Document:

Summary Sheet of Director and Executive Officer Compensation

 EXHIBIT 10.2 
  
 AXESSTEL, INC. 
 SUMMARY SHEET

 OF 
 DIRECTOR AND
EXECUTIVE OFFICER COMPENSATION 
  
 Director Compensation

  
 Until August 2004, our non-employee directors did not receive cash
fees as compensation for their services. In August 2004, we began compensating our non-employee directors in the amount of $2,500 per calendar quarter; and in March 2005, we began compensating our non-employee directors in the amount of $7,500 per
calendar quarter. It has been our policy to reimburse our directors for their reasonable out-of-pocket expenditures. 
  
 Each non-employee director who joined our board prior to August 2004 was granted 30,000 restricted shares of our common stock when such director first joined our board.
These grants vested as to one-third of the shares on the date of the first board meeting the director attended, and an additional one-third of the shares on each of the first and second anniversaries following the director’s first board meeting
attended. Since August 2004, new non-employee directors have been entitled to 45,000 restricted shares of our common stock on the date of the appointment or election of such director to the board or upon a later date of acceptance. One-third of
these shares vest immediately, and an additional one-third of these shares will vest on each of the first and second anniversaries of the date of grant. In addition, on the third anniversary of joining the board and each subsequent anniversary, each
then-serving non-employee director will receive a fully vested option to purchase 15,000 shares of common stock with an exercise price equal to the fair market value of the common stock on the date of grant and expiring ten years after the date of
grant, subject to earlier termination as provided in our 2004 Equity Incentive Plan, but will vest as if they were granted on the date of the appointment or election of such director to the board or the later date of acceptance, if applicable. In
November 2004, Mr. Bhagat, Dr. Yang and Mr. Hsieh each received an additional 15,000 restricted shares of common stock vesting immediately as to one-third of the shares and as to one-third of the shares on each of the first and second anniversaries
of the date of each such director joined our board. These shares were issued upon the effective date of the approval of our stockholders of our 2004 Equity Incentive Plan in accordance with our policies adopted in August 2004. The restricted shares
of common stock granted to each of our outside directors who joined our board in or after August 2004 were issued in November 2004 upon the effective date of the approval of our stockholders of our 2004 Equity Incentive Plan. All of the shares so
granted are being treated for vesting purposes as if they had been granted on the date each such director first joined our board. 
  
 On March 18, 2005, our board approved an arrangement with Mr. Åke Persson, a director and member of our audit committee and compensation committee, under which Mr.
Persson will provide consulting services to our company for which he will receive additional compensatory fees at the rate of $4,000 per day not to exceed $60,000. These services will not be rendered by Mr. Persson in his capacity as a member of the
audit committee, the board, or any committee of the board. 
  
 Compensation
of Current Executive Officers 
  
 Our executive officers serve at the
discretion of our board of directors. From time to time, the compensation committee of the board of directors reviews and evaluates the salaries that are paid to our executive officers. The following table sets forth the annual salary rates for our
current executive officers as of the date of this report on Form 10-QSB: 
  

				
	 Mike H.P. Kwon
	  	$	310,000
	 David Morash
	  	$	260,000
	 Lixin Cheng
	  	$	192,000
	 Patrick Gray
	  	$	165,000

  

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 Employment Arrangements with Current Executive Officers 
  
 The following discussion summarizes the employment arrangements between us and our current
executive officers as of the date of this report on Form 10-QSB: 
  
 Mike H.P. Kwon. In November 2004, we entered into an employment agreement with Mike H.P. Kwon under which Mr. Kwon is employed as our Chief Executive Officer. The agreement provides for a base salary of $265,000, which was increased
in accordance with the agreement to $310,000 upon the completion of our public offering in March 2005, and for Mr. Kwon to be eligible for an annual performance bonus under the terms of our incentive compensation plans that may be adopted from time
to time. Mr. Kwon is also entitled to a vehicle allowance of $1,490 per month, and we are obligated to obtain and maintain one or more life insurance policies for Mr. Kwon, payable to his designated beneficiaries, with an aggregate death benefit of
$5,000,000. The agreement also includes a termination provision stating that if we terminate Mr. Kwon’s employment without cause, or if Mr. Kwon terminates his employment for good reason, we will be obligated to pay to Mr. Kwon a severance
benefit equivalent to 18 months base salary in one lump-sum payment, and all of his outstanding stock options and any other equity awards we may grant to him in the future will immediately vest in full. The agreement also provides that Mr. Kwon will
be included on the recommended slate of directors nominated for election at our annual stockholder meetings so long as Mr. Kwon serves as our Chief Executive Officer. 
  
 David Morash. In November 2004, we entered into an employment agreement with David Morash under which Mr. Morash will be employed as
our President and Chief Operating Officer. The agreement provides for a base salary of $180,000, which was increased in accordance with the agreement to $260,000 upon the completion of our public offering in March 2005, and for Mr. Morash to be
eligible for an annual performance bonus under the terms of our incentive compensation plans that may be adopted from time to time. Mr. Morash is also entitled to a vehicle allowance of $1,000 per month, and we are obligated to obtain and maintain
one or more life insurance policies for Mr. Morash, payable to his designated beneficiaries, with an aggregate death benefit of $5,000,000. The agreement also includes a termination provision stating that if we terminate Mr. Morash’s employment
without cause, or if Mr. Morash terminates his employment for good reason, we will be obligated to pay to Mr. Morash a severance benefit equivalent to 18 months base salary in one lump-sum payment, and all of his outstanding stock options and any
other equity awards we may grant to him in the future will immediately vest in full. The agreement also provides that Mr. Morash will be included on the recommended slate of directors nominated for election at our annual stockholder meeting so long
as Mr. Morash serves as our President and Chief Operating Officer. 
  
 Lixin
Cheng. We entered into a letter agreement, dated as of December 22, 2003, with Mr. Cheng under which Mr. Cheng became our Executive Vice President beginning in January 2004. The letter agreement provides for a base salary of $167,000, the grant
of 30,000 shares of our common stock and the grant of an option to purchase 200,000 shares of our common stock. In December 2004, the compensation committee voted to increase Mr. Cheng’s current annual base salary to $192,000 as of January 1,
2005 and to grant to Mr. Cheng an option to purchase 50,000 shares of our common stock. Mr. Cheng’s employment is terminable at-will by us or by Mr. Cheng for any reason, with or without notice. 
  
 Patrick Gray. We entered into a letter agreement, dated as of February 11, 2004, with
Mr. Gray under which Mr. Gray is employed as Vice President, Controller. The letter agreement provides for a base salary of $130,000 and the grant of an option to purchase 50,000 shares of our common stock. In December 2004, the compensation
committee voted to increase Mr. Gray’s current annual base salary to $165,000 as of January 1, 2005 and to grant to Mr. Gray an option to purchase 50,000 shares of our common stock. Mr. Gray’s employment is terminable at-will by us or by
Mr. Gray for any reason, with or without notice 
  
 Incentive Bonus Plan

  
 Our board of directors adopted and approved the
Incentive Bonus Plan for Employees of Axesstel, Inc. in August 2004, which we refer to as our Incentive Bonus Plan. Under the Incentive Bonus Plan, all of our employees who work for us for at least 180 consecutive days and are employed at the date
of the bonus payment will be eligible for a yearly cash bonus. For each fiscal year, a bonus pool will be determined by our compensation committee using a formula pre-approved by our board of directors. For 2004, the bonus pool will be determined
based upon a net adjusted earnings target to be determined by the board in its discretion. If the target is not met, the bonus pool will 

  

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be zero. If the target is met, the bonus pool will be 20% of the first $2.0 million of net adjusted earnings and 25% of any excess net adjusted earnings.

  
 The total bonus pool will be divided on a percentage basis
among levels of eligible employees, and each level will be assigned a pre-set percentage of the total bonus pool. The three levels established under the plan for 2004, and the percentages of the bonus pool assigned to each level are as follows: (1)
45% for executive, (2) 30% for middle management and corporate staff, and (3) 25% for engineering and research and development. Each year after 2004, the compensation committee will establish the pre-set level percentages in its discretion. The
compensation committee will determine individual payments for the executive level, and management will determine individual payments for all other eligible employees. 
  

 -3-Subscription Agreement

 Exhibit 10(d) 
  
 SUBSCRIPTION AGREEMENT 
  

THIS SUBSCRIPTION AGREEMENT (the “Subscription Agreement”), dated as of
                     (the “Effective Date”), by and between Access Worldwide Communications, Inc. a Delaware corporation (the
“Company”), and                      (the “Subscriber”), shall be effective as of the Effective Date. 
  
 WITNESSETH 
  
 WHEREAS, the Subscriber desires to acquire
                     of the authorized, but unissued, shares of Common Stock, $.01 par value per share (the “Common Stock”) of the
Company at a purchase price of US 1.00 per share for consideration consisting of                      in cash; 
  
 WHEREAS, in exchange for the consideration, Subscriber has agreed to receive
ninety-five (95%) percent of the Common Stock purchased, leaving five (5%) of the Common Stock to be issued in the name of Alfonso Yuchengco III and Argosy Advisors, Inc.; and 
  
 WHEREAS, the Company desires to sell the Common Stock to the Subscriber on such terms; and 
  
 WHEREAS the Purchaser understands that the Company is relying upon the
accuracy and completeness of the information contained in this Agreement in complying with its obligations under state and federal law. 
  
 NOW, THEREFORE, in consideration of the promises and of the mutual representations, warranties and covenants herein contained, the parties hereby agree as
follows: 
  
 1. Subscription. Subject to the terms
and conditions hereof and the provisions of this Agreement, the Purchaser hereby subscribes for and agrees to purchase from the Company and the Company agrees to sell to Purchaser
                     shares (the “Shares”) of Common Stock for the consideration set forth herein. The Shares will be distributed by
the Company at Closing (as defined in paragraph 4 below) as follows: 
  
 (a) Ninety-five (95%) of the Shares (                     Shares), will be distributed to and in the name of Purchaser, and

  
 (b) Five (5%) percent of the Shares
(                     Shares), will be distributed to and in the name of Alfonso Yuchengco III and Argosy Advisors, Inc. 
  

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 2. Purchase Price. The purchase price to be paid by the Subscriber to the Company at
Closing (as defined in paragraph 4) as payment for the Shares (hereinafter called the “Purchase Price”) shall be US 1.00 per share of Common Stock, or
                     for
                     Shares. The Purchaser represents that, at the time of the or simultaneously with delivery to the Company of this
Agreement, duly completed and signed by the Purchaser; the Purchaser has tendered payment to the Company of the full amount of the Purchase Price for the Shares. 
  
 3. Acceptance of Subscription. The Purchaser agrees that, prior to the Closing (as defined in paragraph 4),
the Company, in its sole discretion, has the unrestricted right to accept or reject this and any other subscription from the Purchaser for the Shares, in whole or in part. 
  
 4. Closing. The closing of the purchase and sale of the Shares shall take place on
                    , 2005, or at such later date (the Closing Date”) on which the Company accepts the Purchaser’s subscription, in
its sole discretion, by counter-signing this Agreement below, and accepts and receives the Purchaser’s payment of the Purchase Price (the “Closing”). Payments of the Purchase Price will be held in an account by the Company until
Closing. 
  
 5. Delivery of Shares. On or after the
Closing, the Company will deliver to the Purchaser that number of Shares as set forth in paragraph 1 of this Agreement, against payment of the Purchase Price by the Purchaser and/or the disbursement of such payment to the Company at the Closing, in
one or more certificates dated as of the Closing Date and registered in the name of the Purchaser. 
  
 6. Representations and Warranties of Purchaser. As a material inducement to the Company’s entering into this Agreement and issuing the
Shares, the Purchaser hereby represents warrants and acknowledges to the Company as follows: 
  
 (a) Upon initial distribution of the Shares, the Shares will not be registered under the Securities Act of 1933, as amended (the “Act”) and, accordingly, cannot be sold, transferred, pledged hypothecated,
assigned or otherwise disposed of, unless such Shares are registered under the Act, or if in the opinion of counsel, satisfactory to the Company, such sale, transfer pledge, hypothecation, assignment or disposition, is exempt from such registration
requirements. The undersigned acknowledges that the Shares will initially bear a restrictive legend with respect to the foregoing. Notwithstanding the initial restriction, Company represents and warrants that it will register the Shares pursuant to
the Act within Six (6) months of the effective date of the Agreement, and upon registration thereof, the Shares will become fully transferable, tradable, or otherwise disposed of at the Purchaser’s discretion. The undersigned hereby represents
and warrants that any sale, disposition or other transfer of the Shares, must be effectuated in accordance with applicable law and regulation, and that accordingly, the ability of the undersigned to so sell or otherwise dispose of the Shares may be
extremely limited until the aforementioned registration occurs. 
  

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 (b) The Purchaser is fully aware and understands that an investment in the Company is speculative in
nature and involves substantial risks. The Purchaser represents and warrants that he understands the risks associated with an investment in the Company and the Shares. 
  
 (c) The Purchaser represents that it has the capacity to protect its own interests in connection with the transactions
contemplated by this Agreement. The Purchaser is a sophisticated investor by virtue of, among other things, prior investments made by the Purchaser on the Purchaser’s behalf or through entities which the Purchaser, alone or with others,
controls. The Purchaser, by or through its principals or other individuals responsible for making investment decisions on behalf of the Purchaser, is capable of making an informed business decision with respect to an investment in the Company.

  
 (d) The Purchaser represents that it has consulted with and
relied upon its own investment, legal, financial and tax advisors in order to review and evaluate the tax, economic and other possible risks and/or benefits of an investment in the Company, including whether the acquisition of the Shares will result
in any adverse tax consequences to the Purchaser. 
  
 (e) The
Purchaser represents that it is an “accredited investor” as the term is defined in Rule 501 of Regulation D under the Securities Act, and has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Company. 
  
 (f) The
Purchaser is acquiring the Shares for its own account and not with a view toward further distribution in a manner which would violate the Act. Neither the Purchaser, nor any person or entity acting on its behalf has taken or will take any action in
connection with the transactions contemplated by this Agreement or the sale or issuance of the Shares which would subject the issuance or sale of the Shares to the provisions of Section 5 of the Act. 
  
 (g) The Purchaser has sufficient available financial resources to provide
adequately for the Purchaser’s current needs, including possible personal contingencies, and can bear the economic risk of a complete loss of its investment in the Company. 
  
 (h) The Purchaser has been given access to all requested Company documents, books, records, and other information concerning
the Company and its business and the Shares which it has deemed necessary or appropriate to review in connection with an investment in the Company and the Shares. 
  
 (i) The Purchaser has had the opportunity to conduct, and has conducted, its own independent investigation of the merits and
risks of an investment in the Company and in the Shares, and has consulted all third parties (including legal and tax advisors) and considered all other facts and circumstances that it has deemed necessary or appropriate to consult and consider, in
connection with making an investment decision with respect to the Company and the Shares. 
  

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 (j) The Purchaser acknowledges receipt of this Agreement and the Purchaser Questionnaire (collectively,
the “Subscription Documents”). The Purchaser has not relied upon any information or representations concerning the Company or the Shares, written or oral, in making the decision to purchase the Shares, other than that contained in the
Subscription Documents. 
  
 (k) The Purchaser acknowledges that
the Offering is being offered in a manner that is intended to comply with requirements of Section 4(2) of the Act and/or Regulation D, promulgated under the Act, and that the acceptance of the Purchaser’s investment by the Company has been
induced by reliance of the Company on the correctness of the representations contained herein. The Purchaser represents that all the information which the Purchaser has furnished to the Company with respect to its financial position and business
experience is correct and complete as of the date of this Agreement and, if there should be any material change in such information prior to the Closing, the Purchaser will immediately furnish such revised or correct information to the Company.

  
 (l) THE PURCHASER UNDERSTANDS THAT THE MERITS OF THE SHARES
HAVE NOT BEEN PASSED UPON BY THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THE SUBSCRIPTION
DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 
  
 (m) THE DELIVERY OF THE SUBSCRIPTION DOCUMENTS SHALL NOT UNDER ANY CIRCUMSTANCES CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE THEREOF. 
  
 (n) NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THE SUBSCRIPTION DOCUMENTS AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS SHOULD NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY. 
  
 (o) IN MAKING AN INVESTMENT DECISION WITH RESPECT TO THE COMPANY, THE
PURCHASER HAS (I) RELIED SOLELY ON ITS OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED, AND (II) UNDERTAKEN ALL DUE DILIGENCE EFFORTS AND INDEPENDENT INVESTIGATIONS, AND CONSULTED ALL THIRD
PARTIES, THAT IT HAS DEEMED NECESSARY OR APPROPRIATE. 
  

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 (p) The Purchaser hereby represents that it has been informed as follows: 
  
 IF APPLICABLE, PURSUANT TO SECTION 517.061(11)(A)(5) OF THE FLORIDA
STATUTES, FLORIDA INVESTORS HAVE A THREE-DAY RIGHT OF RESCISSION. IF A FLORIDA INVESTOR HAS EXECUTED A SUBSCRIPTION AGREEMENT, THE INVESTOR MAY ELECT, WITHIN THREE BUSINESS DAYS AFTER SIGNING THE SUBSCRIPTION AGREEMENT OR BEING FIRST NOTIFIED OF
THIS RIGHT, WHICHEVER IS LATER, TO WITHDRAW FROM THE SUBSCRIPTION AGREEMENT AND RECEIVE A FULL REFUND AND RETURN (WITHOUT INTEREST) OF ANY MONEY PAID BY THE INVESTOR. A FLORIDA INVESTOR’S WITHDRAWAL WILL BE WITHOUT ANY FURTHER LIABILITY TO ANY
PERSON. TO ACCOMPLISH SUCH WITHDRAWAL, A FLORIDA INVESTOR NEED ONLY SEND A LETTER OR TELEGRAM TO THE COMPANY AT THE ADDRESS SET FORTH IN THESE SUBSCRIPTION DOCUMENTS INDICATING THE INVESTOR’S INTENTION TO WITHDRAW. SUCH LETTER OR TELEGRAM MUST
BE SENT AND POSTMARKED PRIOR TO THE END OF THE AFOREMENTIONED THIRD BUSINESS DAY. IF A FLORIDA INVESTOR SENDS A LETTER, IT IS PRUDENT TO SEND IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE COMPANY TO ENSURE THAT IT IS RECEIVED AND ALSO TO
EVIDENCE THE TIME AND DATE WHEN IT IS MAILED. SHOULD A FLORIDA INVESTOR MAKE THIS REQUEST ORALLY, THE INVESTOR SHOULD ASK FOR WRITTEN CONFIRMATION THAT THE REQUEST HAS BEEN RECEIVED. 
  
 (q) The Purchaser represents that (i) it has all requisite power and authority to execute and deliver this Agreement, to
perform its obligations hereunder and to consummate the transactions contemplated hereby, (ii) it has taken all actions necessary to authorize its execution and delivery of this Agreement, the performance of its obligations hereunder and the
consummation of the transactions contemplated hereby, and (iii) this Agreement has been duly executed and delivered by the Purchaser and constitutes a legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with
its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws). 
  
 (r) There are not suits, actions, investigations or other proceedings pending or threatened against or affecting the Purchaser, at law or in equity, or
before or by any governmental or administrative agency or instrumentality which, if adversely determined, would have an adverse effect upon the financial condition of the Purchaser or upon the Purchaser’s investment in the Company. 

 
 (s) The Purchaser has no indebtedness other than indebtedness incurred in
the ordinary course, none of which is delinquent. 
  
 (t) The
Purchaser is not involved in any bankruptcy, reorganization, insolvency or similar proceedings. 
  
 (u) The Purchaser represents that its principal residence is listed on the signature page hereof. 
  

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 7. Benefit of Representations, Warranties and Statements. The Purchaser expressly
acknowledges and agrees that the representations, warranties and statements of the Purchaser set forth in this Agreement are being made for the benefit of, and may be relied upon by, the Company. 
  
 8. Placement Agent. The Company has not engaged a placement
agent and will not incur any commission charges. 
  
 9.
Indemnification. The Purchaser agrees to indemnify and hold harmless the Company, and its officers, directors, agents, professional advisors, affiliates and successors, from and against all liability, damage, losses, costs and expenses
(including reasonable attorney’s fees) which they may incur by reason of: (i) the breach by the Purchaser of any representations, warranties or covenants made by the Purchaser in this Agreement, or in any other document provided by the
Purchaser to the Company, or any of its affiliates, in connection with the Purchaser’s purchase of the Shares; or (ii) the provision by the Purchaser of any false, inaccurate or misleading information to the Company, or any of its affiliates,
in connection with the Purchaser’s purchase of the Shares. 
  
 10. Miscellaneous. This Agreement, upon acceptance by the Company, in its sole discretion, shall be binding upon the heirs, executors, administrators, successors and assigns of the Purchaser. The purchaser may assign its
rights and obligations under this Agreement upon the Company’s prior written consent, which the Company may grant or withhold in its sole discretion. This Agreement shall be construed in accordance with and governed in all respects by the laws
of the State of Florida without application of the principles of conflicts of laws. This Agreement and all related executed documents contain the entire agreement between the parties with respect to the transactions contemplated herein and supersede
all prior agreements, understandings, negotiations and discussions, both written and oral, among the parties hereto with respected to the subject matter hereof. In the event of a conflict between this Agreement and any other document relating to the
subject matter hereof, the provisions of this Agreement shall prevail. This Agreement may not be amended or modified in any way except by a written instrument executed by each of the parties hereto. In the event that any provision of this Agreement
is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired thereby. This Agreement may be signed in any number of counterparts, each
of which shall be an original, but all of which taken together shall constitute one and the same instrument. 
  
 [SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT FOLLOWS] 
  

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 [SUBSCRIPTION AGREEMENT SIGNATURE PAGE] 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Subscription
Agreement as of the Effective Date. 
  

	
	 Very Truly Yours,

	
	  

	 Signature

	
	  

	 Name
  
  

  

  

	 Address

  

					
	(1)	 	Number of Shares purchased	 	________________________
			
	(2)	 	Amount of check enclosed (equal to Amount on line (1) multiplied by US 1.00):	 	$_______________________

  

	
	AGREED TO AND ACCEPTED:
	
	ACCESS WORLDWIDE COMMUNICATIONS, INC.
	
	  

	Signature
	
	  

	Name
	
	

	Title

  

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