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EXHIBIT 10: AGREEMENT WITH XXXXXX XXXXXX
CENTRAL AMERICAN EQUITIES, INC.
A FLORIDA CORPORATION
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MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS
March 26, 1998
The undersigned, being the sole Board of Directors of Central American
Equities Corp. (the "Corporation"), consent to the following actions taken and
done at 12:00 p.m. on March 26, 1998.
RECITALS:
WHEREAS; Hotel Alta opened November 9, 1997;
WHEREAS; Xxxxxx Xxxxxx owns in escrow approximately 121,821 shares of
Central American Equities Corp., successor owner of Cal Tico, L.P.;
WHEREAS; Xxxxxx Xxxxxx is required per his contract to adhere to the
following:
"There will not be a quota for the first year of operation
knowing it to be a period of adjustment.
Year 2, thirteenth month through twenty-fourth month of
operation, Xxxxxx Travel must generate a minimum of $350,000 U.S. net revenue
for the hotel, or Xxxxxx Xxxxxx'x existing ownership position will be reduced by
50%.
Year 3, twenty-fifth month through thirty-sixth month of
operation, Xxxxxx Travel must generate a minimum of $425,000 net revenue for the
hotel or Xxxxxx Xxxxxx'x existing ownership position will be reduced by 50%.
This amendment to the partnership document embodies and contains
the entire agreement and understanding between the parties hereto."
00000 XXX XXXXXX XXXXXX, XXXXX 000, XXXXXX, XX 00000
000-000-0000 000-000-0000 000-000-0000 FAX
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CENTRAL AMERICAN EQUITIES, INC.
A FLORIDA CORPORATION
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Therefore, it is hereby
RESOLVED, to amend the contract as follows:
1. All business done by Xxxxxx Xxxxxx between April 1, 1998 and November
8, 1999 will be accrued against his required net revenue target of $350,000;
and
2. All business between Xxxxxx Travel and Central American Equities Corp.
will be fully commissionable at prevailing industry rates.
There being no further business before the Board at this time, the
meeting was adjourned.
/s/ XXXXXXX XX. XXXXXX
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Xxxxxxx Xx. Xxxxxx, Chairman
/s/ XXXX X. XXXX
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Xxxx X. Xxxx, Director
/s/ W.F.O. XXXXXXXXXXX
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W.F.O. Xxxxxxxxxxx, Director
00000 XXX XXXXXX XXXXXX, XXXXX 000, XXXXXX, XX 00000
000-000-0000 000-000-0000 000-000-0000 FAX
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