Document:

vivakor_8k-ex1008.htm

    
      Exhibit
10.8

      

      THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE
U.S. SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN
JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED
PURSUANT TO THE RELEVANT PROVISIONS OF U.S. FEDERAL AND STATE OR APPLICABLE
FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S.
FEDERAL AND STATE OR APPLICABLE FOREIGN SECURITIES LAWS IS NOT
REQUIRED.

       

       

      VIVAKOR,
INC.

      2008
INCENTIVE PLAN

      NOTICE OF
NONSTATUTORY STOCK OPTION GRANT

       

      VIVAKOR,
INC. (the “Company”) hereby grants you the following Option to purchase
shares of its common stock (“Shares”).  The terms and conditions of
this Option are set forth in the Stock Option Agreement (“Stock Option
Agreement”) that follows and the VIVAKOR,
INC. 2008 Incentive Plan (the “Plan”), both of which are attached to and
made a part of this document.  This page is meant to be a cover page
for informational purposes only, in the event any of the terms hereon are in
conflict with the Stock Option Agreement and/or the Plan, the terms of the Stock
Option Agreement and/or the Plan shall supersede the information on this
page.

       

      
        	
                Date
      of Grant:

              	
                October
      1, 2009

              
	 	 
	
                Name
      of Optionee:

              	
                John
      Gryga

              
	 	 
	
                Number
      of Option Shares:

              	
                250,000

              
	 	 
	
                Exercise
      Price per Share:

              	
                $
      0.44

              
	 	 
	
                Vesting
      Start Date:

              	
                October
      1, 2009

              
	 	 
	
                Type
      of Option:

              	
                o  
      Incentive Stock Option

              	
                x   Nonstatutory Stock Option

              
	 	 	 
	
                Vesting
      Schedule:

              	
                The
      option shares shall vest on a quarterly basis over 8 (eight) quarters at a
      rate of 31,250 shares per quarter.  The first vesting date shall
      be December 31, 2009.

              
	 	 
	
                Payment
      Forms:

              	
                By
      cash, cash equivalents, or Shares owned by the Optionee for at least six
      months, and if the Company’s Shares become publicly traded, by “cashless”
      exercise, as set forth in the Stock Option
  Agreement.

              

      

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      VIVAKOR, INC.

      

      NONSTATUTORY  STOCK  OPTION
AGREEMENT

      

      Optionee: John
Gryga

      

      
        	
                 
      

              	
                1.

              	
                Grant
      of Stock Option. As of the Date of Grant
      (identified in Section 19 below), Vivakor, Inc., a Nevada
      corporation (the “Company”), hereby grants
      a Nonstatutory Stock Option (the “Option”) to the Optionee
      (identified above), a director of the Company, to purchase the number of
      shares of the Company’s common stock, $0.001 par value per share (the
      “Common Stock”),
      identified in Section 19 below (the “Shares”), subject to the
      terms and conditions of this agreement (the “Stock Option Agreement”) and the
      Company’s 2008 Incentive Plan effective February 1, 2008 (the “Plan”), which is hereby
      incorporated herein in its entirety by reference. The Shares, when issued
      to the Optionee upon the exercise of the Option, shall be fully paid and
      nonassessable. The Option is not an
      “incentive stock option” as defined in Section 422 of the Internal
      Revenue Code.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Definitions.
      All capitalized terms used herein shall have the meanings set forth in the
      Plan unless otherwise specifically provided herein. Section 19 below
      sets forth meanings for various capitalized terms used in this
      Agreement.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Option
      Term. The Option shall commence on the Date of Grant (identified in
      Section 19 below) and terminate on the date immediately prior to the
      tenth (10th)
      anniversary of the Date of Grant. The period during which the Option is in
      effect and may be exercised is referred to herein as the “Option
      Period.”

              

      

      

      
        	
                 
      

              	
                4.

              	
                Option
      Price. The Option Price per Share is identified in Section 19
      below.

              

 

      
        	
                 
      

              	
                5.

              	
                Vesting.
      The total number of Shares subject to this Option shall vest in accordance
      with the Vesting Schedule
      (identified in Section 19 below). The Shares may be purchased
      at any time after they become vested, in whole or in part, during the
      Option Period; provided, however, the Option may only be exercisable to
      acquire whole Shares. The right of exercise provided herein shall be
      cumulative so that if the Option is not exercised to the maximum extent
      permissible after vesting, the vested portion of the Option shall be
      exercisable, in whole or in part, at any time during the Option
      Period.

              

      

      

      
        	
                 
      

              	
                6.

              	
                Method
      of Exercise. The Option is exercisable by delivery of a written
      notice (a form of which is attached hereto) to the attention of the Chief
      Financial Officer of the Company at the address for notices to the Company
      provided below, signed by the Optionee, specifying the number of Shares to
      be acquired on, and the effective date of, such exercise. The Optionee may
      withdraw notice of exercise of this Option, in writing, at any time prior
      to the close of business on the business day preceding the proposed
      exercise date.

              

      

      

      
        	
                 
      

              	
                7.

              	
                Method of Payment. The
      Option Price upon exercise of the Option shall be payable to the Company
      in full either: (i) in cash or its equivalent, or (ii) subject
      to prior approval by the Board of Directors or the Compensation Committee
      in its discretion, by tendering previously acquired Shares having an
      aggregate Fair Market Value (as defined in the Plan) at the time of
      exercise equal to the total Option Price (provided that the Shares must
      have been held by the Optionee for at least six (6) months prior to
      their tender to satisfy the Option Price), or (iii) subject to prior
      approval by the Board of Directors or the Compensation Committee in its
      discretion, by withholding Shares which otherwise would be acquired on
      exercise having an aggregate Fair Market Value at the time of exercise
      equal to the total Option Price (as determined pursuant to
      Section 2.3 of the Plan), or (iv) subject to prior approval by
      the Board of Directors or the Compensation Committee in its discretion, by
      a combination of (i), (ii), and (iii) above. Any payment in shares of
      Common Stock shall be effected by the delivery of such shares to the Chief
      Financial Officer of the Company, duly endorsed in blank or accompanied by
      stock powers duly executed in blank, together with any other documents as
      the Chief Financial Officer may require. If the payment of the Option
      Price is remitted partly in Shares, the balance of the payment of the
      Option Price shall be paid in either cash, certified check, bank cashiers’
      check, or by wire transfer.

              

      

      

      The Board
of Directors or the Compensation Committee, in its discretion, may allow
(i) a “cashless exercise” as permitted under Federal Reserve Board’s
Regulation T, 12 CFR Part 220 (or its successor), and subject to
applicable securities law restrictions and tax withholdings, or (ii) any
other means of exercise which the Board of Directors or the Compensation
Committee, in its discretion, determines to be consistent with the Plan’s
purpose and applicable law.

      

      As soon
as practicable after receipt of a written notification of exercise and full
payment, the Company shall deliver to or on behalf of the Optionee, in the name
of the Optionee or other appropriate recipient, Share certificates for the
number of Shares purchased under the Option. Such delivery shall be effected for
all purposes when a stock transfer agent of the Company shall have deposited
such certificates in the United States mail, addressed to Optionee or other
appropriate recipient.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                8.

              	
                Restrictions
      on Exercise. The Option may not be exercised if the issuance of
      such Shares or the method of payment of the consideration for such Shares
      would constitute a violation of any applicable federal or state securities
      or other laws or regulations, including any such laws or regulations or
      Company policies respecting blackout periods, or any rules or regulations
      of any stock exchange on which the Common Stock may be
    listed.

              

      

      

      
        	
                 
      

              	
                9.

              	
                Termination
      of Employment. Voluntary or involuntary termination of Employment
      and the death or Disability of Optionee shall affect Optionee’s rights
      under the Option as follows:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                Termination for
      Cause. The vested and non-vested portions of the Option shall
      expire on 12:01 am. (Pacific Time) on the date of termination of
      Employment and shall not be exercisable to any extent if Optionee’s
      Employment with the Company is terminated for Cause (as defined in the
      Plan at the time of such termination of
  Employment).

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Other Involuntary
      Termination or Voluntary Termination. If Optionee’s Employment with
      the Company is terminated for any reason other than for Cause, retirement,
      death or Disability (as defined in the Plan at the time of termination of
      Employment), then (i) the non-vested portion of the Option shall
      immediately expire on the termination date (ii) the vested portion of
      the Option shall expire to the extent not exercised within three
      (3) months after the date of such termination of Employment. In no
      event may the Option be exercised by anyone after the earlier of
      (A) the expiration of the Option Period or (B) three
      (3) months after termination of
Employment.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                Death or
      Disability. If Optionee’s Employment with the Company is terminated
      by death or Disability, then the vesting of the Option will be accelerated
      and the entire Option shall be 100% vested on the date of termination of
      Employment and shall expire 365 calendar days after the date of such
      termination of Employment to the extent not exercised by Optionee or, in
      the case of death, by the person or persons to whom Optionee’s rights
      under the Option have passed by will or by the laws of descent and
      distribution or, in the case of Disability, by Optionee’s legal
      representative. In no event may the Option be exercised by anyone after
      the earlier of (i) the expiration of the Option Period or (ii) 365
      days after Optionee’s death or termination of Employment due to
      Disability.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                Retirement. In
      the event of termination due to retirement, the vested portion of the
      Option shall expire on the earlier of (i) the Option Period or
      (ii) three (3) months after the date of retirement, and the unvested
      portion of the Option shall expire.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                Change of
      Control. In the event of a “Change in Control” of the Company (as
      defined below) the vesting of the Option will be accelerated and the
      entire Option shall be 100% vested as of the date immediately preceding a
      Change in Control and the Option may be accelerated and the Option shall
      otherwise be affected as provided in the Plan at such time. For the
      purposes of this Agreement, a “Change in Control” of the Company shall
      include any event as defined in the Plan, and the Board has determined
      that pursuant to Section 6.7(f) of the Plan, a “Change in Control” of
      the Company shall also include any other event that constitutes a “Change
      in Control” of the Company as defined in the Optionee’s Termination
      Agreement with the Company.

              

      

      

      
        	
                 
      

              	
                10.

              	
                Non-Qualification
      as an Incentive Stock Option. The Optionee
      understands that the Option is not intended to qualify as an “incentive
      stock option” within the meaning of Section 422 of the Code. The
      Optionee further understands and agrees, that neither the Company nor the
      Board of Directors or the Compensation Committee shall be liable or
      responsible for any additional tax liability incurred by the Optionee
      because this Option is not an “incentive stock option” within the meaning
      of the Code.

              

      

      

      
        	
                 
      

              	
                11.

              	
                Independent
      Legal and Tax Advice. Optionee acknowledges that the Company has
      advised Optionee to obtain independent legal and tax advice regarding the
      grant and exercise of the Option and the disposition of any Shares
      acquired thereby.

              

      

      

      
        	
                 
      

              	
                12.

              	
                Reorganization
      of Company. The existence of the Option shall not affect in any way
      the right or power of the Company or its stockholders to make or authorize
      any or all adjustments, recapitalizations, reorganizations or other
      changes in Company’s capital structure or its business, or any merger or
      consolidation of the Company, or any issue of bonds, debentures, preferred
      or prior preference stock ahead of or affecting the Shares or the rights
      thereof, or the dissolution or liquidation of the Company, or any sale or
      transfer of all or any part of its assets or business, or any other
      corporate act or proceeding, whether of a similar character or
      otherwise.

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                13.

              	
                Adjustment
      of Shares. In the event of stock dividends, spin-offs of assets or
      other extraordinary dividends, stock splits, combinations of shares,
      recapitalizations, mergers, consolidations, reorganizations, liquidations,
      issuances of rights or warrants and similar transactions or events
      involving Company, appropriate adjustments shall be made to the terms and
      provisions of this Option as provided in the
  Plan.

              

      

      

      
        	
                 
      

              	
                14.

              	
                No
      Rights in Shares. Optionee shall have no rights as a stockholder in
      respect of the Shares until the Optionee becomes the record holder of such
      Shares.

              

      

      

      
        	
                 
      

              	
                15.

              	
                Investment
      Representation. Optionee will enter into such written
      representations, warranties and agreements as Company may reasonably
      request in order to comply with any federal or state securities law.
      Moreover, any stock certificate for any Shares issued to Optionee
      hereunder may contain a legend restricting their transferability as
      determined by the Company in its discretion. Optionee agrees that Company
      shall not be obligated to take any affirmative action in order to cause
      the issuance or transfer of Shares hereunder to comply with any law, rule
      or regulation that applies to the Shares subject to the
      Option.

              

 

      
        	
                 
      

              	
                16.

              	
                No
      Guarantee of Employment. The Option shall not
      confer upon Optionee any right to continued Employment with the Company or
      any subsidiary or affiliate
thereof.

              

      

      

      
        	
                 
      

              	
                17.

              	
                Withholding
      of Taxes. This Option is subject to and the Company shall have the
      right to take any action as may be necessary or appropriate to satisfy any
      federal, state, or local tax withholding obligations, including at the
      Board of Directors or the Compensation Committee’s discretion, to make
      deductions from the number of Shares otherwise deliverable upon exercise
      of the Option in an amount sufficient to satisfy withholding of any
      federal, state or local taxes required by
law.

              

      

      

      
        	
                 
      

              	
                18.

              	
                General.

              

      

      

      
        	
                 
      

              	
                (a)

              	
                Notices. All
      notices under this Agreement shall be mailed or delivered by hand to the
      parties at their respective addresses set forth beneath their signatures
      below or at such other address as may be designated in writing by either
      of the parties to one another. Notices shall be effective upon
      receipt.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Shares
      Reserved. Company shall at all times during the Option Period
      reserve and keep available under the Plan such number of Shares as shall
      be sufficient to satisfy the requirements of this
  Option.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                Nontransferability of
      Option. The Option granted pursuant to this Agreement is not
      transferable other than by will, the laws of descent and distribution or
      by a qualified domestic relations order (as defined in Section 414(p) of
      the Internal Revenue Code). The Option will be exercisable during
      Optionee’s lifetime only by Optionee or by Optionee’s legal representative
      in the event of Optionee’s Disability. No right or benefit hereunder shall
      in any manner be liable for or subject to any debts, contracts,
      liabilities, obligations or torts of
Optionee.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                Amendment and
      Termination. No amendment, modification or termination of the
      Option or this Agreement shall be made at any time without the written
      consent of Optionee and Company.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                No Guarantee of Tax
      Consequences. The Company and the Board of Directors or the
      Compensation Committee make no commitment or guarantee that any federal or
      state tax treatment will apply or be available to any person eligible for
      benefits under the Option. The Optionee has been advised and been provided
      the opportunity to obtain independent legal and tax advice regarding the
      grant and exercise of the Option and the disposition of any Shares
      acquired thereby.

              

      

      

      
        	
                 
      

              	
                (f)

              	
                Severability.
      In the event that any provision of this Agreement shall be held illegal,
      invalid, or unenforceable for any reason, such provision shall be fully
      severable, but shall not affect the remaining provisions of the Agreement,
      and the Agreement shall be construed and enforced as if the illegal,
      invalid, or unenforceable provision had not been included
      herein.

              

      

      

      
        	
                 
      

              	
                (g)

              	
                Supersedes Prior
      Agreements. This Agreement shall supersede and replace all prior
      agreements and understandings, oral or written, between the Company and
      the Optionee regarding the grant of the Options covered
      hereby.

              

      

      

      
        	
                 
      

              	
                (h)

              	
                Governing Law.
      The Option shall be construed in accordance with the laws of the State of
      Nevada without regard to its conflict of law provisions, to the extent
      federal law does not supersede and preempt Nevada
  law.

              

      

      
        

        
          	
                   
      

                	
                  19.

                	
                  Definitions and Other Terms.
      The
      following capitalized terms shall have those meanings set forth opposite
      them:

                

        

        
 

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      (a)
Optionee:       John Gryga     

      

      (b) Type
of Option:       Nonstatutory Stock
Option     

      

      (c) Date
of Grant:       October 1, 2009     

      

      (d)  Vesting
Start Date:       October 1, 2009     

      

      (e)
Shares:  250,000 shares of the
Company’s Common Stock.

      

      (f)
Option Price:       $0.44 per Share     .

       

      (g)
Vesting Schedule: Options for Shares shall vest as follows:

       

      The
option shares shall vest on a quarterly basis over 8 (eight) quarters at a rate
of 31,250 shares per quarter.  The first vesting date shall be
December 31, 2009.

      

      Decided
by resolution of the Board of Directors

      
 

      

      IN WITNESS WHEREOF, the
Company has, as of October 1, 2009, caused this Stock Option Agreement to be
executed on its behalf by its duly authorized officer, and Optionee has hereunto
executed this Stock Option Agreement as of the same date.

      

       

       

      
        
          	VIVAKOR,
      INC. 	 	OPTIONEE
	 	 	 	 
	
                  By:
      

                	/s/ Matt
      Nicosia	 	/s/  John
      Gryga     
	Title:	Chairman 	 	 
	 	 	 	 
	Address
      for Notices to the Company:  	 	Address
      for Notices to Optionee:
	 	 	 
	2590
      Holiday Rd., Suite 100	 	2590
      Holiday Rd., Suite 100
	Coralville,
      IA  52241  	 	Coralville,
      IA  52241

        

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      NOTICE
OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

      

      

      Vivakor,
Inc.

      2590
Holiday Road, Suite 100

      Coralville,
IA  52241

      Attn:  Chief
Financial Officer

      

      
        	
                 
      

              	
                Re:

              	
                Exercise
      of Nonstatutory Stock Option

              

      

       

      Dear Sir
or Madam:

      

      Pursuant
to the Nonstatutory Stock Option Agreement dated October 1, 2009  (the
“Stock Option
Agreement”), I hereby elect to purchase _____________ shares of the
Common Stock of the Company (“Common Stock”) at the
aggregate exercise price of $____________.  I enclose the following
documents (check all that are applicable):

       

      
        	
                 
      

              	
                o

              	
                My
      check in the amount of
$___________.

              

      

       

      
        	
                 
      

              	
                o

              	
                Other
      (specify):

              	
                .

              

      

       

      The
Common Stock is to be issued and registered in the name(s) of:

       

      ___________________________________

       

      ___________________________________

       

      I understand that
there may be tax consequences as a result of the purchase or disposition of the
Common Stock, I have consulted with any tax consultant I desired to consult, and
I am not relying on the Company for any tax advice. I understand that my
exercise is governed by my Nonstatutory Stock Option Agreement and agree to
abide by and be bound by its terms and conditions. I represent that the Common
Stock is being acquired solely for my own account and not as a nominee for any
other party, or for investment, and that I will not offer, sell or otherwise
dispose of any such Common Stock except under circumstances that will not result
in a violation of the Securities Act of 1933, as amended, or the securities laws
of any state.

       

      Dated:  ___________________,
200_.

       

      
        
          

        

        (Signature)

      

      

      
        

      

      (Please
Print Name)

       

      
        
 

      
        

      

      (Address)

       

       

      
 
6technest_10k-ex1022.htm

    Exhibit
10.22

     

    
      ***
CONFIDENTIAL ***

    

     

    
      FORM
OF DIRECTOR RESTRICTED STOCK GRANT AGREEMENT

      Entered
into by Robert Curtis, Laurence Ditkoff, David Gust, Stephen Hicks, Henry
Sargent

      

       

      This
Agreement dated as of September 21, 2009 (this “Agreement”) is made
by and between Technest Holdings, Inc., a Nevada corporation (including, as
context requires, its subsidiaries the “Company”), and [Name
of Non-Employee Director] (the “Grantee”).

       

      1. Definitions.  As
used in this Agreement, the following terms shall have the following
meanings:

       

      Service:  Service
as an employee, officer or director of, or a consultant or advisor to, the
Company or its successors.

       

      Shares:  The
shares of Common Stock issued to Grantee hereunder and any other securities of
the Company which may be issued in exchange for or in respect of such shares of
Common Stock, whether by way of stock split, stock dividend, combination of
shares, reclassification, recapitalization, reorganization or any other
means.

       

      2. Grant of
Shares.  The Company hereby grants to Grantee, and Grantee
hereby accepts from the Company, 130,246 shares of the Company’s common stock,
$0.001 par value per share (“Common
Stock”).  Grantee and the Company hereby agree that such shares
are granted as compensation for Grantee’s Service to the Company.

       

      3. Representations of
Grantee.  Grantee understands that the Shares are not
registered under the Securities Act of 1933, as amended (the “Act”), and represents
to the Company, and agrees that the Company is entitled to rely on such
representations, as follows:

       

      (a) Grantee
understands that the Shares have not been registered under the Act, or
registered or qualified under the securities or “Blue Sky” laws of any
jurisdiction, and are being sold pursuant to exemptions contained in the Act and
exemptions contained in other applicable securities or “Blue Sky”
laws.  Grantee understands further that the Company’s reliance on
these exemptions is based in part on the representations made by Grantee in the
Agreement.  In this connection, Grantee represents and warrants that
the offer and sale of the Shares were made solely in _____________.

      

      (b) Grantee
understands the term “accredited investor” as used in Regulation D promulgated
under the Act and represents and warrants to the Company that he is an
“accredited investor” for purposes of acquiring the Shares. The nature and
amount of Grantee’s investment in the Shares is consistent with Grantee’s
investment objectives, abilities, and resources.  Grantee understands
that the Shares are an illiquid investment, which will not become freely
transferable by reason of any “change of circumstances”
whatever.  Grantee has adequate means of providing for Grantee’s
current needs and possible contingencies and has no need for liquidity in
Grantee’s investment.

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      (c) Grantee
is acquiring the Shares for Grantee’s own account for investment, and not for,
with a view to, or in connection with the resale or distribution
thereof.  Grantee has no present intention to sell, hypothecate,
distribute or otherwise transfer the Shares or any portion thereof or any
interest therein.

       

      (c) Grantee
understands that the Shares will constitute “restricted securities” within the
meaning of Rule 144 promulgated under the Act and that, as such, the Shares must
be held indefinitely unless they are subsequently registered under the Act or
unless an exemption from the registration requirements thereof is
available.

       

      (e) In
connection with Grantee’s acquisition of the Shares, Grantee accepts the
condition that the Company may maintain “stop transfer” orders with respect to
the Shares and that each certificate or other document evidencing the Shares
will bear conspicuous legends in substantially the form set forth in Section 5
of this Agreement.

       

      (f)  Grantee has obtained all
financial or legal advice as Grantee deems necessary with respect to Grantee’s
acquisition of the Shares.  Grantee has fully investigated the Company
and its business and financial condition, to include a review of the Company’s
pubic filings with the Securities and Exchange Commission, and has knowledge of
the Company’s current activities.

       

      4. Restrictions on
Transfer.  The following restrictions on transfer of the Shares
shall apply:

       

      (a)  Securities
Laws.  No Shares, nor any interest therein, may be sold,
assigned, pledged or otherwise transferred at any time or under any
circumstances unless the Shares proposed to be transferred have been registered
under the Act and qualified under applicable state securities laws, or (ii) the
Company has received, or agreed to waive, an opinion of counsel acceptable to
the Company to the effect that such transfer may be effected without
registration under the Act or qualification under the securities laws of
relevant states and the proposed transferee has made such representations and
agreements as the Company shall require to assure compliance with the Act and
such laws.

       

       (b) Remedies.  No
sale, assignment, pledge or other transfer of Shares shall be effective or given
effect on the books of the Company unless all of the applicable provisions of
this Section 4 have been duly complied with.  In addition to any other
legal or equitable remedies which it may have, the Company may enforce its
rights by actions for specific performance (to the extent permitted by law) and
may refuse to recognize any transferee as one of its stockholders for any
purpose, including, without limitation, for purposes of dividend and voting
rights, until all applicable provisions hereof have been complied
with.

       

      5.  Legends.  Each
certificate representing Shares shall prominently bear legends in substantially
the following forms, to the extent applicable:

       

      These
securities have not been registered under the Securities Act of
1933.  They may not be sold, offered for sale, pledged or hypothecated
in the absence of a registration statement in effect with respect to the
securities under such Act or an opinion of counsel satisfactory to the
Corporation that such registration is not required.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      The
securities represented by this certificate have been acquired for investment and
have not been registered or qualified under the securities or “Blue Sky” laws of
any jurisdiction.  They may not be offered or sold without an opinion
of counsel to the Corporation to the effect that the proposed transaction will
be exempt from registration, qualification, and filings in all applicable
jurisdictions.

       

      The
Corporation is authorized to issue more than one class or series of
stock.  The powers, designations, preferences and relative
participating, optional or other special rights, and the qualifications,
limitations or restrictions of such preferences and/or rights of each class of
stock or series of any class set forth in the Certificate of Incorporation of
the Corporation.  The Corporation will furnish a copy of the
Certificate of Incorporation of the Corporation to the holder of this
certificate without charge upon request.

       

      6. Miscellaneous.

       

      (a) Entire
Agreement.  This Agreement constitute the entire agreement
between the parties with respect to the subject matter hereof, and supersedes
all prior agreements, negotiations, representations and proposals, written or
oral, relating to such subject matter.

       

      (b) Amendments.  Neither
this Agreement nor any provision hereof may be changed or modified except by an
agreement in writing executed by Grantee and on behalf of the
Company.

       

      (c)  Binding Effect of the
Agreement.  This Agreement shall inure to the benefit of, and
be binding upon, the Company, Grantee and their respective estates, heirs,
executors, transferees, successors, assigns and legal
representatives.

       

      (d)  Provisions Severable.
In the event that any provision of this Agreement shall be determined to be
invalid, illegal or otherwise unenforceable by any court of competent
jurisdiction, the validity, legality and enforceability of the other provisions
of this Agreement shall not be affected thereby.  Any invalid, illegal
or unenforceable provision of this Agreement shall be severed, and after any
such severance, all other provisions hereof shall remain in full force and
effect.

       

      (e)  Notices.  All
notices under this Agreement shall be effective (i) upon personal or facsimile
delivery, (ii) two business days after deposit in the United States mail as
registered or certified mail postage fully prepaid, or (iii) one business day
after pickup by any overnight commercial courier service, in each case sent or
addressed to the Company at its principal office and to Grantee at her record
address as carried in the stock records of the Company or at such other address
as she may from time to time designate in writing to the Company.

       

       

      
        
          
          

        

        
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      (f)
Construction.  A
reference to a Section shall mean a Section of this Agreement unless otherwise
expressly stated.  The titles and headings herein are for reference
purposes only and shall not in any manner limit the construction of this
Agreement which shall be considered as a whole.  The words “include,”
“includes” and “including” when used herein shall be deemed in each case to be
followed by the words “without limitation.”  Whenever the context may
require, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms, and the singular form of names and pronouns shall
include the plural and vice-versa.

       

      (g) No Employment
Agreement.  This Agreement shall not be construed as an
agreement by the Company to employ Grantee, nor is the Company obligated to
employ Grantee by reason of this Agreement or the issuance of the Shares to
Grantee.

       

      (h) Applicable
Law.  This Agreement shall be construed and enforced in
accordance with the laws of the State of Maryland, without regard to its
principles of conflicts of laws.  Grantee consents to jurisdiction and
venue in any state or federal court in the State of Maryland for the purposes of
any action relating to or arising out of this Agreement or any breach or alleged
breach hereof, and to service of process in any such action by certified or
registered mail, return receipt requested.

       

       (i) Withholding
Taxes.  Grantee acknowledges and agrees that the Company has
the right to deduct from payments of any kind otherwise due to Grantee any
federal, state or local taxes of any kind required by law to be withheld with
respect to the granting and vesting of the Shares to Grantee.  Grantee
agrees that she shall, no later than the date as of which the value of any
portion of the Shares first becomes includable in the gross income of the
Grantee for Federal income tax purposes, pay to the Company, or make
arrangements satisfactory to the Company regarding payment of any Federal,
state, local and/or payroll taxes of any kind required by law to be withheld
with respect such income.  The Company and its affiliates shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the participant.

      

      (j) Pursuant to
Plan.  This grant of stock shall be subject in every respect to
the provisions of the Company’s 2006 Stock Award Plan (the “Plan”), as amended from time
to time, which is incorporated herein by reference and made a part
hereof.  The Grantee hereby accepts this grant of stock subject to all
the terms and provisions of the Plan and agrees that (i) in the event of any
conflict between the terms hereof and those of the Plan, the latter shall
prevail, and (ii) all decisions under and interpretations of the Plan by the
Board of Directors of the Company or the Committee, as defined in the Plan,
shall be final, binding and conclusive upon the Grantee and her heirs and legal
representatives.

      

      

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      IN
WITNESS WHEREOF, the parties hereto have executed this Grant Agreement as of the
date first above written.

       

      Technest
Holdings, Inc.

       

       

      By:
_____________________________

      Name:
Gino M. Pereira

      Title: Chief
Executive Officer

       

       

       

      GRANTEE:

       

      _________________________________

      [Non-employee
director]

       

       

       

       

       

       

      
        
          
          

        

        
          5

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