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Exhibit 6.18
December 20, 2000
Mr. Richard Olson
Toronto, Ontario
Dear Richard
Re: Offer of Employment Innofone Canada
Please accept this letter as our offer of employment to you as Vice President
Finance with Innofone. If the terms of this letter correctly reflect your
understanding of our arrangement, I would ask that you acknowledge same by
executing and returning one copy of this offer to our offices. Upon the receipt
of same, we will instruct our Lawyers to draft the formal Employment agreement
for your review. The terms of this offer are as follows:
POSITION: Vice President Finance
POSITION DESCRIPTION: A complete job description shall be incorporated into
the final Employmentagreement and shall include but
not be limited to the following Contract.
- Raising of Capital
- Increase of Shareholder Value
- Investor Relations
- Public Relations
SALARY: $150,000.00 CDN per annum.
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TERM OF EMPLOYMENT: Effective start date January 8, 2001.
STOCK OPTIONS: Refer to attached SCHEDULE "A"
POSITION DESCRIPTION: Subsequent to your acceptance of this offer, but no
later than 5 business days from that date, Innofone
and Olson will mutually agree upon the duties and
responsibilities of the position.
STOCK OPTION PLAN: A copy of the Company Stock Option Plan to be
provided by Innofone's Legal Council within 5
business days.
COMPANY BENEFITS: Innofone provides a full package of Health, Dental
and Eye Care benefits. A copy of which will be
provided to you within 5 business days.
EMPLOYMENT CONTRACT: Innofone has a standard Employment Contract which all
of its Senior Management are required to execute. A
copy of which is attached for your review, we
strongly recommend that your Legal Council reviews
and provides advice.
In the event that the parties are unable to complete a definitive Employment
Agreement, both parties shall be relieved of their respective obligations, and
neither party shall have any claim against the other.
This offer of employment is open for acceptance until January 5, 2001
Sincerely,
Larry Hunt
CEO
Accepted this day of January 2001
---------------------------------
Richard Olson
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10.19.00
STOCK OPTION PLAN
RICHARD OLSON
<TABLE>
<CAPTION>
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STOCK OPTIONS DELIVERY STRIKE OPTION
GRANTED PERCENT DATE VESTED SHARE ENTITLEMENT PRICE TERM
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<S> <C> <C> <C> <C> <C> <C>
750,000 60.00% n/a UPON EMPLOYMENT CONTRACT SIGNING Quarterly over a 24 month
period from the Vest date. $0.50 1 Year
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125,000 10.00% 01.01.01 - 01.15.01 Raise USD $500,000.00 Corporate Funds Quarterly over a 24 month
period from the Vest date. $0.50 1 Year
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125,000 10.00% 01.16.01 - 02.15.01 Raise USD $500,000.00 Corporate Funds Quarterly over a 24 month
period from the Vest date. $0.50 1 Year
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125,000 10.00% 02.16.01 - 03.30.01 Raise USD $500,000.00 Corporate Funds Quarterly over a 24 month
period from the Vest date. $0.50 1 Year
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125,000 10.00% 04.01.00 - 04.15.01 Raise USD $500,000.00 Corporate Funds Quarterly over a 24 month
period from the Vest date. $0.50 1 Year
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1,250,000 100.00%
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</TABLE>
In the event that only partial funds are raised during any of the above
mentioned dates, Olson will receive Options on a prorata basis. Any shortfall in
funding will result in the loss of opportunity for the reamining options within
the given time period. Example: Raises USD $ 400,000.00 during 01.15.01 -
02.15.01, would result in 80% earned or 100,000 Options, the remainder would be
lost.
Olson shall be entitled to Options under the raising of Capital category wether
these funds are raised thorough third party contacts, a merger or an acquistion
of the company.
