DEFERRED COMPENSATION AGREEMENT
This Agreement confirms the previously agreed to terms concerning deferred
compensation between Trilogy International, Inc. ("Company") and Xxxxxx X.
Xxxxxxx the Company's Co-Founder and Chief Executive Officer ("CEO")
Whereas, CEO was formally employed by the Company on December 1, 1998 at an
annual salary of $95,000 and
Whereas, CEO agreed to defer payment of 100 % of his salary for the period from
December 1, 1998 through March, 1999, and to defer 25% of his salary for the
period from May 1, 1999 through December 1999 and not demand payment of said
deferred salary until such time as the Company has been profitable for two
consecutive months and then to accept payment of the accrued salary due at that
time in 4 monthly installments pari pasu with all other employees of the Company
that have made like concessions,
The Company, therefore, has agreed to accrue all such deferred compensation that
may result from this agreement as a liability of the Company and/or its
successors and/or assigns and to make payment to CEO of the amount of deferred
compensation accrued at such time as the Company has been profitable for two
consecutive months and is able to make payments to CEO from positive cash flow
generated by the Company.
AGREED______________________ DATE_____________________________
Xxxxx Xxxxxxx, President
For: Trilogy International, Inc.
("Company")
AGREED_______________________ DATE _____________________________
Xxxx Xxxxxxxxx
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