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Title: |
Consulting Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 4KB of 12KB total |
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Price: |
$36 |
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ID: |
#1152639 |
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CONSULTING AGREEMENT
This CONSULTING AGREEMENT (the "Agreement") made as of this 20th day of
July, 2000 ("Effective Date") by and between GigaPixel Corporation, a Delaware
corporation ("Company"), and George T. Haber ("Consultant").
WHEREAS, GigaPixel desires consulting and similar services relating to
GigaPixel's business; and
WHEREAS, Consultant desires to contract with the Company to perform
such services.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
recited, the sufficiency of which is hereby acknowledged, the parties agree as
follows;
1. Consultancy. The Consultant shall serve as a consultant to the
Company for a period commencing on the date of this Agreement for a period of
two (2) years unless earlier terminated in accordance with Section 9 of this
Agreement.
2. Scope of Work. The Consultant shall perform the services set forth
in Exhibit A attached hereto (the "Services"). Any additions to or modifications
of the Services shall be set forth in writing and shall be signed by both
parties. The performance of services and compensation therefore necessary to the
completion of such additions or modifications shall be governed by this
Agreement unless otherwise described in the written agreement of the parties.
3. Performance Bonus Advance. Within sixty days after commencement of
Consultant's services under this Agreement, the Company shall pay to the
Consultant, in advance of the performance of two (2) full years of service under
this Agreement, a performance bonus in the amount of $300,000 ("Performance
Bonus").
4. Repayment Obligation. Concurrently herewith, the Consultant shall
execute the contingent recourse non-negotiable promissory note attached hereto
as Exhibit B (the "Note"). The Note shall provide that in the event that the
Consultant, as maker of the Note, ceased to be engaged as a consultant or
employee by the Company (or its successors or assigns) prior to the two year
anniversary of the Effective Date of this Agreement, the principal balance of
the Note shall become payable no later than one day after the termination of the
consulting or employment relationship between the Consultant and the Company.
Notwithstanding the foregoing, the Note shall also provide that if the
Consultant ceases to be engaged as a consultant or employed by the Company for
any of the following reasons, the repayment obligation therein shall not apply:
(a) Death or permanent disability of Consultant;
(b) Assignment of this Agreement to a subsidiary, parent, successor
or affiliate of the Company.
5. Consulting Fees. The Company agrees to pay the Consultant a flat fee
of $400,000 for the Services promptly upon the commencement of the consultancy
relationship between the Company and Consultant.
6. Payments. The Company shall reimburse the Consultant for
out-of-pocket expenses reasonably incurred by the Consultant in the performance
of the Services upon the Consultant's submission of any request for
reimbursement in a format consistent with the Company's policies from time to
time in effect.
7. Confidentiality. The Consultant acknowledges that Confidential
Information (as defined in Section 8 of this Agreement) is of great value to the
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