LightTouch Vein, Laser & Hair Center Inc.
00000 Xxxxxxxxxx Xxxx, Xxxxx Xxxxx
Xxxxxxxxxx, XX 00000
February 28, 2000
Mr. X. Xxxxx Xxxxxxx
0000 Xxxxx Xxxxxx
XxXxxxxxxx, XX 00000
Dear Xxxxx:
In response to your recent proposal, LightTouch Vein & Laser, Inc., a public
company, traded on the OTC Bulletin Board under the symbol "LTVL" (hereinafter
referred to as "LightTouch") proposes the following agreement for services
provided by X. Xxxxx Xxxxxxx (hereinafter referred to as "Xxxxxxx"):
Xxxxxxx agrees to accept employment with XxxxxXxxxx and XxxxxXxxxx agrees to
engage the services of Xxxxxxx. Xxxxxxx agrees to work diligently in the
acquisition of centers for LightTouch, marketing strategy for LightTouch,
financing for LightTouch, and to assist in the overall business organization of
LightTouch. Compensation for such position is set forth in Exhibit "A" attached
hereto.
LightTouch or Xxxxxxx may terminate this agreement at any time. This agreement
shall become effective on the date set forth below and shall continue subject,
however, to termination, through June 30, 2003.
Should the foregoing meet with your approval, please sign both copies of the
agreement and return to me in the enclosed envelope. A fully executed copy will
be returned to you for your records.
LIGHTTOUCH VEIN &LASER, INCC.
(a Nevada corporation)
By:/s/ XXXXXXX X. XXXXXXX
-----------------------------------------
Xxxxxxx X. Xxxxxxx, President
AGREED AND ACCEPTED THIS 15TH day of March, 2000.
/S/ X. XXXXX XXXXXXX
--------------------------------------------
X.Xxxxx Xxxxxxx
EXHIBIT "A"
LIGHTTOUCH VEIN & LASER, INC.
(Nevada Corporation
Re: XXXXX XXXXXXX
Title: Vice-President /COO
DUTIES:
Acquisitions
Marketing
Analysis
Business Organization
>Coordinator of all departments
o 3 to 5 days a month through 6/30/01 (30%-40% from Pittsburgh)
o 4 to 6 days a month 7/01/01 through 6/30/03 (30%-40% from Pittsburgh)
SALARY OUTLINE:
April 1, 2000 to June 30, 2000
Salary: 0
Bonus: 0
Expenses: As reasonably incurred
July 1, 2000 to June 30,2001
Salary: $20,000.00
Expenses: Work-related travel, phone, fax
Small office space ($200.00 per month)
Car allowance ($650.00 per month)
Bonus: $20,000 - value of stock $6 at the close of any 5-day trading period
$40,000 - value of stock $8 at the close of any 5-day trading period
$80,000 - value of stock $10 at the close of any 5-day trading period
July 1, 2001 to June 30, 2002
Salary: $100,000.00 (increased to $125,000 if stock closes on any 5-day
trading period at a $10 bid or higher)
Expenses: Work-related travel
Phone, small office, fax, etc.
Car allowance - $650.00 per month
Benefits: Insurance (100% paid 01/01/02)
Bonus: $40,000 - value of stock $10 at the close of any 5-day trading period
$80,000 - value of stock $13 at the close of any 5-day trading period
July 1, 2002 to June 30, 2003
Salary: $105,000 (increased to $150,000 if stock closes on any 5-day
trading period at a $13 bid or higher and increased to $180,000
if stock closes on any 5-day trading period at $16 bid or higher)
Expenses/
Benefits: Same as 7/01/01 to 6/30/02 period
Bonus: $40,000-value of stock $13 at the close of any 5-day trading period
$80,000-value of stock $16 at the close of any 5-day trading period
$150,000-value of stock $20 at the close of any 5-day trading period
$250,000-value of stock $25 at the close of any 5-day trading period
Additional conditions:
o Salary shall be paid through LightTouch Vein & Laser, Inc. (Ohio) payroll
o Bonuses shall be paid with ten (10) days of the stated term
o Thirteen weeks salary if the company is sold
o Twenty-six weeks salary if terminated for any other reason other than sale of
company and failure of employee to perform duties
o 134,000 shares of stock at $0.73 - $0.74 via an option at a mutually agreed
upon date in 2000 (upon approval of Xxxxxxx'x financial advisors and approval
of LightTouch counsel)
