Employment Agreement - Gadi Maier and Internet Travel Network
This Agreement is entered into as of January 11, 1999, by and between
Gadi Maier (the "Employee") and Internet Travel Network, a California
corporation (the "Company").
1. Duties and Scope of Employment.
(a) Positions. For the term of his employment under this
Agreement ("Employment"), the Company agrees to employ the Employee in the
position of President and Chief Executive Officer. The Employee shall report to
the Company's Board of Directors (the "Board"). The Board shall initially elect
the Employee as a member of the Board, effective as of the commencement of his
Employment. The Company shall use reasonable efforts to cause the Employee to be
nominated for reelection as a member of the Board whenever his term as a
director expires during his Employment. The Employee agrees to resign from the
Board in the event that his Employment terminates for any reason.
(b) Obligations to the Company. During the term of his
Employment, the Employee shall devote his full business efforts and time to the
Company. During the term of his Employment, without the prior written approval
of the Company's Board of Directors, the Employee shall not render services in
any capacity to any other person or entity and shall not act as a sole
proprietor or partner of any other person or entity or as a shareholder owning
more than five percent of the stock of any corporation other than the Company.
The foregoing notwithstanding:
(i) The Company acknowledges that, on the date of this
Agreement, the Employee owns the investments listed on Schedule A attached
hereto, and such investments shall be deemed to be in compliance with this
(ii) The Company acknowledges (A) that the Employee, prior
to the commencement of his Employment, developed a business concept
involving the development of an internet site designed to facilitate the
centralized purchasing of both products and services, principally by small-
and medium-sized businesses, as reflected in a written business plan that
was presented to, and reviewed by, potential investors, (B) that such
concept is expected to result in the formation of a company (the
"Purchasing Site Company") by a colleague of the Employee, (C) that the
Employee will acquire a minority equity interest in the Purchasing Site
Company and may become a member of its board of directors, (D) that the
Company shall not have any interest in or claim to or against the
Purchasing Site Company or to the Employee's interest in the Purchasing
Site Company and (E) that the Employee's equity interest in the Purchasing
Site Company and service on its board of directors, as described in this
Paragraph (ii), shall be deemed to be in compliance with this Agreement.
acknowledges (A) that the Company, prior to the commencement of the
Employee's Employment, developed a business concept relating generally to
an internet-based purchasing site that has not been fully developed but
has been discussed with third parties and (B) that the Employee shall not
have any interest in or claim to the business concept developed by the
All business activities of the Employee, whether or not described in Paragraphs
(i) and (ii) above, that are not related to his duties under this Agreement
shall, in the aggregate, be limited to 10 hours per month. The Employee shall
comply with the Company's policies and rules, as they may be in effect from time
to time during the term of his Employment.
(c) No Conflicting Obligations. The Employee represents and
warrants to the Company that he is under no obligations or commitments, whether
contractual or otherwise, that are inconsistent with his obligations under this
Agreement. The Employee represents and warrants that he will not use or
disclose, in connection with his employment by the Company, any trade secrets or
other proprietary information or intellectual property in which the Employee or
any other person has any right, title or interest and that his employment by the
Company as contemplated by this Agreement will not infringe or violate the
rights of any other person. The Employee represents and warrants to the Company
that he has returned all property and confidential information belonging to any
(d) Commencement Date. The Employee shall commence full-time
Employment under this Agreement as soon as reasonably practicable and in no
event later than January 11, 1999.
2. Cash and Incentive Compensation.
(a) Salary. The Company shall pay the Employee as compensation
for his services a base salary at a gross annual rate of not less than $240,000.
Such salary shall be payable in accordance with the Company's standard payroll
procedures. (The annual compensation specified in this Subsection (a), together
with any increases in such compensation that the Company may grant from time to
time, is referred to in this Agreement as "Base Compensation.")
(b) Incentive Bonuses. The Employee shall be eligible to be
considered for an annual incentive bonus. The minimum amount of such bonus shall
be $60,000 per year (the "Minimum Bonus"). The maximum amount of such bonus for
the year 1999 shall be $110,000. Subject to the foregoing, the actual amount of
such bonus shall be determined on the basis of objective and/or subjective
criteria established by the Board at its discretion. The determinations of the
Board with respect to such bonus shall be final and binding.
(c) Reimbursement of Transition Expenses. The Company shall
reimburse the Employee for the reasonable fees of legal counsel incurred in
connection with the negotiation of this Agreement, not to exceed $6,500. The
Company shall also pay the Employee, on or about the first day of his
Employment, the amount of $2,000 to defray transition expenses relating to
health care insurance coverage.
(d) Stock Options. The Board shall grant the Employee options
(the "Options") to purchase, in the aggregate, 1,743,675 shares of the Company's
Common Stock. The Options, to the extent not granted prior to the date of this
Agreement, shall be granted as soon as reasonably practicable on or after the
date of this Agreement. The exercise price of the Options shall be equal to
$1.00 per share. To the extent permitted by section 422(d) the Internal Revenue
Code of 1986, as amended (the "Code"), the Options shall be incentive stock
options granted under the Internet Travel Network 1996 Stock Incentive Plan, as
amended (the "Plan"). The term of the Options shall be 10 years, and the Options
shall not be subject to earlier expiration with respect to vested shares in the
event of the termination of the Employee's Employment. The Options shall become
exercisable on January 1, 2000, with respect to 100,000 shares and on January 1,
2001, with respect to 100,000 shares. The Options shall be exercisable at any
time on or after the date of grant with respect to the remaining shares. To the
extent that the Options are not yet exercisable when the vesting of the
underlying shares accelerates, as described below, the Options shall become
exercisable in full at that time. The purchased shares shall be subject to
repurchase by the Company at the exercise price in the event that the Employee's
Employment terminates before he vests in the shares. The option shares shall
vest as follows:
(i) One-seventh of the option shares shall vest on the
earlier of (A) the date when the Employee completes the first 12 months of
continuous service with the Company or (B) the date when the Company is
subject to a Change in Control. For all purposes under this Agreement, the
term "Change in Control" shall have the meaning given to such term in the
(ii) Six-sevenths of the option shares shall vest in equal
monthly installments over the Employee's first 48 months of continuous
service (the "Monthly Vesting Amount"). In the event that the Company is
subject to a Change in Control during the Employee's first 12 months of
continuous service with the Company, a total of 60% of the option shares
described in this Paragraph (ii) shall be vested. In the event that the
Company is subject to a Change in Control during the Employee's second 12
months of continuous service with the Company, the total percentage of the
option shares described in this Paragraph (ii) that is vested shall be
equal to 80% plus 1.6667% for each month of continuous service in excess of
12 completed by the Employee. In the event that the Company is subject to a
Change in Control after the Employee has completed 24 months of continuous
service with the Company, 100% of the option shares described in this
Paragraph (ii) shall be vested. In the event that vesting accelerates upon
a Change in Control pursuant to this Paragraph (ii), the remaining unvested
option shares shall continue to vest as to the Monthly Vesting Amount with
each month of continuous service following the Change in Control.
(iii) In the event that the Employee is subject to an
Involuntary Termination (as defined in Section 6(d)) after a Change in
Control, then all remaining option shares described in Paragraph (ii) above
(iv) In the event of the Employee's death or Disability (as
defined in the Plan), the vested portion of the option shares described in
Paragraphs (i) and (ii) above shall be determined by adding 12 months to
the Employee's actual period of continuous service with the Company.
The Employee may pay the exercise price of shares of the Company's Common Stock
acquired under the Options with a full-recourse promissory note secured by such
shares. Such note shall have a term of five years, shall bear interest at the
applicable federal rate (as announced by the Internal Revenue Service from time
to time) and shall provide for principal and interest to be payable in a lump
sum on the due date. The forms of Notice of Grant and Stock Option Agreement
evidencing the Options, the form of such note and the form of Stock Pledge
Agreement related to such note are attached hereto as Exhibits A-1, A-2, A-3, A-
4, B and C, respectively.
(e) S-8 Registration Rights. The Company shall use reasonable
efforts to register all shares of its Common Stock subject to the Options by
means of a registration statement on Form S-8 (the "Form S-8") as soon as
reasonably practicable after an initial public offering of its securities (the
"IPO"). Except for those shares, if any, to be registered under a registration
statement on Form S-1 pursuant to Subsection (f) below, any shares acquired by
the Employee under the Options prior to the IPO shall be included in the Form S-
8 by means of a reoffer prospectus to the extent permitted by the General
Instructions to Form S-8.
(f) Other Registration Rights. All vested shares of the
Company's Common Stock that the Employee has purchased by exercising the Options
shall be deemed "Conversion Stock," and the Employee shall be deemed a "Holder,"
for purposes of sections 1, 2, 5.2, 5.4 through 5.9, 5.11, 11 and 13 through 19
of the Amended and Restated Investor Rights Agreement dated as of May 10, 1998
(the "Rights Agreement"), by and among the Company and the persons listed on the
Schedule of Investors attached as Schedule A thereto. In order to give effect to
the preceding sentence, the Employee shall become a party to the Rights
Agreement by means of an amendment to the Rights Agreement adopted pursuant to
section 14 thereof.
3. Vacation and Employee Benefits. During the term of his
Employment, the Employee shall be eligible for paid vacations in accordance with
the Company's standard policy for similarly situated employees, as it may be
amended from time to time, provided that the Employee shall be entitled to not
less than four weeks of paid vacation per year. During the term of his
Employment, the Employee shall be eligible to participate in any employee
benefit plans maintained by the Company for similarly situated employees,
subject in each case to the generally applicable terms and conditions of the
plan in question and to the determinations of any person or committee
administering such plan. In addition, the Company shall maintain term insurance
coverage on the Employee's life with a benefit of not less than $1 million;
provided that the Employee (a) is insurable at standard or better rates and (b)
agrees to submit to such medical examinations as the insurance carrier or
carriers selected by the Company may reasonably require. The Employee shall be
entitled to designate the beneficiary or beneficiaries of such coverage. After
the IPO, the Company shall maintain adequate liability insurance for the benefit
of its directors and officers; provided that such coverage is available at
4. Business Expenses. During the term of his Employment, the
Employee shall be authorized to incur necessary and reasonable travel,
entertainment and other business expenses in connection with his duties
hereunder. The Company shall reimburse the Employee for such expenses upon
presentation of an itemized account and appropriate supporting documentation,
all in accordance with the Company's generally applicable policies.
5. Term of Employment.
(a) Basic Rule. The Company agrees to continue the Employee's
Employment, and the Employee agrees to remain in Employment with the Company,
from the commencement date set forth in Section 1(d) until the date when the
Employee's Employment terminates pursuant to Subsection (b) or (c) below. The
Employee's Employment with the Company shall be "at will." Any contrary
representations which may have been made to the Employee shall be superseded by
this Agreement. This Agreement shall constitute the full and complete agreement
between the Employee and the Company on the "at will" nature of the Employee's
Employment, which may only be changed in an express written agreement signed by
the Employee and a duly authorized officer of the Company.
(b) Termination. The Company may terminate the Employee's
Employment at any time and for any reason (or no reason), and with or without
Cause, by giving the Employee notice in writing. The Employee may terminate his
Employment by giving the Company notice in writing. The Employee's Employment
shall terminate automatically in the event of his death.
(c) Permanent Disability. The Company may terminate the
Employee's active Employment due to Permanent Disability by giving the Employee
30 days' advance notice in writing. For all purposes under this Agreement,
"Permanent Disability" shall mean that the Employee, at the time notice is
given, has failed to perform his duties under this Agreement for a period of not
less than 90 consecutive days as the result of his incapacity due to physical or
mental injury, disability or illness. In the event that the Employee
satisfactorily resumes the performance of substantially all of his duties
hereunder before the termination of his active Employment under this Subsection
(c) becomes effective, the notice of termination shall automatically be deemed
to have been revoked.
(d) Rights Upon Termination. Except as expressly provided in
Section 6, upon the termination of the Employee's Employment pursuant to this
Section 5, the Employee shall only be entitled to the compensation, benefits and
reimbursements described in Sections 2, 3 and 4 for the period preceding the
effective date of the termination. The payments under this Agreement shall fully
discharge all obligations and responsibilities of the Company to the Employee.
(e) Termination of Agreement. This Agreement shall terminate
when all obligations of the parties hereunder have been satisfied. The
termination of this Agreement shall not limit or otherwise affect any of the
Employee's obligations under Section 8.
6. Termination Benefits.
(a) Mutual General Release. Any other provision of this
Agreement notwithstanding, Subsections (b) and (c) below shall not apply unless
the Employee and the Company (i) have executed a mutual general release (in a
form prescribed by the Company) of all known and unknown claims that each party
may then have against the other party or persons affiliated with the other
party, (ii) have agreed not to prosecute any legal action or other proceeding
based upon any of such claims and (iii) are in compliance with Section 8. The
Company may discontinue any payments and/or benefits under Subsections (b) and
(c) below if and when the Employee fails to comply with Section 8.
(b) Severance Benefit. If, during the term of this Agreement,
the Employee is subject to an Involuntary Termination, then the Employee shall
be entitled to receive an amount equal to his Base Compensation and Minimum
Bonus at the rate in effect at the termination of his Employment for a period
following the termination of his Employment (the "Severance Benefit"). Such
period (the "Continuation Period") shall be equal to the following:
(i) If the Involuntary Termination occurs during the first
three months of Employment, there shall be no Continuation Period.
(ii) If the Involuntary Termination occurs during the
fourth through 12/th/ months of Employment, the Continuation Period shall
be equal to nine months.
(iii) If the Involuntary Termination occurs after the 12/th/
month of Employment, the Continuation Period shall be equal to 12 months.
If the Involuntary Termination occurs prior to the IPO, one-half of the
Severance Benefit shall be paid as soon as reasonably practicable after the date
of the Involuntary Termination and the balance shall be paid in equal monthly
installments during the six-month period next following the date of the
Involuntary Termination. If the Involuntary Termination occurs after the IPO,
the entire Severance Benefit shall be paid as soon as reasonably practicable
after the date of the Involuntary Termination.
(c) Group Insurance Coverage. If Subsection (b) above applies,
the Employee and his dependents (where applicable) shall be entitled to continue
participating in the Company's group insurance programs during the Continuation
Period, subject to the terms of any insurance policies or other contracts
applicable to such programs. To the extent that such insurance policies or other
contracts do not permit the continued participation of the Employee and his
dependents during the Continuation Period, the Company shall make monthly cash
payments to the Employee equal to the amount that it would have paid to cover
the Employee and his dependents under such insurance policies or other
(d) Definition of "Involuntary Termination." For all purposes
under this Agreement, "Involuntary Termination" shall mean the termination of
the Employee's Employment by reason of:
(i) The involuntary discharge of the Employee by the
Company for reasons other than Cause or Permanent Disability; or
(ii) The voluntary resignation of the Employee following
(A) a material reduction of the Employee's duties, authority or
responsibilities, (B) any reduction in the Employee's title, (C) a change
in the Employee's reporting relationship requiring him to report to any
person other than the Board, (D) a reduction of the Employee's Base
Compensation or Minimum Bonus, as in effect immediately prior to such
reduction, or (E) the relocation of the Employee's principal place of
employment, if the distance between the Employee's new office and his
office immediately prior to such relocation is more than 35 miles.
The foregoing notwithstanding, no "Involuntary Termination" shall occur merely
because the Employee, after a Change in Control, is required to report to an
executive officer of the Company's parent corporation or, if the Company becomes
a division of its successor corporation, to an executive officer of such
(e) Definition of "Cause." For all purposes under this
Agreement, "Cause" shall mean:
(i) Unauthorized use or disclosure of the confidential
information or trade secrets of the Company which is materially injurious
to the Company;
(ii) Any breach of this Agreement, the Proprietary
Information and Inventions Agreement between the Employee and the Company,
or any other agreement between the Employee and the Company which is
materially injurious to the Company;
(iii) Conviction of, or a plea of "guilty" or "no contest"
to, a felony under the laws of the United States or any state thereof;
(iv) Demonstrably willful misconduct which is materially
injurious to the Company and which is not cured within 60 days after the
Employee received written notice specifying such misconduct from the Board;
(v) Gross negligence in the performance of duties assigned
to the Employee.
The foregoing notwithstanding, the Employee shall not be deemed to have been
discharged for Cause unless he has been given reasonable written notice
specifying the reasons for the proposed termination and has had an opportunity
to be heard by the Board (with his counsel, if he so elects).
7. Excise Taxes.
(a) Gross-Up Payment. If it is determined that any payment or
distribution of any type to or for the benefit of the Employee by the Company,
any of its affiliates, any person who acquires ownership or effective control of
the Company or ownership of a substantial portion of the Company's assets
(within the meaning of section 280G of the Code and the regulations thereunder)
or any affiliate of such person, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise (the "Total
Payments"), would be subject to the excise tax imposed by section 4999 of the
Code or any interest or penalties with respect to such excise tax (such excise
tax and any such interest or penalties are collectively referred to as the
"Excise Tax"), then the Employee shall be entitled to receive an additional
payment (a "Gross-Up Payment"). The amount of the Gross-Up Payment shall be as
(i) If the Gross-Up Payment becomes payable in a taxable
year of the Company in which the Company has no taxable income (after
taking into account net operating loss carry-forwards), the Gross-Up
Payment shall be equal to the product of (A) 50% multiplied by (B) an
amount calculated to ensure that after payment by the Employee of all taxes
(and any interest or penalties imposed with respect to such taxes),
including any Excise Tax, imposed upon the Gross-Up Payment, the Employee
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed
upon the Total Payments.
(ii) If the Gross-Up Payment becomes payable in a taxable
year of the Company in which the Company has taxable income (after taking
into account net operating loss carry-forwards), the Gross-Up Payment shall
be equal to the excise tax imposed on the Employee by section 4999 of the
Code, without regard to any taxes payable by the Employee with respect to
the Gross-Up Payment.
(b) Determination by Accountant. All determinations and
calculations required to be made under this Section 7 shall be made by an
independent accounting firm selected by the Employee from among the largest five
accounting firms in the United States (the "Accounting Firm"), which shall
provide its determination (the "Determination"), together with detailed
supporting calculations regarding the amount of any Gross-Up Payment and any
other relevant matter, both to the Company and the Employee within five days of
the termination of the Employee's employment, if applicable, or such earlier
time as is requested by the Company or the Employee (if the Employee reasonably
believes that any of the Total Payments may be subject to the Excise Tax). If
the Accounting Firm determines that no Excise Tax is payable by the Employee, it
shall furnish the Employee with a written statement
that such Accounting Firm has concluded that no Excise Tax is payable (including
the reasons therefor) and that the Employee has substantial authority not to
report any Excise Tax on the Employee's federal income tax return. If a Gross-Up
Payment is determined to be payable, it shall be paid to the Employee within
five days after the Determination is delivered to the Company or the Employee.
Any determination by the Accounting Firm shall be binding upon the Company and
the Employee, absent manifest error. The Company shall pay the fees and costs of
the Accounting Firm.
(c) Over- and Underpayments. As a result of uncertainty in the
application of section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that Gross-Up Payments not made
by the Company should have been made ("Underpayment"), or that Gross-Up Payments
will have been made by the Company which should not have been made
("Overpayments"). In either such event, the Accounting Firm shall determine the
amount of the Underpayment or Overpayment that has occurred. In the case of an
Underpayment, the amount of such Underpayment shall be promptly paid by the
Company to or for the benefit of the Employee. In the case of an Overpayment,
the Employee shall, at the direction and expense of the Company, take such steps
as are reasonably necessary (including the filing of returns and claims for
refund), follow reasonable instructions from, and procedures established by, the
Company, and otherwise reasonably cooperate with the Company to correct such
(d) Limitation on Parachute Payments. Any other provision of
this Section 7 notwithstanding, if the Excise Tax could be avoided by reducing
the Total Payments by $45,000 or less, then the Total Payments shall be reduced
to the extent necessary to avoid the Excise Tax and no Gross-Up Payment shall be
made. If the Accounting Firm determines that the Total Payments are to be
reduced under the preceding sentence, then the Company shall promptly give the
Employee notice to that effect and a copy of the detailed calculation thereof.
The Employee may then elect, in the Employee's sole discretion, which and how
much of the Total Payments are to be eliminated or reduced (as long as after
such election no Excise Tax will be payable) and shall advise the Company in
writing of the Employee's election within 10 days of receipt of notice. If no
such election is made by the Employee within such 10-day period, then the
Company may elect which and how much of the Total Payments are to be eliminated
or reduced (as long as after such election no Excise Tax will be payable) and
shall notify the Employee promptly of such election.
8. Restrictive Covenants.
(a) Non-Competition. During his Employment and during any
Continuation Period, the Employee agrees not to:
(i) Undertake any planning for any outside business
activity that is competitive with the Company; or
(ii) Directly or indirectly own any interest in, manage,
control, participate in (whether as an officer, director, employee,
partner, agent, representative or otherwise), consult with, render services
for, or in any manner
engage in any business directly competing with the Company and engaged in
such business anywhere within any state, possession, territory or
jurisdiction of the United States of America.
The ownership of any securities that the Employee is permitted to own under
Section 1(b) shall be deemed to be in compliance with this Section 8(a).
(b) Non-Solicitation. During the period commencing on the date
of this Agreement and continuing until the second anniversary of the date when
the Employee's Employment terminated for any reason, the Employee shall not
directly or indirectly, personally or through others, solicit or attempt to
solicit (on the Employee's own behalf or on behalf of any other person or
entity) either (i) the employment of any employee of the Company or any of the
Company's affiliates or (ii) the business of any customer of the Company or any
of the Company's affiliates with whom the Employee had contact during his
(c) Non-Disclosure. The Employee has entered into a Proprietary
Information and Inventions Agreement with the Company, which is incorporated
herein by reference.
(d) Injunctive Relief. The Employee acknowledges and agrees that
his failure to perform any of his covenants in this Section 8 would cause
irreparable injury to the Company and cause damages to the Company that would be
difficult or impossible to ascertain or quantify. Accordingly, without limiting
any other remedies that may be available with respect to any breach of this
Agreement, the Employee consents to the entry of an injunction to restrain any
breach of this Section 8.
(e) Survival. The covenants in this Section 8 shall survive any
termination or expiration of this Agreement and the termination of the
Employee's Employment with the Company for any reason.
(a) Company's Successors. This Agreement shall be binding upon
any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of
the Company's business and/or assets. For all purposes under this Agreement, the
term "Company" shall include any successor to the Company's business and/or
assets which becomes bound by this Agreement.
(b) Employee's Successors. This Agreement and all rights of the
Employee hereunder shall inure to the benefit of, and be enforceable by, the
Employee's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.
10. Miscellaneous Provisions.
(a) Notice. Notices and all other communications contemplated
by this Agreement shall be in writing and shall be deemed to have been duly
given when personally delivered or when mailed by U.S. registered or certified
mail, return receipt requested and postage prepaid. In the case of the Employee,
mailed notices shall be addressed to him at the home address which he most
recently communicated to the Company in writing. In the case of the Company,
mailed notices shall be addressed to its corporate headquarters, and all notices
shall be directed to the attention of its Secretary.
(b) Modifications and Waivers. No provision of this Agreement
shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by the Employee and by an
authorized officer of the Company (other than the Employee). No waiver by either
party of any breach of, or of compliance with, any condition or provision of
this Agreement by the other party shall be considered a waiver of any other
condition or provision or of the same condition or provision at another time.
(c) Whole Agreement. No other agreements, representations or
understandings (whether oral or written and whether express or implied) which
are not expressly set forth in this Agreement have been made or entered into by
either party with respect to the subject matter hereof. This Agreement and the
Proprietary Information and Inventions Agreement contain the entire
understanding of the parties with respect to the subject matter hereof. Without
limiting the foregoing, this Agreement supersedes the offer letter dated
December 30, 1998, pursuant to which the Employee was employed by the Company as
Special Advisor to the Chairman of the Board.
(d) Withholding Taxes. All payments made under this Agreement
shall be subject to reduction to reflect taxes or other charges required to be
withheld by law.
(e) Choice of Law. The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
California (except their provisions governing the choice of law).
(f) Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision hereof, which shall remain in full force
(g) No Assignment. This Agreement and all rights and
obligations of the Employee hereunder are personal to the Employee and may not
be transferred or assigned by the Employee at any time. The Company may assign
its rights under this Agreement to any entity that assumes the Company's
obligations hereunder in connection with any sale or transfer of all or a
substantial portion of the Company's assets to such entity.
(h) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, each of the parties has executed this Agreement,
in the case of the Company by its duly authorized officer, as of the day and
year first above written.
Internet Travel Network