IAT MULTIMEDIA, INC.
Geschaftshaus Wasserschloss
Xxxxxxxxxx 00
XX-0000 Xxxxxxxxx-Xxxxx
Xxxxxxxxxxx
July 18, 1997
Xx. Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx Companies
0 Xxxxxxxxx Xxxxx
Xxxx Xxxxxxxx, Xxx Xxxxxx 00000
Re: IAT Multimedia, Inc.
------------------------
Dear Xxxxxx:
IAT Multimedia, Inc. (the "Company") and you have agreed that upon
countersigning this letter in the space therefor provided you will be a
consultant to the Company from the date hereof until July 18, 2000 unless
terminated prior to such date by either party upon thirty days written notice.
As a consultant to the Company you will provide marketing and
business related services to the Company over the term of this agreement in
consideration for the issuance of options to purchase a total of 70,000 shares
of Common Stock of the Company at an exercise price of $5.00 per share. The
options will have a five year term and will vest over a three year term as
follows: (i) options to purchase 40,000 shares will vest on the date of this
agreement, (ii) options to purchase 15,000 shares will vest on July 17, 1998,
and (iii) options to purchase 15,000 shares will vest on July 17, 1999,
provided, however, that in the event you are no longer a consultant to the
Company any unvested options will be forfeited. You agree to enter into a
stock option agreement to provide for further terms including piggy-back
registration rights and cashless option exercise.
In addition, the Company requests that you to provide services with
respect to every aspect of its operations in the United States commencing on
October 1, 1997. You will be paid $5000 per month by the Company for five days
of such services per month, payable quarterly. In the event the Company
requests additional services, you will xxxx the Company at a rate of $800 per
day, payable at the end of the quarter. You will also be reimbursed for your
expenses, provided, however, that any expense item exceeding $500 requires
approval from
Xx. Xxxxxx X. Xxxxxxxxx
July 18, 1997
Page 2
either Mr. Agam or Xx. Xxxx prior to incurrence.
Sincerely,
IAT MULTIMEDIA, INC.
By:/s/ Xxxxx Xxxx
-------------------------------
Xxxxx Xxxx
Co-Chairman
By:/s/ Xxxxxx Xxxx
-------------------------------
Xxxxxx Xxxx
Co-Chairman
AGREED:
/s/ Xxxxxx X. Xxxxxxxxx
-------------------------------------
Xxxxxx X. Xxxxxxxxx
