PAVmed Inc (NASDAQ:PAVMU) entered into a consulting agreement (the “Consulting Agreement”) with Michael Glennon, the Company’s Vice Chairman, effective as of October 1, 2016.
Pursuant to the Consulting Agreement, Mr. Glennon will provide the Company with services and advice relating to the successful development and commercialization of medical device products, including interfacing with outsourced contract manufacturers, assisting with development of the supply chain and establishing commercialization channels with independent distributors and strategic corporate partners, and will provide such other services as requested by the Company’s Chairman and Chief Executive Officer. As compensation for his services, Mr. Glennon will receive a monthly retainer of $12,500. Mr. Glennon also received a fee of $37,500 upon execution of the Consulting Agreement.
The Consulting Agreement may be terminated by either party upon 30 days’ prior written notice, except that either party may terminate the Consulting Agreement immediately for cause (which includes an uncured material breach of the agreement). The Consulting Agreement also will terminate immediately if the parties agree to the employment of Mr. Glennon on a full-time basis. The Consulting Agreement contains covenants for the protection of the Company’s confidential information and a mutual indemnity provision for claims arising out of the services.