It's beginning to look like Gordon may have done quite well after all...
ITEM 5. OTHER EVENTS.
A. On November 22, 2000, Robert P. Gordon entered into a Separation Agreement
with the Registrant, providing for the resignation of Mr. Gordon as an officer
and director of the Registrant. The resignation became effective upon the
closing of the Reorganization described in Item 2, above. Pursuant to the
Separation Agreement, the Registrant assigned its rights and obligations under
the December 4, 1998 Employment Agreement between Mr. Gordon and the Registrant
to Perch, Inc., a Florida corporation. Pursuant to the Separation Agreement, the
Registrant assigned its rights and interests in debts owed to the Registrant by
Mr. Gordon, in the aggregate amount of $1,322,066. On November 27, 2000, and as
contemplated by the Separation Agreement, the Registrant entered into a
Consulting Agreement with Mr. Gordon. The term of the Consulting Agreement
commences January 1, 2001 and ends on March 31, 2001. |
