This excerpt taken from the PRVT 10-K filed Apr 2, 2007.
Peter Cohen (carrying a US passport with passport number 156267429) of 1415 Sunset Harbor Drive, Apt 403 Miami Beach, Florida 33139 USA (herein Consultant)
WHEREAS, Private desires consulting and similar services relating to Privates business;
WHEREAS, Consultant desires to contract with Private to perform such services.
NOW, THEREFORE, in consideration of the mutual covenants herein, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
The Consultant shall serve as a consultant to Private for a period commencing on the Effective Date and ending one month after Private serves written notice of termination on the Consultant (herein the Notice Period). If Private serves notice of termination of this Agreement during the period commencing on the Effective Date and ending on the anniversary of the Effective Date in addition to the Fees chargeable for the period of this Agreement Consultant will be entitled to invoice Private for an additional sum equal to one months fees by way of compensation for termination of the Agreement. If Private serves notice of termination of this Agreement after the first anniversary of the Effective Date in addition to the Fees chargeable for the period of this Agreement Consultant will be entitled to invoice Private for an additional sum equal to three months fees by way of compensation for termination of the Agreement. During the Notice Period Private shall have absolute discretion as to whether Consultant will be required to continue to perform the Services. Private reserves the right to terminate this Agreement at any time without payment of any compensation in the event of fundamental breach of the Agreement by the Consultant in the provision of the Services including but not limited to any significant illegal or criminal actions, gross insubordination, or gross negligence.
The Consultant shall perform the services set forth in Exhibit A attached hereto (the Services). Any additions or modifications of the Services shall be set forth in writing and signed by both parties. The performance of services and compensation therefore necessary for completion of such additions or modifications shall be governed by this Agreement unless otherwise described in the written agreement of the parties.
Consultant agrees that he will provide the Services exclusively to Private and will not engage in activities defined in Exhibit A either on his own behalf or for any 3rd party without the prior written consent of Private.
Private agrees to pay Consultant the sum of $16,667 (SIXTEEN THOUSAND, SIX HUNDRED AND SIXTY SEVEN DOLLARS) per calendar month, twelve months per year during the term of the Agreement. The fees specified herein are intended to be exclusive of all reasonable expenses incurred by the Consultant in the performance of his obligations hereunder. Consultant will be reimbursed for normal travel and entertainment expenses where appropriate in the course of providing the Services in accordance with Privates Travel and Entertainment Policy. Consultant agrees to comply with Privates normal business policies in relation to the reimbursement of expenses including providing copies of receipts and other documents reasonably necessary to enable Private to verify the expenses. The Consulting Fee will be paid upon submission of Consultants invoice in arrears at the end of each calendar month.