VIRTUALSELLERS.COM, INC.
Suite 100 - 120 North LaSalle Street
Chicago, Illinois, 60602
Mr. Kevin E. Dudley
35 Thistle Court
Matteson, Illinois, 60443
Dear Mr. Dudley:
We wish to confirm the terms of your employment by VirtualSellers.com,
Inc. and/or its successors (the "Company"), which were previously discussed.
The terms and conditions of your employment with the Company are set forth
below.
You will be employed in the Company's Investor Relations Department, commencing
March 15, 2000, at a salary of $3,000 per month ($36,000 annually), currently
paid bi-weekly. You may also be entitled to a performance bonus as determined
by the Company's Board of Directors. The performance bonus, if any, will be
payable in cash or shares at the election of the Company.
Please remember that this agreement is confidential and is not for public
dissemination. Dissemination of this agreement to any party will cause this
agreement and any subsequent agreements to be withdrawn immediately.
The purpose of this letter is only to confirm our discussion regarding your
compensation and is not an employment contract. The Company is an at-will
employer, and neither you nor the Company is bound to continue the employment
relationship if either chooses, at its will, to end the relationship at any
time, with or without cause. If the Company chooses to terminate your
employment, you agree that the Company will have no obligation to pay you
severance pay of any nature whatsoever.
As a regular employee, you will be eligible for the applicable benefits offered
by the Company, as spelled out in the employee handbook, including but not
limited to vacation times and other paid time off. You will also be eligible to
join the Company insurance plan after three (3) months of employment; the
Company pays 100% of the employee's premium. You will be asked to sign an
employee acknowledgment form and a work-made-for-hire agreement.
We look forward to working with you. If you are in agreement with the foregoing
terms and conditions, please confirm your acceptance by signing and returning
the enclosed duplicate copy of this correspondence.
VIRTUALSELLERS.COM, INC.
Per: /s/ Dennis Sinclair
Authorized Signatory
Accepted, agreed and effective as of the 15th day of March, 2000.
Per: /s/ Kevin Dudley
Kevin E. Dudley
