As filed with the Securities and Exchange Commission on May 19, 1999
Registration No. 333-__________
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
------------------
800 TRAVEL SYSTEMS, INC.
(Exact name of registrant as specified in charter)
Delaware 59-3343338
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4802 Gunn Highway
Tampa, Florida 33642
(813) 908-0903
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
------------------
1998 Stock Option Plan
(Full Title of Plan)
------------------
Mark D. Mastrini
President, Chief Executive Officer and Chief Operating Officer
800 Travel Systems, Inc.
Tampa, Florida 33624
(813) 908-0903
(name and address, including zip code and telephone number,
including area code of agent for service)
------------------
Copies to:
Vincent J. McGill, Esq.
Phillips Nizer Benjamin Krim & Ballon LLP
666 Fifth Avenue
New York, New York 10103
(212) 977-9700
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
===============================================================================================
Proposed Proposed
Maximum Maximum Amount of
Title of Each Class of Amount to be Offering Price Aggregate Registration
Securities to be Registered Registered (1) Per Share Offering Price Fee
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, $0.01 par value 190,000 $5.50 $1,045,000 $316.64
60,000 $6.0625(3) $363,750 $110.23(2)
- -----------------------------------------------------------------------------------------------
TOTAL 250,000 -- $1,408,750 $426.87
===============================================================================================
</TABLE>
(1) Pursuant to Rule 416(a), the number of shares being registered shall be
adjusted to include any additional shares which may become issuable as a
result of stock splits, stock dividends or similar transactions in
accordance with the anti-dilution provisions of the 800 Travel Systems,
Inc. 1999 Stock Option Plan (the "Plan").
(2) Calculated pursuant to Rule 457(h) under the Securities Act of 1933, as
amended (the "Securities Act"), for the purpose of determining the
registration fee, based upon the price at which outstanding options may be
exercised.
(3) Calculated pursuant to Rule 457(c) under the Securities Act based on the
average of the high and low prices on May 13, 1999.
<PAGE>
PART II
Item 3. Incorporation of Documents by Reference.
The following documents which have been filed by 800 Travel Systems, Inc.
(the "Registrant") with the Securities and Exchange Commission (the
"Commission"), are hereby incorporated by reference in this Registration
Statement:
1. Annual Report on Form 10-KSB for the fiscal year ended December 31,
1998.
2. The description of the Common Stock contained in the Registrant's
Registration Statement on Form 8-A filed pursuant to Section 12 of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and any amendment or report filed for the purpose of updating
such description.
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14
and 15(d) of the Exchange Act subsequent to the date of the Registration
Statement and prior to the filing of a post-effective amendment, which indicates
that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference into this
Registration Statement and to be a part hereof from the respective dates of
filing such documents.
The Registrant will provide without charge to any Plan participant, at the
request of such person, a copy of any or all of the foregoing documents
incorporated herein by reference (other than exhibits to such documents).
Requests should be directed to Jerrold B. Sendrow, Secretary, 800 Travel
Systems, Inc., 4802 Gunn Highway, Tampa, Florida 33624, Tel. (813) 908-0903.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the General Corporation Law of the State of Delaware, as
amended (the "DGCL"), permits a corporation, under specified circumstances, to
indemnify its directors, officers, employees or agents against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlements
actually and reasonably incurred by them in connection with any action, suit or
proceeding brought by third parties by reason of the fact that they were or are
directors, officers, employees or agents of the corporation, if such directors,
officers, employees or agents acted in good faith and in a manner they
reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or proceeding, had no
reason to believe their conduct was unlawful. In an action by
2
<PAGE>
or in the right of the corporation, indemnification may be made only for
expenses actually and reasonably incurred by directors, officers, employees or
agents in connection with the defense or settlement of an action or suit, and
only with respect to a matter as to which they shall have acted in good faith
and in a manner they reasonably believed to be in or not opposed to the best
interest of the corporation, except that no indemnification shall be made if
such person shall have been adjudged liable to the corporation, unless and only
to the extent that the court in which the action or suit was brought shall
determine upon application that the defendant directors, officers, employees or
agents are fairly and reasonably entitled to indemnify for such expenses despite
such adjudication of liability.
Article Sixth of the Company's Amended and Restated Certificate of
Incorporation provides that the Company's directors will not be personally
liable to the Company or its stockholders for monetary damages resulting from
breaches of their fiduciary duty as directors except (a) for any breach of the
duty of loyalty to the Company or its stockholders, (b) for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation
of law, (c) under Section 174 of the DGCL which makes directors liable for
unlawful dividends or unlawful stock repurchases or redemptions or (d) for
transactions from which directors derive improper personal benefit.
Article Seventh of the Company's Amended and Restated Certificate of
Incorporation provides that the Company shall indemnify each person who was or
is made a party or is threatened to be made a party to or is involved in any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative by reason of the fact that he or she,
or a person of which he or she is the legal representative, is or was a director
of officer, or had agreed to serve as a director or officer, of the Company or
is or was serving or has agreed to serve at the request of the Company as a
director, officer, employee or agent of an entity affiliated with or related to
the Company.
The Company also maintains directors and officers liability insurance.
Item 7. Exemption From Registration Claimed.
Not Applicable.
3
<PAGE>
Item 8. Exhibits.
Exhibit
Nos. Description of Exhibits
- ------- -----------------------
5.1 Opinion of Phillips Nizer Benjamin Krim & Ballon LLP (1)
10.1 1998 Stock Option Plan (1)
23.1 Consent of Grant Thornton LLP (1)
23.2 Consent of Killman, Murrell & Company, P.C. (1)
23.3 Consent of Phillips Nizer Benjamin Krim & Ballon LLP (included in
Exhibit 5.1)
- ----------
(1) Filed herewith.
Item 9. Undertakings.
1. The undersigned Registrant hereby undertakes:
(i) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement to include any
material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such
information in the Registration Statement.
(ii) That, for the purpose of determining any liability under the
Securities Act of 1933, as amended (the "Securities Act"), each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(iii) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
2. The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act), that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
3. Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers or controlling persons of the
registrant, pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that, in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Act, and is,
therefore,
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<PAGE>
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding is asserted by such
director, officer or controlling person in connection with the securities being
registered hereunder, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the act and will be governed by the final
adjudication of such issue.
5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, on the 19th day of May 1999.
800 TRAVEL SYSTEMS, INC.
(Registrant)
By: /s/ Mark D. Mastrini
-----------------------
Mark D. Mastrini, President,
Chief Executive Officer and
Chief Operating Officer
Pursuant to the requirements of the Securities Act, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
/s/ Mark D. Mastrini President, Chief Executive Officer, May 19, 1999
- -------------------- Chief Operating and Director
MARK D. MASTRINI
/s/ Jerrold B. Sendrow Vice President -- Finance, May 19, 1999
- ---------------------- Treasurer and Secretary
JERROLD B. SENDROW (principal accounting officer)
Director
- --------------------
MICHAEL A. GAGGI
/s/ George A. Warde Chairman of the Board May 19, 1999
- -------------------
GEORGE A. WARDE
Director
- --------------------
CARL A. BELLINI
/s/ L. Douglas Bailey Director May 19, 1999
- -------------------
L. DOUGLAS BAILEY
6
Exhibit 5.1
PHILLIPS NIZER BENJAMIN KRIM & BALLON LLP
666 Fifth Avenue
New York, New York 10103-0084
May 19, 1999
Re: Registration Statement on Form S-8
To Whom It May Concern:
We have acted as counsel to 800 Travel Systems, Inc., a Delaware
corporation (the "Company"), in connection with the preparation and filing with
the Securities and Exchange Commission (the "Commission") under the Securities
Act of 1933, as amended (the "Act"), of a Registration Statement on Form S-8
(the "Registration Statement") relating to the registration by the Company of an
aggregate of 250,000 shares of the Company's Common Stock, $.01 par value per
share (the "Shares"), to be issued pursuant to the Company's 1998 Stock Option
Plan (the "Plan").
In so acting, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the Registration Statement, the Plan, the
Certificate of Incorporation of the Company, as amended to date, the By-Laws of
the Company, as amended to date, and such other documents, records, certificates
and other instruments of the Company as in our judgment are necessary or
appropriate for purposes of this opinion.
Based on the foregoing, we are of the following opinion:
1. The Company is a corporation duly incorporated and validly existing
under the law of the State of Delaware.
2. The Shares have been duly authorized and, when issued and paid for
in accordance with the Plan, will be validly issued, fully paid and
non-assessable.
We are expressing the opinions above as members of the Bar of the State of
New York and express no opinion as to any law other than the laws of that state
and the General Corporation Law of the State of Delaware.
We consent to the use of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are acting
within the category of persons whose consent is required under Section 7 of the
Act or the rules and regulations of the Commission thereunder.
Very truly yours,
PHILLIPS NIZER BENJAMIN KRIM & BALLON LLP
/s/ Phillips Nizer Benjamin Krim & Ballon LLP
EXHIBIT 10.1
800 TRAVEL SYSTEMS, INC.
1998 STOCK OPTION PLAN
1. Purpose of the 1998 Stock Option Plan.
800 Travel Systems, Inc., a Delaware corporation (the "Corporation"),
desires to attract and retain the best available employees and to encourage the
highest level of performance. The 1998 Stock Option Plan (the "Stock Option
Plan") is intended to contribute significantly to the attainment of these
objectives, by (i) providing long-term incentives and rewards to all key
employees of the Corporation (including officers and directors who are key
employees of the Corporation and also including key employees of any subsidiary
of the Corporation which may include officers or directors of any subsidiary of
the Corporation who are also key employees of said subsidiary), and those
directors and officers, consultants, advisers, agents or independent
representatives of the Corporation or of any subsidiary (together, "Eligible
Individuals"), who are contributing or in a position to contribute to the
long-term success and growth of the Corporation or of any subsidiary, (ii)
assisting the Corporation and any subsidiary in attracting and retaining
Eligible Individuals with experience and ability, and (iii) associating more
closely the interests of such Eligible Individuals with those of the
Corporation's stockholders.
2. Scope and Duration of the Stock Option Plan.
Under the Stock Option Plan, options ("Options") to purchase common stock,
par value $.01 per share ("Common Stock"), may be granted to Eligible
Individuals. Options granted to employees (including officers and directors who
are employees) of the Corporation or a subsidiary corporation thereof, may, at
the time of grant, be designated by the Corporation's Board of Directors as
incentive stock options ("ISOs"), with the attendant tax benefits as provided
for under Sections 421 and 422 of the Internal Revenue Code of 1986, as amended
(the "Code"). The aggregate number of shares of Common Stock reserved for grant
from time to time under the Stock Option Plan is 250,000 shares of Common Stock,
which shares of Common Stock may be authorized but unissued shares of Common
Stock or shares of Common Stock which shall have been or which may be reacquired
by the Corporation, as the Board of Directors of the Corporation shall from time
to time determine. Such aggregate numbers shall be subject to adjustment as
provided in Paragraph 11. If an Option shall expire or terminate for any reason
without having been exercised in full, the shares of Common Stock represented by
the portion thereof not so exercised or surrendered shall (unless the Stock
Option Plan shall have been terminated) become available for other options under
the Stock Option Plan. Subject to Paragraph 13, no Option shall be granted under
the Stock Option Plan after December 15, 2007. The grant of an Option and/or a
Right is sometimes referred to herein as an Award thereof.
3. Administration of the Stock Option Plan.
This Stock Option Plan will be administered by the Board of Directors of
the Corporation (the "Board of Directors"). The Board of Directors, in its
discretion, may designate an option committee (the "Option Committee" or
"Committee") composed of at least two members of the Board of Directors to
administer this Stock Option Plan. Subject to the express provisions of this
Plan, the Board of Directors or the Committee (hereinafter, the terms "Option
Committee" or "Committee" shall mean the Board of Directors
<PAGE>
whenever no such Option Committee has been designated) shall have authority in
its discretion, subject to and not inconsistent with the express provisions of
this Stock Option Plan, to direct the grant of Options, to determine the
purchase price of the Common Stock covered by each Option, the Eligible
Individuals to whom, and the time or times at which, Options shall be granted
and subject to the maximum set forth in Paragraph 4 hereof, the number of shares
of Common Stock to be covered by each Option; to designate Options as ISOs; to
interpret the Stock Option Plan; to determine the time or times at which Options
may be exercised; to prescribe, amend and rescind rules and regulations relating
to the Stock Option Plan, including, without limitation, such rules and
regulations as it shall deem advisable, so that transactions involving Options
may qualify for exemption under such rules and regulations as the Securities and
Exchange Commission may promulgate from time to time exempting transactions from
Section 16(b) of the Securities and Exchange Act of 1934, as amended; to
determine the terms and provisions of and to cause the Corporation to enter into
agreements with Eligible Individuals in connection with (Awards) Options granted
under the Stock Option Plan (the "Agreements"), which Agreements may vary from
one another as the Committee shall deem appropriate; and to make all other
determinations it may deem necessary or advisable for the administration of the
Stock Option Plan.
Members of the Committee shall serve at the pleasure of the Board of
Directors. The Committee shall have and may exercise all of the powers of the
Board of Directors under the Stock Option Plan, other than the power to appoint
a director to committee membership. A majority of the Committee shall constitute
a quorum, and acts of a majority of the members present at any meeting at which
a quorum is present shall be deemed the acts of the Committee. The Committee may
also act by instrument signed by a majority of the members of the Committee.
Every action, decision, interpretation or determination by the Committee
with respect to the application or administration of this Stock Option Plan
shall be final and binding upon the Corporation and each person holding any
Option granted under this Stock Option Plan.
4. Eligibility: Factors in Granting Options and Designating ISOs (Awards).
(a) Options may be granted only to (i) key employees (including officers
and directors who are employees) of the Corporation or any subsidiary
corporation thereof on the date of grant (Options so granted may be designated
as ISOs), and (ii) directors or officers of the Corporation or a subsidiary
corporation thereof on the date of grant, without regard to whether they are
employees, and (iii) consultants or advisers to or agents or independent
representatives of the Corporation or a subsidiary thereof. In determining the
persons to whom Options (Awards) shall be granted and the number of shares of
Common Stock to be covered by each Award, the Committee shall take into account
the nature of the duties of the respective persons, their present and potential
contributions to the Corporation's (including subsidiaries) successful operation
and such other factors as the Board of Directors in its discretion shall deem
relevant. Subject to the provisions of Paragraph 2, an Eligible Individual may
receive Options (Awards) on more than one occasion under the Stock Option Plan.
No person shall be eligible for an Option grant if he shall have filed with the
Secretary of the Corporation an instrument waiving such eligibility; provided
that any such waiver may be revoked by filing with the Secretary of the
Corporation an instrument of evocation, which revocation will be effective upon
such filing.
(b) In the case of each ISO granted to an employee, the aggregate fair
market value (determined at the time the ISO is granted) of the Common Stock
with respect to which the ISO is exercisable for the first time by such employee
during any calendar year (under all plans of the Corporation and any subsidiary
corporation thereof) may not exceed $100,000.
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<PAGE>
5. Option Price.
(a) The purchase price per share of the Common Stock covered by each
Option shall be established by the Committee, but in no event shall it be less
than the fair market value of a share of the Common Stock on the date the Option
is granted. If, at the time an Option is granted, the Common Stock is publicly
traded, such fair market value shall be the closing price (or the mean of the
latest bid and asked prices) of a share of Common Stock on such date as reported
in The Wall Street Journal (or a publication or reporting service deemed
equivalent to The Wall Street Journal for such purpose by the Board of
Directors) for any national securities exchange or other securities market which
at the time is included in the stock price quotations of such publication. In
the event that the Committee shall determine such stock price quotation is not
representative of fair market value by reason of the lack of a significant
number of recent transactions or otherwise, the Committee may determine fair
market value in such a manner as it shall deem appropriate under the
circumstances. If, at the time an Option is granted, the Common Stock is not
publicly traded, the Committee shall make a good faith attempt to determine such
fair market value.
(b) In the case of an employee who, at the time an ISO is granted owns
stock possessing more than 10% of the total combined voting power of all classes
of the stock of the employer corporation or of its parent or a subsidiary
corporation thereof (a "10% Holder"), the purchase price of the Common Stock
covered by any ISO shall in no event be less than 110% of the fair market value
of the Common Stock at the time the ISO is granted.
6. Term of Options.
The term of each Option shall be fixed by the Committee, but in no event
shall it be exercisable more than 10 years from the date of grant, subject to
earlier termination as provided in Paragraphs 9 and 10. An ISO granted to a 10%
Holder shall not be exercisable more than 5 years from the date of grant.
7. Exercise of Options.
(a) Subject to the provisions of the Stock Option Plan, an Option granted
to an employee under the Stock Option Plan shall become fully exercisable at the
earlier of (A) employee's actual retirement date, unless such retirement is
without the consent of the Board of Directors and is prior to the employee's
normal retirement date as determined under any qualified retirement plan
maintained by the Corporation at such time or, if no such plan is than in
effect, age 65 (but in no event prior to the first anniversary of the date of
grant), or (B) at such time or times as the Committee in its sole discretion
shall determine at the time of the granting of the Option, except that in no
event shall any such Option be exercisable later than 10 years after its grant.
Notwithstanding anything in this Stock Option Plan to the contrary, Options that
are not designated as ISOs may be exercised in such manner and at such time or
times as the Committee in its sole discretion shall determine, except that in no
event shall any such Option be exercisable earlier than six months or later than
10 years after its grant.
(b) An Option may be exercised as to any or all full shares of Common
Stock as to which the Option is then exercisable.
(c) The purchase price of the shares of Common Stock as to which an Option
is exercised shall be paid in full in cash at the time of exercise; provided
that, if permitted by the related Option Agreement or by the Committee, the
purchase price may be paid, in whole or in part, by surrender or delivery to
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<PAGE>
the Corporation of securities of the Corporation having a fair market value on
the date of the exercise equal to the portion of the purchase price being so
paid. Fair market value shall be determined as provided in Paragraph 5 for the
determination of such value on the date of the grant. In addition, the holder
shall, upon notification of the amount due and prior to or concurrently with
delivery to the holder of a certificate representing such shares of Common
Stock, pay promptly any amount necessary to satisfy applicable federal, state or
local tax requirements.
(d) Except as provided in Paragraphs 9 and 10, no Option may be exercised
unless the original grantee thereof is then an Eligible Individual.
(e) The Option holder shall have the rights of a stockholder with respect
to shares of Common Stock covered by an Option only upon becoming the holder of
record of such shares of Common Stock.
(f) Notwithstanding any other provision of this Stock Option Plan, the
Corporation shall not be required to issue or deliver any share of stock upon
the exercise of an Option prior to the admission of such share to listing on any
stock exchange or automated quotation system on which the Corporation's Common
Stock may then be listed.
8. Non-transferability of Options.
No Options granted under the Stock Option Plan shall be transferable other
than by will or by the laws of descent and distribution ("Permitted
Transferee"). With respect to ISOs, Options may be exercised, during the
lifetime of the holder, only by the holder, or by his guardian or legal
representative.
9. Termination of Relationship to the Corporation.
(a) In the event that any original grantee shall cease to be an Eligible
Individual of the Corporation (or any subsidiary thereof), except as set forth
in Paragraph 10, such Option may (subject to the provisions of the Stock Option
Plan) be exercised (to the extent that the original grantee was entitled to
exercise such Option at the termination of his employment or service as a
director, officer, consultant, adviser, agent or independent representative, as
the case may be) at any time within three months after such termination, but not
more than 10 years (five years in the case of a 10% Holder) after the date on
which such Option was granted or the expiration of the Option, if earlier.
Notwithstanding the foregoing, if the position of an original grantee shall be
terminated by the Corporation or any subsidiary thereof for cause or if the
original grantee terminates his employment or position voluntarily and without
the consent of the Corporation or any subsidiary corporation thereof, as the
case may be (which consent shall be presumed in the case of normal retirement),
the Options granted to such person, whether held by such person or by a
Permitted Transferee shall, to the extent not theretofore exercised, forthwith
terminate immediately upon such termination. The holder of any ISO may not
exercise such Option unless at all times during the period beginning with the
date of grant of the ISO and ending on the three months before the date of
exercise he is an employee of the Corporation granting such Option, a subsidiary
thereof, or a corporation or a subsidiary corporation issuing or assuming a
stock option in a transaction to which Section 424(a) of the Code applies.
(b) Other than as provided in Paragraph 9(a), Options granted under the
Stock Option Plan shall not be affected by any change of duties or position so
long as the holder remains an Eligible Individual.
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<PAGE>
(c) Any Option Agreement may contain such provisions as the Committee
shall approve with reference to the determination of the date employment
terminates or the date other positions or relationships terminate for purposes
of the Stock Option Plan and the effect of leaves of absence, which provisions
may vary from one another.
(d) Nothing in the Stock Option Plan or in any Option granted pursuant to
the Stock Option Plan shall confer upon any Eligible Individual or other person
any right to continue in the employ of the Corporation or any subsidiary
corporation (or the right to be retained by, or have any continued relationship
with the Corporation or any subsidiary corporation thereof), or affect the right
of the Corporation or any such subsidiary corporation, as the case may be, to
terminate his employment, retention or relationship at any time. The grant of
any option pursuant to the Stock Option Plan shall be entirely in the discretion
of the Committee and nothing in the Stock Option Plan shall be construed to
confer on any Eligible Individual any right to receive any Option under the
Stock Option Plan.
10. Death or Disability of Holder.
(a) If a person to whom an Option has been granted under the Stock Option
Plan shall die (and the conditions in sub-paragraph (b) below are met) or become
permanently and totally disabled (as such term is defined below) while serving
as an Eligible Individual and if the Option was otherwise exercisable
immediately prior to the happening of such event, then the period for exercise
provided in Paragraph 9 shall be extended to one year after the date of death of
the original grantee, or in the case of the permanent and total disability of
the original grantee, to one year after the date of permanent and total
disability of the original grantee, but, in either case, not more than 10 years
(five years in the case of a 10% Holder) after the date such Option was granted,
or the expiration of the Option, if earlier, as shall be prescribed in the
original grantee's Option Agreement. An Option may be exercised as set forth
herein in the event of the original grantee's death, by a Permitted Transferee
or the person or persons to whom the holder's rights under the Option pass by
will or applicable law, or if no such person has the right, by his executors or
administrators; or in the event of the original grantee's permanent and total
disability, by the holder or his guardian.
(b) In the case of death of a person to whom an Option was originally
granted, the provisions of subparagraph (a) apply if such person dies (i) while
in the employ of the Corporation or a subsidiary corporation thereof or while
serving as an Eligible Individual of the Corporation or a subsidiary corporation
thereof or (ii) within three months after the termination of such position other
than termination for cause, or voluntarily on the original grantee's part and
without the consent of the Corporation or a subsidiary corporation thereof,
which consent shall be presumed in the case of normal retirement.
(c) The term "permanent and total disability" as used above shall have the
meaning set forth in Section 22(e)(3) of the Code.
11. Adjustments upon Changes in Capitalization.
Notwithstanding any other provision of the Stock Option Plan, each
Agreement may contain such provisions as the Committee shall determine to be
appropriate for the adjustment of the number and class of shares of Common Stock
covered by such Option, the Option prices and the number of shares of Common
Stock as to which Options shall be exercisable at any time, in the event of
changes in the outstanding Common Stock of the Corporation by reason of stock
dividends, split-ups, split-downs,
5
<PAGE>
reverse splits, recapitalizations, mergers, consolidations, combinations or
exchanges of shares, spin-offs, reorganizations, liquidations and the like. In
the event of any such change in the outstanding Common Stock of the Corporation,
the aggregate number of shares of Common Stock as to which Options may be
granted under the Stock Option Plan to any Eligible Individual shall be
appropriately adjusted by the Committee whose determination shall be conclusive.
In the event of (i) the dissolution, liquidation, merger or consolidation of the
Corporation or a sale of all or substantially all of the assets of the
Corporation, or (ii) the disposition by the Corporation of substantially all of
the assets or stock of a subsidiary of which the original grantee is then an
employee, officer or director, consultant, adviser, agent or independent
representative or (iii) a change in control (as hereinafter defined) of the
Corporation has occurred or is about to occur, then, if the Committee shall so
determine, each Option under the Stock Option Plan, if such event shall occur
with respect to the Corporation, or each Option granted to an employee, officer,
director, consultant, adviser, agent or independent representative of a
subsidiary respecting which such event shall occur, as determined by the Option
Committee, shall (x) become immediately and fully exercisable or (y) terminate
simultaneously with the happening of such event, and the Corporation shall pay
the optionee in lieu thereof an amount equal to (a) the excess of the fair
market value over the exercise price of one share on the date on which such
event occurs, multiplied by (b) the number of shares subject to the Option,
without regard to whether the Option is then otherwise exercisable.
12. Effectiveness of the Stock Option Plan.
Options may be granted under the Stock Option Plan, subject to its
authorization and adoption by stockholders of the Corporation, at any time or
from time to time after its adoption by the Committee, but no Option shall be
exercised under the Stock Option Plan until the Stock Option Plan shall have
been authorized and adopted by a majority of the votes properly cast thereon at
a meeting of stockholders of the Corporation duly called and held within 12
months from the date of adoption of the Stock Option Plan by the Board of
Directors. If so adopted, the Stock Option Plan shall become effective as of the
date of its adoption by the Board of Directors. The exercise of the Options
shall also be expressly subject to the condition that at the time of exercise a
registration statement under the Securities Act of 1933, as amended (the "Act"),
shall be effective, or other provisions satisfactory to the Committee shall have
been made to ensure that such exercise will not result in a violation of such
Act, and such other qualification under any state or federal law, rule or
regulation as the Corporation shall determine to be necessary or advisable shall
have been effected. If the shares of Common Stock issuable upon exercise of an
Option are not registered under such Act, and if the Committee shall deem it
advisable, the Optionee may be required to represent and agree in writing (i)
that any shares of Common Stock acquired pursuant to the Stock Option Plan will
not be sold except pursuant to an effective registration statement under such
Act or an exemption from the registration provisions of the Act and (ii) that
such Optionee will be acquiring such shares of Common Stock for his own account
and not with a view to the distribution thereof and (iii) that the holder
accepts such restrictions on transfer of such shares, including, without
limitation, the affixing to any certificate representing such shares of an
appropriate legend restricting transfer as the Corporation may reasonably
impose.
13. Termination and Amendment of the Stock Option Plan.
The Board of Directors of the Corporation may, at any time prior to the
termination of the Stock Option Plan, suspend, terminate, modify or amend the
Stock Option Plan; provided that any increase in the aggregate number of shares
of Common Stock reserved for issue upon the exercise of Options, any amendment
which would materially increase the benefits accruing to participants under the
Stock Option
6
<PAGE>
Plan, or any material modification in the requirements as to eligibility for
participation in the Stock Option Plan, shall be subject to the approval of
stockholders in the manner provided in Paragraph 12, except that any such
increase, amendment or change that may result from adjustments authorized by
Paragraph 11 or adjustments based on revisions to the Code or regulations
promulgated thereunder (to the extent permitted by such authorities) shall not
require such approval. No suspension, termination, modification or amendment of
the Stock Option Plan may, without the express written consent of the Eligible
Individual (or his Permitted Transferee) to whom an Option shall theretofore
have been granted, adversely affect the rights of such Eligible Individual (or
his Permitted Transferee) under such Option.
14. Financing for Investment in Stock of the Corporation.
The Committee may cause the Corporation or any subsidiary to give or
arrange for financing, including direct loans, secured or unsecured, or
guaranties of loans by banks which loans may be secured in whole or in part by
assets of the Corporation or any subsidiary, to any Eligible Individual under
the Stock Option Plan who shall have been so employed or so served for a period
of at least six months at the end of the fiscal year ended immediately prior to
arranging such financing; but the Committee may, in any specific case, authorize
financing for an Eligible Individual who shall not have served for such a
period. Such financing shall be for the purpose of providing funds for the
purchase by the Eligible Individual of shares of Common Stock pursuant to the
exercise of an Option and/or for payment of taxes incurred in connection with
such exercise, and/or for the purpose of otherwise purchasing or carrying a
stock investment in the Corporation. The maximum amount of liability incurred by
the Corporation and its subsidiaries in connection with all such financing
outstanding shall be determined from time to time in the discretion of the Board
of Directors. Each loan shall bear interest at a rate not less than that
provided by the Code and other applicable law, rules, and regulations in order
to avoid the imputation of interest. Each recipient of such financing shall be
personally liable for the full amount of all financing extended to him. Such
financing shall be based upon the judgment of the Committee that such financing
may reasonably be expected to benefit the Corporation, and that such financing
as may be granted shall be consistent with the Certificate of Incorporation and
By-Laws of the Corporation or such subsidiary, and applicable laws. If any such
financing is authorized by the Board of Directors, such financing shall be
administered by the Committee.
15. Severability.
In the event that any one or more provisions of the Stock Option Plan or
any Agreement, or any action taken pursuant to the Stock Option Plan or such
Agreement, should, for any reason, be unenforceable or invalid in any respect
under the laws of the United States, any state of the United States or any other
government, such unenforceability or invalidity shall not affect any other
provision of the Stock Option Plan or of such or any other Agreement, but in
such particular jurisdiction and instance the Stock Option Plan and the affected
Agreement shall be construed as if such unenforceable or invalid provision had
not been contained therein or if the action in question had not been taken
thereunder.
16. Applicable Law.
The Stock Option Plan shall be governed and interpreted, construed and
applied in accordance with the laws of the State of Delaware.
17. Withholding.
7
<PAGE>
A holder shall, upon notification of the amount due and prior to or
concurrently with delivery to such holder of a certificate representing such
shares of Common Stock, pay promptly any amount necessary to satisfy applicable
federal, state, local or other tax requirements.
18. Miscellaneous.
1. The terms "parent," "subsidiary" and "subsidiary corporation" shall
have the meanings set forth in Sections 424(e) and (f) of the Code,
respectively.
2. The term "disinterested person" shall mean a person who is not at the
time he exercises discretion in administering the Stock Option Plan eligible and
has not at any time within one year prior thereto been eligible for selection as
a person to whom stock may be allocated or to whom stock options may be granted
pursuant to the Stock Option Plan or any other plan of the Corporation or any of
its affiliates entitling the participants therein to acquire stock or stock
options of the Corporation or any of its affiliates.
3. The term "terminated for cause" shall mean termination by the
Corporation (or a subsidiary thereof) of the employment of or other relationship
with, the original grantee by reason of the grantee's (i) willful refusal to
perform his obligations to the Corporation (or a subsidiary thereof), (ii)
willful misconduct, contrary to the interests of the Corporation (or a
subsidiary thereof), (iii) commission of a serious criminal act, whether
denominated a felony, misdemeanor or otherwise or (iv) such reasons as may be
included within the term "for cause" (or similar phrase) in the employment or
consulting agreement of the grantee. In the event of any dispute regarding
whether a termination for cause has occurred, the Board of Directors may by
resolution resolve such dispute and such resolution shall be final and
conclusive on all parties.
4. The term "change in control" shall mean an event or series of events
that would be required to be described as a change in control of the Corporation
in a proxy or information statement distributed by the Corporation pursuant to
Section 14 of the Securities Exchange Act of 1934, as amended, in response to
Item 6(e) of Schedule 14A promulgated thereunder, or any substitute provision
which may hereafter be promulgated thereunder or otherwise adopted. The
determination of whether and when a change in control has occurred or is about
to occur shall be made by the Board of Directors in office immediately prior to
the occurrence of the event or series of events constituting such change in
control.
8
<PAGE>
800 TRAVEL SYSTEMS, INC.
STOCK OPTION AGREEMENT
(NON-QUALIFIED STOCK OPTION)
THIS AGREEMENT, made as of this _____ day of _______________, ____, by 800
TRAVEL SYSTEMS, INC., a Delaware corporation (hereinafter called the "Company"),
with ________________________________ (hereinafter call the "Holder"):
The Company has adopted a 1998 Stock Option Plan (the "Plan"). Said Plan,
as it may hereafter be amended and continued, is incorporated herein by
reference and made part of this Agreement.
The Committee, which is charged with the administration of the Plan
pursuant to Section 3 of the Plan, has determined that it would be to the
advantage and interest of the Company to grant the option provided for herein to
the Holder
NOW, THEREFORE, pursuant to the Plan, the Company with the approval of the
Committee hereby grants to the Holder as of the date hereof an option to
purchase all or any part of ________ shares of Common Stock of the Company, par
value $.01 per share, at a price per share of $__________, which price is not
less than the fair market value of a share of Common Stock on the date hereof
(the "Option"), and upon the following terms and conditions:
3. The Option shall continue in force through _____________________ (the
"Expiration Date"), unless sooner terminated as provided herein and in the Plan.
Subject to the provisions of the Plan, the Option shall become fully
exercisable, as to the _____________________ shares covered hereby, on
_____________________.
4. If the Holder shall (a) die or (b) become permanently and totally
disabled, and if the Option was otherwise exercisable, immediately prior to the
occurrence of such event, then such Option may be exercised as set forth herein
by the Holder or by the person or persons to whom the Holder's rights under the
Option pass by will or applicable law, or if no such person has such right, by
his executors or administrators, at any time within one year after the date of
death of the original Holder, or one year after the date of permanent or total
disability, but in either case, not later than the Expiration Date.
5. a. The Holder may exercise the Option with respect to all or any part
of the shares then purchasable hereunder by giving the Company written notice in
the form annexed, as provided in paragraph 7 hereof, of such exercise. Such
notice shall specify the number of shares as to which the Option is being
exercised and shall be accompanied by payment in full in cash of an amount equal
to the exercise price of such shares multiplied by the number of shares as to
which the Option is being exercised; provided that, if permitted by the Board,
the purchase price may be paid, in whole or in part, by surrender or delivery to
the Company of securities of the Company having a fair market value on the date
of the exercise equal to the portion of the purchase price being so paid. In
such event fair market value should be determined pursuant to paragraph 5 of the
Plan.
b. Prior to or concurrently with delivery by the Company to the
Holder of a certificate(s) representing such shares, the Holder shall, upon
notification of the amount due, pay promptly any amount necessary to satisfy
applicable federal, state or local tax requirements. In the event such amount is
not paid promptly, the Company shall have the right to apply from the purchase
price paid any taxes required
<PAGE>
by law to be withheld by the Company with respect to such payment and the number
of shares to be issued by the Company will be reduced accordingly.
6. Notwithstanding any other provision of the Plan, in the event of a
change in the outstanding Common Stock of the Company by reason of a stock
dividend, split-up, split-down, reverse split, recapitalization, merger,
consolidation, combination or exchange of shares, spin-off, reorganization,
liquidation or the like, then the aggregate number of shares and price per share
subject to the Option shall be appropriately adjusted by the Board, whose
determination shall be conclusive.
7. No options granted hereunder shall be transferable other than by will
or by the laws of descent and distribution. Options may be exercised, during the
lifetime of the Holder, only by the Holder, or by his guardian or legal
representative. In the event of any attempt by the Holder to transfer, assign,
pledge, hypothecate or otherwise dispose of this Option or of any right
hereunder, except as provided for herein, or in the event of the levy or any
attachment, execution or similar process upon the rights or interest hereby
conferred, the Company may terminate this Option by notice to the Holder and it
shall thereupon become null and void.
8. Neither the Holder nor in the event of his death, any person entitled
to exercise his rights, shall have any of the rights of a stockholder with
respect to the shares subject to the Option until share certificates have been
issued and registered in the name of the Holder or his estate, as the case may
be.
9. Any notice to the Company provided for in this Agreement shall be
addressed to the Company in care of its Secretary, 4802 Gunn Highway, Suite 140,
Tampa, Florida 33624, and any notice to the Holder shall be addressed to him at
his address now on file with the Company, or to such other address as either may
last have designated to the other by notice as provided herein. Any notice so
addressed shall be deemed to be given on the second business day after mailing,
by registered or certified mail, at a post office or branch post office within
the United States.
10. In the event that any question or controversy shall arise with respect
to the nature, scope or extent of any one or more rights conferred by this
Option, the determination by the Committee (as constituted at the time of such
determination) of the rights of the Holder shall be conclusive, final and
binding upon the Holder and upon any other person who shall assert any right
pursuant to this Option.
800 TRAVEL SYSTEMS, INC.
By:
-----------------------------------
Name:
Title:
ACCEPTED AND AGREED
- -------------------------------
Holder
2
<PAGE>
FORM OF NOTICE OF EXERCISE
TO: 800 TRAVEL SYSTEMS, INC.
4802 Gunn Highway, Suite 140,
Tampa, Florida 33624
The undersigned hereby exercises his option to purchase _________ shares
of Common Stock of 800 TRAVEL SYSTEMS, INC. (the "Company") as provided in the
Stock Option Agreement dated as of ___________________, ____ at $___________ per
share, a total of $___________, and makes payment therefor as follows:
(a) To the extent of $_______ of the purchase price, the undersigned
hereby surrenders to the Company certificates for shares of its Common Stock
which, valued at $__________________ per share, the fair market value thereof,
equals such portion of the purchase price.
(b) To the extent of the balance of the purchase price, the undersigned
has enclosed a bank check payable to the order of the Company for
$________________.
A stock certificate or certificates for the shares should be delivered in
person or mailed to the undersigned at the address shown below.
The undersigned hereby represents and warrants that it is his present
intention to acquire and hold the aforesaid shares of Common Stock of the
Company for his own account for investment, and not with a view to the
distribution of any thereof, and agrees that he will make no sale, thereof,
except in compliance with the applicable provisions of the Securities Act of
1933, as amended.
Signature: _________________________________
Address: _________________________________
_________________________________
_________________________________
Dated: ________________________
<PAGE>
800 TRAVEL SYSTEMS, INC.
STOCK OPTION AGREEMENT
(INCENTIVE STOCK OPTION)
THIS AGREEMENT, made as of this ___ day of _____________, _____ by 800
TRAVEL SYSTEMS, INC., a Delaware corporation (hereinafter called the "Company"),
with _____________________________________ (hereinafter call the "Holder"):
The Company has adopted a 1998 Stock Option Plan (the "Plan"). Said Plan,
as it may hereafter be amended and continued, is incorporated herein by
reference and made part of this Agreement.
The Committee, which is charged, with the administration of the Plan
pursuant to Section 3 of the Plan, has determined that it would be to the
advantage and interest of the Company to grant the option provided for herein to
the Holder as an inducement to remain in the service of the Company or one of
its subsidiaries, and as an incentive for increased efforts during such service.
NOW, THEREFORE, pursuant to the Plan, the Company with the approval of the
Committee hereby grants to the Holder as of the date hereof an option (the
"Option") to purchase all or any part of _________ shares of Common Stock of the
Company, par value $.01 per share, at a price per share of $_________, which
price is not less than the fair market value of a share of Common Stock on the
date hereof (or 110% of the fair market value of a share of Common Stock if the
Holder is a 10% Holder (as defined in the Plan)), and upon the following terms
and conditions:
1. The Option shall continue in force through _______ ___, ____ (the
"Expiration Date"), unless sooner terminated as provided herein and in the Plan.
Subject to the provisions of the Plan, the Option shall become exercisable as
follows:
o as to 33 and 1/3% of the number of shares originally covered thereby upon
the first anniversary of the date of grant of the Option, and
o as to 33 and 1/3% of the number of shares originally covered thereby upon
the second anniversary of the date of grant of the Option, and
o on the third anniversary, the Option shall become fully exercisable.
Such installments shall be cumulative, subject to the following:
a. Except as provided hereinbelow, the Option may not be exercised
unless the Holder is then an employee (including officers and directors who are
employees), non-employee director, consultant, advisor, agent or independent
representative of the Company or any subsidiary of the Company or any
combination thereof and unless the Holder has remained in the continuous employ
or service thereof from the date of grant.
b. This Option is designated as an incentive stock option ("ISO")
pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), and the
regulations promulgated thereunder.
2. In the event that the employment or service of the Holder shall be
terminated prior to the Expiration Date (otherwise than by reason of death or
disability), the Option may, subject to the provisions of the Plan, be exercised
(to the extent that the Holder was entitled to do so at the termination of this
employment or
<PAGE>
service) at any time within three months after such termination, but not after
the Expiration Date, provided, however, that if such termination shall have been
for cause or voluntarily by the Holder and without the consent of the Company or
any subsidiary corporation thereof, as the case may be (which consent shall be
presumed in the case of normal retirement), the Option and all rights of the
Holder hereunder, to the extent not theretofore exercised, shall forthwith
terminate immediately upon such termination. Nothing in this Agreement shall
confer upon the Holder any right to continue in the employ or service of the
Company or any subsidiary of the Company or affect the right of the Company or
any subsidiary to terminate his employment or service at any time.
3. If the Holder shall (a) die while he is employed by or serving the
Company or a corporation which is a subsidiary thereof or within three months
after the termination of such position (other than termination for cause, or
voluntarily on his part and without the consent of the Company or subsidiary
corporation thereof, as the case may be, which consent shall be presumed in the
case of normal retirement), or (b) become permanently and totally disabled
within the meaning of Section 22 (e) (3) of the Internal Revenue Code of 1986,
as amended (the "Code"), while employed by or serving any such company, and if
the Option was otherwise exercisable, immediately prior to the occurrence of
such event, then such Option may be exercised as set forth herein by the Holder
or by the person or persons to whom the Holder's rights under the Option pass by
will or applicable law, or if no such person has such right, by his executors or
administrators, at any time within one year after the date of death of the
original Holder, or one year after the date of permanent or total disability,
but in either case, not later than the Expiration Date.
4. a. The Holder may exercise the Option with respect to all or any part
of the shares then purchasable hereunder by giving the Company written notice in
the form annexed, as provided in paragraph 8 hereof, of such exercise. Such
notice shall specify the number of shares as to which the Option is being
exercised and shall be accompanied by payment in full in cash of an amount equal
to the exercise price of such shares multiplied by the number of shares as to
which the Option is being exercised; provided that, if permitted by the Board,
the purchase price may be paid, in whole or in part, by surrender or delivery to
the Company of securities of the Company having a fair market value on the date
of the exercise equal to the portion of the purchase price being so paid. In
such event fair market value should be determined pursuant to paragraph 5 of the
Plan.
b. Prior to or concurrently with delivery by the Company to the
Holder of a certificate(s) representing such shares, the Holder shall, upon
notification of the amount due, pay promptly any amount necessary to satisfy
applicable federal, state or local tax requirements. In the event such amount is
not paid promptly, the Company shall have the right to apply from the purchase
price paid any taxes required by law to be withheld by the Company with respect
to such payment and the number of shares to be issued by the Company will be
reduced accordingly.
5. Notwithstanding any other provision of the Plan, in the event of a
change in the outstanding Common Stock of the Company by reason of a stock
dividend, split-up, split-down, reverse split, recapitalization, merger,
consolidation, combination or exchange of shares, spin-off, reorganization,
liquidation or the like, then the aggregate number of shares and price per share
subject to the Option shall be appropriately adjusted by the Board, whose
determination shall be conclusive.
6. This Option shall, during the Holder's lifetime, be exercisable only by
him, and neither this Option nor any right hereunder shall be transferable by
him, by operation of law or otherwise, except by will or by the laws of descent
and distribution. In the event of any attempt by the Holder to transfer, assign,
pledge, hypothecate or otherwise dispose of this Option or of any right
hereunder, except as provided for herein, or in the event of the levy or any
attachment, execution or similar process upon the rights or interest
2
<PAGE>
hereby conferred, the Company may terminate this Option by notice to the Holder
and it shall thereupon become null and void.
7. Neither the Holder nor in the event of his death, any person entitled
to exercise his rights, shall have any of the rights of a stockholder with
respect to the shares subject to the Option until share certificates have been
issued and registered in the name of the Holder or his estate, as the case may
be.
8. Any notice to the Company provided for in this Agreement shall be
addressed to the Company in care of its Secretary, 4802 Gunn Highway, Suite 140,
Tampa, Florida 33624, and any notice to the Holder shall be addressed to him at
his address now on file with the Company, or to such other address as either may
last have designated to the other by notice as provided herein. Any notice so
addressed shall be deemed to be given on the second business day after mailing,
by registered or certified mail, at a post office or branch post office within
the United States.
9. In the event that any question or controversy shall arise with respect
to the nature, scope or extent of any one or more rights conferred by this
Option, the determination by the Committee (as constituted at the time of such
determination) of the rights of the Holder shall be conclusive, final and
binding upon the Holder and upon any other person who shall assert any right
pursuant to this Option.
800 TRAVEL SYSTEMS, INC.
By:
-----------------------------------------
Name:
Title:
ACCEPTED AND AGREED
- -----------------------------------
Holder
3
<PAGE>
FORM OF NOTICE OF EXERCISE
TO: 800 TRAVEL SYSTEMS, INC.
4802 Gunn Highway, Suite 140,
Tampa, Florida 33624
The undersigned hereby exercises his/her option to purchase _____ shares
of Common Stock of 800 TRAVEL SYSTEMS, INC. (the "Company") as provided in the
Stock Option Agreement dated as of _____________________, _________ at $_______
per share, a total of $_____________, and makes payment therefor as follows:
(a) To the extent of $_______ of the purchase price, the undersigned
hereby surrenders to the Company certificates for shares of its Common Stock
which, valued at $__________________ per share, the fair market value thereof,
equals such portion of the purchase price.
(b) To the extent of the balance of the purchase price, the undersigned
has enclosed a certificate or bank check payable to the order of the Company for
$________________.
A stock certificate or certificates for the shares should be delivered in
person or mailed to the undersigned at the address shown below.
The undersigned hereby represents and warrants that it is his (her)
present intention to acquire and hold the aforesaid shares of Common Stock of
the Company for his (her) own account for investment, and not with a view to the
distribution of any thereof, and agrees that he (she) will make no sale,
thereof, except in compliance with the applicable provisions of the Securities
Act of 1933, as amended.
Signature: _________________________________
Name: _________________________________
Address: _________________________________
_________________________________
_________________________________
Dated: ______________________
Exhibit 23.1
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We have issued our report dated March 5, 1999 accompanying the financial
statements of 800 Travel Systems, Inc., included in the Annual Report on Form
10-KSB for the year ended December 31, 1998, which is incorporated by reference
in this Registration Statement. We consent to the incorporation by reference in
the Registration Statement of the aforementioned report.
GRANT THORNTON LLP
Tampa, Florida
Dated: May 14, 1999
Exhibit 23.2
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We hereby consent to the incorporation by reference in this Form S-8
Registration Statement of our report dated February 28, 1998 on our audit of the
financial statements of 800 Travel Systems, Inc. as of December 31, 1997 and for
the year ended December 31, 1997 included in 800 Travel Systems, Inc.'s Form
10-KSB for the year ended December 31, 1998, and to all references to our Firm
included in this Registration Statement.
KILLMAN, MURRELL & COMPANY, P.C.
/s/ Killman, Murrell & Company, P.C.
Dallas, Texas
Dated: May 7, 1999
