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Title: |
Consulting Agreement |
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Date: |
2007 |
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Preview shows 9KB of 40KB total |
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Price: |
$39 |
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ID: |
#2864207 |
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CONSULTING AGREEMENT
This Consulting Agreement (hereinafter Agreement) is made and entered into by and between Victor Tyrone Lam (hereinafter Lam) and NTN Buzztime, Inc. (hereinafter NTN Buzztime), and inures to the benefit of each of NTN Buzztimes current, former and future parents, subsidiaries, related entities, employee benefit plans and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, insurers, employees and assigns, each of whom are to be considered principals, or, in the alternative, intended third party beneficiaries of this Agreement.
RECITALS
NTN Buzztime and Lam have determined that it is in their mutual best interest for Lam to voluntarily resign his current position and full-time employment with NTN Buzztime effective March 31, 2007. However, NTN Buzztime wants to continue to use Lams services as a consultant to support certain portions of the companys business including some of Lams former responsibilities with NTN Buzztime, and Lam agrees to such a relationship.
NTN Buzztime and Lam also therefore desire to completely, permanently resolve any and all disputes, claims and issues arising out of Lams employment with NTN Buzztime and the termination of that employment, as well as any and all other disputes, claims and issues that exist or may exist at this time.
AGREEMENT
Based on the foregoing facts and in consideration of the execution of this Agreement, the mutual covenants and promises contained in the following paragraphs and for other good and valuable consideration, NTN Buzztime and Lam agree as follows:
1. Effective Date and Term of Agreement. This Agreement shall be effective on the eighth day after execution by Lam provided that Lam executes the Agreement and does not revoke it as provided in Paragraph 12(e), and further provided that Lam submits, in writing, his voluntary resignation of employment effective March 31, 2007 (Effective Date). So long as the Agreement becomes effective before April 30, 2007, the Consulting Fees shall be paid retroactive to April 1, 2007. The initial term of the consulting relationship is intended to be for a period of twelve (12) months from April 1, 2007. Following the initial term of twelve (12) months, the Agreement will automatically renew on a month-to-month basis until it is terminated in accordance with Paragraph 11 either by one of the parties providing thirty (30) days notice of termination or otherwise.
2. Consulting Duties and Responsibilities. Lam agrees to perform the consulting services specified in Exhibit A to this Agreement as well other mutually agreed upon duties.
3. Compensation. In exchange for the consulting work that Lam will provide to NTN Buzztime and other consideration provided herein, NTN Buzztime will provide Lam with the following compensation:
1 of 9
a. Consulting Fees. NTN Buzztime will pay Lam a monthly consulting fee from April 2007 through March 2008 according to the following schedule. The monthly consulting fees will be payable on the last business day of each month for services provided in that month based on invoices submitted by Lam. Starting in April 2008 and thereafter, Lam must submit an invoice to NTN Buzztime on the first business day of the month following the month in which the hours were worked showing the exact number of hours worked in the prior month. The hourly consulting fees for April 2008 and thereafter will be payable no later than the 15th of the month following the month in which the hours were worked provided that invoices are timely submitted. The monthly and hourly consulting fees are referred to herein as Consulting Fees. The Consulting Fee schedule is as follows:
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Applicable Months |
Consulting Fee |
Anticipated Time Commitment/Cap | ||
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April 2007 through August 2007 |
$26,400 per month / $165.00 per hour | 40 hours per week | ||
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September 2007 through October 2007 |
$20,400 per month / $170.00 per hour | 30 hours per week | ||
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November 2007 through March 2008 |
$14,000 per month / $175.00 per hour | 20 hours per week | ||
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April 2008 and thereafter |
$175.00 per hour | As mutually agreed to and invoiced | ||
b. Expenses. Lam will be responsible for all costs and expenses incident to the performance of consulting services for NTN Buzztime.
c. Independent Contractor Status. It is the express intention of the parties that Lam is an independent contractor and not an employee, agent, joint venturer or partner of NTN Buzztime. Nothing in this Agreement shall be interpreted or construed as creating or establishing an employment relationship between Lam and NTN Buzztime.
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