Document:

dkmz_ex1014.htm

EXHIBIT 10.14

 

KACHING KACHING, INC. & BEYOND COMMERCE, INC. MASTER LICENSE AGREEMENT

This MASTER LICENSE AGREEMENT (“Agreement”) is made this 21st day of October _, 2009, by and between Beyond Commerce, Inc., a Nevada corporation (“Company”) and Kaching Kaching, Inc., a Nevada corporation (“Kaching Kaching”), with reference to the following recitals.

WHEREAS, Kaching Kaching is in the business of establishing, licensing, marketing and selling to third parties and consumers e-commerce shopping solutions and e-commerce stores, which will enable each such consumer to operate his or her own Retail Web Stores (“RWS”).

WHEREAS, Beyond Commerce has developed an infrastructure known as the I-Supply Shopping System, which includes certain proprietary technology which enables I-Supply, among other things, to be able to process e-commerce transactions on the Internet in an efficient and effective manner and to track customer orders from the time the order is placed through delivery to the consumer’s designated ship to address (“Back-end Processing Technology”);

WHEREAS, Beyond Commerce hereby appoints Kaching Kaching as the Master Licensor and Distributor to sell, license and distribute the Back-end Processing Services and I-Supply Shopping System to any and all third parties and consumers.

WHEREAS, Kaching Kaching desires to become the Master Distributor to sell, market and sub-license the (i)  Back-end Processing Technology by retaining Company to provide back-end processing services (“Back-end Processing Services”), more particularly described below, which Kaching Kaching will package on a private label basis with each RWS sold by Kaching Kaching, and (ii) include as part of each RWS a private label version of the I-supply Internet shopping site, with I-supply processing orders placed by consumers through each such RWS, all upon the terms and conditions set forth below; and

WHEREAS the parties desire to enter into this Agreement to more clearly define their respective duties and responsibilities.

NOW, THEREFORE, the parties hereto agree as follows:

1.   Scope of Services for Kaching Kaching and Company

Company hereby appoints Kaching Kaching as the Exclusive Master Licensor and Distributor to sell, license and distribute the Back-end Processing Services and I-supply shopping system to any and all third parties. So long as the Company is compensated in accordance with the terms of this Agreement, Kaching Kaching shall maintain in its sole discretion the right to enter into all third party licenses and agreements that contemplate the use of the Back-end Processing Services and I-Supply Shopping System for the term of this Agreement.

 

  

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Kaching Kaching hereby retains Company, and Company accepts such retention, to provide to and/or assist Kaching Kaching during the Term (as defined below) with Back-end Processing Services using I-supply’s Back-end Processing Technology which will be packaged by Kaching Kaching on a private label basis with each RWS sold by Kaching Kaching.  Back-end Processing Services that will be private labeled with each RWS shall include, without limitation, the following:

a.           Transaction Processing.  Company will also process on behalf of Kaching Kaching all RWS customer orders on its network and provide retail transactional software and functionality for credit/debit card validation, fraud detection, order tracking, and transaction accounting, as detailed below.

b.           Credit/Debit Card Validation.  Company shall provide all transactional processing and system functionality for card validation, authorization and settlement.  Kaching Kaching and/or each RWS owner shall be responsible for securing the necessary agreements with all third party credit card authorizers and processors, including Visa, MasterCard, American Express, Discover Card and any others serving the local market, and shall be solely responsible for paying all fees and charges of any kind related thereto.

c.           Fraud Detection.  Company will provide all software functionality and transactional support to third party fraud detection service providers.  Kaching Kaching and/or each RWS owner shall be responsible for contracting directly with an independent fraud detection service provider, and shall be solely responsible for paying the charges related thereto.

d.           Customer Service.  Company will provide all software functionality and e-commerce communication to support Kaching Kaching’s and/or each RWS owner’s customer service needs (including e-mail and telephonic customer service functionality).  Kaching Kaching and/or each RWS owner shall be responsible for retaining or hiring an external and/or internal customer service support staff and paying directly all costs associated therewith, including third party fees and/or salaries and telephone costs.

e.           Order Tracking.  Company shall provide all system functionality and processing to enable order tracking; provided, however, that Kaching Kaching’s and/or each RWS owner’s external and/or internal customer service staff shall be responsible for handling all order tracking calls from customers.  In addition, Company shall assist Kaching Kaching’s web site with functionality to enable RWS customers to initiate their own order tracking directly from such web site using customer order numbers.

f.           Transaction Accounting, Reporting and Records Retention.  Company shall provide all systems and functionality necessary (i) for transfers of transactional information to financial accounting; (ii) to enable Kaching Kaching and/or each RWS owner to retrieve such information and data from the system for its own accounting purposes and (iii) to enable Kaching Kaching and/or each RWS owner to use, modify, validate and/or otherwise fully utilize Company’s systems to properly control and maintain their accounting, transactions, reporting and record retention systems.  Company shall not be responsible for managing or administering Kaching Kaching’s or any RWS owner’s general ledger or related financial accounting. Company shall provide all necessary system functionality, all transactional processing and all data storage capabilities for record retention, including, but not limited to, transactions, customer profiles, and any other reasonable and necessary information required by Kaching Kaching and/or each RWS owner.

 

  

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g.           Vendor Communication and Management.  Company shall provide the functionality to support vendor communications and management by telephone, EDI, fax, e-mail and e-fax.  Kaching Kaching and/or each RWS owner will be responsible for all communications with and management of its specialty vendors if accepted by Company.  In addition, Kaching Kaching shall be responsible for establishing its own product supply and credit lines or other payment arrangements with the Company’s approved vendors.

h.           Customer Profiles.  Company agrees that, within the capabilities of its system architecture and to the extent that such information is readily available, to make available to Kaching Kaching customer profiles and recent product order histories (estimated to be a minimum six (6) to twelve (12) month history), subject to local privacy laws.

i.   Maintenance.  During the term of this Agreement, Company agrees to provide on-going maintenance of the Back-end Processing Technology and to make available to Kaching Kaching at no cost all enhancements and modifications developed by Company to such technology and system functionality.

The Company agrees that, for a period of 36 months, it shall not provide the foregoing services to any other person or entity operating in the direct selling or network marketing industry.

2.           Order Processing.  The Company agrees that during the term of this Agreement, the orders shall be processed by I-supply (the “Order Processing”); provided, however, that, Kaching Kaching shall be responsible for establishing certain (i) vendor supply and credit arrangements, and (ii) product pricing for goods sold through the RWSs, which shall take into consideration the Company’s product cost and the fee payable to the Company on all sales through an RWS.

3.           Term and Termination.

3.1           The term of this Agreement shall commence as of the Effective Date and continue for a period of (Five) year(s) (the “Initial Term”), unless sooner terminated as provided below.  Upon expiration of the Initial Term or an Additional Term (as defined below), the Agreement shall be automatically extended for additional periods of Two year(s) (each an “Additional Term”), unless one party shall have given written notice to the other party of its election to terminate the Agreement not less than sixty (60) days prior to the expiration of such Initial Term or Additional Term.  Within sixty (60) days prior to the expiration of the Initial Term and each Additional Term, the parties agree to negotiate the terms of such Additional Term, which negotiations shall take into consideration the value of the services provided and compensation paid to date, the services being provided to and compensation being paid by affiliated companies, and the current market rate for such services (including anticipated services).  The Initial Term and each Additional Term are collectively referred to herein as the “Term.”

3.2           Company and Kaching Kaching may mutually agree in writing to terminate this Agreement at any time.

 

  

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3.3           Either party may terminate this Agreement immediately if:

(a)           The other party has breached a material term of this Agreement and, after written notice and a reasonable opportunity, not to exceed fifteen (15) days, the other party fails to cure such breach; or

(b)           The other party has committed any act or omission that materially injures the reputation of the other party.

3.4           Upon any termination of this Agreement, each party shall promptly deliver to the other party all Confidential Information (defined below) and property belonging to the other party that is in its possession or under its control, and neither party shall retain copies or reproductions of such Confidential Information.

4.           Compensation.  As compensation for the Back-end Processing Services and Order Processing to be rendered by the Company under this Agreement, Kaching Kaching agrees to pay to the Company the following:

4.1           Within 5 days following the end of each month, Kaching Kaching shall pay to the Company an amount equal five percent (5%) of the aggregate gross sales made from sales of all RWSs during the prior month for which the Company was providing the Back-end Processing Services and Order Processing.

 

4.2    Upon the one year anniversary date of this Agreement the amount due to Company under this section 4.1 shall be increased by two percent (2%) for a total of seven percent (7%) of the aggregate gross sales made from the sale of all RWSs during the remaining four years of the Agreement. In addition, Kaching Kaching shall pay to the Company an amount equal two percent (2%) of the aggregate gross sales made through all RWSs during the prior month for which the Company was providing the Back-end Processing Services and Order Processing.

 

5.           Independent Contractor Relationship.  This Agreement shall in no way be construed  to constitute either party as a partner, joint venturer, agent, or employee of the other party, and neither party shall act or attempt to act or represent itself, directly or by implication, as a partner, joint venturer, agent or employee of the other party.  Neither party nor any of its respective employees shall have any authority to enter into contracts, make commitments or otherwise bind the other party to any obligations without the other party’s prior written consent.

 

6.           Confidentiality; Non-Circumvention and Non-Competition.

(a)           Each party acknowledges and agrees that it will have access to or be provided with confidential information of the other party during the term of this Agreement.  As used herein, the term “Confidential Information” shall mean any and all proprietary or confidential information of a party, including, without limitation such party’s business plan, business presentation or related proprietary and financial information as well as other confidential or proprietary information of such party regarding the such party’s business, plans, financial results and statements, markets, projected activities, customers and results of operations, requirements and sources, contracts, means, methods and processes of providing services, copyrights, patents, trademarks, trade secrets, and financial information.

(b)           Each party agrees to keep the Confidential Information of the other party in the strictest confidence, and agrees that it will not, directly or indirectly, publish or disclose, or authorize the publication or disclosure of, or assist any third party in publishing or disclosing, any Confidential Information to anyone other than its employees or consultants, but only to the extent necessary for the fulfillment of its obligations under this Agreement and subject in each such case to the such party using its best efforts to ensure that the persons to whom Confidential Information is disclosed keep such information confidential and do not use such Confidential Information except for the purposes for which the disclosure is made.  Each party agrees to comply with the other party’s policies and regulations, as may be reasonably established from time to time, for the protection of its Confidential Information.

(c)            Each party’s confidentiality obligations shall continue with respect to each item of Confidential Information, including after the termination of this Agreement, for a period of five (5) years or until such time as such party can show that any such item of Confidential Information (i) has legally and properly entered the public domain through a source other than its own and through no fault of its own, (ii) has legally and properly been received from an unrelated third party through no breach of any agreement with the other party and without an obligation to keep it confidential,  (iii) was known to such party or was in such party’s possession, without any obligation to keep it confidential, prior to the receipt of such item of Confidential Information from the other party, or (iv) was independently developed by one party without reference to Confidential Information received hereunder.

 

  

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(d)           Each party acknowledges that the other party’s Confidential Information is of a special, unique and extraordinary character and for that reason the other party will be irreparably damaged in the event that the confidentiality, non-circumvention or non-competition obligations imposed upon it, as set forth herein, are not specifically enforced.  Accordingly, each party agrees that the other party shall be entitled, at its election, to institute and prosecute proceedings against it, as set forth herein, in any court of competent jurisdiction, either at law or equity, to: (i) obtain damages for breach of the obligations hereunder; (ii) enforce specific performance of said obligations, or both.  Such remedies are cumulative and not exclusive and shall be in addition to any and all other remedies which the other party may have, at law or in equity, in the event the a party breaches any of its obligations hereunder.  The parties hereto confirm that the covenants in this Agreement are expressly deemed to cover acts of negligence and any inadvertent disclosure or violation of the terms herein.

7.           Ownership of Proprietary Information.   Kaching Kaching hereby acknowledges and agrees that the Back-end Processing Technology is the sole and exclusive property of Beyond Commerce and that Kaching Kaching has no, and shall not obtain any by virtue of this Agreement, right, title or interest in or to any of the Back-end Processing Technology.

 

  

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8.           Limitation of Liability.   Notwithstanding anything to the contrary contained herein, the limit of Company’s liability (whether in contract, tort, negligence, strict liability in tort or by statute or otherwise) to Kaching Kaching or to any third party concerning performance or non-performance under this Agreement, or in any manner related to this Agreement, for any and all claims shall not in the aggregate exceed the monetary amounts previously paid by Kaching Kaching to Company pursuant to this Agreement. IN NO EVENT SHALL COMPANY BE LIABLE FOR CONSEQUENTIAL, INDIRECT, SPECIAL, INCIDENTAL OR PUNITIVE LOSS, DAMAGES OR EXPENSES (INCLUDING LOST PROFITS OR SAVINGS) EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY THEREOF.

9.           Indemnification.  Each party (the “Indemnifying Party”) agrees to defend, indemnify and hold harmless the other party and its directors, officers, employees, shareholders, assigns and agents (the “Indemnified Party”) from and against any and all damages, liabilities, losses, claims, demands, costs and expenses (including, without limitation, reasonable attorneys' fees) which may be asserted against or sustained or incurred by any of the Indemnified Party as a result of, arising out of or relating to (i) any material breach or default by the Indemnifying Party of any of the terms or provisions of this Agreement, including without limitation, any use or misuse of the Back-end Processing Technology, or any negligence or errors or omissions on the party of a party in the performance of its duties or obligations hereunder, or (ii) any litigation involving the Indemnifying Party not relating to this Agreement where the Indemnified Party has been made a party to such litigation by virtue of the parties’ strategic relationship.  In addition, Kaching Kaching specifically agrees to defend, indemnify and hold harmless the Company and Beyond Commerce from an against any and all damages, liabilities, losses, claims, demands, costs and expenses (including reasonable attorneys’ fees) resulting from, arising out of, or relating to any misrepresentation, misstatement or omission by Kaching Kaching with respect to the Back-end Processing Services, Order Processing Services, including, without limitation, the capabilities of such services.

10.           Force Majeure.  Subject to the limitations of this Agreement and except as specifically provided in this Agreement to the contrary, neither of the parties hereto shall be liable for defaults, delays or non-performance of any covenant, agreement, work, service, or other act required under this Agreement to be performed by such party, or for any damages, including, without limitation, any incidental or consequential damages, arising out of the failure to perform any of its obligations, by reason of any circumstance or condition beyond its control, including, without limitation, default of third-party vendors, suppliers or service providers, failure of power or other utilities, strikes, lockouts and other labor disputes or other industrial disturbances, unavoidable accidents, acts of terrorism, sabotage, embargoes, blockades, injunction or other administrative order, governmental law or regulations (including changes in United States foreign policy) which prevent or substantially interfere with the required performance, condemnations, riots, insurrections, martial law, conflicts (declared or undeclared), civil commotion or disorders and any adverse change in political, economic or social conditions, fire, explosion, flood, earthquakes and other casualty, acts of God, or any other cause beyond the control of such party (each, a “Force Majeure Event”).  In the event of any such Force Majeure Event, the performance of any covenant, agreement, obligation, work or service, or other act of the party affected by such Force Majeure Event under this Agreement shall be excused for the period of delay and the period for the performance of the same shall be extended by such period.  Each of the parties hereto shall take all reasonable steps to resume performance hereunder with the least possible delay.

 

  

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11.           Access to Information.   Kaching Kaching hereby agrees to provide access to Company and its authorized representatives (e.g., its auditors) during normal business hours to Kaching Kaching’s accounting books and records in order to verify the accuracy of fees paid to the Company.  In the event that the Company discovers an underpayment of fees for any three month period in excess of ten percent (10%), then, in addition to promptly paying to the Company the amount of such underpayment, Kaching Kaching shall reimburse the Company for its reasonable costs incurred in conducting such audit.

12.           Miscellaneous.

12.1          Entire Agreement.  Except as otherwise provided herein, this Agreement constitutes the entire agreement between the parties, and all prior negotiations, representations, or agreements between the parties, whether oral or written, are merged into this Agreement.  This Agreement may only be modified by an agreement in writing executed by the parties hereto.

12.2          Binding Effect, Assignment. This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors and assigns.  Kaching Kaching may not assign this Agreement without the prior consent of the Company.

12.3          Notices.  All notices, requests, demands, and other communications provided for hereunder shall be in writing (or by telex or facsimile transmission) and shall be deemed to have been duly given:

(i)   On the date of service if delivered in person or by telex or facsimile transmission (with the telex or facsimile confirmation of transmission receipt acting as confirmation of service when sent and provided that telexed or telecopies notices are also mailed by first class, certified or registered mail, postage prepaid); or

(ii)    In seventy-two (72) hours after mailing by first class, registered or certified mail, postage prepaid, and properly addressed as follows:

 

	 	Beyond Commerce, Inc.:	 	Kaching Kaching, Inc.:
	 	 	 	 
	 	_________________________ 	 	 _________________________
	 	 	 	 
	 	Facsimile: _________________ 	 	Facsimile: __________________
	 	 	 	 
	 	Attn:_____________________	 	Attn: ______________________

 

or at such other address as the party affected may designate in a written notice in compliance with this Section.

 

  

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12.4           Arbitration.  Except for matters covered by Section 6(d) above, all disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of American Arbitration Association (“AAA”) by one or more arbitrators appointed in accordance with said Rules.  The place of arbitration shall be Las Vegas, Nevada.  The parties hereby renounce any right of recourse that they may have before the court of any jurisdiction except to obtain preliminary or injunctive relief or enforce an award of the arbitrator.

If any award rendered by AAA in accordance with this arbitration clause would not be capable of being executed in the jurisdiction of a party against whom a claim for payment is made or where that party resides or carries on business, neither the award nor the said arbitration clause shall bar a party hereto from taking action before the courts that have jurisdiction over such other party.

12.5           Attorney Fees.  In the event that any party shall bring an action or arbitration in connection with the performance, breach or interpretation hereof, then the prevailing party in such action, as determined by the court or other body having jurisdiction, shall be entitled to recover from the losing party in such action, as determined by the court or other body having jurisdiction, all reasonable costs and expenses of litigation or arbitration, including reasonable attorneys fees, court costs, costs of investigation and other costs reasonably related to such proceeding, in such amounts as may be determined in the discretion of the court or other body having jurisdiction.

12.6.           Section Headings.  The various section headings are inserted for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement or any section hereof.

12.7           Severability.  In the event that any provisions, or portions thereof, of this Agreement are held to be unenforceable or invalid by any court of competent jurisdiction, the validity and enforceability of the remaining provisions, or portions thereof, shall not be affected thereby.

12.8           Counterparts.  The parties hereto may execute this Amendment simultaneously, in any number of counterparts or by annexing signature pages hereto, or on facsimile copies, each of which shall be deemed an original, but all of which together shall constitute one and the same document.

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date first above written.

 

 

	Beyond Commerce, Inc.	 	Kaching Kaching Inc.
	 	 	 
	By: /s/ Robert J. McNulty  	 	By:/s/ Jimmy White
	Name: Robert J McNulty   	 	Name: Bo White
	Title:   Chief Executive Officer 	 	Title:   President
	 	 	 

 

  

8dkmz_ex1015.htm

EXHIBT 10.15

 

EMPLOYMENT AGREEMENT

KaChing KaChing, Inc.

This EMPLOYMENT AGREEMENT (this Agreement) is entered into as of April 22, 2010 (the Effective Date) by and between KaChing KaChing, Inc. a Delaware corporation (the Company), and Robert J. McNulty (the Executive) under the following terms and conditions:

RECITALS:

WHEREAS, the Company and Executive desire to set forth the terms and conditions on which (i) the Company shall employ Executive, (ii) Executive shall render services to the Company, and (iii) the Company shall compensate Executive for such services; and

WHEREAS, in connection with the employment of Executive by the Company, the Company desires to restrict Executive's rights to compete with the business of the Company;

WHEREAS, the parties acknowledge that the Executive's abilities and services are unique and essential to the prospects of the Company; and

WHEREAS, in light of the foregoing, the Company desires to employ the Executive as Chief Executive Officer and Chairman of the Board (subject to Section 2.3 hereof), and the Executive desires to accept such employment.

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

1.             EMPLOYMENT.

The Company hereby employs Executive and Executive hereby accepts employment with the Company upon the terms and conditions hereinafter set forth.

2.             TERM.

2.1           The term of this Agreement (the Term) shall be for a period commencing on the Effective Date of this Agreement and shall continue for a period of thirty-six (36) months from the date thereof, unless sooner terminated as provided in Paragraph 6.  This three (3) year period, as the same may be extended or terminated pursuant hereto, is hereinafter referred to as the Term.

 

2.2           For purposes of extending the Term of the relationship between the Company and Executive, the parties agree to enter into good faith negotiations within sixty (60) days prior to the end of the Term.  In the event that the parties are unable to reach an agreement by the end of the Term, this Agreement shall be automatically terminated thirty-six (36) months from the Effective Date.

2.3.           The Company (i) acknowledges that the Executive will simultaneously be serving as an Executive Officer and/or Director of Beyond Commerce, Inc, an affiliate of the Company, and/or other affiliates of Beyond Commerce, Inc., (ii) waives any conflict arising as a result thereof, and (iii) agrees that the Executive’s services hereunder will not be fulltime.

 

  

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3.             COMPENSATION.

3.1           For all services rendered by Executive under this Agreement, the Company shall pay Executive a base salary of Zero Dollars ($0.00) per annum in equal bi-monthly installments or 26 pay periods per year (the Base Salary).  The amount of the Base Salary shall be reviewed on an annual basis by the Independent Directors (as defined below) of the Company.  No such change shall in any way abrogate, alter, terminate or otherwise effect the other terms of this Agreement.

3.2           In addition to the Base Salary, Executive shall be eligible for an annual incentive bonus (Incentive Bonus) in an amount equal to one hundred percent (100%) of the Base Salary.  The Incentive Bonus shall be based upon goals mutually agreed upon by the Independent Directors and the Executive, within thirty (30) days of the Effective Date. The Incentive Bonus shall be paid, if earned, within thirty (30) days after the Company’s year-end operating results have been audited by the Company’s accountants.  Executive will also be eligible for discretionary bonuses as approved by the Independent Directors. As used herein, Independent Directors shall have the meaning set forth in Section 5605(a)(2) of the rules of the Nasdaq Stock Market or any successor provision.

3.3           In addition to, and not in lieu of, the foregoing, in consideration of Executive’s entering into this Agreement, the Company shall grant to Executive a restricted stock award in accordance with the Company’s 2009 Option Plan of seven hundred thousand (700,000) shares of Common Stock.1 These securities shall be subject to the Company’s 2009 Option Plan.  Executive shall be eligible for subsequent issuances under the Company’s 2009 Option Plan or any subsequently approved plan, as approved by the Board of Directors of the Company in the normal course from time to time.

3.4           [Deleted]

3.5           In addition to the Base Salary and other compensation contemplated herein, Executive shall be entitled to all other benefits of employment provided to the other employees of the Company holding comparable positions within the Company, including but not limited to paid vacation, paid health insurance for the Executive, spouse and dependents, paid life insurance to a maximum of base salary, paid mobile telephone in the amount of two thousand dollars ($2000.00), paid car allowance in the amount of one thousand two hundred dollars ($1,200.00) and participation in retirement and investment programs as instituted by the Company.

3.6           Executive shall be reimbursed for all reasonable "out-of-pocket" business expenses for business travel and business entertainment incurred in connection with the performance of his or her duties under this Agreement (i) so long as such expenses constitute business deductions from taxable income for the Company and are excludable from taxable income to the Executive under the governing laws and regulations of the Internal Revenue Code and (ii) to the extent such expenses do not exceed the amounts allocable for such expenses in budgets that are approved from time to time by the Company.  The reimbursement of Executive's business expenses shall be upon monthly presentation to and approval by the Company of valid receipts and other appropriate documentation for such expenses.

_______________

1 This grant represents compensation of $210,000, with shares issued at a rate of $0.30 per share.

 

  

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3.7           All compensation shall be subject to customary withholding tax and other employment taxes as are required with respect to compensation paid by a corporation to an employee.

4.             DUTIES AND RESPONSIBILITIES.

4.1           Executive shall, during the Term of this Agreement, devote most of his attention and expend his best efforts, energies, and skills, on a full-time basis, to the business of the Company and any corporation controlled by or affiliated with the Company.  For purposes of this Agreement, the term the "Company" shall mean the Company and all Subsidiaries.

4.2           During the Term of this Agreement, Executive shall serve as the Chief Executive Officer of the Company and in such other capacity as determined by the Board of Directors.  In the performance of all of his responsibilities hereunder, Executive shall be subject to all of the Company’s policies, rules, and regulations applicable to its employees of comparable status and shall report directly to, and shall be subject to, the direction and control of the Board of Directors and shall perform such duties as shall be assigned to him by the Board of Directors.  In performing such duties, Executive will be subject to and abide by, and will use his best efforts to cause other employees of the Company to be subject to and abide by, all policies and procedures developed by the Company’s Executive Officers, Board of Directors or its Executive Committee.

4.3           Executive hereby agrees to promote and develop all business opportunities that come to his attention relating to current or anticipated future business of the Company, in a manner consistent with the best interests of the Company and with his duties under this Agreement.

5.             RESTRICTIVE COVENANTS.

5.1           Executive acknowledges that (i) he has a major responsibility for the operation, administration, development and growth of the Company's business, (ii) his work for the Company has brought him and will continue to bring him into close contact with confidential information of the Company and its customers, and (iii) the agreements and covenants contained in this Paragraph 5 are essential to protect the business interest of the Company and that the Company will not enter into this Agreement but for such agreements and covenants.  Accordingly, the Executive covenants and agrees as follows:

5.1(a)           During the Term of this Agreement and thereafter, the Executive shall not, other than in the performance of his duties, disclose to anyone any information about the affairs of the Company, including, without limitation, trade secrets, trade "know-how", inventions, customer lists, business plans, operational methods, pricing policies, marketing plans, sales plans, identity of suppliers or customers, sales, profits or other financial information, which is confidential to the Company or is not generally known in the relevant trade, nor shall the Executive make use of any such information for his own benefit.  Any technique, method, process or technology used by the Company shall be considered a "trade secret" for the purposes of this Agreement.

 

  

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5.1(b)           Executive hereby agrees that all know-how, documents, reports, plans, proposals, marketing and sales plans, client lists, client files and materials made by him or by the Company are the property of the Company and shall not be used by him in any way adverse to the Company's interests.  Executive shall not deliver, reproduce or in any way allow such documents or things to be delivered or used by any third party without specific direction or consent of the Board of Directors of the Company.  Executive hereby assigns to the Company any rights which he may have in any such trade secret or proprietary information.

5.2           If any of the Restrictive Covenants, or any part thereof, is held to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants, which shall be given full effect, without regard to the invalid or unenforceable portions.  Without limiting the generality of the foregoing, if any of the Restrictive Covenants, or any part thereof, is held to be unenforceable because of the duration of such provision or the area covered thereby, the parties hereto agree that the court making such determination shall have the power to reduce the duration and/or area of such provision and, in its reduced form, such provision shall then be enforceable.

5.3           The parties hereto intend to and hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such Restrictive Covenants.  In the event that the courts of any one or more of such jurisdictions shall hold such Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the Company's right to the relief provided above in the courts of any other jurisdictions within the geographical scope of such Restrictive Covenants, as to breaches of such covenants in such other respective jurisdictions, the above covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants.

6.             TERMINATION.

6.1           The Company may terminate the Executive's employment under this Agreement at any time for Cause.  "Cause" shall exist for such termination if Executive (i) is adjudicated guilty of a felony by a court of competent jurisdiction, (ii) commits any act of fraud or intentional misrepresentation in connection with his employment by the Company, (iii) has, in the reasonable judgment of, and after a good faith investigation by, the Company, (a) engaged in serious and willful misconduct, which conduct has, or would if generally known, materially adversely affect the goodwill or reputation of the Company and which conduct the Executive has not cured or altered to the satisfaction of the Board of Directors within ten (10) days following written notice by the Company to the Executive regarding such conduct, or (b) willfully and intentionally failed to perform his duties as specified to him by the Board of Directors, which failure the Executive has not cured or rectified to the satisfaction of the Board of Directors within ten (10) days following written notice by the Company, or (iv) has made any material misrepresentation to the Company under Paragraphs 4 and 5 hereof.

 

  

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6.2           If the Company terminates the Executive's employment under this Agreement pursuant to the provisions of Paragraph 6.1 hereof, the Executive shall not be entitled to receive any compensation following the date of such termination.

6.3           If Executive’s employment is terminated for any reason (whether by Executive or the Company) within thirty (30) days following a change in Control of the Company (as defined below), Executive shall be entitled to the benefits provided in Section 6.5 below.  For purposes of this Agreement, a change in Control of the Company’ shall mean, at such time as the Company’s Board of Directors becomes fully constituted (which, for purposes of this Agreement, shall mean when, the number of sitting directors reaches six (6)), a cumulative change in the identity of a majority of the members of the Company’s fully constituted Board of Directors (provided, however, that the appointment of a new director upon the death or resignation of a director by the remaining directors then in office shall not constitute a change in identity with respect to such departed director).

6.4           [Deleted]

6.5           Executive's employment may be terminated by the Company "without cause" (for any reason or no reason). If Executive's employment under this Agreement is so terminated, the Company shall make a lump sum cash payment to Executive on the date of termination (i) equal to 2 months worth (or 1/6) of Executive’s Base Salary at the time, (ii) a pro rata portion of any Incentive Compensation, if any, earned for the year in which termination occurs prorated to the date of termination, and (iii) ) any unreimbursed expenses accruing to the date of termination.  The Company shall also continue Executive’s benefits through the remainder of the Term.

6.6           Executive may terminate his or her employment hereunder by giving the Company ten (10) days prior written notice, which termination shall be effective on the 60th day following such notice.  Voluntary termination shall not entitle the Executive to receive any compensation following the date of termination.

6.7           At the Company's option, Executive shall immediately leave the Company's premises on the date notice of termination is given by either Executive or the Company.  If the Company requests Executive to leave the Company following notice under Paragraph 6.6, it shall fully compensate Executive (salary and benefits) through the 10th day following the date of Executive’s notice.

[Balance of page intentionally left blank]

 

  

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7.             MISCELLANEOUS.

7.1           The Company may, from time to time, apply for and take out, in its own name and at its own expense, life, health, accident, disability or other insurance upon the Executive in any sum or sums that it may deem necessary to protect its interests, and the Executive agrees to aid and cooperate in all reasonable respects with the Company in procuring any and all such insurance, including without limitation, submitting to the usual and customary medical examinations, and by filling out, executing and delivering such applications and other instruments in writing as may be reasonably required by an insurance company or companies to which an application or applications for such insurance may be made by or for the Company.  In order to induce the Company to enter this Agreement, the Executive represents and warrants to the Company that to the best of his knowledge the Executive is insurable at standard (non-rated) premiums.

7.2           This Agreement is a personal contract, and the rights and interests of the Executive hereunder may not be sold, transferred, assigned, pledged or hypothecated except as otherwise expressly permitted by the provisions of this Agreement.  The Executive shall not under any circumstances have any option or right to require payment hereunder otherwise than in accordance with the terms hereof.  Except as otherwise expressly provided herein, the Executive shall not have any power of anticipation, alienation or assignment of payments contemplated hereunder, and all rights and benefits of the Executive shall be for the sole personal benefit of the Executive, and no other person shall acquire any right, title or interest hereunder by reason of any sale, assignment, transfer, claim or judgment or bankruptcy proceedings against the Executive; provided, however, that in the event of the Executive's death, the Executive's estate, legal representative or beneficiaries (as the case may be) shall have the right to receive all of the benefit that accrued to the Executive pursuant to, and in accordance with, the terms of this Agreement.

7.3           The Company shall have the right to assign this Agreement to any successor of substantially all of its business or assets, and any such successor shall be bound by all of the provisions hereof.

8.           NOTICES.

All notices, requests, demands and other communications provided for by this Agreement shall be in writing and (unless otherwise specifically provided herein) shall be deemed to have been given at the time when mailed in any general or branch United States Post Office, enclosed in a registered or certified postpaid envelope, addressed to the parties stated below or to such changed address as such party may have fixed by notice:

 

	 	To the COMPANY: 	KaChing KaChing, Inc,
	 	 	9029 South Pecos
	 	 	Henderson, NV 89074
	 	 	Attn:  Board of Directors
	 	 	 
	 	To the EXECUTIVE: 	Robert J. McNulty
	 	 	9029 South Pecos
	 	 	Henderson, NV 89074

 

  

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9.             ENTIRE AGREEMENT.

This Agreement supersedes any and all Agreements, whether oral or written, between the parties hereto, with respect to the employment of Executive by the Company and contains all of the covenants and Agreements between the parties with respect to the rendering of such services in any manner whatsoever.  Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise with respect to such employment not contained in this Agreement shall be valid or binding.  Any modification of this Agreement will be effective only if it is in writing and signed by the parties hereto.

10.           PARTIAL INVALIDITY.

If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.

11.           ATTORNEYS' FEES.

Should any litigation or arbitration be commenced between the parties hereto or their personal representatives concerning any provision of this Agreement or the rights and duties of any person in relation thereto, the party prevailing in such litigation or arbitration shall be entitled, in addition to such other relief as may be granted, to a reasonable sum as and for its or their attorneys' fees in such litigation or arbitration which shall be determined by the court or arbitration board.

12.           ARBITRATION.

The parties agree that any disputes arising under this Agreement shall be resolved in as expeditious a manner as possible through binding arbitration administered by JAMS in the City of Las Vegas, NV, or such other place which is mutually agreed upon by the parties.  Further, the parties hereby waive any objection based on personal jurisdiction, venue or forum non conveniens in any arbitration or action brought under this paragraph.  The decision and award rendered by the arbitrators shall be final and binding.  Judgment upon the award may be entered in any court having jurisdiction thereof.

13.           GOVERNING LAW.

This Agreement will be governed by and construed in accordance with the laws of the State of Nevada.

14.           BINDING NATURE.

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective representatives, heirs, successors and assigns.

 

  

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15.           WAIVER.

No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver.  No waiver shall be binding unless executed in writing by the party making the waiver.

16.           CORPORATE APPROVALS.

The Company represents and warrants that the execution of this Agreement by its corporate officer named below has been duly authorized by the Board of Directors of the Company, is not in conflict with any Bylaw or other agreement and will be a binding obligation of the Company, enforceable in accordance with its terms.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

	THE COMPANY: 	 	KACHING KACHING, INC.
	 	 	 
	 	 	 
	 	By: 	_____________________________
	 	Name: 	Mark V Noffke
	 	Its: 	Chief Financial Officer
	 	 	 
	 	 	 
	 THE EXECUTIVE:	 	 Robert J McNulty
	 	 	 
	 	 	_____________________________

 

 

  

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