Terex Corporation
500 Post Road East, Suite 320
Westport, Connecticut 06880
November 13, 2003
FIVER S.A. c/o Mr. Filip Filipov 100 East Huron Street Chicago, Illinois 60611
Dear Fil:
This letter outlines our agreement for FIVER S.A. to provide consulting services to Terex Corporation (hereinafter sometimes referred to as "Terex" or the "Company"). The primary consulting responsibilities will be special projects as assigned to FIVER S.A. by the Chief Executive Officer of Terex from time to time. The initial assignment for FIVER S.A. will be to provide consulting services in connection with the restructuring and operation of Tatra a.s. To assist FIVER S.A. in that assignment, Fil Filipov will remain as Chairman of the Supervisory Board of Tatra a.s. The following represents our agreement:
1. The term of the consulting engagement will be for a period of three (3)
years commencing on January 1, 2004 and ending on December 31, 2006. During
the term of this engagement FIVER S.A. will make Fil Filipov available to
consult with the management of the Company and its Affiliates for a total
of at least twenty-six (26) weeks in each calendar year during the term of
this engagement in such manner and on such business matters as may be
reasonably requested from time to time by such management. The consulting
services shall be provided in a high quality, professional manner and FIVER
S.A. and its representatives will diligently and to the best of its or
their ability perform the services required by this engagement.
2. (a) The base consulting fee will be $40,000 per month, paid monthly upon
presentation of an invoice.
(b) In the event that the Company determines that it will not to require at
least twenty-six (26) weeks of consulting services for any calendar year
during the term of this engagement starting January 1, 2005, then, upon
notice to FIVER S.A., the base consulting fee will be reduced to$30,000 per
month for such calendar year, paid monthly upon presentation of an invoice.
(c) The Company will consid ...
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