Paul R. Arena Chief Executive Officer 1200 Abernathy Rd., Ste. 1800 Atlanta, GA 30328 VoiceStick: Tel: Fax: 404-909-8814 770-512-7174 x110 770-512-8596 www.i2telecom.com
Exhibit 99.3
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Xxxx X. Xxxxx Chief Executive Officer 0000 Xxxxxxxxx Xx., Xxx. 0000 Xxxxxxx, XX 00000 |
VoiceStick: Tel: Fax: |
000-000-0000 000-000-0000 x000 000-000-0000 |
xxx.x0xxxxxxx.xxx |
July 7, 2005
Mr. Xxxxx Xxxx
0000 Xxxxxxxxx Xxxx, Xxxxx 0000
Atlanta, GA 30328
Dear Xxx:
This letter, when countersigned by Xxxxx Xxxx (“Former Contractor”), will set forth our agreement regarding the subject matter set forth herein.
In full satisfaction of all amounts owing to Former Contractor by i2 Telecom International, Inc. (the “Company”) pursuant to that certain Consulting Agreement between you and the Company dated October 1, 2004 (the “Agreement”), the Company hereby agrees to issue to you pursuant to the Company’s 2004 Stock Incentive Plan (the “Plan”) a three-year, non-qualified stock option to purchase 168,000 shares of the Company’s common stock at an exercise price of $.50 per share, exercisable immediately upon the date of grant (the “Option”). The Company shall issue the Option promptly upon the Company filing with the Securities and Exchange Commission a Registration Statement on Form S-8 with respect to the securities issuable pursuant to the Plan.
Former Contractor, for itself and on behalf of its directors, officers, agents, successors and assigns, hereby releases, waives, acquits, withdraws, retracts and forever discharges any and all claims, causes of action, whether at law or in equity, known or unknown, fixed or contingent, which it now has or may have hereafter, directly or indirectly, (collectively, “Claims”), against the Company, its successors or assigns, or any and all of the Company’s past or present subsidiaries, agents, directors and officers, by reason of any act, omission, matter, cause or thing whatsoever, from the beginning of time to, and including, the date of the execution of this Agreement, which Claims arise out of or relate to any of the transactions contemplated by the Agreement; provided, however, that the foregoing release shall become effective only upon the issuance of the Option as contemplated hereby.
Former Contractor and you hereby further agree to make, execute and deliver any and all such other instruments and documents and do and perform any and all such further acts as shall become necessary, proper or convenient to carry out or effectuate the agreements set forth herein.
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xxx.x0xxxxxxx.xxx |
If the foregoing accurately reflects our agreement, please execute this Agreement in the space below and return a copy to the Company by facsimile to 000-000-0000.
| Very truly yours, | ||
| I2 TELECOM INTERNATIONAL, INC. | ||
| By: /s/ Xxxx X. Xxxxx | ||
| Printed Name: |
Xxxx X. Xxxxx | |
| Title: |
Chief Executive Officer | |
| Agreed and Accepted: |
| /s/ Xxxxx Xxxx |
| Xxxxx Xxxx |
