Document:

Secure Luggage Solutions Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

STOCK OPTION AGREEMENT

SECURE LUGGAGE
SOLUTIONS INC.

THIS AGREEMENT is entered into as of the ____ day of
______________, 2011 (the “Date of Grant”)

BETWEEN:

SECURE LUGGAGE SOLUTIONS INC.,
a company incorporated pursuant to the laws of the State of Delaware, of 2375
East Camelback Road, 5th Floor Phoenix, AZ 85016

(the “Company”)

AND:

__________________, of
________________________________

(the “Optionee”)

WHEREAS:

A. The Board of Directors of the Company (the “Board”) has
approved and adopted the 2011 Stock Option Plan (the “Plan”), pursuant to which
the Board is authorized to grant to employees and other selected persons stock
options to purchase common shares of the Company (the “Common Stock”);

B. The Plan provides for the granting of stock options that
either (i) are intended to qualify as “Incentive Stock Options” within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), or (ii) do not qualify under Section 422 of the Code (“Non-Qualified
Stock Options”); and

C. The Board has authorized the grant to the Optionee of
options to purchase a total of __________________ shares of Common Stock
(the “Options”), which Options are intended to be (select one):

	 	[ ] 	Incentive Stock Options; 
	 	[ ] 	on Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, _____________shares of Common Stock. Capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Plan.

1. Exercise Price. The exercise price of the options
shall be US $________per share.

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2. Limitation on the Number of Shares. If the Options
granted hereby are Incentive Stock Options, the number of shares which may be
acquired upon exercise thereof is subject to the limitations set forth in
Section 5.1 of the Plan.

3. Vesting Schedule. The Options shall vest in
accordance with Exhibit A.

4. Options not Transferable. The Options may not be
transferred, assigned, pledged or hypothecated in any manner (whether by
operation of law or otherwise) other than by will, by applicable laws of descent
and distribution or, in the case of a Non-Qualified Stock Option, pursuant to a
qualified domestic relations order, and shall not be subject to execution,
attachment or similar process; provided, however, that if the Options
represent a Non-Qualified Stock Option, such Option is transferable without
payment of consideration to immediate family members of the Optionee or to
trusts or partnerships established exclusively for the benefit of the Optionee
and Optionee’s immediate family members. Upon any attempt to transfer, pledge,
hypothecate or otherwise dispose of any Option or of any right or privilege
conferred by the Plan contrary to the provisions thereof, or upon the sale, levy
or attachment or similar process upon the rights and privileges conferred by the
Plan, such Option shall thereupon terminate and become null and void.

5. Investment Intent. By accepting the Options, the
Optionee represents and agrees that none of the shares of Common Stock purchased
upon exercise of the Options will be distributed in violation of applicable
federal and state laws and regulations. In addition, the Company may require, as
a condition of exercising the Options, that the Optionee execute an undertaking,
in such a form as the Company shall reasonably specify, that the Stock is being
purchased only for investment and without any then-present intention to sell or
distribute such shares.

6. Termination of Employment and Options. Vested Options
shall terminate, to the extent not previously exercised, upon the occurrence of
the first of the following events:

	 	(a) 	
      Expiration. Five (5) years from the Date of
      Grant.

	 	 	 
	 	(b) 	
      Termination for Cause. The date of the first
      discovery by the Company of any reason for the termination of an
      Optionee’s employment or contractual relationship with the Company or any
      related company for cause (as determined in the sole discretion of the
      Plan Administrator), and, if an Optionee’s employment is suspended pending
      any investigation by the Company as to whether the Optionee’s employment
      should be terminated for cause, the Optionee’s rights under this Agreement
      and the Plan shall likewise be suspended during the period of any such
      investigation.

	 	 	 
	 	(c) 	
      Termination Due to Death or Disability. The
      expiration of one (1) year from the date of the death of the Optionee or
      cessation of an Optionee’s employment or contractual relationship by
      reason of disability (as defined in Section 5.1(g) of the Plan). If an
      Optionee’s employment or contractual relationship is terminated by death,
      any Option held by the Optionee shall be exercisable only by the person or
      persons to whom such Optionee’s rights under such Option shall pass by the
      Optionee’s will or by the laws of descent and
  distribution.

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	 	(d) 	
      Termination for Any Other Reason. The expiration
      of three (3) months from the date of an Optionee’s termination of
      employment or contractual relationship with the Company or any Related
      Corporation for any reason whatsoever other than termination of service as
      a director, cause, death or Disability (as defined in Section 5.1(g) of
      the Plan).

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of the Optionee’s employment or contractual
relationship with the Company for any reason whatsoever, including Disability
unless vesting is accelerated in accordance with Section 5.1(f) of the Plan.

7. Stock. In the case of any stock split, stock dividend
or like change in the nature of shares of Stock covered by this Agreement, the
number of shares and exercise price shall be proportionately adjusted as set
forth in Section 5.1(m) of the Plan.

8. Exercise of Option. Options shall be exercisable, in
full or in part, at any time after vesting, until termination; provided,
however, that any Optionee who is subject to the reporting and liability
provisions of Section 16 of the Securities Exchange Act of 1934 with
respect to the Common Stock shall be precluded from selling or transferring any
Common Stock or other security underlying an Option during the six (6) months
immediately following the grant of that Option. If less than all of the shares
included in the vested portion of any Option are purchased, the remainder may be
purchased at any subsequent time prior to the expiration of the Option term. No
portion of any Option for less than fifty (50) shares (as adjusted pursuant to
Section 5.1(m) of the Plan) may be exercised; provided, that if the vested
portion of any Option is less than fifty (50) shares, it may be exercised with
respect to all shares for which it is vested. Only whole shares may be issued
pursuant to an Option, and to the extent that an Option covers less than one (1)
share, it is unexercisable.

Each exercise of the Option shall be by means of delivery of a
notice of election to exercise (which may be in the form attached hereto as
Exhibit B) to the President of the Company at its principal executive
office, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash by certified check or cashier’s check in the
amount of the full exercise price for the Common Stock to be purchased. In
addition to payment in cash by certified check or cashier’s check, an Optionee
or transferee of an Option may pay for all or any portion of the aggregate
exercise price by complying with one or more of the following alternatives:

	 	(a) 	
      by delivering to the Company shares of Common Stock
      previously held by such person, duly endorsed for transfer to the Company,
      or by the Company withholding shares of Common Stock otherwise deliverable
      pursuant to exercise of the Option, which shares of Common Stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the Plan Administrator) equal to the aggregate purchase
      price to be paid by the Optionee upon such exercise; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of
exercise.

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It is a condition precedent to the issuance of shares of Common
Stock that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan.

9. Holding period for Incentive Stock Options. In order
to obtain the tax treatment provided for Incentive Stock Options by Section 422
of the Code, the shares of Common Stock received upon exercising any Incentive
Stock Options received pursuant to this Agreement must be sold, if at all, after
a date which is later of two (2) years from the date of this agreement is
entered into or one (1) year from the date upon which the Options are exercised.
The Optionee agrees to report sales of shares prior to the above determined date
to the Company within one (1) business day after such sale is concluded. The
Optionee also agrees to pay to the Company, within five (5) business days after
such sale is concluded, the amount necessary for the Company to satisfy its
withholding requirement required by the Code in the manner specified in Section
5.1(l) of the Plan. Nothing in this Section 9 is intended as a representation
that Common Stock may be sold without registration under state and federal
securities laws or an exemption therefrom or that such registration or exemption
will be available at any specified time.

10. Resale restrictions may apply. Any resale of the
shares of Common Stock received upon exercising any Options will be subject to
resale restrictions contained in the securities legislation applicable to the
Optionee. The Optionee acknowledges and agrees that the Optionee is solely
responsible (and the Company is not in any way responsible) for compliance with
applicable resale restrictions.

11. Subject to 2011 Stock Option Plan. The terms of the
Options are subject to the provisions of the Plan, as the same may from time to
time be amended, and any inconsistencies between this Agreement and the Plan, as
the same may be from time to time amended, shall be governed by the provisions
of the Plan, a copy of which has been delivered to the Optionee, and which is
available for inspection at the principal offices of the Company.

12. Professional Advice. The acceptance of the Options
and the sale of Common Stock issued pursuant to the exercise of Options may have
consequences under federal and state tax and securities laws which may vary
depending upon the individual circumstances of the Optionee. Accordingly, the
Optionee acknowledges that he or she has been advised to consult his or her
personal legal and tax advisor in connection with this Agreement and his or her
dealings with respect to Options. Without limiting other matters to be
considered with the assistance of the Optionee’s professional advisors, the
Optionee should consider: (a) whether upon the exercise of Options, the Optionee
will file an election with the Internal Revenue Service pursuant to Section
83(b) of the Code and the implications of alternative minimum tax pursuant to
the Code; (b) the merits and risks of an investment in the underlying shares of
Common Stock; and (c) any resale restrictions that might apply under applicable
securities laws.

13. No Employment Relationship. Whether or not any
Options are to be granted under this Plan shall be exclusively within the
discretion of the Plan Administrator, and nothing contained in this Plan shall
be construed as giving any person any right to participate under this Plan. The
grant of an Option shall in no way constitute any form of agreement or
understanding binding on the Company or any Related Company, express or implied,
that the Company or any Related Company will employ or contract with an
Optionee, for any length of time, nor shall it interfere in any way with the
Company’s or, where applicable, a Related Company’s right to terminate
Optionee’s employment at any time, which right is hereby reserved.

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14. Entire Agreement. This Agreement is the only
agreement between the Optionee and the Company with respect to the Options, and
this Agreement and the Plan supersede all prior and contemporaneous oral and
written statements and representations and contain the entire agreement between
the parties with respect to the Options.

15. Notices. Any notice required or permitted to be made
or given hereunder shall be mailed or delivered personally to the addresses set
forth below, or as changed from time to time by written notice to the other:

The Company:

SECURE LUGGAGE SOLUTIONS INC. 
2375
East Camelback Road, 5th Floor 
Phoenix, AZ 85016

Attention: President

With a copy to:

Macdonald Tuskey
Corporate and
Securities Lawyers 
Suite 1210 – 777 Hornby Street 
Vancouver, British
Columbia V6Z 1S4 
Attention: William Macdonald

The Optionee:

_____________________
_____________________
_____________________
_____________________

SECURE LUGGAGE SOLUTIONS INC.

	Per: 		 
	 	Authorized Signatory 	 

	 	 
	[Insert Optionee
      Name] 	 

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EXHIBIT A

TERMS OF THE
OPTION

	Name of the Optionee: 	<>
	 	 
	Date of Grant: 	<>
	 	 
	Designation: 	Incentive Stock Options 
	 	 
	1. 	Number of Options granted: 	<>stock options 
	 	 	 
	2. 	Purchase Price: 	$<> per share 
	 	 	 
	3. 	Vesting Dates: 	<>
	 	 	 
	4. 	Expiration Date: 	<>

- 7 -

EXHIBIT B

To:

SECURE LUGGAGE SOLUTIONS INC. 
2375
East Camelback Road, 5th Floor 
Phoenix, AZ 85016

Attention: President

Notice of Election to Exercise

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of SECURE LUGGAGE SOLUTIONS INC.’s (the
“Company”) 2011 Stock Option Plan (the “Plan”) and Section 8 of that certain
Stock Option Agreement (the “Agreement”) dated as of the _______day of
__________________, 20___, between the Company and the undersigned.

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________ shares of the common stock of the Company at a price
of US$_______ per share, for aggregate consideration of US$__________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	Name to appear on certificates 	 	Name 
	 	 	 
	Address 	 	Address 
	 
    	 	  
	 	 	 
	 	 	 
	  	 	Telephone Number 

DATED at ____________________________________, the _______day
of ________________________, 20___.

	 	 
	 	(Name of
      Optionee – Please type or print) 
	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address
      of Optionee) 
	 	 
	 	 
	 	(City,
      State, and Zip Code of Optionee)ex10x1.htm

Exhibit 10.1

 

 

FIRST AMENDMENT TO LOAN AGREEMENT

THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is entered into effective as of the    31st    day of March, 2011 (the “Effective Date”), governed by and construed in accordance with the laws of the State of Colorado and performable in Arapahoe County, Colorado, is made by and between TMG HOLDINGS COLORADO, LLC, a Texas limited liability company, hereinafter referred to as "Lender", whose address is 7598 N. Mesa Street, Suite 205, El Paso, Texas 79912 and VERECLOUD, INC., a Nevada corporation, hereinafter referred to as "Borrower", whose address is 6560 S. Greenwood Plaza Blvd., Suite 400, Englewood, Colorado 80111.

RECITALS

 

WHEREAS, Borrower and Lender entered into that certain Loan Agreement, dated effective June 10, 2010 (the “Agreement”); and

 

WHEREAS, Borrower and Lender have agreed to amend the Agreement as set forth herein; and

 

NOW, THEREFORE, the parties hereto, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agree as follows:

I.          MODIFICATIONS, DELETIONS, SUBSTITUTIONS AND ADDITIONS

A.           The following definitions in the Agreement are hereby amended as follows:

 

1.           The term “Loan Agreement” shall mean that certain Loan Agreement, dated effective June 10, 2010, as amended by that certain First Amendment to Loan Agreement, dated effective March 31, 2011, by and between Lender and Borrower.

2.           Section 1.10 of the Agreement is hereby deleted and the following substituted in its place:

“1.10     Loan.  The term "Loan" shall mean the loan by Lender to Borrower in the original principal amount not to exceed TWO MILLION FIVE HUNDRED SIXTY-FOUR THOUSAND AND N0/100THS UNITED STATES DOLLARS (U.S. $2,564,000.00).”

3.           Section 1.11 of the Agreement is hereby deleted and the following substituted in its place:

“1.11     Note.  The term "Note" shall mean that certain Revolving Credit Note, dated effective June 10, 2010, in the original principal amount of $1,564,000.00, as renewed and extended by that certain Renewed, Extended, and Modified Revolving Credit Note, dated March 31, 2011, from Borrower to Lender in the total amount of and evidencing the Loan.”

 

B.           Section 1.05 of the Agreement shall be amended as follows:

1.           New Subsection (i)  is hereby added as follows:

 

“(i)       A material default by Borrower, upon any other material contract or material obligation of Borrower, which (1) adversely affects Lender and (2) default is not fully cured within any cure period applicable with respect to such contract or obligation;”

 

 

  

  

  

 

C.           Section 2.05(b) of the Agreement shall be amended as follows:

 

1.           The period at the end of Subsection (iii) shall be deleted and the following substituted in its place:  “; and”.

 

2.           A new Subsection (iv) is hereby added as follows:

 

  “(iv)           Lender shall have approved such Advance, in Lender’s sole and absolute discretion (including, but not limited to, Lender having approved the proposed use of the proceeds of such Advance).”

 

D.           Exhibit “A” of the Agreement is hereby amended by adding the words “as amended” in the “Re” portion of the Request for Advance and Certification the words “dated June 10, 2010”.

II.           REMAINING TERMS AND PROVISIONS.  Except as amended or otherwise modified herein, all terms and provisions of the Agreement shall remain in full force and effect as written, and Borrower hereby agrees and acknowledges that this Amendment will not modify or otherwise alter their respective duties, obligations and liabilities under the Agreement or any of the obligations described therein.

III.           RELEASE.  IN CONSIDERATION OF THE AGREEMENT OF LENDER TO ENTER INTO THIS AMENDMENT, WHICH CONSIDERATION IS AGREED BY BORROWER TO BE GOOD AND SUFFICIENT, BORROWER TO THE MAXIMUM EXTENT NOT PROHIBITED BY APPLICABLE LAW HEREBY RELEASES, ACQUITS AND FOREVER DISCHARGES ANY AND ALL RELEASED PARTIES (AS DEFINED BELOW) OF AND FROM ANY AND ALL CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, LIENS, DAMAGES, EXPENSES, FEES AND COSTS (INCLUDING WITHOUT LIMITATION, ATTORNEY’S FEES) OF ANY AND EVERY NATURE, KIND OR CHARACTER, WHETHER STATUTORY (INCLUDING, WITHOUT LIMITATION, USURY CLAIMS), IN CONTRACT OR IN TORT, KNOWN OR UNKNOWN, PRESENT OR FUTURE, WHICH HAVE ACCRUED OR MAY ACCRUE TO BORROWER AND/OR ANY CREDITOR OR AFFILIATE OF BORROWER ARISING FROM, RELATED TO, OR CONNECTED WITH (I) ANY EXTENSION OF CREDIT BY LENDER TO BORROWER ON OR PRIOR TO THE DATE OF EXECUTION HEREOF, AND/OR (II) ANY MATTER OR THING DONE, OMITTED OR SUFFERED TO BE DONE BY ANY OR ALL OF THE RELEASED PARTIES ON OR PRIOR TO THE DATE OF EXECUTION HEREOF, INCLUDING, WITHOUT LIMITATION, ANY LOSSES, DAMAGES, COSTS, FEES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES), AND EXPENSES ARISING FROM, RELATED TO, OR CONNECTED WITH, ANY ALLEGED BREACH OF FIDUCIARY DUTY, BREACH OF ANY DUTY OF FAIR DEALING, BREACH OF CONFIDENCE, BREACH OF FUNDING COMMITMENT, UNDUE INFLUENCE, DURESS, ECONOMIC COERCION, CONFLICT OF INTEREST, NEGLIGENCE, BAD FAITH, MALPRACTICE, VIOLATIONS OF THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT, INTENTIONAL OR NEGLIGENT INFLICTION OF MENTAL DISTRESS, TORTIOUS INTERFERENCE WITH CONTRACTUAL RELATIONS, TORTIOUS INTERFERENCE WITH CORPORATE GOVERNANCE OR PROSPECTIVE BUSINESS ADVANTAGE, BREACH OF CONTRACT, DECEPTIVE TRADE PRACTICES, LIBEL, SLANDER AND/OR CONSPIRACY.  THE FOREGOING RELEASE EXPRESSLY INCLUDES (WITHOUT LIMITATION) ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE NEGLIGENCE OF ANY RELEASED PARTY.   FOR PURPOSES OF THIS PARAGRAPH, THE TERM “RELEASED PARTIES” MEANS LENDER, AND/OR ANY AFFILIATE (i.e., ANY PERSON OR ENTITY CONTROLLED BY LENDER, CONTROLLING LENDER, OR UNDER COMMON CONTROL WITH LENDER), AND/OR THE RESPECTIVE DIRECTORS, OFFICERS, SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS, SERVANTS, REPRESENTATIVES, CONTRACTORS, SUBCONTRACTORS, ATTORNEYS, AFFILIATES, SUBSIDIARIES, PARTICIPANTS, PREDECESSORS, SUCCESSORS AND ASSIGNS OF LENDER OR ANY AFFILIATE OF LENDER.

 

 

2

  

  

  

 V.           COUNTERPARTS.   This Amendment may be executed in multiple counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement.

THIS FIRST AMENDMENT TO LOAN AGREEMENT AND ANY OTHER DOCUMENTS PREVIOUSLY OR NOW EXECUTED IN CONNECTION WITH THE OBLIGATIONS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

3

  

  

  

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date.

 

 

	 	LENDER:

 

TMG HOLDINGS COLORADO, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Scott M. Schwartz	 
	 	Name:	Scott M. Schwartz	 
	 	Its:    	President	 
	 	 	 	 

 

 

 

	 	

BORROWER:

 

VERECLOUD, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ John F. McCawley	 
	 	Name:	John F. McCawley	 
	 	Its:    	Chief Executive Officer	 
	 	 	 	 

 

[Signature Page to First Amendment to Loan Agreement]

 

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