Exhibit 10.2
CONSULTING AGREEMENT
This Agreement is made as of March 1, 2006 between Asta Funding, Inc. (the
"Company") and Xxxxxx Xxxxxxx, Esq., a non-independent director of the Company
(the "Consultant"). The Consultant has extensive experience regarding matters
related to the Company's business, and the Company seeks to benefit from the
Consultant's expertise by retaining the Consultant. The Consultant wishes to
perform consulting services for the Company. Accordingly, the Company and the
Consultant agree as follows:
1. Services
a. The Consultant will provide advice and consulting services to the
Company as requested with respect to various matters related to the
Company's business.
b. The Consultant is an independent contractor and not an employee of the
Company, and the relationship between the Company and the Consultant
shall not be deemed a partnership or joint venture.
2. Compensation
As full consideration for the consulting services provided by the
Consultant, the Company shall pay to the Consultant the sum of $5,000.00
per month commencing March 1, 2006 with an initial payment of $15,000.00
upon execution of the agreement.
3. Competition
The Consultant represents to the Company that the Consultant does not have
any agreement to provide consulting services to any other party, firm, or
company on matters relating to the scope of this Agreement, and will not
enter into any such agreement during the term of this Agreement.
4. Confidentiality
a. The Company may, from time to time, in connection with work
contemplated under this Agreement, disclose to Consultant certain
confidential or proprietary information ("Confidential Information").
Consultant agrees to use reasonable efforts to prevent the disclosure
of any such Confidential Information to third parties. This obligation
shall survive the termination of this Agreement.
b. Confidential Information subject to paragraph 4(a) does not include
information that (i) is or later becomes available to the public
through no breach of this Agreement by the Consultant; (ii) is obtained
by the Consultant from a third party who had the legal right to
disclose the information to the Consultant; (iii) is already in the
possession of the Consultant on the date this Agreement becomes
effective; or (iv) is required to be disclosed by law, government
regulation, or court order.
5. Defense and Indemnification
Consultant agrees to defend the Company against, and to indemnify and hold
the Company harmless from, any claims or suits by a third party against
the Company or any liabilities or judgments based thereon, arising from
the Consultant's acts or omissions in the performance of this Agreement.
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6. Term and Termination
a. This Agreement shall be for a term of twelve (12) months, renewable
upon reasonable terms and conditions as may be agreed upon by the
Company and the Consultant.
b. Termination of the Agreement under paragraph 6(a) above shall not
affect the Company's obligation to pay for services previously
performed by the Consultant or expenses reasonably incurred by the
Consultant for which the Consultant is entitled to reimbursement under
this Agreement.
7. Miscellaneous
a. This Agreement constitutes the entire agreement between the Company and
the Consultant with respect to the subject matters of this Agreement,
and this Agreement replaces any previous agreements and discussions
between the Company and Consultant relating to the subject matters
hereof. This Agreement may not be modified in any respect by any verbal
statement, representation, or agreement made by any employee, officer,
or representative of the Company, or by any written documents unless it
is signed by an officer of the Company and by the Consultant.
b. If any term or provision of this Agreement is determined to be invalid,
contrary to, or prohibited under applicable laws or regulation of any
jurisdiction, such term or provision shall not be enforced but the
remainder of the Agreement shall be valid and enforceable.
IN WITNESS WHEREOF, the parties have executed this Agreement effective the date
first stated above.
ASTA FUNDING, INC.
By: /s/Xxxx Xxxxx
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Xxxx Xxxxx
President & Chief Executive Officer
XXXXXX XXXXXXX, ESQ.
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, Esq.
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