| HANS GASSNER |
| %WALLACE & PARTNERS |
| 1 PORTLAND STREET |
| LONDON, ENGLAND, UNITED KINGDOM |
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CONSULTING AGREEMENT
CONSULTING
AGREEMENT (the “Agreement”) dated as of February 29,
2008 between Hans Gassner (the “Consultant”) and Banyan
Corporation (the “Client”).
W I T N E S S E T H:
WHEREAS, Client
desires to expand its presence in the European Union (the
“EU)”, to establish its corporate image in the EU and
to increase awareness among the business community and public in
the EU, including potential purchasers of diagnostic imaging
services and the VT 3000 diagnostic imaging machine, potential area
developers, franchisees and patients for Chiropractic USA ™
clinics, and potential customers for Client’s other products
or services.
WHEREAS, Client
desires to retain the services of Consultant in the EU with the
objectives of (1) promoting, positioning and marketing
Client‘s corporate image, trademarks, brand names, products
and services, (2) identifying potential business development
partners, (3) identifying potential acquisition targets and
structuring potential business acquisitions (other than any reverse
merger), (4) developing new business strategies, and (5) developing
marketing and advertising materials, agreements, and other
documents in connection with the foregoing (the
“Objectives”).
WHEREAS,
Consultant has the expertise necessary to accomplish the
Objectives.
NOW, THEREFORE, in
consideration of the mutual covenants and agreements, and upon the
terms and conditions hereinafter set forth, the parties agree as
follows:
Section 1.
Retention of Consultant . Client engages Consultant to
provide consulting services to Client as may be necessary, proper
or advisable to achieve the Objectives, and Consultant accepts such
engagement, subject to the terms and conditions of this
Agreement.
Section 2.
Services . Consultant agrees to work diligently and to the
best of Consultant’s knowledge, skill and ability to
accomplish the Objectives. Consultant may out-source or contract
for the performance of certain duties to persons that are competent
and qualified to perform such duties and who shall be bound in
writing to all of the provisions of this Agreement to the same
extent as Consultant. Consultant shall keep Client fully informed
of the foregoing activities; and, in general, cooperate with Client
in connection with the foregoing activities. Consultant shall not
provide any services in connection with the offer or sale of
securities in a capital-raising transaction, and Consultant’s
services hereunder shall not directly or indirectly promote or
maintain a market for Client’s securities. In performing its
duties, Consultant agrees to adhere to and to act in accordance
with all applicable laws, rules and regulations, the policies and
procedures of Client in effect from time to time, all written and
oral
instructions received from an authorized officer
or employee of Client, and high ethical standards.
Section 3.
Compensation . Promptly upon execution of this agreement,
Client shall pay Consultant a one-time nonrefundable fee of $37,500
USD (the “Fee”) payable in the form of 40,000,000
shares of its Common Stock, no par value (the “Shares”)
and file a Registration Statement on Form S-8 with the United
States Securities and Exchange Commission (the “SEC”)
to cover the resale of the Shares to the public. Promptly after the
effective date of said registration statement, certificates
evidencing the Shares shall be issued in the name of and delivered
to Consultant without restrictive legend in such denominations as
Consultant shall designate. Client will bear the costs of the
registration statement and issuance of the Shares.
Section 4.
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