YTB International, Inc. has notified the Securities and Exchange Commission (SEC) of the sale of its REZConnect Technologies, Inc. unit to Michael and Derek Brent, former CEO and president of REZConnect, respectively. REZConnect was a wholly owned subsidiary of YTB. The Brents' employment agreements were terminated as part of the sale. The move took place June 30. All stock and assets of REZConnect were transferred to the Brents'.
Michael Brent served as CEO of REZConnect for a base salary of $325,000, which increased by $25,000 annually after December 31, 2008, YTB said. Brent was also entitled to an annual cash bonus equal to a percentage of YTB’s net pre-tax income.
Derek Brent served as president of REZConnect for a base salary of $180,000, which increased by $30,000 annually in 2007 and 2008 and other benefits. Both Brent’s were also entitled to an annual cash bonus and are indemnified against future legal actions against YTB.