Arrangement Letter - eDiets.com Inc. and Mallory Factor Inc.
eDiets.com
Arrangement Letter with Mallory Factor Inc.
Duties: Work with eDiets management to strategize and coordinate
all public, media and investor relations efforts. Oversee
the expenditure and implementation of such programs,
including the hiring of firms and individuals to carry them
out.
Budget: Authorized to spend with prior management approval up to
$25,000 a month in fees plus expenses billed by firms and
individuals carrying out these programs.
Any fee-based work by Mallory Factor and/or Mallory Factor
Inc. must be pre-approved by eDiets.
eDiets will pay all reasonable expenses in carrying out the
duties above.
Compensation: Term: 12 months
Equity Grant: 400,000 warrants at $0.75
Warrant Vesting: Immediate
Warrant Expiration: 3 years from date of grant
Bonus Compensation: A $50,000 cash bonus shall be considered by the Board at
the end of 12-month period and will be rewarded for
significant progress in accomplishing our goal of a Nasdaq
listing.
If these terms are acceptable, please sign.
eDiets.com
By: /s/
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David R. Humble
Date: /s/
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ACCEPTED:
MALLORY FACTOR INC.
By: /s/
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Mallory Factor
Date: January 8, 2001
January 29, 2001