CONSULTING RELATIONSHIP LETTER DATED JULY 6, 2017 BY AND BETWEEN VISUALANT, INCORPORATED AND PHIL BOSUA.
Published on December 29, 2017
Exhibit
10.23
July 6,
2017
Sent
Via Electronic Mail
Phil
Bosua
philbosua@gmail.com
Dear
Phil:
Re: Consulting Relationship
As we
discussed, Visualant would like you or your entity to provide
certain strategic consulting services. The term of the consulting
services shall be for an initial period of one year, to be extended
upon mutual agreement.
During
your consultancy, you shall focus upon:
1)
Resolution of the current issues with regard to calibration issues
associated with the current Chroma ID technology. These include but
are not limited to thermal drift of the LED’s, LED change due
to ageing, various software modifications pertaining to data
analysis and the user interface experience.
2) Once
the calibration issues have been resolved, assist Visualant in
testing and validating that the ChromaID technology can perform
water quality analysis on a repeatable basis with the required
degree of accuracy necessary for a commercial product.
3)
Assist Visualant with the development of a prototype water quality
testing product ready for commercial market
development.
4) Work
with Visualant on developing a Kickstarter campaign to fund the
development of the above referenced commercial water quality
testing device.
5)
Provide assistance to Visualant on defining key strategic markets
and developing marketing plans to exploit those
markets.
During
your consulting period you will compensated through stock awards in
the aggregate of 200,000 shares of common stock released in
following manner:
1)
A stock award of
50,000 shares upon executing this letter agreement.
____________________________________________________________________
500 Union
Street | Suite 406 | Seattle, WA 98101
Tel: 206.903.1351 | Fax:
206.903.1352
2)
A stock award of
50,000 shares upon completion and temperature drift
resolution.
3)
A stock award for
50,000 shares upon conclusion of a successful Kickstarter campaign
that raises in excess of $600,000.
4)
A stock award of
50,000 shares upon completion of a functional consumer
prototype.
The
Company shall reimburse your pre-approved out of pocket expenses
during the period of your consultancy.
We look
forward to a very productive working relationship and significant
success.
Please
sign and return a copy of this letter to acknowledge your agreement
with its terms. I will then obtain approval from the Visualant
Board of Directors for the stock awards which are a part of this
agreement.
Yours
very truly,
/s/
Ronald P. Erickson
Ronald
P. Erickson
Chief
Executive Officer
Accepted
and agreed.
/s/
Phil Bosua
Phil
Bosua
____________________________________________________________________
500 Union
Street | Suite 406 | Seattle, WA 98101
Tel: 206.903.1351 | Fax:
206.903.1352