EX-10.6 9 ex10-6.txt AGREEMENT BTWN. REGISTRANT AND ROBERT FARIAS EXHIBIT 10.6 October 30, 2001 The undersigned vendor, Robert Farias ("Vendor"), acknowledges that it has performed certain services for and on behalf of Vertical Computer Systems, Inc. ("Company") for which invoices in the amount of the approximate amount of Twenty-Five Thousand Dollars and No Cents ($25,000.00) have been issued by Vendor. Company agrees that it shall issue Five Hundred Thousand (500,000) shares of its common stock (the "Stock" herein), Robert Farias; and Company shall cause to be filed immediately a Registration Statement on Form S-8 registering the Stock, to permit the sale of the Stock as a means of reducing Company's outstanding obligation to Vendor. Provided, however, the Stock shall be sold into the public in an orderly and nondisruptive manner at the rate of no more than fifteen percent (15%) of the total shares of stock issued per week. Company shall have the express right, at any time, to pay any outstanding amounts owed to Vendor and, upon such payment, Vendor shall return any remaining stock immediately to Company. In the event that the net proceeds, after deducting any commissions, from Vendor's sale of Stock are less than the amount of $25,000.00, Company shall pay Vendor the difference between $25,000.00 and the net proceeds in cash within ten (10) days of presentation by Vendor to Company of documentation of the amount of net proceeds. Further, if the Stock is sold by Vendor, after deducting any commissions, for a total of more than $25,000.00, then, any Stock remaining will either (a) be returned to the Company or (b) with the Company's written approval, sold with such additional amounts applied as a credit for the Company. Robert Farias BY: _________________ Robert Farias VERTICAL COMPUTER SYSTEMS BY: _________________ Richard Wade