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Exhibit 10.2
CONSULTING AGREEMENT
This Agreement is made between
Telular Corporation (Company) with a principal place of business at
311 South Wacker Drive, Suite 4300, Chicago, IL 60606 and
Jeffrey Herrmann (Consultant and together, the Parties) with a
principal residence on file with the Company.
1. Services To Be
Performed
Consultant
shall provide advisory services (Services) to the Company, as
directed by its chief financial officer.
2. Independent
Contractor Status
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2.1 |
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Consultant may perform the Services at any place, location, or
time and will not report to the Company’s offices unless
requested to do so for certain meetings. No less than two days
notice will be provided if Consultant is asked to report in person
to any meeting; with all such meetings to be held in the Chicago
metropolitan area. |
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2.2 |
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Consultant will be provided email and wireless phone services
in order to support communications with the Company in the
provision of Services. Such services will be newly established,
with different account numbers in order to shelter Consultant from
inadvertently obtaining any Material, Non-Public Information (see
below) regarding the Company. |
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2.3 |
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Company shall not require Consultant to devote full time
performing the Services required by this Agreement. |
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2.4 |
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Consultant has the right to perform part-time services for
others during the term of this Agreement, as long as they do not
impede his provision of Services to the Company in a timely
manner. |
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2.5 |
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Consultant waives all employment rights, which would result as
being an employee of the Company and will be responsible for the
income tax which may be payable by him under his legal status as an
independent contractor based on this Agreement. |
In
consideration for the Services to be performed by Consultant,
Company agrees to pay Consultant $7,000 per month, including for
the partial first month of the Agreement, beginning on
August 4, 2007 and ending August 31, 2007. Consultant
will not need to submit an invoice for work performed. Company will
pay Consultant within 15 business days from end of each calendar
month for which this Agreement is effective, via check to be mailed
to Consultant’s residence.
4.
Termination
This
Agreement shall commence on August 4, 2007 and shall continue
in full force and effect until December 31, 2007, unless
terminated earlier, as hereinafter provided.
This
agreement may be terminated either by Consultant or by the Company,
without any reasons thereof, by one giving to the other party one
(1) calendar week written or verbal notice. Except as noted
herein, no other payments will be due by Company to Consultant
(under this Agreement) after termination of this Agreement. Any
month of partial service (after the initial month) shall be paid on
a pro-rata basis.
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