Document:

Exhibit 10.3

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT is made effective as of this
17th day of November, 2004 by and between Thomas H. Adams, Jr. (“Mr. Adams”) a Tennessee
resident and Ballistic Recovery Systems, Inc., a Minnesota corporation (“BRS”).

 

WHEREAS, BRS is
in the business of developing, testing, manufacturing and marketing whole
aircraft recovery parachute systems for use in the recreational and general
aviation markets and some unmanned aircraft; and

 

WHEREAS, BRS
and Mr. Adams wish to enter into an agreement providing for the rendering by
Mr. Adams of certain consulting and advisory services as they relate to after
market business development of BRS’s products;

 

NOW, THEREFORE, for
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties agree as follows:

 

1.                                       Consulting.
Subject to all of the other terms and conditions contained herein, BRS retains
Mr. Adams for the term set forth herein to perform after-market sales and other
business development services at the direction of the Board of Directors of BRS
(the “Services”).  Mr. Adams’ record time
per month shall not exceed 50 hours without the prior consent of the Company’s
Chairman of the Board.

 

2.                                       Term.  The term of this
Agreement shall be for a period of six months. 
Mr. Adams agrees to keep reasonable records of his time and tasks
accomplished and shall use his best efforts to accomplish the Services and any
other tasks reasonably requested by the Board of Directors.

 

3.                                       Compensation.  As compensation for the Services rendered to BRS during the
term of this Agreement, BRS shall pay to Mr. Adams an hourly consulting fee
equal to $50.00 per hour (the “Hourly Rate”). 
The Hourly Rate shall be multiplied by the number of hours submitted by
Mr. Adams within 10 days of month end to determine the monthly compensation due
to Mr. Adams (the “Consulting Fee”).  The
Consulting Fee shall be payable monthly within 15 days of month end, (provided
that Mr. Adams submits reasonable records of his time and tasks within 10 days
of month end) or at such other times and in such other manner as BRS and Mr.
Adams shall agree.  The Consulting Fee
shall be in addition to and independent of any fees or compensation owed to Mr.
Adams in his capacity as a director of BRS.

 

4.                                       Expenses.  BRS shall reimburse Mr. Adams for the
reasonable and necessary expenses incurred in connection with performance of
the Services in accordance with the written policies and procedures of BRS
governing such expenses, upon presentation of appropriate vouchers for said
expenses, provided that BRS has approved such expenses in advance.

 

5.                                       Independent
Contractor Status.  This Agreement
calls for the Services of Mr. Adams, as an independent contractor, therefore
the parties expressly agree that (a) their relationship is based on the
understanding that Mr. Adams is an independent contractor and is not an
employee of BRS and no employment relationship is created hereby, (b) BRS shall
not provide Mr. Adams with any

 

 

fringe benefits in connection with the Services provided hereunder, and
(c) BRS has no responsibility for withholding taxes, social security
withholding, worker’s compensation withholding, unemployment withholding or any
similar taxes or charges attributable to Mr. Adams arising from compensation paid
to Mr. Adams pursuant hereto.

 

6.                                       Indemnification.  Each party hereto shall indemnify and hold
the other party harmless from and against any and all losses, claims, damages,
liabilities, actions, causes of action, and the like arising directly or indirectly
from, or which are related to, such indemnifying party’s performance under this
Agreement.

 

7.                                       Miscellaneous.

 

(a)                                  This
Agreement may not be modified, rescinded, limited or amended except by a
written agreement signed by the parties hereto.

 

(b)                                 This
Agreement shall be interpreted and enforced in accordance with the laws of the
State of Minnesota, without regard to Minnesota law governing conflict of laws,
even if one or more of the parties hereto may be a resident of, or domiciled
in, any other state or country.

 

(c)                                  This
Agreement contains the entire understanding of the parties with regard to all
matters contained herein.  This Agreement
supersedes any prior agreements relating to Mr. Adams’s service as a consultant
to BRS.

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement the day and year first above written.

 

	
   

  	
  BALLISTIC RECOVERY
  SYSTEMS,

  
	
   

  	
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert L. Nelson, Chairman of the Board

  
	
   

  	
   

  	
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Thomas
  H. Adams, Jr.

  
						

 

2Exhibit 10.4

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT is made effective as of this
17th day of November, 2004 by and between Boris Popov (“Mr. Popov”) a Minnesota resident
and Ballistic Recovery Systems, Inc., a Minnesota corporation (“BRS”).

 

WHEREAS, BRS is
in the business of developing, testing, manufacturing and marketing whole
aircraft recovery parachute systems for use in the recreational and general
aviation markets and some unmanned aircraft; and

 

WHEREAS, BRS
and Mr. Popov wish to enter into an agreement providing for the rendering by
Mr. Popov of certain consulting and advisory services as they relate to new
product development;

 

NOW, THEREFORE, for
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties agree as follows:

 

1.                                       Consulting.
Subject to all of the other terms and conditions contained herein, BRS retains
Mr. Popov for the term set forth herein to perform consulting and advisory
services at the direction of the Board of Directors of BRS (the “Services”).

 

2.                                       Term.  The term of this
Agreement shall be for a period of six months. 
Mr. Popov shall provide a minimum of sixty-four (64) hours per month of
Services to BRS.  Additional hours beyond
the 64 hour minimum will be compensated on a per hour basis as discussed in
Paragraph 3 below.  Mr. Popov further
agrees to keep reasonable records of his time and tasks accomplished and shall
use his best efforts to accomplish the Services and any other tasks reasonably
requested by the Board of Directors.

 

3.                                       Compensation.  As compensation for the Services rendered to BRS during the
term of this Agreement, BRS shall pay to Mr. Popov a monthly consulting fee
equal to $3,200.00 for the minimum 64 hour per month commitment and an
additional $50.00 per hour for each hour over the 64 hour minimum.
(collectively the “Consulting Fee”).   
The Consulting Fee shall be payable monthly within 15 days of month end,
provided that Mr. Popov submits reasonable records of his time and tasks within
10 days of month end or at such other times and in such other manner as BRS and
Mr. Popov shall agree.  The Consulting
Fee shall be in addition to and independent of any fees or compensation owed to
Mr. Popov in his capacity as a director of BRS.

 

4.                                       Expenses.  BRS shall reimburse Mr. Popov for the
reasonable and necessary expenses incurred in connection with performance of
the Services in accordance with the written policies and procedures of BRS
governing such expenses, upon presentation of appropriate vouchers for said
expenses, provided that BRS has approved such expenses in advance.

 

5.                                       Independent
Contractor Status.  This Agreement
calls for the Services of Mr. Popov, as an independent contractor, therefore
the parties expressly agree that (a) their relationship is based on the understanding
that Mr. Popov is an independent contractor and is not an employee of BRS and
no employment relationship is created hereby, (b) BRS shall not provide Mr.
Popov with any

 

 

fringe benefits in connection with the Services provided hereunder, and
(c) BRS has no responsibility for withholding taxes, social security
withholding, worker’s compensation withholding, unemployment withholding or any
similar taxes or charges attributable to Mr. Popov arising from compensation
paid to Mr. Popov pursuant hereto.

 

6.                                       Indemnification.  Each party hereto shall indemnify and hold
the other party harmless from and against any and all losses, claims, damages,
liabilities, actions, causes of action, and the like arising directly or
indirectly from, or which are related to, such indemnifying party’s performance
under this Agreement.

 

7.                                       Miscellaneous.

 

(a)                                  This
Agreement may not be modified, rescinded, limited or amended except by a
written agreement signed by the parties hereto.

 

(b)                                 This
Agreement shall be interpreted and enforced in accordance with the laws of the
State of Minnesota, without regard to Minnesota law governing conflict of laws,
even if one or more of the parties hereto may be a resident of, or domiciled
in, any other state or country.

 

(c)                                  This
Agreement contains the entire understanding of the parties with regard to all
matters contained herein.  This Agreement
supersedes any prior agreements relating to Mr. Popov’s service as a consultant
to BRS.

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement the day and year first above written.

 

	
   

  	
  BALLISTIC RECOVERY
  SYSTEMS,

  
	
   

  	
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert L. Nelson, Chairman of the Board

  
	
   

  	
   

  	
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Boris
  Popov

  
						

 

2

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