EXHIBIT 10.1 CONSULTANT AGREEMENT BETWEEN IMAGE SENSING SYSTEMS, INC. AND ART BOURGEOIS ================================================================================ POSITION: Consultant RESPONSIBILITIES WILL INCLUDE: Financial Reporting (internal and external) Management information system Ensure accurate and prompt reporting Supervise all accounting activities including approving expenditures and signing checks Manage cash and liquid assets, and available credit facilities to ensure a secure financial base for the company Corporate finance (manage cash & investment portfolio) SEC reporting and compliance Proxy filing Annual report to shareholders Annual meeting planning Annual Insurance review Liaison with outside attorneys, auditors, investment bankers and, commercial banker Prepare Press releases Budget preparation to tie to company's strategic and operation direction Corporate tax planning and compliance Prepare regular report to the Board of Directors summarizing key financial elements (orders, billings, profitability, cash priority, etc.) Other duties as assigned by the President/CEO TITLE: Chief Financial Officer MONTHLY RETAINER: $6,500 payable the first week of each month. HOURS: Up to 1000 hours per year - Start date: 1 May 2002. THIS AGREEMENT WILL RUN: Month to month. TERMINATION: One month notice required. May be terminated by either party. ISS agrees to provide you with an office, phone, fax, parking and all necessary tools and support. 1 If ISS requires services associated with mergers or acquisitions, ISS agrees to negotiate terms of such additional services separate from this agreement. CONSULTANT AGREED: By /s/ Arthur J. Bourgeois ----------------------- Arthur J. Bourgeois DATED: May 7, 2002 IMAGE SENSING SYSTEMS, INC. AGREED: By /s/ James Murdakes --------------------- James Murdakes DATED: May 7, 2002 2