Summary Term Sheet for Consulting Services between API Technologies, Inc. and Jason DeZwirek
API Technologies, Inc. has engaged Jason DeZwirek as an independent contractor to provide strategic planning services, including evaluating financing options, capital structure, and potential acquisitions. Mr. DeZwirek is not considered an employee and is responsible for how he performs his work, as long as it aligns with API's policies and legal requirements. API will pay him C$8,000 per month, subject to adjustment by the Compensation Committee, and will cover his health insurance premiums.
Exhibit 10.4
Summary term sheet governing arrangement of consulting services Jason DeZwirek performs pursuant to oral agreement
Mr. DeZwirek will perform for API Technologies, Inc. (“API”) strategic planning services, including the identification and evaluation of financing options, capital structure, and potential acquisitions.
Mr. DeZwirek is engaged as an independent contractor, and is not an employee of the Company for any purpose whatsoever, including without limitation, for purposes relating to taxes, workers’ compensation or workplace safety insurance, payments required by statute or any other withholdings or remittances to any governmental agency or authority. No course of dealing between the parties is intended to create, or shall create, an employment relationship, a joint venture, partnership or any similar relationship. API is interested only in the results obtained by Mr. DeZwirek and Mr. DeZwirek shall have sole control of the manner and means of performing his services to API consistent with the policies and practices of API and with API’s interests and in accordance with all applicable laws, rules and regulations.
In exchange for such services, API will pay Mr. DeZwirek Cnd $8,000 per month, which amount may be increased or decreased in the discretion of the Compensation Committee.
In addition, API will pay Mr. DeZwirek’s health insurance premiums.
