Document:

enhanceskinexh10_8.htm

Exhibit 10.8

 

 

CONSULTING AGREEMENT

This Consulting Agreement (this "Agreement") is made as of the date set forth below by Enhance Skin Products Inc, a Nevada corporation with an address at 695 South Colorado Boulevard, Suite 400, Denver, Colorado 80246 (the “Company”) and Camden Street Partners, LLC a California limited liability corporation with the address provided above  (the "Consultant").

 

WHEREAS, the Company desires to retain Consultant to become a consultant to the Company for the period provided for in this Consulting Agreement, and the Consultant is willing to accept such retention by the Company, in accordance with the terms and conditions set forth below.

 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

1.         Performance of Services.  The Consultant shall through its principal Steve Sheiner perform the services specified in Exhibit A hereto (collectively, the "Services") according to the schedule set forth on such Exhibit.  The Consultant shall use its best efforts to perform the Services in a manner satisfactory to the Company.

2.         Payment.  For performance of the Services, the Company shall pay the Consultant the amounts specified in Exhibit B hereto at the times specified in such Exhibit.

3.         Expenses.  The Consultant shall not be authorized to incur on behalf of the Company any expenses without the prior written consent of the Company Exhibit C..

4.         Term.  This Agreement shall be effective from the date of this Agreement until the termination date set forth on the signature page to this Agreement, unless the Agreement is earlier terminated as provided in this Agreement.

5.         Confidential Information.

 

(a)       During the term of this Agreement, the Company may disclose certain information, which the Company may deem to be proprietary and confidential.  Any information which the Company deems confidential must be designated by the Company in writing to be “confidential” unless such information is actually known by consultant to be confidential information. "Confidential Information" may include all information, documents, data and know-how relating to Company, including but not limited to the Company's research, products, product plans, services, customers, markets, developments, inventions, designs, drawings, engineering, software (including source and 

 

 

  

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object code), hardware, hardware configuration, marketing, finances, methods of manufacture, trade secrets, processes, business or affairs or confidential or proprietary information, which is disclosed by the Company or on its behalf to the Consultant, its employees or agents.    "Confidential Information" shall not include information, documents, data or know-how which (i) is in the Consultant's possession at the time of disclosure (as shown by written evidence in the Consultant's files and records immediately prior to the time of disclosure); (ii) is available to the general public other than through any inaction or action (whether or not wrongful) of the Consultant, its employees or agents; or (iii) is approved for release by written authorization of the Company.

 

(b)       Consultant shall not use the Confidential Information for its own use or for any purpose except the performance of the Services.  The Consultant further agrees that it shall not disclose the Confidential Information to any unaffiliated person without the prior written consent of the Company.  The Consultant agrees to use not less than a reasonable degree of care to protect the secrecy of and to avoid disclosure or use of the Confidential Information.  The Consultant agrees to promptly advise the Company in writing of any misappropriation or misuse by any person of such Confidential Information which may come to its attention.

6.         Independent Contractor.  The Consultant's relationship with the Company shall be that of an independent contractor and not that of an employee.  The Consultant will not be eligible for any employee benefits, nor will the Company make deductions from the Consultant's fees.  The Consultant shall have no authority to enter into contracts, which bind the Company or create obligations on the part of the Company without the prior written authorization of the Company.

7.         Termination.  This Agreement shall terminate in advance of its term upon the occurrence of any of the following:

 

(a)       Termination by the Consultant if the Company fails to pay the amounts specified in Exhibit B hereto at the times specified in such Exhibit and such failure is not cured within ten (10) days following written notice thereof to the Company; or

 

(b)       Termination by the Company upon written notice to the Consultant if the Company finds any of the Services provided by the Consultant specified on Exhibit A hereto to be unsatisfactory in Company’s sole and subjective determination, and the Consultant fails to provide the Services deemed by the Company to be satisfactory in Company’s sole and subjective determination within ten (10) days after receipt of written notice from the Company; or

 

(c)       At either party’s sole discretion upon at least thirty (30) days’ written notice.

 

  

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8.         Effect of Termination.

 

(a)       Upon any termination of this Agreement for any reason, the Consultant shall deliver to the Company within ten (10) days after the receipt of written notice from the Company:

 

(i)        Any property of the Company in the possession or control of  the Consultant; and

 

(ii)       All work product, whether finished or unfinished, prepared or produced by the Consultant for the benefit of the Company under this Agreement.

 

(b)       The termination of this Agreement for any reason shall not relieve the Consultant of its obligations under Section 5 of this Agreement.  Any licenses granted to the Company hereunder shall survive any termination or expiration of this Agreement.

 

(c)       Upon termination of this Agreement for any reason, all monies owed by the Company through and including the date of termination to the Consultant shall be paid by the Company within ten (10) days of the effective date of termination of this Agreement.

9.         Notices.  All notices, requests and other communication called for by this Agreement shall be deemed to have been given if made in writing and personally delivered or mailed, postage prepaid to the parties at the addresses set forth below, or delivered by a recognized overnight carrier.

10.      General Provisions.  This Agreement shall be governed by the laws of the State of California, without reference to conflicts of laws principles. In the event that any provision or any portion thereof of this Agreement is determined by competent judicial, legislative or administrative authority to be prohibited by law, then such provision or part thereof shall be ineffective only to the extent of such prohibition without invalidating the remaining provisions of this Agreement.  This Agreement shall be binding upon the parties hereto and upon their respective successors and permitted assigns, which will include (without limitation) any successor to all or substantially all of the Company's assets or any acquirer of a majority of the voting power of the Company's capital stock.  The Consultant may not assign its obligations under this Agreement, either in whole or in part, without the prior written consent of the Company.  This Agreement, including all exhibits hereto, constitutes the final, complete and exclusive agreement between the parties with respect to the subject matter hereof and supersedes and replaces any prior agreements or understandings, written or oral, concerning such subject matter.  This Agreement may be modified only by a writing duly executed by both parties.

 

  

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date entered below.

 

	 	Enhance Skin Products Inc	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Dr Samuel S Asculai	 
	 	 	 	 
	 	Title: President & CEO	 
	 	 	 	 
	 	Address:	 
	 	695 South Colorado Boulevard, Suite 400,	 
	 	Denver, Colorado 80246	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Camden Street Partners LLC	 
	 	 	 	 
	 	By: 	 	 
	 	Steven Sheiner	 
	 	 	 	 
	 	Title: President	 
	 	 	 	 
	 	Address:	 
	 	3028 Motor Ave,	 
	 	Los Angeles, CA 90064	 
	 	Phone – 310.837.1570	 
	 	 	 	 
	 	 	 	 
	 	Agreement Date: December 1, 2009	 
	 	 	 	 
	 	 	 	 
	 	Contract Termination Date: November 30, 2012	 

 

 

 

 

 

 

 

 

 

  

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EXHIBIT A

SERVICES

The Consultant will assist the Company’s  management team in the following areas:

 

	
●     

	
Work with the Company to develop a go to consumer direct marketing and advertising strategy for the Visible Youth product line (the “Consumer Direct Strategy”).

 

	
●     

	
Advise the Company on the implementation of the Consumer Direct Strategy including introducing the Company to, and assisting in negotiations with, third parties whose services are required for implementation of the Consumer Direct Strategy.

 

	
●     

	
Assist the the Company management team in the development of their website, advertising and sales strategy.

 

	
●     

	
Provide the Company with a depth of knowledge and experience with respect to a wide range of services as it relates to the monetization of their products and services.

 

	
●     

	
Advise management of the Company on a broad range of business development issues as they relate to the company in general.

 

	
●     

	
Be referenced as a Strategic Advisor to the Company.

 

	
●     

	
The Company shall own in perpetuity all of the strategic advised work products produced for the company.

 

In effect, the Consultant will function as a part time member of the senior strategy and business development team focused on the Company’s direct marketing opportunities. As such, Consultant will attend meetings at the Company as needed and schedule frequent phone meetings to insure that the Consultant’s work is completely integrated into the Company’s organization and operations.

 

 

 

 

 

 

 

 

  

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EXHIBIT B

PAYMENTS

 

[REDACTED]

 

 

 

 

EXHIBIT C

AUTHORIZED EXPENSES

The Consultant shall be reimbursed for out of pocket travel and lodging expenses and other expenses incurred when these expenses are associated with the performance of the services detailed in Exhibit A and approved in advance by the Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

6ex10_1.htm

Exhibit 10.1

 

UNITED STATES OF AMERICA

BEFORE THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

WASHINGTON, D.C.

	  	  
	
Written Agreement by and between

	  
	  	
Docket No. 10-187-WA/RB-HC

	
FIRST SECURITY GROUP, INC.

	  
	
Chattanooga, Tennessee

	  
	  	  
	
and

	  
	  	  
	
FEDERAL RESERVE BANK OF ATLANTA

	  
	
Atlanta, Georgia

	  
	  	  
	  	  

WHEREAS, First Security Group, Inc., Chattanooga, Tennessee ("FSG"), a registered bank holding company, owns and controls FSGBank, National Association, Chattanooga, Tennessee (the "Bank"), a national bank;

WHEREAS, it is the common goal of FSG and the Federal Reserve Bank of Atlanta (the "Reserve Bank") to maintain the financial soundness of FSG so that FSG may serve as a source of strength to the Bank;

WHEREAS, FSG and the Reserve Bank have mutually agreed to enter into this Written Agreement (the "Agreement"); and

WHEREAS, on August 31, 2010, the board of directors of FSG, at a duly constituted meeting, adopted a resolution authorizing and directing Rodger B. Holley enter into this Agreement on behalf of FSG, and consenting to compliance with each and every provision of this Agreement by FSG and its institution-affiliated parties, as defined in sections 3(u) and 8(b)(3) of the Federal Deposit Insurance Act, as amended (the "FDI Act") (12 U.S.C. §§ 1813(u) and 1818(b)(3)).

  

  

  

NOW, THEREFORE, FSG and the Reserve Bank agree as follows:

Source of Strength

1.              The board of directors of FSG shall take appropriate steps to fully utilize FSG's financial and managerial resources, pursuant to section 225.4 (a) of Regulation Y of the Board of Governors of the Federal Reserve System (the "Board of Governors") (12 C.F.R. § 225.4(a)), to serve as a source of strength to the Bank including, but not limited to, taking steps to ensure that the Bank complies with the Consent Order entered into with the Office of the Comptroller of the Currency (the "OCC") on April 28, 2010, particularly in the services provided by FSG in areas of credit risk management and credit administration, and any other supervisory action taken by the OCC.

Dividends and Payments

2.             (a)            FSG shall not declare or pay any dividends without the prior written approval of the Reserve Bank and the Director of the Division of Banking Supervision and Regulation of the Board of Governors.

(b)            FSG shall not directly or indirectly take dividends or any other form of payment representing a reduction in capital from the Bank without the prior written approval of the Reserve Bank.

(c)            All requests for prior approval shall be received by the Reserve Bank at least 30 days prior to the proposed dividend declaration date, or other proposed payments. All requests shall contain, at a minimum, current and projected information on FSG's capital, earnings, and cash flow; the Bank's capital, asset quality, earnings, and allowance for loan and lease losses; and identification of the sources of funds for the proposed payment. For requests to declare or pay dividends, FSG must also demonstrate that the requested declaration or payment of dividends is consistent with the Board of Governors' Policy Statement on the Payment of Cash Dividends by State Member Banks and Bank Holding Companies, dated November 14, 1985 (Federal Reserve Regulatory Service, 4-877 at page 4-323).

  

  

  

Debt and Stock Redemption

3.             (a)            FSG shall not, directly or indirectly, incur, increase, or guarantee any debt without the prior written approval of the Reserve Bank. All requests for prior written approval shall contain, but not be limited to, a statement regarding the purpose of the debt, the terms of the debt, and the planned source(s) for debt repayment, and an analysis of the cash flow resources available to meet such debt repayment.

(b)            FSG shall not, directly or indirectly, purchase or redeem any shares of its stock without the prior written approval of the Reserve Bank.

Capital Plan

4.              Within 60 days of this Agreement, FSG shall submit to the Reserve Bank an acceptable written plan to maintain sufficient capital at FSG on a consolidated basis. The plan shall, at a minimum, address, consider, and include:

(a)            The consolidated organization's and the Bank's current and future capital requirements, including compliance with the Capital Adequacy Guidelines for Bank Holding Companies: Risk-Based Measure and Tier 1 Leverage Measure, Appendices A and D of Regulation Y of the Board of Governors (12 C.F.R. Part 225, App. A and D) and the applicable capital adequacy guidelines for the Bank issued by the OCC;

  

  

  

(b)            the adequacy of the capital of the Bank, taking into account the volume of classified credits, concentrations of credit, allowance for loan and lease losses, current and projected asset growth, and projected retained earnings;

(c)            the source and timing of additional funds necessary to fulfill the consolidated organization's and the Bank's future capital requirements;

(d)            supervisory requests for additional capital at the Bank or the requirements of any supervisory action imposed on the Bank by the OCC; and

(e)            the requirements of section 225.4(a) of Regulation Y of the Board of Governors that FSG serve as a source of strength to the Bank.

5.            FSG shall notify the Reserve Bank, in writing, no more than 30 days after the end of any quarter in which FSG's capital ratios fall below the approved plan's minimum ratios. Together with the notification, FSG shall submit an acceptable written plan that details the steps that FSG will take to increase its capital ratios to or above the approved plan's minimums.

Compliance with Laws and Regulations

6.             (a)            In appointing any new director or senior executive officer, or changing the responsibilities of any senior executive officer so that the officer would assume a different senior executive officer position, FSG shall comply with the notice provisions of section 32 of the FDI Act (12 U.S.C. § 1831i) and Subpart H of Regulation Y of the Board of Governors (12 C.F.R. §§225.71 et seq.).

(b)            FSG shall comply with the restrictions on indemnification and severance payments of section 18(k) of the FDI Act (12 U.S.C. § 1828(k)) and Part 359 of the Federal Deposit Insurance Corporation's regulations (12 C.F.R. Part 359).

  

  

  

Progress Reports

7.              Within 30 days after the end of each calendar quarter following the date of this Agreement, the board of directors shall submit to the Reserve Bank written progress reports detailing the form and manner of all actions taken to secure compliance with the provisions of this Agreement and the results thereof, and a parent company only balance sheet, income statement, and, as applicable, report of changes in stockholders' equity.

Approval and Implementation of Plans

8.             (a)            FSG shall submit written plans that are acceptable to the Reserve Bank within the applicable time periods set forth in paragraphs 4, and 5 of this Agreement.

(b)            Within 10 days of approval by the Reserve Bank, FSG shall adopt the approved plans. Upon adoption, FSG shall promptly implement the approved plans, and thereafter fully comply with them.

(c)            During the term of this Agreement, the approved plans shall not be amended or rescinded without the prior written approval of the Reserve Bank.

Communications

9.              All communications regarding this Agreement shall be sent to:

Mr. Robert Hawkins

Assistant Vice President

Federal Reserve Bank of Atlanta

1000 Peachtree Street, N.E.

Atlanta, Georgia 30309-4470

(b)            Mr. Rodger B. Holley

President and Chief Executive Officer

First Security Group, Inc.

531 Broad Street

Chattanooga, Tennessee 37402

  

  

  

Miscellaneous

10.            Notwithstanding any provision of this Agreement, the Reserve Bank may, in its sole discretion, grant written extensions of time to FSG to comply with any provision of this Agreement.

11.            The provisions of this Agreement shall be binding upon FSG and its institution-affiliated parties, in their capacities as such, and their successors and assigns.

12.            Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Reserve Bank.

13.            The provisions of this Agreement shall not bar, estop, or otherwise prevent the Board of Governors, the Reserve Bank, or any other federal or state agency from taking any other action affecting FSG, the Bank, any nonbank subsidiary of FSG, or any of their current or former institution-affiliated parties and their successors and assigns.

14.            Pursuant to section 50 of the FDI Act (12 U.S.C. § 183 laa), this Agreement is enforceable by the Board of Governors under section 8 of the FDI Act (12 U.S.C. § 1818).

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the 7 day of September, 2010.

	
FIR ST SECURITY GROUP, INC.

	  	
FEDERAL RESERVE BANK

	  
	  	  	  	
OF ATLANTA

	  
	  	  	  	  	  	  
	
By:

	  /s/ Rodger B. Holley	  	
By:

	  /s/ Robert Hawkins	  
	  	
  Rodger B. Holley

	  	  	
  Robert Hawkins

	  
	  	
  President and Chief Executive Officer

	  	  	
  Assistant Vice President

	  

 

 

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