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Engagement Agreement

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Title:

Engagement Agreement

Entities:

SPX Corp.

Date:

2007

Size:

14KB total

Price:

$34

ID:

#2883176

► Fee Agreements ► Engagement Agreements
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ENGAGEMENT AGREEMENT

THIS AGREEMENT made as of the 1st day of _____, 2007.

BETWEEN:

YALETOWN CAPITAL INC., a Nevada corporation having an office located at Suite 200-3083 Grandview Hwy, Vancouver, British Columbia

(the "Company")

OF THE FIRST PART

AND:

RANDOLPH CHEVELDAVE, a businessperson of Vancouver, British Columbia

(the "Director")

OF THE SECOND PART

WHEREAS:

A. The Company is a public company providing bridge loans and other financing for film projects.

B. The Company wishes to engage the Director on the terms and conditions of this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the material promises and conditions contained in this Agreement, the Company and the Director agree as follows:

1. Engagement

The Company hereby engages the Director to act as the President and CEO of the Company, and the Director hereby accepts the engagement upon the terms and conditions hereinafter set forth.

2.	Period of Engagement

Subject to the provisions for termination as hereinafter provided, the term of the engagement shall be for an initial period of one year commencing on the effective date of this agreement and shall automatically renew thereafter for one (1) year periods with the mutual agreement of the parties (the "Period of Engagement"), unless the Company or the Director gives the other party 60 days written notice of non-renewal, in which case this Agreement will terminate.

3.	Services

The Director agrees to serve in the position and carry out the duties and responsibilities described in Schedule "A" and perform such other services as may be designated from time to time by the Company.

4.	Compensation

(a)

Salary

The Director agrees to initially forego a salary in the Company. The Company and the Director shall mutually agree upon a salary commencing September 1, 2007, that shall be commensurate within the industry for such a positon.

(b)

Incentives/Bonuses

In addition to the fee set forth above, the Director shall be compensated from time to time by the issuance of additional shares on a performance basis. Such compensation shall be on an irregular basis and shall be negotiated directly between the Company and the Director.

(c)

Expenses Reimbursement

The Company will reimburse the Director for the costs of all travel to meetings where attendance has been specifically requested by the Company.

N/A

6.	Termination of Engagement

(a)	Termination by the Company

The Company may at any time during the Period of Engagement terminate this Agreement for cause, without notice and without liability for any claim, action or demand upon the happening of one or more of the following events:

(i)	if the Director, fails or refuses, repeatedly, to comply in any material respect with the reasonable policies, standards or regulations of the Company established from time to time in writing and in accordance with this Agreement;

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