Document:

Greenwich Hospital Agreement

 Exhibit 10.16 
  
 Greenwich Hospital 
  
 Proposal for Medical 
 Equipment Procurement Services 
  
 March 2004 
  
 

 

  
 Table of Contents

  

			
	 Executive Summary
	  	3
	 General Overview
	  	4
	 Source Atlantic At-A-Glance
	  	4
	 Project Team
	  	5
	 Staff Availability
	  	5
	 Case Studies
	  	 
	 Sampling of Other Clients
	  	 
	 Methodology and Scope of Work
	  	6
	 Fee Estimate
	  	7
	 Expense Estimate
	  	7
	 Exclusions
	  	7
	 Deposit & Deliverables
	  	7
	 References
	  	 

  

 2 

 Executive Summary 
  

					
	Project:	  	Watson Pavilion Expansion	  	 
	Project Owner:	  	Greenwich Hospital, Greenwich Ct.	  	 
	Architect:	  	SBRA	  	 
	Project Executive:	  	Stephen J. Carbery	  	 
			
	Back Ground and Understanding:	  	 	  	 
		
	 	  	Spaces included are as detailed in architectural plans dated Fall 2002.
			
	Milestones:	  	User review meetings	  	April, 2004
	 	  	Package development	  	TBD
	 	  	RFP Issuance	  	TBD
	 	  	Vendor Selection	  	TBD
	 	  	Shop Drawing Issuance	  	TBD
	 	  	Product Installation	  	TBD
			
	Product Lines Covered:	  	Medical Equipment	  	 
		
	Products and Services to be provided:	  	 
	 	  	Revision Planning (Quoted)	  	 
	 	  	Procurement (Quoted)	  	 

  

 3 

 General Overview 
  

Source Atlantic is pleased to present the following proposal to provide equipment procurement services for the upcoming construction project. The proposal is a based
on drawings received in November of 2003. We have quoted a fee for requested each service elements 
  
 The services and products may be selected as a whole or broken out to best meet the needs of Greenwich Hospital. 
  
 Source Atlantic At-A-Glance 
  
 For the 15 years Source Atlantic has developed expertise in meeting the capital equipment planning, budgeting, procurement and project logistics needs of existing
hospitals engaged in planning expansions, renovations and new hospital construction projects. Source Atlantic currently lowers project and capital equipment acquisition costs by tightly managing the forecasting, planning, scheduling, procurement and
delivery of equipment, technology, furniture and related material to healthcare providers. Its mission is to shorten the plan/buy/delivery cycle, reduce risk, and improve the quality of document storage, task management and information exchange
during the project. 
  
 Our established international reputation secures the
cooperation of high-profile equipment vendors, architects and contractors, guaranteeing unrivalled quality. Source Atlantic combines proven and systematic methodologies with team-based communication to ensure comprehensive value throughout the
process. 
  

			
	 Years in Operations
	  	15
	 Focus
	  	Forecasting, Planning, Procurement and Management of Capital Medical Equipment
		
	 Corporate Office
	  	Rockland, Massachusetts
		
	 Support Offices
	  	Lexington, South Carolina
	 	  	La Jolla, California
		
	 Staff and Officers
	  	12

  

 4 

 Project Team 
  

			
	 Bill McGowan
	  	President
	 Lynn Pearson
	  	Senior Planner
	 Bridget Paradis
	  	Planning Support
	 Jed Luby
	  	Planning Support & Installation Management

  
 William B. McGowan, Jr.

  
 Bill brings over 25 years of sales and consulting experience in
healthcare. Following several years of successful field sales experience for a leading industry medical supplier, Bill sought out opportunities in the hospital construction and healthcare capital equipment market. His hospital design and
construction experience started with The Architect’s Collaborative (TAC) in Cambridge, Massachusetts, where he successfully designed and implemented an application to plan equipment and perform cost estimates. The application was employed for
TAC’s healthcare clients throughout North America and around the globe, including several projects in Europe, the Middle East and Southeast Asia. He then moved to RHA, a South Carolina firm dedicated to equipment planning. At RHA, Bill began
the planning for Healthcare International (HCI) in Scotland where he joined the staff in 1991. During a three-year posting in the UK, Bill managed the entire equipment/furniture procurement effort totaling more than $20 million and employed project
and negotiating tactics that have become his hallmark. In 1995, Bill returned to the States and launched William B. McGowan & Associates, a project planning and equipment procurement consulting firm. After operating independently for several
years, Bill merged operations with RHA to form Source Atlantic. His skill set includes in-depth knowledge of the healthcare capital equipment market, strategic acquisition planning, procurement tactics, and contract negotiation. He has presented to
the United Nations Development Council on how to plan and execute healthcare projects in the developing world and has participated in several industry roundtable forums.  
  
 Lynn Pearson 
  
 Lynn is a Radiologic Technologist by trade has spent the last 20 years effectively managing the resources needed to successfully plan, inventory and install capital
equipment for projects world wide. Lynn possesses a deep understanding of the project planning process and has developed expertise in matching client clinical needs with equipment specifications. Her experience, industry insight, and cross-industry
product knowledge are invaluable to Source Atlantic and clients alike. 
  
 James E. Luby, II 
  
 James “Jed” Luby began his
healthcare work with the major U.S. furniture manufacturer, responsible for the installation management for the New England area. As such, Jed gained tremendous experience in healthcare construction and project management. 
  
 Jed joined Source Atlantic three years ago, when he managed the installation and logistics
for a large healthcare project in Algeria. In addition to this project, Jed has been involved with The Lanarkshire Hospital project in Scotland, Hanscom Air Force Base in Bedford, Massachusetts, Portsmouth Naval Shipyard, Mid Coast Hospital in Maine
and South Shore Hospital in Weymouth, Massachusetts. 
  
 Staff Availability

  
 Our staff will be on-site, as needed, throughout the duration of the
project. Our current project schedule will allow for this project to be accomplished within the agreed construction schedule. 
  

 5 

 Methodology and Scope of Work 
  
 

 
  
 Revision Planning (Quoted) 
  
 Continuing the planning portion of the project will commence with the receipt of the latest
set of architectural plans and/or space planning documents. Our task will be to qualify previously planned equipment within each room as detailed on architectural plans. We will update the budget based upon this review session and provide a set of
reports detailing electrical, mechanical and dimensional values. 
  
 Additionally,
a revised set of manufacturers cut sheets for every item of “significant equipment”. Significant equipment is defined as anything requiring a service connection or that has a significant space requirement 
  
 Procurement (Quoted) 
  
 Source Atlantic’s team works closely with the clinical staff and materials management department to prepare specifications that meet
both the clinical need as well as the financial goals of The Client. Following the development of specifications; RFPs are published to appropriate vendors. Once the proposals have been received, they are analyzed by the Source Atlantic team and
then presented to The Client team. Equipment requirements can be aggregated with other Source Atlantic clients to increase buying power. Negotiations then begin using a process that Source Atlantic has proven to provide the best possible value for
our clients. 
  

 6 

 FEE ESTIMATE 
  
 Please note this estimate is preliminary and based on information received from Project Management Team. Any required additional work will be performed only after client
approval. 
  
 OMITTED FOR CONFIDENTIAL PURPOSES 
  
 Expense Estimate 
  
 All expenses will be billed to you at the rate incurred with no added mark up; presuming
invoices presented for payment will be paid within thirty days. Any outstanding balance will be charged interest at 11⁄2 % monthly. Expenses include direct costs associated with performing identified services such as CAD Plotting, copying,
blueprinting, shipping, Travel, Lodging and meals. Travel time is included within the service price. 
  
 Exclusions 
  
 Items not covered in
the proposal include information services equipment (computers, printers, and servers), network design, furniture office equipment (copiers, faxes), toilet accessories (mirrors, paper towel dispensers) and casework. Source Atlantic can include all
within our package of services, if requested to do so. 
  
 Deposit &
Deliverables 
  
 Upon execution of a contract a 10% deposit is requested
to initiate the project. During the first days of the project we will work with you to determine the types of report requirements and the frequency of submission. Typically, we will deliver reports detailing the equipment by space/room, a budget
report and complete engineering details. 
  
 We look forward to the opportunity to
continue working with the Greenwich Hospital team. Should you have any questions or comments regarding this proposal please do not hesitate to contact me at 781.871.8500. 
  

					
	 Sincerely yours,
	 	 	 	 
			
	

	 	 	 	 March 10, 2004

	William B. McGowan Jr.	 	 	 	 Date

	President	 	 	 	 

  

 7 

 Signature will confirm acceptance of this proposal in its entirety. This proposal will serve as the governing document
until such time as an official service agreement can be drafted and mutually agreed upon. 
  
 Accepted on behalf of Greenwich Hospital: 
 AWAITING FINAL SIGNATURE - CONTRACT IS BEING PERFORMED 
  

			
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  

 8Description of Non-Executive Director Compensation

 Exhibit 10.33 
  
 Description of Non-Executive Director Compensation 
  
 On August 9, 2005, the Board of Directors of Lazard Ltd approved an arrangement for the compensation of Non-Executive
Directors that will provide them with an annual cash retainer of US $50,000 and an annual award of deferred stock units (“DSUs”) with a grant value of US $50,000. The Chair of the Audit Committee shall be paid an additional annual retainer
of US $30,000 and the Chairs of each of the Nominating & Governance Committee and the Compensation Committee shall be paid an additional annual retainer US $20,000, in each case to be paid 50% in cash and 50% in DSUs. Each of the other
members of the Audit Committee shall be paid an additional annual retainer of US $20,000 and each of the other members of the Nominating & Governance Committee and the Compensation Committee shall be paid an additional annual retainer of US
$15,000, in each case to be paid 50% in cash and 50% in DSUs. All DSUs awarded under this arrangement will be (i) issued under the Lazard Ltd 2005 Equity Incentive Plan or any successor plan thereto, and (ii) converted to Lazard
Class A common stock, par value $0.01 per share, and distributed to the Director in accordance with the vesting schedule determined by the Nominating & Governance Committee.

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