Exhibit 10.27
October 1, 1997
Xxxxxx Xxxxxxx
President/CEO
Personal Medical Records Inc.
0000 Xxxxxxxxxx Xxxx.
Xxxxxx, XX 00000
Dear Don,
This letter shall reduce to writing the agreement between Personal Medical
Records, Inc. (PMRi) and Xxxx X. Xxxxxxx (Xxxxxxx).
1. TERM OF AGREEMENT: THREE YEARS.
October 1997 through September 30, 2000.
2. SERVICES TO BE RENDERED:
x. Xxxxxxx shall be a Director and Vice Chairman of the Board of PMRi
b. Coordinate Development of Disease Management Strategy
c. Coordinate Network/ Cable Medical Media Strategies
d. Develop and Manage Health/ Medical Video/ Film Library
+ Liaison with filmmakers /producers/ distributors
e. Act as PMRi liaison with the American Medical Association
f. Chair Board Committees:
+ Compensation Committee
+ Audit Committee
+ And others as agreed upon
g. Interface with PMRi Marketing Department; review all marketing materials
(print to video)
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h. Propose Candidates for and Develop PMRi National Advisory Board (non-
fiduciary directors)
i. Act as primary PMRi liaison with Director's Koop and Xxxxxxxxx
j. Other services as requested by PMRi's Board and management and which
services are mutually agreed upon.
3. COMPENSATION:
a. For services rendered, consulting fees shall be as follows:
Year One:
October 1, 1997 - September 30,1998 $100,000
Payable monthly as follows:
October, 1997 - August, 1998 $8333.33
September, 1998 $8333.37
Compensation for Year One of this Agreement may be in the form of
additional stock options granted to Zacarro, and/or cash. The parties
must mutually agree on the settlement of payment for services rendered
during Year One of this Agreement.
Year Two:
October 1, 1998 - September 30, 1999 $135,000
Payable monthly as follows:
October, 1998 - September, 1999 $11, 250
Year Three:
October 1, 1999 - September 30, 2000 $150,000
Payable monthly as follows:
October, 1997 - September, 1998 $12,500
Monthly fees will be paid from this agreement; no invoice will be sent.
Payment will be made to Xxxx X. Xxxxxxx and mailed to:
Xxxx X. Xxxxxxx
00000 Xxxxx Xxxxxx Xxxxx Xxxx
Xxxxxx Xxxxx Xxxxxx, XX 00000
4. EXPENSES: Travel and lodging expenses shall be reimbursed monthly; Xxxxxxx
shall provide receipts for all expenses when available and will use PMRi
expense account forms or other acceptable forms; expenses shall be submitted
to and approved by Xxx Xxxxxxx.
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5. This agreement constitutes the entire agreement between the parties and
supersedes any and all previous agreements written or oral.
6. This agreement shall be construed under the laws of the State of Texas.
Agreed To and Accepted By:
\s\ Xxxx X. Xxxxxxx Date October 1, 1997
------------------------------ -----------------------------------
Xxxx X. Xxxxxxx
Agreed To and Accepted By:
For PMRi:
\s\ Xxxxxx Xxxxxxx Date October 2, 1997
------------------------------ -----------------------------------
Xxxxxx Xxxxxxx
President/CEO, PMRi
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