XXXXX XXXXXX
000 Xxxxxxxxx Xxxxxx
X.Xxxxxxxx, XX 00000
(000) 000-0000 (H)
(000) 000-0000 (O)
December 5, 2000
Xxxxxxx Xxxxxxxx, President
Financial Intranet, Inc..
II 0 Xxxxx Xxxxxx
Xx. Xxxxx, XX 00000
Dear Xxxxxxx:
According to the terms of the employment agreement dated August 23, 1999 between
Financial Intranet, Inc. ("FNTN") and myself (the "Agreement"), a change of
control of the ownership of Financial Intranet, Inc., defined as:
(a) the acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under such Act) of 25%
or more of either (i) the then outstanding shares of common
stock of the Company or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to
vote generally in the election of directors,
is considered to be a termination without cause of the Agreement entitling me to
acceleration of the benefits of the Agreement due from the time of the
termination until the end of the term of the Agreement.
With the recent conversion by Xxxxx LLC of its convertible debt into 38,932,172
shares of common stock, they have acquired 46% of the outstanding shares of the
common stock of FNTN and thereby caused a change of control of FNTN according to
the terms of the Agreement.
Therefore, please be advised that I hereby elect to trigger the change of
control provision of the Agreement making the acquisition of the Xxxxx
controlling interest a termination without cause of the Agreement effectively
immediately.
Very truly yours,
/s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx
