|
Exhibit
10.57
CONSULTING
AGREEMENT
THIS AGREEMENT made as of
May 16, 2007 (the “Effective Date”)
|
|
|
| BETWEEN: |
|
SECURITIES COMPLIANCE INC. , a Nevada
corporation, having its offices located at 439 W. Plumb Lane,
Reno |
|
|
Nevada
89509, (“SCI”), |
|
|
| AND: |
|
MARK
SMITH , an individual, of 439 W. Plumb Lane, Reno Nevada
U.S.A. 89502, (“Smith”), jointly and severally referred
to herein as “Consultant”, |
|
|
| AND: |
|
PUBLIC
MEDIA WORKS, INC. , a company incorporated under the laws
of Delaware, having its offices located at |
|
|
14749 Oxnard
St., Van Nuys, Ca 91411, (“PMWI” or the
“Company”) |
RECITALS:
A. WHEREAS, PMWI wishes to retain
Securities Compliance with respect to the services of
Smith;
B. WHEREAS, Consultant has certain
know-how, expertise and a network of professional support contacts
as may be required to achieve the Company’s
objectives.
NOW, THEREFORE , in consideration
of their respective promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, PMWI and Consultant hereby agree as
follows:
Article I. ENGAGEMENT AND
SERVICES
| 1.01 |
Scope of Engagement . |
Subject to the terms and
conditions herein contained, and effective upon the mutual
execution of this Agreement, Smith shall serve PMWI as its Chief
Financial Officer and the Company engages Consultant to, and Smith
and Consultant accept such appointment and engagement (the
“Engagement”) to:
a) develop business models
and public company strategies; and
b) prepare summary business
plans, presentations and road shows; and
c) introduce direct financing
sources, and broker dealers who may act as agent for Company
financings, and assist in negotiating financings; and
d) introduce mergers,
acquisition and strategic partner candidates, and assist in
negotiating related agreements with mergers, acquisition and
strategic partner candidates; and
e) generally advise on the
timing and implementation of Company corporate strategies as they
relate to being a public company; and
f) generally advise on the
Securities and Exchange Commission (SEC) rules and regulations as
they relate to the Company objectives; and
g) make recommendations
regarding the implementation of employee stock option and other
stock incentive plans; and
h) review the Company’s
capital structure and balance sheet and make recommendations for
changes designed to increase the probability that the Company will
obtain a listing on a National Exchange; and
i) introduce third parties
necessary to effect the Company’s investor relations
objectives; and
j) assist in the preparation
of forms 10KSB, 10QSB, 8K, registration statements etc.;
and
k) assist in the preparation
of press releases; and
l) as reasonably may be
required, meet with management, board of directors and principal
shareholders to further the Company’s objectives (either in
person or by telephone, as appropriate), jointly and severally the
“Services”.
| 1.02 |
Company Responsibilities and Acknowledgements,
Representations and Warranties Regarding Services
. |
a) The Company acknowledges
and agrees that Consultant has no obligation to perform any
services not specifically set forth in Section 1.01
herein.
b) The Company agrees to
cooperate with Consultant and will furnish to Consultant all
information and data concerning the Company (“the
“Information”) which Consultant reasonably deems
appropriate for purposes of fulfilling the Services, and will
provide Consultant with access to its officers, directors,
employees and advisors;
c) The Company represents and
warrants to Consultant that all Information included or
incorporated by reference in Company documents or communications or
otherwise made available to Consultant by the Company; i) will
be complete and correct and does not and will not knowingly contain
any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made, in light of
the circumstances under which they were made, not misleading; and
ii) any projected financial information or other
forward-looking information which the Company provides to
Consultant will be made by the Company in good faith, based on
management’s best estimates at the time and based on facts
and assumptions which the Company believes are
reasonable;
d) The Company agrees to
promptly notify Consultant if the Company believes that any
Information that was previously provided to Consultant has
materially changed or has become materially misleading;
e) The Company acknowledges
and agrees that; i) in rendering the Services hereunder, Consultant
will be using and relying on Company provided Information (and
information available from public sources and other sources deemed
reliable by Consultant); and ii) while an authority on the
processes necessary to achieve the Company’s objectives,
Consultant, its employees, managers, subcontractors and affiliates
are not licensed attorneys, certified public auditors, certified
tax planners, registered or licensed investment advisors,
registered representatives or broker dealers. The references in
this Section 1.02 to the Company will, when appropriate, be
deemed also to include its subsidiaries or other
affiliates.
| 1.03 |
Performance of Services . |
a) The manner in which
Services are to be performed and the specific hours to be worked by
Consultant shall be determined by Consultant, provided that
Consultant shall work as many hours as may be reasonably necessary
to fulfil Consultants obligations under this Agreement and
Consultant shall regularly consult with Company as regards
fulfilling the Company’s objectives.
b) Consultant will
familiarize itself to the extent it deems appropriate with the
business, operations, financial condition and prospects of the
Company.
c) The Company acknowledges
that Consultant is in the business of providing financial and
corporate consulting advice to others and that Consultant’s
services shall not be exclusive to Company and without limitation,
during the term of this Agreement, nothing herein contained shall
be construed to limit or restrict Consultant in conducting such
business with others, or in rendering such advice to others nor
from engaging in any other activity whether for gain, profit or
other pecuniary advantage.
In addition to the
compensation described below, the Company shall reimburse
Consultant for the actual and reasonable out-of-pocket expenses
incurred by Consultant in connection with the performance of its
services hereunder; provided however, that Consultant shall obtain
pre-approval from Company for any expense or related group of
expenses which are to exceed Five Hundred dollars ($500) in
total.
a) The term of this Agreement
will commence on the Effective Date and will terminate on it own
accord on that date which is 90 days year from the Effective Date
(the “Termination Date”) and this shall constitute the
“Initial Term” of the Agreement. Subsequent to the
Initial Term, the Agreement may be renewed for one or more One
(1) year periods by mutual written agreement of the parties,
each such renewal an “Extension”.
b) Either Company or
Consultant may terminate this Agreement by the giving of a Ten
(10) day notice in writing (the “Early
Termination”).
- 2 -
Article II. COMPENSATION AND
EXPENSES
The Company agrees to pay SCI
an engagement fee equal to Fifteen Thousand US dollars ($15,000USD)
(the “Retainer Fee”) to cover the Initial Term of this
engagement. The fee shall be payable in the amount of Two Thousand
Five Hundred dollars ($2,500USD) on each of the 1
st and 15 th of each calendar month,
with the first payment due on the Effective Date. In the event that
there is an Early Termination then SCI shall be entitled to receive
within three days of the date on which Early Termination occurs, a
single lump payment equal to the full balance of the amounts due
under this section 2.01 which would have been payable to SCI had it
been engaged by Company through the date of Early
Termination.
Article III. COVENANTS AND
REPRESENTATIONS OF SCI AND SMITH
Subject to Sections 1.01,
1.02 and 1.03 herein and timely delivery of all compensation due
SCI and Smith as set forth under Article II herein, Smith will
devote his time, attention and ability to the business of Company
and will well and faithfully serve Company and will use his best
efforts to promote the interests of Company.
| 3.02 |
Independent Contractor . |
Consultant shall at all times
during the performance of his services hereunder be an independent
contractor, maintaining sole and exclusive control over his
business and operations. At no time will Consultant hold itself out
to be the agent, employee, lessee, sub lessee, partner or joint
venturer of Company. Neither party hereto shall have the express or
implied right or authority to assume or create any obligation on
behalf of or in the name of the other party, or to bind the other
party in regard to any contract, agreement or undertaking with any
third party. It is understood that Smith will not be entitled to
any benefits under Company’s retirement, group insurance or
medical plans or any other employee benefits, if any, nor will any
part of Consultant’s compensation be subject to withholding
by Company for the payment of any social security, federal, state
or other taxes. In the performance of all services hereunder
Consultant shall comply with all applicable laws and
regulations.
| 3.03 |
Return of Property . |
Upon any termination of this
Agreement, Smith will at once deliver or cause to be delivered to
Company all books, documents, money, securities, and records of
Confidential Information (as defined in Section 5.02 herein)
or copies thereto belonging to Company or for which Company is
liable to others, which is in the possession, charge, control or
custody of Smith.
Article IV. COVENANTS AND
REPRESENTATIONS OF COMPANY
| 4.01 |
Authorized Agreement . |
The Company represents and
warrants to Consultant that this Agreement has been duly
authorized, executed and delivered by the Company, and, assuming
due execution by Consultant, constitutes a legal, valid and binding
agreement of the Company, enforceable against the Company in
accordance with its terms.
| 4.02 |
Indemnification and Contribution . |
a) The Company agrees to
indemnify and hold harmless Smith and SCI and, its officers,
directors, partners, employees, agents, and counsel, and each
person, if any, who controls SCI within the meaning of
Section 15 of the 33 Act or Section 20(a) of the 34 Act,
as amended, against any and all loss, liability, claim, damage, and
expense whatsoever (which shall
|