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Exhibit 10.18
XXXXX XXXXXX'X EMPLOYMENT ARRANGEMENT
The following represents the agreement in principle between Xxxxx X. Xxxxxx and
MicroTel International, Inc., which is to be memorialized in a definitive
employment agreement as soon as possible hereafter.
1) Henry's EMPLOYMENT AGREEMENT dated April 12, 1994 is amended and
superceded in its entirety by this arrangement.
2) The new agreement will be between Xxxxx X. Xxxxxx and MicroTel
International, Inc. and will employ him as President of CXR Telcom
Corporation.
3) The form and substance of the previous agreement (dated April 12,
1994) shall be retained with the following exceptions:
a) All references to his service as a member of the Board of
Directors (of any company) will be deleted.
b) His incentive compensation package will be equivalent to that
of other current XIT Corporation subsidiary/division managers.
c) The agreement will be inclusive of all benefits Xxxxx will
receive and therefore it will be addended to include a $600
per month car allowance that he currently and will continue to
receive, and the 'supplemental' medical care benefits Xxxxx
has received in past years is discontinued and therefore will
be absent from the agreement. The all-inclusive nature of the
arrangement will be specifically stated as a provision of the
contract.
4) Xxxxx will receive a signing bonus of options to acquire 180,368
shares of the common stock of Microtel at an exercise price of $2.375.
The options will be non-qualified, vest immediately, and be
exerciseable for a period of 3 years.
5) Incorporated in the determination of the signing bonus are two
previously unrecognized (i.e. not given accounting recognition)
arrangements between Xxxxx and the Company, and therefore both of
these arrangements will be formally voided and cancelled.
Specifically,
a) that Convertible Promissory Note dated as of June 7, 1993 in
the amount of $37,500, and
b) that Stock Option Agreement under the CXR Corporation 1986
Incentive Stock Option Plan dated August 23, 1990.
Attached are the Employment Agreement dated April 12, 1994 and the 2 agreements
noted in item 5) above for reference.
AGREED:
/s/ Xxxxx X. Xxxxxx /s/ Xxxx Xxxxx /s/ Xxxxxxx X. Xxxxx
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Xxxxx X. Xxxxxx Xxxx Xxxxx Xxxxxxx X. Xxxxx
Chairman and CEO Chairman and CEO
MicroTel International, XIT Corporation
Inc.
