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EXHIBIT 10.1
2007 CONSULTANT STOCK COMPENSATION AGREEMENT
WITH
D. A. SMITH
CONSULTING & ADVISORY AGREEMENT
THIS AGREEMENT (the "agreement") is entered into as of 1st March
2007
by and between Electronic Game Card Inc (the "Company") and Miss
D. A. Smith,
(the "Consultant").
WHEREAS, the Company is desirous of engaging the Consultant to
consult
with it in software design and development to support the
Company's new product
innovations;
NOW THEREFORE, in consideration of the recitals, promises
and
conditions in this Agreement, the Company and the Consultant
agree as follows:
1. CONSULTING & ADVISORY SERVICES
Company hereby retains Consultant to render advice and
consulting to
the Company to assist the Company to meet its corporate goals in
new product
development.
2. TERM
The initial term of this consulting Agreement shall be for a
period of
four (4) months with an option to extend if satisfactory work
has been
completed. The term of Compensation shall be set out below.
3. COMPENSATION OF CONSULTANT
The Company shall pay the Consultant (pound)80,000 on
successful
conclusion of the work performed at the enD of the initial term.
Any fees to be
paid in cash or shares in the Company at the closing market
price ruling as of
the date of commencement of this contract (Shares to be issued
under regulation
S-8) as mutually agreed between the parties, which is deemed to
be Seventeen and
a half cents ($0.175) per share for a total of Nine Hundred
Fourteen Thousand
Two Hundred Eighty Five (914,285) shares.
4. RELATIONSHIP OF PARTIES
For the purposes of the internal revenue code, this Agreement
shall not
constitute an employer-employee relationship. It is the
intention of each party
that Consultant shall be an independent contractor and not an
employee of the
Company. Consultant shall not have the authority to act as the
agent of the
Company except when such authority is specifically delegated to
Consultant by
the Company. Subject to the express provisions herein, the
manner and means
utilized by Consultant are at the discretion of the Consultant.
All compensation
paid to Consultant hereunder shall constitute earnings to
Consultant from
self-employment income.
<PAGE>
5. CONFIDENTIALITY
As a condition to the Consultant furnishing information and
advice
under this Agreement, the Company agrees to treat with the
strictest confidence
all such information ("Confidential Information"
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