Mark L. Galligan
Hunters Ridge, P.O. box 39, Creemore, Ontario, Canada LOM 1GO
June 30, 2000
Mr. James Cousineau
2 Birchshire Drive
Barrie, Ontario
Canada L4N 6W6
RE: Definitive Term Sheet for Position of VP Internet Sales and Information
Technology Management: CareerTek.org
VIA Hand Delivery
Dear Mr. Cousineau:
The purpose of this letter is to set forth and confirm the specific terms and
conditions of your contract. If you accept this proposal, CareerTek.org, (the
"Company") will appoint you, Vice President of Internet Marketing and
Information Technology Management.
Job Description: VP Internet Marketing and Information Technology Management
1. Responsibilities:
o Develop and Drive a Marketing Program which results in
"Partnering Agreements" and strategic posting of our products
on all key global "Job Sites"
o Negotiate favorable revenue sharing Agreements wit "Job Sites"
o Manage, Audit, Monitor Company Web Site Architecture &
Development Issues
o Manage 24/7 Web Site Operations
o Register eCommerce Processing and Payments Functions for
Company
o Develop, Create, and Produce materials to support sales and
marketing of the Company's three key products: jobFit,
careerFit, studentFit.
o Operate within established budgetary parameters.
o File weekly result reports on appropriate topic and activities.
o File monthly summary reports for presentation to Executive
Committee or Board of Directors
o From a team - centered concept, assist all Company employees in
creating a value centered workplace where employees, managers,
and shareholders will participate in the personal and financial
rewards wrought by outstanding performance.
o Manage IT Hardware repair projects
o Integrate IT systems and reports
2. Compensation: A progressive Compensation Package Based on Attainable
Performance Profit Objectives
o Base Salary: 90 Day Probation Period: $4,000.00 per month
paid 50% at the 15th and balance on last business day of the
month
o Escalations in Salary based on attaining performance profit
objectives, add another (escalations through a described level
vests previous level's increment)
o Profit Defined as revenue less direct Sales and Marketing
expense with no overhead allocations for a period of 90 days,
paid retroactively:
o From "$0" attaining $15,000 / month $1,000.00 per month
o From "$15,000" attaining "$50,000" / month $1,000.00 per month
o From "$50,000" attaining "$75,000" / month $1,500.00 per month
o From "$75,000" attaining "$100,000" / month $1,500.00 per month
o From "$100,000" attaining "$125,000" / month $1,500.00 per month
o From "$125,000" "+" for three months cap concept at: $12,500 per month
o Signing Bonus: 25,00 Common Shares of CareerTek.org vested upon
completion of 90 day probation period, subject to one year
insiders holding provisions.
o "Special" Shares Bonuses: Based on Revenue Generated by
individual sales efforts:
o $15,000/MO/for three months 20,000
o $50,000/MO/for three months 20,000
o $75,000/MO/for three months 20,000
o $100,000/MO/for three months 20,000
o $125,000/MO/for three months 20,000
______________
100,000
(Note escalations through a bonus level vests previous level's bonus)
o Annual Anniversary Share Bonus: 25,000 Common Share
(Unrestricted)
o Additional Share, Cash Incentive, or Option Plan Bonuses per
programs instituted by Board Of Directors
3. Term: Three (3) Years
4. Initiation Date: ASAP
Confirm your acceptance of the Company's proposal by signing below.
Sincerely,
/s/ Mark L. Galligan /s/ James Cousineau
Mark L. Galligan James Cousineau
CEO & Director
D. Gordon Badger
