AMENDED CONSULTING SERVICES AGREEMENTConsulting Services Agreement |
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Search Consulting Services Agreement by:
Exhibit 10.2
AMENDED CONSULTING SERVICES AGREEMENT
This Consulting Services Agreement ("Agreement"), dated May 12, 2005, with
an effective date of April 1, 2005 (the "Effective Date"), is made by and
between Loev Corporate Filings, Inc., a Nevada corporation whose business
address is 4712 Bellview, Bellaire, Texas 77401 ("Consultant"), and XA, Inc.
("Client").
WHEREAS, Consultant has extensive knowledge and background in creating and
submitting electronic filings to the United States Securities and Exchange
Commission ("SEC" or "Commission") through the Electronic Data Gathering
Analysis, and Retrieval ("EDGAR") system;
WHEREAS, Client, a publicly held corporation with its common stock shares
trading on the OTC Bulletin Board under the ticker symbol "XAIN.OB," is required
by the SEC to file electronically through EDGAR;
WHEREAS, Client desires to timely, accurately, and cost effectively satisfy
its mandate to file electronically through EDGAR all documents, including
filings, correspondence, and supplemental information under the Securities Act
of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the
"Exchange Act");
WHEREAS, Consultant and Client previously entered into an agreement
covering Consultant providing Client EDGAR services in January 2005 ("Previous
Agreement"), and the parties desire to modify the terms of their Previous
Agreement on the terms and subject to the conditions set forth herein;
WHEREAS, this Agreement shall replace and supplant all provisions and terms
of the Previous Agreement; and
WHEREAS, Client desires to engage Consultant to provide EDGAR filing
services on the terms and subject to the conditions set forth herein. NOW,
THEREFORE, in consideration for those services Consultant provides to Client,
the parties agree as follows:
1. SERVICES OF CONSULTANT.
Consultant agrees to perform for Client all reasonable and necessary
services required in order to timely and accurately satisfy Client's EDGAR
filing requirements under the Securities Act and the Exchange Act (the
"Services").
2. CONSIDERATION.
(A) SHARES.
Client agrees to pay Consultant, as its fee and as consideration for
Services provided, Thirty Thousand (30,000) shares of common stock of the
Client (the "Shares") plus an additional Ten Thousand (10,000) shares of
common stock in consideration for Consultant modifying the Previous
Agreement and entering into this Agreement (the "Consideration," and
collectively with the Shares, the "Fee").
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(B) VESTING OF SHARES.
The Shares earned by Consultant shall vest on a pro rata basis on the
last day of each month covered by this Agreement, during the seventeen (17)
month Term of this Agreement. The Consideration shares vested on April 30,
2005. For example, on April 30, 2005, Consultant vested a total of 17,060
shares of Clients common stock, representing the Consideration and four
months of vesting of the Shares (or four-seventeenth (4/17) of the Shares),
one-seventeenth of the Shares (1,765 shares) for each month Consultant
performed services for the Client. Consultant will continue to vest the
Shares at the rate of one-seventeenth (1/17) of the Shares, or 1,765 shares
per month, on the last day of each month covered by the Term of this
Agreement.
3. REGISTRATION RIGHTS.
If at any time after the Effective Date, Client files a registration
statement with the SEC, whether on Form S-8 or any other form which Consultant's
Shares would be eligible, Consultant's Shares shall be included in any such
registration statement. Shares are due and payable immediately upon the
effectiveness of the registration statement with the SEC and with any
appropriate state's securities administrator. Client agrees to provide
Consultant notice of the filing of such registration and of the filing of any
amendments or supplements thereto.
4. CONFIDENTIALITY.
Each party agrees that during the course of this Agreement, information
that is confidential or of a proprietary nature may be disclosed to the other
party, including, but not limited to, product and business plans, software,
technical processes and formulas, source codes, product designs, sales, costs
and other unpublished financial information, advertising revenues, usage rates,
advertising relationships, projections and marketing data ("Confidential
Information"). Confidential Information shall not include information that the
receiving party can demonstrate (a) is, as of the time of its disclosure, or
thereafter becomes part of the public domain through a source other than the
receiving party, (b) was known to the receiving party as of the time of its
disclosure, (c) is independently developed by the receiving party, or (d) is
subsequently learned from a third party not under a confidentiality obligation
to the providing party.
5. LATE PAYMENT.
Client shall pay to Consultant all Shares within fifteen (15) days of the
date of the effectiveness of any registration statement (the "due date").
Failure of Client to finally pay any Shares within fifteen (15) days after the
applicable due date shall be deemed a material breach of this Agreement,
justifying suspension of the performance of the Services provided by Consultant
and will be sufficient cause for immediate termination of this Agreement by
Consultant. Any such suspension will in no way relieve Client from payment of
Shares, and, in the event of collection enforcement, Client shall be liable for
any costs associated with such collection, including, but not limited to, legal
costs, attorneys' fees, courts costs, and collection agency fees.
<PAGE>
6. INDEMNIFICATION.
(A) CLIENT.
Client agrees to indemnify, defend, and shall hold harmless Consultant
and/or his agents, and to defend any action brought against said parties
with respect to any claim, demand, cause of action, debt or liability,
including reasonable attorneys' fees to the extent that such action is
based upon a claim that: (i) is true, (ii) would constitute a breach of any
of Client's representations, warranties, or agreements hereunder, or (iii)
arises out of the negligence or willful misconduct of Client, or any Client
Content to be provided by Client and does not violate any rights of third
parties, including, without limitation, rights of publicity, privacy,
patients, copyrights, trademarks, trade secrets, and/or licenses.
(B) CONSULTANT.
Consultant agrees to indemnify, defend, and shall hold harmless
Client, it






