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Consulting Agreement

 

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Title:

Consulting Agreement

Entities:

Tsakos Energy Navigation Ltd.

Date:

2007

Size:

Preview shows 5KB of 29KB total

Price:

$36

ID:

#2859232

 

 

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                              CONSULTING AGREEMENT

(MARC R. SILVERMAN)

This Consulting Agreement (this "Agreement") is entered into effective as
of March 1, 2006 (the "Effective Date"), by and between Performance Health
Technologies, Inc., a Delaware corporation ("Company"), and Marc R. Silverman
("Consultant").

WHEREAS, Company is engaged in the business of designing, developing,
manufacturing, and marketing health care rehabilitation products;

WHEREAS, Company has heretofore engaged Consultant as an employee pursuant
to the terms of that certain Employment Agreement effective January 1, 2005,
between Consultant and Employee (the "Employment Agreement"), and Company is
authorized to tender this Consulting Agreement and upon such tender the
Employment Agreement is terminated subject to certain continuing obligations as
provided therein; and

WHEREAS, Company desires to retain the services of Consultant in a
consulting capacity appropriate to his knowledge and experience as provided in
this Agreement and Consultant desires to provide his services in a consulting
capacity as provided in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties agree as follows:

1. Services. Company agrees to engage Consultant and Consultant agrees to
accept engagement by Company to perform consulting services and duties (the
"Services and Duties") commensurate to Consultant's compensation under this
Agreement and otherwise as the Board of Directors of Company from time to time
requires and requests as necessary and useful to Company. The Services will
generally be in the technology and product innovation and design areas but
otherwise as Consultant and Company mutually agree.

2. Term. The term of this Agreement shall commence on the Effective Date
and shall continue until the earlier of (i) two years after the Effective Date,
or (ii) termination in accordance with Section 7. The term of this Agreement is
referred to herein as the "Consulting Term."

3. Relationship.

(a) Independent Contractor. Consultant shall be and at all times
remain an independent contractor for Company, with control over the
accomplishment of the Services. Consultant will, at all times, conduct his
business in his own name and as an independent contractor and not as an
employee, partner, or joint venturer of or with Company. Consultant shall
have no authority to bind Company in any way. Consultant will not at any
time make any representation, either orally or in writing, that he is an
employee, partner, or joint venturer of or with Company or that he has
authority to bind Company. Consultant understands that he has no
proprietary rights to the name "Performance Health Technologies" or the
names of any of its products, nor to any combination of such names.


1
{PAGE}

(b) Benefits; Taxes. Consultant shall not be an employee or agent of
Company; and, except as specifically set forth in this Agreement, shall
not be entitled to participate in or receive benefits under any Company
programs maintained for Company's employees (including, without
limitation, life, medical, and disability benefits, pension, profit
sharing, or other retirement plans or other fringe benefits); and shall
not be entitled to any direct or indirect compensation or remuneration of
any kind from Company. Consultant assumes full responsibility for the
payment of all income taxes, social security, and other payroll taxes for
his compensation under this Agreement.

4. Schedule; Manner and Means. Unless otherwise agreed in writing executed
by Consultant and Company, for the first six months of the Consulting Term,
Consultant will devote 100% of his time, attention, energies and business
efforts as are reasonably necessary to perform the Services; during the next six
months of the Consulting Term, Consultant will devote 75% of his time,
attention, energies and business efforts as are reasonably necessary to perform
the Services; and during the final 12 months of the Consulting Term, Consultant
will devote 50% of his time, attention, energies and business efforts as are
reasonably necessary to perform the Services. Consultant's obligation under this
Agreement is to complete the Services. Consultant has no obligation to work any

 

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