XXXXXXXX.XXX, INC.
0000 Xxxxxxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxx Xxxxx, XX 00000
(000) 000-0000
27 September, 1999
Xx. Xxxxx Xxxxxx
000 Xxxxx Xxxxx Xxxxx
Xxxxxxxx, XX 00000
Dear Xxxxx:
This letter confirms our understanding regarding your engagement by
XXxxxxxx.xxx, Inc. (AWCollect@). We agree as follows:
1. You will act as WCollect=s Chief Operating Officer on a
non-exclusive basis (i.e., you shall be free to pursue
other business opportunities concurrent with your
engagement with WCollect);
2. You will devote such time and attention as is mutually
agreeable to fulfill your duties as WCollect=s COO;
3. You will be paid 100,000 shares of WCollect=s common
stock upon execution of a definitive engagement
agreement, which shall be placed in escrow; provided,
however, that only 25,000 of the aforementioned shares
shall be released as follows: 25,000 shares released
upon WCollect=s filing of a Form 10-SB and 50,000 shares
released 180 days after the execution of his engagement
agreement;
4. You will be paid a day-rate equal to $750 for each day
you work on WCollect=s behalf in your capacity as COO;
provided, however, that you agree to accrue these fees
until WCollect obtains a financing over and above the
$300,000 financing it anticipates receiving within the
next two (2) weeks;
5. You will have your pre-approved expenses reimbursed in a
timely manner;
6. We agree to obtain Directors and Officers professional
liability insurance in a minimum amount of $1,000,000
concurrent with the secondary financing referenced in
paragraph 4 above.
Assuming this is acceptable, we will prepare a definitive agreement
for our mutual signature immediately.
Very truly yours,
APPROVED AND AGREED
this 27 day of September, 1999
\s\ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx By: \s\ Xxxxx Xxxxxx
-------------
President XXXXX XXXXXX
