Filed by Bowne Pure Compliance





Exhibit 10.2




IFTH ACQUISITION CORP.

STOCK OPTION AGREEMENT

(NON-PLAN)




THIS STOCK OPTION AGREEMENT (the “Stock Option Agreement”) is entered into as of the
                     day
of                     , by and between IFTH Acquisition Corp., a Delaware corporation (the “Company”)
and                      (the “Grantee”).




WITNESSETH




WHEREAS, the Company has determined that it is in the best interests of the Company to grant
to the Grantee a stock option covering shares of the common stock of the Company (the “Common
Stock”) to be issued outside of any Company stock option plan; and




WHEREAS, the Grantee desires to accept the stock option and agrees to be bound by the terms
and conditions of this Stock Option Agreement.




NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Grantee agree as follows:




1. Grant of Option. The Company, subject to the terms and conditions of this Stock
Option Agreement, hereby grants to the Grantee, effective                      (the “Grant Date”), the
right to purchase from the Company at a price of $                     per share (the “Exercise Price”) an
aggregate of                      shares of Common Stock (the “Option”), purchasable as set forth in,
and subject to the terms and conditions of, this Stock Option Agreement.



2. Administration of Option. The Board of Directors of the Company (the “Board”)
shall administer the Option. The Board shall have the authority, in its sole and absolute
discretion, to construe and interpret the terms of this Stock Option Agreement, and to make all
other determinations deemed necessary or advisable for administering this Stock Option Agreement.
Each determination, interpretation and other action made or taken pursuant to the provisions of
this Stock Option Agreement by the Board in good faith shall be final, conclusive and binding for
all purposes and upon all persons, including, without limitation, the Grantee and the Company, and
their respective heirs, executors, administrators, personal representatives and other successors in
interest.



3. Vesting and Exercisability of Option. Subject to the limitations on exercise in
Section 8 of this Stock Option Agreement, the Grantee’s interest in the Option shall vest and be
exercisable immediately on the Grant Date.



4. Term of Option. The Option shall expire and terminate and cease to be exercisable
with respect to any shares of Common Stock at 5:00 p.m. on                     .


 


 









 






5. Exercise of Option.




(a) The Option may be exercised by delivering to the Company a written or electronic
notice of the Grantee’s intention to exercise the Option, which shall set forth, inter alia,
(1) the Grantee’s election to exercise the Option, (2) the number of full shares of Common
Stock being purchased, (3) at the request of the Company, any representations, warranties
and agreements regarding the Grantee’s investment intent and access to information as may be
required by the Company to comply with applicable securities laws, and (4) payment in full
of the aggregate Exercise Price.




(b) The Option may not be exercised unless such exercise is in compliance with all
applicable federal and state securities law, as they are in effect on the date of exercise.




(c) Payment of the aggregate Exercise Price and any applicable withholding taxes may be
made by one of the following methods:




(i) By cash, certified or cashiers’ check, bank draft or money order; or




(ii) Through a “cashless exercise sale and remittance procedure” pursuant to which the
Grantee shall concurrently provide irrevocable instructions (1) to a brokerage firm approved
by the Company to effect the immediate sale of the purchased shares and remit to the
Company, out of the sales proceeds available on the settlement date, sufficient funds to
cover the aggregate Exercise Price payable through the purchased shares plus applicable
federal, state and local income, employment, excise, foreign and other taxes required to be
withheld by the Company by reason of such exercise and (2) to the Company to deliver the
certificates for the purchased shares directly to such brokerage firm in order to complete
the sale.



6. Nontransferability of Option. The Option is personal and no rights granted
hereunder may be transferred, assigned, pledged or hypothecated in any way (whether by operation of
law or otherwise) nor shall any such rights be subject to execution, attachment or similar process,
except that the Option may be transferred in whole or in part by will or the laws of descent and
distribution.



7. Shares; Adjustment Provisions.




(a) Shares of Common Stock to be issued under this Stock Option Agreement shall be made
available, at the discretion of the Board, either from authorized but unissued shares, from
issued shares reacquired by the Company or from shares purchased by the Company on the open
market specifically for this purpose.




(b) The existence of this Stock Option Agreement and the Option granted hereunder shall
not affect in any way the right or power of the Board or the stockholders of the Company to
make or authorize any adjustment, recapitalization, reorganization or other change in the
Company’s capital structure or its business, any merger or consolidation of the Company or
any affiliate, any issue of bonds, debentures, preferred
or prior preference stocks ahead of or affecting the shares of Common Stock, the
authorization or issuance of additional shares of Common Stock, the dissolution or
liquidation of the Company or any affiliate or sale or transfer of all or part of the assets
or business of the Company or any affiliate, or any other corporate act or proceeding.


 


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(c) If there is any change in the Common Stock of the Company by reason of any stock
dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation,
reorganization, combination or exchange of shares, or otherwise, the number of shares
subject to this Option and the Exercise Price thereof, as applicable, shall be appropriately
adjusted by the Board.



8. Maximum Exercise.




(a) Notwithstanding anything herein to the contrary, in no event will the Grantee be
entitled to exercise any portion of the Option in excess of that portion of any stock
options of the Company issued to Grantee that, upon exercise, the sum of which (i) the
number of shares of common stock of the Company beneficially owned by Grantee (other than
 shares of common stock that may be deemed beneficially owned through the ownership of the
unexercised portion of any stock options of the Company issued to Grantee or the unexercised
or unconverted portion of any other security of Grantee subject to a limitation on
conversion analogous to the limitations contained herein) and (ii) the number of shares of
common stock of the Company issuable upon the exercise of the portion of Grantee’s Option
with respect to which the determination of this proviso is being made, would result in
Beneficial Ownership by Grantee and his or her Affiliates of any amount greater than 4.99%
of the then outstanding shares of common stock of the Company (whether or not, at the time
of such exercise, the Grantee and his or her Affiliates beneficially own more than 4.99% of
the then outstanding shares of common stock of the Company). In the event the Grantee is not
able to exercise any portion of the Option due to the exercise limitations of this Section
8(a), such unexercised portion of the Option will remain outstanding until the earlier to
occur of (x) the Grantee’s exercise of the unexercised portion in accordance with the terms
and conditions of this Stock Option Agreement, including this Section 8, or (y)
                    . However, the limitations imposed by this Section 8 do not apply to an
Option exercised by the Grantee in accordance with the “cashless exercise sale and
remittance procedure” set forth in Section 5(c)(ii) of this Stock Option Agreement.




(b) As used in this Section 8, the term “Affiliate” means any person or entity that,
directly or indirectly through one or more intermediaries, controls or is controlled by or
is under common control with a person or entity, as such terms are used in and construed
under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”).   As
used in this Section 8 the term “Beneficial Ownership” shall be determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G
thereunder, except as otherwise provided in this Section 8(a)(i) above.





 


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9. Tax Withholding. The Company’s obligation to deliver shares upon the exercise of
the Option shall be subject to the Grantee’s satisfaction of all applicable Federal, state and
local income, excise, and employment tax withholding requirements tax obligations. The
Grantee may satisfy any such tax obligations in any of the manners provided in Section 5(c) above
for payment of the purchase price. The Company shall, to the extent permitted by law, have the
right to deduct from any payment of any kind otherwise due to the Grantee any tax obligations not
timely satisfied.



10. Notices. All notices and other communications under this Stock Option Agreement
shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b)
upon confirmation of receipt when such notice or other communication is sent by facsimile or telex,
(c) one (1) day after delivery to an overnight delivery courier, or (d) on the fifth
(5th) day following the date of deposit in the United States mail if sent first class,
postage prepaid, by registered or certified mail. If to the Company, any notice shall be sent to:


IFTH Acquisition Corp.

1690 South Congress Avenue, Suite 200

Delray Beach, Florida 33445



If to the Grantee, any notice shall be sent to:

                                        

                                        

                                        




Either party hereto may change such party’s address for notices by notice duly given pursuant
hereto.



11. Rights as a Stockholder. Neither the Grantee nor any of the Grantee’s successors
in interest shall have any rights as a stockholder with respect to any shares of Common Stock
subject to the Option until the Grantee or his successor, as the case may be, shall have become the
holder of record of such shares, and no adjustments shall be made for dividends in cash or other
property or distributions or other rights in respect to any such shares, except as otherwise
specifically provided for herein.



12. Securities Law Requirements. The Option shall not be exercisable to any extent,
and the Company shall not be obligated to transfer any Option Shares to the Grantee upon exercise
of such Option, if such exercise, in the opinion of counsel for the Company, would violate the
Securities Act (or any other federal or state statutes having similar requirements as may be in
effect at that time). Further, the Company may require as a condition of transfer of any Option
Shares pursuant to any exercise of the Option that the Grantee furnish a written representation
that he or she is purchasing or acquiring the Option Shares for investment and not with a view to
resale or distribution to the public. The Grantee hereby represents and warrants that (i) neither
the offering nor the sale of the Option Shares has been registered under the Securities Act in
reliance upon exemptions from the registration provisions of the Securities Act, (ii) the Option
Shares purchased by the Investor must be held by it indefinitely unless (A) the sale or transfer
thereof (1) is subsequently registered under the Securities Act, or an exemption from such
registration is available, or (2) such transfer does not constitute an “offer” or a “sale” within
the meaning of the Securities Act,



 


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and
(B) such transfer of the Option Shares is subject to receipt by the Company, in its sole discretion, of an opinion of counsel satisfactory to it that
such transfer will be in full compliance with all applicable laws relating to registration of
securities or exemptions therefrom, (iii) the Company is under no obligation to register the Option
Shares on the Grantee’s behalf or to assist the Grantee in complying with any exemption from
registration, and (iv) the officers of the Company will rely upon the representations and
warranties made by the Grantee in this Agreement in order to establish such exemption from the
registration provisions of the Securities Act. Each certificate representing Option Shares shall
bear any legends that may be required by the Company or by any federal or state securities laws.
Further, if the Company decides, in its sole and absolute discretion, that the listing or
qualification of the Option Shares under any securities or other applicable law is necessary or
desirable, the Option shall not be exercisable, in whole or in part, unless and until such listing
or qualification, or a consent or approval with respect thereto, shall have been effected or
obtained free of any conditions not acceptable to the Company.



13. Accredited Investor. The Grantee currently qualifies, and at the time of the sale
of the Option subscribed for herein will qualify, as an Accredited Investor, as that term is
defined in Regulation D promulgated under the Securities Act.



14. Headings. The headings of the sections of this Stock Option Agreement have been
inserted for convenience of reference only and shall in no way restrict or modify any of the terms
or provisions hereof.



15. Amendments. This Stock Option Agreement may be amended or modified at any time
only by an instrument in writing signed by each of the parties hereto.



16. Waiver. No waiver by either party hereto, at any time, of any breach by the other
party of, or compliance with, any condition or provision of this Stock Option Agreement to be
performed by such other party, shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No modification or waiver of any of the
provisions of this Stock Option Agreement shall be effective unless in writing and signed by the
party against whom it is sought to be enforced. The failure of any party hereto at any time to
require performance by another party of any provision of this Stock Option Agreement shall not
affect the right of such party to require performance of that provision, and any waiver by any
party of any breach of any provision of this Stock Option Agreement shall not be construed as a
waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself,
or a waiver of any right under this Stock Option Agreement.



17. Benefits of Agreement. This Stock Option Agreement shall inure to the benefit of
and be binding upon each successor and assign of the Company. All obligations imposed upon the
Grantee and all rights granted to the Company under this Stock Option Agreement shall be binding
upon the Grantee and, to the limited extent set forth herein, the Grantee’s heirs, legal
representatives and successors. No other person shall have any rights under this Stock Option
Agreement.




 


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18. Severability. If any one or more provisions of this Stock Option Agreement is
deemed to be illegal or unenforceable, such illegality or unenforceability shall not affect the
validity or enforceability of the remaining legal and enforceable provisions herein, which shall be
construed as if such illegal or unenforceable provision or provisions had not been inserted.





19. Entire Agreement. This Stock Option Agreement contains the entire understanding
and agreement between the parties hereto, and supersedes all prior understandings and agreements
between them respecting the subject matter hereof.



20. Governing Law/Jurisdiction. This Stock Option Agreement shall be governed,
construed, performed and enforced in accordance with its express terms, and otherwise in accordance
with the laws of the State of Florida without regard to its principles of conflict of laws. The
parties hereby consent to jurisdiction over their persons in the State of Florida and hereby
irrevocably consent to exclusive jurisdiction of any court located within Palm Beach County,
Florida.



21. Counterparts. This Stock Option Agreement may be executed in any number of
counterparts, which may be by facsimile, each of which shall constitute an original and all of
which together shall constitute one and the same instrument.


 


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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Stock Option Agreement
as of the day and year first above written.



	 	 	 	 	 	 	 	 
	 	 	IFTH ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 	 
	 

	 	 	 

	 	 
	 

	 	Name:	 	 	 	 	 
	 

	 	 	 

	 	 
	 

	 	Title:	 	 	 	 	 
	 

	 	 	 

	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	                    , Grantee	 	 






 


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