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EXHIBIT 10.4
[Electronic Transmission Corporation Letterhead]
September 22, 1995
Xx. Xxxxx Xx
00000 Xxxxxx Xxxx., #000
Xxxxxx, Xxxxx 00000
Dear Xx. Xx:
This letter will serve as the agreement between you and Electronic
Transmission Corporation ("ETC") concerning employment with ETC. You will agree
to execute an employee nondisclosure/noncompete agreement with ETC. ETC will
pay you a salary of forty-eight thousand dollars ($48,000) per year which will
be paid by an employee leasing company with which ETC has contracted. You will
receive all the medical insurance and other benefits as provided by that
employee leasing company or any such leasing company ETC may use. You will have
the right to participate in any pension and/or profit sharing plans and
employee stock plans implemented by ETC.
You will additionally receive the option to purchase up to 50,000
shares of ETC stock at a price of one dollar ($1.00) per one thousand shares as
follows. The stock will be held in escrow for you. After six months of
employment, you may exercise your option to purchase 1/6 of the stock. After
twelve months of employment, you may exercise your option to purchase an
additional 1/6 of the stock. After two years of employment you may exercise
your option to purchase 1/3 of the stock. After three years of employment you
may exercise your option to purchase the remaining 1/3 of the stock. This final
transfer of stock is anticipated to be on September 25, 1998.
If this letter correctly reflect the agreement, please execute in the
space provided below and return an executed copy to me.
Sincerely,
AGREED AND ACCEPTED this 22 day of
September, 1995
/s/ X. Xxxx Xxxxxx /s/ Xxxxx Xx
-------------------------- --------------------------------------
L. Xxxx Xxxxxx Xxxxx Xx
Chairman, CEO
