January 11, 2000
Xx. Xxxx Xxxxxxxx
0000 Xxx Xxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxx,
The purpose of this letter is to confirm our verbal agreement ("Agreement") with
regard to the consulting services ("Consulting Services") you recently provided
for GTC Telecom Corporation related to GTC's credit card processing for its
billing program.
In accordance with our Agreement, GTC agreed to grant you a total of two
thousand (2,000) shares of the company's common stock ("Stock Compensation") for
your successful completion of the Consulting Services. GTC hereby acknowledges
and agrees you have successfully completed the Consulting Services as of the
date of this letter, and you have now earned the Stock Compensation.
In the near future, GTC will provide you with the stock certificate
("Certificate") representing the Stock Compensation. At the time GTC delivers
the Certificate to you, the securities evidenced by this Certificate will not be
registered under the Securities Act of 1933 and must be held by you for
investment purposes only. During the holding period required by said Securities
Act, the securities represented by said Certificate may not be sold or otherwise
transferred unless there is an effective registration statement for
Certificates. However, in accordance with our Agreement, GTC will register the
securities represented by the Certificate, at no cost to you, in conjunction
with the next registration statement GTC files with the Securities and Exchange
Commission ("SEC") that will allow for the registration of the type of
securities you have received. At the present time, GTC expects, but cannot
guarantee, it will file such a registration statement with the SEC in April of
this year which will cause your securities to be registered and free trading by
May 1, 2000.
Xxxx, if the above accurately represents the Agreement between you and GTC in
this matter, please indicate your agreement by signing a copy of this letter and
returning it to me. Also, please provide us with your Social Security Number,
which is required before GTC can issue you the Certificate.
Sincerely,
/s/ Xxxx Xxxxxx
Xxxx Xxxxxx
President & CEO
I agree this letter is accurately states the Agreement between GTC and me
regarding the Consulting Services and the Stock Compensation.
/s/ Xxxx Xxxxxxxx
________________________ ______________
Xxxx Xxxxxxxx Date
