EXHIBIT 10.68
PPC RACING/▇▇▇▇▇▇▇.▇▇▇
LETTER OF INTENT
This letter is to signify that ▇▇▇▇▇▇▇.▇▇▇, as represented by Vice President of
Sales and Marketing ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, intents to enter into a one year
with PPC Racing, as represented by owners ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇▇▇, and ▇▇▇ ▇▇▇▇▇▇▇▇. Sponsorship will be for logo placement on the
"C'' post of the #10 Nestle Nesquik car, with the option to move to the Lower
Quarterpanel location, for thirty-two (32) NASCAR ▇▇▇▇▇ Grand National events.
TERMS.
A. The Sponsorship Fee shall be two hundred thousand dollars (200,000) for
thirty-two (32) NASCAR ▇▇▇▇▇ Grand National events.
B. Nettaxi shall have the ability to execute an escape clause within four (4)
weeks of February 19, 2000, the date of the first event for Nettaxi
sponsorship participation.
C. Should ▇▇▇▇▇▇▇ decide to execute the above escape clause, the Sponsorship
Fee will be in a prorated payment to PPC Racing.
PERFORMANCE.
The following are valid for the duration of the ▇▇▇▇▇▇▇.▇▇▇ with PPC Racing:
▇. ▇▇▇▇▇▇▇ will develop and host Websites for drivers ▇▇▇▇ ▇▇▇▇▇ and ▇▇▇▇▇
▇▇▇▇▇▇, and for PPC Racing. PPC Racing will provide the content for these
sites within one week.
B. Nettaxi and PPC Racing will promote the location of the above Websites.
C. PPC Racing will introduce Nettaxi to a minimum of six (6) additional
drivers and team owners within four (4) weeks of the first sponsorship
event. The purpose of these introductions is to obtain agreements to host
additional driver and team Websites.
D. PPC Racing will introduce Nettaxi to an additional for (4) sponsors. The
purpose of the introductions is to develop partnerships to promote the
sponsors' participation in NASCAR, and to develop agreements for the use of
the Nettaxi CD-Rom.
PAYMENT.
A. The initial sponsorship participation of four weeks will consist of a
payment of Fifteen thousand dollars ($15,000) in cash, and twelve thousand
five hundred shares (12,500) of unregistered shares of stock at a
determined market value dated February19, 2000. The above unregistered
shares shall include piggy back rights for Nettaxi's next stock
registration.
B. Upon election by Nettaxi to sponsorship for the remaining twenty eight (28)
NASCAR ▇▇▇▇▇ Grand National events, Nettaxi will have the option to:
1) Make four (4) equal payments for the balance of the race season totaling
one hundred and seventy five thousand dollars ($175,000), or give PPC Racing
the option of one of the following:
a. Four equal installments of twenty one thousand two hundred and
fifty dollars ($21,250) for a total of eighty five thousand
dollars ($85,000) in cash, and one hundred thousand unregistered
shares priced at the market value dated February 19, 2000, with
piggy back rights to Nettaxi's next stock registration.
b. Four equal installments of twenty one thousand two hundred and
fifty dollars ($21,250) for a total of eighty five thousand
dollars ($85,000) in cash, and one hundred thousand dollars
($100,000) in stock options vested immediately at market price.
These share options will be registered when exercised.
2) Nettaxi must notify PPC Racing of its intent to proceed with the
sponsorship by March 10, 2000.
INCENTIVE.
Nettaxi will provide PPC Racing with an additional fifty thousand (50,000) share
options if PPC Racing achieves the following by the end of the year:
A. Establishment of twenty-four (24) driver, and or team, Websites hosted by
Nettaxi.
B. Six (6) sponsors who have contracted with Nettaxi to use the
Nettaxi CD-Rom, or to allow Nettaxi to host the above sponsors' Websites.
OPTION.
Nettaxi has the option to upgrade its sponsorship to the lower Quarterpanel
position on the Nestle Nesquik car for the remainder of the year for an
additional four hundred thousand dollars ($400,000). The Lower Quarterpanel
upgrade will be based upon availability of the inventory. Nettaxi will also
have a first option to renew, or increase its for an
additional two (2) years.
▇▇▇▇▇▇▇.▇▇▇, PPC RACING LETTER OF INTENT, PAGE 3
COMPETITION.
PPC Racing agrees not to enter into a with a competing
Internet company without prior approval from Nettaxi
Agreed: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Date: February 29, 2000
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Representative, ▇▇▇▇▇▇▇.▇▇▇
Agreed: /s/ ▇▇▇ ▇▇▇▇▇▇▇▇ Date: February 29, 2000
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▇▇▇ ▇▇▇▇▇▇▇▇, Representative, PPC Racing
