Description of Retirement Account Matching Contributions for MicroTel International Inc. and XCEL Power Systems, Ltd.

Summary

This document outlines the retirement account matching contributions provided by MicroTel International Inc. and XCEL Power Systems, Ltd. MicroTel matches up to the lesser of $2,000 or 20% of employee 401(k) contributions, with the same allocation method for all employees. XCEL Power Systems, Ltd. matches up to 6% of salary for executives and up to 4% for other employees in a defined contribution plan. Contributions are intended for annuity purchases upon retirement. The document specifies matching amounts received by certain executives in 2003.

EX-10.35 3 microtel_10kex10-35.txt EXHIBIT 10.35 DESCRIPTION OF RETIREMENT ACCOUNT MATCHING CONTRIBUTIONS MicroTel International Inc. matches up to the lesser of $2,000 and 20% of Randolph Foote's contributions to his 401(k) account. During 2003, those matching contribution amounted to $1,864. This matching arrangement was generally made available to all employees of MicroTel International Inc. and provides for the same method of allocation of benefits between management and non-management participants. Also, XCEL Power Systems, Ltd. makes matching contributions of up to 6% of Graham Jefferies' salary to an executives' defined contribution plan. Other employees of XCEL Power Systems, Ltd. may receive matching contributions to a defined contribution plan of up to 4% of their salary. Amounts contributed to the defined contribution plans are intended to used to purchase annuities upon retirement. During 2003, Mr. Jefferies received a matching contribution of $10,320.