Document:

PARTNERSHIP AGREEMENT

 

AGREEMENT, made this 3rd day of September, 2005 by and between Electric Moto Corp. hereinafter “‘the Company” and Nils Wiklund, hereinafter “the Partner” 

 

WHEREAS, the Company desires to obtain marketing, sales and distribution services in connection with the Company’s business affairs outside North America, and the Partner is willing to undertake to provide such services as hereinafter fully set forth;

 

AND WHEREAS, the Partner has substantial experience in the areas of Marketing, product  development, sales and public relations outside North America;

 

AND WHEREAS, the Partner has expressed a desire to invest in Electric Moto Corporation, both verbally and demonstrably through prior actions;

 

WITNESSETH NOW THEREFORE, the parties agree as follows:

 

1. TERM: The term of this Partnership Agreement shall be indefinite.

 

2. NATURE OF AGREEMENT: During the term of this Agreement, the Company and the Partner agree to the following:

 

a.)  It is understood that the Partner and the Company will work closely with to develop European and Australian distribution channels for the Company’s product line.

 

b.) It is understood that the Partner will work diligently to establish favorable vendor agreements with European suppliers.

 

c.) It is agreed that the Company will provide their manufactured products to the Partner for 40% over the true manufactured cost to the Company, payable within 30 days after the shipped date. True manufactured cost shall be determined through an open book accounting of all costs incurred for production of products, including development and general overhead. A current spreadsheet detailing production and operational costs shall be available to both parties to confirm the true manufactured cost. 

 

d.) It is agreed that upon sale of the products, the partner will return 10% of the gross profit from sales to the Company within 60 days. Gross profit for the product is herein defined as the purchase price. 

 

e.) It is agreed that the Company shall grant to the Partner exclusive rights to distribution and sales of the Company’s products for territories including Europe, Australia and New Zealand as per the terms of this agreement.

 

f.) It is agreed that the Partner will not be reimbursed for any expenses that will create financial obligations for the Company unless approved by the Board of Directors of the Company.

 

 

 

 

g.) It is agreed that upon mutual agreement of both parties, this document may be modified in the future to address specific issues.

 

4.  COMPENSATION: The Company agrees to compensate the Partner as follows:

 

Upon execution of this Agreement, the Company shall issue to Partner 6,560,000 shares of the Company’s common stock. All shares provided herein will be bear a restrictive legend, and will be subject to the provisions of SEC Rule 144. 

 

5.  LIABILITY OF PARTNER: In furnishing the Company with management advice and other services as herein provided, neither Partner nor any officer, director or agent thereof shall be liable to the Company or its creditors for errors of judgment or for anything except malfeasance, bad faith or gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the terms of this agreement.

 

It is further understood and agreed that the Partner may rely upon information furnished to it reasonably believed to be accurate and reliable and that except as herein provided, the Partner shall not be accountable for any loss suffered by the Company by reason of Company’s actions or non-action on the basis of any advice, recommendation or approval of the Partner, its employees or agents.

 

The parties further acknowledge that the Partner undertakes no responsibility for the accuracy of any statements to be made by management contained in press releases or other communications, including but not limited to, filings with the Securities and Exchange Commission and the National Association of Securities Dealers.

 

6.  INDEMNIFICATION:

The Partner shall indemnify, defend and hold harmless the Company from and against all claims, losses, costs, damages and expenses, including, without limitation, attorneys’ fees and costs, incurred by the Company resulting from or arising in connection with any intentional or willful misconduct by the Partner arising out of or related to the Partner’s activities under this Agreement. This section shall survive termination of this Agreement regardless of the reason for such termination. 

 

The Company shall indemnify, defend and hold harmless the Partners from and against all claims, losses, costs, damages and expenses, including. Without limitation, attorneys’ fees and costs incurred by the Partners resulting from or arising in connection with any intentional or willful misconduct by the Company or any misrepresentation or concealment of a material fact supplied in written materials provided by Company to the Partners for use in performing the Partner’s duties hereunder. This section shall survive termination of this Agreement regardless of the reason for such termination.

 

8.  BREACH OF CONTRACT: The sole remedy of the Company in respect of any material breach of this Agreement by Partners shall be to terminate this Agreement upon the giving of thirty (30) days prior written notice, in which event all unexercised or partially exercised options shall be null and void and of no effect. 

 

 

 

 

10. NOTICES: All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing (including electronic transmission) and shall be (as elected by the person giving such notice) hand delivered by messenger or courier service, electronically transmitted or mailed (airmail if international) by registered or certified mail (postage prepaid), return receipt requested, addressed to:

 

11. MISCELLANEOUS:

a.)  All final decisions with respect to consultation, advice and services rendered by Partner to the Company shall rest exclusively with the Company. 

 

b.) This Agreement and any additional agreements executed concurrently therewith represent the entire understanding and agreement between the parties with respect to the subject matter hereof, and supersede all other negotiations, understandings and representations (if any) made by and between such parties.

Any controversy or claim arising out of or related to this Agreement shall be settled by arbitration in accordance with the rules and under the auspices of the American Arbitration Association; and any arbitration shall be conducted in the State of Oregon.

 

c) Should either Partner be notified that it is under a formal investigation by any regulatory body or should either Partner be named in a legal action or administrative procedure by the Securities and Exchange Commission prior to the effective date of the above mentioned registration, the Company, can, at its sole discretion, terminate this agreement with that party. 

 

IN WITNESS WHEREOF, the authorized representatives of the parties hereto have executed this Agreement as of the date set forth above. This agreement replaces any and all agreement in the past.

 

Ely Schless, Chairman & CEO

	
            s/s
 	
            Date: 09/03/05
 

 

Company:

Electric Moto Corporation

3165 East Main

Ashland, Oregon 97520

 

Partner:

	
            Nils Wiklund  s/s
 	
            Date:09/03/05
 

 

Nils WiklundExhibit 10.1

DEFERRED COMPENSATION PLAN
 FOR DIRECTORS OF TEXAS INDUSTRIES, INC.

          THIS DEFERRED COMPENSATION PLAN FOR DIRECTORS OF TEXAS INDUSTRIES, INC. (“Plan”) is EFFECTIVE AS OF THE 1st day of January, 2005.

1.       Effective Date

          This Plan shall be effective on the aforesaid date for Compensation for services performed during calendar years beginning with 2005.

2.       Definitions

          For purposes of this Plan, the following capitalized terms shall have the meaning set forth herein:

	
  
 
  	
  
          (a)          “Account   Balance” shall mean at any time a Director’s aggregate Deferred Amount shown   in the records of the Company.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (b)          “Committee”   shall mean the Compensation Committee of the Board of Directors of Texas   Industries, Inc. [not including members thereof who have entered into a   Deferred Compensation Agreement].
  
	
   
  	
  
 
  
	
  
 
  	
  
          (c)          “Company”   shall mean Texas Industries, Inc. and any successor thereto.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (d)          “Compensation”   shall mean all cash fees payable to a Director by the Company for services as   a Director of the Company as established from time to time by the Board of   Directors of the Company, including the annual director’s fee and any and all   fees for attending meetings of the Board of Directors or its committees.
  

	
  
 
  	
  
          (e)          “Deferred   Amount” shall mean the amount by which the Director’s Compensation is reduced   and deferred as agreed upon by the Director and the Company in any Election   to Defer in substantially the form attached hereto as Appendix 1 that is   executed and delivered in accordance with all laws and regulations applicable   thereto, and which is payable in the Common Stock of the Company in   accordance with the terms of this Plan.
  
	
   
  	
  
 
  
	
  
 
  	
  
          (f)          “Director”   for the purposes of this Agreement shall mean a Director who is not an   officer or employee of the Company.
  

3.       Deferred Compensation

          The Company shall credit to a Director’s Account Balance the number of shares of Common Stock of the Company determined by dividing the Deferred Amount of said Director’s Compensation by the average market price of such Common Stock for the thirty (30) trading days prior to the first day of the year in which the Deferred Amount would otherwise be paid.  Cash dividends shall be credited to such account in the form of Common Stock of the Company at a value equal to the fair market value of the stock on the date of payment of the cash dividend.  The Compensation Committee will have the authority to determine how dividends of property other than cash or common stock will be credited to the account.  Shares of Common Stock of the Company credited to the account shall be adjusted to reflect any increase or decrease in the number of shares outstanding as a result of stock dividends,
stock split-ups, combination of shares, recapitalizations, mergers or consolidations.  

2

4.       Payment of Deferred Amount

          The Account Balance on the earlier of the date, if any, elected by the Director in the written Election to Defer, and the date on which he ceases to serve as a Director for any reason will be distributed to the Director within 30 days.  Any amounts which have not been paid to the Director prior to his death shall be paid to the beneficiary he has selected in a designation filed with the Company, and in the absence of such a filing, then to his estate.

5.       General

          It is expressly agreed that the Director will not assign, set over or otherwise dispose of or attempt to dispose of any interest hereunder, and any interest of the Director hereunder shall not be subject to levy by any creditor of the Director.

          This Agreement shall be binding upon, and shall be assumed in all respects by, any successor or assigns of the Company.

	
  
DIRECTOR
  	
  
 
  	
  
TEXAS INDUSTRIES, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
By
  	
  
 
  
	
  

  	
   
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
   
  	
  
Title   Vice President
  

3

ELECTION TO DEFER FOR  [Year]

DEFERRED COMPENSATION PLAN

FOR DIRECTORS OF TEXAS INDUSTRIES, INC.

_________________________[Name of Director]

          I, the undersigned Director, having been advised that I am entitled to defer all or a portion of my Director’s cash compensation for [____] under the terms of the Deferred Compensation Plan for Directors of Texas Industries, Inc.(“Plan”), do hereby make the following Election.  

          I elect to defer the following amount of my Director’s cash compensation for [____] into the Plan (check one and complete) 

          
o ___________________  percent (________ %), or 

          
o  ___________________ dollars   ($_________)

          I elect to have the shares in my Account under the Plan paid to me on the date selected  below (please check one, and complete if necessary.)  

	
  
 
  	
  
 
  	
  
[Note: you   are not required to select a Fixed Distribution Date, and if you do not, the   shares in your Account will be distributed only when you cease to be a   Director.]
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
o
  	
  
I do not want to have a   fixed distribution date, and instead I want my Account under the Plan to be   distributed to me only when I cease to be a Director.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
o
  	
  
I want my Account under   the Plan to be distributed to me on __________________ (enter a specific   date) if I have not ceased to be a Director prior to such date.
  

          I understand that this Election to Defer will become irrevocable on December 31, [____] unless prior to that date I either (i) have filed another Election to Defer form, or (ii) I have notified the Vice President and General Counsel, in writing, that I do not want to defer any portion of my Director compensation for [____].  I understand that only the last Election to Defer form properly filed by December 31st will be considered by the Company to be my binding Election to Defer form.

          Dated this ______________ day of _____________, ____.

	
  
 
  	
  

  
	
  
 
  	
  
Director
  

Acknowledgement

          The undersigned, Vice President and General Counsel of the Company, acknowledge that I received this Election to Defer form on _____________, _____, ____.

	
  
 
  	
  

  
	
   
  	
  Vice President and General Counsel
  

4

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