This excerpt taken from the PRVT 10-K filed Apr 2, 2007.
Exhibit B sets out the Consultants entitlement to additional remuneration in the form of entitlement to additional fees (herein (he Bonus Fees) in specified circumstances. Bonus fees are only awarded per calendar year starting with the year of 2007 payable within 10 working days of the date of filing of Privates annual financial statements, i.e. in the case of 2007 on April 1, 2008. Consultant has to have provided services as per this Agreement throughout the entire calendar year for which a Bonus Fee is applicable.
Nothing in this agreement shall be determined to constitute an employment agreement and the Consultant is not entitled to receive any of the benefits, rights or protections which an employee of Private would receive. Fees payable hereunder in respect of the Services are regarded by Private as freelance earnings and no income tax or so called social security payments will be deducted from the fees payable hereunder.
The Consultant will provide the Services at the premises of Private or other offices designated by Private in Barcelona. Necessary space equipment and materials will be provided by Private at its own expense.
The Consultant acknowledges that Confidential Information is of great value to Private Media Group (as these terms are defined in Section 8 of this Agreement) . Accordingly, the Consultant agrees not to divulge to any Unauthorised Person, either during or after the term of this Agreement, any Confidential Information obtained or developed by the Consultant during the term of this Agreement. The expression Unauthorised Person means anyone who is not an employee, agent, advisor or shareholder of Private or one of its affiliate companies. Upon the expiration or earlier termination of this Agreement, the Consultant agrees to deliver to Private all documents, papers, drawings, tabulations and similar documentation which are furnished by Private to the Consultant or were prepared by the Consultant in performance of the Services for the Private. Upon the expiration or termination of this Agreement, the Consultant agrees to make no further use or utilization of the Confidential Information. The provisions of this Section 7 shall survive the termination of this Agreement.
Confidential Information, as used in this Agreement, shall mean information regarding the business affairs, operations, business opportunities, price and cost information, financial information, customer names, prospects and customer lists, business plans, manuals, letters, notebooks, procedures, reports, products, processes, inventions, research and development, and other information or knowledge concerning Private Media Group. The term Private Media Group means Private Media Group, Inc (a US corporation incorporated in the State of Nevada and listed on the NASDAQ stock exchange) and its shareholders, subsidiaries and affiliated corporations throughout the World whether wholly or partly owned. The term Confidential Information shall not include information that (a) is or becomes generally available to the public through avenues not in violation of this Agreement, or (b) was available to Consultant on a non-confidential basis prior to disclosure to Consultant by Private.
Consultant is not an employee of Private and is not authorized to enter into any legal or contractual obligations on behalf of Private. It is envisaged however that Consultant may represent Private in discussions and contractual negotiations on the understanding that no binding contract may be entered into until a written agreement incorporating all the relevant obligations is executed on behalf of Private or other relevant company within the Private Media Group.
The Consultant may not assign this Agreement or his or her interest herein, nor delegate any obligations hereunder, without the prior written consent of Private.
This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, USA whose courts shall have exclusive jurisdiction over disputes arising between the parties hereto.
IN WITNESS WHEREOF, the parties have executed this Agreement.