Looking for an agreement? Search from over 1 million agreements now.

Personal Services Agreement

This is an actual contract by CAP Rock Energy.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Services
Governing Law: Texas, View Texas State Laws
Effective Date: December 16, 1999
Search This Document
Exhibit 10.55


PERSONAL SERVICES AGREEMENT


This Personal Services Agreement (the "Agreement") is by and between Cap Rock Electric Cooperative, Inc., referred to in this "Agreement" as "Company," and Leonard S. Herring, referred to in this Agreement as "Consultant." Company is an electric cooperative corporation, located at 500 West Wall, Suite 400, Midland, Texas, and is engaged in the business of, among other things, electric utility distribution. Consultant is an individual, located at 11 Oak Forrest Circle, Denton, Texas 76205. Company and Consultant are collectively referred to in this Agreement as the "Parties."


I.


RECITALS


COMPANY DESIRES TO:


A. Retain Consultant's exclusive services pursuant to this Personal
Services Agreement to assist the Company in its efforts to acquire
telephone and telecommunications companies; and


B. Obtain Consultant's advice concerning telecommunications and
telephone companies, including, but not limited to, advice concerning
acquiring such companies; and


C. Company shall retain the services of Consultant as an Independent
Contractor to assist Company in the acquisition of telephone and
telecommunication companies.


CONSULTANT AGREES AS FOLLOWS:


A. Consultant hereby accepts and agrees to perform such services as an
Independent Contractor and Consultant for Company, and Consultant
agrees to perform the duties set forth above. During the term of this
Agreement, Consultant shall devote so much of his time as is necessary
to perform the services set forth herein, and shall report directly to
the President/CEO of Company, but Consultant shall remain an
Independent Contractor and not an employee of Company; and


B. Consultant agrees to perform faithfully, industriously, and to the
best of Consultant's ability, experience, and talents, all of the
duties that may be required of Consultant by the express and implicit
terms of this Agreement, to the reasonable satisfaction of Company.
Such duties shall be provided at such place as the needs, business or
opportunities of Company may require from time to time. Consultant
shall devote sufficient time and attention to rendering services on
behalf of Company and in furtherance of Company's best interests, and
shall be available to devote a minimum of forty (40) hours per week to
Company's business. However, the hours that Consultant performs the
services and the ways in which Consultant performs the services shall
be determined by Consultant in accordance with the requirements and
schedule of the company. Consultant shall, as stated above, be an
Independent Contractor and not an employee of Company. During the term
of this Agreement Consultant shall provide his personal services with
regard to the acquisition of telephone and telecommunication companies
exclusively to the Company.


II.


CONSULTATION SERVICES


A. Leonard S. Herring agrees to act as Consultant and to advise Company
with respect to the acquisition of telephone and telecommunication
companies. Consultant shall further assist the Company in acquiring
such companies. The Parties agree that any written or oral consultation
provided by Consultant is advisory, involving Consultant's judgment
based on experience, and that there is no guarantee of any particular
result from the consultation.


B. The services to be performed pursuant to this Agreement include, but
are not limited to, assisting and advising Company with respect to the
acquisition of telephone and telecommunication companies and such other
and unrelated services and duties as may be requested of Consultant by
Company.


C. Consultant shall perform his duties under this Agreement personally.
Consultant shall not delegate the performance of those duties to any
other person without first obtaining Company's written consent.


III.


INDEPENDENT CONTRACTOR STATUS


Company and Consultant agree that Consultant shall perform his duties under this Agreement as an Independent Contractor. The Consultant is not to be deemed an employee of


PERSONAL SERVICES AGREEMENT - PAGE 2 CAPROCK/CONTRACTS/HERRING.LEONARD.PERSONAL.SER.AGMNT/110299


Company, and Consultant shall not have or claim any right arising from employee status. Consultant agrees that Consultant is not entitled to any compensation or benefits, including, but not limited to, any right to participate in the Company's retirement plans, 401(k) plans, or any other benefits provided to employee of the Company. Consultant has the sole discretion to determine the manner in which the consultation services are to be performed. However, Company retains the right to exercise final judgment with respect to the ultimate development of the products and has responsibility for such development.


IV.


MATERIALS


Consultant shall provide his own office, vehicle, office furnishings, employee benefits, telephones, equipment, and utilities, etc. and all other materials necessary for Consultant to perform his duties under this Agreement. However, Consultant shall be reimbursed for reasonable expenses as approved by the President/CEO as set forth in Paragraph VII below.


V.


CONSULTATIONS AND REPORTS


A. Consultations shall be orally communicated between Consultant and
the David W. Pruitt when appropriate. On Company's request, Consultant
shall prepare any reports or other written documents that are
reasonable or mutually agreed upon. Consultation may be made in person
between Consultant and David W. Pruitt when mutually convenient and
mutually agreed upon.


B. Company agrees to provide Consultant with access to Company's
personnel and information, as needed when necessary to enable
Consultant to perform his duties under this Agreement.


PERSONAL SERVICES AGREEMENT - PAGE 3


VI.


COMPENSATION


A. Consultant shall be paid an annual payment for his services of
$133,500.00 payable on the first and fifteenth of each month.
Immediately upon the execution of this Agreement by both parties,
Consultant shall be paid $20,000.00 (which shall be deducted from the
$133,500.00 payment referred to above).


B. Additionally, for each and every entity that is purchased or
acquired by the Company, or created as a result of Consultant's
efforts, Consultant will receive a one percent (1%) equity ownership in
such companies at such time as all ownership and control of such entity
h
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  18.232.99.123