Document:

Logisoft Corp. 2000 Stock Option Plan

 
EXHIBIT 10.3

 
LOGISOFT CORP. 
2000 STOCK OPTION PLAN 
 
ARTICLE I 
PURPOSE 
 
This Logisoft
Corp. 2000 Stock Option Plan is intended to advance the interests of the Company and its stockholders by attracting, retaining and motivating key personnel of the Company upon whose judgment, initiative and effort the Company is largely dependent
for the successful conduct of its business, and to encourage and enable such persons to acquire and retain a proprietary interest in the Company by ownership of its stock. Options granted under the Plan may either be “incentive stock
options” intended to qualify as such under the Internal Revenue Code, or “nonqualified stock options,” which are not intended to so qualify. 
 
ARTICLE II 
DEFINITIONS 
 
(a)
“Board” means the Board of Directors of the Company or any Committee. 
 
(b) “Code” means the Internal Revenue Code of 1986, as amended. 
 
(c) “Common Stock” means the Company’s Common Stock, par value $.00001 per share. 
 
(d) “Committee” means any committee of the Board,
including the Compensation Committee, which the Board has from time to time been authorized by the Board to administer the Plan. 
 
(e) “Company” means Logisoft Corp., a Delaware corporation. 
 
(f) “Date of Grant” means the date on which an Option becomes effective in accordance with Section
6.1 hereof. 
 
(g) “Eligible Person”
means any person who is an employee, officer, director, consultant or advisor of the Company or any Subsidiary, or any person who is determined by the Board to be a prospective employee, officer, director, consultant or advisor of the Company or any
Subsidiary. 
 
(h) “Employee” means any
person who is an employee of the Company or any Subsidiary; provided, however, that with respect to Incentive Stock Options, “Employee” means any person who is considered an employee of the Company or any Subsidiary for purposes of
Treasury Regulation Section 1.421-7(h). 
 
(i)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 
(j) “Fair
Market Value” of a share of Common Stock as of a given date means the closing sales price of the Common Stock on the Nasdaq Stock Market on the trading day immediately preceding the date as of which Fair Market Value is to be determined or, in
the absence of any reported sales of Common Stock on such date, on the first preceding date on which any such sale shall have been reported. If Common Stock is not listed on the Nasdaq Stock Market on the date as of which Fair Market Value is to be
determined, the Board shall determine in good faith the Fair Market Value in whatever manner it considers appropriate. 
 
(k) “Incentive Stock Option” means a stock option granted under the Plan that is intended to meet the requirements of section
422 of the Code and the regulations promulgated thereunder. 
 
(l) “Nonqualified Stock Option” means a stock option granted under the Plan that is not an Incentive Stock Option. 
 
(m) “Option” means an Incentive Stock Option or a Nonqualified Stock Option granted under the Plan. 
 
(n) “Optionee” means an Eligible Person to whom an
Option has been granted, which Option has not expired, under the Plan. 
 
(o) “Option Price” means the price at which each share of Common Stock subject to an Option may be purchased, determined in accordance with Section 6.3 hereof. 
 
(p) “Plan” means this Logisoft Corp. 2000 Stock
Option Plan. 
 
(q) “Stock Option
Agreement” means an agreement between the Company and an Optionee under which the Optionee may purchase Common Stock under the Plan. 
 
(r) “Subsidiary” means a subsidiary corporation of the Company, within the meaning of section 424(f) of the Code. 
 
ARTICLE III 
ELIGIBILITY 
 
All Eligible Persons are eligible to receive a grant of an Option under the Plan. The Board shall, in its sole discretion, determine and
designate from time to time those Eligible Persons who are to be granted an Option. 
 
ARTICLE IV 
ADMINISTRATION 
 
4.1 Plan Administration. The Plan shall be administered
by the Board unless and until the Board shall have authorized a Committee to administer the Plan. Such a Committee shall be comprised of no fewer than two persons selected by the Board. Solely to the extent deemed necessary or advisable by the
Board, each Committee member shall meet the definition of a “nonemployee director” for purposes of such Rule 16b-3 under the Exchange Act and of an “outside director” under section 162(m) of the Code. Notwithstanding the
Board’s appointment 

 
of a Committee, the Board
shall nonetheless have the authority to exercise its powers and duties with respect to the administration of the Plan. 
 
4.2 Board Authority. Subject to the express provisions of the Plan, the Board shall have the authority, in its discretion, to
determine the Eligible Persons to whom an Option shall be granted, the time or times at which an Option shall be granted, the number of shares of Common Stock subject to each Option, the Option Price of the shares subject to each Option and the time
or times when each Option shall become exercisable and the duration of the exercise period. Subject to the express provisions of the Plan, the Board shall also have discretionary authority to interpret the Plan, to prescribe, amend and rescind rules
and regulations relating to it, to determine the provisions of each Stock Option Agreement, and to make all the determinations necessary or advisable in the administration of the Plan. All such actions and determinations by the Board shall be
conclusively binding for all purposes and upon all persons. No Board member shall be liable for any action or determination made in good faith with respect to the Plan, any Option or any Stock Option Agreement entered into hereunder. 
 
4.3 Delegation of Authority. The Board shall have the
right, from time to time, to delegate to one or more officers of the Company the authority of the Board to grant and determine the terms and conditions of Options awarded under the Plan, subject to such limitations as the Board shall determine;
provided, however, that no such authority may be delegated with respect to Options awarded to any member of the Board or any Optionee who the Board determines may be subject to Rule 16b-3 under the Exchange Act or section 162(m) of the Code.

 
4.4 Grants to Non-Employee Directors.
Awards of Options to non-employee directors under the Plan shall be approved by the Board. With respect to awards to such directors, all rights, powers and authorities under the Plan shall be exercised exclusively by the Board of Directors and not
by any Committee, and all provisions of this Plan relating to the Board shall be interpreted in a manner consistent with the foregoing by treating any such reference as a reference to the Board of Directors for such purpose. 
 
ARTICLE V 
SHARES OF STOCK SUBJECT TO PLAN 
 
5.1 Number of Shares. Subject to adjustment pursuant to the provisions of Section 5.2 hereof, the maximum aggregate number of
shares of Common Stock which may be issued and sold hereunder shall be three million (3,000,000) shares. Shares of Common Stock issued and sold under the Plan may be either authorized but unissued shares or shares held in the Company’s
treasury. The number of shares of Common Stock reserved for issuance under the Plan shall at no time be less than the maximum number of shares which may be purchased at any time pursuant to outstanding options. Shares of Common Stock covered by an
Option that shall have been exercised shall not again be available for an Option grant. If an Option shall terminate or expire for any reason without being wholly exercised, the number of shares to which such Option termination relates shall again
be available for grant hereunder. 
 
5.2
Adjustments. In the event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger or consolidation, or the sale, conveyance, or other 

 
transfer by the Company of all
or substantially all of its property, or any other change in the corporate structure or shares of the Company, pursuant to any of which events the then outstanding shares of Common Stock are split up or combined, or are changed into, become
exchangeable at the holder’s ejection for, or entitle the holder thereof to cash, other shares of stock or any other consideration, or in the case of any other transaction described in section 424(a) of the Code, the Board may change the number
and kind of shares (including by substitution of shares of another corporation) subject to the Options and/or the Option Price of such shares in the manner that it shall deem to be equitable and appropriate. In no event may any such change be made
to an Incentive Stock Option which would constitute a “modification” within the meaning of section 424(h)(3) of the Code without the consent of any affected Optionee. 
 
ARTICLE VI 
OPTIONS 
 
6.1 Grant of Option. An Option may be granted to any Eligible Person selected by the Board. The grant of an Option shall first be effective upon the date it is approved by the Board, except to the extent the Board shall
specify a later date upon which the grant of an Option shall first be effective. Each Option shall be designated, at the discretion of the Board, as an Incentive Stock Option or a Nonqualified Stock Option, provided, however, that Incentive Stock
Options may only be granted to Eligible Persons who are Employees of the Company. The Company and the Optionee shall execute a Stock Option Agreement which shall set forth such terms and conditions of the Option as may be determined by the Board to
be consistent with the Plan, and which may include additional provisions and restrictions that are not inconsistent with the Plan. 
 
6.2 Option Price. The Option Price shall be determined by the Board; provided, however, that, in the case of an Incentive Stock
Option, and subject to the further limitations contemplated by Section 7.3, the Option Price shall not be less than 100 percent of the Fair Market Value of a share of Common Stock on the Date of Grant. 
 
6.3 Vesting; Term of Option. An Option shall vest and
become exercisable in the manner and subject to such conditions provided by the Board and set forth in the Stock Option Agreement. The Board, in its sole discretion, may accelerate the exercisability of any Option at any time. The period during
which a vested Option may be exercised shall be determined by the Board, subject to a maximum term of ten years from the Date of Grant (subject to the further limitations contemplated by Section 7.3) and such other limitations as may apply upon the
termination of an Optionee’s employment or other service or as otherwise specified by the Board in the Stock Option Agreement. 
 
6.4 Option Exercise; Withholding. Subject to such terms and conditions as shall be specified in a Stock Option Agreement, an Option
may be exercised in whole or in part at any time, with respect to whole shares only, within the period permitted for the exercise thereof, and shall be exercised by written notice of intent to exercise the Option with respect to a specified number
of shares delivered to the Company at its principal office, and payment in full to the Company at said office of the amount of the Option Price for the number of shares of the Common Stock with respect to which the Option is then being exercised.
Payment of the Option 

 
Price shall be made (i) in
cash or by cash equivalent, (ii) at the discretion of the Board, in Common Stock that has been held by the Optionee for at least six months (or such other period as the Board may deem appropriate for purposes of applicable accounting rules), valued
at the Fair Market Value of such shares determined on the date of exercise, (iii) at the discretion of the Board, by a delivery of a notice that the Optionee has placed a market sell order (or similar instruction) with a broker with respect to
shares of Common Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option Price (conditioned upon the payment of
such net proceeds), (iv) at the discretion of the Board, by a combination of the methods described above, or (v) by such other method as may be approved by the Board and set forth in the Stock Option Agreement. In addition to and at the time of
payment of the Option Price, the Optionee shall pay to the Company the full amount of all federal and state withholding and other employment taxes required to be withheld in connection with such exercise, in any manner consistent with the foregoing
that is approved by the Board and set forth in the Stock Option Agreement. 
 
6.5 Limited Transferability of Option. All Options shall be nontransferable except(i) upon the Optionee’s death, by the Optionee’s will or the laws of descent and distribution or (ii)
in the case of Nonqualified Stock Options only, on a case-by-case basis as may be approved by the Board in its discretion, in accordance with the terms provided below. A Stock Option Agreement for a Nonqualified Stock Option may provide that the
Optionee shall be permitted to, during his or her lifetime and subject to the prior approval of the Board at the time of proposed transfer, transfer all or part of the Option to the Optionee’s family member (as defined in the Stock Option
Agreement in a manner consistent with the requirements for the Form S-8 registration statement, if applicable). Any such transfer shall be subject to the condition that it is made by the Optionee for estate planning, tax planning, donative purposes
or pursuant to a domestics relations order, and no consideration (other than nominal consideration) is received by the Optionee therefor. The transfer of a Nonqualified Stock Option may be subject to such other terms and conditions as the Board may
in its discretion impose from time to time, including a condition that the portion of the Option to be transferred be vested and exercisable by the Optionee at the time of the transfer. Subsequent transfers of an Option shall be prohibited other
than by will or the laws of descent and distribution upon the death of the transferee. 
 
6.6 Cancellation, Substitution and Amendment of Options. The Board shall have the authority to effect, at any time and from time to time, with the consent of the affected Optionees, (i) the
cancellation of any or all outstanding Options and the grant in substitution therefor of new Options covering the same or different numbers of shares of Common Stock and having an Option Price which may be the same as or different than the Option
Price of the cancelled Options or (ii) the amendment of the terms of any and all outstanding Options. 
 
ARTICLE VII 
ADDITIONAL RULES FOR ISOS

 
7.1 Annual Limits. No Incentive Stock
Option shall be granted to an Optionee as a result of which the aggregate Fair Market Value (determined as of the date of grant) of the stock with respect to which “incentive stock options” are exercisable for the first time in any
calendar year under the Plan and any other stock option plans of the Company, any Subsidiary, or any 

 
parent corporation, would
exceed the maximum amount permitted under section 422(d) of the Code. This limitation shall be applied by taking options into account in the order in which granted. 
 
7.2 Termination of Employment. An Incentive Stock Option may provide that such Option may be exercised
not later than three months following termination of employment of the Optionee with the Company and all Subsidiaries, subject to special rules relating to death and disability, as and to the extent determined by the Board to be consistent with the
requirements of section 422 of the Code and Treasury Regulations thereunder. 
 
7.3 Other Terms and Conditions; Nontransferability. Any Incentive Stock Option granted hereunder shall contain such additional terms and conditions, not inconsistent with the terms of this Plan,
as are deemed necessary or desirable by the Board, which terms, together with the terms of this Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as an “incentive stock option” under section 422 of the
Code. Such terms shall include, if applicable, limitations on Incentive Stock Options granted to ten-percent owners of the Company as determined under sections 422(b)(6) and 424(d) of the Code. A Stock Option Agreement for an Incentive Stock Option
may provide that such Option shall be treated as a Nonqualified Stock Option to the extent that certain requirements applicable to “incentive stock options” under the Code shall not be satisfied. An Incentive Stock Option shall by its
terms be nontransferable otherwise than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of an Optionee only by such Optionee. 
 
7.4 Disqualifying Dispositions. If shares of Common Stock acquired by exercise of an Incentive Stock
Option are disposed of within two years following the Date of Grant or one year following the transfer of such shares to the Optionee upon exercise, the Optionee shall, promptly following such disposition, notify the Company in writing of the date
and terms of such disposition and provide such other information regarding the disposition as the Board may reasonably require. 
 
ARTICLE VIII 
TERMINATION OF SERVICE 
 
8.1 Death. Unless otherwise provided by the Board and set forth in the Stock Option Agreement, if an Optionee shall die at any time after the Date of Grant and while he is an Eligible Person, the executor or administrator of
the estate of the decedent, or the person or persons to whom an Option shall have been validly transferred in accordance with Section 6.6 hereof pursuant to will or the laws of descent and distribution, shall have the right, during the period ending
one year after the date of the Optionee’s death (subject to the term of the Option), to exercise the Optionee’s Option to the extent that it was exercisable at the date of the Optionee’s death and shall not have been previously
exercised. 
 
8.2 Disability. Unless
otherwise provided by the Board and set forth in the Stock Option Agreement, if an Optionee’s employment or other service with the Company or any Subsidiary shall be terminated as a result of his permanent and total disability (within the
meaning of section 22(e)(3) of the Code) at any time after the Date of Grant and while he is an Eligible Person, the Optionee (or in the case of an Optionee who is legally incapacitated, his 

 
guardian or legal
representative) shall have the right, during a period ending one year after the date of his disability (subject to the term of the Option), to exercise an Option to the extent that it was exercisable at the date of such termination of employment or
other service and shall not have been exercised. 
 
8.3 Termination for Cause. Unless otherwise provided by the Board and set forth in the Stock Option Agreement, if an Optionee’s employment or other service with the Company or any Subsidiary shall be terminated for cause,
the Optionee’s right to exercise any unexercised portion of an Option shall immediately terminate and all rights thereunder shall cease. For purposes of this Section 8.3, termination for “cause” shall include, but not be limited to,
embezzlement or misappropriation of corporate funds, any acts of dishonesty resulting in conviction for a felony, misconduct resulting in material injury to the Company or any Subsidiary, significant activities harmful to the reputation of the
Company or any Subsidiary, a significant violation of Company or Subsidiary policy, willful refusal to perform, or substantial disregard of, the duties properly assigned to the Optionee, or a significant violation of any contractual, statutory or
common law duty of loyalty to the Company or any Subsidiary. Notwithstanding the foregoing, in the event an Optionee is party to an employment (or similar) agreement with the Company or any Subsidiary that defines the term “cause,” such
definition shall apply for purpose of the Plan. The Board shall have the power to determine whether the Optionee has been terminated for cause and the date upon which such termination for cause occurs. Any such determination shall be final,
conclusive and binding upon the Optionee. 
 
8.4
Other Termination of Service. Unless otherwise provided by the Board and set forth in the Stock Option Agreement, if an Optionee’s employment or other service with the Company or any Subsidiary shall be terminated for any reason other
than death, permanent and total disability or termination for cause, the Optionee shall have the right, during the period ending 90 days after such termination (subject to the term of the Option), to exercise an Option to the extent that it was
exercisable at the date of such termination and shall not have been exercised. For purposes of this Section 8.4, an Optionee shall not be considered to have terminated employment or other service with the Company or any Subsidiary until the
expiration of the period of any military, sick leave or other bona fide leave of absence, up to a maximum period of 60 days (or such greater period during which the Optionee is guaranteed reemployment either by statute or contract). 
 
8.5 Violation of obligations in respect of Confidentiality
and Non-Competition. Unless otherwise provided by the Board and set forth in the Stock Option Agreement, if an Optionee shall breach obligations arising under a written or oral agreement and relating to obligations in respect of confidentiality,
non-disclosure and non-competition, the Optionee’s right to exercise any unexercised portion of an Option shall immediately terminate and all rights thereunder shall cease. The Board shall have sole discretion to determine whether an Optionee
has violated obligations in respect of confidentiality, non-disclosure and non-competition. 
 
ARTICLE IX 
CHANGE IN CONTROL 
 
9.1 Consequences. With respect to any Optionee, unless
otherwise provided in the Stock Option Agreement and in all cases subject to any provision in any employment agreement 

 
between the Company and an
Optionee, upon an “outright change in control” of the Company (as defined below), each outstanding Option, to the extent that it shall not otherwise have become vested and exercisable, shall automatically become fully and immediately
vested and exercisable, without regard to any otherwise applicable vesting requirement. Upon a “significant change in control” of the Company (as defined below), unless otherwise provided by the Board in its discretion at that time or at
any previous time or set forth in the Stock Option Agreement or elsewhere in this Plan, and in all cases subject to any employment agreement between the Company and the Optionee, with respect to any Optionee each outstanding Option shall remain
unchanged, regardless of whether it shall have become vested and exercisable. 
 
9.2 Definition. For purposes of Section 9.1 hereof, an “outright change in control” of the Company shall mean: (i) the approval by the stockholders of the Company, and the completion
of the transaction resulting from such approval, of (A) the sale or other disposition of all or substantially all the assets of the Company or (B) a complete liquidation or dissolution of the Company; or (ii) the acquisition by any entity or
individual of one hundred percent of the capital stock of the Company, other than a transaction described in Section 9.2(x). For purposes of Section 9.1 hereof, a “significant change in control” of the Company shall mean: (x) the approval
by the stockholders of the Company, and the completion of the transaction resulting from such approval, of a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the surviving corporation in such
transaction, in which the outstanding shares of common stock of the Company are converted into (A) shares of stock of another company, other than a conversion into shares of voting common stock of the successor corporation (or a holding company
thereof) representing fifty percent (50%) or more of the voting power of all capital stock thereof outstanding immediately after the merger or consolidation or (B) other securities (of either the Company of another company) or cash or other
property; or (y) the removal of a majority of the individuals who are at that time members of the Board of Directors. Notwithstanding the foregoing, neither an “outright change control” nor a “significant change in control” shall
include any transaction the purpose of which is to reorganize the Company’s corporate structure, reincorporate the Company in another jurisdiction or undertake any other action which does not materially affect the ownership and control of the
Company at the time of such transaction. 
 
ARTICLE X 
STOCK CERTIFICATES 
 
10.1 Issuance of Certificates. Subject to Section 10.2 hereof, the Company shall issue a stock
certificate in the name of the Optionee (or other person exercising the Option in accordance with the provisions of the Plan) for the shares of Common Stock purchased by exercise of an Option as soon as practicable after due exercise and payment of
the aggregate Option Price for such shares. A separate stock certificate or separate stock certificates shall be issued for any shares of Common Stock purchased pursuant to the exercise of an Option that is an Incentive Stock Option, which
certificate or certificates shall not include any shares of Common Stock that were purchased pursuant to the exercise of an Option that is a Nonqualified Stock Option. 
 
10.2 Conditions. The Company shall not be required to issue or deliver any certificate for shares of
Common Stock purchased upon the exercise of any Option granted hereunder or 

 
any portion thereof prior to
fulfillment of all of the following conditions: (i) the completion of any registration or other qualification of such shares, under any federal or state law or under the rulings or regulations of the Securities and Exchange Commission or any other
governmental regulatory body, that the Board shall in its sole discretion deem necessary or advisable; (ii) the obtaining of any approval or other clearance from any federal or state governmental agency which the Board shall in its sole discretion
determine to be necessary or advisable; (iii) the lapse of such reasonable period of time following the exercise of the Option as the Board from time to time may establish for reasons of administrative convenience; (iv) satisfaction by the Optionee
of all applicable withholding taxes or other withholding liabilities; and (v) if required by the Board, in its sole discretion, the receipt by the Company from an Optionee of (i) a representation in writing that the shares of Common Stock received
upon exercise of an Option are being acquired for investment and not with a view to distribution and (ii) such other representations and warranties as are deemed necessary by counsel to the Company. 
 
10.3 Legends. The Company reserves the right to legend
any certificate for shares of Common Stock, conditioning sales of such shares upon compliance with applicable federal and state securities laws and regulations. 
 
ARTICLE XI 
EFFECTIVE DATE, TERMINATION AND AMENDMENT 
 
11.1 Effective Date; Stockholder Approval. The Plan shall become effective on the date of its adoption by the Board; provided, however, that no Incentive Stock Option shall be exercisable by an
Optionee unless and until the Plan shall have been approved by the stockholders of the Company, which approval shall be obtained within 12 months before or after the adoption of the Plan by the Board. 
 
11.2 Termination. The Plan shall terminate on the date
immediately preceding the tenth anniversary of the date the Plan is adopted by the Board. The Board may, in its sole discretion and at any earlier date, terminate the Plan. Notwithstanding the foregoing, no termination of the Plan shall in any
manner affect any Option theretofore granted without the consent of the Optionee or the permitted transferee of the Option. 
 
11.3 Amendment. The Board may at any time and from time to time and in any respect, amend or modify the Plan. Solely to the extent
deemed necessary or advisable by the Board, for purposes of complying with sections 422 or 162(m) of the Code or rules of any securities exchange or for any other reason, the Board may seek the approval of any such amendment by the Company’s
stockholders. Notwithstanding the foregoing, no amendment or modification of the Plan shall in any manner affect any Option theretofore granted without the consent of the Optionee or the permitted transferee of the Option. 
 
ARTICLE XII 
MISCELLANEOUS 
 
12.1 Employment or Other Service. Nothing in the Plan, in the grant of any Option or in any Stock Option Agreement shall confer
upon any Eligible Person the right to continue in the capacity in which he is employed by or otherwise provides services to the Company or any 

 
Subsidiary. Notwithstanding
anything contained in the Plan to the contrary, with respect to any particular Optionee unless otherwise provided in a Stock Option Agreement and, in the case of any particular Optionee, subject to any agreement between the Company and the
respective Optionee, no Option shall be affected by any change of duties or position of the Optionee (including a transfer to or from the Company or any Subsidiary), so long as such Optionee continues to be an Eligible Person. 
 
12.2 Rights as Stockholder. An Optionee or the
permitted transferee of an Option shall have no rights as a stockholder with respect to any shares subject to such Option prior to the purchase of such shares by exercise of such Option as provided herein. Nothing contained herein or in the Stock
Option Agreement relating to any Option shall create an obligation on the part of the Company to repurchase any shares of Common Stock purchased hereunder. 
 
12.3 Other Compensation and Benefit Plans. The adoption of the Plan shall not affect any other stock option or incentive or other
compensation plans in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of incentive or other compensation for employees of the Company or any Subsidiary. The amount of any
compensation deemed to be received by an Optionee as a result of the exercise of an Option or the sale of shares received upon such exercise shall not constitute compensation with respect to which any other employee benefits of such Optionee are
determined, including, without limitation, benefits under any bonus, pension, profit sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board or the Board or provided by the terms of such plan.

 
12.4 Plan Binding on Successors. The Plan
shall be binding upon the Company, its successors and assigns, and the Optionee, his executor, administrator and permitted transferees. 
 
12.5 Construction and Interpretation. Whenever used herein, nouns in the singular shall include the plural, and the masculine
pronoun shall include the feminine gender. Headings of Articles and Sections hereof are inserted for convenience and reference and constitute no part of the Plan. 
 
12.6 Severability. If any provision of the Plan or any Stock Option Agreement shall be determined to
be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other
jurisdiction. 
 
12.7 Governing Law. The
validity and construction of this Plan and of the Stock Option Agreements shall be governed by the laws of the State of Delaware.AGREEMENT AND PLAN OF REORGANIZATION

EXHIBIT 10.4 
 
AGREEMENT AND PLAN OF REORGANIZATION BY AND AMONG LOGISOFT CORP., JON PRITCHETT, M.E. DURSCHLAG, CHARLES
JETER AND WILLIAM BRADSHAW, ROBERT STADEL, DAN NEPPL, CALE YARBOROUGH, GODLEY MORRIS GROUP, LLC, BRIAN LEAHY, LANCE LESLIE, RICHARD CLARK and ROBERT WUSSLER 
 
THIS AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”) is entered into this 9th of May,
2001, by and among LOGISOFT CORP., a Delaware corporation (hereinafter referred to as “Buyer”); and JON PRITCHETT, M.E. DURSCHLAG, CHARLES JETER, WILLIAM BRADSHAW, ROBERT STADEL, DAN NEPPL, CALE YARBOROUGH, GODLEY MORRIS GROUP,
LLC, BRIAN LEAHY, LANCE LESLIE, RICHARD CLARK and ROBERT WUSSLER or their assigns (hereinafter collectively referred to as “Seller”), being all of the shareholders of MAXX MOTORSPORTS, INC., a South Carolina corporation
(hereafter referred to as “Company”). 
 
WHEREAS, Seller is the owner of record and beneficially owns Ten Thousand (10,000) shares of the issued and outstanding shares of Common Stock of the Company (the “Shares”); and 
 
WHEREAS, the Shares represent 100% of all the issued
and outstanding shares of the Company; and 
 
WHEREAS, Seller desires to sell all of the Shares to Buyer, and Buyer desires to purchase the Shares, upon the terms and conditions set forth herein; 
 
WHEREAS, the parties intend that the exchange of Shares for shares of Buyer’s common stock, as
contemplated herein, qualify as a tax free transaction under Section 368 of the Internal Revenue Code; 
 
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, and subject to the accuracy of the representations and warranties of the parties, the parties hereto agree as follows: 
 
I. 
 
SALE AND PURCHASE OF THE SHARES 
 
1.1    Sale and
Purchase. Subject to the terms and conditions hereof, at the Closing (as defined in paragraph 1.2 below), Seller agrees to sell, assign, transfer, convey and deliver to Buyer, and Buyer agrees to purchase from Seller, the
Shares listed in Exhibit “A”, attached hereto, which together constitute 100% of the issued and outstanding Shares of Common Stock of the Company. 
 
1.2    Closing. The purchase shall be consummated at a closing (“Closing”) to take
place on or before May 15, 2001 (“Closing Date”). The closing of this purchase shall be concurrent with the closing of the Agreement and Plan of Corporate Separation described in 1.5 below. 
 

 
1.3
Purchase Price. The aggregate purchase price (“Purchase Price”) for the Shares shall be Seven Million Seven Hundred Fifty Thousand (7,750,000) shares of common stock of the Buyer (“Buyer Shares”). The purchase price
shall be paid at Closing by issuance and delivery of Buyer’s Shares to Seller against receipt of certificates representing the Shares, duly endorsed for transfer to Buyer. 
 
1.4 Allocation of Share. All shares of stock of Buyer
to be issued to Seller pursuant to this Agreement shall be issued to the respective Sellers in proportion to their respective ownership of stock of the Company as described in Exhibit “A” hereto. 
 
1.5 Other Agreements. At the Closing, the
indicated parties shall execute and deliver the following additional agreements in substantially the form attached hereto: 
 
(a) Employment Agreement between Buyer and Jon Pritchett attached hereto as Exhibit “B”. 
 
(b) Stock Purchase Agreement between Buyer
and Maxx Motorsports Liability Group attached hereto as Exhibit “C”. 
 
(c) Agreement and Plan of Corporate Separation between Buyer, Logisoft Computer Products Corp., eStorefronts.net Corp. and the Lamy Group as defined in that agreement (the “Split-Off”)
attached hereto as Exhibit “D”. 
 
(d) Employment Agreements between Company, M.E. Durschlag and Charles Jeter attached hereto as Exhibits “E” and “F”, respectively. 
 
(e) Stock certificates representing all of the Shares, duly endorsed to Buyer and in blank or
assignments separate from certificates, transferring the Shares from Seller to Buyer. 
 
1.6 Basic Agreements and Transactions Defined. This Agreement and other agreements listed in paragraph 1.5, are sometimes referred to as the “Basic Agreement”. The transactions
contemplated by the Basic Agreement are sometimes referred to as the “Transactions”. 
 
II. 
 
REPRESENTATIONS AND WARRANTIES 
 
2.1 Representations and Warranties of Seller. Each Seller represents and warrants to Buyer as follows: 
 
(a) Title to the Shares. At Closing, Seller shall own of record and beneficially the number of the Shares
listed in Exhibit “A”, of the Company, free and clear of all liens, encumbrances, pledges, claims, options, charges and assessments of any nature whatsoever, with full right and lawful authority to transfer the Shares to Buyer. No person
has any preemptive rights or rights of first refusal with respect to any of the Shares. There exists no voting agreement, voting trust, or outstanding proxy with respect 
 

2 

to any of the Shares. There are no outstanding rights, options, warrants, calls,
commitments, or any other agreements of any          character, whether oral or written, with respect to the Shares. 
 
(b) Authority. Seller has full power and lawful authority to execute and
deliver the Basic Agreements and to consummate and perform the Transactions contemplated thereby. The Basic Agreements constitute (or shall, upon execution, constitute) valid and legally binding obligations upon Seller, enforceable in accordance
with their terms. Neither the execution and delivery of the Basic Agreements by Seller, nor the consummation and performance of the Transactions contemplated thereby, conflicts with, requires the consent, waiver or approval of, results in a breach
of or default under, or gives to others any interest or right of termination, cancellation or acceleration in or with respect to, any agreement by which Seller is a party or by which Seller or the Company or any of his respective properties or
assets are bound or affected. 
 
(c) Investment Intent. Seller is acquiring the Shares for his own account, for investment purposes only, and not with a view to the sale or distribution of any part thereof, and Seller has no present intention of
selling, granting participation in, or otherwise distributing the same. Seller understands the specific risks related to an investment in the Buyer Shares, especially as it relates to the financial performance of the Company. 
 
2.2 Representations and Warranties of Company.
The Company represents and warrants to Buyer as follows: 
 
(a) Organization. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the state of South Carolina. The Company has all requisite corporate power and authority
to own, lease and operate its properties and to carry on its business. The Company is duly qualified and in good standing as a foreign corporation in each jurisdiction where its ownership of property or operation of its business requires
qualification. 
 
(b)
Authorized Capitalization. The authorized capitalization of the Company consists of One Hundred Thousand (100,000) shares of Common Stock, no par value, of which Ten Thousand (10,000) shares have been issued and are outstanding. The
Shares have been duly authorized, validly issued, are fully paid and nonassessable with no personal liability attaching to the ownership thereof and were offered, issued, sold and delivered by the Company in compliance with all applicable state and
federal laws. The Company does not have any outstanding rights, options, warrants, calls, commitments, conversion or any other agreements of any character, whether oral or written, obligating it to issue any shares of its capital stock, whether
authorized or not. The Company is not a party to and is not bound by any agreement, contract, arrangement or understanding, whether oral or written, giving any person or entity any interest in, or any right to share, participate in or receive any
portion of, the Company’s income, profits or assets, or obligating the Company to distribute any portion of its income, profits or assets. 
 

3 

 
(c) Authority. The Company has full power and lawful authority to execute and deliver the Basic Agreements and to consummate and perform the Transactions contemplated thereby. The Basic Agreements constitute (or shall,
upon execution, constitute) valid and legally binding obligations upon the Company, enforceable in accordance with their terms. Neither the execution and delivery of the Basic Agreements by the Company, nor the consummation and performance of the
Transactions contemplated thereby, conflicts with, requires the consent, waiver or approval of, results in a breach of or default under, or gives to others any interest or right of termination, cancellation or acceleration in or with respect to, any
agreement by which the Company is a party or by which the Company or any of its properties or assets are bound or affected. 
 
(d) Company Financial Statements. The Company Financial Statements are complete in all material respects,
were prepared in accordance with generally accepted accounting principles applied on a basis consistent with prior periods and fairly present the financial position of the Company as of March 31, 2001. 
 
(e) No Undisclosed Liabilities.
Except as set forth in the Company Financial Statements previously delivered to Buyer and as set forth on Exhibit “B”, Seller is not aware of any liabilities for which the Company is liable or will become liable in the future.

 
(f) Racing
League. Prior to Closing, the Company shall have legally established the Team Racing Auto Circuit (“TRAC”) Racing League, a copy of its charter is attached hereto as Exhibit “G”. 
 
(g) Taxes. The Company has
filed all federal, state, local tax and other returns and reports which were required to be filed with respect to all taxes, levies, imposts, duties, licenses and registration fees, charges or withholdings of every nature whatsoever
(“Taxes”), and their exists a substantial basis in law and fact for all positions taken in such reports. No waivers of periods of limitation are in effect with respect to any taxes arising from and attributable to the ownership of
properties or operations of the business of the Company. 
 
(h) Properties. The Company has good and marketable title to all its personal property, equipment, processes, patents, copyrights, trademarks, franchises, licenses and other properties and assets (except for
items leased or licensed to the Company), including all property reflected in the Company Financial Statements (except for assets reflected therein which have been sold in the normal course of its business where the proceeds from such sale or other
disposition have been properly accounted for in the financial statements of the Company), in each case free and clear of all liens, claims and encumbrances of every kind and character, except as set forth in Exhibit “H”. The Company has no
ownership interest in any real property. The assets and properties owned, operated or leased by the Company and used in its business are in good operating condition in all material respects, reasonable wear and tear excepted, and suitable for the
uses for which intended. 
 

4 

 
(i) Books and Records. The books and records of the Company are complete and correct in all material respects, have been maintained in accordance with good business practices and accurately reflect in all material
respects the business, financial condition and results of operations of the Company as set forth in the Company Financial Statements. 
 
(j) Insurance. Exhibit “I” contains an accurate and complete list and brief description of all
performance bonds and policies of insurance, including fire and extended coverage, general liability, workers compensation, products liability, property, and other forms of insurance or indemnity bonds held by the Company. The Company is not in
default with respect to any provisions of any such policy or indemnity bond and has not failed to give any notice or present any claim thereunder in due and timely fashion. All policies of insurance and bonds are: (1) in full force and effect; (2)
are sufficient for compliance by the Company with all requirements of law and of all agreements and instruments to which the Company is a party; (3) are valid, outstanding and enforceable; (4) provide adequate insurance coverage for the assets,
business and operations of the Company in amounts at least equal to customary coverage in the Company’s industry; (5) will remain in full force and effect through the Closing; and (6) will not be affected by, and will not terminate or lapse by
reason of, the transactions contemplated by this Agreement. 
 
(k) Material Contracts. Except as set forth in Exhibit “J”, the Company has no purchase, sale, commitment, or other contract, the breach or termination of which would have a
materially adverse effect on the business, financial condition, results of operations, assets, liabilities, or prospects of the Company. 
 
(l) Authorizations. The Company has no licenses, permits, approvals and other authorizations from any
governmental agencies and any other entities that are necessary for the conduct of its business, except as set forth in Exhibit “K” which contains a list of all licenses, permits, approvals, and other authorizations, as well as a list of
all copyrights, patents, trademarks, tradenames, servicemarks, franchises, licenses and other permits, each of which is valid and in full force and effect. 
 
(m) No Powers of Attorney. The Company has no powers of attorney or similar authorizations outstanding.

 
(n) Compliance with
Laws. The Company is not in violation of any federal, state, local or other law, ordinance, rule or regulation applicable to its business, and have not received any actual or threatened complaint, citation or notice of violation or
investigation from any governmental authority. 
 
(o) Compliance with Environmental Laws. The Company is in compliance with all applicable pollution control and environmental laws, rules and regulations. The Company has no environmental licenses, permits and other
authorizations held by the Company relative to compliance with environmental laws, rules and regulations. 
 

5 

 
(p) No Litigation. There are no material actions, suits, claims, complaints or proceedings pending or threatened against the Company, at law or in equity, or before or by any governmental department, commission, court,
board, bureau, agency or instrumentality; and there are no facts which would provide a valid basis for any such action, suit or proceeding. There are no orders, judgments or decrees of any governmental authority outstanding which specifically apply
to the Company or any of its assets. 
 
(q) Validity. All contracts, agreements, leases and licenses to which the Company is a party or by which it or any of its properties or assets are bound or affected, are valid and in full force and effect; and no breach
or default exists, or upon the giving of notice or lapse of time, or both, would exist, on the part of the Company or by any other party thereto. 
 
(r) No Adverse Changes. Since March 31, 2001, there have been no actual or threatened developments of a
nature that is materially adverse to or involves any materially adverse effect upon the business, financial condition, results of operations, assets, liabilities, or prospects of the Company. 
 
(s) Financial Condition.
Immediately after the Closing, the Company assets shall include, but not be limited to a $50,000 organization cost for establishment of the TRAC Racing League and no liabilities except for those listed on Exhibit “L.” 
 
(t) Full Disclosure. All
statements of Company contained in the Basic Agreements and in any other written documents delivered by or on behalf of the Company to Buyer are true and correct in all material respects and do not omit any material fact necessary to make the
statements contained therein not misleading in light of the circumstances under which they were made. There are no facts known to Company which could have a materially adversely affect upon the business, financial condition, results of operations,
assets, liabilities, or prospects of the Company, which have not been disclosed to Buyer in the Basic Agreements. 
 
2.3 Representations and Warranties of Buyer. Buyer represents and warrants to Seller and Company as follows: 
 
(a) Organization. The Buyer is
a corporation duly incorporated, validly existing and in good standing under the laws of the state of Delaware. The Buyer has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business. The
Buyer is duly qualified and in good standing as a foreign corporation in each jurisdiction where its ownership of property or operation of its business requires qualification. 
 
(b) Authorized Capitalization. The authorized capitalization of the Buyer at
Closing will consist of Sixty Million (60,000,000) shares of Common Stock, $.0001 par value, of which Thirty-One Million Six Thousand Eight Hundred Seventy-Five (31,006,875) shares will be issued and outstanding. All shares have been duly
authorized, validly issued, are fully paid and nonassessable with no personal liability 
 

6 

 
attaching to
the ownership thereof and were offered, issued, sold and delivered by the Buyer in compliance with all applicable state and federal laws. Buyer is not a party to and is not bound by any agreement, contract, arrangement or understanding, whether oral
or written, giving any person or entity any interest in, or any right to share, participate in or receive any portion of, the Buyer’s income, profits or assets, or obligating the Buyer to distribute any portion of its income, profits or assets.

 
(c) Authority.
Buyer has full power and lawful authority to execute and deliver the Basic Agreements and to consummate and perform the Transactions contemplated thereby. The Basic Agreements constitute (or shall, upon execution, constitute) valid and legally
binding obligations upon Buyer, enforceable in accordance with their terms. Neither the execution and delivery of the Basic Agreements by Buyer, nor the consummation and performance of the Transactions contemplated thereby, conflicts with, requires
the consent, waiver or approval of, results in a breach of or default under, or gives to others any interest or right of termination, cancellation or acceleration in or with respect to, any agreement by which Buyer is a party or by which Buyer or
any of its respective properties or assets are bound or affected. 
 
(d) Buyer’s Financial Statements. The Buyer’s Financial Statements as filed in its 10-KSB on April 2, 2001 are complete, were prepared in accordance with generally accepted
accounting principles applied on a basis consistent with prior periods and fairly present the financial position of the Buyer as of December 31, 2000. 
 
(e) No Undisclosed Liabilities. Except as set forth in the Buyer’s Financial Statements previously
delivered to Seller and as set forth on Exhibit “M”, Buyer is not aware of any material liabilities for which the Buyer is liable or will become liable in the future. 
 
(f) Taxes. Except as set forth in Exhibit “N”, the Buyer has filed
all federal, state, local tax and other returns and reports which were required to be filed with respect to all taxes, levies, imposts, duties, licenses and registration fees, charges or withholdings of every nature whatsoever (“Taxes”),
and their exists a substantial basis in law and fact for all positions taken in such reports. No waivers of periods of limitation are in effect with respect to any taxes arising from and attributable to the ownership of properties or operations of
the business of the Company. 
 
(g) Properties. The Buyer has good and marketable title to all its personal property, equipment, processes, patents, copyrights, trademarks, franchises, licenses and other properties and assets (except for items leased
or licensed to the Buyer), including all property reflected in the Buyer’s Financial Statements (except for assets reflected therein which have been sold in the normal course of its business where the proceeds from such sale or other
disposition have been properly accounted for in the financial statements of the Buyer), in each case free and clear of all liens, claims and encumbrances of every kind and character, except as set forth in Exhibit “O”. The Buyer, after
completion the Split-Off, will have no ownership interest in any real property. The assets and properties owned, operated or leased by the Buyer and used in its business are 
 

7 

in good operating condition, reasonable wear and tear excepted, and suitable for the uses
for which intended. 
 
(h)
Books and Records. The books and records of the Buyer are complete and correct in all material respects, have been maintained in accordance with good business practices and accurately reflect in all material respects the business,
financial condition and results of operations of the Buyer as set forth in the Buyer’s Financial Statements. 
 
(i) Insurance. Exhibit “P” contains an accurate and complete list and brief description of all
performance bonds and policies of insurance, including fire and extended coverage, general liability, workers compensation, products liability, property, and other forms of insurance or indemnity bonds held by the Buyer. The Buyer is not in default
with respect to any provisions of any such policy or indemnity bond and has not failed to give any notice or present any claim thereunder in due and timely fashion. All policies of insurance and bonds are: (1) in full force and effect; (2) are
sufficient for compliance by the Buyer with all requirements of law and of all agreements and instruments to which the Buyer is a party; (3) are valid, outstanding and enforceable; (4) provide adequate insurance coverage for the assets, business and
operations of the Buyer in amounts at least equal to customary coverage in the Buyer’s industry; (5) will remain in full force and effect through the Closing. However, the transactions contemplated by this Agreement may affect the policies
listed on Exhibit “P”. 
 
(j) Transactions with Certain Persons. Except as disclosed in Exhibit “Q”, the Buyer has no outstanding agreement, understanding, contract, lease, commitment, loan or other arrangement with any officer,
director or 10% shareholder of the Buyer or any Affiliate (as defined herein) of any such person. For purposes of this Agreement, the term “Affiliate” shall be defined as follows: An Affiliate of a specified Person is (i) any Person that
directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with such specified person, (ii) any Person which is an officer, director, partner or trustee of, or serves in a similar capacity with
respect to, such specified Person, (iii) any Person which is directly or indirectly the owner of more than ten percent (10%) of any class of equity securities of such specified Person and (iv) the parents, siblings, children or spouse of such
specified Person. Additionally, for purposes of this Agreement, the term “Person” shall mean: Any individual, corporation, business trust, estate, trust, partnership, limited partnership, association, joint venture, limited liability
company, governmental subdivision, agency or instrumentality or any other legal or commercial entity.” 
 
(k) Material Contracts. The Buyer has no purchase, sale, commitment, or other contract, the breach or
termination of which would have a materially adverse effect on the business, financial condition, results of operations, assets, liabilities, or prospects of the Buyer. 
 
(l) Authorizations. The Buyer has no licenses, permits, approvals and other
authorizations from any governmental agencies and any other entities that are necessary for the conduct of its business, except as set forth in Exhibit “R” which contains a list of 
 

8 

all licenses, permits, approvals, and other authorizations, as well as a list of all
copyrights, patents, trademarks, tradenames, servicemarks, franchises, licenses and other permits, each of which is valid and in full force and effect. 
 
(m) No Powers of Attorney. The Buyer has no powers of attorney or similar authorizations outstanding.

 
(n) Compliance with
Laws. The Buyer is not, and as a result of the transactions contemplated hereby, will not be, in violation of any federal, state, local or other law, ordinance, rule or regulation applicable to its business, and has not received any actual
or threatened complaint, citation or notice of violation or investigation from any governmental authority, including the Securities and Exchange Commission. 
 
(o) Compliance with Environmental Laws. The Buyer is in compliance with all applicable pollution control and
environmental laws, rules and regulations. The Buyer has no environmental licenses, permits and other authorizations held by the Buyer relative to compliance with environmental laws, rules and regulations. 
 
(p) Litigation. Except as
disclosed in Exhibit “S”, there are no material actions, suits, claims, complaints or proceedings pending or threatened against the Buyer, at law or in equity, or before or by any governmental department, commission, court, board, bureau,
agency or instrumentality; and there are no facts which would provide a valid basis for any such action, suit or proceeding. There are no orders, judgments or decrees of any governmental authority outstanding which specifically apply to the Company
or any of its assets. 
 
(q)
Validity. All contracts, agreements, leases and licenses to which the Buyer is a party or by which it or any of its properties or assets are bound or affected, are valid and in full force and effect; and no breach or default exists, or
upon the giving of notice or lapse of time, or both, would exist, on the part of the Buyer or by any other party thereto. 
 
(r) Financial Condition. At Closing, the Buyer’s assets shall consist of Eight Million One Thousand Two
Hundred Fifty Dollars ($8,001,250) in cash, short-term investments and other assets, including all assets to operate the chips computer service business and the Buyer’s accrued but unpaid liabilities shall not exceed $30,000 at Closing.

 
(s) Full
Disclosure. All statements of Buyer contained in the Basic Agreements and in any other written documents delivered by or on behalf of the Buyer to Seller are true and correct in all material respects and do not omit any material fact
necessary to make the statements contained therein not misleading in light of the circumstances under which they were made. There are no facts known to Buyer which could have a materially adversely affect upon the business, financial condition,
results of operations, assets, liabilities, or prospects of the Buyer, which have not been disclosed to Buyer in the Basic Agreements. 
 

9 

 
III.

 
COVENANTS 
 
3.1 Covenants of Company. Company covenants and
agrees that from the date hereof to the Closing without the prior written consent of Buyer: 
 
(a) Ordinary Course of Business. Company will operate the business of the Company only in the ordinary
course and will use their best efforts to preserve the Company’s business, organization, goodwill and relationships with persons having business dealings with them. 
 
(b) Maintain Properties. Company will maintain its properties in good working
order, repair and condition (reasonable wear and use excepted) and cause the Company to take all steps reasonably necessary to maintain in full force and effect its patents, trademarks, servicemarks, trade names, brand names, copyrights and other
intangible assets. 
 
(c)
Compensation. Company will not (1) enter into or alter any employment agreements; (2) grant any increase in compensation other than normal merit increases consistent with the Company’s general prevailing practices to any officer
or employee; or (3) enter into or alter any labor or collective bargaining agreement or any bonus or other employee fringe benefit. 
 
(d) No Indebtedness. Company will not create, incur, assume, guarantee or otherwise become liable with
respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices where the entire net proceeds thereof are deposited with and used by and in
connection with the business of the Company. 
 
(e) Maintain Books. Company will maintain its books, accounts and records in the usual, regular ordinary and sound business manner and in accordance with generally accepted accounting principles applied on a basis
consistent with past practices. 
 
(f) No Amendments. Company will not amend its corporate charter or bylaws (or similar documents) without prior consent of Buyer and Company will maintain their corporate existence, licenses, permits, powers and rights
in full force and effect. 
 
(g)
Taxes and Accounting Matters. Company will file when due all federal, state and local tax returns and reports which shall be accurate and complete, including but not limited to income, franchise, excise, ad valorem, and other taxes
with respect to its business and properties, and to pay as they become due all taxes or assessments, except for taxes for which adequate reserves are established and which are being contested in good faith by appropriate proceedings. Company will
not change their accounting methods or practices or any depreciation, amortization or inventory valuation policies or practices. 
 

10 

 
(h) No Disposition or Encumbrance. Except in the ordinary course of business consistent with past practice. Company will not (1) dispose of or encumber any of its properties and assets, (2) discharge or satisfy any lien
or encumbrance or pay any obligation or liability (fixed or contingent) except for previously scheduled repayment of debt, (3) cancel or compromise any debt or claim, (4) transfer or grant any rights under any concessions, leases, licenses,
agreements, patents, inventions, proprietary technology or process, trademarks, servicemarks or copyrights, or with respect to any know-how, or (5) enter into or modify in any material respect or terminate any existing license, lease, or contract.

 
(i) Insurance.
Company will maintain in effect all its current insurance policies. 
 
(j) No Securities Issuances. Company will not issue any shares of any class of capital stock, or enter into any contract, option, warrant or right calling for the issuance of any such
shares of capital stock, or create or issue any securities convertible into any securities of the Company except for the transactions contemplated herein. 
 
(k) No Dividends. Company will not declare, set aside or pay any dividends or other distributions of any
nature whatsoever. 
 
(l)
Contracts. Company will not enter into or assume any contract, agreement, obligation, lease, license, or commitment except in the ordinary course of business consistent with past practice or as contemplated by this Agreement.

 
(m) No Breach.
Company will not do any act or omit to do any act which would cause a breach of any contract, commitment or obligation of the Company. 
 
(n) Due Compliance. Company will not comply with all laws, regulations, rules and ordinances applicable to
it and to the conduct of its business. 
 
(o) No Waivers of Rights. Company will not amend, terminate or waive any material right whether or not in the ordinary course of business. 
 
(p) Capital Commitments. Company will not make or commit to make any capital
expenditure, capital addition or capital improvement. 
 
(q) No Related Party Transactions. Company will not make any loans to, or enter into any transaction, agreement, arrangement or understanding or any other nature with, any officer, director or employee of the
Company. 
 
(r) Notice of
Change. Company will promptly advise Buyer in writing of any material adverse change, or the occurrence of any event which involves any substantial possibility of a material adverse change, in the business, financial condition, results of
operations, assets, liabilities or prospects of the Company. 
 
(s) Consents. Company will use its, best good faith efforts to obtain the consent or approval of each person or entity whose consent or approval is required for the 
 

11 

consummation of the Transactions contemplated hereby and to do all things necessary to
consummate the Transactions contemplated by the Basic Agreements. 
 
3.2 Covenants of Buyer. Buyer covenants and agrees that from the date hereof to the Closing without the prior written consent of Seller: 
 
(a) Ordinary Course of Business. Buyer will operate the business in the
ordinary course and will use their best efforts to preserve the Company’s business, organization, goodwill and relationships with persons having business dealings with them. 
 
(b) Maintain Properties. Buyer will maintain all of its properties in good
working order, repair and condition (reasonable wear and use excepted) and cause all steps reasonably necessary to maintain in full force and effect its patents, trademarks, servicemarks, trade names, brand names, copyrights and other intangible
assets. 
 
(c)
Compensation. Buyer will not (1) enter into or alter any employment agreements; (2) grant any increase in compensation other than normal merit increases consistent with the Company’s general prevailing practices to any officer or
employee; or (3) enter into or alter any labor or collective bargaining agreement or any bonus or other employee fringe benefit. 
 
(d) No Indebtedness. Buyer will not create, incur, assume, guarantee or otherwise become liable with respect
to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices where the entire net proceeds thereof are deposited with and used by and in
connection with the business of the Company. 
 
(e) Maintain Books. Buyer will maintain its books, accounts and records in the usual, regular ordinary and sound business manner and in accordance with generally accepted accounting principles applied on a basis
consistent with past practices. 
 
(f) No Amendments. Buyer will not amend its corporate charter or bylaws (or similar documents) without prior consent of Seller and will cause the Company to maintain its corporate existence, licenses, permits, powers
and rights in full force and effect. 
 
(g) Taxes and Accounting Matters. Buyer will file when due all federal, state and local tax returns and reports which shall be accurate and complete, including but not limited to income, franchise, excise, ad valorem,
and other taxes with respect to its business and properties, and to pay as they become due all taxes or assessments, except for taxes for which adequate reserves are established and which are being contested in good faith by appropriate proceedings.
Buyer will not permit the Company to change their accounting methods or practices or any depreciation, amortization or inventory valuation policies or practices. 
 
(h) No Disposition or Encumbrance. Except as provided for in the Agreement and
Plan of Corporate Separation and in the ordinary course of business 
 

12 

consistent with past practice, Buyer will not (1) dispose of or encumber any of its
properties and assets, (2) discharge or satisfy any lien or encumbrance or pay any obligation or liability (fixed or contingent) except for previously scheduled repayment of debt, (3) cancel or compromise any debt or claim, (4) transfer or grant any
rights under any concessions, leases, licenses, agreements, patents, inventions, proprietary technology or process, trademarks, servicemarks or copyrights, or with respect to any know-how, or (5) enter into or modify in any material respect or
terminate any existing license, lease, or contract. 
 
(i) Insurance. Buyer will maintain in effect all its current insurance policies. 
 
(j) No Dividends. Buyer will not declare, set aside or pay any dividends or other distributions of any
nature whatsoever. 
 
(k)
Contracts. Buyer will not enter into or assume any contract, agreement, obligation, lease, license, or commitment except in the ordinary course of business consistent with past practice or as contemplated by this Agreement.

 
(l) No Breach.
Buyer will not do any act or omit to do any act which would cause a breach of any contract, commitment or obligation. 
 
(m) Due Compliance. Buyer will comply with all laws, regulations, rules and ordinances applicable to it and
to the conduct of its business. 
 
(n) Capital Commitments. Buyer will not make or commit to make any capital expenditure, capital addition or capital improvement. 
 
(o) Notice of Change. Buyer will promptly advise Seller in writing of any material adverse change, or the
occurrence of any event which involves any substantial possibility of a material adverse change, in the business, financial condition, results of operations, assets, liabilities or prospects of the Buyer. 
 
(p) Consents. Buyer will use
its best good faith efforts to obtain the consent or approval of each person or entity whose consent or approval is required for the consummation of the Transactions contemplated hereby and to do all things necessary to consummate the Transactions
contemplated by the Basic Agreements. 
 
IV.

 
CONDITIONS PRECEDENT TO THE

OBLIGATIONS OF BUYER TO CLOSE 
 
The obligation of Buyer to close the Transactions contemplated hereby is subject to the fulfillment by Seller
prior to Closing of each of the following conditions, which may be waived in whole or in part by Buyer: 
 
4.1 Compliance with Representations, Warranties and Covenants. The representations and warranties of Seller contained in
this Agreement shall have been true and 
 

13 

correct when made and shall be true and correct as of the Closing with the same force and effect as if
made at the Closing. Seller shall have performed all agreements, covenants and conditions required to be performed by Seller prior to the Closing. 
 
4.2 No Adverse Change. There shall have been no event which has had or may have a material adverse effect upon the business,
financial condition, results of operation, assets, liabilities or prospects of the Company. 
 
4.3 No Legal Proceedings. No suit, action or other legal or administrative proceeding before any court or other governmental agency shall be pending or threatened seeking to enjoin
the consummation of the Transactions contemplated hereby. 
 
4.4 Documents to be Delivered by Seller. Seller shall have delivered the following documents: 
 
(a) Stock certificates representing all of the Shares, duly endorsed to Buyer and in blank or accompanied by duly executed
stock powers, copies of which are attached as Exhibit “A”. 
 
(b) A copy of (i) the Certificate of Incorporation of the Company, certified as correct by the Company; and (ii) the Bylaws of the Company certified as correct by the Company; and (iii) a certificate
of the South Carolina Tax Commission, Franchise Tax Division, to the effect that the Company is in good standing and has paid all franchise taxes in such state; 
 
(c) All corporate and other records of or applicable to the Company included but not limited
to, current and up-to-date minute books, stock transfer books and registers, books of accounts, leases and material contracts. 
 
(d) Such other documents or certificates as shall be reasonably required by Buyer or its counsel in order to close and
consummate this Agreement. 
 
V.

 
CONDITIONS PRECEDENT TO THE

OBLIGATIONS OF SELLER TO CLOSE 
 
The obligation of Seller to close the Transactions is subject to the fulfillment prior to Closing of each of
the following conditions, any of which may be waived in whole or in part by Seller: 
 
5.1 Compliance with Representations, Warranties and Covenants. The representations and warranties made by Buyer in this Agreement shall have been true and correct when made and shall be
true and correct in all material respects at the Closing with the same force and effect as if made at the Closing, and Buyer shall have performed all agreements, covenants and conditions required to be performed by Buyer prior to the Closing.

 

14 

 
5.2 No
Legal Proceedings. No suit, action or other legal or administrative proceedings before any court or other governmental agency shall be pending or threatened seeking to enjoin the consummation of the Transactions contemplated hereby.

 
5.3 Documents to be Delivered by
Buyer. 
 
(a) A copy of
(i) the Articles of Incorporation of the Buyer, certified as correct by the Buyer; and (ii) the Bylaws of the Buyer certified as correct by the Buyer; 
 
(b) All corporate and other records of or applicable to the Buyer included but not limited to, current and up-to-date
minute books, stock transfer books and registers, books of accounts, leases and material contracts. 
 
(c) Such other documents or certificates as shall be reasonably required by Buyer or its counsel in order to close and
consummate this Agreement. 
 
5.4
Payments. Seller shall have received from Buyer all Common Stock to be issued at the Closing by Buyer. 
 
5.5 No Adverse Change. There shall have been no event which has had or may have a material adverse effect upon the business,
financial condition, results of operation, assets, liabilities or prospects of the Buyer. 
 
VI. 
 
MODIFICATION, WAIVERS, TERMINATION 
AND EXPENSES 
 
6.1 Modification. Buyer and Seller may amend,
modify or supplement this Agreement in any manner as they may mutually agree in writing. 
 
6.2 Waivers. Buyer and Seller may in writing extend the time for or waive compliance by the other with any of the covenants or conditions of the other contained herein. 
 
6.3 Termination and Abandonment. This Agreement
may be terminated and the purchase of the Shares may be abandoned before the Closing: 
 
(a) By the mutual consent of Seller and Buyer; 
 
(b) By Buyer, if the representations and warranties of Seller set forth herein shall not be
accurate, or the conditions precedent set forth in Article IV shall have not have been satisfied, in all material respects; or 
 
(c) By Seller, if the representations and warranties of Buyer set forth herein shall not be accurate, or the conditions
precedent set forth in Article V shall not have been satisfied in all material respects. 
 

15 

Termination shall be effective on the date of receipt of written notice specifying the reasons therefor.

 
VII. 
 
MISCELLANEOUS 
 
7.1 Representations and Warranties to Survive.
Unless otherwise provided, all of the representations and warranties contained in this Agreement and in any certificate, exhibit or other document delivered pursuant to this Agreement shall survive the Closing for a period of two (2) years. No
investigation made by any party hereto or their representatives shall constitute a waiver of any representation or warranty, and no such representation or warranty shall be merged into the Closing. 
 
7.2 Binding Effect of the Basic Agreements. The
Basic Agreements and the certificates and other instruments delivered by or on behalf of the parties pursuant thereto, constitute the entire agreement between the parties. The terms and conditions of the Basic Agreements shall inure to the benefit
of and be binding upon the respective heirs, legal representatives, successor and assigns of the parties hereto. Nothing in the Basic Agreements, expressed or implied, confers any rights or remedies upon any party other than the parties hereto and
their respective heirs, legal representatives and assigns. 
 
7.3 Applicable Law. The Basic Agreements are made pursuant to, and will be construed under, the laws of the State of Delaware. 
 
7.4 Notices. All notices, requests, demands and other communications hereunder shall be in writing and will be deemed to
have been duly given when delivered or mailed, first class postage prepaid: 
 
(a) If to Seller, to: 
 
Maxx Motorsports, Inc. 
Attn: M. E. Durschlag, President

3620 Pelham Road, PMB #310 
Greenville, SC 29615 
Telephone: (864) 987-0600 
Fax: (864) 987-5011 
 
(b) If to Buyer, to: 
 
Logisoft Corp. 
Attn: Terry Washburn, Director 
1701 West NW Highway 
Grapevine, TX 76051 
Telephone: (817) 329-5011 
Fax: (817) 329-5012-4025 
 

16 

 
 
With a copy to: 
 
Mr. G. David Gordon 
G. David Gordon & Associates, P.C. 
One Memorial Place

7633 East 63rd Place, Suite 210 
Tulsa, OK 74133 
Telephone: (918) 254-4997 
Fax: (918) 254-2988 
 
These addresses may be changed from time to time by written notice to the other parties. 
 
7.5 Headings. The headings contained in this Agreement are for reference only and will not affect in any way the meaning or
interpretation of this Agreement. 
 
7.6
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together will constitute one instrument. 
 
7.7 Severability. If any one or more of the provisions of this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable under applicable law this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. The remaining provisions of this Agreement shall be given
effect to the maximum extent then permitted by law. 
 
7.8 Forbearance; Waiver. Failure to pursue any legal or equitable remedy or right available to a party shall not constitute a waiver of such right, nor shall any such forbearance, failure or actual waiver imply or
constitute waiver of subsequent default or breach. 
 
7.9 Attorneys’ Fees and Expenses. The prevailing party in any legal proceeding based upon this Agreement shall be entitled to reasonable attorneys’ fees and expenses and court costs. 
 
7.10 Expenses. Each party shall pay all
fees and expenses incurred by it incident to this Agreement and in connection with the consummation of all transactions contemplated by this Agreement. 
 
7.11 Integration. This Agreement and all documents and instruments executed pursuant hereto merge and integrate all
prior agreements and representations respecting the Transactions, whether written or oral, and constitute the sole agreement of the parties in connection therewith. This Agreement has been negotiated by and submitted to the scrutiny of both Seller
and Buyer and their counsel and shall be given a fair and reasonable interpretation in accordance with the words hereof, without consideration or weight being given to its having been drafted by either party hereto or its counsel. 
 

17 

 
IN WITNESS
WHEREOF, the undersigned parties hereto have duly executed this Agreement on the date first written above. 
 

	 “BUYER”

	
	 LOGISOFT CORP.

	
	 By:
	 	 /s/    TERRY
WASHBURN    

	 	 	 Terry Washburn, Chairman

	 	 	 Special Directors Committee

	
	 “COMPANY”

	
	 MAXX MOTORSPORTS, INC.

	
	 By:
	 	 /s/    M.E.
DURSCHLAG    

	 	 	 M.E. Durschlag, President

	
	 “ SELLER”

	
	 	 	 /s/    JOHN
PRITCHETT    

	 	 	 John Pritchett

	
	 	 	 /s/    M.E.
DURSCHLAG    

	 	 	 M.E. Durschlag

	
	 	 	 /s/    CHARLES
JETER    

	 	 	 Charles Jeter

	
	 	 	 /s/    WILLIAM
BRADSHAW     

	 	 	 William Bradshaw

	
	 	 	 /s/    ROBERT
STADEL    

	 	 	 Robert Stadel

	
	 	 	 /s/    DAN
NEPPL    

	 	 	 Dan Neppl

 

18 

 

	
	 /s/    CALE
YARBOROUGH    

	 Cale Yarborough

	
	 /s/    BRIAN
LEAHY    

	 Brian Leahy

	
	 /s/    LANCE
LESLIE    

	 Lance Leslie

	
	 /s/    RICHARD T.
CLARK    

	 Richard T. Clark, Trustee

	
	 /s/    ROBERT
WUSSLER    

	 Robert Wussler

	
	 THE GODLEY MORRIS GROUP,
LLC

	
	 By:
	 	 /s/    BILLY
MORRIS    

	 	 	 Billy Morris, President

 

19

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