Employment Agreement between Silverthorne Production Company, Inter-American Telecommunications Holding Corporation, and Darrell H. Hughes

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Summary

Silverthorne Production Company and Inter-American Telecommunications Holding Corporation are offering Darrell H. Hughes a three-year employment contract as Chief Executive Officer of both companies, with the expectation that he will also stand for election as Chairman of their Boards. The agreement includes a $125,000 annual salary, stock bonuses, stock options, four weeks of paid vacation, and a comprehensive benefits package. The contract also provides for the development of additional benefits such as a 401K plan and life insurance, with some flexibility for further personnel benefits as needed.

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EX-10.3 7 0007.txt EMPLOYMENT AGREEMENT/DARRELL H. HUGHES EXHIBIT 10.3 Silverthorne Production Company Inter-American Telecommunications Holding Corporation 2008 Second Avenue, #108 Seattle, Washington, USA 98121 1-206-320-8502o ###-###-#### faxo email: ***@*** October 5, 1999 Mr. Darrell H. Hughes 9930 N.E. 197th Street Bothell, Washington 98011 Fax 1 ###-###-#### Dear Darrell: It is my pleasure to extend to you this offer of employment on behalf of Silverthorne Production Company ("SLTH") and Inter-American Telecommunications Holding Corporation ("ITHC"). We hereby offer you employment for a guaranteed term of three years to serve as Chief Executive Officer of both ITHC and SLTH, and to stand for election as Chairman of the SLTH and ITHC Boards of Directors. Our offer consists of the following: Annual salary = $125,000 ITHC shares signing bonus = 500 shares of ITHC common (5% of authorized) ITHC shares 1st year bonus = 500 shares of ITHC common (5% of authorized) SLTH options = 400,000 shares at $0.46 4 weeks annual paid vacation In addition SLTH will provide a comprehensive benefit package including medical and dental plan that you and Dave Lucas will develop, a 401K plan and provide for life insurance coverage. As you shall determine certain personnel may require an automobile or reimbursement for use thereof. Please advise us relative to this offer at your earliest possible convenience. Sincerely, /s/Jimmy L. Boswell ------------------- Jimmy L. Boswell President, COO