TravelNow.com Inc.
318 Park Central East-Suite 306
Springfield, Missouri 65806
January 6, 2000
J.D. Bryant
[email protected]
2704 Pond Wood Drive
Flower Mound, Texas 75022
Re: Letter of Intent
Dear Mr. Bryant;
The purpose of this letter is to set forth TravelNow.com Inc.'s (referred
to in this letter as the "Company") understanding of your requirements for
compensation to be paid to you by the Company and a short synopsis of the
services you will perform for the Company in exchange for that compensation.
Because this is a letter of intent it is not binding on either party. Rather its
purpose is to reflect the good faith intent of both parties to proceed with the
preparation of a definitive agreement which upon execution by you and the
Company will become the binding employment agreement between you and the
Company. Turning now to your compensation requirements and the services you will
perform they include the following:
(1) An annual salary of one hundred twenty thousand dollars ($120,000.00)
to be paid in equal bi-monthly installments commencing on the first Company
regular pay period occurring after you commence your employment. In addition to
the annual salary you will be paid a commission determined as follows: During
the first seven months of your employment you will be paid twenty percent (20%)
of the net revenue of new business that you generate. For example, but not as a
limitation, if you generate $2,000,000 of net revenue for the Company you will
be paid $400,000 plus your base pay for that period within sixty days of the
receipt of the net revenues by the Company. After the seventh month the
commission percentage will be reduced to five percent (5%) of the net revenue.
Net revenue means gross revenue less allowance for cancellations, no shows and
less payments to affiliates.
(2) You are to receive the same benefits offered to each employee with
respect to medical and hospitalization insurance, paid vacation, holidays with
pay, sick days with pay and other Company benefits.
(3) You and the Company agree that you are to receive options to purchase
the Company's common shares no par value structured on a formula based on sales
results obtained. This will be completed within sixty days of your employment by
the Company.
<PAGE>
(4) You and the Company agree that the term of the agreement shall be for
three years subject to your meeting the performance requirements set forth in
the definite agreement.
The management of the Company has discussed the responsibilities you will
have while employed by the Company. You have agreed to produce new revenue for
the Company by bringing additional traffic to the www.TravelNow.com site. You
have requested certain personnel and related resources which include
administrative support, office supplies, computer equipment, and reimbursement
of business related expenses which the Company has agreed to do.
If this letter meets in principle your request for compensation and is
descriptive of the services you will perform the Company will proceed to prepare
a definitive agreement. A form of this agreement will be sent to you by January
14, 2000.
Sincerely,
/s/ Jeff Wasson
---------------
Jeff Wasson, Co-Chief Executive Officer
/s/ J.D. Bryant
---------------
J.D. Bryant
A) COBRA paid @ 100% by Company until Company provided insurance is made
available to employee.
initial /s/ JD /s/ JW
B) 1% over-ride commission on net revenue produced by any direct reports.
initial /s/ JD /s/ JW
C) $15,000 net commission draw upon execution of this Letter of Intent.
initial /s/ JD /s/ JW
