Document:

<PAGE>

                                                                          10.10

                          VACATION EMPORIUM CORPORATION

                        SUBSCRIPTION AND RIGHTS AGREEMENT

Vacation Emporium Corporation
90 Madison Street
Denver, Colorado  80806

Ladies and Gentlemen:

         1. Subscription.

         Subject to the terms and conditions of this Agreement, the undersigned
individual, residing at the address listed opposite his/her name below (the
"Subscriber") hereby subscribes for and agrees to purchase simultaneously with
the execution hereof, the number of shares of common stock, par value $.001 per
share (the "Common Stock"), of Vacation Emporium Corporation, a Nevada
corporation (the "Company"), set forth below his/her name on the signature page
hereto, for the aggregate purchase price set forth below his/her name on the
signature page hereto, payable by check delivered to the Company simultaneously
herewith (the shares of Common Stock acquired by the Subscriber hereunder are
referred to herein as the "Shares"). Simultaneously with or as soon as
practicable after the execution hereof, the Company shall deliver to Bryan Cave
LLP as escrow agent (the "Escrow Agent") one or more certificates representing
the Shares purchased hereunder, registered in the name of the Subscriber on the
books and records of the Company, to be held in escrow in accordance with the
terms of the Escrow Agreement (as defined below).

         2. Acceptance of Subscription. By its signature below, the Company may,
in its sole and absolute discretion, accept this subscription, and such
subscription shall not be binding unless and until accepted by the Company.

<PAGE>

         3. Escrow Agreement. Simultaneously with the execution hereof, the
Company and the Subscriber will enter into an Escrow Agreement (the "Escrow
Agreement") with the Escrow Agent in substantially the form annexed hereto as
Exhibit A.

         4. Restrictions on Transfer of Shares. The Subscriber covenants to the
Company and agrees that, except as contemplated hereby and by the Escrow
Agreement, he/she will not sell, transfer, assign, gift, devise, pledge,
hypothecate, grant a security interest in, mortgage, option, donate, or
otherwise encumber (except as contemplated hereby and by the Escrow Agreement)
or dispose of, voluntarily or involuntarily, directly or indirectly, with or
without consideration (collectively, "Transfer") any of the Shares for so long
as such Shares are held in escrow pursuant to the Escrow Agreement. Any Transfer
of Shares in violation of this Section 5, whether voluntary or involuntary,
shall be void and of no force and effect and shall transfer no right, title or
interest in or to those Shares to the purported transferee, buyer, assignee,
pledgee or encumbrance holder of such Shares.

         5. Right to Repurchase Shares. The parties acknowledge that, pursuant
to and in accordance with the terms of the Escrow Agreement, the Shares will be
held in escrow by the Escrow Agent and will be released from escrow from time to
time during the period (the "Escrow Period") commencing on the date hereof and
ending two years from the date, if any, on which the Company completes its
acquisition (the "WSS Acquisition") of all the issued and outstanding shares of
Wall Street Strategies, Inc., a Delaware corporation, ("WSS") from WSS's sole
shareholder, Charles V. Payne ("Payne").

         (a) (i) If the Subscriber's employment by the Company is terminated by
the Company other than by reason of the Subscriber's death or Disability (as
defined in Section 4(a)(ii)), the Subscriber agrees to sell to the Company, and
the Company

                                       2
<PAGE>

agrees to purchase from the Subscriber, all of the Shares held in escrow
pursuant to the Escrow Agreement as of the date of such termination for an
aggregate purchase price equal to the aggregate purchase price paid by the
Subscriber for such Shares pursuant hereto, such purchase and sale to be
completed within three (3) business days after the date of termination.

             (ii) As used herein, "Disability" shall mean the inability of
Subscriber, due to physical or mental illness, injury or disease, to perform
his/her normal duties as an employee of the Company, for a period of at least
three (3) consecutive months or four (4) months in the aggregate in any twelve
(12) month period.

         (b) If the Subscriber's employment by the Company is terminated during
the Escrow Period by reason of the Subscriber's death or Disability, all of the
Shares held in escrow pursuant to the Escrow Agreement as of the date of such
termination will be released by the Escrow Agent to the Subscriber (or his/her
estate or legal representative, as the case may be) in accordance with the terms
of the Escrow Agreement.

         (c) If the WSS Acquisition is not completed within 90 days after the
date hereof (the "Interim Period"), the Company agrees to purchase from the
Subscriber, and the Subscriber agrees to sell to the Company, all of the Shares
for an aggregate purchase price equal to the aggregate purchase price paid by
the Subscriber for the Shares pursuant hereto, such purchase and sale to be
completed within three (3) business days after the end of the Interim Period.

         6. Representations and Warranties of the Company. The Company hereby
represents and warrants to the undersigned as follows:

         (a) Organization and Qualification; Subsidiaries. The Company is a
corporation, duly incorporated, validly existing and in good standing under the
laws of the state

                                       3

<PAGE>

of Nevada, with the requisite corporate power and authority to own and use its
properties and assets and to carry on its business as currently conducted. The
Company is duly qualified to do business and is in good standing as a foreign
corporation in each jurisdiction in which a failure to so qualify would have a
material adverse effect in its business.

         (b) Capital Structure. As of the date hereof (and assuming the issuance
of the Shares), the authorized capital stock of Company will consist of: (A)
5,000,000 shares of Preferred Stock, par value $.001 per share, none of which
are outstanding and (B) 50,000,000 shares of Common Stock, par value $.001 per
share. Upon completion of the issuances of shares of Common Stock contemplated
by this Agreement and agreements being entered into simultaneously herewith, a
maximum of 15,702,564 shares of Common Stock will be issued. All outstanding
shares of Common Stock are validly issued, fully paid, nonassessable. The Shares
being purchased hereunder, when issued, sold and delivered in accordance with
the terms of this Agreement, will (subject to the escrow described herein and in
the Escrow Agreement) be duly and validly issued, fully paid and nonassessable,
and will be free of restrictions on transfer other than restrictions under
applicable state and federal securities laws and restrictions imposed under this
Agreement and the Escrow Agreement. Other than commitments in connection with
issuances to third parties of up to 1,258,205 shares of the Company's Common
Stock being made simultaneously herewith, there are no options, warrants, calls,
rights (including conversion or preemptive rights), commitments, agreements,
contracts, understandings, restrictions, arrangements or rights of any character
to which the Company is a party or by which it may be bound obligating the
Company to issue, deliver or sell, or cause to be issued, delivered or sold,
additional shares of the Company's Common Stock or obligating the Company to
grant, extend or enter into any such option, warrant, call, right, commitment,

                                       4

<PAGE>

agreement, contract, understanding, restriction, arrangement or right to or with
any person or persons whatsoever, except for options to be granted to David
McCallen and Shawn D. Baldwin pursuant to their respective employment agreements
to be executed with the Company.

         (c) Authority. The Company has all requisite corporate power and
authority to enter into this Agreement, and to consummate the transactions
contemplated hereby. The execution and delivery by the Company of this Agreement
and the consummation of the transactions contemplated hereby have been duly
authorized by all necessary corporate action on the part of the Company. This
Agreement has been duly executed and delivered by the Company and constitutes
the valid and binding obligation of the Company enforceable in accordance with
its terms.

         7. Representations and Warranties of the Subscriber. The Subscriber
hereby represents and warrants to the Company as follows:

         (a) Organization; Authority. He/she has the requisite power, authority
and capacity to enter into and to consummate the transactions contemplated
hereby and otherwise to carry out his/her obligations hereunder. This Agreement
has been duly executed and delivered by the Subscriber and constitutes his/her
valid and binding obligation, enforceable in accordance with its terms.

         (b) Subscriber's Status. The Subscriber understands that the securities
to be purchased hereunder have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or under the securities law of any
jurisdiction, that the purchase and sale is being made in reliance upon certain
exemptions from registration and that the Company's reliance on such exemption
is predicated in part upon the accuracy of the Subscriber's

                                       5

<PAGE>

representations in this Section 7. The Subscriber confirms that he/she is a
resident of the jurisdiction set forth at the foot of this Agreement.

         (c) Lack of Liquidity. The Subscriber hereby acknowledges and confirms
that (i) the Shares are "restricted securities" under the Securities Act because
they are being acquired from the Company in a transaction not involving a public
offering, and that, under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain
limited circumstances; (ii) there is presently no public market for the sale or
resale of the Company's Equity Securities and the Company has not made any
commitment, and is under no obligation, to register any shares of its capital
stock of any class for public sale in the future; (iii) if in fact the Company
undertakes to register any shares of its Equity Securities for public sale in
the future, there can be no assurance that it will be successful in causing such
registration to occur; and (iv) as a result of the foregoing, the Shares may be
required to be held by the Subscriber indefinitely.

         (d) Purchase for Investment, Speculative Investment, etc. The
undersigned represents and warrants that: (i) he/she is acquiring the Shares for
his/her own account for investment only and not with a view to, or for sale in
connection with, a distribution within the meaning of the Securities Act; (ii)
he/she has no present intention of selling or otherwise disposing of any portion
of the Shares except as contemplated hereby; (iii) he/she has been afforded the
opportunity to request, and has received such information regarding the Company
and its present and prospective business, assets and liabilities and the
backgrounds of the principals of the Company as he/she has deemed material to
making the decision to acquire the Shares and has been afforded the opportunity
to ask questions of and receive answers from the Company's senior management
concerning present and prospective business prospects of the

                                       6
<PAGE>

Company; (iv) he/she has fully considered such information as has been provided
by the Company in valuing the Company and assessing the merits of the
transactions contemplated hereby; (v) he/she recognizes that an investment in
the Shares involves special, speculative and substantial risk because, among
other things, the Company has conducted no business since March 31, 1999 other
than to enter into a non-binding letter of intent with Payne to effect the WSS
Acquisition (as such terms are defined in Section 5 hereof), there can be no
assurance that the Company will complete the WSS Acquisition, or any
transaction, the Company does not presently have professional management,
customers or sales, the Company does not presently have the resources to achieve
its strategic objectives (to the extent they have been identified), the Shares
are subject to significant legal restrictions upon resale and, in any case,
there may be no future market for resale of the Shares; (vi) he/she is able to
fend for himself/herself in the transactions contemplated by this Agreement, and
is, on his/her own or through his/her professional advisors, knowledgeable in
business and financial matters and, accordingly, is capable of evaluating and
has evaluated the merits of the transactions contemplated hereby; (vii) he/she
has made the determination to enter into this Agreement based upon his/her own
independent evaluation and assessment of the value of the Company and its
present and prospective business prospects and has not relied on, or been
induced to enter into this Agreement on account of any representation or
warranty of any kind or nature, whether oral or written, express or implied,
except for such representations and warranties of the Company as are
specifically set forth in this Agreement, (viii) he/she is financially capable
of bearing a total loss of his/her investment in the Shares and (x) at no time
was he/she presented with, or solicited by any publicly issued or circulated
newspaper, magazine, mail, radio or television or any other form of general
advertising or solicitation in connection herewith.

                                       7
<PAGE>

         8. Transfer Restrictions under the Securities Laws. If (subject to the
limitations contained herein) the Subscriber should decide to dispose of any of
the Shares to be purchased hereunder, the Subscriber understands and agrees
he/she may do so only (i) pursuant to an effective registration statement under
the Securities Act (which the Company is under no obligation to file) or (ii)
pursuant to an available exemption from registration under the Securities Act.
In connection with any transfer of any Shares other than pursuant to an
effective registration statement, the Company may require that the Subscriber
provide to the Company an opinion of counsel reasonably satisfactory to the
Company, to the effect that such transfer does not require registration of such
Shares under the Securities Act or any state securities laws.

                  Each certificate representing the Shares shall bear the
                  following legend:

                  THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"), OR ANY APPLICABLE STATE SECURITIES LAW, AND NO
                  INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED,
                  PLEDGED OR OTHERWISE TRANSFERRED UNLESS (i) THERE IS AN
                  EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE
                  STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING
                  SAID SECURITIES, (ii) THIS CORPORATION RECEIVES AN OPINION OF
                  LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY
                  TO THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT
                  FROM REGISTRATION, OR (iii) THIS CORPORATION OTHERWISE
                  SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM
                  REGISTRATION.

                  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                  RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS CONTAINED IN A
                  SUBSCRIPTION AND RIGHTS AGREEMENT DATED __________, 1999, AND
                  AN ESCROW AGREEMENT DATED __________, 1999. COPIES OF SAID
                  AGREEMENTS MAY BE EXAMINED AT THE PRINCIPAL OFFICE OF THE
                  CORPORATION.

                                       8
<PAGE>

         The first legend set forth above may be removed if and when the Shares
represented by such certificate may be disposed of pursuant to an effective
registration statement under the Securities Act or in the opinion of counsel to
the Company such legend is no longer required under applicable requirements of
the Securities Act. The second legend set forth above may be removed if and when
the Shares represented by such certificate are released from escrow in
accordance with the terms of the Escrow Agreement. The stock certificates
representing the Shares shall also bear any other legends required by applicable
Federal or state securities laws, which legends may be removed when, in the
opinion of counsel to the Company, such legends are no longer required under the
applicable requirements of such securities laws. The Company agrees that it will
provide the Subscriber, upon request, with a substitute stock certificate or
certificates, free from such legends at such time as such legends are no longer
applicable.

         9. Restriction on Dealing in Company Stock. The Subscriber covenants
to, and agrees with the Company that unless and until the earliest of (a) the
abandonment of the WSS Acquisition or (b) the completion and public announcement
of the completion of the WSS Acquisition, he/she will not, directly or
indirectly, engage in, or cause any other person to engage in any transaction,
for his/her own account or the account of any other person, involving any of the
Company's securities, including without limitation any purchase or sale of the
Company's securities, other than the purchase and any sale of the Shares as
contemplated by this Agreement and the Escrow Agreement.

         10. Stop Transfer Instruction. The Subscriber agrees that the Company
shall be entitled to make a notation on its records and give instructions to any
transfer agent of the Company in order to implement the restrictions on transfer
set forth in this Agreement.

                                       9

<PAGE>

         11. Fees and Expenses. Whether or not the transactions contemplated by
this Agreement are consummated, each party hereto shall pay its own expenses and
the fees and expenses of its counsel and accountants and other experts.

         12. Entire Agreement; Amendments. This Agreement, together with the
Exhibits and Schedules hereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters.

         13. Notices. Any notice or other communication required or permitted to
be given hereunder shall be in writing and shall be deemed to have been received
(a) upon hand delivery (receipt acknowledged) or delivery by telex (with correct
answer back received), telecopy or facsimile (with transmission confirmation
report) at the address or number designated below (if delivered on a business
day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such
communications shall be:

                  If to the Company:

                  Vacation Emporium Corporation
                  90 Madison Street
                  Denver, Colorado  80806

                  With a copy to:

                  Bryan Cave LLP
                  245 Park Avenue
                  New York, New York  10167-0034
                  Telecopier:  (212) 692-1900

                                       10

<PAGE>

                  Attn.:  Steven A. Saide

                  If to the Subscriber:

                  To the address listed below on the signature page.

or such other address as may be designated in writing hereafter, in the same
manner, by such person.

         14. Amendments; Waivers, Jurisdiction. No provision of this Agreement
may be waived or amended except in a written instrument signed, in the case of
an amendment, by both the Company and the Subscriber, or, in the case of a
waiver, by the party against whom enforcement of any such waiver is sought. No
waiver of any default with respect to any provision, condition or requirement of
this Agreement shall be deemed to be a continuing waiver in the future or a
waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right accruing to it thereafter. Each party
hereto irrevocably submits to the non-exclusive jurisdiction of any state or
federal court located in New York County, State of New York, in respect of any
legal action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby.

         15. Successors and Assigns. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

         16. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York
without regard to the principles of conflicts of law thereof.

                                       11
<PAGE>

         17. Counterpart. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
page were an original thereof.

         18. Severability. In case any one or more of the provisions of this
Agreement shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not
in any way be affecting or impaired thereby and the parties will attempt to
agree upon a valid and enforceable provision which shall be a reasonable

                                       12
<PAGE>

substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first indicated above.

                                         PURCHASER:

                                         --------------------------
                                         Name:

                                         Residence Address:

                                         Social Security Number:

                                         No. of Shares of Common Stock to
                                         be Purchased:

                                         Aggregate Purchase Price:

                                         Date:                    , 1999
                                               ------------------

<PAGE>

                           ACCEPTANCE OF SUBSCRIPTION

         The Subscription Agreement of the Subscriber indicated herein below
with respect to Vacation Emporium Corporation is hereby accepted, and such
Subscriber is hereby allocated the Shares indicated below.

__________, 1999

                                         VACATION EMPORIUM CORPORATION

                                         By:
                                            --------------------------------

                                             Name:
                                             Title:

Subscriber:

Subscriber's Residence Address:

No. of Shares of Common Stock Allocated:

Aggregate Purchase Price:<PAGE>

                      AMENDED AND RESTATED ESCROW AGREEMENT

ESCROW AGREEMENT, dated as of July 30, 1999, by and among VACATION EMPORIUM
CORPORATION, a Nevada corporation (the "Company") with its address at 90 Madison
Street, Denver, Colorado 80806, David McCallen (the "Subscriber"), an individual
with his address listed opposite his signature below, and BRYAN CAVE LLP (the
"Escrow Agent"), with its address at 245 Park Avenue, New York, New York
10167-0034. The parties entered into an Escrow Agreement, dated July 30, 1999,
which, among other things, provided for the escrow of shares purchased by
Subscriber from the Company. The parties wish to correct certain errors
contained in the Escrow Agreement and, as so corrected, to restate in its
entirety the Escrow Agreement. Accordingly, the Subscriber, the Company and the
Escrow Agent hereby do amend and restate in its entirety the Escrow Agreement as
follows:

                              W I T N E S S E T H:

      WHEREAS, the Company and the Subscriber are parties to a certain Amended
and Restated Subscription and Rights Agreement of even date herewith (the
"Subscription Agreement") pursuant to which the Subscriber is subscribing for
and purchasing from the Company 526,923 shares of the Company's common stock,
par value $.001 per share (the "Shares"), as more particularly set forth
therein;

      WHEREAS, the Company has entered into a non-binding letter of intent with
Charles V. Payne ("Payne") describing the intent of the parties that the Company
acquire from Payne all of the issued and outstanding shares of capital stock of
Wall Street Strategies, Inc., a Delaware corporation ("WSS"; such acquisition
(or proposed acquisition) referred to herein as the "WSS Acquisition");

      WHEREAS, the Subscriber and the Company are entering into an employment
agreement of even date herewith (the "Employment Agreement"), the Employment
Agreement to become effective, if at all, upon the completion, if any, of the
WSS Acquisition, and pursuant to which Employment Agreement the Subscriber is to
be employed by the Company on the terms and conditions set forth therein; and

      WHEREAS, the Subscription Agreement provides, among other things, that,
simultaneously herewith, the Company, the Subscriber and the Escrow Agent shall
execute this Escrow Agreement and, simultaneously herewith or as soon hereafter
as practicable, the Company shall deposit into escrow with the Escrow Agent, to
be held in accordance with the terms hereof, stock certificates representing the
Shares, registered in the name of the Subscriber on the books and records of the
Company, duly endorsed in blank or accompanied by stock powers or other
instruments of transfer duly endorsed in blank, in either case with signature
guaranteed.
<PAGE>

      NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

      1. DEPOSIT. (a) Simultaneously with the execution hereof or as soon
hereafter as practicable, the Company, on behalf of the Subscriber, is
delivering or will deliver to the Escrow Agent stock certificates evidencing the
Shares registered in the name of the Subscriber on the books and records of the
Company (which stock certificates are, or at the time of deposit will be more
fully described on the annexed Schedule I), duly endorsed in blank by the
Subscriber with signature guaranteed or accompanied by stock powers duly
endorsed in blank by the Subscriber (such stock certificates, as so endorsed or
accompanied by stock powers, are referred to herein, individually, as a "Stock
Certificate" and collectively, as the "Stock Certificates").

            (b) The Escrow Agent, upon receipt of the Stock Certificates, will
execute the receipt therefor attached as Exhibit A and deliver copies of such
receipt to the Company and the Subscriber.

            (c) The Escrow Agent agrees to hold the Stock Certificates in escrow
and to act with respect thereto and otherwise as hereinafter set forth.

      2. DISPOSITION OF THE ESCROW. The Escrow Agent shall release the Stock
Certificates (and the Shares represented thereby) from escrow as follows and in
accordance with the following:

            (a) (i) On or as soon as practicable following completion of the WSS
Acquisition (the date of such completion is referred to as the "Acquisition
Date"), the Company and the Subscriber will deliver to the Escrow Agent written
notice (the "Acquisition Notice"), signed by each, affirming the completion of
the WSS Acquisition, and specifying the Acquisition Date. Promptly upon receipt
of the Acquisition Notice, the Escrow Agent shall release from escrow and
deliver to the Subscriber 175,641 Shares.

                  (ii) The Company acknowledges that if the WSS Acquisition is
not completed within ninety (90) days after the date hereof, the Company has
agreed, pursuant to the terms of the Subscription Agreement, to repurchase the
Shares from the Subscriber on the terms specified therein. In such event, the
Company and the Subscriber will, on the date of such repurchase, provide the
Escrow Agent with written notice of such repurchase, signed by each, and the
Escrow Agent will, promptly upon receipt of such notice, release from escrow and
deliver to the Company all of the Stock Certificates (and the Shares represented
thereby).

            (b) On the six month anniversary of the Acquisition Date (the
"Condition Date"), the Escrow Agent shall release from escrow and deliver to the
Subscriber Stock Certificates representing 175,641 Shares.

            (c) The Escrow Agent will release from escrow and deliver to the
Subscriber Stock Certificates representing (i) 35,128 Shares on each of the six
month, nine month, twelve month and fifteen month anniversaries of the Condition
Date and (ii) the balance of 35,129 Shares on the eighteen month anniversary of
the Condition Date.

                                       2
<PAGE>

            (d) (i) If the Subscriber's employment by the Company is terminated
during the Escrow Period by reason of the Subscriber's death or Disability (as
defined in the Employment Agreement), the Company will deliver written notice of
such termination (a "Death/Disability Notice") to the Escrow Agent, with a copy
of the Death/Disability Notice to be delivered simultaneously to the Subscriber
or his estate or legal representative (as the case may be) and evidence of
delivery of such copy to be delivered simultaneously to the Escrow Agent. If, at
any time following such termination by reason of death or disability, the
Company has not delivered a Death/Disability Notice, the Subscriber, the
administrator of his estate or his legal representative (as the case may be) may
deliver a Death/Disability Notice to the Escrow Agent (together with evidence of
the administrator's or legal representative's legal authority ("Authority
Evidence"), as applicable). A copy of such Death/Disability Notice and Authority
Evidence shall be delivered simultaneously to the Company and evidence of
delivery of such copy shall be delivered to the Escrow Agent. Provided the
Escrow Agent has not received from the Company or the Subscriber or his estate
or legal representative, within twenty (20) days after receipt of the
Death/Disability Notice (the "Contest Period"), written notice contesting the
Death/Disability Notice (a "Contest Notice"), the Escrow Agent will release from
escrow and deliver to the Subscriber or his estate or legal representative, as
the case may be, all of the Stock Certificates (and the Shares represented
thereby) then held in escrow by the Escrow Agent.

                  (ii) If the Escrow Agent receives a Contest Notice during the
Contest Period, the Escrow Agent shall continue to hold all Stock Certificates
(and Shares represented thereby) then held by it in escrow pursuant to the terms
hereof, and shall make no further releases of Stock Certificates hereunder
unless and until it receives written instructions specifying disposition of the
Stock Certificates executed by the Company and the Subscriber, the administrator
of his estate or his legal representative, as the case may be. If the Escrow
Agent receives no such written instructions during the ninety (90) day period
following receipt of the Contest Notice, the Escrow Agent shall deposit all
Stock Certificates then held by it with a court of competent jurisdiction to be
held pending resolution of the dispute between the Company and the Subscriber or
his estate or legal representative, and thereafter, the Escrow Agent shall have
no further duties or obligations hereunder.

            (e) (i) If the Subscriber's employment by the Company is terminated
during the Escrow Period other than by reason of the Subscriber's death or
Disability and without Cause (as defined in the Employment Agreement), either
the Subscriber or the Company may deliver written notice of such termination (a
"Non-Cause Notice") to the Escrow Agent, with a copy of the Non-Cause Notice to
be delivered simultaneously to the other party (the "Non-Cause Notice
Recipient") and evidence of delivery of such copy to be delivered simultaneously
to the Escrow Agent. Provided the Escrow Agent has not received from the
Non-Cause Notice Recipient, within twenty (20) days after receipt of the
Non-Cause Notice (the "Non-Cause Contest Period"), written notice contesting the
Non-Cause Notice (a "Non-Cause Contest Notice"), the Escrow Agent will release
from escrow and deliver to the Subscriber all of the Stock Certificates (and the
Shares represented thereby) then held in escrow by the Escrow Agent.

                  (ii) If the Escrow Agent receives a Non-Cause Contest Notice
during the Non-Cause Contest Period, the Escrow Agent shall continue to hold all
Stock Certificates (and Shares represented thereby) then held by it in escrow
pursuant to the terms hereof, and shall make no further releases of Stock
Certificates hereunder unless and until it receives written

                                       3
<PAGE>

instructions specifying disposition of the Stock Certificates executed by the
Company and the Subscriber. If the Escrow Agent receives no such written
instructions during the ninety (90) day period following receipt of the
Non-Cause Contest Notice, the Escrow Agent shall deposit all Stock Certificates
then held by it with a court of competent jurisdiction to be held pending
resolution of the dispute between the Company and the Subscriber and thereafter,
the Escrow Agent shall have no further duties or obligations hereunder.

            (f) (i) The Company and the Subscriber acknowledge that, pursuant to
the terms of the Subscription Agreement, if the Subscriber's employment with the
Company is terminated during the Escrow Period for Cause, the Company has agreed
to repurchase the Shares then held in escrow pursuant hereto from the Subscriber
on the terms specified in the Subscription Agreement. In such event, the Company
will, on the date of such repurchase, provide the Escrow Agent with written
notice of such repurchase (a "Termination Repurchase Notice"), and the Escrow
Agent will, promptly upon receipt of such notice, release from escrow and
deliver to the Company all of the Stock Certificates (and the Shares represented
thereby) then held by the Escrow Agent.

                  (ii) Notwithstanding the provisions of Section 2(f)(i) above,
upon termination of the Subscriber's employment with the Company during the
Escrow Period for Cause, either the Company or the Subscriber may, prior to the
delivery to the Escrow Agent of a Termination Repurchase Notice, deliver to the
Escrow Agent written notice (a "Termination Contest Notice") contesting the
termination of employment and/or the obligation under the Subscription Agreement
to sell and purchase the Shares then held in escrow. The party delivering the
Termination Contest Notice to the Escrow Agent shall simultaneously deliver a
copy of such notice to the other party hereto and evidence of delivery of such
copy shall be delivered simultaneously to the Escrow Agent. Upon receipt of a
Termination Contest Notice, the Escrow Agent shall thereafter continue to hold
all Stock Certificates (and Shares represented thereby) then held by it in
escrow pursuant to the terms hereof, and shall make no further releases of Stock
Certificates hereunder unless and until it receives a Termination Repurchase
Notice or other written instructions specifying disposition of the Stock
Certificates then held by it executed by the Company and the Subscriber. If the
Escrow Agent receives no Termination Repurchase Notice or other such written
instructions during the ninety (90) day period following receipt of the
Termination Contest Notice, the Escrow Agent shall deposit all Stock
Certificates then held by it with a court of competent jurisdiction to be held
pending resolution of the dispute between the Company and the Subscriber, and
thereafter, the Escrow Agent shall have no further duties or obligations
hereunder.

      3. TERMINATION UPON FINAL DISPOSITION. This Escrow Agreement shall
terminate upon the final disposition of the Stock Certificates and may be
terminated at any time prior thereto by and upon receipt by the Escrow Agent of
written notice of termination signed by the Company and the Subscriber directing
the disposition of the Stock Certificates.

      4. RIGHTS IN RESPECT OF SHARES HELD IN ESCROW. All rights in connection
with or incident to the ownership of the Shares, including without limitation,
the right to exercise any and all voting rights associated with the Shares and
the right to receive and retain any and all dividends or other distributions in
respect of the Shares, during the period such Shares are held in escrow pursuant
hereto, shall be vested solely in the Subscriber.

                                       4
<PAGE>

      5. ESCROW PROVISIONS. (a) The obligations and duties of the Escrow Agent
in connection herewith are confined to those specifically enumerated herein and
the Escrow Agent shall not be liable or responsible for any act or failure to
act on its part except for its own willful misconduct or gross negligence.

            (b) The duties of the Escrow Agent hereunder shall be limited to the
safekeeping of the Stock Certificates and the disposition of the same solely in
accordance with the terms and conditions hereof and no implied duties or
obligations shall be read herein against the Escrow Agent.

            (c) The Escrow Agent may act or refrain from acting with respect to
any matter referred to herein in full reliance upon the advice of counsel of its
choice, and shall be fully protected and released as to any matter with respect
to which it shall have acted or refrained from acting upon the advice of such
counsel.

            (d) The Escrow Agent may rely or act upon orders or directions,
instruments or signatures believed by it to be genuine and may assume that any
person purporting to give any written notice, advice or instruction in
connection therewith has been fully authorized to do so.

            (e) The Escrow Agent shall not be bound by any modification,
amendment, termination, cancellation, rescission or supercedence of the terms
and conditions contained herein unless the same shall be in writing and signed
by the other parties hereto. However, the Escrow Agent's duties as Escrow Agent
hereunder shall not be affected, unless the Escrow Agent shall have given its
prior written consent thereto.

            (f) If the Escrow Agent shall be uncertain as to its duties or
rights hereunder, then Escrow Agent shall refrain from taking any action other
than to keep safely the Stock Certificates, until it shall be directed otherwise
in writing jointly by the Company and the Subscriber or by a final judgment or
order of a court of competent jurisdiction. Any such judgment shall be delivered
to the Escrow Agent with a written opinion of counsel setting forth that such
judgment is final and that such court is a court of competent jurisdiction and
that Escrow Agent shall be fully protected in relying thereon.

            (g) The Escrow Agent shall not be required to institute or defend
any action or legal proceeding involving the terms and conditions contained
herein. For all payments and deliveries made by the Escrow Agent in accordance
with the provisions hereof, the Escrow Agent shall have full release, discharge
and acquittance and shall not be subject to any claim on the part of any persons
beneficially interested hereunder. It is expressly understood by the Company and
the Subscriber agree, jointly and severally, to indemnify and hold harmless the
Escrow Agent and its successors and assigns from and against any and all claims,
disputes or defenses which may arise between the Company and the Subscriber.

            (h) The Company and the Subscriber shall reimburse and indemnify the
Escrow Agent for, and hold it harmless against, any and all loss, liability,
costs or expenses in connection herewith including reasonable attorneys' fees,
incurred on the part of the Escrow Agent or arising out of or in connection with
its acceptance of, or the performance of its duties and obligations under, this
Escrow Agreement, as well as the reasonable costs and expenses of defending
against

                                       5
<PAGE>

any claim or liability arising out of or relating to this Escrow Agreement,
except for such loss, liability, costs or expenses resulting from Escrow Agent's
own gross negligence or willful misconduct. Such obligations shall be borne by
the Company.

            (i) The Escrow Agent may at any time resign hereunder by giving
written notice of resignation to the other parties hereto at least ten days
prior to the date specified for such resignation to take effect, and upon the
effective date of such resignation, the Stock Certificates then held by the
Escrow Agent hereunder shall be turned over to a new escrow agent designated in
writing by the Escrow Agent who shall be reasonably acceptable to the Company
and the Subscriber and who shall have accepted all of the terms hereof,
whereupon all of the Escrow Agent's obligations hereunder shall cease and
terminate. If no such person shall have been approved by the Company and the
Subscriber by such date, the Escrow Agent shall be entitled to deposit the Stock
Certificates with a court of competent jurisdiction whereupon all of the Escrow
Agent's obligations hereunder shall cease and terminate.

      6. NOTICES. Any notice or other communication required or permitted to be
given hereunder shall be in writing and shall be deemed to have been received
(a) upon hand delivery (receipt acknowledged) or delivery by telex (with correct
answer back received), telecopy or facsimile (with transmission confirmation
report) at the address or number designated below (if delivered on a business
day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such
communications shall be:

            If to the Company:

            Vacation Emporium Corporation
            90 Madison Street
            Denver, Colorado  80806

            If to the Subscriber:

            To the address listed opposite the Subscriber's signature below

            With a copy to:

            Hazel Thomas, P.C.
            3110 Fairview Park Drive
            Suite 1400
            Falls Church, Virginia 22042

                                       6
<PAGE>

            Telecopier: (703) 641-4340
            Attn.: Benton Burroughs, Jr., Esq.

            If to the Escrow Agent to:

            Bryan Cave LLP
            245 Park Avenue
            New York, New York 10167-0034
            Telecopier: (212) 692-1900
            Attn.: Steven A. Saide, Esq.

            A copy of all notices and communications hereunder shall be sent to:

            Bryan Cave LLP
            245 Park Avenue
            New York, New York  10167-0034
            Telecopier: (212) 692-1900
            Attn.: Steven A. Saide, Esq.

or such other address as may be designated in writing hereafter, in the same
manner, by such person.

      7. WAIVER. No waiver by any party of any breach of any term contained in
this Escrow Agreement, in any one or more instances, shall be deemed to be or
construed as a further continuing waiver of any such breach or a waiver of any
breach of any other term contained in this Escrow Agreement.

      8. COUNTERPARTS. This Escrow Agreement may be executed in counterparts,
each of which shall be deemed as original and which counterparts together shall
constitute one and the same instrument.

                                       7
<PAGE>

      9. APPLICABLE LAW. This Agreement is intended to be construed solely in
accordance with and governed solely by the laws of the State of New York
pertaining to contracts made and fully performed therein (without giving effect
to choice of law principles).

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date and year first above written.

                                     ESCROW AGENT:

                                     BRYAN CAVE LLP

                                     By:  /s/  Steven A. Saide
                                          -------------------------------------
                                          Name: Steven A. Saide
                                          Title: Partner

                                     THE COMPANY:

                                     VACATION EMPORIUM CORPORATION

                                     By: /s/ Ian Rice
                                         --------------------------------------
                                     Name: Ian Rice
                                     Title: Chairman

                                     THE SUBSCRIBER:

                                     /s/ David McCallen
                                         --------------------------------------
                                     Name:          David McCallen
                                     Address:       304 North Saint Asaph Street
                                                    Alexandria, Virginia  22314
                                     No. of Shares: 526,923

                                       8
<PAGE>

                                   Schedule I

Subscriber and Address        Stock Certificate #(s)       Number of Shares
----------------------        ----------------------       ----------------
David McCallen                         2001                     175,641
304 North Saint Asaph Street           2002                     175,641
Alexandria, Virginia  22314            2003                      35,128
                                       2004                      35,128
                                       2005                      35,128
                                       2006                      35,128
                                       2007                      35,129
<PAGE>

                                    EXHIBIT A

                                     RECEIPT

      Reference is made to the Escrow Agreement (the "Escrow Agreement") dated
July 30, 1999 among Vacation Emporium Corporation (the "Company"), the
individual listed on Schedule I to the Escrow Agreement, a copy of which
Schedule is annexed hereto, and Bryan Cave LLP as escrow agent (the "Escrow
Agent"). Capitalized terms used herein and not otherwise defined have the
meanings set forth in the Escrow Agreement. By its signature below, the Escrow
Agent acknowledges receipt of the Stock Certificate listed on Schedule I to the
Escrow Agreement.

                                          /s/  Bryan Cave LLP
                                          --------------------------------------
                                          BRYAN CAVE LLP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]