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10-Q - DEVAGO INC. - QUARTERLY REPORT FOR THE PERIOD ENDED AUGUST 31, 2015 - 12 Retech Corpdevagoinc-form10qfor08312015.htm
EX-32 - SOX SECTION 906 CERTIFICATION OF THE CEO & CFO - 12 Retech Corpexhibit321.htm
EX-31 - SOX SECTION 302 CERTIFICATION OF THE CEO & CFO - 12 Retech Corpexhibit311.htm

Exhibit 10.1

CONSULTANC AGREEMEN

 

 

This  Consultancy  Agreement  (the  “Agreement”)  is made and entered into  thi _June 1st/2015_ (the  “Effective Date) by and between DEVAGO IN with  its  principa place  of business located  in  the  state  of Nevada, US (The  “Company”)  and  JOSE  A. ACOST CRESPO with his principal  place of business  located  in SANT DOMINGO, DOMINICA REPUBLI (the “Consultant) (hereinafter  referred to individually  as a “Party” and collectivel as  the Parties). 

 

WHEREAS, the Company  is in the business  of providing  payment  processing  systems; 

 

WHEREAS, the Consultan has expertise  in the area  of  development  and management  of payment  processing  systems;  an

 

WHEREAS, the Company  desires  to  engage the Consultant  to provide certain services  in the area  of  Consultants expertise and the  Consultant  is willing  to  provide  such services  to the Company

 

NOW, THEREFORE, th Parties  hereby  agree as follows: 

 

 

 

1.             Engagement and Service

 

(a)          Engagement. The  Company  hereby  engages the Consultant  to provide and perfor the services se forth in Exhibi attached hereto (the  “Services”), and the Consultant  hereby  accepts the engagement

 

(b)          Standard of Services All  Services  to be provided by Consultan shal be  performed with promptness  and diligence  in a workmanlike manner and at level  of proficiency  to be expected of a consultan with the background  and experience  tha Consultan has represented  it  has.  The Company  shall  provide  such access  to  its  information,  property  and personne a ma be reasonably  required in order to permit  the Consultan to perform  the Services. 

 

(c)          Tools, Instrument and Equipment. Consultant  shall  provide Consultant’s own tools, instrument and equipment  and place  of performing  the  Services, unless  otherwise  agreed between the Parties. 

 

(d)          Representation  and Warranty. Consultan represents and warrants t the  Company tha i is under no contractua or  other  restrictions or obligations which are inconsisten with the execution of this Agreement  or which  will  interfere with  the  performance of the Services. 

 

2.             Consultancy  Period 

 

(a)          Commencement. This Agreement  shal commence on the Effective Date and shall  remain in effect  until  the  completion of the Services  or  the  earlier  termination of this Agreement  as provided  in Articl 2 (b (the “Consultancy  Period). 

 

(b)          Termination This Agreement  may  be terminated by the Company, without  cause  and withou liability, by giving  thirty  (30) calendar  days written notice of such  termination  to  the Consultant.  This Agreement  may  be terminated by either  Party  by  giving  seven (7)  calendar days written  notice  of  such  termination to the other  Party  in  the even of  a material  breach by the other Party. “Material  breach” shal include:  (i) any violatio of the terms of Articles 1 (d), 3, 4, 5, 6, 8, 10 and 11

(ii) any  other  breach  tha Party  has  failed to cure within fourteen (14) calendar days after  receipt of written notice by the other  Party, (iii)  the death or physical  or menta incapacit of Consultant or any key  person performing  the Services  on  its behalf as a resul of which the Consultan o


 

such key  person  becomes unabl to  continue the proper performance of the Services, (iv) an act of gross  negligence or wilful  misconduct  of a Party, and (v) the insolvency, liquidation or bankruptcy  of  a Party

 

(c)          Effect  o Termination. Upon the effective date of termination of this Agreement all  legal obligations, rights and duties arising  out  of this  Agreement  shal terminate except  for  such  legal obligations, rights and duties as shall  have accrued  prior to the  effective date of  termination and excep as otherwise  expressly  provided  in this Agreement

 

3.             Consultancy  Fee and Expenses 

 

(a)          Consultancy  Fee. In consideration  of  the Services to be rendered hereunder the Company shal pay  Consultant  Consultancy  fee a the rates and payable a the  time and pursuant  to  the procedures set  forth  in Exhibit  (the “Consultancy  Fee"). 

 

(b)          Expenses. Consultan shal be entitled to reimbursement  for all  pre-approved expenses reasonably  incurred in the  performance of the  Services,  upon submission  and approval  of written statements and receipts in accordance with the then  regular  procedures  of  the Company

 

(c)          Payment. The Consultan shal submit  to the Company a monthly  invoice detailin the Services  performed during  the month and the amount  due. Al such invoices  shall  be due and payable within thirty  (30) calendar  days by the Company

 

4.             Work  Product  and  Licens

 

(a)          Defined. In this Agreement  the  ter "Work  Product shal mean al work  product generated  by  Consultan solel or  jointly  with others i the performance of the Services, including, but no limited  to, any and all  information,  notes, material drawings, records, coding, diagrams, formulae,  processes,  technology, firmware,  software,  know-how, designs, ideas, discoveries, inventions, improvements, copyrights, trademarks and trade secrets. 

 

(b)          Ownership. Consultan agrees  to assign and does  hereby  assign to Company  al right, title and interes in and to  the  Work  Product. Al Work  Product  shal b the sole and exclusive property  of  the Company  and Consultant  wil no hav any  rights of any kind whatsoever  in such Wor Product

Consultan agrees, a the request  and  cos of Company, to promptly  sign, execute,  make and do all such deeds,  documents,  acts and things as Company may  reasonabl require or desire t perfect Company's entire right, title, and interest  in  and to any Wor Product

Consultan will  not  make any use of any of  the  Work  Produc in any manner whatsoever  without the Company’s prior  written consent. All  Wor Product  shal be  promptly  communicated  to 

Company

 

(c)          License. In the event  tha Consultan integrates any work  that  was previously  created by The  Company  into any Work  Product, the Consultan shal grant  to,  and Company  is hereby granted,  a worldwide, royalty-free, perpetual,  irrevocable license  to  exploi the incorporated items, including, but not  limited to, any  and al copyrights, patents, designs,  trad secrets, trademarks or other  intellectua property  rights,  in  connection with  the  Wor Product  in any manner tha Company  deems appropriate. Consultan warrants  tha it  shall  no knowingly incorporate into any  Wor Produc any  material  tha would  infringe any intellectual  property rights of any third party

 

5.             Confidential Information 

 

(a)          Defined. In this Agreement  the  ter “Confidential  Information”  shall  mean the Work Produc and any and all  information  relating  to  the Company’s business, including, but not limited  to,  research, developments, product  plans, products,  services,  diagrams, formulae, 

 

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processes, techniques,  technology, firmware, software,  coding, know-how, designs, ideas, discoveries, inventions, improvements, copyrights, trademarks, trade  secrets,  customers, suppliers, markets, marketing, finances disclosed  by  Company  either  directly  or indirectly  in writing, orally  or visually, to Consultant. Confidentia Information does not  include information which: 

 

(i)  is  in or comes into  the  public domain withou breach of this Agreement  by  the  Consultant, 

(ii)  was i the  possession o the Consultan prior to receip from  the Company  and was not acquired  by  the Consultan from  the Company  under  an obligation  of  confidentiality  or non-use, 

(iii)  acquired by the  Consultant  from  a third  party  not  under  an obligation of confidentiality  or 

non-use to the Company, or

(iv)  is independently  developed by the Consultant  without  use of any Confidentia Information of the Company

 

(b)  Obligations  of Non-Disclosure  and Non-Use. Unless  otherwise  agreed  to  in advance and in writing  by  the Company, Consultan will  not,  except  as required by law or cour order use  the Confidentia Information for any purpose whatsoever  other  than the performance of the Services or disclose  the  Confidential  Information to any  third party

Consultan may  disclose the Confidential  Information  only  to those  of  its employees who need to know  such information. I addition, prior to any  disclosur of such Confidentia Information  to any such employee, such employee shall be made aware of the confidentia nature  of the Confidentia Information and shall  execute, or shall  already  be bound by, a non-disclosure agreement  containing  terms and conditions consistent  with  the  terms and conditions of this Agreement In any event, Consultan shal be  responsible for  any  breach of the  terms and conditions of this Agreement  by  any  of its employees.  Consultan shal use the same degree of care to  avoid disclosure of the Confidential  Information as i employs with respect  to its own Confidentia Information o like importance,  but  not  less than a reasonable degree  of care. 

 

(c)  Return of Confidential  Information. Upon  the  termination or expiration of this  Agreement  for any reason, or upon Company’s earlier  request, Consultan wil deliver  to Compan al of Company’s property  or Confidentia Information  in tangible form  that  Consultant  ma have in its possession or control.  Th Consultan may  retai one  copy  of the Confidential  Information  in its legal  files. 

 

6.             Interference  with  Busines

 

(a)          Non-Competition. During  the term  of this Agreement  and for one (1) year  thereafter, Consultan will  engage in no business or other  activities which are, directly  or indirectly, competitive wit the business  activities of the Company  without  obtaining the prior written  consent  of  the Company

Exemption The Company  acknowledges that  The Consultan currently  acts  as Owner of Companies  in the  world  and may  continue t do so for  the duration of this contract. 

 

(b)          Non-Solicitation. Consultant  agrees that  for  a period of one (1) year afte termination of this Agreement, Consultant  shal not: 

(i)  diver or  attempt  to  divert  from  the Company  any  business  of any kind in which it is  engaged, 

including, withou limitation, the solicitation of or interference with  any  of its  suppliers or customers,  or 

(ii)  Employee, solici for employment, or recommend for employment  any  person  employed by the Company, during the  Consultancy  Period and for  period of one (1) year thereafter

 

7.             Insuranc

 

Consultan shal maintain a its sole  expense  liability  insurance  covering  the performance of the Services  by  Consultant. Such insurance  coverage shal have limits  and  terms reasonabl

 

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satisfactory  to Company, and Company ma require Consultan to provide t Compan a certificate of insurance  evidencing  such  coverage. 

 

8.             Independent Contractor 

 

The  Consultant  agrees  tha al Services will  be rendered by it  as  an  independent  contractor and tha this Agreement  does not  create an employer-employee relationship between the Consultant and the Company. The Consultan shall  have no right  to receive any employee benefits provided by the Company  to its employees. Consultant  agrees  to  pay  al taxes due i respec of the Consultancy  Fee and to indemnify  the Company  in respect  of any  obligation  tha ma be imposed on the Company  to pay any such taxes or resulting  fro Consultant’s  being  determined not to be an independen contractor.  This Agreement  does no authorize the Consultan to  act  for  the Company  as its agent  o to  make commitments on behal of  the Company

 

9.             Force  Majeure 

  

Either  Party  shal be excused from any  delay  or  failure  in performance required  hereunder  if caused by reason of any occurrence or contingency  beyond its reasonable  control,  including, but not limited  to, acts of God,  acts  of war, fire, insurrection, strikes,  lock-outs or other serious labor disputes, riots, earthquakes,  floods, explosions or other  acts of nature. 

 

The  obligations  and rights  of the Party  so excused shal be extended  on a day-to-day  basis  for  the time period equa to  the  period of such excusable  interruption. When such events have abated, the Parties’  respective obligations hereunder  shall  resume. 

In the event  the  interruptio of the excused Party’s obligations  continues for  a period in excess  of fourteen (14) calendar days either  Party  shal have the  right  to terminate this Agreement  upon seven (7)  calendar  days’  prior written notice  to  the other Party

 

10.         Non-Publicity 

 

The  Company  is a US Public Company  and as such  is  subject  to certain reporting  and disclosure requirements. Each of Company  and Consultant  agree  not  to disclose  outside of thei regulatory scope, the  existence  or  content of  this Agreement  to  any  third  party  withou the prior written consen of the other  Party  except (i) to its advisors,  attorneys or auditors who have a need to know  such information, (ii as required  by  law or cour order, (iii)  as  required in connection  with the reorganization of a Party, or its merger  into  any  other  corporation,  or  the  sale b a Party  of all or substantially  al of  its properties or assets, or   (iv) as may  be required in connection with the enforcement  of this Agreement

 

11.         Assignmen

  

The  Services  to be performed by Consultan hereunder  are persona in  nature, and Company  has engaged Consultant  as  a result  of Consultants expertise relating  to  such Services.  Consultant, therefore,  agrees  tha i will  not  assign, sell, transfer, delegate or otherwise dispos of this Agreement  or any right, dut or obligation under this Agreement  withou the Company’s prior written  consent Nothing  in  this Agreement  shall  prevent  the assignment  by  the Compan of this Agreement  or any right, dut or obligation hereunder t any  third party

 

12.         Injunctive Relie

 

Consultan acknowledges that  a violation of Article 5 or 6 would cause  immediate and irreparable har to the Company  for which money  damages would be inadequate.  Therefore,  the Company will  be entitled  to injunctive relief  for Consultants breach of any of  its  obligations  under  the  said Articles withou proof  of actua damages and withou the posting  of  bond or other  security. Such remedy  shall  no be deemed to be the exclusive remedy  for such violation, bu shal be  in addition to all  other remedies available a law or in  equity

 

13.         Governing La and  Dispute Resolution 

 

This Agreement  shal be governed by and construed  in  accordance with  the  laws o United States, withou giving  effect  to any choice of law or conflict  o law provisions.  The  Parties  consent  to the non-exclusiv jurisdiction  and venue in the  courts  of  Nevada USA

 

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14.         General 

 

This Agreement  constitute the entire  agreement  of th Parties on the subject  hereof and supersedes all  prior understandings and instruments on such subject This Agreement  may  not  be modified other than by a written  instrument  executed  b duly  authorized representatives of the 

Parties

 

No waiver  of  any  provision  of this Agreement  shall  constitute a waiver  of any other  provision(s) or of the  same provision on another  occasion. Failure of either Party  to  enforce an provision of this Agreement  shall  not  constitute a waiver  of such provision or any other  provision(s) of this Agreement

 

Should any  provision of this Agreement  be held by a court  of competent  jurisdiction to be illegal, invalid  or unenforceable,  such provision may  be modified by such  cour in  compliance with the law giving  effec to the intent  of  the  Parties and enforced as modified. All  other  terms and conditions of this Agreement  shal remai in  ful forc and effect  and shal be  construed in accordance with  the modified provision. 

 

15.         Survival o Provisions 

 

The  following  provision o this Agreement  shall  survive the  termination of this Agreement

 

Articles 2 (c) 3, 4, 5, 6, 7, 8, 10 and 15 and al other provisions of this Agreement  tha by  their nature extend beyond the  termination of this Agreement

 

I WITNESS WHEREOF, and intending  to  be legally  bound,  the Parties have dul executed this Agreement  by  thei authorized representatives as of the date first  written above. 

 

 

Signed for and on behalf of                                           Signed for and on behalf of

DEVAGO INC. The  “Company”                                   JOSE  A. ACOST CRESP the “Consultant” 

 

 

 

By                                                                              By                                               

 

/s/Jose A. Acosta Crespo                                                        /s/Jose A. Acosta Crespo

Name JOSE  A. ACOST CRESP                             Name:  JOS A. ACOST CRESP

 

Title:  CEO  PRESIDENT_                                                Title:  _CONSULTANT

 

Date:  JUNE ST  2015                                                      Date:  JUN 1ST  2015

 

 

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Exhibit A (the “Consultancy Services,  Fee and Term") 

 

 

 

Services

 

-  Day to day corporate  management of all  company operations, including but not limited  to; 

 

-    Marketing, 

-    Corporate strategy, 

-    Procurement  of  financing 

-    Bookeeping 

-    Oversight on research  and development

 

Fee: 

 

$1000/ month. 

 

 

 

Term

 

The initial  term of the agreement  is  for  four  (4 months  from  effective date  an will terminate automatically,  unless extended before termination date. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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