Oral Consulting Agreement Between Exactech, Inc. and Dr. Albert Burstein
Exactech, Inc. has an oral consulting agreement with Dr. Albert Burstein, a company director, under which Dr. Burstein provides expertise in orthopaedic product design, manufacturing, development, and sales. In return, Exactech pays Dr. Burstein $180,000 annually. His services include technical design consultation, medical education and training for surgeons and staff, mentorship of engineers, and both on-site and off-site consulting days. The agreement specifies Dr. Burstein will spend three days per month at the company's headquarters and about 20 additional days off-site each year.
Exhibit 10.2
Description of Oral Consulting Agreement
Between Albert Burstein and Exactech, Inc.
Exactech, Inc. entered into an oral consulting agreement with Albert Burstein, Ph.D., a director of the Company, to provide services regarding many facets of the orthopaedic industry including product design rationale, manufacturing and development techniques and product sales and marketing. Pursuant to this agreement, Exactech pays Dr. Burstein $180,000 each year, as compensation under the consulting agreement for the following services:
| • | Technical design consultation of various orthopaedic implant and instrumentation development projects; |
| • | Medical education and training for orthopaedic surgeons; |
| • | Medical education and training for Exactech sales and marketing organization; |
| • | Mentorship and education of Exactech engineers; |
| • | 3 days per month on-site consultation at Exactech corporate headquarters; and |
| • | Approximately 20 additional days off-site. |
