EXHIBIT 10.115
Netgateway, Inc.
000 Xxxx Xxxxxxxxxx Xxxxxx
Xxxx, XX 00000
(801) 227-0004
April 5, 2001
Officers Name and Address
Dear ______________,
This letter will confirm the agreement we reached on January 5, 2001 relative to
converting monies owed you by Netgateway into stock of the Company. This was
done in an effort to improve our balance sheet and show future investors that
the management team is committed to the Company and its future. Due to the press
of other matters the mechanics were not completed until the date of your
signature. At the present time you are owed the following:
Two months back pay ________________
1999 bonus plan ________________
Signing bonus - merger ________________
2000 bonus plan ________________
Total ________________
You have agreed to accept ________ shares of the Company's common stock as full
payment for this indebtedness. The shares are not registered with the SEC.
Further the Company has agreed to pay you a cash bonus of _______ on April 1,
2002 to assist you with the income taxes you will be liable for as a result of
accepting this stock in lieu of a cash payment.
You will be issued an IRS form W.2 for the year 2001 in the amount of $_______
representing the compensation portion of this exchange.
If this letter correctly states our agreement please so indicate by signing
below. I appreciate your willingness to assist the Company by making this
conversion.
Sincerely,
Xxxxxx Xxxxx
Chief Executive Officer
Accepted and agreed to:
________________________________ __________________
Name of Officer Date
