Operations[ edit ] The Lents' business plan was based on two assumptions: Since a key metric in the credit card industry is acquisition cost of a new customer, he felt that he could "use the internet to undercut the average acquisition cost" of its "brick-and-mortar" competitors and He believed his company would have "significantly lower bad debt losses than conventional credit card issuers since marketing research had found that internet users were generally more affluent and, thus, better credit risks, than individuals drawn from the general population of consumers". Because of these assumptions, NextCard, Inc.
The parties agree as follows: Coltrell will not be considered, under the provisions of this contract, as having an employee status, or the status of an agent or partner of the Company. As an independent contractor, Coltrell will be solely responsible for all Federal and State taxes, of whatever character.
The Company will prepare and file a Form for each taxable year in which Coltrell supplies consulting services.
Appropriate receipts must be provided. Coltrell shall not be entitled to any compensation, benefits, expenses or other payments, other than those specifically provided for in the Agreement.
Coltrell's sale of shares will not exceed the sum of a up toshares sold and to be sold in the first quarter of and b the following amounts for the following periods: Coltrell shall not have violated any applicable securities laws or Company policies associated with the sale of shares of the Company's stock.
During Coltrell's Nextcard inc, he was granted employee stock options, through Option Grants Nos.
The Company will vest 50, of Coltrell's remaining unvested options to purchase shares of the Company's stock on July 1,if Coltrell does not violate any portion of the Agreement during its term. Coltrell understands that as part of Nextcard inc Agreement, Coltrell may be asked to create or contribute to the creation of ideas, concepts, themes, inventions, designs, improvements, developments, discoveries and other work product, relating to and including the Services to be rendered and the Deliverables to be provided in the Agreement collectively, the "WORK PRODUCT".
Coltrell acknowledges that the Work Product, shall be the sole and exclusive property of the Company.
All files, records, documents, drawings, specifications, equipment and similar items related to the Company's business and the Work Product, whether prepared by Coltrell or otherwise coming into Coltrell's possession, shall remain the exclusive property of the Company.
For purposes of the Agreement, such companies include, but are not limited to: The Company reserves the right to waive this condition in particular cases, as requested by Coltrell. Any competition by Coltrell that violates the foregoing conditions will result in the loss of the accelerated vesting rights described above, in Section 3.
Coltrell and The Company acknowledge and agree that the foregoing conditions are not covenants of Coltrell. For example, the foregoing is not a "non-compete" agreement. Coltrell shall keep the Company's Trade Secrets and Trade Secrets of any company or client contracted to the Companywhether or not prepared or developed by Coltrell, in the strictest confidence.
Coltrell will not use of disclose such secrets to others without the Company's written consent, except when necessary to perform Coltrell's obligations under this Agreement.
Coltrell shall not have breached any contractual obligation to the Company and, for a period of eighteen months after the Effective Date, Coltrell shall not have directly or through others caused an employee of the Company to leave the employ of the Company.
|Securities Class Action Clearinghouse: Case Page||November 30, Other actions have been filed making similar allegations regarding the IPOs of more than other companies. According to a Press Release dated November 30,the complaint alleges that NextCard and certain of its officers and directors at the time of its IPO violated the federal securities laws by issuing and selling NextCard common stock pursuant to NextCard's initial public offering and a secondary offering of NextCard stock without disclosing to investors that several of the underwriters of the NextCard IPO had solicited and received excessive and undisclosed commissions from certain investors.|
|NextCard - Wikipedia||NextCard, which is now in bankruptcy, was the first major credit card issuer to offer cards exclusively over the Internet.|
|Account Options||Providian Financial Corporation used direct-mail marketing method to identify and then recruit customers, individuals who made extensive use of credit cards. Lent thought that this method could be incorporated well with the internet thats why he and his wife decided to put up NextCard.|
For a period of eighteen months after the Effective Date, Coltrell shall not have directly or through others caused, instigated or played a material role in any of the Company's marketing partners having terminated their relationships with the Company. Coltrell represents and warrants that Coltrell will a not infringe upon any copyright, patent, trade secret or other property right of the Company, any former employer of other third party in the performance of the Services required by this Agreement; b has not accepted and will not accept directly or indirectly from any person or entity, other than the Company, any money, service, or other valuable consideration for the inclusion of all or any part of the Services of Coltrell in any product, program or service.
Coltrell represents and warrants that Coltrell has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and this Agreement constitutes a valid and binding Agreement between the parties, enforceable according to its terms, except as limited by applicable bankruptcy laws and other laws of general application relating to insolvency or the protection of creditor's rights.
This Agreement becomes effective on the Effective Date and will remain in effect, through June 30,or until terminated as set forth in Section 7. If the Company's Chief Executive Officer determines, at any time during the term of this Agreement, that Coltrell's consultancy should be terminated, he will so advise Coltrell, in writing, and Coltrell's consultancy will terminate at the end of the calendar month in which such notice is delivered.
This Agreement and the respective rights and obligations of the parties shall inure to the benefit of and be binding on their respective successors, assigns and legal representatives, including Coltrell's estate, executors, administrators, heirs, legatees or devisees.
This Agreement has been duly authorized, executed and delivered by the parties hereto and constitutes the valid and binding obligation of the parties, enforceable against the parties in accordance with its terms. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of California without reference to any conflict of law provisions.
Other than as expressly set forth herein, this Agreement supersedes all proposals, oral or written, any employment agreements, all negotiations, conversations, or discussions between or among the parties relating to the subject matter of this Agreement and all past dealing or industry custom.
No changes, modifications, or waivers are to be made to this Agreement unless evidenced in writing and signed for and on behalf of both parties. In the event that any provision of this Agreement shall be determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable.Case docket for NEXTCARD, INC.
VS. HASHMAN, MSC in California State, Contra Costa County, Superior Court, filed 10/25/ INDEPENDENT CONTRACTOR AGREEMENT This INDEPENDENT CONTRACTOR Agreement, together with any exhibits hereto (collectively, the "AGREEMENT") is entered into as of as of January 1, (the "EFFECTIVE DATE") by and between Tim Coltrell ("COLTRELL") and NextCard, Inc., a Delaware Corporation, (the "COMPANY").
JOHN HASHMAN is President and Chief Executive Officer of NextCard, Inc. Mr. Hashman was one of the first people who recognized early on that the Internet would fundamentally change the financial. - In re Nextcard, Inc. Securities Litigation. Description. Solution manual for Contemporary Auditing, 10th Edition Michael C.
Knapp. Table of content 1.
Comprehensive Cases. Enron Corporation. Lehman Brothers Holdings Inc. ACC Week 3 Assignment 1 Nextcard, Inc Read the case study titled "Nextcard, Inc." prior to doing this assignment. Write a four to five () page paper in.