Early Financial Consulting, LLC
447 E. Prospect Ave, State College, PA 16801
Telephone: 610-517-1300
Email:jim@earlycfo.com
Exhibit 10.1
MANAGEMENTENGAGEMENT LETTER
October 11, 2016
JackE.Stover
PresidentandCEO
Interpace Diagnostics Group, Inc.
300InterpaceParkway
Parsippany, NJ07054
DearJack:
Thisletter istoconfirmourunderstanding ofthetermsandobjectivesofourengagementandthenatureandlimitations ofthe managementserviceswewillprovide.Itis our understandingthat Interpace DiagnosticsGroup,Inc.,a publiclylistedmoleculardiagnosticcompany(the"Company"),isinneedofaCFO.Early FinancialConsulting,LLC, aPennsylvaniaLimited Liability Company (EFC),isin the businessofproviding CFOandothermanagementservices,particularlyto healthcareand professionalservice companies. Theeffectivedate of thisletter is agreedtobeOctober11,2016.
Belowis asummary oftheengagement:
1. Scope ofWork -Early FinancialConsulting(EFC) willprovideJames Earlyto perform therequisiteoutsourcedfinanceand accountingservices sufficientto beenable Earlyto executecorporate documentsas thePrincipalFinancialOfficerthat are periodicallyfiledwiththeSecuritiesandExchange Commission(SEC)and other relateddocuments on behalfoftheClientas ChiefFinancialOfficer.
2. Fees Schedule-Professionalfeesunder thisagreementwill becharged at thehourlyrate of $250per hourfor thefirst30hoursperweekand$200per hourfor timeinexcess of 30hoursperweek.EFCshall be responsibleforalltaxes arisingfrom compensation andotheramounts paidunderthis engagementletterand neitherfederal,state,nor local incometaxesshall bewithheld orpaid bytheCompanyonbehalfof EFC.
3. Weeklyinvoices areduewithin15 daysof presentment.EFCreserve therighttosuspendservices ortowithdrawfrom thisengagementinthe eventthatanyinvoicesaredeemeddelinquent.Inthe event that anycollectionactionisrequired tocollect unpaidbalancesdue,the Company agreestoreimburseEFCfor costsof collection,including attorneys' fees.IfEFCelects to terminate itsservices fornonpayment, theengagement willbe deemed to havebeen completedupon written notificationoftermination and theCompany willbe obligatedto compensateEFC through the dateoftermination.
Page 1
Early Financial Consulting, LLC
447 E. Prospect Ave, State College, PA 16801
Telephone: 610-517-1300
Email:jim@earlycfo.com
4. Expenses willbe invoiced including local travel
5. ClientData-EFC willdependon Companydataandassume that theCompanyhas providedcomplete andaccurate data in order tofullyinformEFCin preparationtosign as PrincipalFinancial Officer.
6. Insurance-EFC will be covered under theCompanyDirectorand Officer insurancepolicy
7. IndependentContractor-EFC shallnot be deemed an employee
8. Limitationof Liability;Indemnification. In the event that weareor may be obligatedto payany cost,settlement,judgment, fine, penalty, orsimilaraward orsanction(collectively,"Losses")asa result ofaclaim, investigation,or otherproceeding instituted byanythird party for anyreasonwithrespect to theseservices or foranyassociation withthe Company, direct or indirect,youagree to indemnify us, defendus, andhold us harmless as againstsuch obligation except foranyLossesthat are judicially determinedtohaveresultedfromourbad faith,willfulmisconductor grossnegligence.Additionally, Company shallindemnify JimEarlywith respectto allthirdpartyclaims by means ofa CompanyD&O policy andshall causeCompanyinsurancecarrierto provide a certificate to him,asevidence thereof, both initially andasrenewed.
9. Termination-Either party may terminate theagreementbygiving 30dayswrittennotice except asotherwise provided within thisAgreement. EFC shallbeentitled toallunpaid feesand expenses
10. GoverningLaw-NewJersey
11. Miscellaneous-entire agreement and is notassignableunlessconsented to in writing byEFC
12. W-9willbe attached to theagreement
EFCis authorized tospeak forand represent theCompanyinany commerciallyreasonable mannerwithintheguidelines of this Agreement,however,EFCisnot authorized to obligate theCompany withoutthe priorwritten consentof theCompany.
Itisourpolicy to retain engagement documentation for a periodofsevenyears,afterwhichtimewewill commence the processof destroying thecontents of our engagementfiles. To the extentweaccumulateanyofyouroriginalrecordsduring the engagement,thosedocuments willbereturnedtoyoupromptly uponcompletion of the engagement, and you willprovideus withareceipt forthe returnof suchrecords.
EFC Management Engagement Letter | Page 2 |
Early Financial Consulting, LLC
447 E. Prospect Ave, State College, PA 16801
Telephone: 610-517-1300
Email:jim@earlycfo.com
Inthe event we are required to respondtoasubpoena,court order or other legalprocessforthe productionofdocumentsand/ortestimonyrelative toinformation we obtainedand/orpreparedduring thecourse ofthisengagement, you agreetocompensateusat ourstandardhourly rates thenexisting forthe timeweexpend in connectionwithsuch response,andto reimburse usfor all of our out-of-pocket costsincurred inthat regard.
Anydispute (otherthanour efforts to collectanoutstanding invoice)thatmay arise regarding themeaning,performance or enforcement ofthisengagementorany prior engagementthatwehaveperformed foryou,will,prior to resortingtolitigation, be submittedto mediation,andthe partieswill engagein the mediationprocessingoodfaith.Any mediationinitiatedas a result ofthisengagementshall beadministered withinthecounty of Mercer,NewJersey bytheAmerican Arbitration Association, according toitsmediation rules, and any ensuinglitigationshallbe conductedwithinsaidcounty, accordingtoNewJerseylaw.Theresultsof anysuchmediationshallbe bindingonly upon agreement ofeachpartytobebound.The costs of anymediation proceeding(other than professionalfeesincurred byeachparty)shallbeborne bytheCompany.
Anylitigationarising out ofthisengagement, except actions byustoenforcepaymentofour professionalinvoices,mustbe asserted within one year from the date anysuchcause of action accrues, or withinthreeyearsfromthe completion oftheengagement,whicheverisearlier,notwithstanding anystatutoryprovision to the contrary. In the eventof litigationbrought againstus,anyjudgmentyou obtainshall be limited inamount, and shall notexceedthe amount oftheprevious six months fees chargedby us,and paidby you, fortheservices set forth in this engagementletter.
Thisengagement letter iscontractualinnature, andincludesall of the relevant terms that willgovernthe engagement forwhich it hasbeen prepared. The terms of thislettersupersedeany prior oral or written representations or commitmentsbyorbetweenthe parties. Any material changes or additionsto thetermssetforthinthis letter will only become effective if evidenced by a writtenamendment tothisletter,signedbyall of theparties.
If, after full consideration and consultation with counsel ifsodesired,you agreethattheforegoingtermsshall governthisengagement,pleasesignthecopy of thisletter inthe spaceprovided andreturnthe originalsignedletterto me,keeping a fully-executed copyfor yourrecords.
Thank you for your attention tothismatter, and please contact me with any questions that youmay have.
Verytrulyyours,
Early FinancialConsulting, LLC |
|
|
|
/s/ James Early | October12,2016 |
By:JamesEarly | Date |
| Member |
ACCEPTED AND AGREED:
InterpaceDiagnosticsGroup,Inc.
/s/ Jack E. Stover | October12,2016 |
By:Jack Stover | Date |
Its: CEO |
|
EFC Management Engagement Letter | Page 3 |