EXHIBIT 10.3 EMPLOYMENT AGREEMENT WITH XXXXX X. XXXXX
February 14, 2002
Xxxxx X. Xxxxx
Technology Visions Group, Inc.
0000 Xx Xxxxx Xxxxx, Xxxxx 000
Xxxxxxxx, XX 00000
Re: Employment Agreement
Dear Xx. Xxxxx:
On April 1, 1995, Technology Visions Group, Inc., f/k/a Orbit
Technologies, Inc. (the "Company"), entered into an employment agreement with
you as President and Chief Operating Officer of the Company. This agreement
exists presently and as of December 31, 2001, the Company was indebted to you in
the amount of $690,600 for unpaid salary. As such, the Company agrees to convert
$75,000 of unpaid salary into common stock at a rate of $.03 per share
(2,500,000 shares), which is the current market price for the common stock.
The Company agrees to promptly register these shares on a Form S-8
under the Securities Act of 1933 at its own expense. This conversion will serve
to reduce the amount of debt the Company owes to you by $75,000.
Sincerely,
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
President
Agreed & Approved:
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
