CONSULTING
AGREEMENT
THIS AGREEMENT made as of the 23 RD day of
February, 2007 among WORDLOGIC CORPORATION , a corporation
under the laws of Nevada having its principal business office at
Suite 2400, 650 West Georgia Street, Vancouver, British Columbia,
V6B 4N7, Canada (the “Company”), and 658800 B.C.
Ltd. , having its principal business office at 5543 Wallace
Ave., Delta, BC, V4M3X5 (the “Consultant”).
WITNESSES THAT
WHEREAS :
A. The Company is engaged in the business of
research, development, marketing, distribution and licensing of
software tools for enabling data entry on personal computing
devices and like devices on a number of different platforms and the
provision of services in support thereof (the
“Business”).
B. The Consultant desires to aid and assist the
Company as a consultant by providing certain business development
services to the Company and the Company desires to engage the
Consultant for those purposes, on the terms and conditions of this
Agreement.
NOW THEREFORE
in consideration of the premises
and the covenants and agreements of the parties hereto as
hereinafter set forth, the parties hereto covenant and agree as
follows:
1. Engagement . The Company does hereby appoint and engage
the Consultant as its consultant and advisor with respect to the
services referred to in Section 2 hereof, for the compensation and
the term hereinafter set forth, and the Consultant hereby accepts
such appointment and engagement by the Company, all upon and
subject to the terms and conditions of this Agreement.
2. Services . During the Term, the Consultant agrees to
provide to the Company in a good and faithful manner, using its
best efforts and in a manner that will promote the interests of the
Company, such advisory and consulting services (the
“Services”) as the Company may request from time to
time. The Company and the Consultant agree that in providing the
Services, the Consultant shall be responsible to and shall report
to President and Chief Executive Officer of the Company or to such
other person as board of directors of the Company shall from time
to time designate (the “Representative”).
3. Limited Authority as Agent
. The Consultant agrees not to act
as an agent of the Company except with the express prior written
authority of the Company. Without limiting the generality of the
foregoing, the Consultant shall not commit or be entitled to commit
the Company to any obligation whatsoever nor shall they incur or be
entitled to incur any debt or liability whatsoever on behalf of the
Company, without in each case the express prior written authority
of the Company. Any obligations, debts or liabilities incurred
other than as aforesaid shall be exclusively for the account of the
Consultant.
4. Term and Renewal . The Term shall commence on the date of this
Agreement and automatically cease on the date that is twelve
( 12 ) months after the date of this Agreement
(such
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February 23, 2007
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period or any extension thereof
is referred to herein as the “Term”), unless earlier
terminated as hereinafter provided or unless the parties have
agreed to renew this Agreement. The Company and the Consultant may
extend the Term on similar terms and conditions by further
agreement in writing to that effect with the exception of the
amount of the Fee to be paid to the Consultant which may be revised
or increased at the sole discretion of the Company.
5. Termination by the Parties
. The Consultant and the Company
shall have the right to terminate this Agreement at any time
without cause by giving to the other parties at least sixty (30)
days prior written notice of the effective date of such
termination. The Company shall always have the right in lieu of the
notice period to pay to the Consultant an amount equal to the
amount of the Fee that would be earned by the Consultant during the
notice period if the Consultant were to provide the Services during
the notice period in accordance with this Agreement.
6. Termination with Cause . The Company shall always have the right to
terminate this Agreement for just cause or any breach of this
Agreement without any prior notice or any payment to the
Consultant.
7. Automatic Termination . This Agreement and the Term shall terminate
automatically, without any prior notice or any payment to the
Consultant, on the death or total disability of the
Consultant.
8. Fee . Provided the Consultant renders the Services
satisfactorily in accordance with this
Agreement, and provided the
Consultant is not in default under this Agreement, the Company
agrees to pay to the Consultant for the Services rendered by the
Consultant during the Term, a fee in the amount of $7,500
($CAD) for each month of Services (or equivalent) provided (the
“Fee”).
9. Expenses . The Company agrees to pay or promptly
reimburse the Consultant for the extraordinary traveling,
entertainment, telephone and other expenses actually and properly
incurred by the Consultant at the specific request of the Company
in connection with the provision of the Services by the Consultant
under this Agreement. Such payment of or reimbursement for expenses
shall be subject to the Consultant keeping proper accounts and
furnishing to the Company within 30 days after the date the
expenses are incurred, all applicable statements, vouchers and
other evidence of expense. In the event that it is necessary for
the Consultant to incur an expense that exceeds the sum of $500.00
(the “Threshold Amount”) on behalf of the Company in
connection with the rendering of the Services, the Consultant shall
obtain the prior written approval of the Representative to such
expense prior to incurring the expense.
10. Disclosure of Conflicts of Interest
. During the Term, the Consultant
shall promptly, fully and frankly disclose to the Company in
writing:
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a)
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the nature and
extent of any interest the Consultant may have, directly or
indirectly, in any contract or transaction or proposed contract or
transaction of or with the Company; and
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b)
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every office
the Consultant may hold or acquire, and every property the may
possess or acquire, whereby directly or indirectly a duty or
interest might be created in conflict with the interests of the
Company or the duties and obligations of the Consultant under this
Agreement; and
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c)
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the nature and
extent of any conflict referred to in subparagraph (b)
above.
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In this Agreem