Exhibit 10.2
CONSULTING AGREEMENT
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This Consulting Agreement (the "Agreement") is entered into as of, July 31,
1999, by and between FieldWorks, Incorporated, a Minnesota corporation (the
"Company"), and Xxxxxx X. Xxxxxx
WHEREAS, effective July 31, 1999, Xx. Xxxxxx intends to resign Vice
President of Operations of the Company and to turn over those responsibilities
to Xx. Xxxxx Xxxx.
NOW, THEREFORE, in recognition of the contribution he has made as Vice
President of Operations and as a retainer for him to remain available on a
limited basis to consult with management, the Company and Xx. Xxxxxx agree to
the following:
1. Payment of $25,000 payable by the Company $10,000 on 12/31/99 and
equal monthly installments of $5,000 for the period of 1/1/00 through
3/31/00.
2. Medical benefit participation will be available through COBRA.
3. Non-Incentive Stock Option grant of 10,000 shares under the 1996
Director's Option Plan. These options are granted upon re-election to
the Board of Directors at the 1999 Annual Shareholders Meeting. These
options will have an exercise price of $2.188, the closing price on
the date of the meeting, will vest 100% on 11/18/99 and will have a
term of 10 years.
IN WITNESS WHEREOF, the Compensation Committee of the Board of Directors of
the Company and Xx. Xxxxxx have executed this Agreement as of the date set
forth in the first paragraph.
FieldWorks, Incorporated
By /s/ Xxxxxx X. Xxxxxx By /s/ Xxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxx Xxxxx X. Xxxxxxxx
Director
By /s/ Xxxxxxx X. York
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Xxxxxxx X. York
Director
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