Document:

Stock Purchase Agreement

 Exhibit 10.1 
  
 Asset Purchase Agreement 
  
 1. Parties. Temple Trucking Services, Inc., an Indiana corporation with offices at 5601 Fortune Circle South Drive, Indianapolis, IN 46241 and does
business as Redline Logistics, (“Temple” or the “Seller”), Segmentz, Inc., a Delaware Corporation with headquarters at 18302 Highwoods Preserve Parkway, (“Buyer”), and Paul Temple (the “Shareholder”) agree to
the following sale. 
  
 2. Sale of Business Assets. Seller
is selling certain of its assets and liabilities to Buyer and Buyer is buying said assets and liabilities from Seller. 
  
 3. Purchase and Sale. Material provisions of the purchase and sale agreement are: 
  
 A. Purchased Assets. “Purchased Assets” shall mean the following assets of Seller:

  
 (i) All of Seller’s goodwill and
intangible assets, including the current business names and phone numbers. 
  
 (ii) All facility leases between Seller and landlords for the headquarters location in Indianapolis, IN, as well as for all warehouse, transportation terminal or cross-dock facilities locations used by Seller
in current business detailed in Schedule 3(A)(ii). 
  
 (iii) The furniture, fixtures and equipment listed in attached Schedule 3(A)(iii). 
  
 (iv) The equipment leases listed in attached Schedule 3(A)(iv). 
  
 (v) Businesses asset including but not limited to contracts, inventory, prepaid assets, deposits, and
all other short term and long term assets in attached Schedule 3(A)(v). Specifically excludes Cash and Accounts Receivables.  
  
 B. Assumed Liabilities. At October 1, 2004 Temple Trucking owes Segmentz, Inc. approximately $1,300,000. Segmentz, Inc. will assume
$820,000 of this liability. This will be the only liability that Segmentz, Inc. will assume. 
  
 C. Excluded Liabilities. Seller is retaining all debts and liabilities of Seller other than the Assumed Liabilities (“Excluded
Liabilities”). At closing, Seller will confirm in an affidavit that Seller has retained all Excluded Liabilities. 
  
 4. Purchase Price. The purchase price is payable as follows: 
  
 A. 295,000 shares of Segmentz common stock at closing (10,000 shares to be given to each of the
following individuals as compensation from the Seller; Steve Hipsky, Ken Crady and Cindy Blankenship total of 30,000 shares); 
  
 B. Up to $500,000 (performance payment) payable in cash or stock at the 

 Buyers option over the three years following the acquisition based on the terminal locations having
positive earnings before tax of more than $190,000 for the year ended December 31, 2005, 2006 and 2007 as defined in section 6. 
  
 5. Employment Agreement. 
  
 A. Employment Agreements. At closing, Seller will enter into an employment contract of employment with Paul Temple. See attached
agreement in Exhibit 5(A). 
  
 6. Performance Payment.
As detailed in Purchase Price section 4, the Buyer will pay to Seller or his designee bonus money pursuant to achievement of combined benchmark earnings before income tax (EBIT) thresholds for the Louisville, Champagne, Grand Rapids, Warsaw and
Indianapolis terminals, in addition to any additional freight management contracts obtained at the Evansville facility (i.e. excludes any current contracts at the facility) or newly established terminal in the north region as set forth below:

  

							
	 Year

	  	EBIT Benchmark

	 	Performance Payment

	 2005
	  	$	190,000	 	$	167,000
	 2006
	  	$	190,000	 	$	167,000
	 2007
	  	$	190,000	 	$	166,000
	 2008
	  	$	200,000	 	 
 
 
 
 	Any unearned
performance
payment up
to a total of
$500,000

  
 When EBIT for the Year equals or
exceed the EBIT Benchmark, the Seller is paid pursuant to a formula that provides $167,000 Performance Payment for meeting the EBIT Benchmark, and additionally provides for prorata payment in the event that Earnings do not meet or exceed that EBIT
Benchmark. Until at least $190,000 of annual EBIT is earned in the combined above terminals there is no payment to the Seller. Once the above terminals meet the minimum earnings the Seller will be paid based on the EBIT amount times the total
performance bonus divided by the total EBIT benchmark (i.e. EBIT x 500,000 / 570,000 = payment). The entire payment made to the Sellers pursuant to these schedules in 4 above shall be referred to as the “Performance Payment.” In the event
the entire performance payment has not been paid at the end of 2007 the Seller will be paid any unearned performance payment at the end of 2008 fiscal year provided the above noted terminals have EBIT of at least $200,000 in fiscal year 2008 and the
total EBIT for Fiscal years 2005 through 2008 is greater than $570,000. 
  
 7. Closing. The closing will take place on or before November 22, 2004, at 12:00 PM, at the law offices of Adorno & Yoss, P.A., or at such other time and/or location as the parties hereto agree. At closing, Buyer and Seller will
sign the documents specified in this contract and all other documents reasonably needed to transfer the Purchased Assets to Buyer. Buyer will pay Seller the amounts required by this contract and Seller will transfer the Purchase Assets to Buyer.

  
 8. Documents for Transferring Assets. At closing,
Seller will deliver to Buyer these signed documents: 
  
 A. A bill of sale for the tangible assets being bought, with a warranty of good title. 
  

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 B. An assignment of the lease, with the landlord’s written consent.

  
 C. Assignment of any other contracts
that are being transferred to Buyer, with the written consent of the other contracting person, if such consent is required. 
  
 D. Assignments of all trademarks, patents, all intangible assets and copyrights that are part of this purchase. 
  
 Seller will also deliver to Buyer at closing all other documents reasonably needed to
transfer the Purchased Assets to Buyer. 
  
 9. Seller’s
Representations. The Seller and Paul Temple warrants and represents that: 
  
 A. Organization, Good Standing, Power, Etc. Seller (a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Indiana and (b) has all requisite corporate power and
authority (i) to own the Purchased Assets and carry on its business as presently being conducted and (ii) to execute, deliver and perform this Agreement and all other agreements, documents, and certificates set forth herein (the “Ancillary
Documents”) which Seller is required to deliver pursuant hereto, and to consummate the transactions contemplated hereby and thereby. Seller is qualified to transact business as a foreign corporation in, and is in good standing in each
jurisdiction listed on Schedule 9(A) and in which such qualification is necessary, except where failure to be so qualified would not have a material adverse effect on Seller. 
  
 B. Authorization of Agreement. 
  
 (i) Seller has taken all necessary corporate action (including, without limitation, obtaining the approval
of its Board of Directors and consent of its stockholders), to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents which Seller is required to deliver pursuant hereto and the consummation of the
transactions contemplated hereby and thereby. This Agreement has been, and each of the Ancillary Documents which Seller is required to deliver pursuant hereto has been or will be, duly and validly authorized, executed and delivered by Seller and
this Agreement constitutes, and each of the Ancillary Documents constitutes or will upon execution and delivery constitute, the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms. 
  
 (ii) There are no subsidiaries, partnerships and joint
ventures of Seller. 
  
 C. Books and Records,
Capitalization. Seller has previously provided Buyer with true and complete copies of its Articles of Incorporation and By-laws. The authorized capital stock of Seller consists of 106 shares of common stock, no par value (the “Stock”),
of which 106 are issued and outstanding. All of the shares comprising the Stock are validly issued, fully paid and non-assessable. 
  
 D. No Violations. The execution, delivery and performance by Seller of this Agreement and the Ancillary Documents which Seller is required to
deliver pursuant hereto and the 
  

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 consummation by Seller of the transactions contemplated hereby and thereby will not, with or without the giving of notice
or the lapse of time, or both, (w), violate, or require any consent under, any Assigned Contract or other agreement or commitment to which Seller is a party, (x) violate any provision of law, rule or regulation to which Seller is subject or require
any authorization, consent, approval, exemption or other action by or notice to any governmental entity, (y) violate any order, judgment or decree applicable to Seller or its Affiliates, or (z) violate any provision of its Articles of Incorporation
or By-laws; except in the case of (x) and (y) for such violations which, individually or in the aggregate, would not have a material adverse effect on the condition (financial or otherwise), business, assets, liabilities or results of operations of
the Business and would not materially hinder or impair the consummation of the transactions contemplated hereby. 
  
 E. Consents. No permit, authorization, consent or approval of or by, or any notification of or filing with, any person (governmental or private) is
required by Seller in connection with its execution, delivery and performance of the Agreement and the Ancillary Documents which Seller is required to deliver pursuant hereto or its consummation of the transactions contemplated hereby and thereby.

  
 F. Financial Statements. The balance sheets of Seller
as of December 31, 2003 and 2002 and the statements of operations and cash flows for the fiscal years ended December 31, 2003 and 2002 and the period ended May 31, 2004, respectively, (each and all of the foregoing items being herein referred to as
the “Financial Statements”), are true and complete, present fairly the financial position, results of operation and cash flow of the business as of the dates and for the periods indicated. 
  
 G. Compliance with Laws, Permits. The business is being conducted and
has been conducted at all times, in compliance in all material respects with all applicable federal, state, local and foreign laws and regulations. Seller has not, to its knowledge, received any notice of any alleged violation of law or regulation
applicable to the Purchased Assets, the Assumed Liabilities or the business. There are no material licenses or permits currently required by Seller or any employee of Seller for the operation of the business as heretofore conducted. 
  
 H. Contracts. 
  
 (i) Schedule 9(H)(i) sets forth all of the Assigned
Contracts and all other contracts, agreements and commitments relating to the Seller’s business to which Seller is a party, including any and all amendments, modifications and alterations thereof and any and all waivers with respect thereto.
Other than the Assigned Contracts and except as set forth on Schedule 9(H)(ii), there are no material contracts, leases, agreements, arrangements, or understandings that limit, impair, modify, or otherwise affect in any material respect
Seller’s right to operate its business or that will limit, impair, modify or otherwise affect in any material respect Buyer’s right to operate its business after the Closing Date. 
  
 (ii) Complete copies (or, if oral, full written
descriptions) of all the Assigned Contracts, including all amendments thereto, have been delivered to Buyer. Except as disclosed on Schedule 9(H)(ii), all of the Assigned Contracts are valid, binding, in full force and effect in all material
respects and enforceable in accordance with their terms against Seller and, to the knowledge of Seller, against each of the other parties to such Assigned Contracts. (i) There is no material breach, violation or default by Seller or, to the

  

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 knowledge of Seller, any of the other parties to the Assigned Contracts nor is there any event (including
the execution and delivery of this Agreement and the occurrence of the Closing) relating to Seller or, to the knowledge of Seller, relating to any other party, which, with notice or lapse of time or both, would constitute a material breach,
violation or default, or give rise to any lien or encumbrance or right of termination, modification cancellation, prepayment, suspension, limitation, revocation or acceleration under, any Assigned Contract, and (ii) no other party to any of the
Assigned Contracts is in arrears in respect of the performance or satisfaction of the terms and conditions on its part to be performed or satisfied under any of such Assigned Contracts and no waiver or indulgence has been granted by any of the
parties thereto. 
  
 (iii) Seller has paid in full all amounts
currently due and payable under the Assigned Contracts. 
  
 I.
Absence of Certain Changes. 
  
 (i) Since
December 31, 2003, Seller has: 
  
 (a) operated
its business only in the usual, regular and ordinary course and in accordance with past practice; 
  
 (b) used all its best efforts, in the ordinary course of business consistent with past practice, to keep available the services of its
officers, directors, employees, agents and consultants involved with its business; 
  
 (c) maintained all the Purchased Assets in the usual, regular and ordinary course and in accordance with past practice; 
  
 (d) used all commercially reasonable efforts, in the
ordinary course of business consistent with past practice, to preserve its relationships with the lenders, suppliers, customers, licensors and licensees and others having significant business dealings with Seller such that the business will not be
materially impaired; 
  
 (e) maintained its books
and records in its usual, regular and ordinary manner, on a basis consistent with prior years; 
  
 (f) continued all material existing insurance policies (or comparable insurance) in full force and effect; 
  
 (g) reserved intact its business organization and not made
or instituted any changes in its methods of purchase, sale, management, accounting or operation which would materially impact Seller’s business; 
  
 (h) performed and complied in all material respects, in the ordinary course of business consistent with past practice, with its
obligations under all Assigned Contracts; and 
  
 (i) not increased the rate or terms of compensation payable or to become payable to its directors, officers, key employees or, except in the ordinary course of business in accordance with past practice, any of the other employees or
adopted, amended or otherwise modified any bonus, pension or other employee benefit plan covering any of its directors, officers or employees. 
  

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 (ii) Since December 31, 2003, Seller has not (A) suffered any change, event or
development or series of changes, events or developments which, individually or in the aggregate, have had or are reasonably expected to have, a material adverse effect on its financial condition, assets, prospects, liabilities or results of
operation, (B) suffered any material damage, destruction or casualty loss to any of the Purchased Assets (whether or not covered by insurance) or (C) to Seller’s knowledge, been the subject of any investigation by any governmental authority or
been the subject of any threatened or commenced claim or litigation, and (ii) Seller has not: 
  
 (a) varied, assumed, terminated, amended the terms of or granted any waiver in respect of any Assumed Liability or any Assigned Contract
except in the ordinary course of business consistent with past practices; 
  
 (b) granted, consented to or suffered the imposition of any lien or encumbrance on any of the Purchased Assets, other than liens and encumbrances on inventory of Seller granted, consented to, or suffered the
imposition of, in the ordinary course of business consistent with past practice; 
  
 (c) sold, leased, transferred, assigned or otherwise disposed of any assets except in the ordinary course of business consistent with past
practice; 
  
 (d) accelerated or delayed the
manufacture, shipment or sale or license of any products, the sale of inventory, the collection of accounts or notes receivable or the payment of accounts or notes payable, or otherwise operated in a manner not in the ordinary course of business or
not consistent with past practice; 
  
 (e)
changed its accounting principles or policies; or 
  
 (f) agreed or otherwise committed to take any of the actions prohibited by the foregoing subparagraphs (i) through (v). 
  
 J. Title to Properties. 
  
 (i) Seller has good, valid and marketable title to all of its properties and assets, which are included in the Purchased Assets, free and
clear of any liens and encumbrances or exceptions to title. 
  
 (ii) All of the assets, rights and properties owned, used or held for use by Seller or any of its Affiliates in the conduct of their business (other than the Excluded Assets) are included in the Purchased Assets.

  
 K. Inventory. The inventory included in the Purchased
Assets consists of items of a quality and quantity usable and salable in the ordinary course of business. 
  

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 L. Litigation and Orders. Except as set forth on Schedule 9(L): 
  
 (i) There is no litigation pending or, to the knowledge of
Seller, threatened against Seller or any of the Purchased Assets or which seeks to prevent or challenge the transactions contemplated hereby or by any of the Ancillary Documents; 
  
 (ii) There is not in existence any court order requiring Seller or any officer, director or employee of
Seller to take any action of any kind with respect to the Purchased Assets or to which Seller or any officer, director or employee of Seller is a party or by which any of them is bound; and 
  
 (iii) Neither Seller nor any officer, director or employee
of Seller has been permanently or temporarily enjoined or barred by any court order from engaging in or continuing any conduct or practice. 
  
 M. Intellectual Property. 
  
 (i) All U.S. and foreign trademarks, patents, service marks, trade names, copyrights, mask works and designs which are pending, applied
for, granted, or registered in any country or jurisdiction of the world and are owned by Seller; (ii) all unregistered trademarks, patents, service marks and trade names which are owned by Seller; and (iii) all licenses, contracts, permissions and
other agreements to which Seller is a party relating in any way to rights in any of the foregoing. Title to all registered intellectual property is recorded on records in the name of Seller and, to the extent applicable, all affidavits of continued
use and incontestability in respect of such registered intellectual property have been timely filed. 
  
 (ii) Seller owns or possesses licenses or other valid rights to use, and upon consummation of the transactions contemplated by this
Agreement Buyer shall own or possess licenses or other valid rights to use (without the making of any payment to others (other than as set forth in the Assigned Contracts) or the obligation to grant rights to others in exchange), all intellectual
property necessary to the conduct of Seller’s business as currently conducted, including, without limitation, all releases required in connection with quotes, testimonials or likenesses utilized in editorial or promotional material; (ii)
Seller’s right title and interest in such intellectual property is not being opposed by any claim or demand or in any proceeding, action, litigation or order to which Seller or any person or entity who has granted a license or other right to
use intellectual property to Seller or who has been granted a license or other right to use intellectual property by Seller, is a party or subject; nor to the knowledge of Seller is any such claim, demand, proceeding, action, litigation or court
order threatened; (iii) the conduct of Seller’s business as currently conducted does not to Seller’s knowledge materially infringe or conflict with any intellectual property of others; and (iv) no infringement by others of any intellectual
property included in the Purchased Assets is known to Seller. 
  
 N. Customers. The lists included in the Purchased Assets constitute in all material respects the complete and accurate lists of names, addresses, purchase and payment history for each customer for the Business. 
  
 O. Taxes. 
  
 (i) For purposes of this Agreement, (i) ”Taxes”
shall mean any federal, state, 
  

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 provincial, local, or foreign income, gross receipts, license, payroll, employment, excise, severance,
stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment disability, real property, personal property, sales, use, transfer, registration, value added,
alternative or add-on minimum, or other tax, fee, assessment or charge of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not, and (ii) ”Tax Return” shall mean all reports, returns,
statements, estimates, declarations, notices, forms or other information required to be supplied to a Taxing authority in connections with Taxes. 
  
 (ii) Seller and its Affiliates have filed all Tax Returns that they were required to file. All such Tax Returns were correct and complete.
All Taxes owed or payable by Seller and its Affiliates (whether or not shown on any Tax Return) have been paid or accrued. Seller and its Affiliates are not the beneficiary of any extension of time within which to file any Tax Return. No claim in
writing has ever been made by a governmental body in a jurisdiction where Seller and its Affiliates do not file Tax Returns that they are or may be subject to taxation by that jurisdiction. There are no liens on any of the Purchased Assets that
arose in connection with any failure (or alleged failure) to pay Tax. 
  
 (iii) Seller and its Affiliates have collected, withheld and paid all amounts with respect to Taxes required to have been collected, withheld and paid. 
  
 (iv) Seller and its Affiliates have no knowledge of any actual or threatened assertion or assessment by any
Taxing authority of any additional Taxes for any period for which Tax Returns have been filed. All deficiencies resulting from examinations of any such Tax Returns have been paid. All federal, state, local, and foreign income, franchise and sales
and use Tax Returns, if any, filed with respect to Seller and its Affiliates for taxable periods ended on or after December 31, 2003, and indicates those income, franchise and sales and use Tax Returns (or any such Tax Returns relating to prior
taxable periods) that have been audited or are currently under audit. 
  
 (v) Seller and its Affiliates have not waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency. 
  
 (vi) Seller and its Affiliates have maintained, or caused to
be maintained, and will maintain all required records with respect to sales, use or similar taxes with respect to the Purchased Assets or for which Seller and its Affiliates could have liability. 
  
 P. Employee Benefit Plans. 
  
 (i) There are no “employee benefit plan” within
the meaning of Section 3(3) of ERISA (“Benefit Plan”) under which any Employee or former Employee of Seller or an ERISA Affiliate (as defined below) has a present or future right to benefits or under which Seller or an ERISA Affiliate has
a present or future liability. Neither Seller nor any ERISA Affiliate currently sponsors, maintains, contributes to, or has any liability to, nor has Seller or any ERISA Affiliate ever sponsored, maintained, contributed to or been required to
contribute to, or incurred any liability to, (i) any Benefit Plan which is subject to Title IV of 
  

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 ERISA or Section 412 of the Code, (ii) any “multiemployer plan” (as defined in ERISA Sections
3(37) or 4001(a)(3)) or (iii) any Benefit Plan which provides, or has any liability to provide, life insurance, medical, severance or other employee welfare benefits to any Employee upon or following his or her retirement or termination of
employment, except as required by Section 4980B of the Code nor has Seller ever represented, promised or contracted (whether in oral or written form) to any Employee (either individually or as a group) for employee welfare benefits upon their
retirement or termination of employment. For purposes of this Section 4.18(a), “ERISA Affiliate” means each business or entity which is a member of a “controlled group of corporations”, under “common control” or
an “affiliated service group” with Seller within the meaning of Sections 414(b), (c) or (m) of the Code, or required to be aggregated with Seller under Section 414(o) of the Code, or is under “common control” with Seller, within
the meaning of Section 4001(a)(14) of ERISA. 
  
 (ii) Each Benefit Plan has been established and maintained in accordance with its terms and in material compliance with all applicable, laws, statutes, orders, rules and regulations, including but not limited to ERISA and the Code.

  
 (iii) Seller remains solely liable for any
and all claims, benefits, contributions and liabilities of every nature under the Benefit Plans after the Closing, including the obligation to offer continued coverage under a group health plan pursuant to Section 4980B of the Code to qualified
beneficiaries who become entitled to continued coverage under a Benefit Plan before, upon or after the Closing. 
  
 (iv) Neither Seller nor Seller’s business (i) is involved in or, to the knowledge of Seller, threatened with any labor dispute,
grievance, or litigation relating to labor matters involving any Employees, including, without limitation, violation of any federal, state or local labor, safety or employment laws (domestic or foreign), charges of unfair labor practices or
discrimination complaints or (ii) has engaged in any unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act. No employees of Seller are currently, nor has any employee ever been, in his or her capacity
as an employee of Seller, represented by any labor union for purposes of collective bargaining and, to the knowledge of Seller, no activities the purpose of which is to achieve such representation of all or some of such employees are threatened or
ongoing. Seller (i) is in compliance in all material respects with all applicable federal, state and local laws, rules and regulations respecting employment, employment practices, labor, terms and conditions of employment and wages and hours, in
each case, with respect to employees; (ii) has withheld all amounts required by law or by agreement to be withheld from the wages, salaries and other payments to employees; (iii) is not liable for any arrears of wages or any taxes or any penalty for
failure to comply with any of the foregoing; and (iv) is not liable for any payment to any trust or other fund or to any governmental or administrative authority, with respect to unemployment compensation benefits, social security or other benefits
for employees. 
  
 Q. Environmental Protection. 

 
 (i) Seller is, and has been operated at all times, in
compliance in all material respects with applicable Environmental Laws and has obtained, is in compliance with, and has made all required filings for issuance or renewal of, all permits, licenses, 
  

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 authorizations, registrations and other governmental consents required under any applicable Environmental
Laws (“Environmental Permits”), and all such Environmental Permits are in full force and effect; 
  
 (ii) There are no claims, notices, civil, criminal or administrative actions, suits, hearings, investigations, inquiries or proceedings
pending or, to the knowledge of Seller, threatened, against Seller that are based on or related to any actual or alleged release of Hazardous Substances or any actual or alleged violation under Environmental Laws; 
  
 (iii) To the knowledge of Seller, there are no past or
present facts, conditions, actions or omissions (including without limitation any releases of Hazardous Substances) that would (x) give rise to any liability or other obligation of Seller under any Environmental Laws, (y) could reasonably be
expected to form the basis of any claim, action, suit, proceeding, hearing, investigation or inquiry under any Environmental Laws against Seller or any of their respective predecessors, or (z) interfere with or prevent continued compliance by Seller
with Environmental Laws and/or Environmental Permits; 
  
 (iv) to the knowledge of Seller, Seller has not received any written notice or other communication that either of them is or may be a potentially responsible person or otherwise liable in connection with any waste disposal site or other
location used for the disposal of any Hazardous Substances; and 
  
 (v) Seller has made available to Buyer complete and accurate copies of any reports, studies, analyses, tests, or monitoring data possessed or initiated by Seller pertaining to Hazardous Substances at, on, under or
affecting any real property currently or formerly owned, leased or operated by Seller as it relates to Seller’s business or any other person for whose conduct Seller is or may be held responsible under Environmental Laws. 
  
 For the purposes of this Section 4.19, the following terms
shall have the meanings indicated: 
  
 “Environmental
Laws” shall mean all federal, state or local laws, statutes, ordinances, rules or regulations governing environmental, health or safety matters, as the same have been amended from time to time, including any common law cause of action, all
indemnity agreements and other contractual obligations relating to environmental, health and safety matters, and all applicable judicial and administrative decisions, orders, and decrees relating to any of the foregoing. 
  
 “Hazardous Substances” shall mean any pollutants,
contaminants, toxic or hazardous substances, materials, wastes, constituents, compounds or chemicals (including, without limitation, petroleum or any by-products or fractions thereof, any form of natural gas, lead, asbestos and asbestos-containing
materials, polychlorinated biphenyls ((“PCBs”) and PCB-containing equipment, radon and other radioactive elements, pesticides, defoliants, explosives, flammables, corrosives and urea formaldehyde foam insulation) that are regulated
by, or may form the basis of liability under, any Environmental Laws. 
  
 R. Fees. Neither Seller nor any of its Affiliates is obligated to pay, or has retained any broker or finder or any other person or entity who is entitled to, any broker’s or finder’s fee or 
  

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 any other commission or financial advisory fee based on any agreement or undertaking made by Seller in connection with
the transactions contemplated hereby. Buyer shall not, through the transfer of the Purchased Assets or otherwise, have any obligations in respect of any such fees or commissions. 
  
 S. Accuracy of Information; Full Disclosure. To knowledge of Seller, none of the representations and warranties of
Seller in this Agreement nor in any Ancillary Document to be furnished by Seller pursuant hereto contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading 
  
 These warranties and representations will survive the closing. 
  
 10. Covenant Not to Compete. For the consideration received herein the Shareholders each agree for 3 years following the closing, none of Shareholders will directly or indirectly participate in a business that
is similar to a business now or later operated by Buyer in the same geographical area. This includes participating in a business owned by Shareholder or as a co-owner, director, officer, consultant, independent contractor, employee or agent of
another business. 
  
 In particular, none of the Shareholders
will: 
  
 A. solicit or attempt to solicit
any business or trade from Buyer’s actual or prospective customers or clients; 
  
 B. employ or attempt to employ any employee of Buyer; 
  
 C. divert or attempt to divert business away from Buyer; or 
  
 D. encourage any independent contractor or consultant
to end a relationship with Buyer. 
  
 Each Shareholder acknowledges and agrees
that if any Shareholder breaches or threatens to breach any of the terms of this paragraph 10, Buyer will sustain irreparable harm and will be entitled to obtain an injunction to stop any breach or threatened breach of this paragraph 10. Each
Shareholder, by signing this contract, accepts and agrees to be bound by this covenant not to compete. 
  
 11. Additional Covenants. 
  
 A. Conduct Of Business Prior To The Closing. Between the date of this Agreement and the closing, Seller shall conduct its business
in the ordinary course consistent with past practice and this Agreement and will use its commercially reasonable efforts to (x) preserve intact its business and the Purchase Assets, (y) keep available the services of its employees, and (z) preserve
the current relationships of Seller with its customers, suppliers, landlords and other persons with which Seller has significant business relations. Without limiting the generality of the foregoing, and as an extension thereof, except for such
actions as are expressly permitted by a provision of this Agreement or that are in the ordinary course of Seller’s business and are consistent with past practice, without the prior written consent of Buyer, Seller shall not directly or
indirectly do or agree to do any of the following with respect to the Purchased Assets or the Assumed Liabilities: 
  
 (i) sell, assign, pledge, dispose of, transfer, convey, lease, license, guarantee, incur any new encumbrance(s) or otherwise
dispose of or encumber, or authorize the sale, assignment, pledge, disposition, transfer, conveyance, lease, license, guarantee, or other disposal of, any asset used in the business or any interest therein; 
  

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 (ii) terminate, cancel, impair, extend, renew, request any change in, agree to any
change in, or fail to comply with, honor or enforce the provisions of any contract or license, or (ii) make any material change to the operations, services, or polices relating to customers or suppliers; 
  
 (iii) (a) increase the compensation or benefits
(including fringe benefits) payable or to become payable to its employees, (b) grant, make or accrue, contingently or otherwise, any bonus, incentive compensation, service award or other like benefit for or to the credit of any of its employees, (c)
grant any rights to severance or termination pay to, or enter into any employment or severance agreement with, any of its employee, or establish, adopt, enter into or amend any employee equity incentive plans, retention plan or similar arrangements
affecting any of its employees, or (d) take any affirmative action to amend or waive any performance or vesting criteria or accelerate vesting, exercisability or funding under any employee equity incentive plans affecting any of its employees;

  
 (iv) institute, waive, release,
assign, compromise, cancel or forgive any claims against third parties or debts owing to such Seller involving more than $100,000, or (ii) take any actions with respect to inventory practices or purchases of raw materials, supplies, merchandise or
other goods or services; 
  
 (v) (a) fail
to maintain the Purchased Assets in good working order and condition and in a state of repair and condition that complies in all material respects with all laws, ordinary wear and tear excepted, (b) fail to replace inoperable, worn-out or obsolete
or destroyed Purchased Assets which are reasonably necessary for the operation of the business or (c) fail to maintain its books and records in the usual, regular and ordinary manner; or 
  
 (vi) fail to comply with any applicable laws relating to the business, the non-compliance with which
would be reasonably likely to have a material adverse effect. 
  
 B. Further Assurances. Each of the parties agrees at any time and from time to time after the date hereof, at the request of the other party hereto, to execute and deliver such other documents and
instruments of transfer or assignment or assumption and to do all such further acts and things as shall reasonably be necessary or desirable to effectuate the transactions contemplated hereby, including, without limitation the transfer to Buyer the
Purchased Assets free and clear of all liens and encumbrances. 
  

 12 

 12. Risk of Loss. If the Purchase Assets are damaged or destroyed before closing, Buyer may cancel
this contract, in which case Seller will release Buyer from further obligation hereunder. 
  
 13. Disputes. If a dispute arises, either party may take the matter to court. 
  
 14. Required Signatures. This contract is valid only if signed by all of the shareholders of Seller. 
  
 15. Entire Agreement. This is the entire agreement between the
parties. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings. 
  
 16. Expenses. Each party to this Agreement shall pay its own expenses related in any way to this agreement or the transactions set forth herein.

  
 17. Successors and Assignees. This agreement binds and
benefits the heirs, successors and assignees of the parties. 
  
 18. Notices. All notices must be in writing. A notice may be delivered to a party at the address that follows a party’s signature or to a new address that a party designates in writing. A notice may be delivered: (i) in person,
(ii) by certified mail, or (iii) by overnight courier. 
  
 19.
Governing Law. This agreement will be governed by and construed in accordance with the laws of the State of Florida. 
  
 20. Counterparts. The parties may sign several identical counterparts of this agreement. Any fully signed counterpart shall be treated as an
original. 
  
 21. Modification. This agreement may be
modified only by a writing signed by the party against whom such modification is sought to be enforced. 
  
 22. Breakup Fee. In the event that Buyer withdraws its offer without cause, it is agreed that the Buyer will reimburse the Seller for all
reasonable costs incurred in connection with this Agreement. In the event that the Buyer withdraws its offer based on material misrepresentations by the Seller, the Seller agrees to reimburse the Buyer for all reasonable costs in connection with
this Agreement, such reimbursement which may be taken as offset against funds which may be due to the Seller under the agency agreement. 
  
 23. Waiver. If one party waives any term or provision of this agreement at any time, that waiver will only be effective for the specific instance
and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this agreement, that party retains the right to enforce that term or provision at a later time.

  
 24. Severability. If any court determines that any
provision of this agreement is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this agreement invalid or unenforceable and such provision shall be modified,
amended or limited only to the extent necessary to render it valid and enforceable. 
  
 [Signatures on following page] 
  

 13 

 Dated: October 1, 2004 
  

							
	SELLER:	 	BUYER:
	Temple Trucking Services Inc. and	 	Segmentz, Inc.
	 DBA Redline Logistics
 an Indiana
Corporation
	 	a Delaware Corporation
				
	By:	 	  

	 	By:	 	  

	 	 	Paul Temple	 	 	 	Allan Marshall
	 	 	Its President	 	 	 	Its Chief Executive Officer

  

 142004 Stock Incentive Plan

  
 Exhibit 10.3

  
 ARBINET THEXCHANGE, INC. 
  
 2004 STOCK INCENTIVE PLAN 
  

	1.	Purpose 

  
 The purpose of this 2004 Stock Incentive Plan (the “Plan”) of Arbinet thexchange, Inc., a Delaware corporation (the “Company”), is to
advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to make important contributions to the Company and by providing such persons with equity
ownership opportunities and performance-based incentives that are intended to better align their interests with those of the Company’s stockholders. Except where the context otherwise requires, the term “Company” shall include any of
the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) and any other business
venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”). 
  

	2.	Eligibility 

  
 All of the Company’s employees, officers, directors, consultants and advisors are eligible to receive options, restricted stock awards, stock
appreciation rights and other stock-based awards (each, an “Award”) under the Plan. Each person who receives an Award under the Plan is deemed a “Participant”. 
  

	3.	Administration and Delegation 

  
 (a) Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt,
amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to
the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons
having or claiming any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under the Plan made in good faith. 

 
 (b) Appointment of Committees. To the extent permitted by
applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee
of the Board or the officers referred to in Section 3(c) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or officers. 
  
 (c) Delegation to Officers. To the extent permitted by applicable law, the Board may delegate to one or more officers
of the Company the power to grant Awards to employees or 

  

 
officers of the Company or any of its present or future subsidiary corporations and to exercise such other powers under the Plan as the Board may determine,
provided that the Board shall fix the terms of the Awards to be granted by such officers (including the exercise price of such Awards, which may include a formula by which the exercise price will be determined) and the maximum number of shares
subject to Awards that the officers may grant; provided further, however, that no officer shall be authorized to grant Awards to any “executive officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) or to any “officer” of the Company (as defined by Rule 16a-1 under the Exchange Act). 
  

	4.	Stock Available for Awards 

  
 (a) Number of Shares. Subject to adjustment under Section 10, Awards may be made under the Plan for up to the number of shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”), that is equal to the sum of: 
  
 (1) 1,300,000 shares of Common Stock; plus 
  
 (2) an annual increase to be added on the first day of each of the Company’s fiscal years during the period beginning in fiscal year
2005 and ending on the second day of fiscal year 2013 equal to the lowest of (i) 3,000,000 shares of Common Stock, (ii) 5% of the outstanding shares on such date and (iii) an amount determined by the Board. 
  
 Notwithstanding clause (2) above, in no event shall the number of shares
available under this Plan be increased as set forth in clause (2) to the extent such increase, in addition to any other increases proposed by the Board in the number of shares available for issuance under all other employee or director stock plans,
including, without limitation, employee stock purchase plans, would result in the total number of shares then available for issuance under all employee and director stock plans exceeding 25% of the outstanding shares of the Company on the first day
of the applicable fiscal year. 
  
 If any Award expires or is
terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price
pursuant to a contractual repurchase right) or results in any Common Stock not being issued, the unused Common Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject, however, in the case of Incentive
Stock Options, to any limitations under the Code. Shares issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
  
 (b) Per-Participant Limit. Subject to adjustment under Section 10, for Awards granted after the Common Stock is
registered under the Exchange Act, the maximum number of shares of Common Stock with respect to which Awards may be granted to any Participant under the Plan shall be 1,000,000 per calendar year. The per-Participant limit described in this Section
4(b) shall be construed and applied consistently with Section 162(m) of the Code (“Section 162(m)”). 
  

 -2- 

	5.	Stock Options 

  
 (a) General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock
to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or
advisable. An Option which is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a “Nonstatutory Stock Option”. 
  

(b) Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section 422 of the Code
(an “Incentive Stock Option”) shall only be granted to employees of Arbinet thexchange, Inc., any of Arbinet thexchange, Inc.’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code, and
any other entities the employees of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no
liability to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or for any action taken by the Board pursuant to Section 11(f), including without
limitation the conversion of an Incentive Stock Option to a Nonstatutory Stock Option. 
  
 (c) Exercise Price. The Board shall establish the exercise price of each Option and specify such exercise price in the applicable option agreement. 
  
 (d) Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as
the Board may specify in the applicable option agreement; provided, however, that no Option will be granted for a term in excess of 10 years. 
  
 (e) Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by any
other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section 5(f) for the number of shares for which the Option is exercised. 
  
 (f) Payment Upon Exercise. Common Stock purchased upon the exercise of
an Option granted under the Plan shall be paid for as follows: 
  
 (1) in cash or by check, payable to the order of the Company; 
  
 (2) except as the Board may otherwise provide in an option agreement, by (i) delivery of an irrevocable and unconditional undertaking by a
creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a
creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 
  
 (3) when the Common Stock is registered under the Exchange Act, by delivery of shares of Common Stock owned by the Participant valued at
their fair market value as determined by (or in a manner approved by) the Board (“Fair Market Value”), provided (i) such method of payment is then permitted under applicable law, (ii) such Common Stock, if 

  

 -3- 

 
acquired directly from the Company, was owned by the Participant at least six months prior to such delivery and (iii) such Common Stock is not subject to any
repurchase, forfeiture, unfulfilled vesting or other similar requirements; 
  
 (4) to the extent permitted by applicable law and by the Board, by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment of such other lawful
consideration as the Board may determine; or 
  
 (5) by any combination of the above permitted forms of payment. 
  
 (g) Substitute Options. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant Options in
substitution for any options or other stock or stock-based awards granted by such entity or an affiliate thereof. Substitute Options may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on
Options contained in the other sections of this Section 5 or in Section 2. 
  

	6.	Director Options. 

  
 (a) Initial Grant. Upon the commencement of service on the Board by any individual who is not then an employee of the Company or any subsidiary of
the Company, the Company shall grant to such person a Nonstatutory Stock Option to purchase no more than 25,000 shares of Common Stock (subject to adjustment under Section 10). 
  
 (b) Annual Grant. Subject to an annual evaluation, which evaluation shall be overseen by the Corporation’s
Nominating and Corporate Governance Committee, on the date of each annual meeting of stockholders of the Company, the Company shall grant to each member of the Board of Directors of the Company who is both serving as a director of the Company
immediately prior to and immediately following such annual meeting and who is not then an employee of the Company or any of its subsidiaries, a Nonstatutory Stock Option to purchase no more than 10,000 shares of Common Stock (subject to adjustment
under Section 10); provided, however, that a director shall not be eligible to receive an option grant under this Section 6(b) until such director has served on the Board for at least six months. 
  
 (c) Terms of Director Options. Options granted under this Section 6
shall (i) have an exercise price equal to the last reported sale price of the Common Stock on The Nasdaq Stock Market or the national securities exchange on which the Common Stock is then traded on the trading date immediately prior to the date of
grant (and if the Common Stock is not then traded on The Nasdaq Stock Market or a national securities exchange, the fair market value of the Common Stock on such date as determined by the Board), (ii) expire on the earlier of 10 years from the date
of grant or three months following termination of service on the Board and (iii) contain such other terms and conditions as the Board shall determine. 
  

	7.	Stock Appreciation Rights. 

  
 (a) Nature of Stock Appreciation Rights. A Stock Appreciation Right, or SAR, is an Award entitling the holder on exercise to receive an amount in
cash or Common Stock or a combination thereof (such form to be determined by the Board) determined in whole or in part 

  

 -4- 

 
by reference to appreciation, from and after the date of grant, in the fair market value of a share of Common Stock. SARs may be based solely on appreciation
in the fair market value of Common Stock or on a comparison of such appreciation with some other measure of market growth such as (but not limited to) appreciation in a recognized market index. The date as of which such appreciation or other measure
is determined shall be the exercise date unless another date is specified by the Board in the SAR Award. 
  
 (b) Grants. Stock Appreciation Rights may be granted in tandem with, or independently of, Options granted under the Plan. 
  
 (1) Rules Applicable to Tandem Awards. When
Stock Appreciation Rights are expressly granted in tandem with Options, (i) the Stock Appreciation Right will be exercisable only at such time or times, and to the extent, that the related Option is exercisable and will be exercisable in accordance
with the procedure required for exercise of the related Option; (ii) the Stock Appreciation Right will terminate and no longer be exercisable upon the termination or exercise of the related Option, except that a Stock Appreciation Right granted with
respect to less than the full number of shares covered by an Option will not be reduced until the number of shares as to which the related Option has been exercised or has terminated exceeds the number of shares not covered by the Stock Appreciation
Right; (iii) the Option will terminate and no longer be exercisable upon the exercise of the related Stock Appreciation Right; and (iv) the Stock Appreciation Right will be transferable only with the related Option. 
  
 (2) Exercise of Independent Stock Appreciation
Rights. A Stock Appreciation Right not expressly granted in tandem with an Option will become exercisable at such time or times, and on such conditions, as the Board may specify in the SAR Award. 
  
 (c) Exercise. Any exercise of a Stock Appreciation Right must be in
writing, signed by the proper person and delivered or mailed to the Company, accompanied by any other documents required by the Board. 
  

	8.	Restricted Stock. 

  
 (a) Grants. The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to repurchase
all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not
satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Stock Award”). 
  

(b) Terms and Conditions. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions for
repurchase (or forfeiture) and the issue price, if any. 
  
 (c)
Stock Certificates. Any stock certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock
power endorsed in blank, with the Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the 

  

 -5- 

 
Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or
exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean the
Participant’s estate. 
  
 (d) Deferred Delivery of
Shares. The Board may, at the time any Restricted Stock Award is granted, provide that, at the time Common Stock would otherwise be delivered pursuant to the Award, the Participant shall instead receive an instrument evidencing the right to
future delivery of Common Stock at such time or times, and on such conditions, as the Board shall specify. The Board may at any time accelerate the time at which delivery of all or any part of the Common Stock shall take place. 
  

	9.	Other Stock-Based Awards. 

  
 Other Awards of shares of Common Stock, and other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common
Stock or other property, may be granted hereunder to Participants (“Other Stock Unit Awards”), including without limitation Awards entitling recipients to receive shares of Common Stock to be delivered in the future. Such Other Stock Unit
Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock Unit Awards may be paid in shares of Common
Stock or cash, as the Board shall determine. Subject to the provisions of the Plan, the Board shall determine the conditions of each Other Stock Unit Awards, including any purchase price applicable thereto. At the time any Award is granted, the
Board may provide that, at the time Common Stock would otherwise be delivered pursuant to the Award, the Participant will instead receive an instrument evidencing the Participant’s right to future delivery of the Common Stock. 
  

	10.	Adjustments for Changes in Common Stock and Certain Other Events. 

  
 (a) Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the
per-Participant limit set forth in Section 4(b), (iii) the number and class of securities and exercise price per share of each outstanding Option and each Option issuable under Section 6, (iv) the repurchase price per share subject to each
outstanding Restricted Stock Award and (v) the share- and per-share-related provisions of each outstanding Stock Appreciation Right and Other Stock Unit Award, shall be appropriately adjusted by the Company (or substituted Awards may be made, if
applicable) to the extent determined by the Board. 
  
 (b)
Reorganization Events. 
  
 (1)
Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to
receive cash, securities or other property, (b) any exchange of all of the Common Stock of the Company for cash, securities 

  

 -6- 

 
or other property pursuant to a share exchange transaction or (c) any liquidation or dissolution of the Company. 
  
 (2) Consequences of a Reorganization Event on Awards
Other than Restricted Stock Awards. In connection with a Reorganization Event, the Board shall take any one or more of the following actions as to all or any outstanding Awards on such terms as the Board determines: (i) provide that Awards shall
be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a Participant, provide that the Participant’s unexercised Options or other
unexercised Awards shall become exercisable in full and will terminate immediately prior to the consummation of such Reorganization Event unless exercised by the Participant within a specified period following the date of such notice, (iii) provide
that outstanding Awards shall become realizable or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which
holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to a Participant equal to (A) the
Acquisition Price times the number of shares of Common Stock subject to the Participant’s Options or other Awards (to the extent the exercise price does not exceed the Acquisition Price) minus (B) the aggregate exercise price of all such
outstanding Options or other Awards, in exchange for the termination of such Options or other Awards, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation
proceeds (if applicable, net of the exercise price thereof) and (vi) any combination of the foregoing. 
  
 For purposes of clause (i) above, an Option shall be considered assumed if, following consummation of the Reorganization Event, the Option
confers the right to purchase, for each share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the
Reorganization Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate
thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation (or an
affiliate thereof) equivalent in fair market value to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 
  
 To the extent all or any portion of an Option becomes exercisable solely as a result of clause (ii) above,
the Board may provide that upon exercise of such Option the Participant shall receive shares subject to a right of repurchase by the Company or its successor at the Option exercise price; such repurchase right (x) shall lapse at the same rate as the
Option would have become exercisable under its terms and (y) shall not apply to any shares subject to the Option that were exercisable under its terms without regard to clause (ii) above. 
  

 -7- 

 (3) Consequences of a Reorganization Event on Restricted Stock Awards. Upon the
occurrence of a Reorganization Event other than a liquidation or dissolution of the Company, the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure to the benefit of the Company’s successor and
shall apply to the cash, securities or other property which the Common Stock was converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to the Common Stock subject to such
Restricted Stock Award. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution of the Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock Award or any
other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock Awards then outstanding shall automatically be deemed terminated or satisfied. 
  

	11.	General Provisions Applicable to Awards 

  
 (a) Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a
qualified domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees.

  
 (b) Documentation. Each Award shall be evidenced in
such form (written, electronic or otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 
  
 (c) Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in
relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly. 
  
 (d) Termination of Status. The Board shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence or
other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise
rights under the Award. 
  
 (e) Withholding. Each
Participant shall pay to the Company, or make provision satisfactory to the Company for payment of, any taxes required by law to be withheld in connection with an Award to such Participant. Except as the Board may otherwise provide in an Award, for
so long as the Common Stock is registered under the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued
at their Fair Market Value; provided, however, that the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory
withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). Shares surrendered to satisfy tax 

  

 -8- 

 
withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. The Company may, to the extent
permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant. 
  
 (f) Amendment of Award. The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the
Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant. 
  
 (g) Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection
with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company
such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 
  
 (h) Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of some or all
restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 
  

	12.	Miscellaneous 

  
 (a) No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any
liability or claim under the Plan, except as expressly provided in the applicable Award. 
  
 (b) No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be
distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number
of shares subject to such Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for
such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the
close of business on the record date for such stock dividend. 
  

 -9- 

 (c) Effective Date and Term of Plan. The Plan shall become effective on the date on which it is
adopted by the Board, but no Award may be granted unless and until the Plan has been approved by the Company’s stockholders. No Awards shall be granted under the Plan after the completion of 10 years from the earlier of (i) the date on which
the Plan was adopted by the Board or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted may extend beyond that date. 
  
 (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time;
provided that, to the extent determined by the Board, no amendment requiring stockholder approval under any applicable legal, regulatory or listing requirement shall become effective until such stockholder approval is obtained. No Award shall be
made that is conditioned upon stockholder approval of any amendment to the Plan. 
  
 (e) Provisions for Foreign Participants. The Board may modify Awards or Options granted to Participants who are foreign nationals or employed outside the United States or establish subplans or procedures under
the Plan to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 
  
 (f) Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in
accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law. 
  

 -10-

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