Document:

ex107.htm

Exhibit 10.7

Cooperation Agreement

Party A: Intermost Corporation

Address: Suite 5204, 52/F, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Telephone: 00852-28276898

Party B: ChinaE.com Investment Consultant (Shenzhen) Co., Ltd.

Address: Room 1508, Rongchao Landmark, 4028 Jin Tian Road, Futian District, Shenzhen

Telephone: 0755-82577718

This Cooperation Agreement (the “Agreement”) is made and entered into as of December 22 2009, by and between Party A and Party B.

WHEREAS, Party A desires to acquire or merge with a project company; and

 

WHEREAS, Party B has the resources and expertise to identify, introduce and/or refer potential project companies (“Potential Targets”) to Party A for merger and/or acquisition (“M&A”); and

 

WHEREAS, Party A desires to engage Party B as consultant to identify, introduce and/or refer Potential Targets for M&A.

NOW, THEREFORE, in consideration of the foregoing and the respective covenants, the parties hereby agree as follows:

	
1.  

	
Form of Cooperation

 

Party A recognizes Party B has the connection and resources in identifying suitable Potential Targets for M&A and desires to engage Party B’s service to identify Potential Targets. Upon satisfactory evaluation of the Potential Targets and successful completion of the M&A transaction (“Transaction”), Party A is obliged to pay commissions to Party B.

	
2.  

	
Party A’s Warranties

 

In the event that Party A successfully merges or acquires one of the Potential Targets (“Acquired Company”) introduced or referred to by Party B, Party A agrees and guarantees to pay to Party B a 3% commission of the total consideration (“Consideration”) involved in the Transaction to the account designated by Party B.

The said Consideration shall mean the consideration for the Transaction involving the initial M&A with the Acquired Company and does not included further M&A or subsequent investment. If the subsequent fund raising or investments are arranged by Party B, then Party B is entitled to 3% commission of the gross amounts of subsequent financing.

If the Consideration involved in the transactions is paid in non-cash forms (e.g. shares), Party A could choose to pay the commission fee in the same non-cash forms; if the consideration involved in the transactions is paid in cash form, Party A should pay the commission fee in cash form.

 

  

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3.  

	
Party B’s Warranties

 

For the Potential Targets introduced to Party A, Party B shall disclose all the available information about the Potential Targets to Party A, and shall assist Party A in the evaluation of Potential Targets.

Party B shall issue invoice or receipt to Party A upon receiving the commissions.

 

	
4.  

	Confidentiality

The Parties agree keep confidential all information relating to Potential Targets and this Agreement, and shall not disclose such information to any third party without the other party’s prior written consent,

	
4.  

	
Breach of Agreement

 

	
4.1.  

	
Party A shall pay the commission fee to Party B in accordance with this Agreement in a timely manner. Party A would be subject to a penalty billed at 0.3‰ of the payable commission per day in case of late payment of commission fees. Total penalty should not exceed 50% of the M&A Consideration.

 

	
4.2.  

	
If there has been a material violation or breach of any representation, warranty, covenant, agreement or obligation contained in this Agreement by either Party, the other Party has the right to claim the other Party for damages or compensation for the breach of contract.

	
5.  

	
Miscellaneous

 

	
5.1.  

	
The term of this Agreement shall commence on the date hereof for a period of Five (5) years. During the term of this Agreement, the Parties could be mutual agree to extend or shorten the term.

 

	
5.2.  

	
Any disputes between the parties hereto should be settled though negotiations. Disputes that cannot be settled through negotiation should be submitted to Shenzhen Arbitration Commission for arbitration.

 

	
5.3.  

	
This Agreement may be amended or modified only by a written instrument or supplemental agreement signed by both Parties.

 

	
5.4.  

	
This Agreement is executed in four counterparts, each party holds two of the counterparts.

Party A: Intermost Corporation

[Seal]

Party A Representative: [Signature]

Date:           20th November 2009

Party B: ChinaE.com Investment Consultant (Shenzhen) Co., Ltd.

[Seal]

Party B Representative: [Signature]

Date:           22nd December 2009

 

 

2ex1014.htm

EXHIBIT 10.14

 

 

CONSULTING AGREEMENT

 

 

This Consulting Agreement (the "Agreement"), effective as of May 1, 2010 is entered into by and between, Element 21 Golf Company, a Delaware corporation (herein referred to as the "Company"), and Gaynell Douglas, (herein referred to as the "Consultant"). This agreement supersedes any prior oral or written agreements between the parties hereto.

 

RECITALS

 

WHEREAS, the Company desires to engage the Consultant to perform the Consulting Services (as such term is defined below) pursuant to and in accordance with the terms of this Agreement;

 

WHEREAS, the Consultant wishes to provide the Consulting Services to the Company pursuant to and in accordance with the terms of this Agreement;

 

NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

 

1. Term of Consultancy. The Company hereby agrees to retain the Consultant to act in a consulting capacity to the Company, and the Consultant hereby agrees to provide the Consulting Services to the Company during the period commencing on the date first above written and ending on January 31, 2011, unless this Agreement is earlier terminated by either party hereto.

 

2. Duties of Consultant. The Consultant agrees that it will generally provide the following specified consulting services to the Company (the "Consulting Services") related to Zeroloft applications in Greenhouses and other agricultural uses.

 

3. Allocation of Time and Energies. The Consultant hereby promises to perform the Consulting Services and discharge faithfully the responsibilities which may be assigned to the 

Consultant from time to time by the officers and duly authorized representatives of the Company pursuant to this Agreement, so long as such activities are in compliance with applicable laws and regulations. Consultant and its staff, if any, shall diligently and thoroughly provide the Consulting Services required hereunder. Although no specific hours-per-day requirement will be required. Consultant and the Company agree that Consultant will perform its duties hereunder in a diligent and professional manner. It is explicitly understood that Consultant's performance of its duties hereunder will in no way be measured by the price of the Company's common stock, nor the trading volume of the Company's common stock.

  

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4. Remuneration.   As   full   and   complete compensation   for  services   described   in   this Agreement, the Company shall compensate the Consultant as follows:

 

(a) For agreeing to undertake this engagement and for performance of the services described above, the Consultant shall be paid $10,000 per month paid in S-8 registered shares of the Company's Common Stock. $.01 par value per share (the "Shares") with issue price based on the last 5 day weighted average. The issued shares would have been registered under the Securities Act of 1933 on a registration statement on Form S-8 filed with the Securities. The Company understands and agrees that Consultant has foregone significant opportunities to accept this engagement and that the Company will derive a substantial benefit from the execution of this Agreement and the ability to announce its relationship with Consultant. The Shares therefore, constitute payment in full for Consultant's agreement to provide the Consulting Services to the Company and represent a nonrefundable, non-apportionable. and non-ratable retainer. The Shares are not a prepayment for future services. If and in the event the Company is acquired during the term of this Agreement, it is agreed and understood Consultant will not be requested or demanded by the Company to return any of the Shares, it is further agreed that if at any time during the term of this Agreement, the Company or substantially all of the Company's assets are merged with or acquired by another entity, or some other change occurs in the legal entity that constitutes the Company that results in a change in control of substantially all of the Company's shares or assets, the Consultant shall retain and will not be requested by the Company to return any of the Shares.

 

(b) Upon the Company's transfer to the Consultant of the Shares, the Company shall cause to be issued a certificate representing the Shares. The Company hereby represents and warrants to the Consulting that the Shares shall have been validly issued, fully paid and non­-assessable and that the issuance and any transfer of the shares to Consultant shall have been duly authorized by the Company's board of directors.

 

(c) In connection with the acquisition of Shares hereunder, the Consultant represents and warrants to the Company, to the best of his, her or its knowledge, as follows:

 

(i) Consultant acknowledges that the Consultant has been afforded the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning an investment in the Shares, and any additional information which the Consultant has requested.

 

(ii)   Consultant's investment in the Shares is reasonable in relation to the Consultant's net worth, which is in excess often (10) times the Consultant's cost basis in the Shares. Consultant has had experience in investments in restricted and publicly traded securities, and Consultant has had experience in investments in speculative securities and other investments which involve the risk of loss of investment. Consultant acknowledges that an investment in the Shares is speculative and involves the risk of loss. Consultant has the requisite knowledge to assess the relative merits of an investment in the Shares without the necessity of relying upon other advisors, and Consultant can afford the risk of loss of his entire investment in the Shares. Consultant is (i) an accredited investor, as that term is defined in Regulation D promulgated under the Securities Act of 1933 and (ii) a purchaser described in Section 25102(f)(2) of the California Corporate Securities Law of 1968, as amended.

  

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(iii)  Consultant is acquiring the Shares for the Consultant's own account for long-term investment and not with a view toward resale or distribution thereof except in accordance with applicable securities laws.

 

(iv)   Consultant is not receiving any of the Shares in exchange for assisting the Company in any fundraising activities.

 

5. Non-Assignabilitv of Services. Consultant's services under this Agreement are offered to Company only and may not be assigned by Company to any entity with which Company merges or which acquires the Company or substantially all of its assets.

 

6. Expenses. Consultant expenses related to the Companies' work (phone, mailing, labor. etc.), are full responsibility of the consultant.

 

7. Representations. Consultant represents that it is not required to maintain any licenses and registrations under federal or any state regulations necessary to perform the services set forth herein. Consultant acknowledges that, to the best of its knowledge, the performance of the services set forth under this Agreement will not violate any rule or provision of any regulatory agency having jurisdiction over Consultant. Consultant acknowledges that, to the best of its knowledge, Consultant and its officers and directors are not the subject of any investigation, claim. decree or judgment involving any violation of the Securities and Exchange Commission ("SEC") or applicable securities laws. Consultant further acknowledges that it is not securities Broker-Dealer or a registered investment advisor. Company acknowledges that, to the best of its knowledge, that it has not violated any rule or provision of any regulatory agency having jurisdiction over the Company.

 

8. Termination. This Agreement may be terminated by either party hereto upon 30 days advance written notice to the other party hereto.

 

9. Legal Representation. The Company acknowledges that it has been represented by independent legal counsel in the preparation of this Agreement. Consultant represents that it has consulted with independent legal counsel and/or tax, financial and business advisors, to the extent the Consultant deemed necessary.

 

10. Status as Independent Contractor. Consultant's engagement pursuant to this Agreement shall be as independent contractor, and not as an employee, officer or other agent of the Company. Neither party to this Agreement shall represent or hold itself out to be the employer or employee of the other. Consultant further acknowledges the consideration provided hereinabove is a gross amount of consideration and that the Company will not withhold from such consideration any amounts as to income taxes, social security payments or any other payroll taxes. All such income taxes and other such payment shall be made or provided for by Consultant and the Company shall have no responsibility or duties regarding such matters. Neither the Company nor the Consultant possesses the authority to bind each other in any agreements without the express written consent of the entity to be bound.

  

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11. Attorney's Fees. If any legal action or any arbitration or other proceeding is brought for the enforcement or interpretation of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys' fees and other costs in connection with that action or proceeding, in addition to any other relief to which it or they may be entitled.

 

12. Waiver. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by such other party.

 

13. Choice of Law. Jurisdiction and Venue. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware. The parties agree that Delaware will be the venue of any dispute and will have jurisdiction over all parties.

 

14. Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the alleged breach thereof, or relating to Consultant's activities or remuneration under this Agreement, shall be settled by binding arbitration in Delaware, in accordance with the applicable rules of arbitration, and judgment on the award rendered by the arbitrators) shall be binding on the parties and may be entered in any court having jurisdiction as provided by Paragraph 13 herein.

 

15. Complete Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement and its terms may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change. modification, extension or discharge is sought.

 

AGREED TO:

ELEMENT 21 GOLF COMPANY

 

 

_____________________________

By: Nataliya Hearn, President, CEO 

Date: May 1, 2010

 

 

 

 

 

CONSULTANT

 

 

_____________________________

By: Gaynell Douglas 

Date: May 1, 2010

 

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