1
EXHIBIT 1.5
IMPLANT SCIENCES CORPORATION
CONSULTING AGREEMENT
,1999
Dear Xx. Xxxxxx:
This will confirm the arrangements, terms and conditions, whereby
Westport Resources Investment Services, Inc. (hereinafter referred to as
"Consultant") has been retained by you to serve as financial consultant and
advisor to Implant Sciences Corporation (hereinafter referred to as the
"Company"), on a nonexclusive basis for a period of 24 months commencing on the
closing date of the public offering (the "Closing"). The undersigned hereby
agree to the following terms and conditions:
1. Consulting Services. Consultant will render financial consulting and
advice pertaining to the Company's business affairs as you may from time to time
request.
2. Financing. Consultant will assist and represent you in obtaining
both short and long-term financing whether from banks or the sale of the
Company's debt or equity.
3. Wall Street Liaison. Consultant will when appropriate arrange
meetings with individuals and financial institutions in the investment community
such as security analysts, portfolio managers, and market makers and
representatives of the Company.
4. Compensation. The Company agrees to pay the Consultant in the
aggregate, the sum of seventy-two thousand ($72,000) Dollars at the rate of
Three Thousand ($3,000) Dollars per month payment payable at the closing of the
Offering.
5. Relationship. Nothing herein shall constitute Consultant as employee
or agent of the Company except to such extent as might hereafter be agreed upon
for a particular purpose. Except as expressly agreed, Consultants shall not have
the authority to obligate or commit the Company in any manner whatsoever.
6. Assignment and Termination. This Agreement shall not be assignable
by any party except to successors to all or substantially all of the business of
either the Consultant or the Company nor may this Agreement be terminated by
either party for any reason whatsoever without the prior written consent of the
other party, which consent may not be arbitrarily withheld by the party whose
consent is required.
Very truly yours
Westport Resources Investment Services, Inc.
By:
Title:
Agreed and Accepted By:
Implant Sciences Corporation
By:
X.X. Xxxxxx, President
