EXHIBIT 10.6
AGREEMENT dated September 1, 2001, by and between ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
("▇▇▇▇▇▇▇") and EMERGENT GROUP, INC. ("Emergent")
WHEREAS, ▇▇▇▇▇▇▇ has served as an unpaid director and advisor to Emergent
for approximately one year; and
WHEREAS, Emergent desires to utilize ▇▇▇▇▇▇▇'▇ extensive business
experience, and to acknowledge ▇▇▇▇▇▇▇'▇ past contributions: the parties hereby
agree as follows:
1. Emergent agrees to employ ▇▇▇▇▇▇▇, and ▇▇▇▇▇▇▇ agrees to act, as a
consultant for Emergent in the areas of business development, fund raising,
strategic planning, growth and potential acquisitions. Emergent also agrees to
use its best effort to cause ▇▇▇▇▇▇▇ to be elected to the board of directors of
Emergent (and ▇▇▇▇▇▇▇ agrees to serve if elected) for a period of two years from
the date of this agreement.
2. ▇▇▇▇▇▇▇ agrees to make himself available upon reasonable notice for such
consultation to Emergent as may be reasonably requested by Emergent. Emergent
shall not be obligated to request ▇▇▇▇▇▇▇ to provide services pursuant to this
Agreement, and Emergent shall not be required to provide ▇▇▇▇▇▇▇ with an office.
3. This Agreement shall commence on the date hereof and shall terminate on
August 31, 2003. This Agreement shall not be extended without the express
written agreement of the parties hereto.
4. In consideration for the services to be performed by ▇▇▇▇▇▇▇, Emergent
agrees to ▇▇▇▇▇ ▇▇▇▇▇▇▇ options to purchase 1,500,000 shares of Emergent common
stock at an exercise price of $0.20 per share. Options to purchase 750,000
shares shall vest and become exercisable on September 1, 2001, and options to
purchase 750,000 shares shall vest and become exercisable on September 1, 2002.
All unexercised options shall expire on December 31, 2004. In connection with
the options defined above in this Section 4, the number of shares available for
purchase and the exercise price per share shall be adjusted to take into
consideration any and all share splits or reverse share splits.
5. This Agreement may be terminated by Emergent for cause, and by ▇▇▇▇▇▇▇
for any reason at any time prior to August 31, 2003, upon 10 days written
notice. In the event of any termination pursuant to this paragraph, ▇▇▇▇▇▇▇
shall forfeit all options which have not vested. For purposes of this paragraph,
cause shall include:
(a) conviction of any felony, or a misdemeanor involving moral
turpitude; or
(b) any material breach of this agreement, if not cured within
30 days after written notice thereof.
6. All notices, requests, demands, and other communications under this
Agreement shall be given in writing and shall be served either personally, by
facsimile or delivered by first class mail, registered or certified, postage
prepaid, and properly addressed as follows:
If to Emergent:
Emergent Group Inc.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇ ▇▇▇
with a copy to:
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ & ▇▇▇▇, P.C.
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇ ▇▇▇▇▇, Esq.
If to ▇▇▇▇▇▇▇:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Notices shall be deemed received at the earliest of actual receipt,
confirmed facsimile or three (3) days following mailing
7. This Agreement constitutes the entire agreement among the parties hereto
pertaining to the subject matter contained herein and supercedes all prior
agreements, representations, and understandings of the parties, whether oral or
written, regarding the subject matter of this agreement. In addition, ▇▇▇▇▇▇▇
acknowledges that Emergent, ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇ ▇▇▇▇▇▇▇ have not made any
representations or promises to him and that he has not relied on any
representations or promises other than those set forth in this agreement.
Specifically, ▇▇▇▇▇▇▇ disclaims the existence of, and any reliance by him upon,
any representations regarding any compensation by or equity interest in any
entity in which ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇ ▇▇▇▇▇▇▇ are principals, or in which they may
become principals in the future, except as may be set forth expressly in this
agreement, or any other written agreement signed by them.
8. This Agreement may not be amended, supplemented, canceled, or discharged
except by written instrument executed by the parties hereto.
9. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, representatives, executors,
administrators, successors, and assigns, provided, however, that ▇▇▇▇▇▇▇ may not
assign any or all of his rightd or duties hereunder except following the prior
written consent of the Company.
10. This Agreement may be executed in two (2) or more counterparts, each of
which shall be deemed an original, but all such counterparts together shall
constitute one and the same Agreement.
11. This Agreement shall be construed and enforced in accordance with the
laws of the State of New York. All disputes under this agreement shall be
resolved by arbitration, to be held under the auspices of the American
Arbitration Association in New York.
12. This Agreement is subject to, and shall not become effective prior to,
the approval of the board of directors of Emergent.
EMERGENT GROUP, INC.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇, President
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇