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EXHIBIT 10(b)
LETTER OF AGREEMENT
This agreement is made on April 6, 2001 between TECHNOLOGY VENTURES GROUP, INC.
and it's successors, located at 00000 X.X 000xx Xxxxx, Xxxxx 00, Xxxxx, Xxxxxxx
00000 and XXXXXX X. XXXXXXX.
The purpose of the agreement is to define the functions to be performed and
payment of certain expenses during the life of the agreement.
Both parties agree that the current financial resources of the company cannot
support traditional salaries for services and therefore both parties agree to
the acceptance of $1000 per month expense allowance in lieu of salary until such
time as both parties agree to change the amount and the payment schedule. Normal
benefits provided by the company such as vacation, sick leave and other benefits
defined by the companies' personnel policies will be made available to Xx.
Xxxxxxx.
This agreement is from month to month commencing on April 1st, 2001 and can be
modified at the beginning of any succeeding month.
Xx. XxXxxx X. Xxxxxxx will assume the title and responsibilities of President
and will perform such duties as assigned by the Board of Directors.
Consistent with the company and the board policy of providing Director and
Officer (D & O) insurance, Xx. Xxxxxxx will be provided full coverage under the
D & O policy.
This agreement can be terminated by either party with 30 days written notice to
the addresses provided under the acknowledgement signatures.
Technology Ventures Group, Inc. Xx. XxXxxx X. Xxxxxxx
00000 X.X 000xx Xxxxx, Xxx #00 00000 X.X 000xx Xxxxx, Xxx #00
Xxxxx, Xxxxxxx 00000 Xxxxx, Xxxxxxx 00000
Signed: /s/ XXXXXX X. XXXXXXX Signed: /s/ XXXXXX X. XXXXXXX
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Date: April 6, 2001 Date: April 6, 2001
