Termination of service agreement clause samples

On October 15, 2007, the Company entered into a ten year service agreement with Lyons Capital LLC. In connection with this agreement, Lyons Capital LLC will receive 300,000 shares of Restricted, RULE 144 Stock, for services rendered or to be rendered in the future. The Company issued shares on March 10, 2008 and recorded at the fair market value of $156,000. This amount will be amortized over a period of ten years from January 01, 2008. As of December 31, 2012, the vesting period of unamortized amount of $93,600 included under deferred compensation was accelerated upon the termination of service agreement. For the year ended December 31, 2013 and 2012, the Company recorded $nil and $93,600 in consulting expense respectively. The deferred compensation was fully amortized in December 31, 2012.

On October 15, 2007, the Company entered into a ten year service agreement with Lyons Capital LLC. In connection with this agreement, Lyons Capital LLC will receive 300,000 shares of Restricted, RULE 144 Stock, for services rendered or to be rendered in the future. The Company issued shares on March 10, 2008 and recorded at the fair market value of $156,000. This amount will be amortized over a period of ten years from January 01, 2008. As of December 31, 2012, the vesting period of unamortized amount of $93,600 included under deferred compensation was accelerated upon the termination of service agreement. For the year ended December 31, 2012 and 2011, the Company recorded $93,600 and $15,600 in consulting expense respectively. The unamortized amount of $nil and $93,600 were included under deferred compensation as at December 31, 2012 and 2011.