Exhibit 10.32
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INDEPENDENT CONTRACTOR AGREEMENT
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This Independent Contractor Agreement (“Agreement”)
is made and effective this 13 th day of September 2005,
by and between Ricardo Machado (“Consultant”) and ZAP
(“Company”).
Now, therefore, Consultant and Company agree as follows:
1. Engagemen t .
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 15 th 2005,
and ending on September 15 th 2009. This agreement
will have a formal review of services rendered by Consultant on
October 4 th 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 5 TH 2005 and the
intrinsic value of $280,00 by December 1 st 2005 and the
balance as mutually agreed thereafter.
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a)
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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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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 include
Company’s proprietary and confidential information such as,
but not limited to, customer lists, business plans, marketing
plans, financial information, designs, drawings, specifications,
models, software, source codes and object codes. Confidential
Information shall not include any information that:
A. Is disclosed by Company without
restriction;
B.