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EXHIBIT 10.10
[ELECTRONIC TRANSMISSION CORPORATION LETTERHEAD]
May 28, 1996
Xx. Xxxxxx Xxx XxXxx
0000 X. Xxxxxxxxx Xxxxxx
Xxxxx, Xxxxx 00000-0000
Dear Xx. XxXxx:
This letter will serve as the agreement between you and Electronic
Transmission Corporation ("ETC") concerning employment with ETC to begin June
15, 1996. You will agree to execute an employee nondisclosure/noncompete
agreement with ETC. ETC will pay you a salary of four thousand dollars ($4,000)
per month which will be paid by an employee leasing company with which ETC has
contracted. After six months you will be paid a bonus of six thousand dollars
($6,000) and will have a salary review. You will receive all the medical
insurance and other benefits as provided by that employee leasing company or
any such leasing company ETC may use. You will have the right to participate in
any pension and/or profit sharing plans and employee stock plans implemented by
ETC.
You will additionally receive the option to purchase up to 10,000
shares of ETC stock at a price of one dollar ($ 1.00) per one thousand shares
as follows. The stock will be held in escrow for you. After six months of
employment, you may exercise your option to purchase five thousand (5,000)
shares of the stock. After twelve months of employment, you may exercise your
option to purchase the rest of the stock.
If this letter correctly reflect the agreement, please execute in
the space provided below and return an executed copy to me.
Sincerely, AGREED AND ACCEPTED this 31st day of
May, 1996
/s/ XXXXXX XXX XXXXX
L. Xxxx Xxxxxx ------------------------------------
Chairman, CEO Xxxxxx Xxx XxXxx
