Date: May 15, 2005 Memo to: Jerry Gutterman From: Michael Bissonnette Subject: New Consulting Agreement Effective 5/16/05
EXHIBIT
10.14
| Date: |
May
15, 2005
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| Memo to: |
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| From: |
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| Subject: |
New
Consulting Agreement Effective
5/16/05
|
Dear
▇▇▇▇▇,
I
am
pleased to extend our consulting agreement with AeroGrow International, Inc.
under the following terms:
You
will
continue as its Chief Financial Officer, Secretary and Director to be effective
May 16, 2005.
Your
compensation will be at the rate of $100 per hour and 100 shares of AeroGrow
International, Inc. common stock for every hour or part of an hour
worked.
You
will
be guaranteed a monthly retainer of $5,000, part of which will be deferred
as
follows:
You
will
be paid in cash at the rate of $75 per hour and $25 per hour will be deferred
until the private placement has been completed. At that time, the total amount
of the deferred compensation will be paid in full with no future deferral.
If
your hours worked are less than 28 per month, a minimum payment of $2,800
will
be paid in cash and $2,200 will be deferred.
You
will
come to Boulder on an as needed basis to perform the functions of Chief
Financial Officer and Director.
I
look
forward to a long and mutually rewarding working relationship
together.