7.6.1 John Lefebvre is the legal and beneficial owner of all of the shares in JSL Systems Corp. (‘‘JSL US’’). JSL US has an informal agency arrangement with the Company pursuant to which:
7.6.1.1 JSL US receives and holds on trust on behalf of the Group revenues, proceeds and benefits of the Group’s business in the US and pays and discharges on behalf of the Group all costs and expenses as requested by the Company, including the transfer of any funds to the Group;
7.6.1.2 the Company reimburses to JSL US all of JSL US’s expenses and costs in connection with the provision of services pursuant to this arrangement; and
7.6.1.3 the Company pays to JSL US a fee of US$1.00 per year.
7.6.2 John Lefebvre is the legal and beneficial owner of all of the shares in FCash Inc.. FCash Inc. has an informal agency arrangement with the Company on identical terms to those between the Company and JSL US.
7.6.3 John Lefebvre and Stephen Lawrence are beneficially interested in JSL Systems Corp. (‘‘JSL Canada’’). JSL Canada has an informal agency arrangement with the Company pursuant to which:
7.6.3.1 JSL Canada receives funds from JSL US which are held on trust on behalf of the Group and transfers those funds to companies in the Group at the request of the Company;
7.6.3.2 the Company reimburses to JSL Canada all of JSL Canada’s expenses and costs in connection with the provision of services pursuant to this arrangement; and
7.6.3.3 the Company pays to JSL Canada a fee of US$1.00 per year.
7.6.4 John Lefevbre and Stephen Lawrence are beneficial shareholders of NETeller Inc, which is a party to certain contracts set out in paragraph 12 below. In addition the Company has entered into an agency agreement with NETeller Inc. dated 5 April 2004 pursuant to which:
7.6.4.1 NETeller Inc receives funds and holds on trust on behalf of the Group revenues, proceeds and benefits from Members and Merchants and pays and discharges on behalf of the Group all costs and expenses as requested by the Company, including the transfer of any funds to the Group; and
7.6.4.2 the Company pays to NETeller Inc. a fee of US$1.00 per year.  |