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Exhibit 10.7
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PEACHTREE FIBEROPTICS, INC.
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VIA FAX
October 29, 1999
Xxxxx Xxxxxxx
c/o Peachtree FiberOptics, Inc.
0000 XXX Xxxx., Xxxxx 000
Xxxx Xxxxx Xxxxxxx, XX 00000
Dear Xxxxx:
This letter will confirm our offer of employment at Peachtree FiberOptics, Inc.
("VFIN") which intends to merge with vFinance Holdings, Inc. and Union Atlantic
LC. VFIN has agreed to provide you the following compensation:
1. $75,000 annual base salary to be paid bi-weekly which will begin
immediately upon VFIN's closing of its $5 million private placement
which is currently being presented to financial and venture capital
institutions ("Funding").
2. Options to acquire 75,000 common shares of VFIN at an exercise price of
$2.50 per share ("Options"). Except as provided herein below the
Options shall expire October 28, 2004. The Options shall vest and be
exercisable pursuant to the following terms and conditions:
a. 3,000 options shall be vested immediately;
b. 3,000 options shall vest each month for 11 months beginning
November 28, 1999 and on the 28th day of each much thereafter;
c. 19,500 options shall vest October 28, 2000;
d. 19,500 options shall vest October 28, 2001;
e. In the event you resign or are terminated, then all non-vested
Options shall expire and shall be deemed null and void; you
shall have 30 days from the date of such resignation or
termination to exercise Options which have vested after which
time any such vested Options which remain unexercised shall
expire and shall be null and void;
f. In the event of your death while you are an employee of VFIN,
your family shall have the right to exercise any vested
Options within 90 days of your death;
g. The Options are not assignable.
3. It is the intention of VFIN to establish a bonus/incentive program as
soon as possible following the Funding. It is the intention of VFIN to
register the common shares underlying the Options as soon as practible.
4. You shall be entitled to all other benefits available to employees of
VFIN.
PEACHTREE FIBEROPTICS, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx, Authorized Representative
0000 XXX XXXX., XXXXX 000, XXXX XXXXX XXXXXXX, XXXXXXX 00000,
VOICE: (000) 000-0000 FAX: (000) 000-0000