Document:

Exhibit 10.4 

 

SILVER FALCON MINING, INC.

STOCK OPTION AGREEMENT

This STOCK OPTION AGREEMENT is made this ___ day of _____________, 200__ (the “Date of Grant”), between Silver Falcon Mining, Inc., hereinafter called the “Corporation,” and ______________________________, an employee of the Corporation, hereinafter called the “Employee.”

WHEREAS, the Board of Directors of the Corporation has adopted the Silver Falcon Mining, Inc. 2010 Stock Option Plan (the “Plan”), providing for the granting of Incentive Stock Options, as well as Nonstatutory Stock Options which are not intended to qualify as Incentive Stock Options, which Plan is administered by the Corporation’s Administrator (all terms used herein shall have the same meaning that they are defined to have in the Plan unless specified otherwise);

WHEREAS, the Administrator has determined that the Employee is a person eligible for a grant of an Incentive Stock Option under the Plan, and has hereby granted the Employee the following Incentive Stock Option.

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:

1.

Grant of Option.  The Corporation hereby irrevocably grants to the Employee the right and option, hereinafter called the “Option,” to purchase all or any part of an aggregate of __________________ common shares on the terms and conditions herein set forth.  The Option is hereby designated and intended to be treated, an Incentive Stock Option.

2.

Incorporation of Plan. The Plan, as amended from time to time in accordance with its terms, is incorporated herein by this reference.  To the extent that anything herein is inconsistent with the Plan, the terms of the Plan shall control.  Capitalized terms not otherwise defined herein shall have the meaning given them in the Plan.  The Employee acknowledges that he has been given a copy of the Plan.

3.

Exercise Price.  The exercise price of the Option is $___ per share.

4.

Term of Option.  This Option may not be exercised after ten (10) years from the Date of Grant.  The Option may terminate earlier as provided herein and the Plan.

5.

Exercise and Payment.  This Option may be exercised only by delivery of written notice of exercise to the Secretary of the Corporation specifying the number of shares as to which the Option is exercised, together will full payment of the purchase price in cash or personal check. 

6.

Vesting.  This Option may not be exercised before the ___ anniversary of the Date of Grant. 

7.

Transfer of Options.  This Option is not transferable, except by will or by the applicable laws of descent or distribution.

8.

Termination.  This Option may terminate prior to the term stated in Paragraph 4 herein in the event of the Employee's termination of employment with the Company or as a result of a change in control of the Company.  The terms under which this Option may terminate are set forth in the Plan, which is incorporated herein by reference. 

9.

Taxation.  The Employee acknowledges that he has been given a summary of income tax consequences of options. Furthermore, the Employee acknowledges that the Corporation has not undertaken to discuss the tax treatment of awards under the Plan in connection with a change in control.  Such treatment will depend on the terms of the transaction and the method of dealing with the awards in connection therewith.  It is strongly recommended that all award recipients consult their own tax advisors concerning the federal, state and local income and other tax considerations relating to such awards and rights thereunder.  This Option is intended to qualify as an Incentive Stock Option.  The Corporation makes no representations concerning such treatment, however, or the tax effect of this Option or the subsequent exercise thereof.

10.

Securities Laws.  No shares of common stock shall be issued upon exercise hereof unless such issuance is in compliance with any applicable state or federal securities laws.  The Employee is entitled to receive and review a copy of the Plan and the Corporation’s most recent financial statements, which are available for review in the office of the Secretary. 

			
	SILVER FALCON MINING, INC.

By: __________________________________

__________________, Chief Executive Officer

	 	EMPLOYEE: 

Signed: __________________________

Print Name: ______________________

SSN: _____________________________

Address: __________________________

__________________________________exh10_7.htm

 

 

 

 

Exhibit 10.7

Administrative Services Agreement

Amendment No. 1

This Amendment dated March 5, 2008 to the Administrative Services Agreement (the “Agreement”) originally dated August 1, 2004 by and between iVoice, Inc., a New Jersey corporation (“iVoice”) and SpeechSwitch, Inc., a New Jersey corporation (the “Company”).

WHEREAS, the parties have agreed to amend this Agreement.

NOW THEREFORE, in consideration of the foregoing premises and the respective promises and agreements of the parties set forth herein, the parties hereto agree as follows:

	
1.  

	
Effective on September 1, 2005, the Services Fee shall be revised to equal Four Thousand and Two Hundred and Twenty Dollars and Ninety-six Cents ($4,220.96).

	
2.  

	
The Services Fees as defined in Section 3 of this Agreement and that are earned, accrued and remain unpaid shall be aggregated and converted into a Convertible Promissory Note in substantially the form as set forth in Exhibit A herein.

	
3.  

	
All other terms and conditions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of date written below:

 

	 iVoice, Inc.  	 SpeechSwitch, Inc.
	 	 
	 By:     /s/ Jerome Mahoney 	 By:    /s/ Bruce Knef
	            Jerome Mahoney  	          Bruce Knef
	            President and   	          President and
	            Chief Executive Officer 	          Chief Executive Officerexh10_8.htm

 

 

 

Exhibit 10.8

March 5, 2008

CONVERTIBLE PROMISSORY NOTE

THEREFORE, FOR VALUE RECEIVED the undersigned, promises to pay to iVoice, Inc., the principal sum of Fifty Thousand Six Hundred and Fifty-one Dollars and Fifty-two Cents ($50,651.52), at the rate of prime plus 1 percent per annum on the unpaid balance until paid or until default, both principal and interest payable in lawful money of the United States of America, at iVoice, Inc. (the “iVoice”) 750 Highway 34, Matawan, New Jersey 07747, or at such place as the legal holder hereof may designate in writing.  It is understood and agreed that additional amounts may be advanced by the holder hereof as provided in the instruments, if any, securing this Note and such advances will be added to the principal of this Note and will accrue interest at the above specified rate of interest from the date of advance until paid.  Such advances may include Services Fees accrued pursuant to the Administrative Services Agreement, as amended (the “Agreement”) originally dated August 1, 2004 by and between iVoice, Inc., a New Jersey corporation (“iVoice”) and SpeechSwitch, Inc., a New Jersey corporation (the “Company”).  The principal and interest shall be due and payable as follows: (a) interest shall accrue monthly on the unpaid balance and shall be paid annually, and (b) principal shall be payable on demand.

Notwithstanding anything to the contrary herein, the Note holder may elect payment of the principal and/or interest, at the holder’s sole discretion, owed pursuant to this Note by requiring the Company  to issue to iVoice, or his assigns either: (i) one Class B common stock share of the Company par value $.01 per share, for each dollar owed, (ii) the number of Class A common stock shares of the Company calculated by dividing (x) the sum of the principal and interest that the Note holder has decided to  have paid by (y) eighty percent (80%) of the lowest issue price of Class A common stock since the first advance of funds under this Note, or (iii), payment of the principal of this Note, before any repayment of interest.  For purposes of determining the holding period of this Convertible Promissory Note under Rule 144 of the regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, Exhibit I attached herein shows the date that each monthly obligation pursuant to the Agreement became due and unpaid.  This Exhibit I shall be amended from time to time to reflect additional monthly advances made pursuant to the Agreement referenced above.

Unless otherwise provided, this Note may be prepaid in full or in part at any time without penalty or premium.  Partial prepayments shall be applied to installments due in reverse order of their maturity.

In the event of (a) default in payment of any installment of principal or interest hereof as the same becomes due and such default is not cured within ten (10) days from the due date, or (b) default under the terms of any instrument securing this Note, and such default is not cured within fifteen (15) days after written notice to maker, then in either such event the holder may, without further notice, declare the remainder of the principal sum, together with all interest accrued thereon, and the prepayment premium, if any, at once due and payable.  Failure to exercise this option shall not constitute a waiver of the right to exercise the same at any other time.  The unpaid principal of this Note and any part thereof, accrued interest and all other sums due under this Note shall bear interest at the rate of prime plus 2 percent per annum after default until paid.

 

 

  

  

  

 

All parties to this Note, including maker and any sureties, endorsers, or guarantors, hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest, and all other sums due under this Note, notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them.

Upon default, the holder of this Note may employ an attorney to enforce the holder's rights and remedies and the maker, principal, surety, guarantor and endorsers of this Note hereby agree to pay to the holder reasonable attorneys fees, plus all other reasonable expenses incurred by the holder in exercising any of the holder's right and remedies upon default.  The failure to exercise any such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any of them at another time.

This Note is to be governed and construed in accordance with the laws of the State of New Jersey.

IN TESTIMONY WHEREOF, each corporate maker has caused this instrument to be executed in its corporate name by its President, and its corporate seal to be hereto affixed, all by order of its Board of Directors first duly given, the day and year first written above:

SpeechSwitch, Inc.

By:           /s/ Bruce Knef

Bruce Knef

President and

Chief Executive Officer

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