Document:

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT (the "Agreement"), dated as of November __, 2011, is entered into between PROFIT PLANNERS MANAGEMENT, INC., a Nevada corporation (the "Company") and Mr. Samuel Jacobs (the "Consultant").

WITNESETH:

WHEREAS, the Company desires to retain the services of the Consultant and the Consultant desires to provide services to the Company on the terms and conditions hereinafter set forth,

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and the Consultant hereby agree as follows:

1.           Consultancy.  The Company hereby retains the services of the Consultant, and the Consultant hereby agrees to render services to the Company, upon the terms and subject to the conditions set forth in this Agreement.

2.           Term.  The term of this Agreement shall commence on November __, 2011 and terminate on the third (3) anniversary of the date hereof, subject to extension for additional one (1) year periods upon the mutual agreement of the parties, unless, not later than thirty (30) days preceding the termination date, the Company or the Consultant shall have given written notice to the other that it does not wish to so extend this Agreement  (the "Term"), subject to earlier termination pursuant to the provisions of Section 7 hereof.

3.           Duties.  During the Term of this Agreement, the Consultant shall perform services akin to those of a Vice President of Business Development and he shall perform and discharge well and faithfully the duties which may be assigned to him from time to time by the Company in connection with the conduct of its business, all for the compensation set forth in Section 4 hereof.  Such services shall be rendered upon the reasonable request of the Company.

4.           Compensation.

Consultant acknowledges and agrees that his right to compensation under this Agreement shall terminate at the end of the Term or upon the earlier termination of the Agreement pursuant to Section 7 hereof, except as otherwise provided hereunder. As compensation for the services to be rendered by Consultant pursuant to this Agreement, the Company shall pay to Consultant the following compensation:

 

(a) Base Compensation:  During the Term, the Company shall pay to Consultant as consideration for services rendered a base compensation at the rate of One Hundred and Ten Thousand Dollars ($110,000) per annum ("Base Compensation"), payable on the Company's regular payroll schedule. The Company shall not deduct from the Base Compensation paid to Consultant any federal, state or local withholding taxes.

 

(b) Equity Bonus:  Consultant is hereby granted an equity bonus (“Equity Bonus”) in addition to his Base Compensation. The amount of the Consultant’s Equity Bonus and the vesting schedule of the Equity Bonus are detailed in Schedule A to this Agreement. The payment of the Equity Bonus by the Company under this Agreement shall be in shares of restricted common stock of PPMT.

 

  

  

  

 

(c) New Client Percentage:  For all new clients and customers of the Company identified and introduced by Consultant, Consultant shall receive Two Percent (2%) of the revenue to the Company from such new clients and customers (the “New Client Percentage”) after the first $300,000 of such revenues. The New Client Percentage shall be paid in cash on a quarterly basis, based on the revenues actually paid to and received by the Company from such new clients and customers over such period. The New Client Percentage payable to Consultant shall be in addition to any payments owed as Base Compensation, as described above. The Company shall not deduct from the New Client Percentage paid to Consultant any federal, state or local withholding taxes.

 

(d) Additional Equity Compensation: The Consultant shall earn additional equity compensation based on his value contributed to the Company. This will be determined in the future between the Consultant and the board of directors of the Company.

 

(e) Minimum Revenue Generation:  The Consultant at a minimum shall generate $5,000 in revenues per month.

5.           Representations and Covenants of Consultant.  Consultant represents, warrants and covenants to the Company that:

(a)  There are no restrictions, agreements or understandings whatsoever to which Consultant is a party which would prevent or make unlawful Consultant’s execution of this Agreement or the Consultant’s engagement hereunder, or which is or would be inconsistent or in conflict with this Agreement or the Consultant’s engagement hereunder, or would prevent, limit or impair in any way the performance by Consultant of the Consultant’s obligations hereunder;

(b) The Consultant’s execution of this Agreement and the Consultant’s engagement hereunder does not constitute a breach of any contract, agreement or understanding, oral or written, to which Consultant is a party or by which Consultant is bound;

(c)  Consultant is free to execute this Agreement and to be engaged by the Company as a consultant pursuant to the provisions set forth herein;

(d)  Consultant shall not disclose the existence and terms of this Agreement to any entity or person that Consultant may be engaged by during the term of this Agreement (which engagement is not hereby authorized) or after the termination of the Consultant’s engagement hereunder to the extent the protection or benefits afforded to the Company pursuant to this Agreement may be impaired, jeopardized or limited as a result of said Consultant’s engagement by such other entity or person.

6.           Confidentiality; Non-Compete; Non-Solicitation.

(a)  Confidentiality. The parties hereto recognize that Proprietary Information (as hereinafter defined) is important, material and confidential. Accordingly, the Consultant shall not, directly or indirectly, during the Term of this Agreement or at any time thereafter, without the prior written consent of the Company, disclose, use or permit any other business, firm, corporation, person or other entity to disclose, use or have access to Proprietary Information, except as may be necessary in connection with the Consultant's provision of services under this Agreement. As used in this Agreement, "Proprietary Information" means information disclosed to or obtained by the Consultant as a result of or related to her relationship with the Company, whether or not acquired during business hours, including, but not limited to, information concerning the Company's business, customers, operations, and services. During the course of the Consultant's engagement under this Agreement and at all times thereafter, the Consultant shall not, without the prior written consent of the Company, directly or indirectly, record, photograph, photocopy or by any other means copy or cause to be copied any document, list or other writing or material that embodies or relates to Proprietary Information except as may be necessary in connection with the Consultant's provision of services under this Agreement.

 

  

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(b)  Non- Compete.  During Consultant’s engagement hereunder, and during a period of two (2) years following the end of the Term or other date of termination of this Agreement, the Consultant will not, directly or indirectly, whether as an owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, or through any other “person” (which, for purposes of this subsection, shall mean an individual, a corporation, a partnership, an association, a joint-stock company, a trust, or any unincorporated organization), compete in any state or territory of the United States or any geographic area outside of the United States with the Company or their affiliates in any business directly or indirectly engaged in by the Company or their affiliates. The restriction on competition for the purposes of this Agreement shall not include the passive ownership of securities in any public enterprise and exercise of rights appurtenant thereto, so long as such securities represent no more than two percent (2%) of the voting power of all securities of such enterprise and do not include active management or effective control of said enterprise.

(c)   Non-Solicitation.  During Consultant’s engagement hereunder and during a period of two (2) years following the end of the Term or other date of termination of this Agreement, Consultant will not, directly or indirectly, whether as an owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, or through any other “person” (which, for purposes of this subsection, shall mean an individual, a corporation, a partnership, an association, a joint-stock company, a trust, or any unincorporated organization), (1) hire or attempt to hire any employee of the Company or any affiliates thereof or any person who was an employee of the Company or any affiliates thereof at any time during the twelve months immediately prior to the termination of Consultant’s engagement with the Company, assist in such hiring by any other person, encourage any such employee to terminate his relationship with the Company or any affiliate thereof; (2) directly or indirectly, request or cause customers, suppliers or other parties with whom the Company or any of their affiliates has a business relationship to cancel or terminate any such business relationship with the Company or any affiliates thereof; and (3) solicit from a customer of the Company or their affiliates any business which is competing with or related to the business of the Company or its affiliates, or with the products or services of the Company or its affiliates.

 

(d)  Equity.  The restrictions set forth in this Section 6 are considered by the parties to be reasonable for the purposes of protecting the value of the business and goodwill of the Company.  Consultant acknowledges that the Company would be irreparably harmed and that monetary damages would not provide an adequate remedy to the Company in the event the covenants contained in this Sections 6 were not complied with in accordance with their terms.  Accordingly, Consultant agrees that any breach or threatened breach of any provision of Section 6 shall entitle the Company to injunctive and other equitable relief to secure the enforcement of these provisions, in addition to any other remedies (including damages) which may be available to the Company.  It is the desire and intent of the parties that the provisions of Section 6 be enforced to the fullest extent permissible under the laws and public policies of each jurisdiction in which enforcement is sought.  If any provisions of Section 6 relating to the time period, scope of activities or geographic area of restriction is declared by a court of competent jurisdiction to exceed the maximum permissible time period, scope of activities or geographic area, as the case may be, the time period, scope of activities or geographic area shall be reduced to the maximum which such court deems enforceable.  If any provisions of Section 6 other than those described in the preceding sentence are adjudicated to be invalid or unenforceable, the invalid or unenforceable provisions shall be deemed amended (with respect only to the jurisdiction in which such adjudication is made) in such manner as to render them enforceable and to effectuate as nearly as possible the original intentions and agreement of the parties.  In addition, if the Company brings an action to enforce Section 6 or to obtain damages for a breach thereof, the Company shall be entitled to recover from the Consultant all attorney's fees and expenses incurred by the Company in such action.

 

  

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7.

	
Termination.

(a)  Termination.  This Agreement may be terminated prior to the expiration of the Term by either party upon thirty (30) days written notice to the other party.

(b)  Effect of Termination.  Upon the termination of this Agreement pursuant to this Section 7, the Consultant shall be entitled to the fees set forth in Section 4 of this Agreement that have accrued to the date of termination as set forth in this Section 7.

(c)  Notice of Termination.  Any termination of Consultant's engagement by the Company or by Consultant shall be communicated by written Notice of Termination to the other party hereto.

8.           Independent Contractor.           The activities of the Consultant hereunder shall not constitute the Consultant an agent, partner or joint venturer of or with the Company, and at all times the relationship of the Consultant to the Company shall be that of an independent contractor.  The Consultant shall have no power or authority to, and shall at no time hold himself out as in any way authorized or empowered to, bind, contract or incur any liabilities on behalf of the Company.  Further, the Consultant acknowledges and agrees that the Company shall treat him as an independent contractor for taxation purposes and that the Consultant shall be solely responsible for the payment of any and all taxes relating to his services hereunder.

9.           Miscellaneous.

(a)  Survival.  The provisions of Section 6 shall survive the termination of this Agreement.

(b)  Entire Agreement.  This Agreement sets forth the entire understanding of the parties and merges and supersedes any prior or contemporaneous agreements between the parties pertaining to the subject matter hereof.

(c) Modification.  This Agreement may not be modified or terminated orally, and no modification, termination or attempted waiver of any of the provisions hereof shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.

(d)  Waiver.  Failure of a party to enforce one or more of the provisions of this Agreement or to require at any time performance of any of the obligations hereof shall not be construed to be a waiver of such provisions by such party nor to in any way affect the validity of this Agreement or such party's right thereafter to enforce any provision of this Agreement, nor to preclude such party from taking any other action at any time which it would legally be entitled to take.

 

  

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(e)  Successors and Assigns.  Neither party shall have the right to assign this Agreement, or any rights or obligations hereunder, without the consent of the other party; provided, however, that upon the sale of all or substantially all of the assets, business and goodwill of the Company to another company, or upon the merger or consolidation of the Company with another company, this Agreement shall inure to the benefit of, and be binding upon, both Consultant and the company purchasing such assets, business and goodwill, or surviving such merger or consolidation, as the case may be, in the same manner and to the same extent as though such other company were the Company; and provided, further, that the Company shall have the right to assign this Agreement to any affiliate or subsidiary of the Company.  Subject to the foregoing, this Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their legal representatives, heirs, successors and assigns.

(f)  Communications.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been given at the time (i) personally delivered, (ii) sent by overnight courier service with fax confirmation to the receiving party, or (iii) when mailed in any United States post office enclosed in a registered or certified postage prepaid envelope and addressed to the addresses set forth below, or to such other address as any party may specify by notice to the other party; provided, however, that any notice of change of address shall be effective only upon receipt.

	 	
To the Company: 

	
Profit Planners Management, Inc..

350 Madison Avenue, 8th Fl

New York, N.Y. 10017

Attention: Wesley Ramjeet

	 	
To the Consultant: 

	
Samuel Jacobs

__________________________

__________________________

(g)  Severability.  If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect the validity and enforceability of the other provisions of this Agreement and the provision held to be invalid or unenforceable shall be enforced as nearly as possible according to its original terms and intent to eliminate such invalidity or unenforceability.

(h)  Jurisdiction; Venue.  This Agreement shall be subject to the exclusive jurisdiction of the courts of New York County, New York.  Any breach of any provisions of this Agreement shall be deemed to be a breach occurring in the State of New York by virtue of a failure to perform an act required to be performed in the State of New York, and the parties irrevocably and expressly agree to submit to the jurisdiction of the courts of New York County, New York for the purpose of resolving any disputes among them relating to this Agreement or the transactions contemplated by this Agreement.

(i)  Governing Law.  This Agreement is made and executed and shall be governed by the laws of the State of New York, without regard to the conflicts of law principles thereof.

 

(j)  No Third-Party Beneficiaries.  Each of the provisions of this Agreement is for the sole and exclusive benefit of the parties hereto and shall not be deemed for the benefit of any other person or entity.

(h)  Section Headings.  The section headings in this Agreement are for convenience only.  Such section headings form no part of this Agreement and shall not affect the interpretation of this Agreement.

(i)  Further Assurances.  The parties shall, from time to time during the effective periods of this Agreement, upon request by the other, execute and deliver all further documents or instruments as may be required in order to give effect to the purpose and intent of this Agreement.

 

  

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(j)  Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties hereto have duly executed this Agreement as of the date set forth above.

	
PROFIT PLANNERS MANAGEMENT, INC.

	  	  
	
By:

	  
	  	
Wesley Ramjeet

	  	
CEO

	  	  
	
CONSULTANT

	  
	  
	
Samuel Jacobs

 

  

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Schedule A

Equity Bonus

As described in Section 4(b) above, Executive will be issued one hundred thousand (100,000) shares of the Common Stock of the Company as an Equity Bonus. The Equity Bonus shares shall vest over a three year period as described below:

Vesting Schedule

	
Number of Shares

	  	
Date of Vesting

	  	  	  
	
33,333

	  	
November __, 2012

	
33,333

	  	
November __, 2013

	
33,333

	
  

	
November __, 2014

  

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Schedule B

Additional Compensation

  

8EMPLOYMENT AGREEMENT

 

This Employment Agreement ("Agreement") is entered into as of the date executed below and is deemed effective on November 1, 2011 by and between Profit Planners Management Inc. (the "Company") and Wesley Ramjeet, an individual residing at 279 Plainfield Road, Edison, NJ 08820  ("Executive").

 

	
1.

	
Employment.

 

The Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, on the terms and subject to the conditions set forth in this Agreement.  The parties agree that this Agreement commences on November 1, 2011 and will remain in effect unless and until terminated in accordance with the terms and conditions set forth in this Agreement.  The actual period from commencement of Executive’s employment until the Completion Date (as defined in Section 6.4) shall be referred to herein as the "Employment Period."

 

	
2.

	
Position and Duties.

 

The Company shall employ Executive during the Employment Period as the Chief Executive Officer of the Company, provided, however, that Executive may have such other titles in addition thereto  as the Board of Directors of the Company (the “Board”) determines in its sole discretion. Executive shall report to the Board of the Company. Executive shall have such responsibilities as may, from time to time, be duly authorized or directed by the Board. During the Employment Period, Executive shall perform faithfully and loyally and to the best of his abilities the duties assigned to him hereunder. Executive shall act at all times according to what is reasonably believed to be in the best interests of the Company. Executive shall devote his full business time, attention and effort to the affairs of the Company. The Executive can be engaged in other business as long as such business activity does not interfere with his role as Chief Executive Officer of the Company. The foregoing is not intended to restrict Executive's ability to engage in charitable, civic or community activities to the extent that such activities do not materially interfere with his duties hereunder.

 

	
3.

	
Term.

The term of Executive’s employment under this Agreement (the “Term”) shall commence on November 1, 2011 (the “Effective Date”), and, subject to the terms hereof, shall terminate on the third (3rd) anniversary of the Effective Date; provided that, the Term of this Agreement will automatically renew for successive one-year periods thereafter, unless, at least thirty days prior to the applicable expiration date, either party gives the other written notice of non-renewal.

	
4.

	
Compensation.

 

Executive acknowledges and agrees that his right to compensation under this Agreement shall terminate on the Completion Date except as otherwise provided hereunder. As compensation for the services to be rendered by Executive pursuant to this Agreement, the Company shall pay to Executive the following compensation:

 

4.1           Base Salary:  During the Employment Period, the Company shall pay to Executive a base salary as follows ("Base Salary"):

 

i)  $150,000 per annum in year 1 of this agreement, beginning on November 1, 2011;

ii)  $200,000 per annum in year 2 of this agreement, beginning on November 1, 2012 and

  

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iii) $250,000 per annum in year 3 of this agreement, beginning on November 1, 2013.

The Base Salary is payable on the Company's regular payroll schedule. The Company shall deduct from the Base Salary paid to Executive the required federal, state and local withholding taxes, as well as any other authorized deductions.

 

4.2           Performance Bonus: Executive will be eligible to earn an annual performance bonus (“Performance Bonus”) in addition to his Base Salary. The amount of the Executive’s Performance Bonus will be based on the meeting of certain annual Company performance objectives determined by the Board, as detailed in Schedule A to this Agreement. Any Performance Bonus earned by Executive shall be paid at the end of the Company’s fiscal year. The Company shall deduct from any Performance Bonus paid to Executive the required federal, state and local withholding taxes, as well as any other authorized deductions.

 

4.3           ESOP Participation:  Promptly following the establishment of an ESOP or other stock based employee compensation plan (the “Plan”) and at the discretion of the Board, the Company may issue to Executive options to purchase shares of the Company’s common stock (the “Options”) pursuant to the terms of such Plan.  Such Options shall vest according to the vesting schedules contained in the Plan.

 

4.4           Expense Reimbursement.  During the Employment Period, the Company shall reimburse Executive, in accordance with the Company’s policies and procedures, for all proper and reasonable expenses incurred by him in the performance of his duties hereunder. Company shall pay to Executive the following on a monthly basis to cover expenses incurred by Executive in the execution of his duties under this Agreement:

 

i)   $1,500 per month to cover automobile expenses, and

ii)  $1,500 per month to cover the cost of a home office for Executive.

4.5           Benefits.  Executive shall be entitled to participate in any benefit plans established by the Company, including coverage under any medical insurance plan established and maintained by the Company.

	
5.

	
Termination Upon Death or Disability.

 

5.1           Death.  Upon the death of Executive, this Agreement shall automatically terminate and all rights of Executive and his heirs, executors and administrators to compensation and other benefits under this Agreement shall cease, except as provided in Section 7.1 hereof.

 

5.2           Disability.  The Company may, at its option, terminate this Agreement upon written notice to Executive if Executive, because of physical or mental incapacity or disability, fails to perform the essential functions of his position required of him hereunder for a continuous period of 90 days within any twelve-month period.  Upon such termination, all obligations of the Company hereunder shall cease, except as provided in Section 7.1 hereof.  In the event of any dispute regarding the existence of Executive's incapacity hereunder, the matter shall be resolved by the determination of a physician to be mutually selected and agreed upon by the Company and Executive.  Executive agrees that he will submit to appropriate medical examinations for purposes of such determination.

 

  

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6.

	
Termination by the Company or Executive.

 

6.1           Termination by Company.  This Agreement constitutes an at-will employment contract between the Executive and the Company, and as such it may be terminated by the parties hereto by the delivery of a written Notice of Termination pursuant to Section 6.3 below. The compensation payable to Executive in the event of a Termination of this Agreement is determined by Section 7 hereto.

 

6.1.1           For the purposes of this Agreement "Cause" shall mean any one or more of the following:

 

(a)  performance by Executive of his duties in a manner which is deemed unsatisfactory and which has continued for more than thirty (90) days following written notice of such non-performance from the Board in its sole and exclusive discretion;

 

(b) any willful and material failure or refusal by Executive to perform his duties under this Agreement (other than by reason of Executive's death or disability) which has continued for more than thirty (30) days following written notice of such non-performance from the Board;

 

(c) any intentional act of fraud or embezzlement by Executive in connection with his duties hereunder or in the course of his employment hereunder, or the admission or conviction of, or entering of a plea of nolo contendere by, Executive of any felony or any lesser crime involving, fraud, embezzlement or theft;

 

(d) any willful misconduct or personal dishonesty of Executive resulting, in the good faith determination of the Board, in a material loss to the Company or any of its affiliates, successors or assigns, or in material damage to the reputation of the Company or any of its affiliates, successors or assigns;

 

(e) any material breach by Executive of any of the covenants contained in this Agreement which has continued for more than thirty (60) days following written notice of such breach from the Board.

 

(f) any material failure of Executive to comply with Company policies or procedures which has continued for more than thirty (60) days following written notice of such non-performance from the Board.

 

6.2           Termination by Executive.  Executive shall be entitled to terminate his employment hereunder for Good Reason.

 

6.2.1           For the purposes of this Agreement "Good Reason" shall mean any one or more of the following:

 

(a)  any failure by the Company to comply with any material provision of this Agreement;

 

(b)  any substantial change of Executive's job duties as Chief Executive Officer of the Company, made by the Board and not agreed to by Executive;

 

  

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(c) any failure or refusal of a successor to the Company or the purchaser of all, or substantially all, of the assets of the Company to assume the Company’s obligations under this Agreement.

 

6.3           Notice of Termination.  Any termination of Executive's employment by the Board or by Executive shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 6 herein.  Executive shall provide one month notice of termination to the Company whenever reasonably possible.

 

6.4           Completion Date.  "Completion Date" shall mean the earliest of: (i) the expiration of the Term of this Agreement, including any extensions thereof under Section 3 hereof, (ii) if Executive's employment is terminated because of death, the date of Executive's death, (iii) if Executive's employment is terminated for disability, the date of such notice to Executive pursuant to Section 5.2 herein; and (iv) if Executive's employment is terminated pursuant to Sections 6.1 or 6.2 hereof, or for any other reason other than death or disability, the date specified in the Notice of Termination.

 

	
7.

	
Compensation Upon Termination.

 

7.1           If Executive's employment is terminated (i) by reason of Executive’s death or disability; (ii) by Executive other than for Good Reason, or (iii) by the Board not for Cause, Executive shall be entitled to receive only the portion of his Base Salary which shall have accrued through the Completion Date and not been previously paid. In addition, the executive shall also receive six months of salary upon termination. In addition, the executive shall continue to have medical insurance coverage for twelve months after his termination date. Executive’s participation in the Company’s employee benefit plans or programs, if any, shall cease in accordance with the terms of such plans or programs as then in effect, and all un-vested options issued to Executive under the ESOP, or any other compensation plan, shall expire on the Completion Date.

 

7.2           If Executive's employment is terminated: (i) by the Board for Cause; or (ii) by Executive for Good Reason, Executive shall be entitled to receive: (a) the portion of his Base Salary which shall have accrued through the Completion Date and not been previously paid, (b) any Performance Bonus compensation which shall have accrued through the Completion Date and not been previously paid, and (c) the employee benefits to which Executive is entitled upon his termination of employment, in accordance with the terms of such plans or programs of the Company, if any, then in effect.

 

8.           Notices.  All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given when (i) delivered personally or by overnight courier to the following address of the other party hereto (or such other address for such party as shall be specified by notice given pursuant to this Section) or (ii) sent by facsimile to the following facsimile number of the other party hereto (or such other facsimile number for such party as shall be specified by notice given pursuant to this Section), with the confirmatory copy delivered by overnight courier to the address of such party pursuant to this Section.

 

If to the Company:             Profit Planners Management, Inc.

350 Madison Avenue, 8th Floor

New York, N.Y. 10017

Attn:  Bradley Steere

  

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If to Executive, to:             Wesley Ramjeet

279 Plainfield Road,

Edison, NJ 08820

9.             Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such provision in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

10.           Entire Agreement.  This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof.

 

11.           Successors and Assigns.  This Agreement is personal to Executive and shall not be assignable by Executive.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns; the Company may assign and transfer its rights and obligations under this Agreement, by operation of law or otherwise, to any successor to all or substantially all of its equity ownership interests, assets or business by dissolution, merger, consolidation, transfer of assets, or otherwise as permitted under the Company’s Articles of Incorporation.  Except as stated herein, nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties and their respective successors and permitted assigns any rights or remedies under or by reason of this Agreement.

 

12.           Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York without regard to principles of conflict of laws.

 

13.           Representations and Warranties.  Executive represents, warrants and agrees that he has all right, power, authority and capacity, and is free to enter into this Agreement; that by doing so, Executive will not violate or interfere with the rights of any other person or entity; and that Executive is not subject to any contract, understanding or obligation that will or might prevent, interfere or conflict with or impair the performance of this Agreement by Executive.  Executive further represents, warrants, and agrees that he will not enter into any agreement or other obligation while this Agreement is in effect that might conflict or interfere with the operation of this Agreement or his obligation hereunder.

 

14.           Waiver.  No waiver of any breach of any term of this Agreement shall be construed to be, nor shall be, a waiver of any breach of any other terms of this Agreement.  No waiver shall be binding unless it is in writing and signed by the party waiving the breach.  No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.

 

15.           Modification.  Neither this Agreement nor the provisions contained herein may be extended, renewed, amended or modified other than by a written agreement executed by Executive and the Board.

 

16.           Construction.  The rule that a contract is construed against the party drafting the contract is hereby waived, and shall have no applicability in construing this Agreement or the terms hereof.  Any headings and captions used herein are only for convenience and shall not affect the construction or interpretation of this Agreement.

 

  

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17.           Legal Representation.  The parties understand that this is a legally binding contract and acknowledge and agree that they have had a reasonable opportunity to consult with legal counsel of their choice prior to execution.

 

18.           Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same original instrument.

 

19.           Covenant Not to Disclose Information; Exclusive Employment, Remedies. The parties hereto recognize that Proprietary Information (as hereinafter defined) is important, material and confidential. Accordingly, the Executive shall not, directly or indirectly, during the term of this Agreement or at any time thereafter, without the prior written consent of the Company, disclose, use or permit any other business, firm, corporation, person or other entity to disclose, use or have access to Proprietary Information, except as may be necessary in connection with the Executive's provision of services under this Agreement. As used in this Agreement, "Proprietary Information" means information disclosed to or obtained by the Executive as a result of or related to his relationship with the Company, whether or not acquired during business hours, including, but not limited to, information concerning the Company's business, customers, operations, and services.

 

20.           Covenant Not to Compete.  During Executive’s employment hereunder, and during a period of three months following the Completion Date if Executive has either resigned other than for Good Reason, or been terminated for Cause, the Executive will not, directly, whether as an owner, partner, shareholder, Executive, co-venturer or otherwise, or through any other “person” (which, for purposes of this subsection, shall mean an individual, a corporation, a partnership, an association, a joint-stock company, a trust, or any unincorporated organization), compete in any state or territory of the United States or any geographic area outside of the United States with the Company or its affiliates in any business directly engaged in by the Company or its affiliates. The restriction on competition for the purposes of this Agreement shall not include the passive ownership of securities in any public enterprise and exercise of rights appurtenant thereto, so long as such securities represent no more than ten percent (10%) of the voting power of all securities of such enterprise and do not include active management or effective control of said enterprise.

 

21.           Covenant Not to Solicit.  During Executive’s employment hereunder and during a period of three months following the Completion Date of his employment with the Company, Executive will not, directly or indirectly, whether as an owner, partner, shareholder, Executive, co-venturer or otherwise, or through any other “person” (which, for purposes of this subsection, shall mean an individual, a corporation, a partnership, an association, a joint-stock company, a trust, or any unincorporated organization), (1) hire or attempt to hire any employee of the Company or any affiliates thereof (2) directly, request or cause customers, suppliers or other parties with whom the Company or any of its affiliates has a business relationship to cancel or terminate any such business relationship with the Company or any affiliates thereof; and (3) solicit from a customer of the Company or its affiliates any business which is competing with or related to the business of the Company or its affiliates, or with the products or services of the Company or its affiliates.

22.           All business conducted, generated, or produced by the Executive must be through the Company, unless the Company previously has otherwise specifically consented in writing.

 

  

6

  

IN WITNESS HEREOF, the parties hereto execute and effectuate this Agreement as of the last date stated below.

 

	  	  	
PROFIT PLANNERS MANAGEMENT, INC.

	  	  	  	  
	
Dated: _____________

	  	
By:

	  
	  	  	  	
Bradley Steere

	  	  	  	
Director

	  	  	  	  
	
Dated: _____________

	  	
By:

	  
	  	  	  	
Wesley Ramjeet

 

  

7

  

Schedule A

Performance Bonus

Performance Bonus Payable

Executive shall earn and be paid, in cash, a Performance Bonus based on the revenue and capitalization of the Company, as described below:

	
Bonus Amount

	  	
Revenue of Company

	  	  	  
	
$50,000

	  	
Payable on the Company reaching $1.5 million in revenue.

	  	  	  
	
$50,000

	  	
Payable for each additional $1 million in revenue booked by the Company after the initial $1.5 million of revenue identified above.

	  	  	  
	
$25,000

	  	
Payable on every $1 million of capital raised.

  

8

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