CONSULTING AGREEMENT AMENDMENT
Exhibit
10.1
CONSULTING AGREEMENT AMENDMENT
CONSULTING AGREEMENT AMENDMENT (this
“Amendment”), effective as of
January 1, 2018, by and among Pharma-Bio Serv, Inc., a
Delaware corporation (the “Company”), Strategic
Consultants International, LLC, a Puerto Rico registered Limited
Liability Corporation (the “Consultant”), and Xxxxxxxxx
Plaza, residing in Dorado, Puerto Rico
(“Plaza”).
W I T N
E S S E T H:
WHEREAS, the Company, Consultant and
Plaza have entered into that certain Consulting Agreement,
effective as of January 1, 2014, as such Consulting Agreement has
been and may be amended, restated or otherwise modified from time
to time (the "Consulting Agreement"). Capitalized terms used but
not defined herein shall have the meaning ascribed to such terms in
the Consulting Agreement; and
WHEREAS, the Company, Consultant and
Plaza desire to modify the Consulting Agreement.
NOW THEREFORE, for good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto agree as follows:
1.
The following shall
be added to the end of Section 2 of the Consulting
Agreement:
This
Agreement shall be extended through December 31, 2018. For purposes
of this Agreement, “Extension Term” shall mean the
period from January 1, 2018 through December 31, 2018. All
references in this Agreement to the “Term” shall
include the “Extension Term,” unless specifically
indicated otherwise.
2.
The following
sentence shall be added at the end of Section 5 of the Consulting
Agreement:
For the
full and proper performance of this Agreement, the Company agrees
to compensate Consultant a monthly retainer of $33,700 during the
Extension Term. Additionally, in the event the Company achieves at
least eighty percent (80%) of its budget for the year ending
October 31, 2018, Consultant shall receive a payment in the amount
of $100,000 (the “Incentive Fee”). If the Company
achieves one hundred percent (100%) or more of its budget for the
year ending October 31, 2018, the Incentive Fee shall be $120,000.
The determination of whether the Company has achieved its budget
for the year ending October 31, 2018 and the percentage by which
the Company has achieved its budget shall be made by the
Company’s Board of Directors in connection with its final
review of the Company’s financial results for the year ending
October 31, 2018.
3.
Except as expressly
amended by the terms of this Amendment and all prior amendments to
the Consulting Agreement, the terms of the Consulting Agreement
shall remain in effect and are unchanged by this
Amendment.
IN WITNESS WHEREOF, the parties have
executed this Amendment in Dorado, Puerto Rico, this 8th day of January,
2018.
|
By:
/s/ Xxxxx X.
Xxxxxxx
Name:
Xxxxx X. Xxxxxxx
Title: Chief
Financial Officer and Vice President- Finance and
Administration and Secretary
|
STRATEGIC
CONSULTANTS INTERNATIONAL LLC:
By:
/s/ Xxxxxxxxx
Plaza
Name:
Xxxxxxxxx Plaza
Title:
Consultant
/s/
Xxxxxxxxx Plaza
Xxxxxxxxx Plaza,
individually
|
