Opinion ID: 1130384
Heading Depth: 1
Heading Rank: 11

Heading: xxx-xxx-xxxx

Text: August 2, 1991 Mr. Ben Dorman 5353 County Road 100 Carbondale, Colorado 81623 Dear Ben: I have to tell you that I have had the flu all day. I wanted to have this letter to you before the weekend, but ended up a little short on time. We are offering you the job of General Manager for the Airport Amoco. This will entail responsibility for all aspects of the operation common to a General Manager, i.e., staffing, bookkeeping, customer relations, supplier relations, product acquisition, and facility maintenance. The partners in the business will b[sic] involved in establishment of assistance, long range planning, design, and all lease arrangements with John McBride and Amoco. Naturally, you will have input into these areas. Our corporation, Aspen Petro, Inc., has stated objectives that include modernization and upgrade of the facility, systems and marketing plans. It will be our intention to use profits to reduce debt and to capitalize improvements. It is our view, excepting unforeseen conditions, that the operation is a long-term proposition being held to generate profit from our efforts and skill. There is no intention to slip it. All this shall be so stated in our Shareholders' Agreement. In regards to timing, October 1, 1991, is the anticipated closing date. We will take over actual operations at that time. The facility and books are open to us at this time. I would hope you might attend an August 5, 1991, seminar in Glenwood Springs and a two week school during December, 1991, in Chicago. Other than that, I imagine reading, thinking and an awareness of full service gas stations is the most we will accomplish before October 1, 1991. I realize that you have commitments. Once you have discussed this with Andy, we will be better able to schedule. As for compensation for your efforts, we are willing to pay you money and give you a future right to purchase stock at today's basis. I am suggesting the following: 1. Hourly basis during August, 1991, at $12.00 per hour. 2. $1,500.00 for September, 1991. One half month school in Chicago. 3. $3,600.00 per month for October, November, December, 1991. 4. $42,000.00 per year for the years 1992 and 1993. 5. Beyond 1991, we will negotiate at the time for salary. 6. The only time that stock may be purchased will be between January 1, 1994, and January 1, 1995, unless we renegotiate the situation. You will have the right to purchase 5% of the stock at $15,000.00. 7. Sometime shortly after October 1, 1991, we will acquire a wrecker and another vehicle. The additional vehicle will be for your transportation and will be available for station use. Your time commitment will have more to do with how you manage the facility than anything I can say. Obviously, however, the first few months will require a large effort from both of us. As we mentioned the other evening I will be the Title Managing Partner initially. I am committed to this being very successful. We have included no other benefits because I am suspicious of the value of group or individual benefits. We have also done this for the sake of simplicity. I think this will be a challenging profitable opportunity for yourself and our group. Please consider this offer over the weekend. I will call you from my travels on Monday or Tuesday. I am sorry for the brevity, but I have not been downstairs today. Yours truly, ASPEN PETRO, INC. [Personalized signature] Christopher H. Smith CHS/bl