Document:

Exhibit 10.1

 

CIBER, INC.

SALARY CONTINUATION RETIREMENT PLAN FOR

MAC J. SLINGERLEND

Third Revision – May, 2004

 

THIS PLAN is
adopted by CIBER, Inc., a Delaware corporation (the “Company”) , as of the
Effective Date, for the purpose of providing certain salary continuation
retirement benefits to MAC J. SLINGERLEND (the “Participant”).

 

1.             Definitions.  The following definitions apply to terms
used in this Plan:

 

1.1           “Annual Benefit Amount” means an
amount based on the Participant’s attained age when the Participant’s
employment with the Company terminates:

 

	
  Participant’s Age at

  Termination of Employment

  	
   

  	
  Benefit
  Amount

  
	
  57 or younger

  	
   

  	
  $

  	
  102,500

  
	
  58

  	
   

  	
  $

  	
  110,000

  
	
  59

  	
   

  	
  $

  	
  117,500

  
	
  60 or older

  	
   

  	
  $

  	
  125,000

  

 

1.2           “Beneficiary” means the beneficiary
determined under section 4 to receive any benefits under the Plan that become
payable after the death of the Participant.

 

1.3           “Benefit Commencement Date” means
the date on which the Participant attains the age of 60 years.

 

1.4           “Company” means CIBER, INC., a
Delaware corporation.

 

1.5           “Effective Date” means the date of
adoption of this Plan by the Company, which is indicated at the end of the Plan
document.

 

1.6           “Participant” means MAC J.
SLINGERLEND.

 

1.7           “Plan” means this CIBER, INC. Salary
Continuation Retirement Plan for Mac J. Slingerlend, as set forth in herein and
as may hereafter be amended from time to time.

 

 

1.8           “Spouse” means with respect to the
Participant, the person to whom the Participant is legally married, or to whom
he was legally married at the time of his death.  The term “spouse” specifically excludes a former spouse if the
marriage was terminated by divorce, annulment, or dissolution, rather than by
the death of one of the parties.

 

2.             Purposes.  The Participant is a valued employee of the Company.  The Company recognizes that the Participant
has performed his services with ability and distinction, and that the growth
and success of the Company’s business reflects and will reflect the services
rendered by the Participant.  To reward
and retain the services of the Participant, and to assist the Participant in
providing for the contingencies of retirement, the Company adopts this Plan to
provide certain salary continuation retirement benefits to the Participant or
the Participant’s Beneficiary.  The
Company and the Participant intend that: (a) this Plan is unfunded for tax
purposes and for purposes of Title I of the Employee Retirement Income Security
Act of 1974; (b) this Plan is maintained by the Company primarily for the
purpose of providing deferred compensation for the Participant; and (c) the
Participant is one of a select group of management or highly compensated
employees of the Company.

 

3.             Salary Continuation Benefits

 

3.1           Amount and Payment of Benefits.  Except as provided in section 3.2, the Company
shall pay salary continuation benefits as provided in this Plan.  The salary continuation benefits under this
Plan shall consist of annual payments based on Participant’s tenure (equal to
one year of payments for each full and partial year of employment, not to
exceed twenty years) of the Participant’s Annual Benefit Amount, payable on the
Benefit Commencement Date and each year thereafter on the anniversary of the
Benefit Commencement Date until the annual payment has been made; provided,
however, if Participant’s employment terminates subsequent to a Change of
Control of the Company, as determined pursuant to Participant’s then current 

 

2

 

Employment Agreement with the Company, then the Annual Benefit Amount
shall be 150% of the Benefit Amount listed at “60 or older” in Section 1.1.
above.  Further, if both the Participant
and the Beneficiary named pursuant to Section 4.1 below are deceased, the
Company shall make a lump sum payment in cash within ninety (90) days of the
death of the Participant or the Beneficiary, whichever is later, to the estate
of such decedent, such payment shall equal fifty percent (50%) of the present
value as calculated below in this Section, with such payment not exceeding $500,000.00.
The Company or Participant may, at any time after the Participant’s employment
has been terminated or at any time after the Benefit Commencement Date
(regardless of whether the Employee’s employment has been terminated), prepay
the benefits under this Plan by paying a lump sum, in cash, equal to the
present value of all remaining unpaid payments, calculated using a discount
rate of 8% per annum during 2004, 6% during 2005, 5.5% during 2006, and 5%
thereafter.  Upon such prepayment, the
Company shall have no further obligations under this Plan.

 

3.2           Forfeiture of Benefits on Termination for Cause.  If the Participant’s employment with the
Company is terminated for cause, either before or after the Benefit
Commencement Date, then any benefits not actually paid prior to the time of
termination shall be forfeited, and no further salary continuation benefits
shall be payable under this Plan.  For
this purpose, “cause” means (a) commission of a felony, or (b) fraud or
misappropriation or intentional material damage to the property or business of
the Company, provided that such “cause” shall have been found by a majority
vote of the members of the Board of Directors of the Company (other than the
Participant, if he is a member of the Board of Directors).

 

3.3           Recipient.  The salary continuation benefits under his Plan shall be paid as
follows:

 

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a.             All
payments that become payable during the Participant’s lifetime shall be paid to
the Participant.

 

b.             Any
payments that become payable following the Participant’s death shall be paid to
the Participant’s Beneficiary.

 

4.             Beneficiary.

 

4.1           Designation.  The Participant may from time to time designate a Beneficiary to
receive amounts that may become payable under this plan following the
Participant’s death.  The Participant
may at any time revoke or change any previous beneficiary designation.  Any beneficiary designation or any revocation
or change of a previous beneficiary designation shall be in writing, shall be
signed by the Participant, shall be effective only upon its actual receipt by
the Company, and shall be in the form of Exhibit A attached hereto.

 

4.2           No Designated beneficiary.  If there is no beneficiary designation in
effect for the Participant at the time when any amounts become payable to the
participant’s Beneficiary, or if the Beneficiary designated by the Participant
is not then living or in existence, then the Participant’s Beneficiary shall
be, and the payment(s) shall be made to:

 

a.             The Participant’s surviving Spouse, if
any;

 

b.             The
Participant has no surviving Spouse, then to the Participant’s personal
representative, to be distributed as a part of the Participant’s estate.

 

4.3           Withholding Benefits.  If the Company is in doubt as to the proper
Beneficiary to receive any payment under this plan, the Company may withhold
payment until the matter is finally adjudicated.

 

4.4           Incompetent Payee.  If the Participant or any Beneficiary is a
minor or otherwise legally incompetent, the Company may make payment to the
Participant’s or Beneficiary’s conservator or legal guardian or, in the sole
and absolute discretion of the Company, to the

 

4

 

Participant’s or Beneficiary’s parent or another relative of the
Beneficiary.  The receipt of a
conservator, guardian, parent or other relative to whom a payment is made under
this section shall be a complete discharge of the Company, and the Company
shall have obligation to see to the application of any payment so made.

 

4.5           Discharge of Company.  Any payment made by the Company in good
faith and in accordance with the provisions of this Plan shall fully discharge
the Company from all further obligations with respect to that payment.

 

5.             Relationship to Other Agreements.  This Plan does not constitute a contract of
employment between the Company and the Participant.  No provision of this Plan shall restrict the right of the Company
to discharge or terminate the Employment of the Participant, nor the right of
the Participant to terminate the Participant’s employment with the Company.

 

6.             Unfunded Plan.

 

6.1           Company’s Obligations.  The Company’s obligations under this Plan
shall be an unfunded and unsecured promise to make benefit payments in the
future.  The Company shall not, under
any circumstances, be obligated to fund its financial obligations under this
Plan, unless subject to Change of Control of the Company, the Participant
requests the Company (or successor to the Company) to do so, in which case the
Company will comply.

 

6.2           Rights of Participants and Beneficiaries.  In seeking to enforce payment of benefits
under this Plan, the Participant or the Participant’s Beneficiary shall have
the status and rights, but only the status and rights, of general unsecured creditors
of the Company.

 

6.3           No Rights in Specific Assets.  No assets held, or acquired in the future,
by the Company, shall be considered to be held or acquired in connection with
or as security for the liabilities of the Company pursuant to this Plan, and
shall not be deemed to be held under any trust for the benefit of the
Participants or their Beneficiaries, or be deemed security for the 

 

5

 

performance of the obligations of the Company under this plan, but
shall be and remain general, unpledged and unrestricted assets of the
Company.  The Participant hereby
acknowledges that the Participant’s participation in the acquisition of any
general asset for the Company shall not constitute a representation to the
Participant, the Participant’s Beneficiary, or any other person claiming
through the Participant, that any of them has any special or beneficial
interest in any general asset of the Company.

 

7.             Inalienability.  Except as specifically provided in this Plan
with respect to the Participant’s right to designate a Beneficiary, the
Participant’s right to benefits hereunder is personal to the Participant, and
neither the Participant nor the Participant’s Beneficiary shall have any right
to anticipate, sell, assign, mortgage, pledge, or otherwise dispose of or
encumber any of the benefits provided for under this Plan, nor shall such
benefits be liable for the debts or obligations of the Participant or the
Participant’s Beneficiary, or be subject to attachment, garnishment, execution,
creditors bill, or other legal or equitable process.

 

8.             Claims Procedure.  The following provisions are part of the
Plan and are intended to meet the requirements of the Employee Retirement
Income Security Act of 1974:

 

8.1           Named Fiduciary.  The “named Fiduciary” is the Company.

 

8.2           Unfunded
Plan.  This Plan is
unfunded.

 

8.3           Basis of Payment of Benefits.  The basis of payment of benefits under this
Plan is that the Company shall pay the benefits out of its general assets, in
accordance with the terms of this plan.

 

8.4           Claims Procedure.

 

a.             Claim. 
A person who believes that he or she is being denied a claim for
benefits to which he or she is entitled under this Plan (a “Claimant”) may file
a written request

 

6

 

for such benefits to with the Company, setting forth the claim.  The request must be addressed to the
President of the Company at the Company’s then principal place of business.

 

b.             Decision on a Claim.  If a claim is denied, the President shall
deliver a written explanation to the Claimant, setting forth: (a) the specific
reason or reasons for the denial; (b) references to the pertinent provisions of
this Plan on which the denial is based; (c) a description of any additional material
or information necessary for the Claimant to perfect the claim and an
explanation of why that material or information is necessary; (d) appropriate
information as to the steps to be taken if the Claimant wishes to submit the
claim for review; and (e) the time limit for requesting a review of the claim
under section 8.4.c.  The written
explanation shall be delivered to the Claimant within 90 days after receipt of
the claim by the Company.

 

c.             Review of a Denied Claim.  A Claimant shall have 60 days following
receipt of the denial of a claim to request a review of the denial.  A request for review shall be in writing and
addressed to the President at the Company’s then principal place of business.  The Claimant may submit pertinent documents
and written issues and comments.  The
President shall review the denial of the claim, and shall furnish the Claimant
with a decision on review within 60 days after receipt of the Claimant’s
request for review.  The decision on
review shall be in writing, shall be written in a manner calculated to be
understood by the Claimant, and shall include specific reasons for the decision
and specific references to the pertinent provisions of this Plan on which the
decision is based.

 

9.             Miscellaneous.

 

9.1           Amendment or Termination.  This Plan may be amended or terminated only
in a written instrument signed by both the Company and the Participant.

 

7

 

9.2           Inurement.            The terms of this Plan shall be binding
upon, and shall inure to the benefit of, the Company, the Participant, the
Participant’s Beneficiary, and their respective heirs, personal
representatives, successors, and permitted assigns.

 

9.3           Governing Law.  This Plan shall be governed by and construed
in accordance with the laws of the State of Colorado.

 

IN WITNESS WHEREOF, the Company has adopted this Plan effective as of
the date indicated below.

 

	
   

  	
  “Company”

  
	
   

  	
   

  
	
   

  	
  CIBER, Inc., a Delaware corporation

  
	
  Effective date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  May 18, 2004

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Bobby G. Stevenson

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title: Chairman of the Board of Directors

  

 

8EXHIBIT 10.1

                          NEWMAN, POLLOCK & KLEIN, LLP
                             ATTORNEYS & COUNSELORS

                             2101 NW Corporate Blvd.
                                    Suite 414
                            Boca Raton, Florida 33431
                             http://www.npk-law.com
TELEPHONE:  561-997-9920                                     FAX:  561-241-4943

IRWIN J NEWMAN
KENNETH S. POLLOCK
JEFFREY G. KLEIN

July 27, 2004

Richard Linz
United Global Technologies, Inc.
1489 West Palmetto Park Road
Suite 400
Boca Raton, FL 33486

                                LETTER OF INTENT
                                ----------------

Dear Mr. Linz

         The purpose of this letter is clarify a proposed agreement between
TrimFast and United Global whereby upon closing of the transaction United Global
will become a wholly owned subsidiary of TrimFast. When executed by both
parties, it shall become legally binding on each and supercedes the terms and
conditions set forth in a prior Letter of Understanding dated June 22, 2004.

         If the following terms and conditions reflect your understanding of the
proposed transaction, please sign a copy of this letter and return it to us by
facsimile transmission followed by hard copy, whereupon this letter will
constitute a binding agreement by each of the undersigned to use our best
efforts to effect the contemplated transaction at the earliest practicable time,
subject to due diligence review and good faith negotiations by our respective
representatives. It will also constitute a direction to Jeffrey Klein, Esquire,
as legal counsel to TrimFast ("Mr. Klein"), and legal counsel designated by
United Global and its securities holders to immediately commence preparation of
required documentation, including, without limitation, an acquisition agreement
(the "Acquisition Agreement") and employment or consulting agreements for all
United Global executive officers who do not currently have such agreements and
who are deemed essential by TrimFast (generically hereinafter referred to as the
"Employment Agreements"). All professional fees incurred by the respective
parties shall be the responsibility of United Global who has

<PAGE>

paid an initial non-refundable fee of $2,000 to cover the initial costs of
preparing the required documentation. All other legal fees incurred by TrimFast
in connection with the execution of this Agreement shall be payable by Global on
execution of the Acquisition Agreement. In addition, upon execution of the
Acquisition Agreement, United Global shall be required to reimburse TrimFast for
due diligence work conducted by Ken Hilowitz, TrimFast's chief financial
officer.

         It is anticipated that Mr. Klein will prepare the initial drafts of the
Acquisition Agreement and the Employment Agreements and that legal counsel
designated by United Global and the United Global securities holders will review
them and propose required modifications, if any (the foregoing agreements, all
exhibits required therefore and all instruments, certificates, resolutions,
opinions, etc. called for thereby being hereinafter collectively referred to as
the "Agreements" or generically as an "Agreement").

         Upon presentation of drafts of the Agreements, United Global will
review them with its legal counsel and other advisors, whereupon we will all use
our best efforts to promptly negotiate acceptable revisions thereto, provided
that, with reference to any comments on the Agreements, the commenting party
must propose specifically worded alternatives which, if accepted by the other
party, will constitute the Agreement or Agreements to be used for purposes of
the proposed transaction, subject to satisfactory due diligence reviews.

         United Global agrees to provide TrimFast with completed independent
audits of its financial statements for the six months ended June 30, 2004 or
such other date as mutually agreed upon between the parties. If under SEC
accounting rules, there is a predecessor entity, United Global will provide
audited financial statements for the predecessor entity for the fiscal year
ended December 31, 2003, and with reviewed quarterly financial statements for
all quarters ended during the interim between January 1, 2004 and the closing on
the proposed acquisition (collectively hereinafter referred to as the "Audits").
All such financial statements will comply with the audit requirements of
Regulation SB promulgated by the United States Securities and Exchange
Commission (the "Commission"). The parties further agree to use their best
efforts to complete the related due diligence review in time to permit them to
sign the Acquisition Agreement on or about August 7, 2004, with closing to take
place as soon after August 10, 2004 as is practicable, and as specified in the
Acquisition Agreement, it being agreed and understood that closing will not take
place until United Global delivers audited financial statements to TrimFast.

         A party may withdraw from this Letter Agreement if due diligence
reveals the inaccuracy of any material representations, or if United Global is
unable to comply with the requirements of Regulation SB and the parties are
unable, after reasonable efforts, to obtain Commission consent to an exemption
from such requirements for all purposes pertaining to TrimFast's reporting
obligations under the Exchange Act.

<PAGE>

OUTLINE OF PROPOSED TRANSACTIONS

1. A. United Global and its affiliates (if applicable) will consolidate all
current related business enterprises permitting consolidation of their financial
statements pursuant to generally accepted accounting principles, consistently
applied ("GAAP"), the resulting consolidated entity being hereinafter referred
to as "United Global".

         B. At closing, United Global will have no related party loans.

2. The proposed acquisition is subject to the condition precedent that all
material executive officers and directors for United Global. will have entered
into Employment Agreements with United Global on terms satisfactory to TrimFast.

3. The following proposals assume that at closing on the proposed transaction,
TrimFast will have approximately 23 million shares of common stock issued and
outstanding.

         A. Subject to the foregoing, TrimFast would acquire all of the issued
and outstanding shares of common stock of United Global in a transaction which
will be structured as a tax-free exchange. The United Global shareholders will
at closing be issued 13 million shares of TrimFast common stock.

         B. The securities will be issued without registration under federal or
state securities laws in reliance on available exemptions from registration
requirements provided under Sections 3(b), 4(1), 4(2) or 4(6) of the Securities
Act of 1933, as amended (the "Securities Act") or regulations promulgated
thereunder (e.g., Regulation D), and under comparable state law exemptions in
the jurisdictions where the subscribers reside. The securities will contain an
appropriate restrictive legend.

4. The parties agree that the terms of the proposed transaction will be kept
confidential during the pendency of the negotiations called for hereby.

         B. Notwithstanding the foregoing, TrimFast will comply with their
obligations to publicly disseminate information concerning this Agreement in
filings with the Securities and Exchange Commission. .

         C. (1) In conjunction with the foregoing, United Global have been and
will be provided with information concerning TrimFast that constitutes material
inside information, as defined for purposes of Sections 20A and 21A of the
Exchange Act ("Inside Information").

            (2) Such Inside Information was or will be provided in conjunction
with pending negotiations and pursuant to TrimFast's obligations under the
Securities Act and the Exchange Act, to provide full and complete disclosure.

<PAGE>

            (3) Such Inside Information may not be disclosed to anyone
other than pursuant to compulsory legal process or with the prior written
consent of TrimFast, until after such information has been publicly
disseminated.

            (4) The United Global parties acknowledge that improper
disclosure of such Inside Information constitutes a violation of the civil and
criminal provisions of Sections 20A and 21A of the Exchange Act.

(5) United Global further acknowledge that during the pendency of negotiations,
no one who is made privy to such Inside Information should engage in any
transactions involving publicly traded TrimFast securities.

(6) United Global also understands that this letter of intent may will be filed
with the Securities and Exchange in Commission, and that the information
contained herein is based, in part, on information provided by United Global to
TrimFast.

7. The parties further agree that prior to closing and as part of the due
diligence process:

         A. They will provide each other with complete copies of each other's
articles of incorporation, by-laws and corporate minutes; of each other's
current list of shareholders, showing the amount of shares owned by each
shareholder; and a list of their current officers and directors showing any
shares or options owned.

         B. TrimFast will provide United Global with a list of any market makers
in TrimFast stock, and with a listing and related information concerning all
"restricted and free trading stock" held.

         C. Each party's ongoing business activities (including but not limited
to existing contractual obligations, employment contracts and employment-related
benefits, independent contractor agreements, and leases) are subject to review
and approval by the other party.

         Each party understands, of course, that this letter constitutes a
binding agreement with respect to the transaction contemplated herein only to
the extent set forth in this letter. Other than as set forth herein, each party
will only be bound by the Acquisition Agreement and the other transaction
agreements and documents concluded at the closing containing terms and
conditions mutually satisfactory to both of us.

<PAGE>

         Please indicate your concurrence with the foregoing by signing a copy
of this letter or transmission, in the space indicated, and thereafter
transmitting such executed copy in the manner heretofore described.

Very truly yours,

/s/ Jeffrey Klein
------------------------
Jeffrey G. Klein

Agreed and Accepted:

TrimFast Group, Inc.

/s/ Michael Magno
-------------------------
BY: Michael Magno, president

United Global Technologies Inc.

/s/ Richard Linz
-----------------------------
BY:

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