Document:

ex10-1.htm

EXHIBIT 10.1

 

UNITED STATES OF AMERICA

BEFORE THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

WASHINGTON, D.C.

 

STATE OF SOUTH CAROLINA

BOARD OF FINANCIAL INSTITUTIONS

COLUMBIA, SOUTH CAROLINA

 

	
 

Written Agreement by and among

 

COMMUNITY CAPITAL CORPORATION 

Greenwood, South Carolina

 

CAPITALBANK 

Greenwood, South Carolina

 

FEDERAL RESERVE BANK OF RICHMOND 

Richmond, Virginia

 

and

 

STATE OF SOUTH CAROLINA BOARD OF FINANCIAL INSTITUTIONS

Columbia, South Carolina

 

	
 

Docket Nos. 10-075 -WA/RB-HC

10-075 -WA/RB-SM

 

WHEREAS, in recognition of their common goal to maintain the financial soundness of Community Capital Corporation, Greenwood, South Carolina (“Community Capital”), a registered bank holding company, and its subsidiary, CapitalBank, Greenwood, South Carolina (the “Bank”), a state-chartered bank that is a member of the Federal Reserve System, Community Capital, the Bank, the Federal Reserve Bank of Richmond (the “Reserve Bank”), and the Commissioner, on behalf of the State of South Carolina Board of Financial Institutions (the “Commissioner”), have mutually agreed to enter into this Written Agreement (the “Agreement”); and

 

  

  

  

 

WHEREAS, on July 28, 2010, the boards of directors of Community Capital and the Bank, at duly constituted meetings, adopted resolutions authorizing and directing Patricia C. Hartung to enter into this Agreement on behalf of Community Capital and the Bank, and consenting to compliance with each and every applicable provision of this Agreement by Community Capital and the Bank, and their 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, Community Capital, Bank, Reserve Bank, and the Commissioner agree as follows:

 

Source of Strength

 

1.     The board of directors of Community Capital shall take appropriate steps to fully utilize Community Capital’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 this Agreement. 

 

Credit Risk Management

 

2.     Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable, enhanced written plan to strengthen credit risk management practices. The plan shall, at a minimum, address, consider, and include:

 

(a) Periodic review and revision of risk exposure limits to address changes in market conditions;

(b) strategies to minimize credit losses and reduce the level of problem assets;

 

  

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(c) enhancement of risk rating of loans to ensure changes to individual ratings are adequately supported; and

(d) reducing, and the means by which the Bank will continue to reduce, the level of commercial real estate concentrations, and timeframes for achieving the reduced levels. 

 

Lending and Credit Administration

 

3.     Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable enhanced written lending and credit administration program that shall, at a minimum, address, consider, and include:

 

(a) Underwriting standards that require documented analyses of a borrower’s and guarantor’s cash flow, including any contingent liabilities;

(b) enhancement of policies and procedures relating to the acquisition, management, and disposition of other real estate owned (“OREO”), including Bank-financed disposition; and

(c) the appropriate accounting treatment for costs incurred in connection with the maintenance of collateral.

 

Asset Improvement

 

4.     The Bank shall not, directly or indirectly, extend, renew, or restructure any credit to or for the benefit of any borrower, including any related interest of the borrower, whose loans or other extensions of credit are criticized in the report of examination of the Bank conducted jointly by the Reserve Bank and the Commissioner that commenced on October 5, 2009 (the “Report of Examination”) or in any subsequent report of examination, without the prior approval of a majority of the full board of directors or a designated committee thereof. The board of directors or its committee shall document in writing the reasons for the extension of credit, renewal, or restructuring, specifically certifying that: (i) the Bank’s risk management policies and practices for loan workout activity are acceptable; (ii) the extension of credit is necessary to improve and protect the Bank’s interest in the ultimate collection of the credit already granted and maximize its potential for collection; (iii) the extension of credit reflects prudent underwriting based on reasonable repayment terms and is adequately secured; and all necessary loan documentation has been properly and accurately prepared and filed; (iv) the Bank has performed a comprehensive credit analysis indicating that the borrower has the willingness and ability to repay the debt as supported by an adequate workout plan, as necessary; and (v) the board of directors or its designated committee reasonably believes that the extension of credit will not impair the Bank’s interest in obtaining repayment of the already outstanding credit and that the extension of credit or renewal will be repaid according to its terms. The written certification shall be made a part of the minutes of the meetings of the board of directors or its committee, as appropriate, and a copy of the signed certification, together with the credit analysis and related information that was used in the determination, shall be retained by the Bank in the borrower’s credit file for subsequent supervisory review. For purposes of this Agreement, the term “related interest” is defined as set forth in section 215.2(n) of Regulation O of the Board of Governors (12 C.F.R. § 215.2(n)).

 

  

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5.     (a) Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable written plan designed to improve the Bank’s position through repayment, amortization, liquidation, additional collateral, or other means on OREO, and each loan, relationship, or other asset in excess of $750,000 that are past due as to principal or interest more than 90 days as of the date of this Agreement, are on the Bank’s problem loan list, or were adversely classified in the Report of Examination.

 

(b) Within 30 days of the date that any additional OREO or loan, relationship, or other asset in excess of $750,000 becomes past due as to principal or interest for more than 90 days, is on the Bank’s problem loan list, or is adversely classified in any subsequent report of examination of the Bank, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable written plan to improve the Bank’s position on such loan, relationship, or asset.

 

(c) Within 30 days after the end of each calendar quarter thereafter, the Bank shall submit a written progress report to the Reserve Bank and the Commissioner to update each asset improvement plan, which shall include, at a minimum, the carrying value of the loan or other asset and changes in the nature and value of supporting collateral, along with a copy of the Bank’s current problem loan list, a list of all loan renewals and extensions without full collection of interest in the last quarter, and past due/non-accrual report.

 

Allowance for Loan and Lease Losses

 

6.     (a) Within 10 days of this Agreement, the Bank shall eliminate from its books, by charge-off or collection, all assets or portions of assets classified “loss” in the Report of Examination that have not been previously collected in full or charged off. Thereafter the Bank shall, within 30 days from the receipt of any federal or state report of examination, charge off all assets classified “loss” unless otherwise approved in writing by the Reserve Bank and the Commissioner.

 

(b) Within 60 days of this Agreement, the Bank shall review and revise its allowance for loan and lease losses (“ALLL”) methodology consistent with relevant supervisory guidance, including the Interagency Policy Statements on the Allowance for Loan and Lease Losses, dated July 2, 2001 (SR 01-17 (Sup)) and December 13, 2006 (SR 06-17), and the findings and recommendations regarding the ALLL set forth in the Report of Examination, and submit a description of the revised methodology to the Reserve Bank and the Commissioner. The revised ALLL methodology shall be designed to maintain an adequate ALLL and shall address, consider, and include, at a minimum, the reliability of the Bank’s loan grading system, the volume of criticized loans, concentrations of credit, the current level of past due and nonperforming loans, past loan loss experience, evaluation of probable losses in the Bank’s loan portfolio, including adversely classified loans, and the impact of market conditions on loan and collateral valuations and collectability.

 

  

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(c)  Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable written program for the maintenance of an adequate ALLL. The program shall include policies and procedures to ensure adherence to the Bank’s revised ALLL methodology and provide for periodic reviews and updates to the ALLL methodology, as appropriate. The program shall also provide for a review of the ALLL by the board of directors on at least a quarterly calendar basis. Any deficiency found in the ALLL shall be remedied in the quarter it is discovered, prior to the filing of the Consolidated Reports of Condition and Income, by additional provisions. The board of directors shall maintain written documentation of its review, including the factors considered and conclusions reached by the Bank in determining the adequacy of the ALLL. During the term of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner within 30 days after the end of each calendar quarter, a written report regarding the board of directors’ quarterly review of the ALLL and a description of any changes to the methodology used in determining the amount of the ALLL for that quarter.

 

  

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Capital Plan

 

7. Within 60 days of this Agreement, Community Capital and the Bank shall submit to the Reserve Bank and the Commissioner an acceptable joint written plan to maintain sufficient capital at Community Capital on a consolidated basis, and at the Bank as a separate legal entity on a stand-alone basis. The plan shall, at a minimum, address, consider, and include:

 

(a) Community Capital’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);

 

(b) the Bank’s current and future capital requirements, including compliance with the Capital Adequacy Guidelines for State Member Banks: Risk-Based Measure and Tier 1 Leverage Measure, Appendices A and B of Regulation H of the Board of Governors (12 C.F.R. Part 208, App. A and B);

 

(c) the adequacy of the Bank’s capital, taking into account the volume of classified assets, concentrations of credit, the adequacy of the ALLL, current and projected asset growth, projected retained earnings, and anticipated and contingency funding needs;

 

(d) the source and timing of additional funds to fulfill Community Capital’s and the Bank’s future capital requirements; and

 

(e) the requirements of section 225.4(a) of Regulation Y of the Board of Governors (12 C.F.R. § 225.4(a)) that Community Capital serve as a source of strength to the Bank.

 

8. Community Capital and the Bank shall notify the Reserve Bank and the Commissioner, in writing, no more than 30 days after the end of any calendar quarter in which any of Community Capital’s consolidated capital ratios, or the Bank’s capital ratios (total risk-based, Tier 1 risk-based, or leverage), fall below the approved capital plan’s minimum ratios. Together with the notification, Community Capital and the Bank shall submit an acceptable written plan that details the steps Community Capital or the Bank, as appropriate, will take to increase Community Capital’s or the Bank’s capital ratios to or above the approved capital plan’s minimums.

 

  

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Liquidity/Contingency Funding

 

9.  Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable revised written liquidity policy that includes the establishment of an appropriate minimum liquidity ratio.

 

10. Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable revised written contingency funding plan that, at a minimum, includes adverse scenario planning and identifies and quantifies available sources of liquidity for each scenario.

 

Earnings Plan and Budget

 

11. (a) Within 90 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner a written business plan for the remainder of 2010 to improve the Bank’s earnings and overall condition. The plan, at a minimum, shall provide for or describe:

 

(i) a realistic and comprehensive budget for the remainder of calendar year 2010, including income statement and balance sheet projections; and

 

(ii) a description of the operating assumptions that form the basis for, and adequately support, major projected income, expense, and balance sheet components.

 

  

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(b) During the term of this Agreement, a business plan and budget for each calendar year subsequent to 2010 shall be submitted to the Reserve Bank and the Commissioner at least 30 days prior to the beginning of that calendar year.

 

Dividends and Distributions

 

12.   (a) Community Capital and the Bank shall not declare or pay any dividends without the prior written approval of the Reserve Bank, the Director of the Division of Banking Supervision and Regulation of the Board of Governors (the “Director”), and, as to the Bank, the Commissioner.

 

(b) Community Capital and its nonbank subsidiary shall not directly or indirectly take any other form of payment representing a reduction in capital from the Bank without the prior written approval of the Reserve Bank.

 

(c) Community Capital and its nonbank subsidiary shall not make any distributions of interest, principal, or other sums on subordinated debentures or trust preferred securities without the prior written approval of the Reserve Bank and the Director.

 

(d) All requests for prior written approval shall be received at least 30 days prior to the proposed dividend declaration date, proposed distribution on subordinated debentures, and required notice of deferral on trust preferred securities. All requests shall contain, at a minimum, current and projected information, as appropriate, on Community Capital’s capital, earnings, and cash flow; the Bank’s capital, asset quality, earnings, and ALLL needs; and identification of the sources of funds for the proposed payment or distribution. For requests to declare or pay dividends, Community Capital and the Bank, as appropriate, 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).

 

  

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Debt and Stock Redemption

 

13.  (a) Community Capital and its nonbank subsidiary 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) Community Capital shall not, directly or indirectly, purchase or redeem any shares of its stock without the prior written approval of the Reserve Bank.

 

Compliance with Laws and Regulations

 

14. 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, Community Capital and the Bank 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. Such notice shall also be provided to the Commissioner.

 

15. Community Capital and the Bank 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). 

 

Compliance with the Agreement

 

16.  (a) Within 10 days of this Agreement, Community Capital’s and the Bank’s boards of directors shall appoint a joint committee (the “Compliance Committee”) to monitor and coordinate Community Capital’s and the Bank’s compliance with the provisions of this Agreement. The Compliance Committee shall consist of a majority of outside directors who are not executive officers of Community Capital and the Bank as defined in sections 215.2(e)(1) and 215.2(m)(1) of Regulation O of the Board of Governors (12 C.F.R. §§ 215.2(e)(1) and 215.2(m)(1)). The Compliance Committee shall meet at least monthly, keep detailed minutes of each meeting, and report its findings to Community Capital’s and the Bank’s boards of directors.

 

  

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(b) Within 30 days after the end of each calendar quarter following the date of this Agreement, Community Capital and the Bank shall submit to the Reserve Bank and the Commissioner joint written progress reports detailing the form and manner of all actions taken to secure compliance with this Agreement and the results thereof.

 

Approval and Implementation of Plans, Programs, and Policy

 

17.  (a) The Bank and, as applicable, Community Capital shall submit written plans, programs, and a policy that are acceptable to the Reserve Bank and the Commissioner within the applicable time periods set forth in paragraphs 2, 3, 5(a), 5(b), 6(c), 7, 8, 9, and 10 of this Agreement.

 

(b) Within 10 days of approval by the Reserve Bank and the Commissioner, the Bank and, as applicable, Community Capital, shall adopt the approved plans, programs, and policy. Upon adoption, the Bank and, as applicable, Community Capital shall promptly implement the approved plans, programs, and policy, and thereafter fully comply with them.

 

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

 

  

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Communications

 

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

 

	 	
(a)

	
A. Linwood Gill, III

Vice President

Federal Reserve Bank of Richmond 

P.O. Box 27622

Richmond, Virginia 23261-7622

 

	 	
(b)

	
Louie A. Jacobs 

Commissioner of Banking

State of South Carolina

Board of Financial Institutions 

1205 Pendleton Street, Suite 305

Columbia, South Carolina 29201

 

	 	
(c)

	
William G. Stevens

President and Chief Executive Officer 

Community Capital Corporation CapitalBank

109 Montague Avenue

Greenwood, South Carolina 29648

 

Miscellaneous

 

 19. Notwithstanding any provision of this Agreement, the Reserve Bank and the Commissioner may, in their sole discretion, grant written extensions of time to Community Capital and the Bank to comply with any provision of this Agreement.

 

20.The provisions of this Agreement shall be binding upon Community Capital and the Bank and their institution-affiliated parties, in their capacities as such, and their successors and assigns.

 

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

 

  

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

 

23. Pursuant to section 50 of the FDI Act (12 U.S.C. § 1831aa), 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 28th of July, 2010.

 

	OMMUNITY CAPITAL CORPORATION	 	FEDERAL RESERVE BANK OF RICHMOND	 
	 	 	 	 	 	 
	By: 	/s/ Patricia C. Hartung	 	By:	
/s/ A. Linwood Gill, III

	 
	 	Patricia C. Hartung	 	 	
A. Linwood Gill, III

	 
	 	Chairman	 	 	Vice President	 

 

	CAPITALBANK	 	STATE OF SOUTH CAROLINA BOARD OF FINANCIAL INSTITUTIONS	 
	 	 	 	 	 	 
	By: 	/s/ Patricia C. Hartung	 	By:	
/s/ Louie A. Jacobs

	 
	 	Patricia C. Hartung	 	 	
Louie A. Jacobs

	 
	 	Chairman	 	 	Commissioner of Banking	 

 

 

12kurrant_ex101.htm

CONSULTANT SERVICE AGREEMENT

 

THIS CONSULTANT SERVICE AGREEMENT (the “Agreement”) is deemed made, entered into and effective this 2ndday of June, 2010 (the “Effective Date”).

Between:  KURRANT MOBILE CATERING, INC., Inc., a Colorado Corporation, with its principle business address at 194 Hermosa Circle, Durango, Colorado, 81301;

 

(the “Company").

And:  François Turgeon, a Canadian businessman having its principal place of business 27 Bagg st. Montreal, Quebec Canada H2W 1J9

 (the "Consultant").

WHEREAS:

A.           The Company is a reporting company incorporated under the laws of the State of Colorado, U.S.A., and has its common shares listed for trading on the NASDAQ Over-The-Counter Bulletin Board;

B.           The Company is involved in the principal business of editing and book publishing (collectively, the “Business”);

C.           The Consultant is a professional within the field of multimedia design and multiplateform applications of Internet technologies in the field of publishing and desires to provide professional consulting services to the Company;

D.           The Company desires to retain the services of the Consultant and the Consultant desires to accept such mandate, in order to provide such related services to the Company (collectively, the “General Services”);

E.           It is the intention of the Company and the Consultant (at times referred to herein as “Parties”) hereby to memoralize all such agreements and understandings between them relating to the terms and conditions of the General Services and, correspondingly, it is their further intention that the terms and conditions of this agreement (the “Agreement”) will replace, in their entirety, all such prior discussions, negotiations, understandings and agreements with respect to the General Services;

F.           The Parties hereto have agreed to enter into this Agreement which replaces, in its entirety, all such prior discussions, negotiations, understandings and agreements, and, furthermore, which necessarily clarifies their respective duties and obligations with respect to the General Services to be provided hereunder, all in accordance with the terms and conditions of this Agreement;

G.           The Parties do not wish this Agreement to be an employment agreement and intend to maintain an independent contractor relationship whereby the Consultant will continue to provide the General Services hereunder.  The Consultant shall allocate, in his discretion, the amount of time appropriate to providing General Services to the Company and the manner of the provision of any part of the General Services.  The Consultant may choose the location from which the Consultant’s General Services are rendered, select the times during which such General Services are rendered, and the optimal form of communication through which to deliver or provide such General Services.  Provided however, all decisions of the Consultant in rendering the General Services must be made in good faith, in the best mutual interests of the Consultant and the Company, and carried out in a manner that is generally consistent with accepted industry standards for the provision of such General Services.

 

  

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H.           This Agreement when duly signed and accepted by the Consultant; will define the duties, responsibilities and obligations of the Consultant; set forth and provide the consideration, expense allowances and any other consideration offered or provided to the Consultant hereunder; and as offered by the Company to other independent contractors providing professional services and consulting services to the Company.

NOW THEREFORE, in consideration of the recited ongoing relationship of the Parties and the promises, covenants, assurances, agreements and financial compensation provided by and between the Parties all of which is mutually acknowledged as good and sufficient consideration, by and between the Parties hereto, and the Company and the Consultant hereby promise, covenant and agree as follows:

1.             Remuneration

	
1.1

	
The Company shall pay to the Consultant Five million common shares to be issued in accordance with rule 144 of the Law, such shares being valued at .001 as per the Company’s board resolution attached herewith;.

	
1.2

	
N/A;

	
1.3

	
The compensation provided for herein will be inclusive of any remuneration otherwise payable to the Consultant may be for serving the Company or any subsidiary of the Company at the request of the Company during the currency of this Agreement.

2.             Expenses

	
2.1

	
The Company shall reimburse the Consultant the full amount for all expenses reasonably incurred by the Consultant in the proper performance of the General Services, where such expenses are pre-approved under this Agreement, pre-approved by the Company’s Board of Directors (the “Board”) or the controller of the Company at any specified rate or amount, or upon the Consultant providing such receipts or other evidence as the Company may reasonably require.

3.             Notice of Termination and Termination of the Agreement

	
3.1

	
Any Party can terminate this Agreement upon thirty (30) days written notice (herein called “Notice of Termination”) to the other Parties. If the Company terminates the Agreement prior to the Termination Date for any reason other than the Consultant’s gross negligence, all shares issued.

	
3.2

	
N/A

	
3.3

	
N/A

	
3.4

	
All expenses and other reimbursable cost payable to the Consultant hereunder are payable to the date of effective Notice of Termination as provided hereunder.

4.             Term of Agreement

	
4.1

	
Unless otherwise agreed to in writing by the Parties, this Agreement will commence on the Effective Date and continue on for a Three months period at which date it shall terminate (herein called the “Termination Date”).  The Agreement may be renewed thereafter upon the mutual consent of the Parties.

 

  

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5.             General Services

	
5.1

	
During the continuance of this Agreement the Consultant also agrees to provide the services as more fully described in Schedule A attached herewith and such related services, as the Board may, from time to time, reasonably assign to the Consultant and as may be necessary for the ongoing maintenance and development of the Company’s various Business interests during the continuance of this Agreement (herein collectively described as the “General Services”). Any extraordinary mandate shall be the object of an agreement between the parties for additional compensation.

 

	
5.3

	
N/A;

	
5.4

	
The Consultant will perform the said General Services faithfully, diligently, to the best of the Consultant’s capabilities with the resources at its disposal and in the best interests of the Company.

	
5.5

	
N/A;

	
5.6

	
In any event the Consultant will not engage in any activity which is in a conflict of interests with its engagement under this Agreement or contrary to the best interests of the Company.  In that regard, the Consultant and the Company shall regularly consult and make necessary and appropriate records available to one another to assure them, and each of them, that no potential or actual conflict of interest arises in the performance of the responsibilities hereunder by the Consultant.

6.             Confidentiality, Non-Disclosure, Non-Competition and Non-Circumvention

	
6.1

	
Subject to the provisions of Section 5.6 hereof to prevent conflicts of interest, the Consultant hereby covenants, promises and agrees that he will be provided with confidential, proprietary and valuable information by the Company about its clients, properties, prospects and financial circumstances from time to time during the currency of this Agreement, in order to permit the Consultant to properly, effectively and efficiently carry out its tasks, duties and activities hereunder. However, by providing such disclosure of Confidential Information to the Consultant, the Company relies on the Consultant to hold such information as confidential and only disclose the same to those parties, whether directors, officers, employees, agents, representatives or clients and contacts of the Consultant “who need to know”, in order that the Consultant can carry out the objects of this Agreement as provided for herein and as communicated as between the Company and the Consultant during the currency of this Agreement.  Due to the nature of the relationship of the Consultant to the Company no more precise limitations can be placed on the Consultant’s use and disclosure of Confidential Information received from the Company pursuant hereto than as described herein.

 

	
6.2

	
The general nature of the Agreement between the Parties is that the Consultant (also called the “Independent Contractor”) acting as an independent contractor and consultant to the Company, whereby the Independent Contractor will act on the Company’s behalf in the promotion of the Company’s interests and by way of introductions, consulting to and advising of the Company on matters related to the Business.  The result of these terms and conditions of disclosure of Confidential Information to the Independent Contractor by the Company is that the Independent Contractor will:

 

  

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(a)

	
Only disclose such Confidential Information on a “need to know” basis, but it will be up to the Independent Contractor’s reasonable discretion in acting on behalf of and in the best interests of the Company to determine what group or groups “need to know” about such information pursuant to the nature and scope of this Agreement;

	
(b)

	
The disclosure of Confidential Information from the Company to the Independent Contractor further to the intents and purposes of this Agreement will prohibit the Independent Contractor from directly or indirectly using the Confidential Information in a manner that is in conflict with or contrary to the best interests of the Company, except with the Company’s written consent;

	
(c)

	
The Independent Contractor will not use Confidential Information in a manner that in the view of the Company would constitute a direct or indirect use for a purpose which is in competition with the best interests of the Company or would be a circumvention of the Company’s right or interest in a particular Business opportunity.

	
(d)

	
The meaning of Confidential Information (herein called “Confidential Information”) will include any information disclosed by the Company that is declared by the Company either verbally or in writing, depending on the means of communication of such Confidential Information by the Company to the Independent Contractor.

	
(e)

	
The restrictions on disclosure of Confidential Material do not apply to any of the following circumstances:

	
  

	
(i)

	
Information forming part of the public domain, which became such through no disclosure or breach of this Agreement on the Independent Contractor’s behalf;

	
  

	
(ii)

	
Information which the Independent Contractor can independently prove was received from a Third Party, which was legally entitled to disclose such information;

 

	
  

	
(iii)

	
Information which the Independent Contractor is legally obligated to disclose in compliance with any applicable law, statute, regulation, order, ruling or directive of an official, tribunal or agency which is binding on the Consultant, provided that the Independent Contractor must also provide the Company with notice of such disclosure at or before releasing or disclosing the Confidential Information to such official, tribunal or agency so that the Company is afforded an opportunity to file a written objection to such disclosure with such official, tribunal or agency.

	
6.3

	
The Independent Contractor understands, acknowledges and agrees that the covenants to keep the Confidential Information confidential and not disclose it to Third Parties, except in conformity with this Agreement, is necessary to protect the proprietary interests of Company in such Confidential Information and a breach of these covenants would cause significant loss to the Company in regard to its competitive advantage, market opportunities and financial investment associated with protection of its Confidential Information.

 

  

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6.4

	
The Independent Contractor further understands, acknowledges and agrees that a breach of these covenants of confidentiality, non-disclosure, non-competition and non-circumvention under this Section 6 (in combination the “Covenants of Confidentiality, Non-Circumvention and Non Disclosure”), will likely cause such irreparable harm to the Company that damages alone would be an inadequate remedy and the Independent Contractor consent and agree such equitable remedies including injunctive relief against any further breach which are reasonably justified in addition to any claim for damages based on a breach of these Covenants of Confidentiality, Non-Circumvention and Non Disclosure.

	
6.5

	
The Parties mutually acknowledge, confirm and agree that the Covenants of Confidentiality, Non-Circumvention and Non-Disclosure will survive Termination of this Agreement and will continue to bind the Independent Contractor to protect the Company’s interest in such Confidential Information disclosed pursuant hereto.

7.             Change of Control.

	
7.1

	
N/A;

General Clauses

8.             Governing Law, Jurisdiction and Currency

	
8.1

	
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Nevada, without giving effect to the principles of conflicts of law thereof.

	
8.2

	
Unless otherwise mutually agreed to in writing by the Parties, any action, proceeding or arbitration in regard to a dispute or direction relating to the subject matter of this Agreement will be solely within the jurisdiction of the appropriate court, tribunal or arbitrator of competent jurisdiction within the State of Nevada.

	
8.3

	
Unless otherwise expressly provided for herein or agreed upon in writing by the Parties, all references to money or money consideration are deemed to be in United States Currency (“US$”)

 

9.             Notice

	
9.1

	
All notices to be given with respect to this Agreement, unless otherwise provided for, shall be given to Cleary, the Company and the Consultant at the respective addresses, fax numbers and email addresses shown below or otherwise communicated by the Parties to each other for such notice and service matters during the currency of this Agreement.

	
9.2

	
All notices, requests, demands or other communications made by a Party will be deemed to have been duly delivered: (i) on the date of personal delivery utilizing a process server, courier or other means of physical delivery to the intended recipient (“Personal Service”); or (ii) on the date of facsimile transmission (the “Fax”) on proof of receipt of the Fax; or (iii) on the date of electronic mail (the “email”) with verifiable proof of receipt of such email; or (iv) on the seventh (7th) day after mailing by registered mail with postage prepaid (“Registered Mail”), to the Party’s address, Fax number, email address set out in this Agreement or such other addresses Fax numbers or email address as the Parties or their Representatives may have from time to time during the currency of this Agreement or thereafter and communicated to the other Parties for the purposes of this Agreement.

  

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	To:     	
Kurrant Mobile Catering, Inc.

194 Hermosa Circle

Durango, Colorado

81301

Or

	 
	C/o     	
Diane D. Dalmy, Attorney At Law

8965 W. Cornell Place

Lakewood, Colorado 80227

Tel: (303) 985-9324

Fax: (303) 988-6954

Emaile:ddalmy@earthlink.net

	 
	 	 	 
	To:   	
François Turgeon

Francois Turgeon 27 Bagg st. Montreal, Quebec Canada H2W 1J9

514-572-8953 

francois@transitmedias.com

	 

 

10.           Entire Agreement

	
10.1

	
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and replaces, restates in full and supersedes all other prior agreements and understandings, both written and oral.

	
10

	
Assignments

	
10.1

	
The Parties agree that neither will assign this Agreement without prior written consent of the other Party.

	
11.

	
Inurement

	
11.1

	
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and authorized assigns. Any attempt by either party to assign any rights, duties or obligations that may arise under this Agreement without the prior written consent of the other party shall be void.

12.           Entire Agreement and Severance

	
12.1

	
This document contains the entire agreement between the Parties with respect to the subject matter hereof, and neither Party is relying on any agreement, representation, warranty, or other understanding not expressly stated herein. In the event that any provision of this Agreement will be held to be invalid, illegal or unenforceable in any circumstances, the remaining provisions will nevertheless remain in full force and effect and will be construed as if the unenforceable portion or portions were deleted.

 

  

6

  

 

	
13.

	
Time if of the Essence

	
13.1

	
Time is of the essence in this Contract.  A waiver of the strict performance requirements hereunder in on instance will not constitute a waiver for any other instance where time for performance is specified herein..

14           Counterparts and Execution Electronically

	
14.1

	
Where the Parties hereto or their authorized signatories have signed, sealed and duly executed this Agreement effective the date above shown whether as a whole document in original form or in several counterparts; each such counterpart shall be considered as an original and in combination comprises the formal execution hereof.  The Parties acknowledge and consent to the execution of this Agreement and all related documents and notices pursuant hereto by electronically scanned signatures or facsimile transmission, either of which will constitute good and sufficient execution, service and notice for all intents and purposes hereunder and will be deemed to be as effective as if an originally “signed-in-hand” physical document was used instead.

 

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

 

  

7

  

 

IN WITNESS WHEREOF this Agreement is hereby signed, sealed and duly executed by the Parties or their duly authorized signatories on the Effective Date first above written.

 

 

	 KURRANT MOBILE CATERING INC. 	 	 
	 	 )	 
	 	 )	 
	 	 )	 (C/S)
	 	 )	 
	 	 	 
	 Authorized Signatory 	 )	 
	 	 	 
	 	 	 
	 François Turgeon             	 )	 
	 	 )	 
	 	 )	 
	 	 )	 
	 Signature of Witness 	 )	 
	 	 )	 
	 	 )	 
	 Address of Witness  	 )	 
	 	 )	 
	 	 )	 
	 Name and Occupation of Witness    	 	 

 

  

8

  

 

SCHEDULE A

Analysis of multimedia and multiplatform applications for the publishing industry.

Créative consultation on company image and baranding.

 

 

  

9

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