DEFERRED COMPENSATION AGREEMENT
This Agreement confirms the previously agreed to terms concerning deferred
compensation between Trilogy International, Inc. ("Company") and Xxxxx X.
Xxxxxxx the Company's Co-Founder and President ("President")
Whereas, President was formally employed by the Company on December 1, 1998 at
an annual salary of $95,000 and
Whereas, President agreed to defer payment of 100 % of her salary for the period
from December 1, 1998 through March, 1999, and to defer 25% of her salary for
the period from May 1, 1999 through December 1999 and not demand payment of said
deferred salary until such time as the Company has been profitable for two
consecutive months and then to accept payment of the accrued salary due at that
time in 4 monthly installments pari pasu with all other employees of the Company
that have made like concessions,
The Company, therefore, has agreed to accrue all such deferred compensation that
may result from this agreement as a liability of the Company and/or its
successors and/or assigns and to make payment to President of the amount of
deferred compensation accrued at such time as the Company has been profitable
for two consecutive months and is able to make payments to President from
positive cash flow generated by the Company.
AGREED______________________ DATE_____________________________
Xxxxx Xxxxxxx, President
For: Trilogy International, Inc.
("Company")
AGREED_______________________ DATE _____________________________
Xxxx Xxxxxxxxx
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