Document:

United States Securities & Exchange Commission EDGAR Filing

Exhibit 10.1

Summary of

Accelerated Vesting of Certain Options

On August 11, 2005, our Compensation Committee accelerated the vesting of 220,000 out-of-the-money stock options exercisable at $40.39 per share and 243,975 out-of-the-money stock options exercisable at $44.43 per share. 

The options were issued to key PharmaNet, Inc. executives in December 2004. 103,800 of the stock options exercisable at $44.43 per share are held by Mr. Jeffrey P. McMullen, who is the president and chief executive officer of PharmaNet. Mr. McMullen is also one of our executive officers and serves on our board of directors. One half of the options described above were to have vested in 2006 and the remainder were to have vested in 2007, subject to continued employment on each vesting date. In addition, each executive has agreed not to sell any shares of common stock issued as the result of options exercised prior to the original applicable vesting dates except to the extent necessary to pay SFBC the exercise price.

The primary purpose of the accelerated vesting was to eliminate future compensation expense the Company would otherwise recognize in its consolidated statement of operations with respect to these accelerated options upon the adoption of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 (Revised 2004), Share-Based Payment.

The acceleration of the vesting of these options did not result in a charge based on accounting principles generally accepted in the United States.EXHIBIT 10.1

                              CONSULTING AGREEMENT

THIS AGREEMENT (The "Agreement") is entered into on the 21st day of September,
2005 by and between Michael Muzio, a person having an office located at 345
Bayshore Blvd, Apt 808, Tampa, FL 33606 (hereinafter referred to as "the
Consultant") COMMUNICATIONS RESEARCH INC..(hereinafter referred to as "the
Company") 67 Ramapo Valley Road Suite 103 Mahwah, NJ 07430.

         WHEREAS, Company is desirous of the Consultant performing certain
services on its behalf as more specifically set forth herein ("the Services");

         WHEREAS, the Consultant desires to perform the Services for Company;
and

         WHEREAS, the parties have agreed that the Consultant will provide the
Services according to the terms and conditions set forth in this agreement.

NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:

1.       Appointment

         Company hereby appoints and engages the Consultant pursuant to the
         terms and conditions of this Agreement. Consultant accepts such
         appointment and agrees to perform the Services set forth herein.

2.       Engagement

         Company engages Consultant to provide the Services and Consultant
         accepts said engagement and agrees to provide the Services to Company.

3.       Description of Services

         During the term of this Agreement, Consultant will provide the Company
         with marketing and strategic planning services related to the ongoing
         operations of the Company's business. Consultant shall provide these
         services on an "As Needed" basis. In performing the Services,
         Consultant shall comply with all applicable securities laws, including
         advising any prospective investor it may contact relative to an
         investment in the Company as to the terms of its compensation under
         this Agreement. All information provided by the Consultant to any
         investor shall be consistent with written information contained in the
         Company's website or public filings with the SEC or otherwise
         authorized by the Company to be disseminated by the Consultant.

         The Consultant will market only to "accredited investors," as that term
         is defined in Rule 501(a) of the Securities Act of 1933, as amended
         (the "Act").

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4.       Term of  Agreement

         This Agreement shall become effective upon execution hereof and shall
         continue thereafter and remain in effect for a period of 6 months (the
         "Term").

         Each party shall have the right to terminate the Agreement immediately
         upon the provision of notice at any time with or without cause.

5.       Compensation

         In consideration for the services to be provided, the Company shall
         immediately pay to the Consultant a total of 3,000,000 shares of the
         Company's common stock (the "Shares") of CRHI.

         The foregoing shares of the Company's Common stock payable to the
         Consultant (collectively, the "Shares") shall be:

            Months 1-3  (Total):      3,000,000         Free Trading Shares

         Said Shares shall be delivered to MICHAEL MUZIO 345 BAYSHORE BLVD, APT
         808, TAMPA, FL 33606.

         The parties agree that the Consultant will be deemed to have earned the
         Shares upon execution of this Agreement and the Company shall have no
         defense for failing to deliver the Shares.

         In the event that the Company shall fail to deliver the Shares as
         agreed, Consultant shall not be obligated to perform any consulting
         services or to continue with the performance of any services until
         Consultant has received the required Shares.

6.       Where Services shall be performed

         The Services shall be performed by Consultant at any office location
         deemed appropriate by Consultant.

7.       Use of Services/Materials Created by Consultant Company agrees that the
         Services, materials, products or intellectual property created by
         Consultant will not be used by Company to: promote Company's common
         stock in connection with investor relations, in connection with
         marketing of Company's common stock, or in connection with an offering
         of Company's common stock, either by Company directly or indirectly
         through any third parties.

8.       Termination

         This Agreement may be terminated by either party prior to the
         expiration of the term as follows:

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         a.       Upon the bankruptcy or liquidation of the other party, whether
                  voluntary or involuntary;
         b.       Upon the other party taking the benefit of any insolvency law;

         c.       Upon the other party having or applying for a receiver
                  appointed for either party.

9.       Consultant as Independent Contractor

         Consultant shall provide the Services as an independent contractor, and
         not as an employee of Company or any company affiliated with Company.
         Consultant has no authority to bind Company or any affiliate of Company
         to any legal action, contract, agreement, or purchase. Consultant is
         not entitled to any medical coverage, life insurance, savings plans,
         health insurance, or any and all other benefits afforded to Company
         employees.

10.      Consultant/Company May Engage in Conflicting Activities

         Company acknowledges that Consultant does, and shall, represent and
         service other and multiple clients in the same manner as it does
         Company, and that Company is not an exclusive client of Consultant.

11.      Amendments

         This Agreement may be modified or amended, provided such modifications
         or amendments are mutually agreed upon by and between the parties
         hereto and that said modifications or amendments are made in writing
         and signed by both parties.

12.      Severability

         If any provision of this Agreement shall be held contrary to law,
         invalid or unenforceable for any reason, the remaining provisions shall
         continue to be valid and enforceable. If a court finds that any
         provision of this Agreement is contrary to law, invalid or
         unenforceable, and that by limiting such provision it would become
         valid and enforceable, then such provision shall be deemed to be
         written, construed, and enforced as so limited.

13.      Applicable Law and Notice

         This Agreement is executed pursuant to, and shall be interpreted and
         governed for all purposes by, the laws of the State of Florida for
         which the Courts in Hillsborough County, Florida shall have
         jurisdiction. If any provision of this Agreement is declared void, such
         provision shall be deemed severed from this Agreement, which shall
         otherwise remain in full force and effect.

Notice to either party shall be certified or overnight express mail delivery at
the address set forth herein:

Notices           If to Consultant, to:     Michael Muzio.
                                            345 Bayshore Blvd, Apt 808
                                            Tampa, FL 33606

                  If to Company, to:        COMMUNICATIONS RESEARCH INC.
                                            67 Ramapo Valley Road
                                            Suite 103
                                            Mahwah, NJ 07430

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14.      Inurement

         This Agreement shall inure to the benefit of and be binding upon the
         parties hereto and their respective heirs, executors, administrators,
         personal representatives, successors, and assigns.

15.      Authority to Execute and Perform Agreements

         Company has the full legal right and power and all authority and
         approval required to enter into, execute and deliver this Agreement and
         to perform fully the obligations hereunder including approval by the
         Board of Directors of Company. This Agreement has been duly executed
         and delivered and is the valid and binding obligation of Company
         enforceable in accordance with its terms, except as may be limited by
         bankruptcy, moratorium, or insolvency, or other similar laws generally
         affecting the enforcement of creditor's rights. The execution and
         delivery of this Agreement and the other agreements contemplated
         hereunder, and the consummation of the transactions contemplated hereby
         and thereby, and the performance by Company of this Agreement, in
         accordance with their respective terms and conditions, will not:

         d.       require the approval or consent of any foreign, federal,
                  state, county, local, or other governmental or regulatory body
                  or the approval or consent of any other person'

         e.       conflict with or result in any breach or violation of any of
                  the terms and conditions of, or constitute (or with notice or
                  laps of time or both would constitute) a default under any
                  order, judgment, or decree applicable to Company, or any
                  instrument, contract, or other agreement to which Company is a
                  party or by or to which Company is bound or subject; or

         f.       result in the creation of any lien or other encumbrance on the
                  assets or properties of Company.

16.      Legal Proceedings

         By entering into this Agreement, the parties agree to the jurisdiction
         of the Hillsborough County, Courts in the state of Florida. In the even
         of any litigation arising under this Agreement, the prevailing party
         shall be entitled to recover all costs including reasonable attorneys'
         fees. It is agreed and understood that if the Company fails to deliver
         the Shares, the Consultant may sue for specific performance together
         with any legal remedies available.

17.      Indemnification

         The Company agrees to indemnify and hold harmless the Consultant from
         any action resulting from the issuance of the Shares. Said
         indemnification to include all fees and costs including attorneys' fees
         which the Consultant may incur. Consultant shall have the right to
         designate its own counsel for representation arising out of any
         indemnification and the costs thereof shall be borne by the Company.

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This Agreement entered into the date set forth above.

Consultant

/S/ Michael Muzio
-------------------------
Michael Muzio

Company:

/S/ Carl R. Ceragno
-------------------------
COMMUNICATIONS RESEARCH INC.

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