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EXHIBIT 10.5
EUROMED, INC.
0000 Xxxxxxxxxxx
Xxxxx 000
Xxxxxx, Xxxxx 00000
February 27, 1997
Mr. Xxxxx Xxxxxxxx
The Xxxxxxxx Group
000 Xxxxxxxxx Xxxx
Xxxxxxxxx, Xxxxx 00000
Dear Xxxxx:
The following is a letter agreement that will describe the business
relationship of EuroMed, Inc. (the "Company") and The Xxxxxxxx Group (the
"Group").
The terms of our agreement are as follows:
1. Position/Title. The Group shall make available to the Company
Xxxxx Xxxxxxxx ("Xxxxxxxx"). Xxxxxxxx shall serve as Chief
Financial Officer ("CFO") of the Company. Duties of this
position include:
a. Manage and develop the financial staffs of the Company;
b. Coordinate and communicate all audits and financial
filings of the Company with the U.S. financial markets;
c. Coordinate the establishment of financial productivity
monitoring systems within the Company; and
d. Assist in the development of a five-year strategic plan
for the Company.
e. The Board of Directors of the Company (the "Board") and
Xxxxxxxx shall mutually agree on the amount of time
Xxxxxxxx shall spend in The Netherlands.
2. Term. The term of our agreement will be for six months,
beginning February 15, 1997.
3. Compensation. The Company will compensate Group $10,000.00 U.S.
per month. This compensation is to be paid the first working day
of each month in advance, and shall be wired to Xxxxxxxx'x bank
account in The Netherlands (in U.S. dollars).
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The Xxxxxxxx Group
February 27, 1997
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4. Expenses. The Company will reimburse the Group for:
a. Domestic/international phone expenses.
b. Domestic/international travel expenses including air
and ground transportation, hotel and meals, as incurred.
c. Domestic/international business entertainment, as
incurred.
d. Any expenses that the Company will ask the Group to
incur on its behalf in during the course of doing
business.
e. Living expenses while working in The Netherlands
(including food and lodging).
These expenses should be paid on the first (1st) and fifteenth
(15th) of each month based on documented expense reports.
5. Termination. This Agreement will remain in effect for the term
period of six (6) months. The Board, on the one hand, or the
Group, on the other hand, shall each have the option to
terminate the Agreement upon thirty (30) day written notice,
with cause.
I hope these terms and conditions meet with your approval. If you have
any questions, please do not hesitate calling me.
Sincerely,
/s/ XXXXXX X. XXXXX, III
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Xxxxxx X. Xxxxx, III
Chief Executive Officer
AGREED TO AND ACCEPTED
as of February 27, 1997:
THE XXXXXXXX GROUP
By: XXXXXX X. XXXXX, III
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Title: CEO
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/s/ XXXXX XXXXXXXX
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Xxxxx Xxxxxxxx
President Xxxxxxxx Group
