Exhibit 10.36
Memorandum of
Understanding between
Thermo-Xxxxx Environmental Corp.
and
Adirondack Capital, LLC
28 October 1997
1. Thermo-Xxxxx Environmental Corp. and its subsidiaries ("Thermo") wish to
engage Adirondack Capital, LLC ("Adirondack"), as an investment banker,
financial advisor and special consultant to Thermo and its Board of Directors.
2. In consideration for his services to Thermo, Adirondack will be paid a cash
retainer by Thermo of $4,000 on the date hereof and on the first day of each
month hereafter, commencing November 1, 1997.
It is further understood and agreed that there may be "success fees"
associated with certain projects which Adirondack may undertake for Thermo
pursuant to this memorandum of understanding. Any success fee will be agreed to
by Adirondack and Thermo's Board of Directors from time to time and as may be
appropriate.
3. Thermo will reimburse Adirondack for all of his reasonable out-of-pocket
expenses associated with the performance of his services to Thermo pursuant to
this memorandum of understanding.
4. Adirondack will perform such services and render such advice to Thermo as its
Board of Directors may from time to time request and to which Adirondack may
reasonably agree. These services will initially include, but not be limited to:
i. assistance in the development and drafting of business plans for
Thermo and its operating units,
ii. assisting Thermo in its communications with the investment community
and helping to raise the investment community's awareness of Thermo,
its plans and strategy,
iii. evaluate financing strategies and identify financing alternatives for
the support of Thermo and its subsidiaries business plans,
iv. support and advise Thermo and its management in negotiations with:
sources of financing, acquisition targets and strategic partners.
5. Pursuant to his work as an advisor to Thermo, Thermo will indemnify
Adirondack in a form and substance mutually agreeable.
JD
K.I.G.
ES
EH
49
