Document:

ex10x8.htm

    Exhibit 10.8

     

    
      
        Verecloud,
Inc. 2009 Equity Incentive Plan

        Incentive
Stock Option Agreement

         

        

         

        PARTICIPANT:          
William M. Perkins

         

        DATE OF
GRANT:      June 22, 2010

         

        THIS
AGREEMENT (this “Agreement”) is entered into by and between Verecloud, Inc., a
Nevada corporation (the “Company”), and the above named Participant
(“Participant”), who is an Employee of the Company or an Affiliate
thereof.

         

        The
Company and Participant agree as follows:

         

        1.  Precedence
of Plan.  This
Agreement is subject to and shall be construed in accordance with the terms and
conditions of the Verecloud, Inc. 2009 Equity Incentive Plan (the “Plan”), as
now or hereinafter in effect.  Any capitalized terms that are used in
this Agreement without being defined and that are defined in the Plan shall have
the meaning specified in the Plan.

         

        2.  Grant
of Option.  Participant is hereby granted an Incentive Stock
Option, within the meaning of Code Section 422 (the “Option”), to purchase
Common Stock of the Company pursuant to the Plan.  The number of
shares as to which the Option is granted, the purchase price per share, and the
expiration date of such Option are set forth below:

         

        (a)  Number of
Shares Subject to Option:  350,000

         

        (b)  Purchase
Price per Share:      $0.02

         

        (c)  Expiration
Date:*     June 21, 2020

         

        (d)  Vesting
Date, Event, or Schedule:  Options vest evenly on the last day of each
fiscal quarter and based on a three year period.  The initial vesting
occurs on September 30, 2010.

         

        (e)  Vesting
Schedule:

         

        
          
            	 ●  
      	Sept  30,
      2010  	 29,166	 	 
	 ●  
      	Dec 31,
      2010 	 	 29,166	 
	 ●  
      	Mar 31,
      2011    	 	 29,166	 
	 ●  
      	June 30,
      2011    	 29,166	 	 
	 ●  
      	Sept  30,
      2011   	 29,166	 	 
	 ●  
      	Dec 31,
      2011 	 	 29,166	 
	 ●  
      	Mar 31,
      2012 	 	 29,166	 
	 ●  
      	June 30,
      2012  	 29,166	 	 
	 ●  
      	Sept  30,
      2012  	 29,166	 	 
	 ●  
      	Dec 31,
    2012	 	 29,166	 
	 ●  
      	Mar 31,
      2013 	 	 29,166	 
	 ●  
      	June 30,
      2013 	 29,174	 	 

          

          *Unless
sooner terminated as provided in the Plan, the Option shall expire and terminate
on the expiration date, and in no event shall the Option be exercisable after
that date.

        

         

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        3.  Time
of Exercise.  The Option granted hereby shall become vested in
and exercisable by Participant in installments, on the dates and subject to the
conditions set forth in the vesting schedule above; provided, however, that
Participant must have been in Continuous Service from the date of grant of the
Option until the date specified in the vesting schedule or until the conditions
specified in the vesting schedule have been satisfied.

         

        4.  Manner
of Exercise.  Except as provided in this Agreement, the Option
shall be exercisable, in whole or in part, from time to time, in the manner
determined by the Company as provided in Section 7.2 of the
Plan.   The Company may require, as a condition to exercise,
execution and submission of an Exercise Agreement in such form as may be
provided by the Company (the “Exercise Agreement”), which shall state the
election to exercise the Option, the elected exercise date and the number of
shares as to which the Option is to be exercised and be accompanied by payment
in full.  The Exercise Agreement shall be signed by Participant and
shall be delivered in person, electronically or by mail to the Company, and
shall be deemed received by the Company when actually received by the
representative of the Administrator if delivered in person or electronically,
and as of the third calendar day following dispatch if mailed or the date of
actual receipt by the Company if earlier.

         

        5.  Company’s
Right to Repurchase the Stock Upon Termination of Continuous Service.

         

        (a)  The
Company shall have the right to purchase all or any part of the shares of Stock
held by the Participant, upon the terms and conditions provided herein, in the
event that (a) the Participant’s Continuous Service with the Company is
terminated for any reason (the “Participant’s Departure”); or (b) the Stock
was acquired from the Company after the Participant’s Departure, as provided in
the Plan (a “Post-Termination Acquisition”).

         

        (b)  The
Company may exercise its right to purchase Stock held by the Participant by
providing written notice (a “Notice of Repurchase”) of such intention to the
Participant, stating the time, manner, terms and conditions of the repurchase in
accordance with this section.  Such notice must be given within 180
days following the Participant’s Departure or the Post-Termination
Acquisition.

         

        (c)  The
purchase price per share for the shares of Stock that the Company elects to
purchase shall be the Stock’s then current Fair Market Value; provided that if
the Participant’s Continuous Service with the Company ends due to the
Participant’s termination by the Company for Cause, the purchase price per share
for the shares of Stock that the Company elects to purchase shall be the
purchase price paid for such shares of Stock by the Participant.

         

        (d)  A
purchase and sale required pursuant to this section shall take place at a
closing at a time and place designated by the Company; provided, however, that
the time must be within 90 days of the date of the Notice of
Repurchase.  At the closing, the Participant shall transfer the Stock
to the Company free and clear of all liens and encumbrances and in accordance
with the terms of this Agreement.  In return, the Company shall pay
the Participant the purchase price in cash or immediately available funds, or,
at its election, the Company may pay the Stockholder 20% of the purchase price
in cash or immediately available funds and the remaining 80% by execution and
delivery of a promissory note from the Company (a “Promissory Note”), bearing
interest at the applicable federal rate in effect as of the date of
closing.  The Promissory Note shall provide for payment in four equal
annual installments of principal and interest on the first, second, third and
fourth anniversaries of the closing date.  The Promissory Note shall
be prepayable, without penalty, in whole or in part, with prepayments applied to
the last installment or installments coming due.

         

         

         

        2

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        6.  Nontransferability
of Option.  The Option may not be pledged, encumbered, or
hypothecated to or in favor of any party other than the Company or an Affiliate,
and shall not be subject to any lien, obligation, or liability of such
Participant to any other party other than the Company or an
Affiliate.  No Award shall be assigned, transferred, or otherwise
disposed of by a Participant for value other than by will or the laws of descent
and distribution.  Any permitted transfer shall be subject to the
condition that the Plan Administrator receives evidence satisfactory to it that
the transfer is being made for estate or tax planning or securities compliance
purposes and on a basis consistent with the Company’s lawful issue of
securities.

         

        7.  General
Provisions.

         

        (a)  Withholding.  Participant
shall reimburse the Company, in cash or by certified or bank cashier’s check,
for any federal, state or local taxes required by law to be withheld with
respect to the exercise of the Option or resulting from a disqualifying
disposition described in Code Section 422(a).  The Company shall
have the right to deduct from any salary or other payments to be made to
Participant any federal, state or local taxes required by law to be so
withheld.  The Company’s obligation to deliver a certificate or other
proof representing the Common Stock acquired upon exercise of the Option is
subject to the payment by Participant of any applicable federal, state and local
withholding tax.

         

        (b)  Amendment.  Subject
to the terms and conditions of the Plan, the Plan Administrator may modify,
extend or renew the Option, or accept the surrender of the Option to the extent
not theretofore exercised and authorize the granting of new Options in
substitution therefore, except that no such action shall diminish or impair the
rights under the Option without the consent of Participant.

         

        (c)  Receipt
of Plan.  By entering into this Agreement, Participant
acknowledges (i) that he or she has received and read a copy of the Plan, and
(ii) that this Agreement is subject to and shall be construed in accordance with
the terms and conditions of the Plan, as now or hereinafter in
effect.

         

        (d)  Legends.  Certificates
representing Common Stock acquired upon exercise of this Option may contain such
legends and transfer restrictions as the Company shall deem reasonably necessary
or desirable, including, without limitation, legends restricting transfer of the
Common Stock until there has been compliance with federal and state securities
laws and until Participant or any other holder of the Common Stock has paid the
Company such amounts as may be necessary in order to satisfy any withholding tax
liability of the Company resulting from a disqualifying disposition described in
Code Section 422(a).

         

        (e)  Not an
Employment Contract.  This Agreement is not an employment
contract and nothing in this Agreement shall be deemed to create in any way
whatsoever any obligation on the part of Participant to remain in the Continuous
Service of the Company, or of the Company to continue Participant in the
Continuous Service of the Company.

         

        (f)  Effect
on Employee Benefits.  Participant agrees that the Option will
constitute special incentive compensation that will not be taken into account as
“salary” or “compensation” or “bonus” in determining the amount of any payment
under any pension, retirement, profit sharing or other remuneration plan of the
Company unless so provided in such plan.

         

        (g)  Confidentiality
of Information.  By entering into this Agreement, Participant
acknowledges that the information regarding the grant of Options contained
herein is confidential and may not be shared with anyone other than
Participant’s immediate family and personal financial advisor.

         

         

        3

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (h)  Specific
Enforcement.  Because of the unique value of the Common Stock,
in addition to any other remedies that the Company may have upon the breach of
the agreements contained herein, the obligations of Participant shall be
specifically enforceable.

         

        (i)  Costs of
Enforcement.  In any action at law or in equity to enforce any
of the provisions or rights under this Agreement, the unsuccessful party of such
litigation, as determined by any court of competent jurisdiction in a final
judgment or decree, shall pay the successful party or parties all costs,
expenses and reasonable attorneys’ fees incurred therein by such party or
parties (including without limitation such costs, expenses and fees on any
appeals), and if such successful party shall recover judgment in any action or
proceeding, such costs, expenses and attorneys’ fees shall be included as part
of the judgment.

         

        (j)  Further
Action.  The parties agree to execute such further instruments
and to take such further action as reasonably may be necessary to carry out the
intent of this Agreement.

         

        (k)   
Interpretation.  The
interpretations and constructions of any provision of and determinations on any
question arising under the Plan or this Agreement shall be made by the Plan
Administrator, and all such interpretations, constructions and determinations
shall be final and conclusive as to all parties.  This Agreement, as
issued pursuant to the Plan, constitutes the entire agreement between the
parties pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements, representations and understandings.  The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision hereof.  This
Agreement may be executed in counterparts, all of which shall be deemed to be
one and the same instrument, and it shall be sufficient for each party to have
executed at least one, but not necessarily the same, counterpart.  The
headings contained in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement in any
way.

         

        (l)  Assignment.  This
Agreement shall be binding upon the parties and their respective legal
representatives, beneficiaries, successors and assigns.

         

        (m)
  Notices.  All
notices or other communications that are required to be given or may be given to
either party pursuant to the terms of this Agreement shall be in writing and
shall be delivered personally or by registered or certified mail, postage
prepaid, to the address of the parties as set forth following the signature of
such party.  Notice shall be deemed given on the date of delivery in
the case of personal delivery or on the delivery or refusal date as specified on
the return receipt in the case of registered or certified
mail.  Either party may change its address for such communications by
giving notice thereof to the other party in conformity with this
section.

         

        (n)   
Governing
Law and Venue.  This Agreement and the rights and obligations
of the parties hereto shall be governed by and construed and enforced in
accordance with the laws of the State of Nevada without regard to conflicts of
laws principles.  Resolution of any disputes under this Agreement
shall only be held in courts in Denver, Colorado, and the parties expressly
consent to personal jurisdiction in courts in Denver, Colorado and waive any
objections to such jurisdiction.

         

        *
* * * *

         

         

         

        4

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        The
Company, by a duly authorized officer of the Company, and Participant have
executed this Agreement on June 22, 2010, effective as of the date of
grant.

         

         

        
        

         

        
          	
                  Verecloud,
      Inc.  

                   

                	 	Participant
	By:	 /s/ Mike
      Cookson	 	/s/ William M.
      Perkins
	Name:	Mike
    Cookson	 	Signature
	Title:	Chief Operating
      Officer 	 	William M.
      Perkins
	
                   

                  Address:

                	 	 	Name
	6560 South Greenwood
      Plaza Boulevard	 	Address:  6560
      South Greenwood Plaza Boulevard
	Number 400	 	Number 400,
      Englewood, Colorado 80111
	Englewood, Colorado
      80111	 	 

        

         

         

         

         

         

         

         

         

        5ex10x9.htm

    Exhibit 10.9

     

    
      

       

      NON-DISCLOSURE,
PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

       

          As an
employee of Verecloud Inc., its subsidiaries or its affiliates together, the
“Company”, and as a condition of my employment by the Company and in
consideration of the compensation now and hereafter paid to me, I agree to the
following (the “Agreement”):

       

          1.  Maintaining
Confidential Information

       

             (a)  Company Confidential
Information.  I agree at all times during the term of my
employment and thereafter to hold in strictest confidence, and not to use,
except for the benefit of the Company, or to disclose to any person, firm or
corporation, without the written authorization of the Owner of the Company, any
trade secrets, confidential knowledge and information (including knowledge and
information that does not necessarily qualify as trade secrets under applicable
laws but is treated as confidential information by the Company), or data or
other proprietary information of the Company.  By way of illustration
and not limitation, this shall include information relating to the Company's
customers, products, work processes, know-how, methods, software, developmental
work, improvements, discoveries, plans for marketing and selling, business
plans, budgets and unpublished financial statements, licenses, prices and costs,
suppliers and customers, and information regarding the skills and compensation
of other employees of the Company.

       

             (b)  Third-Party Confidential
Information.  I recognize that the Company has received and in
the future will receive confidential or proprietary information from third
parties subject to a duty on the Company’s part to maintain the confidentiality
of such information and, in some cases, to use it only for certain limited
purposes.  I agree that I owe the Company and such third parties, both
during the term of my employment and thereafter, a duty to hold all such
confidential or proprietary information in the strictest confidence and not to,
except as is consistent with the Company’s agreement with the third party,
disclose it to any person, firm or corporation or use it for the benefit of
anyone other than the Company or such third party, unless expressly authorized
to act otherwise by an officer of the Company.

       

          2.  Assignment
of Inventions and Original Works.

       

          I agree that
I will make prompt written disclosure to the Company, will hold in trust for the
sole right and benefit of the Company, and hereby assign to the Company all my
right, title and interest in and to any ideas, inventions, original works of
authorship, developments, improvements or trade secrets which I may solely or
jointly conceive to reduce to practice, or cause to be conceived or reduced to
practice, during the period of my employment with the Company and thereafter my
employment.  This Agreement will not be deemed to require assignment
of any invention developed entirely on my open time without using the Company’s
equipment, supplies, facilities or trade secrets and neither related to the
Company’s actual or anticipated business, research or development, nor resulted
from work performed by me for the Company.

       

          3.  No
Conflicts or Solicitation.

       

          For the
period of my employment by the Company and for one (1) year following my
termination, I will not interfere with the business of the Company by (i)
soliciting, attempting to solicit, inducing, or otherwise causing any employee
of the Company to terminate his or her employment in order to become an
employee, consultant or independent contractor to or for any other entity
engaged in marketing or selling the type of products and services offered by the
Company or (ii) directly soliciting the business of any customer or client of
the Company, other than on behalf of the Company, for the type of products and
services offered by the Company and (iii) solicit employment or gain employment
with any of the Company’s clients or prospects.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
    4.       
Covenant Not to Compete.

       

             (a)  For the
period of my employment by the Company and for one (1) years following my
termination, I will not directly or indirectly engage in (whether as an
employee, consultant, proprietor, partner, director or otherwise), or have any
ownership interest in, or participate in the financing, operation, management or
control of, any person, firm, corporation, or business that engages in a
“Restricted Business” in a “Restricted Territory” (as defined
below).  It is agreed that ownership of (i) no more than ten percent
(10%) of the outstanding voting stock of a publicly traded corporation or (ii)
any stock I presently own or (iii) any options or other rights to acquire shares
of a company’s capital stock I presently own shall not constitute a violation of
this provision.

      

      (b)      As
used herein, the terms:

      

      
        	
                i.  

              	
                “Restricted
      Business” shall mean any competitive local professional employer,
      organization, human resource business process outsourcer, human resources
      professional services and or any business which otherwise engages in any
      other manner in any business which is competitive with the
      Company.

              

      

      

      
        	
                ii.  

              	
                “Restricted
      Territory” shall mean all regions within a fifty-mile radius of those
      cities in which the Company operates, or has disclosed to you that it
      intends to operate, a business.

              

      

      

          5.   
Return
of Company Documents.

       

          When I leave
the employ of the Company, I will deliver to the Company (and will not keep in
my possession, recreate or deliver to anyone else) any and all documents and
other property, together with all copies thereof (in whatever medium recorded)
belonging to the Company, its successors, or assigns whether kept at the
Company, home, or elsewhere.  I further agree that any property
situated on the Company’s premises and owned by the Company, including disks and
other storage media, filing cabinets or other work areas, is subject to
inspection by Company personnel at any time with or without notice.

      

          6.   
 Legal and Equitable Remedies.

       

          Because my
services are personal and unique, because I may have access to and become
acquainted with the proprietary information of the Company, and because I
recognize that a breach of this Agreement would cause irreparable harm to the
Company, I agree that the Company shall have the right to enforce this Agreement
and any of its provisions by seeking injunctive relief, specific performance or
other equitable relief, as well as monetary relief, without bond and without
prejudice to any other rights and remedies that the Company may have for a
breach of this Agreement.  Should the Company take actions to enforce
this Agreement due to my breach thereof, the Company shall be entitled to
recover its attorneys' fees, costs, and expenses from me.

      

          7.     
Not an Employment Contract

       

          I agree and
understand that nothing in this Agreement shall confer any right with respect to
continuation of my employment by the Company, nor shall it interfere in any way
with my right or the Company’s right to terminate my employment at any time,
with or without cause.

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

          8.    
General Provisions.

       

             (a)  Governing Law.  This
Agreement will be governed by and construed according to the laws of the State
of Colorado, excluding conflicts of laws principles.  I herby
expressly consent to the personal jurisdiction of the state and federal courts
located in Colorado for any lawsuit filed there against me by the Company
arising from or relating to this Agreement, or such other location as the
Company’s principal executive office may then be located.

       

             (b)  Severability.  If
one or more of the provisions in this Agreement are deemed unenforceable by law,
then the remaining provisions will continue in full force and
effect.  Moreover, if any restriction set forth in Sections 3 or 4
hereof is found by any court of competent jurisdiction to be unenforceable
because it extends for too long a period of time or over too great a range of
activities or in too broad a geographic area, it shall be interpreted to extend
only over the maximum period of time, range of activities or geographic area as
to which it may be enforceable.

       

             (c)  Benefit; Binding
Effect.  This Agreement will be binding upon my heirs,
executors, administrators and other legal representatives and will be for the
benefit of the Company, its successors and its assigns.

       

             (d)  Survival.  The
provisions of this Agreement shall survive the termination of my employment and
the assignment of this Agreement by the Company to any successor in interest or
other assignee.

       

             (e)  No Strict
Construction.  The language in this Agreement shall be deemed
to be the language jointly chosen by the Parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any
Party.

       

          I understand
that this agreement affects my rights to inventions I make during my employment,
and restricts my right to disclose or use the Company’s proprietary information
during or subsequent to my employment.

       

          I have read
this Agreement carefully and understand and agree to its terms.

       

       

      
        	
                Dated:

              	 	 	 
	June 22,
    2010	 	 
	 	 	 	 
	Name:	William E. Wood,
      III	 
	Address:	
                6560
      South Greenwood Plaza Boulevard

              	 
	
                Number
      400, Englewood, Colorado 80111

              	 
	 	 	 	 
	Signature:	/s/ William E. Wood,
      III	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

      

      
      

      
        

         

        
          	
                  Accepted
      and Agreed To:

                	 	 
	 	 	 	 
	By: 	/s/ Mike
      Cookson	 	 
	Name:	Mike
    Cookson	 	 
	Title:	Chief Operating
      Officer

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