Exhibit 10.3
INDEPENDENT CONTRACTOR
AGREEMENT
This INDEPENDENT CONTRACTOR
AGREEMENT ("Agreement") is entered into as of February 1, 2005,
between Synthetech, Inc., an Oregon corporation ("Company"),
and David R. Clarke ("Contractor").
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1.
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Services of Contractor
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1.1
Description of Services . Contractor shall provide, as an
independent contractor, consulting services related to strategic
planning for the Company for a minimum of 40 hours per week.
Contractor shall personally perform all services. Contractor shall
not delegate or subcontract any services to be performed for
Company pursuant to this Agreement.
1.2
Term . The term of this Agreement shall begin on the date
set forth above and, unless terminated earlier, shall end on May
31, 2005. Either party may terminate this Agreement at any time by
giving ten days' prior written notice to the other party. This
Agreement may be extended only by written agreement of the
parties.
1.3
Compensation . [(a)] Company shall pay to Contractor cash
compensation in the amount of $13,000 per month, including
temporary living expenses. Company shall pay Contractor for
completed services at the end of each month.
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(b)
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At the first meeting of the Compensation
Committee of Company's Board of Directors after the date hereof,
Company will grant to Contractor stock options (the "Options") to
purchase 30,000 shares of Company common stock under Company's
stock option plan. The per share exercise price of the Options will
be equal to the closing price per share of Company's common stock
on the grant date. The Options will be evidenced by a stock option
agreement provided by Company.
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1.4
Expenses . Company shall reimburse Contractor for reasonable
and documented expenses incurred by Contractor in connection with
providing the services.
1.5
Progress Reports. Upon Company's request, Contractor shall
provide Company with progress reports and a copy of any
work product in its then current condition.
1.6
Nonexclusivity . Contractor may perform services for persons
other than Company provided that Contractor shall not undertake to
perform services for third
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Independent Contractor Agreement
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Page 1
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parties if those services would
impair timely performance of Contractor's obligations to
Company.
1.7 No
Authority . Contractor acknowledges that Contractor has no
authority to take any action on behalf of Company, and Contractor
agrees that he shall take no action on behalf of Company. Without
limiting the foregoing, Contractor shall not (a) accept any payment
on behalf of Company, (b) accept any order on behalf of Company, or
(c) represent to any person that Contractor has any authority
to take any action on behalf of Company.
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2.
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Independent Contractor
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The parties intend to be independent
contractors. Neither party shall be deemed an agent or partner of
the other party. Contractor acknowledges and agrees that
(a) Contractor is not an employee of Company,
(b) Contractor has no right to receive employee benefits from
Company, and (c) Contractor is solely responsible for all
self-employment taxes, withholding taxes, and other taxes
applicable to the performance of services by Contractor and the
receipt of compensation by Contractor pursuant to this
Agreement.
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3.
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Confidential Information
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3.1
Confidentiality . All information disclosed by Company to
Contractor or otherwise learned by Contractor in connection with
the performance of services by Contractor for Company
("Confidential Information") shall be treated by Contractor as
confidential information of Company. Contractor shall keep all
Confidential Information in confidence and shall not disclose any
Confidential Information to any third party. Contractor shall not
use any Confidential Information for any purpose other than to
perform services for Company pursuant to this Agreement. Such
obligations do not apply to information which is now or hereafter
becomes generally known, or is hereafter furnished to Contractor by
a third party without restriction on disclosure.
3.2
Return . Within five days following the earlier of
(a) the request of Company or (b) the termination of this
Agreement, Contractor shall return to Company all Confidential
Infor