EXHIBIT 10.29
CONSULTING SERVICES
AGREEMENT
THIS CONSULTING SERVICES AGREEMENT (the
"Agreement") is made and entered into as of this 15th day of August
2008, by and between Location Based Technologies, Inc. the
(“Company”), a Nevada corporation and, Richard Mejia,
Jr. ("Consultant");
ENGAGEMENT OF CONSULTANT;
SERVICES TO BE PERFORMED
WHEREAS, Location Based
Technologies, Inc. desires to engage the services of Consultant as
a Financial and Business Advisor, which duties will
include:
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i)
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To advise the Company on fund raising
initiatives. The Consultant’s consulting engagement is
on a non-exclusive basis.
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ii)
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To advise the Company regarding corporate
governance, external financial reporting, filings and
communications with the Securities and Exchange Commission, or
securities exchanges or any other agency deemed appropriate by the
Company.
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iii)
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To assist in any corporate development
activities deemed appropriate by the Company, including but not
limited to international expansion, mergers, acquisitions, purchase
or disposition of assets, changes in control, etc...
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iv)
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To assist in any other activities deemed
appropriate by the Company
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NOW, THEREFORE, in consideration for the mutual
covenants contained herein, the parties hereby agree as
following:
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Compensation for Services
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(a) As
compensation for the services related to i) and ii) above to be
performed by Consultant hereunder, the Company shall pay to
Consultant an hourly rate of $150.00 (paid in a combination of cash
and/or equity; however, the cash portion will not exceed more than
50% of the amount due). Compensation for services related to iii)
above will be at $250.00 per hour. Compensation related for the
services related to iv) above will be negotiated with the
Consultant at the time the services are requested.
(b) In
addition to the compensation to be paid to Consultant hereunder,
the Company shall reimburse Consultant for Consultant’s
reasonable out of pocket expenses, including but not limited to,
mileage, travel expenses incurred in the performance of the
consulting services hereunder, provided that such expenses are
presented to, and approved in advance by the Company.
The term this Agreement will be for six months
from the date hereof and may by mutual agreement be extended for an
additional six months, commencing on February 15, 2009 and ending
on August 15, 2009; however, that the Company shall have the right
and option, in its sole discretion, to cancel the agreement at any
time.
In connection with Consultant’s activities
hereunder, the Company will furnish Consultant with analytics,
engineering resources, administrative support and such other
information and data regarding the services the
“Company” deems appropriate, at the Company’s
discretion.
In rendering consulting services to the Company
pursuant to this Agreement, it is acknowledged and agreed that
Consultant shall be acting solely as an independent contractor and
shall not have authority to the Company in any regard except as may
be specifically delegated to Consultant by the Company in
writing.
All notices and other communications required
or
