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Document Preview Consultant Agreement |
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Title: |
Consultant Agreement |
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Entities: |
Luminex Corp.; Mark B. Chandler; Rules-Based Medicine, Inc.; RBM Acquisition, Inc. |
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Date: |
2002 |
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Size: |
Preview shows 7KB of 35KB total |
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Price: |
$45 |
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ID: |
#279398 |
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CONSULTANT AGREEMENT
THIS CONSULTANT AGREEMENT (the "Agreement") is effective as of the 5th
day of September, 2002 (the "Effective Date"), by and between Mark B. Chandler,
Ph.D. ("Consultant") and Luminex Corporation, a Delaware corporation (the
"Company").
WHEREAS, the Company has entered into an Asset Purchase Agreement,
effective as of September 5, 2002, with Rules-Based Medicine, Inc., a Delaware
corporation and wholly owned subsidiary of the Company ("Seller"), and RBM
Acquisition, Inc., a Delaware corporation ("Buyer"), pursuant to which Buyer is
purchasing certain assets of Seller and assuming the liabilities of Seller
relating to the business (the "RBM Business") of developing and commercializing
testing services and reagent kit products for the pharmaceutical, diagnostics,
toxicology, epidemiology and biotechnology markets, generating and selling
access to a database of information from blood samples and other fluids or
tissues and determining the relevance of such information and establishing an
intellectual property position around the relationship of the information to
health and disease including diagnostics, prognostics and therapeutics (the
"Transaction");
WHEREAS, Consultant has served as the President and Chief Executive
Officer of the Company pursuant to the terms of the Employment Agreement, dated
as of March 10, 2000 (the "Employment Agreement") and as a member of the Board
of Directors and serving in the capacity of Chairman; and
WHEREAS, Consultant will resign from his employment with the Company
and in his capacity as a director effective September 5, 2002, enter into this
Agreement and shall become employed by Buyer.
NOW, THEREFORE, in consideration of the foregoing and the covenants,
representations and agreements set forth below, the Company and Consultant
hereby agree as follows:
1. Retention as Consultant. The Company hereby retains Consultant, and
Consultant hereby agrees to render services to the Company, upon the terms and
conditions contained in this Agreement. Consultant hereby confirms his
resignation as an officer and director of the Company effective as of September
5, 2002.
2. Term of the Agreement. The term of this Agreement (the "Term") shall
commence on the Effective Date and shall terminate on the first anniversary of
the Effective Date.
3. Services to be Provided by Consultant.
3.1. Scope, Responsibilities and Duties. Consultant agrees to
provide consulting services to the Company so that the Company may have
the benefit of the experience and knowledge possessed by Consultant,
including but not limited to meeting
{PAGE}
with customers, providing technical advice on Company products and
services, providing general business advice, marketing and strategic
input, personnel support and such other matters as reasonably requested
by the Board of Directors or the Chief Executive Officer of the Company
(the "Services"). Such Services shall be performed at times and places
selected by mutual agreement of the Company and Consultant within
normal business hours, which services shall be reasonably related to
Consultant's previous responsibilities with the Company prior to the
date of this Agreement and only as reasonably needed by the Company.
Consultant shall not be required to perform the Services at the offices
of the Company except as Consultant may from time to time agree.
Consultant shall not be expected to be available to perform such
services on a daily basis, it being acknowledged that Consultant shall
have substantial duties and responsibilities with respect to the RBM
Business of Buyer and scheduling of any Services shall be subject to
such duties and responsibilities. Consultant agrees to provide the
Services from time to time as requested by the Board of Directors or
the Chief Executive Officer of the Company upon reasonable advance
notice. It shall be the duty of Consultant in rendering the Services to
make such periodic reports to the Company relating to the Services as
the Chief Executive Officer or the Board of Directors of the Company
may, from time to time, reasonably request.
3.2. Non-exclusivity. Subject to the provisions of Sections 7 and 9
below, Consultant by reason of the obligations ascribed to him
hereunder shall not be limited in any manner in accepting other
employment and performing services for others, provided he fully
performs his obligations hereunder.
4. Compensation. As compensation for the Services to be provided by
Consultant to the Company, the Company shall pay to Consultant, and Consultant
agrees to accept the following:
4.1. Cash Compensation. Consultant shall receive a fee of $350,000
during the Term, payable in equal payments during the Term consistent
with the timing of the payroll distributions of the Company.
4.2. Stock Options. Consultant will be entitled to exercise his
vested options for the purchase of the Company's common stock, $.001
par value per share ("Common Stock"), which are set forth on Exhibit A
attached hereto, for the lesser of (i) the life of the option or (ii)
two (2) years from the date hereof. All unvested options to purchase
Common Stock held by Consultant shall be terminated as of his last day
of employment.
Consultant shall not be entitled to any other compensation for the
Services to be provided hereunder, except as provided herein. The Company shall
not be responsible for withholding from the compensation payable to Consultant
any amounts for federal, state or local income taxes, social security or state
disability or unemployment insurance.
5. Expenses. Upon receipt of itemized vouchers, expense account reports
and supporting documents submitted to the Company in accordance with the
Company's procedures then in effect, the Company shall reimburse Consultant for
all reasonable and necessary business
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