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PRVT » Topics » Re: Consultancy Agreement

This excerpt taken from the PRVT 10-K filed Apr 2, 2007.

Re: Consultancy Agreement

We refer to the agreement between us and you dated as of today’s date relating to the provision of your services to Private Media Group, Inc (herein “the Consultancy Agreement”). When signed by you and us this letter agreement will be a binding agreement the terms of which will supplement the Consultancy Agreement.

We hereby agree as follows:

 

1) Notwithstanding the terms of the Consultancy Agreement you will work under the title of COO Private Media Group, Inc and your specific duties and responsibilities will be as follows:-

a) You will be responsible for managing the day-to-day activities of the Private Media Group on a full-time basis. As COO you are one of the highest ranking members of the Group’s organization, monitoring the daily operations of the Group and reporting to the Group’s Chief Executive Officer directly.

b) As COO you will be responsible for Operations Management (OM). Your focus will be strategic, tactical, and short-term OM, which means that you are responsible for the effective planning, design, operation, and improvement of the systems that create and deliver the Group’s products/services, including: management information systems, quality management, production management, inventory management, and other functions as they affect the organization. You will have full responsibility for the Group’s financial performance.

 

2) Notwithstanding the terms of the Consultancy Agreement you are entitled to select up to 22 business days per annum as paid vacation (as well as any national, local and company holidays in Spain). These vacation days should be selected after consultation with the CEO. No more than 5 days may be carried forward from one calendar year to another.

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3) Private will contract for and pay for the rental of a furnished apartment in Barcelona for your accommodation up to a maximum cost of €2,000 per month for a maximum period of 12 months commencing as soon as possible after the Effective Date when you have located a suitable furnished apartment for these purposes with our assistance. For the avoidance of doubt Private is responsible for the costs associated with renting the apartment including agency and legal fees but is not responsible for the cost of utilities or any other expense associated with the provision of the accommodation.

 

4) Private will cover the cost of your participation in the Health insurance scheme enjoyed by senior executives of the Group working in the Barcelona offices so that you enjoy the same level of benefits,

 

5) Should the Consultancy Agreement be terminated for any reason then this letter agreement shall also terminate automatically and simultaneously.

 

6) This letter agreement shall be governed by the laws of the State of Nevada USA whose Courts shall have exclusive jurisdiction to resolve any disputes arising between the parties hereto.

Please sign and return the enclosed copy of this letter agreement to indicate your acceptance of the terms set out herein.

Yours sincerely

 

/s/ Berth Milton

Berth Milton
CEO, President and Chairman of the Board

Accepted and Agreed

 

/s/ Peter Cohen

Peter Cohen

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