Exhibit 10.13
Schimatic Cash Transactions Network, Inc. Letterhead
July 1, 2001
Officer Name______________
Subject: Agreement to Forego Compensation and Additional Stock Options.
Dear ___________________:
As you know, we are actively seeking new capital infusion, which would finally
provide the Company the financial capacity to realize its full potential. We
believe this, plus the rapidly developing business opportunities, provide
tremendous opportunity for us as management and equity participants.
We now anticipate that, in the near term, our ability to use cash for executive
compensation will be limited. We also believe that investors will be attracted
by our management team's willingness to forego cash compensation appropriate for
past services in lieu of additional equity interests.
To that end the Company requests that you formally agree to forego any
entitlement, which you may have had to additional compensation, other than that
previously paid, through July 1, 2001. Your agreement to this request will be
signified by your signature in the space provided below.
At the same time, the Company's Board of Directors has authorized the issuance
to you of options to purchase __________ shares of the Company's common stock at
an exercise price of $.10 per share. These stock options will be non-qualified
stock options in the same manner as your previous options. They are fully vested
to you and will have a term of ten years. In order to make the exercise of the
options convenient, the Company intends to offer the same non-recourse note
exercise program recently used by you to exercise prior options. An appropriate
certificate of stock option will be forthwith provided to you.
On behalf of our shareholders, we appreciate your cooperation with this request.
We trust that this will help immensely with our efforts to continue to build-out
the Company.
Sincerely,
----------------------
Xxx Xxxxxxxx
CEO
Agreed and Accepted,
----------------------
, (title)
Schedule to Exhibit 10.13
Options have been granted under the foregoing as follows:
Name of Optionee Date Granted Number of Shares Exercise Price
---------------- ------------ ---------------- --------------
Xxxxx X. Xxxxx July 1, 2001 2,055,000 $.10
Xxxxx X. Xxxxxxxx July 1, 2001 1,429,970 $.10
Xxx X. Xxxxxxxxxx July 1, 2001 1,112,500 $.10
Xxxxx X. Xxxxxx July 1, 2001 1,049,500 $.10
Xxxxxxx X. Xxxxx July 1, 2001 940,000 $.10
Xxxx X. Xxxxxxx July 1, 2001 940,000 $.10
Xxxxxx X. Xxxxxxx July 1, 2001 780,000 $.10
Xxxxx X. Xxxxxx July 1, 2001 885,000 $.10
