Document:

Unassociated Document

    ZIPGLOBAL
      HOLDINGS, INC.

    

    INCENTIVE
      STOCK OPTION AGREEMENT

    UNDER
      THE 2006 STOCK OPTION PLAN

    

    THIS
      AGREEMENT is made as of ______________ ___, 200___, between ZIPGLOBAL HOLDINGS,
      INC., a Delaware corporation (the “Company”), and __________________ (the
“Optionee”).

    

    THE
      PARTIES AGREE AS FOLLOWS:

    

    1. Option
      Grant. The
      Company hereby grants to the Optionee an option (the “Option”) to purchase the
      number of shares of the Company’s common stock (the “Shares”), for an exercise
      price per share (the “Option Price”) and based upon a Grant Date, all as set
      forth below:

    

    Shares
      under option:______________________

    

    Option
      Price per Share: $ __________________

    

    Grant
      Date:_____________________________

    

    Vesting:
      Your
      option shall vest according to the following schedule, provided you continue
      your relationship with the Company or a related corporation.

     

    
      	
              Period
                of Your Continuous Relationship With the Company or a Related Corporation
                From the Date Option is Granted

            	 	
              Portion
                of Total Option Which is Exercisable

            
	
              After
                1 year

            	 	 
	
              After
                2 years

            	 	 
	
              After
                3 years

            	 	 
	
              After
                4 years

            	 	 
	
              After
                5 years

            	 	 

    

    

    Exercise:
      The
      vested portion of the option may be exercised, in whole or in part, but not
      as
      to any fractional shares, during the term of the option. During your lifetime
      only you can exercise the option. The Plan also provides for exercise of the
      option by the personal representative of your estate or the beneficiary thereof
      following your death.

    

    The
      Option will be subject to all of the terms and conditions set forth herein
      and
      in the Company’s 2006 Stock Option Plan (the “Option Plan”), a copy of which is
      attached hereto and incorporated by reference. The Option granted hereunder
      will
      be an incentive stock option within the meaning of Section 422 of the Internal
      Revenue Code of 1986, as amended.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2. Stockholder
      Rights. No
      rights
      or privileges of a stockholder in the Company are conferred by reason of the
      granting of the Option. Optionee will not become a stockholder in the Company
      with respect to the Shares unless and until the Option has been properly
      exercised and the Option Price fully paid as to the portion of the Option
      exercised.

    

    3. Termination. Subject
      to earlier termination as provided in the Option Plan, this Option will expire,
      unless previously exercised in full, on __________ __ , 20___ , which date
      is on
      or prior to the tenth anniversary of the Grant Date.

    

    4. Terms
      of the Option Plan. The
      Optionee understands that the Option Plan includes important terms and
      conditions that apply to this Option. Those terms include (without limitation):
      important conditions to the right of the Optionee to exercise the Option;
      important restrictions on the ability of the Optionee to transfer the Option
      or
      to transfer Shares received upon exercise of the Option; and early termination
      of the Option following the occurrence of certain events, including the Optionee
      no longer being an employee, director, consultant or independent contractor
      to
      or of the Company or its subsidiaries. The
      Optionee acknowledges that he or she has read the Option Plan, agrees to be
      bound by its terms, and makes each of the representations required to be made
      by
      the Optionee under it.

    

    5. Method
      of Exercise. The
      Option shall be exercised by written notice in the form of Exhibit A hereto,
      directed to the Company at the Company’s address set forth above, duly executed
      by the Optionee, specifying the number of shares being purchased and accompanied
      by cash or check payable to the order of the Company in full payment of the
      Purchase Price for the number of Shares being purchased.

    

    6. Miscellaneous. This
      Agreement (together with the Option Plan) sets forth the complete agreement
      of
      the parties concerning the subject matter hereof, superseding all prior
      agreements, negotiations and understandings. This Agreement will be governed
      by
      the substantive law of the State of Delaware, and may be executed in
      counterparts.

    

    The
      parties hereby have entered into this Agreement as of the date set forth
      above.

    

    
      	
              ZIPGLOBAL
                HOLDINGS, INC.

            	
              “Optionee”

            
	 	 
	
              By:
                ______________________________

            	
              ________________________________

            
	
              Title:_____________________________

            	
              Name:___________________________

            
	 	 
	 	
              Address:

            
	 	
              ________________________________

            
	 	
              ________________________________

            
	 	
              ________________________________

            

    

    

    
      	Attachments:	
              (1)
                Spousal Consent

              (2)
                2006 Stock Option Plan

            

    

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    SPOUSAL
      CONSENT

     

    The
      undersigned is the spouse of the Optionee referred to in the attached Incentive
      Stock Option Agreement (the “Agreement”). The undersigned acknowledges that he
      or she:

     

    
      	 	
              (1)

            	
              has
                received, reviewed and understands the terms of the Agreement (including
                its attachments);

            

    

     

    
      	 	
              (2)

            	
              consents
                to the Agreement, and agrees to be bound by its terms to the extent
                that
                he or she now has or may obtain any interest in the Option or Shares
                covered by the Agreement; and

            

    

    

    
      	 	
              (3)

            	
              understands
                that the Company is relying upon this consent in entering into the
                Agreement and in not taking further steps to protect its
                interests.

            

    

     

    
      	
              Date

            	
              Signature

            
	 	 
	
              _______________________________

            	
              ______________________________

            
	 	
              Name:_________________________

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      A

    

    INCENTIVE
      STOCK OPTION AGREEMENT

    UNDER
      THE 2006 STOCK OPTION PLAN

    

    Date:______________________

    

    ZipGlobal
      Holdings, Inc.

    

    Ladies
      and Gentlemen:

    

    I
      hereby
      elect to purchase _______________ shares of the Common Stock, $_____ par value
      per share, of ZipGlobal Holdings, Inc. (the “Company”) under the option granted
      to me pursuant to the Incentive Stock Option Agreement, dated as of
      _______________, 200___, under the Company’s 2006 Stock Option
      Plan.

    

    Enclosed
      is [cash] [a check] in the amount of $______________.___ [__________] shares
      of
      the Company’s Common Stock in full payment of the shares being purchased
      ($_______________ per share x _____________ shares).

    

    Please
      deliver certificates representing the shares being purchased to me
      at:

    

    _____________________________

    

    _____________________________

    

    _____________________________

    

    I
      hereby
      acknowledge that I have been informed as follows:

    

    1. The
      shares of common stock of the Company to be issued to me pursuant to the
      exercise of said option have not been registered under the Securities Act of
      1933, as amended (the “1933 Act”), and accordingly, must be held indefinitely
      unless such shares are subsequently registered under the 1933 Act, or an
      exemption from such registration is available.

    

    2. Routine
      sales of securities made in reliance upon Rule 144, if applicable, under the
      1933 Act can be made only after the holding period and in limited amounts in
      accordance with the terms and conditions provided by that Rule, and in any
      sale
      to which that Rule is not applicable, registration or compliance with some
      other
      exemption under the 1933 Act will be required.

    

    3. The
      Company is under no obligation to me to register the shares or to comply with
      any such exemptions under the 1933 Act.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    4. The
      availability of Rule 144, if applicable, is dependent upon adequate current
      public information with respect to the Company being available and, at the
      time
      that I may desire to make a sale pursuant to the Rule, the Company may neither
      wish nor be able to comply with such requirement.

    

    In
      consideration of the issuance of certificates for the shares to me, I hereby
      represent and warrant that I am acquiring such shares for my own account for
      investment, and that I will not sell, pledge, transfer or otherwise dispose
      of
      such shares in the absence of an effective registration statement covering
      the
      same, except as permitted by the provisions of Rule 144, if applicable, or
      some
      other applicable exemption under the 1933 Act. In view of this representation
      and warranty, I agree that there may be affixed to the certificates for the
      shares to be issued to me, and to all certificates issued hereafter representing
      such shares (until in the opinion of counsel, which opinion must be reasonably
      satisfactory in form and substance to counsel for the Company, it is no longer
      necessary or required) a legend as follows:

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN TAKEN BY THE ISSUEE FOR HIS
      OR
      HER OWN ACCOUNT AND NOT WITH A VIEW TO THEIR DISTRIBUTION. SAID SECURITIES
      MAY
      NOT BE SOLD OR TRANSFERRED UNLESS (A) THEY HAVE BEEN REGISTERED UNDER SAID
      ACT,
      OR (B) THE TRANSFER AGENT (OR THE COMPANY, IF IT IS THEN ACTING AS ITS OWN
      TRANSFER AGENT) IS PRESENTED WITH EITHER A WRITTEN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY OR A “NO-ACTION” LETTER OF THE SECURITIES AND
      EXCHANGE COMMISSION TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
      THE CIRCUMSTANCES OF SUCH SALE OR TRANSFER.

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE VOLUNTARILY OR
      INVOLUNTARILY SOLD, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED, ENCUMBERED
      OR
      DISPOSED OF, EXCEPT UNDER LIMITED CIRCUMSTANCES, AND SUBJECT TO CERTAIN
      RESTRICTIONS ON TRANSFER AND RIGHTS OF FIRST REFUSAL. THESE RESTRICTIONS AND
      RIGHTS OF FIRST REFUSAL ARE SET FORTH IN FULL IN THE 2006 STOCK OPTION PLAN
      AND
      IN A STOCK OPTION AGREEMENT (INCLUDING ATTACHMENTS), COPIES OF WHICH ARE ON
      FILE
      AT THE PRINCIPAL OFFICE OF THE COMPANY.

    

    I
      further
      agree that the Company may place a stop order with its Transfer Agent,
      prohibiting the transfer of such shares, so long as the legend remains on the
      certificates representing the shares.

     

     

    
      	
              Very
                truly yours,

              

              “Optionee”

              

              

              _________________________________

              Name:

            

    

    

     

    
      
         

      

      
        5Unassociated Document

    ZIPGLOBAL
      HOLDINGS, INC.

    

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    UNDER
      THE 2006 STOCK OPTION PLAN

    

    

    THIS
      AGREEMENT is made as of _________________,
      2006,
      between ZIPGLOBAL HOLDINGS, INC., a Delaware corporation (the “Company”), and
_________________
      (the
“Optionee”).

    

    THE
      PARTIES AGREE AS FOLLOWS:

    

    1. Option
      Grant. The
      Company hereby grants to the Optionee an option (the “Option”) to purchase the
      number of shares of the Company’s common stock (the “Shares”), for an exercise
      price per share (the “Option Price”) and based upon a Grant Date, all as set
      forth below:

    

    Shares
      under option: _________________

    

    Option
      Price per Share: _________________

    

    Grant
      Date:   _________________

    

    Vesting:
      Your
      option shall vest according to the following schedule, provided you continue
      your relationship with the Company or a related corporation.

     

    
      	
              Period
                of Your Continuous Relationship With the Company or a Related Corporation
                From the Date Option is Granted

            	 	
              Portion
                of Total Option Which is Exercisable

            
	
              After
                1 year

            	 	 
	
              After
                2 years

            	 	 
	
              After
                3 years

            	 	 
	
              After
                4 years

            	 	 

    

    

    Exercise:
      The
      vested portion of the option may be exercised, in whole or in part, but not
      as
      to any fractional shares, during the term of the option. During your lifetime
      only you can exercise the option. The Plan also provides for exercise of the
      option by the personal representative of your estate or the beneficiary thereof
      following your death.

    

    The
      Option will be subject to all of the terms and conditions set forth herein
      and
      in the Company’s 2006 Stock Option Plan (the “Option Plan”), a copy of which is
      attached hereto and incorporated by reference. The Option granted hereunder
      will
      be a nonstatutory or nonqualified option for tax purposes.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2. Stockholder
      Rights. No
      rights
      or privileges of a stockholder in the Company are conferred by reason of the
      granting of the Option. Optionee will not become a stockholder in the Company
      with respect to the Shares unless and until the Option has been properly
      exercised and the Option Price fully paid as to the portion of the Option
      exercised.

    

    3. Termination. Subject
      to earlier termination as provided in the Option Plan, this Option will expire,
      unless previously exercised in full, on _________________.

    

    4. Terms
      of the Option Plan. The
      Optionee understands that the Option Plan includes important terms and
      conditions that apply to this Option. Those terms include (without limitation):
      important conditions to the right of the Optionee to exercise the Option;
      important restrictions on the ability of the Optionee to transfer the Option
      or
      to transfer Shares received upon exercise of the Option; and early termination
      of the Option following the occurrence of certain events, including the Optionee
      no longer being an employee, director, consultant or independent contractor
      to
      or of the Company or its subsidiaries. The
      Optionee acknowledges that he or she has read the Option Plan, agrees to be
      bound by its terms, and makes each of the representations required to be made
      by
      the Optionee under it.

    

    5. Method
      of Exercise. The
      Option shall be exercised by written notice in the form of Exhibit A hereto,
      directed to the Company at the Company’s address set forth above, duly executed
      by the Optionee, specifying the number of shares being purchased and accompanied
      by cash or check payable to the order of the Company in full payment of the
      Purchase Price for the number of Shares being purchased.

    

    6. Miscellaneous. This
      Agreement (together with the Option Plan) sets forth the complete agreement
      of
      the parties concerning the subject matter hereof, superseding all prior
      agreements, negotiations and understandings. This Agreement will be governed
      by
      the substantive law of the State of Delaware, and may be executed in
      counterparts.

    

    The
      parties hereby have entered into this Agreement as of the date set forth
      above.

    

    
      	
              ZIPGLOBAL
                HOLDINGS, INC.

            	
              “Optionee”

            
	 	 
	
              By:
                ______________________________

            	
              ________________________________

            
	
              Title:_____________________________

            	
              Name:___________________________

            
	 	 
	 	
              Address:

            
	 	
              ________________________________

            
	 	
              ________________________________

            
	 	
              ________________________________

            

    

    

    
      	Attachments:	
              (1)
                Spousal Consent

              (2)
                2006 Stock Option Plan

            

    

     

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    SPOUSAL
      CONSENT

    

    The
      undersigned is the spouse of the Optionee referred to in the attached
      Non-Statutory Stock Option Agreement (the “Agreement”). The undersigned
      acknowledges that he or she:

     

    
      	 	
              (1)

            	
              has
                received, reviewed and understands the terms of the Agreement (including
                its attachments);

            

    

    

    
      	 	
              (2)

            	
              consents
                to the Agreement, and agrees to be bound by its terms to the extent
                that
                he or she now has or may obtain any interest in the Option or Shares
                covered by the Agreement; and

            

    

     

    
      	 	
              (3)

            	
              understands
                that the Company is relying upon this consent in entering into the
                Agreement and in not taking further steps to protect its
                interests.

            

    

    

    
      	
              Date

            	
              Signature

            
	 	 
	
              _______________________________

            	
              ______________________________

            
	 	
              Name:_________________________

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      A

    

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    UNDER
      THE 2006 STOCK OPTION PLAN

    

    Date:______________________

    

    ZipGlobal
      Holdings, Inc.

    

    Ladies
      and Gentlemen:

    

    I
      hereby
      elect to purchase _______________ shares of the Common Stock, $_____ par value
      per share, of ZipGlobal Holdings, Inc. (the “Company”) under the option granted
      to me pursuant to the Non-Qualified Stock Option Agreement, dated as of
      _______________, 200___, under the Company’s 2006 Stock Option
      Plan.

    

    Enclosed
      is [cash] [a check] in the amount of $______________.___ [__________] shares
      of
      the Company’s Common Stock in full payment of the shares being purchased
      ($_______________ per share x _____________ shares).

    

    Please
      deliver certificates representing the shares being purchased to me
      at:

    

    _____________________________

    

    _____________________________

    

    _____________________________

    

    I
      hereby
      acknowledge that I have been informed as follows:

    

    1. The
      shares of common stock of the Company to be issued to me pursuant to the
      exercise of said option have not been registered under the Securities Act of
      1933, as amended (the “1933 Act”), and accordingly, must be held indefinitely
      unless such shares are subsequently registered under the 1933 Act, or an
      exemption from such registration is available.

    

    2. Routine
      sales of securities made in reliance upon Rule 144, if applicable, under the
      1933 Act can be made only after the holding period and in limited amounts in
      accordance with the terms and conditions provided by that Rule, and in any
      sale
      to which that Rule is not applicable, registration or compliance with some
      other
      exemption under the 1933 Act will be required.

    

    3. The
      Company is under no obligation to me to register the shares or to comply with
      any such exemptions under the 1933 Act.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    4. The
      availability of Rule 144, if applicable, is dependent upon adequate current
      public information with respect to the Company being available and, at the
      time
      that I may desire to make a sale pursuant to the Rule, the Company may neither
      wish nor be able to comply with such requirement.

    

    In
      consideration of the issuance of certificates for the shares to me, I hereby
      represent and warrant that I am acquiring such shares for my own account for
      investment, and that I will not sell, pledge, transfer or otherwise dispose
      of
      such shares in the absence of an effective registration statement covering
      the
      same, except as permitted by the provisions of Rule 144, if applicable, or
      some
      other applicable exemption under the 1933 Act. In view of this representation
      and warranty, I agree that there may be affixed to the certificates for the
      shares to be issued to me, and to all certificates issued hereafter representing
      such shares (until in the opinion of counsel, which opinion must be reasonably
      satisfactory in form and substance to counsel for the Company, it is no longer
      necessary or required) a legend as follows:

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN TAKEN BY THE ISSUEE FOR HIS
      OR
      HER OWN ACCOUNT AND NOT WITH A VIEW TO THEIR DISTRIBUTION. SAID SECURITIES
      MAY
      NOT BE SOLD OR TRANSFERRED UNLESS (A) THEY HAVE BEEN REGISTERED UNDER SAID
      ACT,
      OR (B) THE TRANSFER AGENT (OR THE COMPANY, IF IT IS THEN ACTING AS ITS OWN
      TRANSFER AGENT) IS PRESENTED WITH EITHER A WRITTEN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY OR A “NO-ACTION” LETTER OF THE SECURITIES AND
      EXCHANGE COMMISSION TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
      THE CIRCUMSTANCES OF SUCH SALE OR TRANSFER.

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE VOLUNTARILY OR
      INVOLUNTARILY SOLD, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED, ENCUMBERED
      OR
      DISPOSED OF, EXCEPT UNDER LIMITED CIRCUMSTANCES, AND SUBJECT TO CERTAIN
      RESTRICTIONS ON TRANSFER AND RIGHTS OF FIRST REFUSAL. THESE RESTRICTIONS AND
      RIGHTS OF FIRST REFUSAL ARE SET FORTH IN FULL IN THE 2006 STOCK OPTION PLAN
      AND
      IN A STOCK OPTION AGREEMENT (INCLUDING ATTACHMENTS), COPIES OF WHICH ARE ON
      FILE
      AT THE PRINCIPAL OFFICE OF THE COMPANY.

    

    I
      further
      agree that the Company may place a stop order with its Transfer Agent,
      prohibiting the transfer of such shares, so long as the legend remains on the
      certificates representing the shares.

     

     

    
      	
              Very
                truly yours,

              

              “Optionee”

              

              

              _________________________________

              Name:

            

    

    

     

    
      
         

      

      
        5

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