GLOBALSCAPE, INC









EXHIBIT 10.20




 




GLOBALSCAPE,

INC.




INCENTIVE

STOCK OPTION AGREEMENT




 




This Incentive

Stock Option Agreement (the “Agreement”) is entered into between GLOBALSCAPE,

INC., a Delaware corporation (the “Company”), and Sandra Poole Christal (the

“Optionee”) as of the 20th day of April, 2001 (the “Date of Grant”).  In consideration of the mutual promises and

covenants made herein, the parties hereby agree as follows:




 




1.             Grant of Option.  Under the terms and conditions of the

Company’s 2000 Stock Option Plan (the “Plan”), which is incorporated herein by

reference, the Company grants to the Optionee an option (the “Option”) to

purchase from the Company all or any part of a total of Five Hundred Seventy

Five Thousand (575,000) shares of the Company’s Common Stock, par value $0.001

per share, at a price of $0.4640 per share.




 




2.             Character of Option.  The Option is an “incentive stock option”

within the meaning of Section 422 of the Internal Revenue Code of 1986, as

amended; provided, however, that to the extent the Option does not qualify as

an incentive option by virtue of exceeding the $100,000 limitation in Section

422(d) of such Code, the Option shall be treated as an option other than an

incentive stock option.




 




3.             Term.  The Option will expire on the day prior to

the tenth anniversary of the Date of Grant or, in the event of the Optionee’s

termination of service as an employee, director, or advisor of the Company, on

such earlier date as may be provided in the Plan.




 




4.             Vesting; Exercisability.  Subject to any provisions of the Plan

concerning exercisability and vesting of options, the Option shall vest

according to the following schedule:




 




	

  Percentage Vested


  	

   


  	

  Period


  
	

  33%


  	

   


  	

  First

  anniversary of the Date of Grant


  
	

  33%


  	

   


  	

  Second

  anniversary of the Date of Grant


  
	

  34%


  	

   


  	

  Third anniversary

  of the Date of Grant


  





 




The unexercised portion

of the Option from one period may be carried over to a subsequent period or

periods, and the right of the Optionee to exercise the option as to such

unexercised portion shall continue for the entire term.




 




Notwithstanding

anything else to the contrary herein, upon the occurrence of a “Change of

Control,” this Option shall become fully exercisable.  The term “Change of Control” shall mean the occurrence of any of

the following events: (i)  any “person”

as that term is used in Section 13(d) and 14(d) of the Securities Exchange Act

of 1934, as amended (the “Exchange Act”) (other than the Company, ATSI

Communications, Inc. (“ATSI”), any trustee or other 




 




1





























 




fiduciary holding

securities under an employee benefit plan of the Company or ATSI, any company

owned, directly or indirectly, by the stockholders of the Company in

substantially the same proportions as their ownership of the stock of the

Company, or any company owned, directly or indirectly, by the stockholders of

ATSI in substantially the same proportions as their ownership of the stock of

ATSI), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the

Exchange Act), directly or indirectly, of securities of the Company  representing more than fifty percent (50%)

of the combined voting power of the Company’s then outstanding voting

securities; (ii)  during any period of

twenty-four (24) consecutive months, individuals who at the beginning of such

period constitute the Board and any new director (other than a director

designated by a person who has entered into any agreement with the Company to

effect a transaction described in subsection (i), (iii) or (iv) of this

paragraph) whose election by the Board or nomination by the Board for election

by the stockholders was approved by a vote of at least two-thirds (2/3) of the

directors then still in office who either were directors at the beginning of

the period or whose election or nomination was previously so approved, cease

for any reason to constitute a majority of the Board; (iii)  the stockholders of the Company approve a

merger, consolidation or reorganization of the Company with any other

corporation, other than a merger, 

consolidation, or reorganization which would result in the stockholders

of the Company immediately before such merger, consolidation or reorganization,

owning, directly or indirectly immediately following such merger, consolidation

or reorganization, at least fifty-one percent (51%) of the combined voting

power of the voting securities of the Company or such surviving entity

outstanding immediately after such merger, consolidation or reorganization in

substantially the same proportion as their ownership of the voting securities

immediately before such merger, consolidation, or reorganization; or (iv) the

stockholders of the Company approve a plan of complete liquidation of the

Company or an agreement for the sale or disposition by the Company of all or

substantially all of the Company’s assets. 

Notwithstanding anything to the contrary herein, a Change of Control

shall not be deemed to occur as a result of an acquisition of Company

securities or assets by ATSI, or any consolidation, merger or exchange of

securities with ATSI.




 




5.             Procedure for Exercise.  Exercise of the Option or a portion thereof

shall be effected by the giving of written notice to the Company by the

Optionee in accordance with the Plan and payment of the purchase price

prescribed in Section 1 above for the shares to be acquired pursuant to the

exercise.




 




6.             Payment of Purchase Price.  Payment of the purchase price for any shares

purchased pursuant to the Option shall be in accordance with the provisions of

the Plan.




 




7.             Transfer of Options.  The Option may not be transferred except (i)

by will or the laws of descent and distribution or (ii) pursuant to the terms

of a qualified domestic relations order, as defined by the Code or Title I of

the Employee Retirement Income Security Act of 1974, as amended, and, during

the lifetime of the Optionee, may be exercised only by the Optionee or by the

Optionee’s legally authorized representative.




 




8.             Acceptance of the Plan.  The Option is granted subject to all of the

applicable terms and provisions of the Plan, and such terms and provisions are

incorporated by reference 




 




2





























 




herein.  The Optionee hereby accepts and agrees to be

bound by all the terms and conditions of the Plan.




 




9.             Amendment.  This Agreement may be amended by an

instrument in writing signed by both the Company and the Optionee.




 




10.          Miscellaneous.  This Agreement will be construed and

enforced in accordance with the laws of the State of Texas and will be binding

upon and inure to the benefit of any successor or assign of the Company and any

executor, administrator, trustee, guarantor or other legal representative of

the Optionee.




 




Executed to be effective

as of the date set forth above.




 




	

   


  	

  GLOBALSCAPE,

  INC.


  
	

   


  	

   


  
	

   


  	

  By:


  	

  /s/ Tim Nicolaou


  	

   


  
	

   


  	

   


  	

  Tim Nicolaou


  
	

   


  	

   


  	

  Chief Executive

  Officer


  
	

   


  	

   


  
	

   


  	

  /s/ Sandra

  Poole-Christal


  	

   


  
	

   


  	

  Sandra

  Poole-Christal


  
					





 




3