INDEPENDENT CONTRACTOR AGREEMENTIndependent Contractor Agreement |
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ZAP | Ricardo Machado. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.32
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INDEPENDENT CONTRACTOR AGREEMENT |
This Independent Contractor Agreement (“Agreement”) is made and effective this 13th day of September 2005, by and between Ricardo Machado (“Consultant”) and ZAP (“Company”).
Now, therefore, Consultant and Company agree as follows:
1. Engagement.
Company hereby engages Consultant, and Consultant accepts engagement, to
provide services to Company, including but not limited to the following
areas: The design, facilitation, sourcing and manufacture of high efficient
automobiles.
Consultant agrees to provide written monthly reports to Company.
2. Term.
Consultant shall provide services to Company pursuant to this Agreement for a
term commencing on September 15th 2005, and ending on September 15th
2009. This agreement will have a formal review of services rendered by
Consultant on October 4th 2005.
3. Place of Work.
Consultant shall render services primarily at Consultant’s offices, but
will, upon request, provide the services at Company offices or such other
places as reasonably requested by Company as appropriate for the performance of
particular services.
4. Time.
Consultant’s daily schedule and hours worked under this Agreement on a
given day shall generally be subject to Consultant’s discretion.
Company relies upon Consultant to devote sufficient time as is reasonably
necessary to fulfill the spirit and purpose of this Agreement.
5. Payment / Compensation.
Company shall pay Consultant 250,000 warrants with an exercise price of $1.20
and 250,000 at $1.50 for services performed pursuant to this Agreement.
Compensation to Consultant will be paid on the following schedule of
release: The intrinsic value release of $160,000 by October 5TH
2005 and the intrinsic value of $280,00 by December 1st 2005 and the
balance as mutually agreed thereafter.
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Consultant shall bear all reasonable expenses, with Company approval in writing needed by Consultant prior to any such expenses that may be reimbursed by the Company as it may relate to the performance of this Agreement. |
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Ricardo Machado/ZAP |
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6. Covenant Not To Compete.
During the term of this Agreement, Consultant shall not directly or indirectly,
either for his own account, or as a partner, shareholder, officer, director,
employee, agent or otherwise; own, manage, operate, control, be employed by,
participate in, consult with, perform services for, or otherwise be connected
with any business the same as or similar to the business conducted by Company.
7. Confidentiality.
During the term of this Agreement, consultant shall not, without the prior
written consent of Company, disclose to anyone any Confidential
Information. “Confidential Information” for the purposes of
this Agreement shall
