With the backroom deals that were made when Hoffmann and McLaughlin departed, it seems that Williams and Iverson are looking to cover their backs with a letter sent to YTB and a copy to their attorney. I guess we shall see how effective this Bill of Rights really is!
To: J. Lloyd “Coach” Tomer, Scott Tomer, Kim Sorenson, John Clagg and Andy Cauthen
From: Floyd J. Williams and Spencer W. Iverson, JD
Re: Termination of Directorship
August 14th, 2009
Coach, Scott and Kim,
Over the past few weeks, we have had to make probably one of the most difficult decisions of our professional lives. Effective as of Friday, August 14th, 2009, we, Floyd J. Williams and Spencer W. Iverson tender the termination of our Directorship in YTB International.
It really would serve no constructive purpose to enumerate the myriad of reasons why we have been forced to come to this decision after much prayer, conversations with our families and consultation. Our time spent with you, the founders of YTB, the incredible relationships that we have developed and maintain with the home office staff and the professional bond we have created with our former fellow Directors
will never be forgotten. We thank you for an incredible experience.
We have proudly built one of the strongest, award-winning organizations in the company’s history and helped to cultivate many outstanding leaders. We have served as proud ambassadors for YTB both domestically and abroad. It is not our intention, in anyway, to disparage or speak ill of YTB’s founders and staff during or following
our departure. It is not our intention to cause economic harm to a company that has so enlightened and enriched our lives. We trust that the same respect is reciprocated as we move on to other opportunities.
Pursuant to the Preamble of the YTB Bill of Rights which concludes;
“...YourTravelBiz.com, shall keep the promise to its Independent Marketing Representative of uninterrupted residual commissions.”
we trust that this is honored. The Bill of Rights further provides:
4. So long as they are commission qualified pursuant to the YourTravelBiz.com Compensation Plan, present and future Independent Marketing Representatives of YourTravelBiz.com shall be deemed to have fully and unconditionally earned all residual commissions upon the monthly revenues paid by RTAs established by themselves and by Independent Marketing Representatives in their commissionable
downline, subject only to future monthly payments being made by the RTAs commissionable to them.
5. No present or future Independent Marketing Representative of YourTravelBiz.com may be divested of the foregoing right to receive residual commissions except upon the voluntary termination of their Independent Marketing Representative status, or their involuntary termination as a Independent Marketing Representative for cause and pursuant to the procedures of YourTravelBiz.com in connection with the involuntary termination of Independent Marketing Representative status for cause.
Thus, we are only terminating our positions as Directors and will maintain our IMR status. We are proud of the professional and ethical manner in which we have built our respective organizations and are confident that we have not “divested” ourselves of our rights to continue to receive our residual commissions. Further, we will not
personally sponsor anyone that we did not personally recruit into YTB. We again reiterate that it is our intention to maintain our status as TSO’s, paying our $49.95 monthly fee(s) for each of our currently active and existing sites.
Further, pursuant to the Preamble of the First Amendment of the of Bill of Rights which states in part:
WHEREAS, YourTravelBiz.com, Inc. is desirous of extending the protection of the Bill of Rights to include PowerTeam and Dream Team commissions, 50% commission match, bonuses and overrides pursuant to the YourTravelBiz.com Independent Marketing Representative Compensation Plan as published and in effect as of August 1, 2007.
And further provides;
4. So as long as they are commission qualified pursuant to the YourTravelBiz.com Compensation Plan, present and future Reps of YourTravelBiz.com shall be deemed to have fully and unconditionally earned PowerTeam and Dream Team commissions, 50% commission match, bonuses and overrides on the enrollment of new referring travel agents (RTAS) by them and Reps in their PowerTeam and Dream Team commissionable PowerTeam and Dream Team downlines, subject only to future RTA initial license purchases being made by RTAs.
5. No present or future Rep of YourTravelBiz.com may be divested of the foregoing right to receive PowerTeam and Dream Team commissions, 50% commission match, bonuses and overrides except upon the voluntary termination of their Rep status, or their involuntary termination as an Independent Marketing Representative for cause and pursuant to the procedures of YourTravelBiz.com in connection with the involuntary termination of an Rep status for cause.
Thus, we also anticipate the honoring of this First Amendment and the protections to “PowerTeam and Dream Team commissions, 50% commission match, bonuses and overrides...” it affords us by YTB and that no involuntary manipulation of our respective downlines, including, but not limited to, the removal, adjustment, transfer or placement of REPs, Associates, TSOs and/or RTAs into other organizations in our
uplines, downlines or other organizations not in our hierarchy.
We leave YTB with no fiscal indebtedness, only a debt of gratitude for the opportunity to further develop as leaders. We hope that YTB does, in fact, reach its goal of creating 10,000 millionaires and becomes a major force in the marketplace for internet travel sales and retail distribution.
Again, thank you for the lasting memories and the journey to success.
Sincerely,
Floyd J. Williams
Spencer W. Iverson, JD
cc: King & Spalding, Atlanta, GA office; attachments
Christopher S. Prince, Counsel
