Exhibit 10.1
[LETTERHEAD OF COHEN INDEPENDENT RESEARCH GROUP]
CONSULTING AGREEMENT
This Consulting Agreement (the
"Agreement") is entered into effective as of
August 14, 2009 (the "Effective Date") by and between Verify
Smart Corporation,
a Nevada corporation (the "Company") and D.
Paul Cohen, an individual (the
"Consultant").
RECITALS
WHEREAS, the Consultant
has in excess of ten (10) years of experience in
financial analysis, forecasting, budgeting
and valuations of publicly held
companies and development stage ventures.
NOW, THEREFORE, for good
and valuable consideration, the
receipt and
sufficiency of which is hereby acknowledged, the parties agree as
follows:
1. ENGAGEMENT.
The Company hereby
retains Consultant, effective the date
hereof and
continuing until termination, as provided herein, to
assist the Company in its
financial controls (the "Services")
including, but not limited to, effecting
financial analysis, modeling and financial
budgeting advise (the "Financial
Modeling"). The Services are to be provided on a "best
efforts" basis, and the
Services shall expressly exclude all legal advice, accounting
services or other
services which require licenses or certification that Consultant
may not have.
The Company expressly retains the right to
approve, in its sole discretion,
the Financial Modeling and each business opportunity
("Business Opportunity")
introduced by Consultant and to make all
final decisions with respect to
effecting a transaction on the Financial Modeling or financial
consulting or any
Business Opportunity.
2. CONSIDERATION.
Consulting Fee. As payment for
services, the Company has proposed and the
Consultant has agreed that the Consultant shall receive
1,000,000 (one million)
restricted shares of Verify Smart Corporation
stock in his personal name, D.
Paul Cohen. The Consultant has not
been engaged to perform, nor will the
Consultant agree to perform, any services in connection
with a capital raising
transaction or any services that
would directly or indirectly promote or
maintain a market for the Company's securities in exchange for
shares. Further,
the Company has agreed to promptly register, as necessary,
the shares of common
stock issued at its own expense.
Expenses. The Company shall
reimburse Consultant for all mutually agreed
upon travel, lodging, meals and other
out-of-pocket expenses incurred by
Consultant in performing the Services
provided hereunder. All potentially
reimbursable expenses shall be agreed upon in
advance. Such expenses will be
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invoiced to the Company and will be paid by the Company
within thirty (30) days
of the Company's receipt of such invoice. If Consultant does not
receive payment
in full of its invoiced expenses within thirty (30) days after the
invoice date,
then the Consultant reserves the right to require the Company to
pay interest on
the unpaid invoice amount from the invoice date until
paid in full at the rate
of one percent (1%) per month or the maximum rate permitted by law,
whichever is
less. Consultant's entitlement to such
interest shall be in addition to any
other remedies available to Consultant.
3. TERM AND TERMINATION.
Consultant shall serve as a
consultant to the Company for a two (2) year
period commencing on the Effective Date (the
"Term"). Either party shall have
the right to terminate this Agreement upon ten days' prior written
notice to the
other party after the first one hundred twenty
(120) days. Consultant will
continue to be entitled to the
reimbursement of its expenses prior to the
expiration of the Agreement.
4. INDEPENDENT CONTRACTOR.
Consultant's relationship with
the Company will be that of an independent
contractor and not as an employee.
Consultant will not be eligible for any
employee benefits, nor will the Company make deductions from
consideration paid
to Consultant for taxes, all of which will
be Consultant's responsibility.
Consultant will have no authority to enter into contracts
that bind the Company
or create obligations on the part of the
Company without the prior written
authorization of the Company.
5. COMPANY'S REPRESENTATIONS, WARRANTIES AND COVENANTS.
As of the Eff