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Consulting Agreement

 

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Title:

Consulting Agreement

Entities:

RepliGen Corp.; Massachusetts Institute of Technology

Date:

2002

Size:

Preview shows 3KB of 14KB total

Price:

$39

ID:

#327557

 

 

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                              CONSULTING AGREEMENT


This Consulting Agreement is made as of October 1, 1981, between Repligen
Corporation (the "Company"), a Delaware corporation having its principal place
of business at 50 Staniford Street, Boston, Massachusetts 02114 and Dr. Paul R.
Schimmel (the "Consultant") of 44 Sanderson Road, Lexington, Massachusetts
02173.

Consultant is a founding stockholder of the Company and has developed
expertise in recombinant DNA technology which he desires to make available to
the Company. The Company desires to obtain the benefit of Consultant's expertise
in recombinant DNA technology.

NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, Consultant and the Company agree as follows:

1. CONSULTING SERVICES

This Agreement shall have an initial term of five years beginning on
October 1, 1981, and continuing until September 30, 1986. Thereafter, this
Agreement shall be automatically extended for successive terms of one year each
unless written notice that this Agreement shall terminate on the next
anniversary date is given by one party to the other at least 90 days before that
date.

During the term of this Agreement, the Company agrees to pay Consultant a
monthly consulting fee of $2,000 per month through July 1982 and $1,000 per
month thereafter, payable on or about the first day of each month, far
consulting services to be provided by him under this Agreement. The monthly
consulting fee may be increased upon annual review by a majority of the
disinterested members of the Board of Directors of the Company.

In addition to the payment of such consulting fees, the Company will
reimburse Consultant for all travel and living expenses incurred by him as a
result of his performance of consulting services under this Agreement. The
Company shall also provide Consultant with an automobile for use on the
Company's business and will pay all insurance, maintenance and operating
expenses associated therewith.

In consideration of the payment of the monthly consulting fee described
above, Consultant agrees to make himself available not less than two days each
month to consult with officers and scientists of the Company as requested from
time to time by an appropriate official of the Company and at specific dates
mutually agreed upon in advance.

Consultant agrees that (i) during the term of this Agreement and (ii) for
a period of up to one year immediately following the termination of this
Agreement for any reason if, at the option of the Company, it pays Consultant,
in a lump sum, an amount equal to 90% of the consulting fees paid to him by the
Company for the preceding 12 months, Consultant shall not directly or

 

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