THIRD
AMENDED AND RESTATED
CONSULTING AGREEMENT
Third Amended and Restated Agreement dated September 23, 2009
between
Scientific Industries, Inc., a Delaware Corporation (the
"Company")
and Joseph G. Cremonese ("JC") and Laboratory Innovation Company,
Ltd.,
a Pennsylvania sub-chapter S corporation, of which JC is
President,
director and sole stockholder ("LIC").
Whereas, JC through LIC (collectively the "Consultants") and
the
Company desire to amend and restate the Second Amended and
Restated
Consulting Agreement dated March 15, 2007 relating to the
consulting
services rendered by the Consultants to the Company.
IT IS HEREBY AGREED as follows:
1. Consultants will continue to provide pursuant
to this Agreement
the consulting services at the request of the Company with respect
to
the development and marketing of products of the Company for
the
12-month periods ending December 31, 2009 and December 31, 2010,
a
minimum of 60 days per each 12 month period, at the guaranteed
rate
of $600.00 per day. Any days of service in excess of 96 days
during
such 12-month period shall be subject to Consultant's
availability
and the Company and the Consultants agreeing to a rate of
compensation for such additional days.
2. Consultants will provide a minimum of five
days in any given
month with a goal of six days per month on average. As special
requirements (i.e. trade shows) are presented, Consultants will
make available as many days as needed in any month provided
that
the Company provides Consultants at least 21 days prior notice.
3. (a) Payment for the foregoing service
should be made to
Laboratory Innovation Company, P.O. Box 1907, Greensburg, PA
15601-6907, at the rate of $3,000.00 per month, payable within
10 days of the calendar month in which the services are
rendered.
(b) to the extent that on
December 31, 2009 or on December
31, 2010, the number of days of Consultant's services for the
12
months then ended is less or more than 60 days the following
shall apply:
(i) if
le
