SEC Contract Filing

Filing Date: 2016-03-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>exhibit_10-5.htm
<DESCRIPTION>EXHIBIT 10.5
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 10.5</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CONSULTING AGREEMENT</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS CONSULTING AGREEMENT (this &ldquo;Agreement&rdquo;) is made as of July 1, 2014 by and between New York Global Innovations, Inc., and its wholly owned subsidiaries (collectively
the &ldquo;Company&rdquo;) and Gilat Technologies (in formation), a company organized under the laws of the State of Israel with offices
located at 8 Rachel Street, Givatayim, (the &ldquo;Consultant&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires to retain the Consultant, and the Consultant desires to consult with the Company and its successors, in order to make use
of such expertise, know-how and experience which the Consultant possesses with respect to the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
foregoing premises and the mutual covenants and agreements hereinafter set forth, the parties, intending to be legally bound, agree
as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Term</U>. The Company (including, for purposes of this Agreement, any affiliate) hereby retains the Consultant, and the Consultant
hereby accepts such retention by the Company, on a month to month basis commencing July 1, 2014, subject to the terms and conditions
hereinafter set forth (the &ldquo;Term&rdquo;). The Company and or the Consultant shall have the right to terminate this Agreement for any
reason whatsoever on thirty (30) days prior written notice.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Consultant&rsquo;s Duties and Responsibilities</U>. During the Term the Consultant shall provide to the Company consulting services
relating to the needs of the Company. The Consultant shall devote such time as mutually agreed to the affairs and business of the
Company. It is understood and agreed that Consultant need not spend more than 20% of his working time to the Company and may act
as a consultant to other companies as well as the Company. The Consultant shall receive his assignments from the Board of Directors
and shall act as acting CEO of the Company. In performing its duties hereunder, the Consultant shall make Tal Gilat available
to perform its duties hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
of Directors</U>. Consultant shall assist the Company&rsquo;s Board of Directors as requested in finding suitable acquisitions and mergers
for the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;<U>Compensation</U>. As compensation for his services hereunder the Consultant shall be paid as
follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As compensation for his services
hereunder the Company shall pay Consultant during the Term $3,000.00 per month plus VAT as required by Israeli law, against provision
of a valid invoice (the &ldquo;Basic Compensation&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) During the Term, upon submission of
written statements and bills in accordance with the then regular procedures of the Company. Consultant shall be entitled to reimbursement
for reasonable pre-approved out-of pocket expenses necessarily incurred in the performance of his duties hereunder, including,
but not limited to, reimbursement for travel. A car and expenses will be provided monthly