11 May 2000
Agreement
Between:
Side A: Swiftnet Limited and Xxxxxxx Xxxxxx (hereinafter Swiftnet)
And
Side B: Xxx Xxxxxxxxx (hereinafter Xxxxxxxxx)
1. Swiftnet will employ Xxxxxxxxx for the purpose of business development,
sales and marketing.
2. Swiftnet will pay Xxxxxxxxx one thousand pounds a month.
3. In case Swiftnet reaches average sales of 175,000 pounds per month (average
of any following three month), Xx. Xxxxxxxxx will receive a raise and his
salary will be 2000 pounds per month.
4. Xxxxxxxxx will receive options to buy Swiftnet and other companies that
will buy or merge into Swiftnet in the future according to the following
formula:
50% of the options that Xxxxxxx Xxxxxx will receive. These options will
have the same price and conditions as Xxxxxxx Xxxxxx options.
5. The options could be taken progressively and are transferable (Xxxxxxxxx
decision).
6. Swiftnet will have the right to cancel the options above when the two
following conditions occur at the same time: Xxxxxxxxx does not work with
Swiftnet and in the time of Nissenson's activities or 12 month afterwards
Swiftnet and other companies that will buy or merge into Swiftnet in the
future did not reach even once the benchmark of 120,000 UK Pounds revenues
per month (will be calculated on an average of consecutive three months).
In the case of Swiftnet and other companies that will buy or merge into
Swiftnet in the future not reaching the 120,000 benchmark and goes public /
has an ownership structure change before the end of the 12 month period the
options will be granted.
7. Swiftnet and Xxxxxxxxx could terminate this agreement at any time. A
one-month written notice must be issued prior to Termination.
8. In case of termination Sections 4 to 6 will still be valid.
Signatures:
------------------------- ----------------------
Swiftnet Limited. Xxx Xxxxxxxxx.
