Sweets for the new sweet? <LOL>
"Pursuant to the three-year Employment Agreement dated December 6, 2000 between
Mr. Roix and the Registrant, the Registrant agreed to pay Mr. Roix a base salary
of $350,000 per annum. Mr. Roix is eligible to earn an annual cash bonus of up
to 100% of his base salary if the Registrant meets certain earnings targets. In
addition, Mr. Roix is eligible to receive, on a weekly basis, sales bonuses in
the amount of: (i) 9% of Affinity's net collections on sales of mini-vacation
packages; (ii) 8.1% of the net amount paid to independent brokers on sales of
membership vacation packages and of products and services to members of certain
buyers' clubs; and (iii) 17.388% of Affinity's net collections on all sales of
Affinity's programs with department stores and discount stores. The Registrant
granted Mr. Roix options to purchase up to 4,000,000 shares of the Registrant's
common stock at an exercise price of $0.75 per share, 2,000,000 of which are
fully vested, 1,000,000 vest on September 1, 2001 and the balance vest on
September 2, 2002. The options are exercisable for a five year period on a
cashless basis. The Registrant also granted Mr. Roix options to purchase up to
300,000 shares of the Registrant's common stock, vesting over a three year
period, at an exercise price of $1.00 per share, and exercisable for a five year
period on a cashless basis." |
