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[i3 MOBILE LOGO]
EXHIBIT 10.3(a)
December 20, 2000
Mr. Xxxx Xxxxx
0000 Xxxxxxxxx Xxxxx
Xxx Xxxx Xxxxxx, XX 00000
Re: Notice to Exercise Royalty Buy Down Option
Dear Xxxx:
Reference is made to the Employment and Royalty Agreement dated October 27, 1998
by and between yourself and i3 Mobile, Inc. (formerly Intelligent Information
Incorporated) (the "Agreement").
In accordance with Section II of the Agreement, as of November 30, 2000, the
outstanding royalty payable to you is three hundred forty-four thousand nine
hundred and eighty-five dollars and eighty-five cents ($344,985.85) (the
"Outstanding Royalty"). Paragraph 14 of the Agreement provides that i3 Mobile
may, at its option and at any time, elect to accelerate royalty payments thereby
reducing the Outstanding Royalty by $3.00 for each $2.00 actually paid. Please
be advised that, effective upon the date of this letter, i3 Mobile will exercise
this option to buy down the entire Outstanding Royalty. i3 Mobile will tender
the sum of two hundred twenty-nine thousand nine hundred and ninety dollars and
fifty-seven cents ($229,990.57) in full satisfaction of its royalty obligations
under the Agreement (the "Buy Down Amount").
By countersigning the enclosed copy of this letter you agree that the Buy Down
Amount fully satisfies i3 Mobile's royalty obligations to you. You further agree
that in consideration of receipt of the Buy Down Amount, you hereby fully,
irrevocably and unconditionally release and discharge i3 Mobile, its current and
former officers, directors, stockholders, affiliates, attorneys, agents or
employees (the "Released Parties") from any and all claims, demands, suits,
promises, omissions, damages, obligations, liabilities and expenses (including
attorneys' fees and costs), of every kind and nature, known or unknown, which
you ever had or now have against the Released Parties arising under Section II
of the Agreement.
Sincerely,
i3 Mobile, Inc. Agreed and Accepted:
Xxxx X. Xxxx /s/ Xxxx Xxxxx
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President and CEO Xxxx Xxxxx
