Exhibit 10.43
POLAR MOLECULAR CORPORATION
CONSULTING AGREEMENT
AGREEMENT, made as of the 1st of July, 2002, by and between POLAR MOLECULAR
CORPORATION (PMC) a Delaware corporation, with offices at 0000 Xxxxx Xxxxxx
Xxxxxx, Xxxxx 000, Xxxxxx, Xxxxxxxx 00000, and Xxxxxxx Chapelet, at 0000 XXX
Xxxxxxxxx, Xxxx. 0-000, Xxxxxx, Xxxxxxxx 00000.
Position:
Xxxxxxx Chapelet will work as a consultant, reporting directly to Xxxx X.
Xxxxxx, Chairman, President and CEO of PMC.
Responsibilities:
Xxxxxxx Chapelet has had experience in business and research management on
petroleum products. PMC desires to retain his services as strategy, business and
research consultant to and for PMC without any limitation of territory. Specific
responsibilities will be to develop the relationship with TFE company based in
France.
Work Location
The primary work location will be at his home.
Compensation:
PMC will provide the consultant a monthly compensation based on a daily fee of
U.S. $1,000 and not less than U.S. $2,000 per month, payable the last business
day of each calendar month. The consultant will also qualify for any stock
option plan for officers, directors, and employees. Said stock options will be
made available upon the recommendation of the President and approved by the
Compensation Committee of the Board of Directors. The consultant will also
qualify for cash bonuses at the recommendation of the President, approved by the
Compensation Committee of the Board of Directors.
Stock Subscription:
Xxxxxxx Chapelet will be allowed to subscribe, upon execution of this contract
to 111,112 shares of PMC Delaware common stock valued at $.0001 per share (fair
market value). The shares will vest on a quarterly basis over the two year
contract term.
Duration:
The duration of this contract will be for two years, beginning on or about July
1, 2002, and ending on or about June 30, 2004, renewable for successive one year
periods by the mutual consent of the parties.
Work Schedule:
The work schedule is expected to be flexible and involve a maximum of 60 days
per year. Travel time will be charged to PMC.
Office Equipment:
If necessary for the home office, PMC will provide necessary funds for
establishing an office, including telephone and fax costs, secretarial services
if needed, a state of the art computer, printer, and necessary software.
Where appropriate, all regular recurring monthly costs incurred will be billed
directly to PMC for payment. In addition Xxxxxxx Chapelet will xxxx PMC monthly
for out of pocket expenses incurred, and PMC will reimburse Xxxxxxx Chapelet
within not more than 30 days.
Travel Related Expenses:
Xxxxxxx Chapelet will be provided with a Corporate American Express card and
will charge all expenses for travel, including air travel costs, lodging costs,
meals and taxi, etc. to this card for payment. Airline travel will typically be
coach fares, if coach travel is unavailable, then upgrade will be allowed. On
international flights, an upgrade business fare will be allowed.
Accepted and acknowledged as of the date first above written.
POLAR MOLECULAR CORPORATION
By: /s/ Xxxx X. Xxxxxx /s/ Xxxxxxx Chapelet
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Xxxx X. Xxxxxx Xxxxxxx Chapelet
Chairman, President & CEO
