EXHIBIT 10.44
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AGREEMENT WITH CONSULTANT
1. INTRODUCTION: Agreement dated August 8, 2002, by and between Xxxxxxx X.
Xxxxx, Xx. (Xxxxx) and Foamex International, Inc. with principal
offices at 0000 Xxxxxxxx Xxxxxx, Xxxxxxx, XX 00000 (Foamex).
2. RETENTION AND DESCRIPTION OF SERVICES: Mabus shall make approximately 4
trips on behalf of Foamex and/or Symphonix to China, Australia,
Singapore, or other countries that may be mutually agreed upon, during
each twelve month period following the effective date of this
agreement. Each such trip shall be to one or more of these countries as
deemed advisable. The scheduling of these trips shall be in the sole
discretion of Mabus working in consultation with Foamex, Symphonix,
consultants, investors and companies and/or individuals either in the
named countries or elsewhere who may be integral to the purpose of the
trip.
3. TERM OF AGREEMENT: The term of this Agreement shall be for three years.
This Agreement will renew automatically for one year terms unless
either party provides 30 days notice of their intent to terminate.
4. COMPENSATION: Foamex will pay Mabus a consulting fee of $150,000.00 per
year paid in equal monthly installments.
5. REIMBURSEMENT OF TRAVEL AND OTHER EXPENSES: Foamex will reimburse Mabus
for all expenses incurred by Mabus for travel or other expenses as
required in connection with the furnishing services under this
Agreement. First class airfare is authorized for reimbursement.
Reimbursement of travel expenses shall be made on the basis of
statements submitted by Mabus.
6. MABUS TO REMAIN A MEMBER OF THE BOARD OF DIRECTORS OF FOAMEX: Mabus
shall continue as an outside member of the Board of Directors of Foamex
and receive all payments, benefits, options, meeting fees, health
insurance and other compensation that other outside directors receive.
7. Foamex shall furnish Mabus administrative support in an amount and
manner, which shall be agreed to between Foamex and Mabus.
8. In the event that Mabus is no longer a member of the Board of Directors
of Foamex and this contract remains in effect, Mabus will remain under
the confidentiality and non-disclosure obligations he is currently
under as member of the Board of Directors.
/s/ Xxxxxxx X. Xxxxx, Xx. By: /s/ Xxxxxxxx X. Xxxxx, Chairman
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Xxxxxxx X. Xxxxx, Xx. Foamex International Inc.
