth in
  Exhibit B;

  
	
   

  	
   

  	
  2.

  	
   

  	
  During the term of the engagement; 350
  Group will receive a Success Fee in the amount 5% payable upon the company’s
  receipt of investor funds raised and received by the Company.

  
	
   

  	
   

  	
   

  
	
  Business Terms

  	
   

  	
  Includes standard indemnification and
  mutual confidentiality clauses.

  
	
   

  	
   

  	
   

  
	
  Expenses

  	
   

  	
  Out-of-pocket expenses for travel and
  related business expenses will be invoiced on a monthly basis and must be
  paid in 30 days. All reimbursable travel will be subject to DataMeg/NECI
  pre-approval.

  
	
   

  	
   

  	
   

  
	
  Expiration

  Notice

  	
   

  	
  The offer represented in this term sheet
  expires in 15 days. Within 20 days of signature of this Term Sheet, an
  Engagement Letter detailing the terms herein will be submitted to
  DataMeg/NECI.

  

 

 

	
   

  	
  /s/ Andrew Benson

  	
  4-1-05

  	
   

  	
  /s/ Timothy J Cartwright

  	
   

  	
    Director

  
	
   

  	
  Andrew Benson

  	
  Date

  	
   

  	
  Tim Cartwright

  	
  Date

  	
    4-1-05

  
	
   

  	
  Chairman

  	
  Managing Director

  
	
   

  	
  DataMeg Corporation

  	
  350 Group, LLC

  

 

2

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