EXHIBIT 10.3
Silverthorne Production Company
Inter-American Telecommunications Holding Corporation
2008 Second Avenue, #108
Seattle, Washington, USA 98121
1-206-320-8502o 1-206-320-8420 faxo email: [email protected]
October 5, 1999
Mr. Darrell H. Hughes
9930 N.E. 197th Street
Bothell, Washington 98011
Fax 1-425-3408
Dear Darrell:
It is my pleasure to extend to you this offer of employment on behalf
of Silverthorne Production Company ("SLTH") and Inter-American
Telecommunications Holding Corporation ("ITHC"). We hereby offer you employment
for a guaranteed term of three years to serve as Chief Executive Officer of both
ITHC and SLTH, and to stand for election as Chairman of the SLTH and ITHC Boards
of Directors.
Our offer consists of the following:
Annual salary = $125,000
ITHC shares signing bonus = 500 shares of ITHC common (5% of
authorized)
ITHC shares 1st year bonus = 500 shares of ITHC common (5% of
authorized)
SLTH options = 400,000 shares at $0.46
4 weeks annual paid vacation
In addition SLTH will provide a comprehensive benefit package including
medical and dental plan that you and Dave Lucas will develop, a 401K plan and
provide for life insurance coverage. As you shall determine certain personnel
may require an automobile or reimbursement for use thereof.
Please advise us relative to this offer at your earliest possible
convenience.
Sincerely,
/s/Jimmy L. Boswell
-------------------
Jimmy L. Boswell
President, COO
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