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EXHIBIT 10.3
[Electronic Transmission Corporation Letterhead]
December 7, 1995
Xx. Xxxxx Xxxxx Xxxx
0000 Xxxxxxxxxx, Xxx. 0000
Xxxxxx, Xxxxx 00000
Dear Xx. Xxxx:
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 thirty-eight thousand dollars ($38,000) per year which will
be paid by an employee leasing company with which ETC has contracted. ETC will
pay for medical insurance for you. You will receive all the other benefits as
provided by that employee leasing company or any such leasing company ETC may
use. You will have the right to participate in any pension and/or profit
sharing plans and employee stock plans implemented by ETC.
You will additionally receive the option to purchase up to 10,000
shares of ETC stock at a price of one dollar ($ 1.00) per one thousand (1,000)
shares as follows. The stock will be held in escrow for you. After one year of
employment, you may exercise your option to purchase 1/2 of the stock. After
two years of employment you may exercise your option to purchase the remainder
of the stock.
If this letter correctly reflects the agreement, please execute in the
space provided below and return an executed copy to me.
Sincerely,
AGREED AND ACCEPTED this 7 day of
/s/ X. Xxxx Xxxxxx December, 1995
X. Xxxx Xxxxxx /s/ Xxxxx Xxxxx Xxxx
Chairman, CEO Xxxxx Xxxxx Xxxx
