Document:

Exhibit 10.1

ASSET SALE AGREEMENT

between

Jane Butel Corp.

and

Jane Butel, an individual

Dated as of June 21, 2005

THIS  ASSET  SALE  AGREEMENT  is  made  as  of  this 21st day of June, 2005 (the
"Effective  Date")  by  and  between
(1)  Jane  Butel Corporation ("JBTL"), a corporation organized under the laws of
Florida, whose registered office is at 400 Gold Ave. SW, Suite 750, Albuquerque,
NM  87102

         and

(2)  Jane Butel ("Butel"), an individual resident of the state of New Mexico, at
138  Armijo  Ct.,  Corrales,  NM  87048.
BACKGROUND

A.  WHEREAS,  JBTL has rights in certain Assets including Intellectual Property,
Inventory,  Equipment,  Agreements,  Distribution  Agreements  and  Liabilities
relating  to  its  Tex-Mex Division, Cooking School, logos and websites (each as
hereinafter  defined);  and
B.  WHEREAS,  Butel desires to purchase and JBTL desires to sell to Butel all of
JBTL's  right,  title  and  interest  in  certain  Assets including Intellectual
Property,  Inventory, Equipment, Agreements, Distribution Rights and Liabilities
relating  to  its  Tex-Mex  Division,  subject to JBTL's rights on the terms and
conditions  stated  in  this  Agreement.

C.  WHEREAS,  JBTL  has agreed to change the name of the corporate entity within
seventy-five  (75)  days.

NOW,  THEREFORE,  in  consideration  of  the  promises and the mutual covenants,
agreements  and  representations  herein  contained  and intending to be legally
bound,  JBTL  and  Butel  agree  as  follows:

SECTION 1

DEFINITIONS AND INTERPRETATION

1.1  Definitions. Where used in this Agreement, in addition to capitalized terms
     defined  on first use herein, the following words or phrases shall have the
     meanings  set  forth  below:

1.1.1  "Affiliate"  in relation to any Person means any Person that controls, is
     controlled by or is under common control with that Person. For the purposes
     of  this  definition,  the term "control" means (i) beneficial and/or legal
     ownership of at least fifty percent (50%) or more of the outstanding voting
     securities  of  a  company  or  other  business  organization  with  voting
     securities  (or  such  percentage  as  required  under  any  particular
     jurisdiction  to  confer  controlling  powers  through  ownership of voting
     securities  broadly  equivalent  to  the  controlling  powers  attendant on
     ownership  of  at  least  fifty percent (50%) or more of outstanding voting
     securities  in  a United States corporation), (ii) a fifty percent (50%) or
     greater  interest  in  the  net assets or profits of a partnership or other
     business  organization  without  voting  securities,  or (iii) the ability,
     whether  directly  or  indirectly,  to  direct  the  affairs, management or
     policies  of  any  such  Person.

1.1.2  "Agreement"  means  this Asset Sale Agreement, together with the Exhibits
     attached  hereto, each of which is hereby incorporated by reference herein,
     and  any  instrument  amending  this  Agreement.

1.1.3  Reserved

1.1.4  "Tex-Mex  Division"  means  the  division  of  JBTL  which  markets  and
     distributes Tex-Mex Products including distribution with Pecos Valley Spice
     Co,  video  and  televisions  distribution  agreements  and  cookbooks.

1.1.5  "Governmental  Body"  means  any:  (a)  nation,  principality,  state,
     commonwealth,  province, territory, county, municipality, district or other
     similar  jurisdiction;  (b)  federal,  state,  local, municipal, foreign or
     other  government;  (c)  governmental authority (including any governmental
     division,  subdivision,  department,  agency,  bureau,  branch,  office,
     commission,  council,  board,  instrumentality,  officer,  official,
     representative,  organization,  unit,  body  or  other  entity);  (d)
     multi-national  organization  or  body established under the auspices of an
     internationally  recognized organization (such as WIPO, the WHO, The United
     Nations  etc.); (e) individual, entity or body or (f) court or tribunal, in
     each case which has competent jurisdiction and which is legally entitled to
     exercise  any  executive, legislative, judicial, administrative, regulatory
     or  taxing  authority  or  power  of  any  nature.

1.1.6  "Party"  or  "Parties" means JBTL or Butel or, as the context requires or
     admits,  both  JBTL  and  Butel.

1.1.7 "Person"  means  an  individual,  a  partnership,  a  joint  venture,  a
     corporation,  a  trust,  an  estate, an unincorporated organization, or any
     other  entity  or  any  department  or  agency  thereof.

1.1.8  "Third  Party(ies)" means any Person other than a Party to this Agreement
     or  an  Affiliate  of  any  Party  to  this  Agreement.

1.2  Interpretation.

1.2.1  In  this  Agreement,  where  the  context  admits or requires, and unless
     otherwise  specifically  provided  herein  (a) words importing the singular
     number  only shall include the plural and vice versa, (b) words importing a
     specific  gender  shall include the other gender, (c) references to Persons
     shall include their heirs, executors, administrators or assigns as the case
     may be, (d) references to "including" means "including but not limited to",
     and "herein", "hereof", and "hereunder" refer to this Agreement as a whole,
     and  (e)  any  reference  to  a  number  of "days" hereunder shall refer to
     calendar  days.

1.2.2 The division of this Agreement into Sections and the insertion of headings
     are  for  convenience  of  reference  only  and  shall  not  affect  the
     interpretation  hereof.  References  to  statutory provisions shall (unless
     otherwise  expressly  provided)  be  construed  as  references  to  those
     provisions  as  in  effect  as  at  the  date  of  this  Agreement.

SECTION 2

PURCHASED ASSETS

2.1  Assets to be Sold and Purchased. Subject to all of the terms and conditions
     of  this  Agreement,  at the Time of Closing, JBTL shall sell and assign to
     Butel, and Butel shall purchase from JBTL, all rights, titles and interests
     of  JBTL  in  and  to  the  assets  listed below, and which are referred to
     hereinafter  collectively  as  the  "Purchased  Assets":

2.1.1.  Tex-Mex  Inc.  which includes the Cooking School, its assets, inventory,
     lease  and  pantry  need  to  be  released  from  Jane  Butel  Corp.

2.1.2.  Employment  and  Licensing  Agreements  for  Jane  Butel.

2.1.3. Hotter Than Hell distribution agreement.

2.1.4.  All  rights,  titles  or  interest  to  the  names,  logos,  copyrights,
     trademarks, goodwill or other intangible assets of Jane Butel, Tex-Mex, and
     Pecos  Valley  Spice,  Co.,  and  book  titles.

2.1.5. Videos and television programs with Tex-Mex, Inc. and Pecos Valley Spice,
     Co.  and  Jane  Butel.

2.1.6. The websites, www.janebutel.com and www.pecosvalley.com.

2.2 Assumption of Liabilities.

2.2.1 Butel shall be responsible for (and JBTL shall have no responsibility for)
     the liabilities listed below of JBTL, and which are referred to hereinafter
     collectively  as  the  "Assumed  Liabilities".

2.2.1.1  Payables to:
               Amy Butel for $2,500.00
               Charles Moore for $2,000.00
               Charlotte Pugh for $1,500.00

2.2.1.2   Consulting Agreements with:
               Gordon McMeen

     After  the  Time of Closing or the Time of Delivery, as applicable, related
to  the  Purchased  Assets or the use of the Purchased Assets including, without
limitation,  any  Losses  arising  from  or related to (a) events which occurred
after the Time of Closing or (b) products made or sold by Butel, its Affiliates,
sublicensees  or  assignees  after  the  Time  of  Closing.

2.2.2  Except  as  expressly set forth in Section 2.2.1, the Assumed Liabilities
     shall  exclude  any and all liabilities to any Purchased Assets as outlined
     in  Section  2.1.1 through 2.1.6, and those liabilities directly related to
     actions taken or omissions to act by JBTL or its Affiliates or any of their
     respective  subcontractors whether prior to or after the Time of Closing or
     the Time of Delivery, as applicable, based upon JBTL's or JBTL's Affiliates
     production  of  Tex-Mex Products, unless any such action or omission to act
     by  JBTL or its Affiliate was requested by Butel, or came about as a result
     of  any  breach of this Agreement by Butel or to the extent of Butel or its
     Affiliates'  negligence  or  willful  misconduct.

SECTION 3

PURCHASE CONSIDERATION

3.1  Purchase Consideration. As the total Purchase Consideration payable to JBTL
     hereunder  for  the  Purchased Assets, Butel shall pay five hundred dollars
     ($500.00).

3.2  Transfer  Taxes.  Butel  shall  be  responsible for and shall pay all sales
     taxes,  documentary  transfer  taxes or other transfer taxes assessed it as
     purchaser of the Purchased Assets. Butel shall be responsible for and shall
     pay  all  sales  taxes,  documentary transfer taxes or other transfer taxes
     assessed  it  as  buyer  of  the  Purchased  Assets.  Butel  shall  also be
     responsible  for  and  shall pay all federal, foreign, state or local taxes
     payable  on any income or gain resulting from the purchase of the Purchased
     Assets  to  Butel, including any withholding taxes imposed in lieu of taxes
     on income or gain. Butel and JBTL shall cooperate, in the timely making and
     filing  of  all  filings, tax returns, reports and forms as may be required
     with  respect to the sales taxes, documentary taxes or other transfer taxes
     assessed  to  Butel  as  purchaser  of the Purchased Assets. Butel and JBTL
     shall  cooperate,  in  the  timely  making  and  filing of all filings, tax
     returns,  reports  and  forms  as may be required with respect to the sales
     taxes,  documentary transfer taxes or other transfer taxes assessed JBTL as
     seller  of  the  Purchased  Assets  or  assessed  JBTL  with respect to any
     federal,  foreign,  state  or  local  taxes  payable  on any income or gain
     resulting  from  the  sale  of the Purchased Assets to Butel, including any
     withholding  taxes  imposed  in  lieu  of  taxes  on  income  or  gain.

SECTION 4

CLOSING

4.1  Closing Date, Time and Place. The transfer of title to the Purchased Assets
     and  the  closing  of  the  Transactions  shall occur on the Effective Date
     ("Closing  Date")  at or before 4 p.m. and shall occur or be deemed to have
     occurred  at  the  offices  of JBTL located at 400 Gold Ave. SW, Suite 750,
     Albuquerque,  NM  87102.

4.2  Closing  Arrangements.

4.2.1 JBTL's Delivery of Closing Documents. At the Closing, JBTL shall deliver
     or cause to be delivered to Butel two (2) originals duly executed by JBTL:

                                   (1)      this Agreement; and

                                   (2) an Irrevocable Bill of Sale substantially
                                   in  the form of Exhibit A attached hereto and
                                   incorporated  herein  by  reference.

4.2.2 Butel Payment of Purchase Consideration and Delivery of Closing Documents.
     At  the  Closing,  Butel  shall  deliver  or cause to be delivered to JBTL:

                                   (1) the check to JBTL evidencing the Purchase
                                   Consideration,  as  soon  as  reasonably
                                   practicable  by  Butel  but  in  any event no
                                   later  than  two  (2) days after Closing; and

                                   (2)  originals  or facsimiles (with originals
                                   to follow) of this Agreement duly executed by
                                   Butel.

SECTION 5

REPRESENTATIONS AND WARRANTIES

5.1  Representations  and  Warranties  of  Butel.  Butel  hereby  represents and
     warrants  to  JBTL  at  the  Time of Closing, and acknowledges that JBTL is
     relying  on  such  representations  and  warranties  in connection with the
     Transactions,  that:

5.1.1 Butel is an individual with the power to execute, deliver and perform this
     Agreement.

5.1.2 Corporate Action. This Agreement, and any other agreements and instruments
     executed  by  Butel  in  connection with the Transactions are the valid and
     binding  obligations  of  Butel,  enforceable  in  accordance  with  their
     respective  terms,  subject  to  bankruptcy,  insolvency or similar laws of
     general  application  affecting the enforcement of rights of creditors, and
     subject  to equitable principles limiting rights to specific performance or
     other  equitable  remedies,  and subject to the effect of federal and state
     securities  laws  on  the  enforceability  of  indemnification  provisions
     relating  to  liabilities  arising under such laws. The execution, delivery
     and  performance  of this Agreement and any other agreement and instruments
     executed  by  Butel  in  connection  with  the  Transactions have been duly
     authorized  by  Butel by all necessary corporate action. Butel has the full
     legal  right,  power  and  authority  to  enter  into  and  perform  the
     Transactions,  without  need  for  Butel  to  obtain any consent, approval,
     authorization,  license  or  order  of,  or  give any notice to or make any
     filing with, any Governmental Body or other Person. This Agreement has been
     duly  executed  and delivered by Butel and, as of the Closing Date, each of
     the other agreements to be entered into in connection herewith and to which
     Butel  is  a  Party  have  been  duly and validly executed and delivered by
     Butel.

5.1.3  No  Default. The execution, delivery and performance of this Agreement by
     Butel  and  the  consummation  by  Butel  of the Transactions hereby do not
     conflict  with  any provision of the corporate charter or By-Laws of Butel,
     and  do  not contravene, conflict with or result in a violation of any law,
     regulation,  order,  judgment  or  decree  to  which  Butel  or  any of its
     properties  is  subject.

5.1.4  Due  Diligence.  Butel  has  utilized  its  own  expertise to analyze and
     evaluate  the  value  of  the  Purchased  Assets based upon the information
     provided  to  Butel  by  JBTL  and  has  solely relied on such analysis and
     evaluations,  along  with  the  representations  and warranties of JBTL, in
     deciding  to  enter  into  this  Agreement.

5.1.5 Litigation Matters. There is no pending proceeding against Butel or any of
     its  Affiliates  other  than  previously  disclosed in SEC filings, and, to
     Butel's  knowledge, no Person has threatened to commence any proceeding, at
     law  or in equity or by or before any Governmental Body that challenges, or
     may  have the effect of preventing, delaying or making illegal or otherwise
     interfering  with,  any  of  the  Transactions,  unless  those  previously
     disclosed  in  public  filings.

5.2  Representations and Warranties of JBTL. JBTL hereby represents and warrants
     to  Butel at the Time of Closing, and acknowledges that Butel is relying on
     such  representations  and  warranties in connection with the Transactions,
     that:

5.2.1  Incorporation,  Organization  and  Qualification  of  JBTL.  JBTL  is  a
     corporation  duly incorporated, validly existing and in good standing under
     the  laws  of  Florida,  and  has  the  corporate power to own or lease its
     property  and  to  carry  on  the business now being conducted by it and to
     execute,  deliver  and  perform  this  Agreement.

5.2.2 Corporate Action. This Agreement, and any other agreements and instruments
     executed  by  JBTL  in  connection  with the Transactions are the valid and
     binding  obligations  of  JBTL,  enforceable  in  accordance  with  their
     respective  terms,  subject  to  bankruptcy,  insolvency or similar laws of
     general  application  affecting the enforcement of rights of creditors, and
     subject  to equitable principles limiting rights to specific performance or
     other  equitable  remedies,  and subject to the effect of federal and state
     securities  laws  on  the  enforceability  of  indemnification  provisions
     relating  to  liabilities  arising under such laws. The execution, delivery
     and  performance  of this Agreement and any other agreement and instruments
     executed  by  JBTL  in  connection  with  the  Transactions  have been duly
     authorized  by  JBTL  by  all necessary corporate action. JBTL has the full
     legal  right,  power  and  authority  to  enter  into  and  perform  the
     Transactions,  without  need  for  JBTL  to  obtain  any consent, approval,
     authorization,  license  or  order  of,  or  give any notice to or make any
     filing with, any Governmental Body or other Person. This Agreement has been
     duly  executed  and  delivered by JBTL and, as of the Closing Date, each of
     the other agreements to be entered into in connection herewith and to which
     JBTL  is a Party have been duly and validly executed and delivered by JBTL.

5.2.3  Non-Contravention;  Consents.  The execution, delivery and performance of
     this  Agreement  by  JBTL  and the consummation by JBTL of the Transactions
     hereby  do  not (i) conflict with any provision of the corporate charter or
     by-laws  of  JBTL,  (ii)  do  not  contravene, conflict with or result in a
     violation  of  any law, regulation, order, judgment or decree to which JBTL
     or  any  of  its  properties is subject, (iii) contravene, conflict with or
     result  in  a  violation  or  breach  of, or result in a default under, any
     provision  of  any  written,  oral,  implied  or other agreement, contract,
     understanding  or  arrangement to which JBTL or any of the Purchased Assets
     is subject, or (iv) result in the imposition or creation of any encumbrance
     upon  or  with  respect  to  any  of  the  Purchased  Assets.

5.2.4  Title to the Purchased Assets.

                                   (1)  JBTL is the sole and exclusive owner of,
                                   and has the full right to sell, transfer, and
                                   assign  all of the Purchased Assets to Butel,
                                   and has good and marketable title thereto and
                                   the  Purchased  Assets  are free and clear of
                                   any  and  all liens, pledges, restrictions or
                                   encumbrances.

                                   (2)  Following the Closing, Butel will be the
                                   sole  and  exclusive  owner of, and have good
                                   and  marketable  title  to,  the  Purchased
                                   Assets.

5.2.5  Litigation Matters. There is no pending proceeding against JBTL or any of
     its  Affiliates,  and, no Person has threatened to commence any proceeding,
     at  law or in equity or by or before any Governmental Body that (i) relates
     to  any  of the Purchased Assets or (ii) challenges, or may have the effect
     of  preventing,  delaying  or making illegal or otherwise interfering with,
     any  of  the  Transactions. No event has occurred, and no claim, dispute or
     other  condition  or circumstance exists, that could reasonably be expected
     to  give  rise  to  or  serve as the basis for the commencement of any such
     proceeding  other  than  disclosed  in  the  SEC  Filings.

5.2.6  Intellectual  Property. JBTL owns and holds all right, title and interest
     in  its  Intellectual  Property  and  has the exclusive right to use, sell,
     license,  sublicense,  or  dispose of, and has the exclusive right to bring
     action  for  infringement,  misappropriation,  and  other  violations.

5.2.7  Certain  Claims.  During the period preceding the date of this Agreement,
     JBTL  has  not  received  any notice, demand, claim, action, suit, hearing,
     proceeding  or  notice  of violation of a civil, criminal or administrative
     nature  by or before any Governmental Body against or involving JBTL or its
     Affiliates  concerning  the  Purchased  Assets  that  has been commenced or
     threatened  (including  any  investigations  or  inquiries).

5.2.8  Maintenance  Fees.  All  maintenance  and  similar fees in respect of any
     Purchased  Assets that are due and payable immediately prior to the Time of
     Closing have been paid in full or steps have been taken to arrange for such
     payments  to  be  made  on  a  timely  basis.

SECTION 6

INDEMNIFICATION; HOLD HARMLESS COVENANT AND OTHER POST-CLOSING COVENANTS

6.1  JBTL's  Indemnification.  JBTL  shall indemnify and hold harmless Butel and
     its  Affiliates  and  each  of its or their directors, officers, employees,
     advisors,  shareholders,  representatives,  agents,  successors and assigns
     (collectively,  the  "Butel  Indemnified Parties") from and against any and
     all  losses,  damages,  liabilities,  judgments,  objections,  costs,  and
     expenses,  including  but  not  limited  to  reasonable  attorneys'  fees
     (collectively,  "Losses")  sustained,  suffered,  or incurred by or imposed
     upon  any Butel Indemnified Party as a result of any claim, action, suit or
     proceeding  (collectively,  "Claims") arising out of, based upon or related
     to:

6.1.1  liabilities  of  JBTL  or  its  Affiliates  to  the extent related to the
     Purchased  Assets  other  than  the  Assumed  Liabilities;

6.1.2  any  tax  liability of JBTL or its Affiliates (other than taxes for which
     Butel  is  expressly  responsible  pursuant  to  this  Agreement);

6.1.3  any  breach  of  any  representation,  warranty,  covenant,  agreement or
     obligation  made by JBTL pursuant to this Agreement, provided that, in each
     case,  JBTL  shall  not  be  obligated  to  indemnify any Butel Indemnified
     Parties  with  respect  to,  and to the extent of, any Claims or Losses for
     which  Butel  is  obligated  to  indemnify  JBTL  Indemnified  Parties.

6.2  Butel's  Indemnification.  Butel shall indemnify and hold harmless JBTL and
     its  Affiliates  and  each  of its or their directors, officers, employees,
     advisors,  shareholders,  representatives,  agents,  successors and assigns
     (collectively, the "JBTL Indemnified Parties") from and against any and all
     Losses  sustained,  suffered,  or  incurred  by  or  imposed  upon any JBTL
     Indemnified  Party  as  a result of any Claim arising out of, based upon or
     related  to:

6.2.1  any  of  the  Assumed  Liabilities;

6.2.2  any  breach  of  any  representation,  warranty,  covenant,  agreement or
     obligation  made  by  Butel  pursuant  to  this  Agreement,  and

6.2.3  any  tax liability of Butel or its Affiliates (other than taxes for which
     JBTL  is  expressly responsible pursuant to this Agreement); provided that,
     in  each  case,  Butel  shall  not  be  obligated  to  indemnify  any  JBTL
     Indemnified  Parties  with  respect to, and to the extent of, any Claims or
     Losses  for  which JBTL is obligated to indemnify Butel Indemnified Parties
     pursuant  to  Section  6.1.

6.3  Procedure.  If  a  claim  or  demand  by  a  Third Party is made against an
     indemnified Party, and if such Party intends to seek indemnity with respect
     thereto  under  this  Section, such indemnified Party shall promptly notify
     the  indemnifying  Party in writing of such claims or demands setting forth
     such  claims  in reasonable detail. The failure of the indemnified Party to
     give  the  indemnifying  Party  prompt  notice as provided herein shall not
     relieve the indemnifying Party of any of its obligations under this Section
     except  to  the extent that the indemnifying Party is materially prejudiced
     by such failure (in which case the indemnified Party shall have been deemed
     to  have  forfeited  its  rights  to  indemnification  hereunder).  The
     indemnifying  Party  shall  have  10  days  after receipt of such notice to
     undertake,  through counsel of its own choosing and at its own expense, the
     defense  (or settlement) thereof, and the indemnified Party shall cooperate
     with  it  in connection therewith; provided, that the indemnified Party may
     contribute  to  the  strategy  and  content in such defense (or settlement)
     through  counsel chosen by such indemnified Party and the fees and expenses
     of  such  counsel  shall  be borne by such indemnified Party unless (i) the
     employment  thereof  has  been  specifically authorized by the indemnifying
     Party  in  writing,  (ii)  there  exists a conflict of interest between the
     interests of the indemnified Party and the indemnifying Party, or (iii) the
     indemnifying  Party  has  after 10 days of receipt of the applicable notice
     failed  to  assume such defense and employ counsel, in each of which events
     the  indemnified Party may retain counsel, and the indemnifying Party shall
     pay  the  reasonable  fees and expenses of such counsel for the indemnified
     Party  (but  in  no  event shall the indemnifying Party be obligated to pay
     reasonable  fees  and  expenses of more than one firm (in addition to local
     counsel),  which  firm shall serve as counsel for all indemnified Parties).
     So  long  as the indemnifying Party is reasonably contesting any such claim
     in  good  faith,  the  indemnified  Party  shall not pay or settle any such
     claim.  If  the  indemnifying  Party  does not notify the indemnified Party
     within  10  days  after  the receipt of the indemnified Party's notice of a
     claim  of  indemnity  hereunder that it elects to undertake the defense (or
     settlement) thereof, the indemnified Party shall have the right to contest,
     settle  or  compromise  the  claim but shall not thereby waive any right to
     indemnity therefor pursuant to this Agreement. The indemnifying Party shall
     not,  except  with  the  consent  of  the indemnified Party, enter into any
     settlement  that  does  not  include  as  an unconditional term thereof the
     giving  by  the  Person  or Persons asserting such claim to all indemnified
     Parties  (i.e.,  JBTL  Indemnified Parties or Butel Indemnified Parties, as
     the  case  may be) an unconditional release from all liability with respect
     to  such  claim.

SECTION 7

MISCELLANEOUS

7.1  Further  Assurances  and  Actions.

7.1.1 In addition to any other obligations hereunder, each of the Parties hereto
     upon  the  request  of  the other Party hereto, whether before or after the
     Time  of  Closing  and  without  further  consideration, shall do, execute,
     acknowledge  and  deliver  or  cause  to be done, executed, acknowledged or
     delivered  all such further acts, deeds, documents, assignments, transfers,
     instruments,  amendments, conveyances, powers of attorney and assurances as
     may be reasonably necessary or desirable to effect complete consummation of
     the  Transactions  contemplated  by  this  Agreement  and  to give full and
     binding  effect to the rights expressly granted herein. JBTL and Butel each
     agree  to  execute  and  deliver  such  other  documents,  certificates,
     agreements,  amendments,  instruments  and  other writings and to take such
     other  actions  as  may  be  reasonably necessary in order to consummate or
     implement  expeditiously  the  Transactions contemplated by this Agreement.

7.1.2  JBTL  agrees  that,  upon  reasonable  request  and  without  further
     compensation,  but  at  no  expense  to  JBTL,  JBTL  and  its  legal
     representatives,  assigns  and employees will do all lawful acts, including
     the  execution of papers and the giving of testimony, that may be necessary
     or desirable for obtaining, sustaining, reissuing, or enforcing any ongoing
     operations  when  Butel  was  employed  by  JBTL.

7.2  Notices. Any notice, direction or other instrument required or permitted to
     be  given  to  JBTL hereunder shall be in writing and sent via certified or
     registered  mail,  return  receipt  requested,  overnight  courier,  or  by
     delivering  the same by telecommunication, with the original sent by one of
     the  foregoing  manners,  addressed  to  JBTL  as  follows:

To:        Jane Butel Corporation
           400 Gold Ave. SW
           Suite 750
           Albuquerque, NM 87102

Copy to:   Trombly Business Law
           1163 Walnut St., Ste. 7
           Newton, MA 02461
           Attn:  Amy M. Trombly, Esq.
           Fax:  (617) 243 - 0066
           Efax: (309) 406 - 1426

     Any notice, direction or other instrument required or permitted to be given
to  Butel  hereunder  shall  be  in writing and sent via registered or certified
mail,  return receipt requested, or overnight courier, or by delivering the same
by  fax  with  the  original  sent by one of the foregoing manners, addressed as
follows:

  To:    Butel, Inc.
         138 Armijo Ct.
         Corrales, NM 87048

     Any  such  notice,  direction  or  other instrument, if delivered, shall be
deemed  to  have  been  given  on  the  date  on  which  it was delivered and if
transmitted by fax shall be deemed to have been given at the opening of business
in  the  office  of  the  addressee  on  the  business  day  next  following the
transmission thereof, provided that proof of successful transmission is provided
to the intended recipient on request by the intended recipient. Any Party hereto
may  change  its  address  for  service from time to time by notice given to the
other  Parties  hereto  in  accordance  with  the  foregoing.

7.3  Relationship  of  the Parties. Nothing contained in this Agreement shall be
     deemed  or  construed  as  creating  a  joint venture, partnership, agency,
     employment  or fiduciary relationship between the Parties. No Party to this
     Agreement  nor  its agents have any authority of any kind to bind the other
     Party  in  any  respect  whatsoever.

7.4  Applicable  Law.  This  Agreement  shall  be  construed  and  enforced  in
     accordance with, and the rights of the Parties hereto shall be governed by,
     the  laws  of  the State of Delaware, without reference to conflicts of law
     principles.

7.5  Entire Agreement. This Agreement, including the Exhibits hereto, constitute
     the  entire  agreement  between  the  Parties  hereto  with  respect to the
     Transactions  and,  except  as  stated  herein  and  in the instruments and
     documents  to be executed and delivered pursuant hereto, contain all of the
     agreements  between  the Parties hereto, and there are no verbal or written
     agreements  or  understandings  between the Parties hereto and relating the
     subject  matter  hereof  not  reflected  in  this  Agreement,  all of which
     agreement  or  understandings are hereby superseded. This Agreement may not
     be amended or modified in any respect except by written instrument executed
     by  each  of  the  Parties  hereto.

7.6  Counterparts.  This  Agreement may be executed in two or more counterparts,
     which may be executed via facsimile, each of which shall be deemed to be an
     original,  and  all  of  which  together  shall constitute one and the same
     Agreement.

7.7  Binding  Agreement;  Parties in Interest. This Agreement and the rights and
     obligations  of  the  Parties  hereunder  shall inure to the benefit of and
     shall  be  binding  upon  the  Parties  hereto  and their respective heirs,
     executors,  successors,  administrators,  and  permitted  assigns.

7.8  Waiver;  Remedies  Cumulative.  No  failure or delay on the part of a Party
     hereto  to  exercise  any right, power, or privilege hereunder or under any
     instrument  executed pursuant hereto on any one occasion shall operate as a
     waiver  of  such  right,  power  or  privilege in the future; nor shall any
     single  or  partial exercise of any right, power, or privilege preclude any
     other  or  further  exercise  thereof  or  the exercise of any other right,
     power,  or  privilege.  All  rights  and  remedies  granted herein shall be
     cumulative  and  in  addition  to  other  rights  and remedies to which the
     Parties  may  be  entitled  at  law  or  in  equity.

7.9  Severability.

7.9.1  In  the event any portion of this Agreement is or is held by any court or
     tribunal  of competent jurisdiction to be illegal, void or ineffective, the
     remaining  provisions  hereof  shall  remain  in  full  force  and  effect.

7.9.2  If  any of the terms or provisions of this Agreement are in conflict with
     any  applicable statute or rule of law, then such terms or provisions shall
     be  deemed  inoperative  to the extent that they may conflict therewith and
     shall  be  deemed to be modified to the minimum extent necessary to procure
     conformity  with  such  statute  or  rule  of  law.

     IN  WITNESS  WHEREOF,  and intending to be legally bound hereby, this Asset
Sale  Agreement  has been duly executed by the authorized representatives of the
Parties  hereto  as  of  the  date  first  above  written.

JBTL

By:/s/ Douglas D'Agata
----------------------------
Douglas D'Agata, President, CEO and Director

Butel, an individual

/s/ Jane Butel
----------------------------
Jane Butel
An individual

Exhibit A

IRREVOCABLE BILL OF SALE

     This  is  an Irrevocable Bill of Sale from Jane Butel Corporation ("JBTL")a
corporation  organized  under the laws of Florida, whose registered office is at
400  Gold  Ave. SW, Suite 750, Albuquerque, NM 87102, to Jane Butel ("Butel"), a
New  Mexican resident with its principal offices at 138 Armijo Ct., Corrales, NM
87048  pursuant  to  a certain Asset Sale Agreement dated as of June 21, 2005 by
and  among  JBTL  and  Butel  (the  "Agreement").

     For  good  and valuable consideration, the receipt and sufficiency of which
are  hereby  acknowledged,  JBTL  hereby  sells,  assigns,  transfers,  conveys,
delivers  and  contributes  to Butel, its successors and assigns, to have and to
hold  forever,  all  of  its  right,  title and interest in and to the Purchased
Assets  and  Assumed  Liabilities  (as defined in the Agreement), subject to the
applicable  provisions  of  the  Agreement.

     From  and after the Closing Date (as defined in the Agreement) upon request
of  Butel, JBTL shall, at Butel's expense, duly execute, acknowledge and deliver
all  such  further  acts,  deeds, assignments, transfers, conveyances, powers of
attorney  and  assurances as may be required to convey to and vest the Purchased
Assets  in Butel or its permitted assignees and as may be appropriate to protect
Butel's  rights, title and interest in and enjoyment of all the Purchased Assets
and  as  may be appropriate otherwise to carry out the transactions contemplated
by  the  Agreement  and  this  Irrevocable  Bill  of  Sale.

     IN  WITNESS WHEREOF, and intending to be legally bound, the undersigned has
duly  executed  and  delivered this Irrevocable Bill of Sale as of this June 21,
2005.

JBTL

By: /s/ Douglas D'Agata
----------------------------
Douglas D'Agata, President, CEO and Director

Butel, an individual

By: /s/ Jane Butel
----------------------------
Jane Butel
An individualEX-10.1

Exhibit 10.1

 

EXECUTIVE RETENTION AGREEMENT

THIS AGREEMENT by and between AMERICA ONLINE LATIN AMERICA, INC., a Delaware corporation (the
“Company”), and CHARLES HERINGTON (the “Executive”) is made as of June 16, 2005 (the “Effective
Date”).

WHEREAS, the Executive is employed by the Company pursuant to a Letter of Employment dated as
of July 31, 2000 (the “Employment Letter”), and because of his employment, possesses detailed
knowledge of the Company and its business operations, as a result of which the Executive’s
continued service to the Company is very important to the future success of the Company; and

WHEREAS, the Company recognizes that, as is the case with many publicly-held corporations, the
possibility of a change in control of the Company exists and that such possibility, and the
uncertainty and questions which it and the Company’s current financial condition may raise among
key personnel, may result in the departure or distraction of key personnel to the detriment of the
Company and its stockholders; and

WHEREAS, the Compensation Committee and the Special Committee of the Board of Directors of the
Company have determined that appropriate steps should be taken to reinforce and encourage the
continued employment and dedication of the Company’s key personnel.

NOW, THEREFORE, as an inducement for and in consideration of the Executive remaining in its
employ, the Company agrees that the Executive shall receive the benefits set forth in this
Agreement.

1. Retention Bonus. If, and only if, the Executive remains employed by the Company
through July 1, 2005, the Company shall pay the Executive on July 1, 2005, a lump sum payment (the
“Retention Bonus”) in the amount of US$230,550; provided, that in the event any of the following
events occurs prior to July 1, 2005, the Company will pay the Executive or his estate the Retention
Bonus on the date of the occurrence of the applicable event: (a) the Company provides a Notice of
Termination (as defined in Section 3.3) with respect to a termination of Executive’s employment
without Cause or as a result of the Executive’s Disability; (b) the Executive provides a legitimate
Notice of Termination with respect to the termination of his employment for Good Reason; or (c) the
Executive dies.

2. Vesting of Options. In the event of a Going Private Event, all then-outstanding
options to purchase the Company’s class A common stock issued to the Executive (collectively, the
“Options”) pursuant to the Company  ́s 2000 Stock Plan (the “Plan”) will become fully exercisable
immediately prior to and for purposes of the Going Private Event such that the Executive will be
entitled to exercise his options and either participate in the Going Private Event or otherwise
dispose of the acquired shares in connection with the Going Private Event. In the event of a
Change in Control, in addition to any other rights the Executive may have under the Plan, the
Options must either: (a) be assumed by an acquiring entity in accordance with Paragraph 24B(a) of
the Plan; (b) become fully exercisable for purposes of and prior to the termination of the Options
pursuant to Paragraphs 24B(b) or (c) of the Plan; or (c) otherwise become fully exercisable
immediately prior to the Change in Control. To the extent necessary to make the terms of the
Options consistent with the provisions of this Agreement, this Agreement constitutes an amendment
to the already outstanding Options identified on Exhibit A hereto.

3. Notice of Termination.

Any termination of the Executive’s employment by the Company or by the Executive (other than
as a result of death) for purposes of this Agreement shall be communicated by written notice of
termination to the other party (a “Notice of Termination”) addressed to the receiving party’s
address set forth below or to such other address as a party may designate by notice hereunder, and
shall be either: (a) delivered by hand; (b) made by telecopy; or (c) sent by overnight courier.

	 	 	 
	If to the Company:

	 	AOL Latin America

6600 N. Andrews Ave., Suite 400

Ft. Lauderdale, FL 33309

Attn: President

Attn: General Counsel

Facsimile: (954) 233-1803
	 
	 	 
	If to the Executive:

	 	Charles Herington

10070 W. Suburban Drive

Pinecrest, FL 33156

All notices and other communications shall be deemed to have been given either: (a) if by
hand, at the time of the delivery thereof to the receiving party at the address of such party set
forth above; (b) if made by telecopy, at the time that receipt thereof has been acknowledged by
electronic confirmation or otherwise; or (c) if sent by overnight courier, on the next business day
following the day such notice is delivered to the courier service.

Any termination by the Company for Cause must be by a Notice of Termination given within 60
days of the Company’s knowledge of the event(s) or circumstance(s) which constitute(s) Cause and
will be effective immediately unless a later date is otherwise stated in such notice, which date
shall be the termination date (the “Termination Date”). Any termination of the Executive’s
employment by the Company without Cause must be by a Notice of Termination to the Executive,
effective twelve months after the date given, which date of effectiveness shall be the Termination
Date. Any termination of the Executive’s employment as a result of the Executive’s Disability must
be by Notice of Termination and will be effective immediately unless a later date is otherwise
stated in such notice, which date shall be the Termination Date.

A termination of the Executive’s employment by him for Good Reason must be by a Notice of
Termination given within 60 days of the Executive’s knowledge of the event(s) or circumstance(s)
that constitute(s) Good Reason, or within 60 days of the end of the cure period, if applicable.
The Termination Date, which shall be set forth in the Notice of Termination, shall be no later than
twelve months after the date of the Notice of Termination.

The failure by the Executive or the Company to set forth in the Notice of Termination any fact
or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of
the Executive or the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting any such fact or circumstance in enforcing the Executive’s or the
Company’s rights hereunder.

4. Key Definitions. As used herein, the following terms shall have the following
respective meanings:

4.1 “Change in Control” means the first to occur of the following:

(a) the date on which AOL and ODC do not own, collectively, shares of capital stock of the
Company representing more than 50% of the voting power entitled to be cast at elections for
directors (“Voting Power”) of the Company,

(b) the date on which AOL and ODC do not collectively have the right to approve the election
of (as a stockholder or through its designee on the Special Committee) at least a majority of the
Board of Directors of the Company..

(c) any Person or Persons other than AOL or ODC acquires any general power to prevent the
Company’s Board of Directors or shareholders from taking action on a substantial range of corporate
actions without the approval of such Person or Persons other than pursuant to covenants and
agreements of the Company contained in any loan documents, indentures or similar agreements entered
into in connection with any bona fide indebtedness for money borrowed by the Company after the
date hereof, or

(d) the date on which the Company sells, leases, exchanges or otherwise transfers (in one
transaction or a series of related transactions) all or substantially all of the assets of the
Company to any Person, other than a transaction in which

(x) AOL and ODC (i) own, collectively, shares of capital stock or other equity
securities of the acquiring Person representing more than 50% of the Voting Power or (ii)
individually each has the right to approve the election of at least a majority of the board
of directors or managers, as applicable, of the acquiring Person, and

(y) no Person or Persons other than AOL or ODC has any general power described in
clause (c) above with respect to such acquiring Person.

For purposes of this definition of Change in Control: (a) “AOL” means, collectively,
America Online, Inc., a Delaware corporation, and Time Warner Inc., a Delaware corporation, and
each of their successors, and any of their wholly owned subsidiaries; (b) “ODC” means,
collectively, Aspen Investments LLC, a Delaware limited liability company, and Atlantis Investments
LLC, a Delaware limited liability company, and each of their successors, any of their wholly owned
subsidiaries and any entities wholly owned by Gustavo Cisneros, Ricardo Cisneros or their family
members; (c) “Restated Certificate of Incorporation” means the Company’s Amended and
Restated Certificate of Incorporation as the same may be amended from time to time; and (d)
“Person” means an individual, corporation, partnership, limited liability company, joint
venture, trust, university, or unincorporated organization, or a government or any agency or
political subdivision thereof.

4.2 “Going Private Event” means the event or transaction which results in the Company
ceasing to be required to file the reports, information and documents required to be filed with the
Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934.

4.3 “Cause” means: (i) the Executive  ́s willful and material violation of the Company  ́s
policies, which violation is not cured by the Executive within thirty days after he is provided
with written notice of such violation by the Board of Directors of the Company, (ii) the
Executive  ́s failure to comply with the lawful direction of the Board of Directors of the Company,
(iii) the commission by the Executive of a material act of dishonesty or fraud, or (iv) the
Executive  ́s conviction or plea of no contest to a felony.

4.4 “Good Reason” means: (a) a reduction in the Executive’s annual base salary; (b) a
reduction in the percentage of the Executive’s base salary for which the Executive is eligible for
an annual bonus; (c) a material change by the Company in the Executive’s title, responsibilities or
reporting relationship which materially adversely affects his position with the Company or causes
it to become of less responsibility or scope, provided that such material change is not in
connection with a termination of the Executive’s employment hereunder for Cause, and further
provided that a change in the Executive  ́s title shall not in and of itself constitute “Good Reason”
if such change is made in connection with a transaction resulting in a Change in Control; (d) at
any time following a Change in Control, a material increase in the responsibilities and duties of
the Executive without a commensurate increase in base salary; or (e) the failure of the Company to
comply with any provision of this Agreement which failure, if capable of remedy, has not been cured
within 20 days after notice of such noncompliance has been given by the Executive to the Company,
provided that any notice of termination hereunder shall be given within 60 days after the end of
such 20-day period; or (f) a requirement by the Company that the Executive change his principal
place of employment to a location which is outside of Miami-Dade, Broward or Palm Beach counties.

4.5 “Disability” means the Executive’s absence from the full-time performance of the
Executive’s duties with the Company for 180 consecutive calendar days as a result of incapacity due
to mental or physical illness which is determined to be total and permanent by a physician selected
by the Company or its insurers and acceptable to the Executive or the Executive’s legal
representative.

5. Letter(s) of Credit. In order to assure the Executive the prompt payment of
amounts due him under Paragraph 1 of this Agreement, the Company agrees to secure and to keep in
place until December 31, 2005 one or more irrevocable letter(s) of credit from Fifth Third Bank or
another bank reasonably acceptable to the Executive in the amount of US$172,912, which shall allow
the Executive (or his legal representative) to draw down the amount estimated at the date of this
Agreement to be the net amount (after applicable withholding taxes and other mandatory payments to
government entities) due him under Paragraph 1 of this Agreement upon certification by the
Executive (or his legal representative) and the Company that payment is due the Executive pursuant
to this Agreement; provided, that in the event that the letter of credit is drawn upon, (i) the
parties will work together in good faith to ensure that all such taxes and payments are made on a
timely manner, and (ii) based on the actual withholdings and payments that are required to be made,
the parties will determine if the amount of the draw received by the Executive is greater than or
less than the actual net amount should be, and an appropriate “true up” payment will be promptly
made. If the Company makes a payment of the amounts due to the Executive under Paragraph 1, the
Executive will cooperate promptly upon the request of the Company to assist the Company in causing
the letter of credit to be cancelled or terminated (including, if requested by the Company,
furnishing to the issuing bank a certification to the effect that the letter of credit is no longer
needed and may be cancelled). A failure by the Company to keep such letter(s) of credit in effect,
or to renew such letter(s) of credit at least 30 days prior to the expiration date of the letter(s)
of credit shall entitle the Executive to the payment of the Retention Bonus on the 30th
day prior to the expiration date of the letter of credit. The Company agrees to notify the
Executive within three business days of any failure or inability to maintain or renew such
letter(s) of credit. The Company agrees that it will not take any action to prevent, hinder or
delay the legitimate exercise by the Executive of his rights to exercise the security provisions
provided in this Paragraph 5 and, further, agrees to cooperate with the Executive to promptly issue
to the bank the certification required above if and when payment is due to the Executive and to
take such other actions as may be necessary to enable the Executive to exercise and obtain the
benefits of such security provisions, in the absence of fraudulent or unlawful conduct on the part
of the Executive with respect to such exercise. In the event of a dispute regarding whether the
Executive is due payment under Paragraph 1 of this Agreement as a result of which the Company has
refused to issue the certification referred to above, following resolution of the dispute in
accordance with Paragraph 8 of this Agreement, the Company will pay all legal fees of the Executive
incurred in that proceeding if the Executive prevails, and each party will bear its own costs if
the Company prevails.

6. Not an Employment Contract. The Executive and the Company acknowledge that this
Agreement does not constitute a contract of employment or impose on the Company any obligation to
retain the Executive as an employee and that the Employment Letter remains in full force and
effect.

7. Taxes. The Executive will not be entitled to any additional payments fin the event
the Executive becomes subject to tax under Section 4999 of the Internal Revenue Code or any similar
tax (“Excise Tax”) as a result of any payment (within the meaning of Section 280G of the Internal
revenue Code or other applicable provision) made pursuant to this Agreement.

8. Disputes; Arbitration. All claims by the Executive for benefits under this
Agreement shall be directed to and determined by the Board of Directors of the Company and shall be
in writing. Any denial by the Board of Directors of a claim for benefits under this Agreement shall
be delivered to the Executive in writing and shall set forth the specific reasons for the denial
and the specific provisions of this Agreement relied upon. The Board of Directors shall afford a
reasonable opportunity to the Executive for a review of the decision denying a claim. Any further
dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration in Fort Lauderdale, Florida, in accordance with the rules of the
American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award
in any court having jurisdiction.

9. Successors.

9.1 Successor to Company. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business or assets of the Company expressly to assume and agree to perform this Agreement to the
same extent that the Company would be required to perform it if no such succession had taken place.
Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness
of any succession shall be a breach of this Agreement and shall constitute Good Reason if the
Executive elects to terminate employment. As used in this Agreement, “Company” shall mean the
Company as defined above and any successor to its business or assets as aforesaid which assumes and
agrees to perform this Agreement, by operation of law or otherwise.

9.2 Successor to Executive. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive should die while any
amount would still be payable to the Executive or his family hereunder if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to the executors, personal representatives or administrators of
the Executive’s estate.

10. Miscellaneous.

10.1 Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

10.2 Governing Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the internal laws of the State of Florida, without regard to
conflicts of law principles.

10.3 Tax Withholding. Any payments provided for hereunder shall be paid net of any
applicable tax withholding required under federal, state or local law.

10.4 Confidentiality. The Executive shall not disclose to any third party the
existence or terms of this Agreement, except as may be required by law or for purposes of securing
professional financial, tax or legal services.

10.5 Entire Agreement. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of the subject
matter contained herein; and any prior agreement of the parties hereto in respect of the subject
matter contained herein is hereby terminated and cancelled; provided, that the Employment Letter
remains in full force and effect, and this Agreement shall not be deemed to amend the Employment
Letter in any respect. To the extent necessary to make the terms of the already outstanding
Options consistent with the provisions of this Agreement, this Agreement constitutes an amendment
to the already outstanding Options identified on Exhibit A hereto. In connection with, and in
consideration of, the obligations of AOLA set forth in this Agreement, the Executive acknowledges
and agrees to the continued validity of the Confidentiality, Noncompetition and Proprietary Rights
Agreement dated March 3, 1999 between the Executive and the Company.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above.

AMERICA ONLINE LATIN AMERICA, INC.

/s/ Osvaldo Baños

	 	 	 	By: Osvaldo Baños

Executive Vice President and Chief

Financial Officer

/s/ Charles Herington

	 	 	 	CHARLES HERINGTON

1

Exhibit A

Outstanding Options

	 	 	 	 	 
	Date	 	Shares	 	Exercise Price
	August 7, 2000

January 2, 2001

May 16, 2001

April 26, 2002

January 1, 2004

	 	1,300,000

500,000

250,000

150,000

150,000
	 	$8.00

$2.72

$2.72

$1.60

$1.42
	 
	 	 	 	 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]