EXHIBIT 10.1
CONSULTANT AGREEMENT
BETWEEN
IMAGE SENSING SYSTEMS, INC. AND ART XXXXXXXXX
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POSITION: Consultant
RESPONSIBILITIES WILL INCLUDE:
Financial Reporting (internal and external)
Management information system
Ensure accurate and prompt reporting
Supervise all accounting activities including approving expenditures and signing
checks
Manage cash and liquid assets, and available credit facilities to ensure a
secure financial base for the company
Corporate finance (manage cash & investment portfolio)
SEC reporting and compliance
Proxy filing
Annual report to shareholders
Annual meeting planning
Annual Insurance review
Liaison with outside attorneys, auditors, investment bankers and, commercial
banker
Prepare Press releases
Budget preparation to tie to company's strategic and operation direction
Corporate tax planning and compliance
Prepare regular report to the Board of Directors summarizing key financial
elements (orders, xxxxxxxx, profitability, cash priority, etc.)
Other duties as assigned by the President/CEO
TITLE: Chief Financial Officer
MONTHLY RETAINER: $6,500 payable the first week of each month.
HOURS: Up to 1000 hours per year - Start date: 1 May 2002.
THIS AGREEMENT WILL RUN: Month to month.
TERMINATION: One month notice required. May be terminated by either party.
ISS agrees to provide you with an office, phone, fax, parking and all necessary
tools and support.
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If ISS requires services associated with mergers or acquisitions, ISS agrees to
negotiate terms of such additional services separate from this agreement.
CONSULTANT
AGREED: By /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
DATED: May 7, 2002
IMAGE SENSING SYSTEMS, INC.
AGREED: By /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
DATED: May 7, 2002
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