Document:

wyd8k110408ex10-1.htm

    
      

      

    

    
      Exhibit
10.1

      

      CONSULTING
AGREEMENT

       

      THIS AGREEMENT is made as of
October 23, 2008, by and between Who’s Your Daddy, Incorporated, a Nevada
corporation having an address at 5840 El Camino Real, Suite 108, Carlsbad
California 92008 (the "Company"), ticker symbol WYDI and Net Vertex New York
Inc., a New York company, having an address at 16 West 32nd Street,
Suite 707, New York, NY 10001 (the "Consultant").

       

      RECITALS:

       

      WHEREAS, the Company requires services
to promote its brand and market its products;

      WHEREAS, the Consultant has provided
international product distribution and business development services for a
number of companies;

      WHEREAS, the Company recognizes the
substantial experience and knowledge of the Consultant in matters relating to
international business contacts;

      WHEREAS,
the Company further recognizes that it is in the best interests of the Company
to engage the consulting services of the Consultant; and

      WHEREAS,
the Company desires to retain the services of the Consultant, and the Consultant
desires to render such services to the Company upon the terms set forth in this
Agreement.

       

      NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth below, and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

       

      
        	
              	
                1.

              	
                Recitals. The
      Recitals to this Agreement are hereby incorporated into this Agreement as
      though fully restated herein.

              

      

       

      
        	
              	
                2.

              	
                Engagement. The Company hereby
      engages the Consultant, and the Consultant accepts engagement by the
      Company, upon the terms and conditions set forth in this
      Agreement.

              

      

       

      
        
          
            	
                  	
                    3.

                  	
                    Term. The
      term of this Agreement shall begin on the date hereof and shall continue
      until October 23, 2009 subject to the following
  provisions:

                  

          

        

      

       

      
        	
                 
      

              	
                (a)
      The Consultant can at its sole discretion elect to withdraw from the
      Agreement subject to a 10 day written notice to the Company should the
      Consultant deem the Company being unresponsive or uncooperative. Company
      would still be liable to the Consultant for any “Success Fees,” as
      described in Section 4; generated directly or indirectly by the
      Consultants efforts and or
introductions.

              

      

       

      
        	
                 

              	
                (b)
      The Company can at its discretion terminate the Agreement subject to a 10
      day written notice at the conclusion of the “Initial Period,” defined as
      three months, if the Consultant’s efforts have not resulted in tangible
      progress by the Consultants on the Company’s behalf. Tangible progress
      being meetings scheduled with Japanese, European or US direct or indirect
      contacts; “Introduced Parties” of the Consultant regarding active talks or
      negotiations pertaining to the “Introduced Parties” direct or in-direct
      participation in any joint venture, strategic alliance, etc. with the
      Company. The Company will still be liable for any and all “Success Fees”
      generated by directly or indirectly by the Consultant’s efforts for the
      duration of the Agreement between the
Parties.

              

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      4.           Consulting Services
Compensation.

       

       
(a) The Company shall pay to Consultant or its designees as compensation
for its services under
this Agreement:

       

      
        	
                 
      

              	
                (i)

              	
                As
      compensation for its services, the Consultant shall receive 2,000,000
      shares of common stock of the Company.  Company agrees to issue
      such shares upon the execution of this Agreement and Company and
      Consultant agree to have said shares be held in an independent third party
      escrow account of mutual agreement subject to the following earn out or
      claw back provision:  250,000 shares shall be fully earned and
      released upon completing a Business Lending Credit Line, loan, or SBA
      Program, with no personal guaranty requirements, which the Consultant
      secures for the Company for a minimum of $250,000 US, for a minimum period
      of one year with an annual interest rate in the range of  US
      Prime Rate plus 3 Points. An additional 250,000 shares shall be earned and
      released upon the accepting of a loan or Credit Line, with no personal
      guaranty requirements, for a minimum of $250,000 US, which the Consultant
      secures on behalf of the Company from a Tokyo financial institution for a
      minimum period of one year with a capability to extend, at an annual
      interest rate range of Prime Rate in Japan plus 3 Points. Should the
      Company decide not to accept funds made available by either loan approval
      within the above parameters then the shares that would have been earned
      will be deemed earned regardless of the Company accepting the funds. The
      remaining 1,500,000 shares shall be earned and released upon the Company
      accepting any form of Commitment Letters for $2,500,000 from parties
      introduced by Consultant (the “Introduced Parties”) for joint-venture,
      distribution, business development, or strategic business relationships.
      However, the Company is under no obligation to accept any such Commitment
      Letters. In addition if the Company cancels this Agreement then 500,000 of
      the up-front shares shall be deemed earned. Should the Company accept a
      Commitment Letter for less than $2,500,000 from an Introduced Party, then
      Consultant shall earn a pro rata share of the remaining 1,500,000 shares,
      equivalent to the ratio between the amount accepted and $2,500,000.
      Additional fees for further consulting services, the “Success Fees”, shall
      be paid to the Consultant for any and all Introduced Parties that directly
      or indirectly result in any form of direct or indirect joint venture,
      distribution, business development, or strategic business relationships,
      etc.  The Success Fee shall be equal to ten percent (10%) of any
      amounts received by the Company from an Introduced Party , plus 100,000
      common shares of the Company for each $1,000,000 received from an
      Introduced Party, or the equivalent on a pro rata basis. Notwithstanding
      the foregoing, to the extent the Consultant is required to have a
      securities license in order to lawfully be paid any such Success Fee, the
      fee will not be payable to Consultant. The Company shall be under no
      obligation to accept any transaction or relationship arranged by
      Consultant, except as described in 4(a)(i)
  above.

              

      

       

      

      
        	
                 
      

              	
                (ii)

              	
                The
      Consultant shall be responsible for arranging independent legal counsel to
      act as an escrow type agent for any business relationships the Company may
      enter with Third Parties introduced to the Company directly or indirectly
      by the Consultant subject to the Company approving the Consultants
      selection, but which cannot be unreasonably withheld. Company further
      agrees that the Consultants and Company’s signatures shall be required for
      approval for the release of any and all monies, stock and chattel to be
      released out of said escrow type accounts and that Consultants fees shall
      be distributed directly to the account or accounts of Consultant’s
      choosing from the escrow type account(s). Should the Company decide not to
      accept funds deposited in escrow type account from the business
      development, distribution, strategic partners, joint venture or any other
      Introduced Party, after approving the terms of such arrangement, then all
      appropriate fees and compensation will be deemed earned regardless of the
      Company accepting the funds.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        (b)
The
Company will in the future provide the Consultant with such additional
compensation as the Company and the Consultant shall mutually agree for any
additional services by the Consultant not provided for in this Agreement such as
Licensing, Agreements, Marketing Agreements and any additional services not
specified in this agreement, subject to the same escrow provisions of section 4
a (ii).

      

       

      
        (c) The
Company represents and warrants as follows:

         

      

      
        	
                 
      

              	
                (i)

              	
                All
      issued and outstanding shares of  the Company’s common stock (i)
      have been duly authorized and validly issued and are fully paid and
      non-assessable and (ii) were issued in compliance with all applicable
      state and federal laws concerning the issuance of securities, and no
      stockholder has a right of rescission or damages against the Company with
      respect thereto.  The stockholders of the Company have no
      preemptive rights under the applicable laws of the State of
      Nevada.

              

      

       

      
        (d) The
rights, preferences, privileges and restrictions of the shares of the Company’s
common stock are as
stated in the Articles of Incorporation (the “CHARTER”) of the
Company.  The shares issued to the Consultant have been duly and
validly reserved for issuance.  When issued in compliance with the
provisions of this Agreement and the Company’s Charter, the shares issued to the
Consultant will be validly issued, fully paid and non-assessable, and will be
free of any liens or encumbrances.

      

       

      (e)
Consultant acknowledges that all shares issued to Consultant pursuant to this
Agreement will not be registered under the Securities Act of 1933, as amended
(the “Act”). Each of the certificates evidencing the Shares shall bear a legend
in substantially the following form:

       

      THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE
144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION
OF SHARES), OR (iii) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY
SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER
THE ACT AND APPLICABLE STATE LAW IS AVAILABLE

      

      (f)
Consultant represents and warrants that it is accepting the Shares
solely for its own account as principal, and not with a view to the resale or
for distribution thereof, in whole or in part, and no other person or entity has
a direct or indirect beneficial interest in such Shares.

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

      
        	
              	
                5.

              	
                Duties.  From time
      to time as reasonably requested by the Company, the Consultant agrees to
      perform consulting services related to international business development
      and other financial service matters, upon the request of the President of
      the Company, and will make available qualified personnel for this purpose
      and devote such business time and attention to such matters as the
      Consultant shall determine is required.  Such services shall
      include, without limitation, strategic planning, planning meetings with
      the international and domestic investment community, assisting the
      Company’s management in designing the Company’s Business Plan and
      “Growth-by-Acquisition” Strategic Alliance or “Joint-Venture” strategy.
      Additionally, Consultant shall prepare or assist in the preparation of a
      Company Corporate Profile, Fact Sheets, and Shareholder Letters as
      needed.

              

      

       

      6.           Nature of
Engagement.  The Company is
engaging the Consultant as an independent contractor. Nothing in this Agreement
shall be construed to create an employer-employee, partnership or joint venture
relationship between the parties.  The Company shall have not
liability for any federal, state or local income taxes of the Consultant arising
hereunder.  The services to be provided by the Consultant will not be
in connection with the offer or sale of securities in a capital-raising
transaction.

       

      
        	
                 
      

              	
                7.

              	
                Expenses.  The Company
      shall be responsible to cover in advance all airline costs and hotel room
      expenses
      for Messrs. Yamagishi and McLoone to travel to Tokyo in advance to fulfill
      the Consultant’s role. Additionally upon receipt of requests from the
      Consultant for reimbursement, the Company shall reimburse the Consultant
      for all reasonable and necessary expenses the Consultant incurs, on and
      prior to and after the date of this Agreement in performing its duties in
      connection with this Agreement. The Consultant shall be required to
      receive written authorization from the Company prior to incurring any
      expenses. Consultant will provide company with written evidence of
      expenses with any reimbursement request. Company agrees to cover all costs
      associated with translating English documents to Japanese to assist
      Consultant with fulfilling their assignment. The Initial Expenses of
      $50,000 US to be paid directly out of a bridge loan or SBA Loan or Line of
      Credit proceeds.

              

      

       

      8.           Miscellaneous.

       

      (a)          Notices.  All notices or
other communications required or permitted to be given pursuant to this
Agreement shall be in writing and shall be considered as duly given on (a) the
date of delivery, if delivered in person, by nationally recognized overnight
delivery service or by facsimile or (b) three days after mailing if mailed from
within the contin­ental United States by registered or certified mail,
return receipt requested to the party entitled to receive the same, if to the
Company, Automotive General, at the address set forth herein, 5840 El Camino
Real, Suite 108, Carlsbad California 92008; and if the Consultant, at the
address set forth herein, 16 West 32nd Street,
Suite 707, New York, NY 10001.  Any party may change his or its
address by giving notice to the other party stating his or its new
address.  Commencing on the 10th day after the giving of such notice,
such newly designated address shall be such party's address for the purpose of
all notices or other communications required or permitted to be given pursuant
to this Agreement.

       

      (b)          Governing
Law.
  This Agreement and the rights of the parties hereunder shall
be governed by and construed in accordance with the laws of the State of
California without regard to its conflicts of law principles.  All
parties hereto agree that the mailing of any process in any suit, action or
proceeding in accordance with the notice provisions of this Agreement shall
constitute personal service thereof.

       

      (c)          Exclusive
Jurisdiction and Venue.  The parties agree that the Courts of
the County of Orange, State of California shall have sole and exclusive
jurisdiction and venue for the resolution of all disputes arising under the
terms of this Agreement and the transactions contemplated herein.

       

      (d)          Entire
Agreement; Waiver of Breach.  This
Agree­ment constitutes the entire agreement among the parties and supersedes
any prior agreement or understanding among them with respect to the subject
matter hereof, and it may not be modified or amended in any manner other than as
provided herein; and no waiver of any breach or condition of this Agreement
shall be deemed to have occurred unless such waiver is in writing, signed by the
party against whom enforcement is sought, and no waiver shall be claimed to be a
waiver of any subsequent breach or condition of a like or different
nature.

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        (e)        
 Binding
Effect; Assignability.  This Agreement
and all the terms and provisions hereof shall be binding
upon and shall inure to the benefit of the parties and their respective heirs,
successors and permitted assigns. This
Agreement and the rights of the parties hereunder shall not be assigned except
with the written consent of all parties
hereto.  Notwithstanding any provision of this Agreement to the
contrary, the Consultant shall be entitled to direct
the Company in writing that any funds payable or stock issuable to it pursuant
to this Agreement shall instead be paid
or issued to its designee.

      

       

      (f)           Captions.  Captions
contained in this Agreement are inserted only as a matter of convenience and in
no way define, limit or extend the scope or intent of this Agreement or any
provision hereof.

       

      (g)          Number
and Gender.  Wherever from the
context it appears appropriate, each term stated in either the singular or the
plural shall include the singular and the plural, and pro­nouns stated in
either the masculine, the feminine or the neuter gender shall include the
masculine, feminine and neuter.

       

      (h)          Severability.  If any provision
of this Agreement shall be held invalid or unenforceable, such invalidity or
unen­forceability shall attach only to such provision and shall not in any
manner affect or render invalid or unenforceable any other severable provision
of this Agreement, and this Agreement shall be carried out as if any such
invalid or unenforceable provision were not contained herein.

       

      (i)           Amendments.  This Agreement
may not be amended except in a writing signed by all of the parties
hereto.

       

      (j)           Counterparts.  This Agreement
may be executed in several counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same
instrument.  In addition, this Agreement may contain more than one
counterpart of the signature page and this Agreement may be executed by the
affixing of such signature pages executed by the parties to one copy of the
Agreement; all of such counterpart signature pages shall be read as though one,
and they shall have the same force and effect as though all of the signers had
signed a single signature page.  A facsimile signature shall have the
same force and effect as an original thereof

       

      (k)          Third
Parties.  Except as
specifically set forth or referred to herein, nothing herein expressed or
implied is intended or shall be construed to confer upon or give to any person
or corporation other than the parties hereto and their successors or assigns any
rights or remedies under or by reason of this Agreement.

       

      (l)           Attorneys’
Fees.  In the event any party hereto shall commence legal
proceedings against the other to enforce the terms hereof, or to declare rights
hereunder, as the result of a breach of any covenant or condition of this
Agreement, the prevailing party in any such proceeding shall be entitled to
recover from the losing party its costs of suit, including reasonable attorneys'
fees, as may be fixed by the court.

       

      

      
        IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and
year
first above written.

      

       

      
        	
                Who’s
      Your Daddy, Inc. 

              	 
      	
                Net
      Vertex New York Inc.

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/ Michael Dunn

              	 
      	
                By:

              	
                /s/ Hiro
      Yamagishi

              	 
      
	 
      	
                Michael
      Dunn, CEO

              	 
      	 
      	
                Hiro
      Yamagishi, PresidentExhibit 10.5

 

EXECUTION COPY

 

FIRST AMENDMENT TO SECOND AMENDED AND
RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF EXTRA SPACE STORAGE LP

 

This First Amendment to Second Amended and Restated Agreement of
Limited Partnership of Extra Space Storage LP, dated September 18, 2008
(this “Amendment”), is entered into
by and among ESS Holdings Business Trust I, a Massachusetts business trust (the
“General Partner”) and the limited
partners listed on Exhibit A hereto (the “Limited
Partners”).

 

WHEREAS, the General
Partner and ESS Holdings Business Trust II, a Massachusetts business trust (the
“Parent Limited Partner”;  and collectively with the General Partner and the Limited
Partners, the “Partners”), entered into
that certain First Amended and Restated Agreement of Limited Partnership of
Extra Space Storage LP dated as of August 17, 2004 (the “Original Agreement”);

 

WHEREAS, the General
Partner and the Parent Limited Partner amended and restated the Original
Agreement by entering into that certain Second Amended and Restated Agreement
of Limited Partnership of Extra Space Storage LP (the “Partnership
Agreement”) dated as of June 25, 2007, in order to admit
the Limited Partners into Extra Space Storage LP (the “Partnership”),
including the admission of those Limited Partners that hold Series A
Preferred Units (as defined in the Partnership Agreement), and to set forth the
rights and responsibilities of the Partners and the Partnership;

 

WHEREAS, the
Partners wish to clarify in this Amendment the allocation provisions of the
Partnership Agreement to reflect the original economic understanding and
agreement among the parties with respect to the treatment of depreciation in
allocations of Net Income and Net Loss to Holders of Series A Preferred
Units, as set forth herein; and

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the receipt, adequacy and sufficiency of which
are hereby acknowledged, the parties hereto, intending legally to be bound, hereby
amend the Partnership Agreement as follows:

 

1.                                       Definitions.
Capitalized terms used herein, unless otherwise defined herein, shall have the
same meanings as set forth in the Partnership Agreement.

 

1

 

2.                                       Amendments.

 

a.                                       Article I
of the Partnership Agreement is hereby amended to include the following
definition in alphabetical order:

 

“Adjusted Section 704(b) Net Income” means, for any
Partnership Year or other applicable period, (i) the Partnership’s Net
Income for such Partnership Year or other applicable period as determined under
the Code, minus (ii) that portion of the Series A Preferred
Priority Return for such Partnership Year or other applicable period that
consists of an amount, with respect to each Series A Preferred Unit, equal
to 5.00% per annum on the Series A Preferred Stated Value per Series A
Preferred Unit, commencing on the date of original issuance of the Series A
Preferred Units.”

 

b.                                      Section 6.2
of the Partnership Agreement is hereby amended by adding a new paragraph D. as
follows:

 

“D.                              Depreciation
Adjustments. Notwithstanding anything to the contrary in Section 6.2.A(a)(iv) of
this Agreement, for any Partnership year or other applicable period, (a) allocations
of Net Income to the Series A Preferred Units with respect to that portion
of their Series A Preferred Priority Return consisting of 5.00% per annum
on the Series A Preferred Stated Value per Series A Preferred Unit shall
be exclusive of Depreciation, and (b) the Series A Preferred Units shall be allocated
Depreciation on a proportionate basis with respect to the remaining portion of
their Series A Preferred Priority Return consisting of the Series A
Preferred Priority Return consisting of the Series A Preferred Return. For
purposes of Section 6.2.D.(b) above, Depreciation shall be
allocated to the Series A Preferred Units based on a fraction, the
numerator of which is that portion of the Series A Preferred Priority
Return for a Partnership Year or other applicable period that constitutes the Series A
Preferred Return, and the denominator of which is the Adjusted Section 704(b) Net
Income for such Partnership Year or other applicable period.”

 

3.                                       Effective
Date. Because this Amendment sets forth the original agreement among the
parties and is intended to be only for purposes of clarification, the parties
agree that this Amendment shall be effective as of June 25, 2007.

 

2

 

4.                                       Continuing
Effect of Partnership Agreement. Except as modified herein, the Partnership
Agreement is hereby ratified and confirmed in its entirety and shall remain and
continue in full force and effect, provided, however,
that to the extent there shall be a conflict between the provisions of the
Partnership Agreement and this Amendment, the provisions in this Amendment
shall prevail. All references in any document to the Partnership Agreement
shall mean the Partnership Agreement, as amended hereby.

 

5.                                       Counterparts.
This Amendment may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which shall constitute one and the
same agreement. Facsimile signatures shall be deemed effective execution of
this Amendment and may be relied upon as such. In the event facsimile signatures
are delivered, originals of such signatures shall be delivered within three (3) business
days after execution.

 

[Remainder of Page Left Blank
Intentionally]

 

3

 

IN WITNESS WHEREOF, this
Amendment has been executed as of the date first written above.

 

 

	
   

  	
  GENERAL PARTNER:

  
	
   

  	
   

  
	
   

  	
  ESS HOLDINGS BUSINESS TRUST I

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Kent W.
  Christensen

  
	
   

  	
   

  	
  Name: Kent W. Christensen

  
	
   

  	
   

  	
  Title: Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LIMITED PARTNERS:

  
	
   

  	
   

  
	
   

  	
  ESS HOLDINGS BUSINESS TRUST II

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kent W. Christensen

  
	
   

  	
   

  	
  Name: Kent W. Christensen

  
	
   

  	
   

  	
  Title: Trustee

  

 

4

 

EXHIBIT A

 

LIMITED PARTNERS

 

5

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