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Exhibit 10.4  

 
 

LIGHTSPACE CORPORATION
  
    INCENTIVE STOCK OPTION AGREEMENT
  Number—
  
    Under the 2005 Equity Incentive Plan    
    

        LIGHTSPACE CORPORATION (the "Company"), a Delaware corporation, hereby grants, effective as
of                        ,            (the "Effective Date"), to
                        (the "Optionee") the right and option (the "Option") to purchase up
to                        shares of its Common Stock, $.0001 par value (the "Shares"), at a price of
$                        per
share, subject to the following terms and conditions. 

        1.     Relationship to Plan.    The Option is granted pursuant to the Company's 2005 Stock Incentive Plan (the "Plan"),
and is in all respects subject to the terms and conditions of the Plan, a copy of which has been provided to the Optionee (the receipt of which the Optionee hereby acknowledges). Capitalized terms
used and not otherwise defined in this Agreement are used as defined in the Plan. The Optionee hereby accepts the Option subject to all the terms and provisions of the Plan (including without
limitation provisions relating to expiration and termination of the Option and adjustment of the number of shares subject to the Option and the exercise price therefor). The Optionee further agrees
that all decisions under and interpretations of the Plan by the Company shall be final, binding, and conclusive upon the Optionee and his or her successors, permitted assigns, heirs, and legal
representatives. 

        2.     Exercise.    The Option shall become exercisable only as follows,  provided, in each case, that the Optionee
continues to be employed by the Company or a Subsidiary (as defined in the Plan) of the Company on each
applicable date: 

	Date
	 	Number or Percentage of Shares for

which Option Becomes Exercisable

	 	 	 
	
	 	

	
	 	

	
	 	

	
	 	

	
	 	

        As
a condition precedent to any exercise of this option, the Optionee shall deliver to the Company a stock purchase agreement in a form and substance satisfactory to Company's counsel
which shall contain, among other matters, a statement in writing that the option is being exercised with a view to invest in, and not with a view to the disposition of, the shares for which the option
is then being exercised; that the Optionee or his/her financial advisors have fully investigated the Company's financial condition; and that the optionee believes that the nature and amount of the
shares being purchased are consistent with his/her investment objectives and resources. The conditions imposed by this paragraph and any investment representations made pursuant to this paragraph
shall be inoperative when there is an effective registration statement under the Securities Act of 1933 covering the stock. 

        The
granting or exercise of this option shall not impose upon the Company any obligation to employ or to continue to imploy the Optionee, and the right of the Company to terminate the
employment of the Optionee shall not be diminished or affected by reason of the fact that this option has been granted to, or exercised by, the Optionee. 

 

        3.     Termination of Option.    The Option shall terminate on the earlier of (a)
                         ,
20    , and (b) if the Optionee's employment with the Company terminates for any reason, the applicable date determined from the following table: 

	 
	 	Reason for Termination of Employment
	 	Option Termination Date

	(i)	 	Death of employee	 	Twelve months thereafter
	

(ii)	
 	

Total and permanent disability of employee (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended)	
 	

Twelve months thereafter
	

(iii)	
 	

Termination of employment for any other reason	
 	

Thirty days thereafter

        Military
or sick leave shall not be deemed a termination of employment provided that it does not exceed the longer of 90 days or the period during which the absent employee's
reemployment rights are guaranteed by statute or by contract. 

        This
option shall be void and terminated if the Optionee's employment with the Company is terminated for "cause". As used in this paragraph, "cause" shall mean (a) any material
breach by the Optionee of any agreement to which the Optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the Optionee which may have a material
and adverse effect on the Company's business or on the Optionee's ability to perform services for the Compnay, including, without limitation, the commission of any crime (other than ordinary traffic
violations), or (c) any material misconduct or material neglect of duties by the Optionee in connection with the business or affairs of the Company. 

        4.     "Lock-Up" Agreement.    The Optionee agrees that upon the Company's request at any time, whether
before or after the exercise of the Option, the Optionee shall enter into an agreement pursuant to which, if the Company deems it necessary or desirable to make any public offering of shares of Common
Stock, then without the prior written consent of the Company or the managing underwriter, if any, of any such offering, the Optionee shall not sell, make any short sale of, loan, grant any option for
the purchase of, pledge, or otherwise encumber or otherwise dispose of any shares of Common Stock issued or issuable pursuant to the Option, during such period (not to exceed 210 days)
commencing 30 days prior to the effective date of the registration statement relating to such offering as the Company may request. 

        5.     Right of First Refusal.    The Optionee shall not sell or otherwise transfer, by gift or otherwise, all or any
part of the Shares except in compliance with the terms of this Agreement. If the Optionee desires to sell or otherwise transfer any of his Shares, or any interest therein, whether voluntarily or by
operation of law, to any person or entity, the Optionee shall first deliver written notice of his desire to do so (the "Notice") to the Company. The Notice must specify: (i) the name and
address of the party to which the Optionee proposes to sell or otherwise transfer the Shares or an interest in the Shares (the "Proposed Transferee"), (ii) the number of Shares the Optionee
proposes to sell or otherwise transfer (the "Offered Shares"), (iii) the consideration per share to be delivered to the Optionee for the proposed sale or transfer (the "Offer Price"), and
(iv) all of the material terms and conditions of the proposed transaction, which must be a bona fide transaction. The Company shall have the right to purchase all or any part of the Offered
Shares and such right shall be exercisable within thirty (30) days of receipt of the Notice by acceptance of all of the terms of the Notice. If the Company does not elect to purchase all of the
Offered Shares, the Optionee shall be free to sell that portion of the Offered Shares which the Company did not elect to purchase to the Proposed Transferee pursuant to the terms set forth in the
Notice. If the Company does elect to purchase all or any part of the Offered Shares, the closing of such purchase and sale shall take place at the date specified in the Company's written notice, such
date to be no later than thirty (30) days after the date of such notice. The Company shall have the right to assign its rights under this Section 5 to one or more persons. 

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        6.     Methods of Exercise.    The Option shall be exercisable only by a written notice in form and substance
acceptable to the Company, specifying the number of shares to be purchased and accompanied by payment in cash of the aggregate purchase price for the shares for which the Option is being exercised. 

        7.     Characterization of Option for Tax Purposes.    Although the Option is intended to qualify as an "incentive
stock option" under the Internal Revenue Code of 1986, as amended, the Company makes no representation or warranty as to the tax treatment to the Optionee upon receipt or exercise of the Option or
sale or other disposition of the shares covered by the Option. In addition, options granted to the Optionee under the Plan and any and all other plans of the Company and its affiliates shall not be
treated as incentive stock options for tax purposes to the extent that options covering in excess of $100,000 of stock (based upon fair market value of the stock as of the respective dates of grant of
such options) become exercisable in any calendar year; and such options shall be subject to different tax treatment (including the possibility of income tax withholding in accordance with the Plan). 

        8.     Compliance with Laws.    The obligations of the Company to sell and deliver Shares upon exercise of the Option
are subject to all applicable laws, rules, and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by government agencies as may be deemed
necessary or appropriate by the Board or the relevant committee of the Board. If so required by the Board or such committee, no shares shall be delivered upon the exercise of the Option until the
Optionee has given the Company a satisfactory written statement that he is purchasing such shares for investment, and not with a view to the sale or distribution of any such shares, and with respect
to such other matters as the Board may deem advisable in order to assure compliance with applicable securities laws. All shares issued upon exercise of the Option shall bear appropriate restrictive
legends. 

        9.     General.    The Optionee may not transfer, assign, or encumber any of his or her rights under this Agreement,
and any attempt to do so shall be void. This Agreement shall be governed by and interpreted and construed in accordance with the internal laws of the State of Delaware (without reference to principles
of conflicts or choice of law). The captions of the sections of this Agreement are for reference only and shall not affect the interpretation or construction of this Agreement. This Agreement shall
bind and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, devisees, and legal representatives. 

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        IN WITNESS WHEREOF, the Company and the Optionee have executed and delivered this Agreement as an agreement under seal as of the Effective
Date. 

	 	 	LIGHTSPACE CORPORATION
	

 	
 	

 Signature:
	

 	
 	

 Name:
	

 	
 	

 Title:
	

 	
 	
OPTIONEE
	

 	
 	

 Name:
	

 	
 	

 Street Address:
	

 	
 	

 City, State ZIP:
	

 	
 	

 Social Security Number:

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LIGHTSPACE CORPORATION INCENTIVE STOCK OPTION AGREEMENT Number— Under the 2005 Equity Incentive PlanExhibit 10.5  

March    ,
2006 

Griffin
Securities, Inc.

17 State Street

New York, NY 10004 

	Re:
	Lightspace
Corporation 

Ladies
and Gentlemen: 

        The
undersigned is an owner of record or beneficially of shares of common stock ("Common Stock") of Lightspace Corporation (the "Company") or securities convertible into or exchangeable
or exercisable for Common Stock. 

        The
undersigned is aware that the Company proposes to carry out a registered offering of Common Stock and warrants ("Warrants") to purchase Common Stock (the "Offering") for which you
will act as underwriter on a best-effort basis. The undersigned recognizes that the Offering will be of benefit to the undersigned and the Company by, among other things, raising
additional capital for the Company's operations. The undersigned acknowledges that you are relying on the representations and agreements of the undersigned contained in this letter in carrying out the
Offering. 

        In
consideration of the foregoing, the undersigned hereby agrees that the undersigned will not (and will cause any spouse or minor child or other immediate family member of the
undersigned or spouse living in the undersigned's household not to), without your prior written consent (which consent may be granted or withheld in your sole discretion on a case by case basis),
directly or indirectly, sell, offer, contract or grant any option or right to sell (including without limitation any short sale), pledge, transfer, or otherwise dispose of any shares of Common Stock,
options or warrants to acquire shares of Common Stock, or securities convertible into or exchangeable or exercisable for shares of Common Stock currently or hereafter owned either of record or
beneficially (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) by the undersigned (or such spouse, minor child or family member), or publicly announce
an intention to do any of the foregoing, for a period commencing on the date hereof and continuing for a period of 12 months following the effective date of a registration statement filed under
the Securities Act of 1933, as amended, with respect to the Offering, including the shares of Common Stock issuable up exercise of Warrants. The undersigned consents to the entry of stop transfer
instructions with the Company's transfer agent and registrar against the transfer of shares of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock held by the
undersigned (or such spouse, minor child or family member) except in compliance with the foregoing restrictions. 

 

        This
agreement is irrevocable and will be binding on the undersigned and the respective successors, heirs, personal representatives, and assigns of the undersigned. 

	
 Printed Name of Holder	 	 
	

By:	

 	
 	

 
	 	
	 	 
	 	 	 	 
	

 Printed Name of Person Signing

(indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity)	
 	

 

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