Document:

Unassociated Document

     

    EXHIBIT 10.6

     

    NON-STATUTORY
STOCK OPTION AGREEMENT

    

    This
Agreement (“Agreement”) is made this __________, by and between MacroSolve,
Inc. an Oklahoma corporation (hereinafter referred to as the “Corporation”),
and
___________ (hereinafter referred to as the “Optionee”).

    

    WHEREAS,
the Optionee is a key employee of the Corporation, and the Corporation
considers it desirable and in its best interests that the Optionee be given an
inducement
to acquire a proprietary interest in the Corporation, and an added incentive to
advance
the interests of the Corporation by possessing an option to purchase voting
common
stock of the Corporation; and

    

    WHEREAS,
this Agreement is intended to be entered into to provide such incentive
to the Optionee pursuant to, and in accordance with the Key Employee Stock
Incentive
Plan (“Plan”) that has been approved by the Board of Directors (“Board”) and
the
Stockholders of the Corporation, and is administered by the Incentive
Compensation Committee
(“Committee”) of the Board pursuant to the Plan.

    

    NOW,
THEREFORE, in consideration of the premises, it is agreed by and between
the parties as follows:

    

    1. Grant
of Option. The Corporation hereby grants to the Optionee the right, privilege
and option to purchase ______ shares of the Corporation's voting common
stock at
the purchase price of $___.00 per share, in the manner and subject to the
conditions
hereinafter provided and the terms and provisions of the Plan, which are
incorporated
herein by reference. Should there be any inconsistency between the terms
and
provisions of this Agreement and the Plan, the provisions of the Plan shall
control.

     

    2. Time
of Exercise and Vesting of Option. Prior to the termination of the options
as provided in Paragraph 5 below, the options may be exercised (i) with respect
to
_______ shares at any time after ______ (ii) with respect to an additional
_______ shares at
any time after ________ (iii) with respect to an additional _____ shares at any
time
after _______ (iv) with respect to an additional ______ shares at any time after
________
and (v) with respect to the remaining ________) shares at any time after
________.
The options may be exercised in whole or in increments of at least one (1)
share.

     

    3. Method
of Exercise. The option shall be exercised by written notice directed
to the Board of Directors of the Corporation, at the Corporation's principal
place of
business, accompanied by check (or other form of payment acceptable to the
Corporation)
in payment of the option price for the number of shares specified and paid
for. The
Corporation shall make immediate delivery of such shares, provided that if any
law or
regulation requires the Corporation to take any action with respect to the
shares specified
in such notice before the 

     

    
      
        
        

      

      
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    issuance
thereof, then the date of delivery of such shares
shall be extended for the period necessary to take such action. Provided, the
Optionee
agrees to pay to the Corporation any applicable federal, state, or local income,
employment,
social security, medicare, or other withholding tax obligation arising in
connection
with this option, or the Optionee's exercise thereof; and the Corporation shall
have the
right, without the Optionee's prior approval or direction, to satisfy such
withholding
tax by withholding all or any part of the shares of common stock that would
otherwise
be transferred and delivered to the Optionee, with any shares so withheld to be
valued at
the fair market value on the date of such withholding as determined by the
Corporation
pursuant to the Plan. The purchase price of shares subject to this option shall
be paid
in cash, or by bank-certified, cashiers, or personal check subject to
collection; or, in the
alternative, the Optionee, with the prior written consent of the Corporation,
may pay the
purchase price in shares of common stock of the Corporation transferred and
surrendered
by the Optionee to the Corporation, or any combination of the foregoing
means of
payment; provided, that the making of any payment by the Optionee other than
by check
shall be subject to any conditions, rules, regulations, and procedures which the
Corporation
may adopt or prescribe, which shall be effective as to the exercise of this
option to
the extent provided therein, without regard to the form of payment otherwise
allowed
or authorized with respect to any other option or participant under the
Plan.

    

    4.
Restriction on Exercise. This option shall not be exercisable unless, at the
time of
such exercise, the Corporation's common stock subject hereto is exempt from
registration,
is the subject matter of an exempt transaction, is registered by description, by
coordination
or by qualification, or at such time is the subject matter of a transaction
which has
been registered by description, pursuant to the laws of the state of Oklahoma
and/or
the applicable provisions of any other state of federal securities
laws.

     

    5.
Termination of Option. The option, to the extent not previously exercised,
shall
terminate upon the earlier to occur of (a) the date on which the Optionee’s
employment
by the Corporation is terminated by any manner whatsoever (including,
without
limiting the generality of the foregoing, the death or disability of the
Optionee); or (b)
the Sixth (6th) anniversary of the date of this Agreement.

     

    6.
Reclassification, Consolidation or Merger. It is understood and agreed
that
prior to expiration of the term of the option granted under this Agreement or
the exercise
thereof in full by the Optionee, certain changes in capitalization and ownership
of the
Corporation may occur, and it is understood and agreed with respect to such
changes
in capitalization and ownership that:

     

    (a) If
and to the extent that the number of issued shares of voting common stock of
the Corporation shall be increased or reduced by change in par value, split up,
reclassification,
distribution of a dividend payable in stock, or the like, the number of
shares
subject to option and the option price per share hereunder shall be
proportionately adjusted.
If the Corporation is reorganized or consolidated or merged with another
corporation,
the Optionee shall be entitled to receive options covering shares of such
reorganized,
consolidated, or merged company in the same proportion, at an equivalent
price,
and subject to the same conditions. For purposes of the preceding sentence, the
excess of
the aggregate fair market value of the shares subject to the option immediately
after the
reorganization, consolidation, or merger over the aggregate option price of such
shares
shall not be more than the excess of the aggregate fair market value of all
shares subject
to the option over the aggregate option price of such shares, and the new option
or assumption
of the old option shall not give the Optionee additional benefits which he did
not have
under the old option, or deprive him of benefits which he had under the old
option.

     

    
      
         

      

      
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    (b)
Notwithstanding any provision to the contrary stated herein, to the extent
this option is not yet fully vested and exercisable at the time of a Change in
Control
with respect to the Corporation, then pursuant to the provisions of the Plan, it
shall
become fully vested and exercisable at that time. The provisions of this
subparagraph
(b) shall be applied in addition to, and shall not reduce, modify, or change
any other
obligation or right of the Optionee otherwise provided for in paragraph 10,
below,
concerning the Optionee's continued employment with the Corporation or the
termination
thereof. If this option becomes subject to this subparagraph (b), it shall
remain
fully vested and exercisable until it expires or terminates pursuant to its
terms and conditions.
This option is subject to the provisions of Section 8(e) of the Plan authorizing
the
Corporation, or a committee of its Board of Directors, to provide in advance or
at the time of a
Change in Control for cash to be paid in settlement of this option, all subject
to such
terms and conditions as the Corporation or the Committee, in its sole
discretion, may
determine and impose. For purposes of this subparagraph (b), the term "Change in
Control"
shall have the same meaning as provided in the definition thereof stated in
Section
2(c) of the Plan, including any amendments thereof which may be made from
time to
time in the future pursuant to the provisions of the Plan, with any amended
definition
of such term to apply to all events thereafter coming within the amended
meaning.

     

    7. Rights
and Restrictions Prior to Exercise of Option. The Optionee shall have no
rights as a stockholder with respect to the option shares until payment of the
option
price and delivery to him of such shares as herein provided. This option is
nontransferable
by the Optionee other than by will or the laws of descent and distribution
and,
during the Optionee's lifetime, is exercisable only by the
Optionee.

     

    8. Rights
and Restriction on Transferability of Shares With Respect to Shares Acquired
By Exercise of Option. Any shares acquired by the Optionee as a result of the
exercise,
in whole or in part as permitted herein, of the options granted under this
Agreement
shall be subject to the rights to require repurchase of the shares, and such
shares
shall not be transferable during the periods the Optionee and the Corporation
have a rights
to require such repurchase except by the exercise of such rights.

     

    (a) The
Corporation shall have the right to purchase all shares acquired
by the Optionee under this Option for a period of one (1) year from the date of
the
Optionee’s termination of employment with the Corporation at the price paid by
the Participant
or the value assigned to such shares at the time of the Optionee’s acquisition
of the
shares, as determined by the Plan Committee, in its sole
discretion.

     

    (b) If
the Corporation does not exercise its right to purchase any shares from the
Optionee pursuant to the provisions of subparagraph (a) of this paragraph 8,
above,
the Optionee shall have the right to require that the Corporation purchase all
shares
acquired by the Optionee under this Option at the same price as is provided for
in subparagraph
(a) of this paragraph 8. The Optionee shall have the right to so require the
purchase
of such shares for a period of one (1) year after the expiration of the
Corporation’s
right to purchase provided for in paragraph (a) of this Section 8.

     

    
      
         

      

      
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    (c) In
the event of the death of the Optionee after having acquired shares
under this Option, the estate, executor or administrator of the estate of the
deceased
Optionee shall have the right to require that the Corporation purchase all such
shares at
the then current price of such shares, as determined by the Plan Committee, in
its sole
discretion. This right to require the Corporation to purchase such shares shall
be for a
period of one (1) year from the date of death of the Optionee.

     

    (d) If
the right to require the Corporation to purchase of shares from the
estate of a deceased Optionee under subparagraph (c) of this paragraph 8 is not
exercised,
then the Corporation shall have the right to purchase such shares from the
estate or
any other transferee or holder for a period of one (1) year from the expiration
of the
period of the estate’s right to require the Corporation to purchase the shares
under subparagraph
(c) of this paragraph 8. The price shall be the then current price of such
shares,
as determined by the Plan Committee, in its sole discretion.

     

    (e) In
the event of the retirement from employment with the Corporation
of the Optionee after having acquired any shares under this Option the
Optionee
shall have the right to require that the Corporation purchase all such shares at
the then
current price of such shares, as determined by the Plan Committee, in its sole
discretion.
This right to require the Corporation to purchase shares shall be for a period
of three
(3) years from the date of the Optionee’s retirement.

     

    (f) If
the right to require purchase of shares from the Optionee under subparagraph
(e) of this paragraph 8 is not exercised, then the Corporation shall have the
right to
purchase such shares from the Optionee for a period of one (1) year from the
expiration
of the period of the Optionee’s right to require the Corporation to purchase
shares
under paragraph (e) of this paragraph 8. The price shall be the then current
price of such
shares, as determined by the Committee, in its sole discretion.

     

    9. Stock
Legend. The Corporation shall place the following legend upon any certificate
of stock subject to this Agreement:

     

    “The
shares represented by this certificate are subject to a certain
Agreement by and between MacroSolve, Inc. and the
initial owner of record which restricts the free transferability
of said shares. The Corporation will mail to the
holder of this certificate, without charge, a copy of such Agreement
within five (5) days after receiving a written request
therefor.”

    

    The
certificate, with said legend thereon, shall be delivered to the Optionee who
shall be
entitled, subject to the terms of this Agreement, to exercise all rights of
ownership
of such stock. The Corporation agrees that it will cause a similar legend to be
placed on
all certificates for shares hereafter issued by it which are subject to the
provisions
of this Agreement. Upon the expiration of the periods of the rights to require
repurchase
of shares pursuant to paragraph 8, above, the Corporation shall reissue a
certificate
without such legend for any shares that are still held by the
Optionee.

    

    
      
         

      

      
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    10.
Employment of Optionee; Termination at Will. The Optionee in consideration
of the Corporation’s entering into this Agreement and granting of the
option
contained herein as incentive compensation to Optionee agrees to continue to
perform
service as an employee of the Corporation at its will and pleasure; provided,
the Option
acknowledges and agrees that neither this Agreement nor the Optionee’s
ownership
of shares in the Corporation shall affect the Optionee’s position as an
employee
at will of the Corporation, and further acknowledges that the Corporation has
and shall
continue to have the right to terminate the Optionee's employment at any time
and for
any reason or for no reason, and the Optionee similarly has the right to
hereafter terminate
such employment for any reason or for no reason.

     

    11.
Non-Statutory Stock Option. This Agreement is intended to be a Non-Statutory
Stock Option as defined in the Plan, which is not intended to qualify for the
tax treatment
applicable to incentive stock options under section 422 of the Internal Revenue
Code of
1986, as amended.

     

    12.
Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes all
previous negotiations,
commitments and writings concerning such subject matter, and the Employee
acknowledges that the Corporation has not made, and the Optionee has not
relied
upon, any warranties, representations, statements or commitments except for
those set forth
herein.

     

    13.
Optionee Representations. The Optionee acknowledges that the shares to
be issued
under this Agreement will be issued to the Optionee pursuant to a registration
exemption
provided by the Securities Act of 1933, as amended (the “Act”). With respect
to the
receipt of such shares by the Optionee, the Optionee represents and warrants to
the Corporation
the following:

     

    (a) The
Optionee will purchase the shares for investment only, for the Optionee’s
own account, and not with a view to the distribution thereof.

     

    (b) The
Optionee is aware that the shares will not be registered under the Securities
Act of 1933, as amended, that the shares cannot be sold or otherwise
transferred
unless they are registered under the Act or unless an exemption from
registration
is available, and that one or more legends setting forth the restrictions on the
transferability
of the shares will appear on the certificate for the shares.

     

    14.
Notices. All notices required or permitted hereunder shall be in writing
and shall
be deemed to be properly given when personally delivered by the party to
receive
the notice or when sent by certified or registered mail, postage prepaid,
properly addressed
to the party entitled to receive such notice.

     

    15.
Binding Effect. This Agreement shall inure to the benefit of, and be
binding
upon, the parties hereto and their respective heirs, executors, administrators,
successors,
and permitted assigns.

     

    
      
         

      

      
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    16.
Severable Provisions. The provisions of this Agreement are severable, and
if any
one or more provisions may be determined to be illegal or otherwise unenforceable,
in whole or in part, the remaining provisions and any partially unenforceable
provision to the extent enforceable in any jurisdiction shall nevertheless be
binding
and enforceable.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed
on the day and year first written above.

    

    MACROSOLVE,
INC.

    

    “Corporation”

    

    By:
__________________________,
President

    

    “Optionee”

    

    _____________________________________

    

     

     

    6Unassociated Document

     

    EXHIBIT 10.7

    WARRANT
TO PURCHASE COMMON STOCK

     

    THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933.  THEREFORE, THEY MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS
NOT REQUIRED UNDER SUCH ACT.

    

    WARRANT
TO PURCHASE COMMON STOCK

    Of

    MACROSOLVE,
INC.

    

    (Issued
in Connection with the purchase of Series A Preferred Stock)

    

    This
Warrant is issued to ____________________________ (“Holder”) by MacroSolve,
Inc., an Oklahoma corporation (the “Company”), as of
_________________  (the “Warrant Issue Date”).  This Warrant
is issued in connection with, and in partial consideration for, the purchase of
Series A Preferred Stock.

    

    1.           Purchase of
Shares.  Subject to the terms and conditions hereinafter set
forth, the Holder is entitled, upon surrender of this Warrant at the principal
office of the Company (or at such other place as the Company shall notify the
Holder in writing), to purchase from the Company, shares of fully paid and
non-assessable shares of Common Stock of the Company (the “Shares”) as described
herein.

     

    2.           Exercise Price and Number of
Shares. Subject to adjustment pursuant to Section 6 hereof (as adjusted,
the “Exercise Price”), the Holder is entitled to purchase up to $ of MacroSolve,
Inc. common stock at a purchase price per Share of $8.50.

     

    3.           Exercise
Period.  This Warrant shall be exercisable, in whole or in
part, beginning on the Warrant Issue Date and shall remain so exercisable until
the fifth (5th)
anniversary thereof, at which time this Warrant shall expire.

     

    4.           Method of
Exercise.  So long as this Warrant remains outstanding and
exercisable in accordance with Section 3 above, the Holder may exercise, in
whole or in part, and from time to time, in as many separate transactions as
Holder may determine, the purchase rights evidenced hereby.  Such
exercise shall be effected by:

    

    
      	
               
      

            	
              (a)

            	
              the
      surrender of this Warrant to the Company at its principal offices,
      together with a duly executed Notice of Exercise (a copy of the form of
      which is attached hereto); and

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      payment to the Company of an amount equal to the aggregate Exercise Price
      for the number of Shares being
purchased.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.           Certificates for
Shares.  Upon the exercise of the purchase rights evidenced by
this Warrant, one or more certificates for the number of Shares so purchased
shall be issued to the Holder as soon as practicable thereafter (with
appropriate restrictive legends).  Upon Holder’s surrender of this
Warrant to the Company pursuant to Holder’s partial exercise of its purchase
rights under this Warrant, the Company shall reissue this Warrant to the Holder
to evidence any remaining rights which Holder may have under this
Warrant.

     

    6.           Adjustment of Exercise Price
and Number of Shares.  The number of and kind of securities
purchasable upon exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time as follows:

     

    (a)           Subdivisions, Combinations
and Other Issuances.  If the Company shall at any time prior to
the expiration of this Warrant subdivide its Common Stock, by split-up or
otherwise, or combine its Common Stock, or issue additional shares of its Common
Stock as a dividend with respect to any shares of its Common Stock, the number
of Shares issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination.  Appropriate
adjustments shall also be made to the purchase price payable per share, but the
aggregate purchase price payable for the total number of Shares purchasable
under this Warrant (as adjusted) shall remain the same.  Any
adjustment under this Section 6(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective, or as of
the record date of such stock dividend, or in the event that no record date is
fixed, upon the making of such stock dividend.

     

    (b)           Reclassification,
Reorganization and Consolidation.  In case of any
reclassification, capital reorganization, or change in the Common Stock of the
Company (other than as a result of a subdivision, combination, or stock dividend
provided for in Section 6(a) above), lawful provision shall be made, and
duly executed documents evidencing the same from the Company or its successor
shall be delivered to the Holder, so that the Holder shall have the right at any
time prior to the expiration of this Warrant to purchase, at a total price equal
to that payable upon the exercise of this Warrant, the kind and amount of shares
of stock and other securities and property receivable in connection with such
reclassification, reorganization, as were purchasable by the Holder immediately
prior to such reclassification, reorganization, or change.  In any
such case appropriate provisions shall be made with respect to the rights and
interests of the Holder so that the provisions hereof shall thereafter be
applicable with respect to any shares of stock or other securities and property
deliverable upon exercise hereof, and appropriate adjustments shall be made to
the purchase price per share payable hereunder, provided the aggregate purchase
price shall remain unchanged.

     

    (c)           Notice of
Adjustment.  When any adjustment is required to be made in the
number or kind of shares purchasable upon exercise of this Warrant, or in the
Exercise Price, the Company shall promptly notify the Holder of such event and
of the number of shares of Common Stock or other securities or property
thereafter purchasable upon exercise of this Warrant.

     

    7.           No Fractional Shares or
Scrip.  No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant, but in lieu of such
fractional shares the Company shall make a cash payment to the Holder for such
fractional shares based on the Exercise Price then in effect.

     

    8.           Transfers of
Warrant.  This warrant is not transferable in whole or in part
without the prior written consent of the Company.

     

    
      
        
        

      

      
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    9.           Governing
Law.  This Warrant shall be governed by the laws of the State
of Oklahoma without regard to its conflict of laws principles.

     

    IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by an officer thereunto duly
authorized.

    
    

     

     

    
      	 	MacroSolve,
      Inc. 
	 	 
	 	By:  /s/ Clint
      Parr                                      
      
	 	Clint Parr,
      President 

    

     

     

    

    
      
        
        

      

      
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    NOTICE OF
EXERCISE

     

     

    To:  MacroSolve,
Inc.

     

    The
undersigned hereby elects to purchase _____________ shares of Common Stock of
MacroSolve, Inc. pursuant to the terms of the attached Warrant; payment of the
Exercise Price per share required under such Warrant accompanies this
notice.

     

     

    
      	 	WARRANT
      HOLDER: 
	 	 
	 	By:
      _______________________________ 
	 	Name:
      _____________________________ 
	 	Title:
      ______________________________ 
	 	 
	 	Address:___________________________ 
	 	Date:  _____________________________ 

    

     

     

     

    4

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