Exhibit
10.26
Services
Agreement
This Services
Agreement (this “
Agreement ”) is made and entered into as of May13,
2009 by and between FastCash International Ltd. ,
a corporation organized and existing under the laws
of The British Virgin Islands (the “ Company ”),
and Navigant Consulting
Services, Ltd. , a corporation organized and
existing under the laws of The Commonwealth of Dominica (“
NCS ”).
Recitals
WHEREAS, the Company is currently engaged in the
payday loan business of advancing short term loans to borrowers
secured by the pledge of the respective borrowers’ expected
salary payment, and expects to expand its business to provide small
business loans and other financial services (the “
Business ”); and
WHEREAS, NCS, through the services of its
authorized agent, Michel D. Williams (the “ Executive
”), has expertise in managing and operating businesses
similar to the Business; and
WHEREAS, the Company desires to engage NCS to
manage and operate the Business specifically through services to be
provided by the Executive to the Company through NCS and to perform
other duties which may be assigned from time to time by the Board
of Directors of the Company or its designee (the “
Board ”) in its/his discretion; and
WHEREAS, the parties desire to enter into this
Agreement to be effective from and after the date
hereof.
NOW, THEREFORE, in consideration of the
foregoing, the mutual promises herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as
follows:
(a)
Agreement to Engage . Upon the terms and subject
to the conditions of this Agreement, the Company hereby engages NCS
to provide the Services (as hereinafter defined) to the Company,
and NCS hereby accepts such engagement by the Company.
(b)
Term of Engagement . Subject to Section 7, the
term of this Agreement shall commence as of the date hereof and end
on the third anniversary of the date hereof. Thereafter,
the term of this Agreement shall automatically renew for successive
one-year periods unless either party gives notice to the other at
least 45 days prior to the end of the then-current
term. The period during which this Agreement is
effective, including any renewal thereof shall be referred to as
the “ Engagement Period .”
(a) During
the Engagement Period, NCS shall provide to the Company the
services outlined on Exhibit A hereto (the “
Services ”). NCS shall report regularly to
the Board.
(b) In
connection with the performance of the Services, the Executive is
authorized to execute, on behalf of the Company, all agreements
approved by the Board.
(c) NCS
agrees that the Executive shall provide the services hereunder to
the Company on behalf of NCS and the Executive hereby agrees to act
in such capacity in accordance with the terms
hereof. NCS shall cause the Executive to, and the
Executive, shall diligently and conscientiously devote his business
time and attention and best efforts in discharging his duties
hereunder and to affiliates of the Company, as shall be determined
by the Company (the “ Affiliates ”), pursuant to
the terms of services agreements similar to this Agreement entered
into with any Affiliate or pursuant to agreements entered into
between the Company and one or more of such Affiliates.
(a)
Annual Fee . The Company shall pay NCS a base
annual fee at the rate of EC$96,000 per annum (“ Annual
Base Fee ”). The Annual Base Fee will be
subject to increase as from time to time determined by the Board in
its sole discretion. The Annual Base Fee shall be
payable monthly and shall not be subject to any applicable
withholding amounts.
(b)
Annual Bonus . In addition to the Annual Base
Fee, for each full year of the Engagement Period, NCS may receive
an annual bonus in the discretion of the Board. Any
Bonus shall not be subject to any applicable
withholdings.
4.
Benefits . During the Engagement Period, the
Company, together with the Affiliates which engage NCs to provide
services similar to the services provided hereunder, shall provide
NCs and the Executive with the following benefits:
(a) Participation
by the Executive in any group health plans, retirement plans,
disability income insurance and term life insurance policies
sponsored or arranged by the Company for its employees from time to
time in accordance with the Company’s personnel benefits
policies and to the extent allowed by such
plans. Nothing herein shall obligate the Company to
continue any such benefit plan currently offered to employees or
offered to employees in the future.
(b) The
Executive shall be allowed four (4) weeks per year of paid time off
in accordance with the Company’s policies.
5.
Business Expenses . The Company shall pay or
reimburse NCS and the Executive for all reasonable out-of-pocket
expenses incurred or paid by NCS or the Executive in the course of
performing the Services upon presentation of expense statements or
vouchers and such other information as the Company may reasonably
require. NCS and the Executive shall comply with such
budget limitations and prior approval and reporting requirements
with respect to expenses as the Company may establish from time to
time.
6.
Termination of Engagement . NCS’s
engagement hereunder and any obligations of the Company to NCS or
the Executive will be terminated in accordance with Sections 6(a)
and 6(d), or may be terminated in accordance with Sections 6(b),
(c), (e) and (f), as follows:
(a) NCS’s
engagement and any obligations of the Company to the Executive will
be terminated upon the last day of the Engagement Period without a
renewal.
(b) The
Company may terminate NCS’s engagement hereunder for
Cause. For purposes of this Agreement, the Company shall
have “ Cause ” hereunder upon (i) the willful
and continued failure by NCS or the Executive to substantially
perform their respective duties hereunder, after written demand for
substantial performance is delivered by the Company that
specifically identifies the manner in which the Company believes
such duties have not been substantially performed, which is not
cured within 30 days after notice of such failure has been given to
the Executive by the Company, or (ii) the willful engaging by NCS
or the Executive in misconduct which is materially injurious to the
Company, monetarily or otherwise (including conduct that
constitutes competitive activity pursuant to Section 9
hereof). For purposes of this paragraph, no act, or
failure to act, on NCS’s or the Executive’s part shall
be considered “willful” unless done, or omitted to be
done, not in good faith and without reasonable belief that such
action or omission was in the best interest of the
Company.
(c) NCS
may, without incurring liability or forfeiting any compensation or
benefit provided hereunder, terminate this Agreement for Good
Reason. For purposes of this Agreement, “ Good
Reason ” shall mean a failure by the Company to comply
with any material provision of this Agreement which has not been
cured within 30 days after written notice of such noncompliance has
been given by the Executive to the Company.
(d) NCS’s
engagement and any obligations of the Company to the Executive will
terminate upon the death of the Executive.
(e) The
Company may terminate NCS’s engagement and any obligations of
the Company to the Executive if the Executive is Permanently
Disabled (as hereafter defined). For purposes of
this Agreement, the term “ Permanently Disabled
” or “ Permanent Disability ” shall mean
(i) becoming permanently disabled as provided in any permanent
disability income policy provided by the Company under
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