Document:

exhibit 10.7

EXHIBIT 10.7

West Palm Investment Company Consulting Agreement

C O N S U L T I N G A G R E E M E N T

This CONSULTING AGREEMENT (the "Agreement"), is effective as of this 20th day of December, 2006, between: West Palm Investment Company (the “consultant”) with an office 300 Carlsbad Village Drive, Suite 108a-289 Carlsbad, CA 92009 and Asia Payment Systems (The “company”), with offices at 800 5th Avenue Suite 4100 Seattle, WA 98104

WITNESSETH

WHEREAS, the Company requires and will continue to require consulting services relating to management advisement, strategic planning and marketing in connection with its business, together with advisory and consulting related to shareholder management and public relations; and investor relations, fund raising transactions and introduction to capital sources.

WHEREAS, Consultant is qualified to provide the Company with the aforementioned consulting services and is desirous to perform such services for the Company; 

WHEREAS, the Company wishes to induce Consultant to provide these consulting services to the Company and wishes to contract with the Consultant regarding the same believing it to be in its best interest,

NOW, THEREFORE, in consideration of the mutual covenants hereinafter stated, it is agreed as follows:

1.      APPOINTMENT.

The Company hereby engages Consultant and Consultant agrees to render services to the Company as a consultant upon the terms and conditions hereinafter set forth.

2.      TERM.

The term of this Consulting Agreement began as of the date of this Agreement, and shall terminate on December 19th , 2007, unless earlier terminated in accordance with paragraph 9 herein or extended as agreed to between the parties.

3.      SERVICES.

During the term of this Agreement, Consultant shall provide advice to undertake for and consult with the Company concerning management, marketing, consulting, strategic planning, corporate organization and structure, financial matters in connection with the operation of the businesses of the Company, expansion of services, acquisitions and business opportunities, and shall review and advise the Company regarding its overall progress, needs and condition. The services of Consultant shall not be exclusive nor shall Consultant be required to render any specific number of hours or assign specific personnel to the Company or its projects. The parties hereto acknowledge and agree that Consultant cannot guarantee the results or effectiveness of any of the services rendered or to be rendered by Consultant. Rather, Consultant shall conduct its operations and provide its services in a professional manner and in accordance with good industry practice.

Consultant agrees to provide on a timely basis the following enumerated services plus any additional services contemplated thereby:

(a) The implementation of short-range and long-term strategic planning to fully develop and enhance the Company's assets, general resources, products and services; and

(b) Advise the Company relative to its operational needs, relating specifically to past and future corporate transactional and mergers and acquisitions matters.

(c) Advise the Company in relation to shareholder management and public relations. Consultant shall be available for advice and counsel to the officers and directors of the Company at such reasonable and convenient times and places as may be mutually agreed upon. Except as foresaid, the time, place and manner of performance of the services hereunder, including the amount of time to be allocated by Consultant to any specific service, shall be determined at the sole discretion of Consultant. It is agreed that all the information and materials produced for the Company shall be the property of Consultant, free and clear of all claims thereto by the Company, and the Company shall retain no claims of authorship therein.

4.      DUTIES OF THE COMPANY.

The Company shall provide Consultant, on a regular and timely basis, with all approved data and information about it, its subsidiaries, its management, its products and services and its operations as shall be reasonably requested by Consultant, and shall advise Consultant of any facts which would affect the accuracy of any data and information previously supplied pursuant to this paragraph. The Company shall promptly supply Consultant with full and complete copies of all financial reports, all fillings with all federal and state securities agencies; with full and complete copies of all stockholder reports; with all data and information supplied by any financial analyst, and with all brochures or other sales materials relating to its products or services.

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5.      COMPENSATION.

Upon execution of this Agreement and in settlement for its services hereunder, Consultant shall receive 1,000,000 ( one Million) shares of the Company’s R-144 (restricted) common stock. The Company further agrees that within 5 days of the completion of this agreement it will execute a written request to its transfer agent to prepare and deliver, per Consultant’s instructions, one or more stock certificates for the Company’s shares of common stock.

The Company will also reimburse Consultant for any out of pocket expenses, including, without limitation, travel accommodation, telephone and postage. Consultant will detail such expenses in a monthly invoice, which the Company agrees to pay within 15 days. Consultant will agree expenses in advance with the Company if they are expected to exceed $1,000 in any calendar month

6.      REPRESENTATION AND INDEMNIFICATION.

The Company shall be deemed to have been made a continuing representation of the accuracy of any and all facts, material information and data which it supplies to Consultant and acknowledges its awareness that Consultant will rely on such continuing representation in disseminating such information and otherwise performing its advisory functions. Consultant in the absence of notice in writing from the Company, will rely on the continuing accuracy of material, information and data supplied by the Company. The Company agrees to indemnify, hold harmless and defend Consultant, its agents or employees from any proceeding or suit which arises out of or is due to the inaccuracy or incompleteness of any material or information supplied by the Company to Consultant. Consultant represents that he has knowledge of and is experienced in providing the aforementioned services.

7.      COMPLIANCE WITH SECURITIES LAWS.

The Company understands that any and all compensation outlined in Section 5 shall be paid solely and exclusively as consideration for the aforementioned consulting efforts made by Consultant on behalf of the Company as an independent contractor. Consultant is a natural person

8.      CONFIDENTIALITY

Consultant will not disclose, without the consent of the Company, any financial or business information concerning the business, affairs and plans of the Company which Consultant may receive from the Company, provided such information is plainly marked in writing by the Company as being confidential (the Confidential Information). Consultant will not be bound by the foregoing limitation in the event (i) the Confidential Information is otherwise disseminated and becomes public information, or (ii) Consultant is required to disclose the Confidential Information pursuant to a subpoena or other judicial order.

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9.      MISCELLANEOUS.

Termination: This Agreement shall be terminated immediately upon written notice for material breach of this Agreement. Upon termination, and fees or expenses due to Consultant shall become immediately payable.

Modification: This Consulting Agreement sets forth the entire understanding of the Parties with respect to the subject matter hereof. This Consulting Agreement may be amended only in writing signed by both Parties.

Notices: Any notice required or permitted to be given hereunder shall be in writing and shall be mailed or otherwise delivered in person or by facsimile transmission at the address of such Party set forth above or to such other address or facsimile telephone number as the Party shall have furnished in writing to the other Party.

Waiver: Any waiver by either Party of a breach of any provision of this Consulting Agreement shall not operate as or be construed to be a waiver of any other breach of that provision or of any breach of any other provision of this Consulting Agreement. The failure of a Party to insist upon strict adherence to any term of this Consulting Agreement on one or more occasions will not be considered a waiver or deprive that Party of the right thereafter to insist upon adherence to that term of any other term of this Consulting Agreement.

Assignment: The Agreement is not assignable by either party unless agreed in writing.

Severability: If any provision of this Consulting Agreement is invalid, illegal, or unenforceable, the balance of this Consulting Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.

Disagreements: Any dispute or other disagreement arising from or out of this Consulting Agreement shall be submitted to arbitration under the rules of the American Arbitration Association and the decision f the arbiter(s) shall be enforceable in any court having jurisdiction thereof. Arbitration shall occur only in San Diego County, CA. The interpretation and the enforcement of this Agreement shall be governed by California Law as applied to residents of the State of California relating to contracts executed in and to be performed solely within the State of California. In the event any dispute is arbitrated, the prevailing Party (as determined by the arbiter(s)) shall be entitled to recover that Party's reasonable attorney's fees incurred (as determined by the arbiter(s)).

IN WITNESS WHEREOF, this Consulting Agreement has been executed by the Parties as of the date first above written.

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	For and on behalf of 	 
	Asia Payment Systems 	West Palm Investment Company 
	 
	ROBERT G. CLARKE                               	BARRY CLARKE
	Robert G. Clarke 	 
	Chairman 	Managing Director 

 

 

 

 

 

 

 

 

 

 

 

- 5 -exhibit 10.8

EXHIBIT 10.8

THOMAS CL WONG Employment Contract and Addendum

EMPLOYMENT CONTRACT

EMPLOYMENT CONTRACT ("Contract"), between Asia Payment Systems (Hong Kong) Limited, a wholly-owned subsidiary of Asia Payment Systems Inc., a Nevada corporation with its common stock currently quoted on the NASD’s Over-the-counter Bulletin Board (hereinafter called “Asia Payments”), having business office at 39th Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong (hereinafter called “ The Company”), and Wong Chee Leong of P2A-3-10 Sri Camelia Apartment, Jalan Sepakat Indah 3, Taman Sepakat Indah, Sungai Chua, 43000 Kajang, Selangor Darul Ehsan, Malaysia (hereinafter called “Wong”).

WHEREAS, The Company wishes to engage the services of Wong as Senior Vice President-Accounting and Finance of The Company, and 

WHEREAS, Wong is willing to provide his services and to undertake the duties and responsibilities described below and other duties and responsibilities as may be assigned to him by the Company from time to time during the term of this Contract which shall commensurate with the rank of a Senior Vice President of The Company and to enter into this Contract for such period upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, all prior contracts between the parties are waived and of no further effect, and the parties to this Contract agree as follows:

	1.      	
EMPLOYMENT

	 
	 	
The Company shall contract with Wong, and Wong shall serve as Senior Vice President-Accounting and Finance during the term of employment set forth in Paragraph 2 of this Contract .The Company and other subsidiaries, associated companies and affiliates of Asia Payments are engaged in the Asia and Middle East regions, in providing payments and loyalty rewards products to consumers and payments processing services to banks and corporate clients.

	 
	2.      	
TERM

	 
	 	
The term of this Contract shall be for a period of three (3) years commencing on July 1, 2006 (hereinafter referred to as “Commencement Date”)

	 

	3.      	
JOB TITLE AND DUTIES

	 
	3.1      	
Title and Duties

	 
	 	
Wong shall have duties and responsibilities commensurate with his title and position from time to time. Wong shall devote his time and attention to, and exert his best efforts in the performance of his duties hereunder, so as to promote the businesses of The Company and Asia Payments and the subsidiaries, associated companies and affiliates of Asia Payments. With effect from the Commencement Date, Wong shall be seconded to Synergy Cards Sdn. Bhd., a subsidiary of Asia Payments in Malaysia, until further notice, as Vice President-Finance.

	 
	 	
As Senior Vice-President-Accounting and Finance, Wong shall report directly to the CFO of the Asia Payments and shall be responsible for the overall accounting matters, financial budgeting and reporting of all the subsidiaries and associated companies of Asia Payments, including any other financial and operational related matters which may be assigned to him by The Company from time to time. His duties shall include the supervision of all the finance and/or accounting staff of Asia Payments and its subsidiaries and associated companies, including The Company.

	 
	 	
The Company will determine and notify Wong of his duties and responsibilities from time to time during the term of this Contract.

	 
	3.2      	
Confidential Information

	 
	 	
Wong shall not, directly or indirectly, or at any time, during the term of this Contract hereunder or thereafter and without regard to when or for what reason, if any, use or permit the use of any trade secrets, customers' lists, or other information of, or relating to The Company and Asia Payments, or any of its subsidiaries or associated companies or affiliates in connection with any of their activities or businesses, except as may be necessary in the performance of his duties hereunder or as may be required by any applicable law or determination of any duly constituted administrative agency.

	 
	4.      	
COMPENSATION AND EXPENSES

	 
	4.1      	
Compensation

	 
	 	
(i) Base Salary

	 	
The Company shall pay Wong a basic salary of HK$ 35,000 per month and such salary shall be revised upward annually at a rate as may be solely determined by The Company based on an annual review of his performance as may be conducted by The Company and/or Asia Payments and/or any of its subsidiaries or associated companies and/or affiliates which Wong may be seconded to from time to time during the term of this Contract. In making monthly payment of the said basic salary to Wong, The Company shall be entitled to deduct any cash based compensation which he may be paid by any of its subsidiaries and/or associated companies and/or affiliates.

	 

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(ii) Stock Options 

Wong shall be entitled to 150,000 Asia Payments’ stock options (“Options”) per year priced at US$ 0.20 each to purchase 150,000 Common Shares of Asia Payments. The Options shall be vested at the rate of 37,500 shares per calendar quarter, at the end of each quarter. In addition, the Options may be exercised by means of a cashless exercise manner as defined in Appendix I. 

(iii) Benefits

Wong shall be entitled to enjoy all the employee benefit plans that The Company or Asia Payments may implement from time to time for the employees of equal rank. 

(iv) Incentives

Wong shall be entitled to participate in any performance incentive plan that The Company or Asia Payments or the subsidiary or associated company or affiliate which he has been seconded to, may implement from time to time. 

	4.2      	
Business Expenses

	 
	 	
The Company or the subsidiary or associated company or affiliate which Wong has been seconded to will reimburse him for all reasonable expenses properly incurred by him in the performance of his duties hereunder, upon presentation of properly itemized charges, receipts and/or similar documentation, and otherwise in accordance with policies established from time to time by the above said companies.

	 
	4.3      	
Housing Allowance

	 
	 	
Should Wong be discharging his duties and responsibilities under this Contract from the Company’s office in Hong Kong or required to be seconded to any of the subsidiaries or associated companies or affiliates located outside of Malaysia, Wong shall be entitled to a company paid accommodation for him and his immediate family members or a monthly housing allowance of a reasonable amount to be solely determined by Asia Payments, payable monthly. This allowance will be paid directly to Wong who will be responsible for negotiating and concluding his own contractual arrangements for housing and making all relevant payments.

	 
	4.4      	
Work Location And Taxes

	 
	 	
For the purpose of Compensation payable to Wong under this Contract, Wong is deemed to be based in Hong Kong. Wong shall be fully responsible for any income tax or other taxes he may be subjected to in Hong Kong and/or any country which he may be located to discharge his duties and responsibilities under this Contract.

	 
	5      	
Holidays and Annual Vacation Leave

	 
	 	
Wong shall be entitled to all public holidays in the country he is located at the time, in addition, to annual vacation leave which shall accrue on a pro rata basis during the contract term at the rate of Eighteen (18) days per annum which vacation and/or personal day(s) shall be taken by him at such time or times as are consistent with the needs of the business.

	 

 

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	6.      	
TERMINATION AND SEVERANCE PAYMENT

	 
	6.1      	
Termination

	 
	 	
Upon the occurrence of an event of termination (as hereinafter defined) during the period of Wong's employment under this Contract, the provisions of this Paragraph 6 shall apply for consequence relating to the financial obligations of the parties hereto. As used in this Contract an "event of termination" shall mean and include any one or more of the following:

	 
	 	(i)      	
The termination by The Company of Wong's employment under this Contract hereunder due to "cause" as defined in (iii) herein below; and in which event, The Company shall be entitled to discontinue all it obligations under this Contract.

	 
	 	(ii)      	
Wong's resignation from The Company or the related company which he has been seconded to pursuant to the provisions of this paragraph, upon material breach of this Contract by the Company and such breach continues for at least ninety (90) days following written notification by Wong. Upon the occurrence of the event described above, Wong shall have the right to elect to terminate his employment under this Contract by resignation upon not less than thirty (30) days prior written notice given within a reasonable period of time not to exceed, except in case of continuing breach, four (4) calendar months after the event giving rise to said right to elect, and in which event, The Company shall be obligated to pay to Wong, within 30 days from the date of termination of Wong’s employment with The Company, an amount equals to last drawn monthly basic salary multiplied by the remaining months of the unexpired period of this Contract.

	 
	 	(iii)      	
Termination by The Company for "cause" shall mean Wong's termination by action of The Company because of dishonesty, gross neglect of duties hereunder, conviction of a felony, engaging directly or indirectly in any competing business of Asia Payments or it subsidiaries or associated companies or affiliates, or willful misconduct.

	 
	 	(iv)      	
Termination by action of The Company without “cause”, and in which event, The Company shall be obligated to pay to Wong, within 7 days from the date of termination of Wong’s employment with The Company ,an amount equals to the last drawn monthly basic salary multiplied by the remaining months of the unexpired period of this Contract.

	 
	 	(v)      	
Wong’s resignation from The Company or the company which he has been seconded to with whatever reason other than that stated in Clause 6 (ii) above or medical reason, and in which event, Wong shall be obligated to pay to the Company, within 7 days from the date of termination of Wong’s employment with The Company, an amount equal to HK$ 210,000.

	 

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7.       INTELLECTUAL PROPERTY

Any idea, invention, design, written material, manual, system, procedure, improvement, development or discovery conceived, developed created or made by Wong alone or with others relating to the business of The Company and/or Asia Payments or any of its subsidiaries or associated companies or affiliates during the contract period and whether or not patented or copy righted or trademarked, shall become the sole and exclusive property of the Company and/or Asia Payments. Wong shall disclose the same promptly and completely to The Company and/or Asia Payments and shall, during the employment period (i) execute all documents required by The Company and/or Asia Payments for vesting in The Company’s and/or Asia Payments the entire right, title and interest in and to same, (ii) execute all documents required by The Company and/or Asia Payments for filing and prosecuting such applications for patents, trademarks, service marks and/or copyrights as The Company and/or Asia Payments, in its sole discretion, any desire to prosecute, and (iii) give The Company and/or Asia Payments all assistance it reasonably requires, including the giving of testimony in any suit, action or proceeding, in order to obtain, maintain and protect The Company’s and/or Asia Payments’ right therein and thereto.

	8.      	
ASSIGNMENT

	 
	 	
This Contract and any rights (including Wong's Compensation) hereunder shall not be assigned, pledged or transferred in any way by either party hereto except that The Company shall have the right to assign its rights hereunder to any third party successor in interest of The Company and/or Asia Payments whether by merger, consolidation, purchase of assets or stock or otherwise. Any attempted assignment, pledge, transfer or other disposition of this Contract or any rights, interests or benefits contrary to the foregoing provisions shall be null and void.

	 
	9.      	
NOTICES

	 
	 	
All notices, requests, demands and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by hand, sent by facsimile, or mailed by first class, registered mail, return receipt requested, postage and registry fees prepaid to, the applicable party and addressed as follows:

	 
	 	
· if to The Company:

Asia Payment Systems (Hong Kong) Limited

39th Floor, One Exchange Square 

8 Connaught Place

Central, Hong Kong

Facsimile: 852-2110-9983

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(ii)    if to Wong:           

	
Wong Chee Leong

P2A-3-10 Sri Camelia Apartment,

Jalan Sepakat Indah 3, 

Taman Sepakat Indah, 

Sugai Chua, 43000 Kajang, 

Selangor, Malaysia.

Facsimile:

	10.      	
SEVERABILITY

	 
	 	
If any provision of this Contract shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair or invalidate the remainder of this Contract but shall be confined in its operation to the jurisdiction in which made and to the provisions of this Contract directly involved in the controversy in which such judgment shall have been rendered.

	 
	11.      	
WAIVER

	 
	 	
No course of dealing and no delay on the part of any party hereto in exercising any right, power, or remedy under or relating to this Contract shall operate as a waiver thereof or otherwise prejudice such party's rights, powers and remedies. No single or partial exercise of any rights, powers or remedies under or relating to this Contract shall preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

	 
	12.      	
ENTIRE CONTRACT/GOVERNING LAW

	 
	 	
This Contract embodies the entire understanding and supersedes all other oral or written Contracts or understandings, between the parties regarding the subject matter hereof. No change, alteration, or modification hereof may be made except in writing signed by both parties hereto. This Contract shall be construed and governed in all respect and shall at all times be determined in accordance with the laws of Hong Kong SAR, China.

	 
	14.      	
HEADINGS

	 
	 	
The headings of Paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Contract.

	 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Contract, consisting of seven (7) pages, on this 1st day of July, 2006.

	
Wong Chee Leong

WONG CHEE LEONG

	 	
Asia Payment Systems (Hong Kong) Limited

By:      KING K. NG

	
Malaysia I/C: 611026-08-5691

		
Name: King K. Ng 

           Director

	 
	
Witnessed by:

		
Witnessed by:

	 
	 
	 
	             LIEN WG PENG		                    KING K. NG
	Name:   LIEN WG PENG 		       Name:   KING K. NG

 

 

 

 

 

 

 

 

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Appendix I

Cashless Exercise

If the market price of one share of common stock is greater than the exercise price of the Options granted, the Options may be exercised by means of a net issue exercise. Upon such exercise, the Holder shall be entitled to receive shares of the common stock equal in value to the value of the Options (or the portion thereof being cancelled) and the Company shall issue to Holder a number of shares of the common stock computed as of the date of surrender of the Options to the Company using the following formula:

	X = Y*(A-B)/A 
	Where  	  
	  
	X =  	the number of shares of common stock to be issued to Holder;  
	Y =  	the number of shares of common stock purchasable under the Options or, if only a  
	  	portion of the Options is being exercised, the portion of the Option being  
	  	cancelled (at the date of such calculation);  
	A =  	the market price at the date of exercise of one share of the common stock (at the  
	  	date of such calculation); and  
	B =  	the exercise price of the Options granted (the closing price of the common stock  
	  	on the date of signing this contract, as adjusted to the date of such calculation).  

 

 

 

     Addendum And Amendments To The Employment Contract Entered Into Between Wong Chee Leong (“Wong”) And Asia Payment Systems (Hong Kong) Limited. (“The Company”) dated July 1, 2006 (“Employment Contract”)

The Company and Wong hereby agree to add the following terms and conditions to, and amend certain terms and conditions of, the Employment Contract, with effect from January 1, 2007 (Effective Date”):

	1.      	
Commencing from the Effective Date, Wong shall serve as Executive Vice President-Chief Financial Officer of Asia Payments instead of Senior Vice President-Accounting and Finance of the Company.

	 
	2.      	
As Executive Vice President-Chief financial Officer of Asia Payments, Wong shall report directly to the President & Chief Executive Officer of Asia Payments and shall be responsible for all financial related matters, including accounting, budgeting, treasury, reporting, planning and control of Asia Payments and its subsidiaries, associated companies and affiliates.

	 

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	3.     	
The Term of the Employment Contract shall be for a period of five (5) years instead of three (3) years, commencing on July 1, 2006.

	 
	4.     	
Commencing from the Effective Date, the Company shall pay Wong a basic salary of HK$48,000 per month.

	 
	5.     	
Wong shall be entitled to additional 750,000 Options priced at US$0.10 each. These additional Options shall be vested at the rate of 25,000 Options per calendar quarter, at the end of each quarter, commencing from the Effective Date to July 31, 2009, and thereafter, at 62,500 Options at the end of each quarter until the expiration of the Employment Contract.

	 
	6.     	
The amount of US$210,000 as stated in Clause 6.1 (v) of the Employment Contract shall, from the Effective Date, be replaced with HK$ 288,000.

	 
	7.     	
The Company, Asia Payments and Wong hereby agree that this Employment Contract is hereby assigned from the Company to Asia Payments with effect from the Effective Date.

	 

For and on-behalf of Asia Payment Systems (Hong Kong) Limited

KING K. NG

King K. Ng 

Director 

Date: January 1, 2007

Wong Chee Leong

WONG CHEE LEONG

Malaysia I/C: 611026-08-5691 

Date: January 1, 2007

For and on-behalf of Asia Payment Systems, Inc.

KING K. NG

King K. Ng 

Director, President & Chief Executive Officer 

Date: January 1, 2007

 

 

 

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